What is the worst this can cost me?
What you paid, and never a cent more, however far the stock goes the wrong way. That cap is the whole appeal of buying rather than selling, and it is settled the moment the trade fills.
Long calls and puts
Know what your options are worth
Know what your options are worth
and when to sell them.
Every call and put you buy, valued at what it actually trades at rather than at what it would settle for today. You get the real profit, the price it still has to reach, and the day time decay turns a winner into a loser.
Contracts it tracks
- Long calls Bullish, risk capped at the debit
- Long puts Bearish, or cover for shares
- LEAPS Over a year to be right
- Weeklies Days rather than months
- Deep in-the-money Stock-like, for less cash
- Out-of-the-money Cheap, and needs a move
- At-the-money The even-odds starting point
- Protective puts Cover on shares you own
- Partial closes Scale out, the rest keeps tracking
- Any expiration Weekly, monthly or quarterly
Any bought contract on any underlying, at any strike and any expiration.
Four figures tell you what you are holding.
The same four on a weekly as on a two-year LEAPS, and all four are settled the moment the contract fills. Read together they answer what it can cost, what it can make, the move it still needs, and how much of what you paid is simply going to expire.
What is the best it can do?
A call has no ceiling: nothing has been sold above it, so the upside keeps running. A put is bounded only by the stock reaching zero, which is a real number but not one to plan around.
Where do I start making money?
The strike plus what you paid for a call, or minus it for a put. Set against where the stock trades now, it tells you the move you still need rather than the move you hoped for.
How much of this evaporates?
The part of the price that is not intrinsic, and is therefore guaranteed to reach zero by expiration. On a far-dated or out-of-the-money contract that is nearly all of it, which is what makes holding to the end so expensive.
Worked examples
Pick a contract.
Pick a contract.
See exactly how it behaves.
Six real contracts on AAPL, all bought 10 days ago when it traded at $208.00 and now sitting at $213.40, 2 contracts each. Every figure below is the product's own, so these are what the trades genuinely do rather than an illustration of them.
The straightforward bullish bet, and the one most people start with.
You paid $586 $2.93 a share
Worth now $784 at $3.92 a share
Up or down +$198 + 33.8% on what you paid
Max loss $586
What you paid, and the most it can ever cost you.
Max gain Uncapped Nothing sold above it, so the upside keeps running.
Breakeven $217.93 AAPL still has to rise $4.53 from $213.40.
Time value $784 100% of what it is worth, and all of it
expires.
Profit map
What it is worth at each price, on each date between now and expiration
| AAPL | Today | Day 8 | Day 15 | Day 23 | Expiry |
|---|---|---|---|---|---|
| $235.18 | +$3,621 | +$3,565 | +$3,523 | +$3,482 | +$3,449 |
| $227.92 | +$2,263 | +$2,173 | +$2,100 | +$2,034 | +$1,998 |
| $220.66 | +$1,077 | +$945 | +$817 | +$655 | +$546 |
| $213.40 | +$198 | +$57 | −$87 | −$293 | −$586 |
| $206.14 | −$310 | −$404 | −$486 | −$566 | −$586 |
| $198.88 | −$519 | −$555 | −$577 | −$586 | −$586 |
| $191.62 | −$576 | −$583 | −$586 | −$586 | −$586 |
Cheap to buy, and it needs a real move to be worth anything.
You paid $126 $0.63 a share
Worth now $124 at $0.62 a share
Up or down −$2 − 1.6% on what you paid
Max loss $126
What you paid, and the most it can ever cost you.
Max gain Uncapped Nothing sold above it, so the upside keeps running.
Breakeven $230.63 AAPL still has to rise $17.23 from $213.40.
Time value $124 100% of what it is worth, and all of it
expires.
Profit map
What it is worth at each price, on each date between now and expiration
| AAPL | Today | Day 8 | Day 15 | Day 23 | Expiry |
|---|---|---|---|---|---|
| $237.63 | +$1,975 | +$1,824 | +$1,681 | +$1,505 | +$1,400 |
| $229.55 | +$944 | +$775 | +$603 | +$350 | −$126 |
| $221.48 | +$301 | +$173 | +$56 | −$75 | −$126 |
| $213.40 | −$2 | −$62 | −$102 | −$125 | −$126 |
| $205.32 | −$102 | −$118 | −$125 | −$126 | −$126 |
| $197.25 | −$123 | −$125 | −$126 | −$126 | −$126 |
| $189.17 | −$126 | −$126 | −$126 | −$126 | −$126 |
Behaves almost like owning the shares, for a fraction of the cash.
You paid $2,932 $14.66 a share
Worth now $3,834 at $19.17 a share
Up or down +$902 + 30.8% on what you paid
Max loss $2,932
What you paid, and the most it can ever cost you.
Max gain Uncapped Nothing sold above it, so the upside keeps running.
Breakeven $209.66 AAPL is already $3.74 past it.
Time value $154 4% of what it is worth, and all of it
expires.
Profit map
What it is worth at each price, on each date between now and expiration
| AAPL | Today | Day 8 | Day 15 | Day 23 | Expiry |
|---|---|---|---|---|---|
| $234.98 | +$5,192 | +$5,158 | +$5,128 | +$5,094 | +$5,064 |
| $227.79 | +$3,754 | +$3,719 | +$3,689 | +$3,655 | +$3,625 |
| $220.59 | +$2,319 | +$2,281 | +$2,251 | +$2,216 | +$2,187 |
| $213.40 | +$902 | +$852 | +$814 | +$778 | +$748 |
| $206.21 | −$442 | −$525 | −$594 | −$657 | −$691 |
| $199.01 | −$1,588 | −$1,712 | −$1,834 | −$1,996 | −$2,129 |
| $191.82 | −$2,381 | −$2,501 | −$2,620 | −$2,783 | −$2,932 |
Buying time to be right rather than betting on the next few weeks.
You paid $3,148 $15.74 a share
Worth now $3,328 at $16.64 a share
Up or down +$180 + 5.7% on what you paid
Max loss $3,148
What you paid, and the most it can ever cost you.
Max gain Uncapped Nothing sold above it, so the upside keeps running.
Breakeven $235.74 AAPL still has to rise $22.34 from $213.40.
Time value $3,328 100% of what it is worth, and all of it
expires.
Profit map
What it is worth at each price, on each date between now and expiration
| AAPL | Today | Day 100 | Day 200 | Day 300 | Expiry |
|---|---|---|---|---|---|
| $290.12 | +$12,894 | +$12,366 | +$11,849 | +$11,355 | +$10,875 |
| $264.54 | +$8,059 | +$7,457 | +$6,848 | +$6,263 | +$5,761 |
| $238.97 | +$3,675 | +$3,001 | +$2,264 | +$1,441 | +$646 |
| $213.40 | +$180 | −$452 | −$1,154 | −$1,987 | −$3,148 |
| $187.83 | −$2,013 | −$2,407 | −$2,778 | −$3,071 | −$3,148 |
| $162.26 | −$2,931 | −$3,053 | −$3,126 | −$3,148 | −$3,148 |
| $136.68 | −$3,132 | −$3,145 | −$3,148 | −$3,148 | −$3,148 |
A short-dated swing. Almost all of what you paid is time.
You paid $254 $1.27 a share
Worth now $312 at $1.56 a share
Up or down +$58 + 22.8% on what you paid
Max loss $254
What you paid, and the most it can ever cost you.
Max gain Uncapped Nothing sold above it, so the upside keeps running.
Breakeven $216.27 AAPL still has to rise $2.87 from $213.40.
Time value $312 100% of what it is worth, and all of it
expires.
Profit map
What it is worth at each price, on each date between now and expiration
| AAPL | Today | Day 2 | Day 4 | Day 5 | Expiry |
|---|---|---|---|---|---|
| $224.41 | +$1,682 | +$1,660 | +$1,643 | +$1,638 | +$1,628 |
| $220.74 | +$1,012 | +$967 | +$926 | +$910 | +$894 |
| $217.07 | +$449 | +$380 | +$300 | +$253 | +$160 |
| $213.40 | +$58 | −$11 | −$93 | −$142 | −$254 |
| $209.73 | −$150 | −$192 | −$230 | −$245 | −$254 |
| $206.06 | −$230 | −$244 | −$253 | −$254 | −$254 |
| $202.39 | −$250 | −$253 | −$254 | −$254 | −$254 |
Pays if it falls, and it can never cost more than you put in.
You paid $1,132 $5.66 a share
Worth now $548 at $2.74 a share
Up or down −$584 − 51.6% on what you paid
Max loss $1,132
What you paid, and the most it can ever cost you.
Max gain $40,868 And only if AAPL went all the way to zero.
Breakeven $204.34 AAPL still has to fall $9.06 from $213.40.
Time value $548 100% of what it is worth, and all of it
expires.
Profit map
What it is worth at each price, on each date between now and expiration
| AAPL | Today | Day 8 | Day 15 | Day 23 | Expiry |
|---|---|---|---|---|---|
| $236.14 | −$1,122 | −$1,129 | −$1,132 | −$1,132 | −$1,132 |
| $228.56 | −$1,084 | −$1,110 | −$1,126 | −$1,132 | −$1,132 |
| $220.98 | −$948 | −$1,015 | −$1,072 | −$1,123 | −$1,132 |
| $213.40 | −$584 | −$691 | −$802 | −$964 | −$1,132 |
| $205.82 | +$143 | +$47 | −$51 | −$188 | −$296 |
| $198.24 | +$1,256 | +$1,221 | +$1,197 | +$1,193 | +$1,220 |
| $190.66 | +$2,632 | +$2,648 | +$2,670 | +$2,704 | +$2,736 |
The day your profit runs out.
A bought contract is on a clock. Being up today is not the same as being safe, because part of what you are holding is time value and it is on its way to zero whatever the stock does. The curve says how long the position stays ahead if the price never moves again, which is the honest way to decide whether to take the money.
At-the-money call
Profit and loss from here, if AAPL never moves from $213.40
Where the profit runs out
It is up $198 today. Hold past day 11 with AAPL sitting exactly where it is and that profit has gone, and by expiration a flat stock leaves you down $586. Nothing has to go wrong for that to happen. It is the cost of the days themselves, and it is why a contract that is working is so often worth closing rather than holding.
Out-of-the-money call
Profit and loss from here, if AAPL never moves from $213.40
What waiting costs
This one is already behind, and time is not going to fix it on its own. The bleed is worst early: about $7 a day to day 9, easing to $3 a day after that, because a contract this far out of the money loses hope faster than it loses days. It needs AAPL to move, and to move soon.
Deep in-the-money call
Profit and loss from here, if AAPL never moves from $213.40
Time is barely a factor here
Even at expiration, a flat AAPL leaves this one ahead by $748. Only 4% of what it is worth is time value, so there is very little for the calendar to take. That is the trade-off you paid $2,932 for: far more cash up front, far less exposure to waiting.
LEAPS call
Profit and loss from here, if AAPL never moves from $213.40
Where the profit runs out
It is up $180 today. Hold past day 29 with AAPL sitting exactly where it is and that profit has gone, and by expiration a flat stock leaves you down $3,148. Nothing has to go wrong for that to happen. It is the cost of the days themselves, and it is why a contract that is working is so often worth closing rather than holding.
Weekly call
Profit and loss from here, if AAPL never moves from $213.40
Where the profit runs out
It is up $58 today. Hold past day 2 with AAPL sitting exactly where it is and that profit has gone, and by expiration a flat stock leaves you down $254. Nothing has to go wrong for that to happen. It is the cost of the days themselves, and it is why a contract that is working is so often worth closing rather than holding.
Long put
Profit and loss from here, if AAPL never moves from $213.40
What waiting costs
This one is already behind, and time is not going to fix it on its own. The bleed speeds up towards the end: about $16 a day to day 21, then roughly $24 a day over the final 9. It needs AAPL to move, and to move soon.
What actually moves the contract.
Four readings, scaled to the size you actually hold rather than quoted per share. They tell you what happens next without you having to guess: how much of the stock's move you capture, what a day costs, and what a change in the market's mood is worth to you.
At-the-money call 2 contracts · 30 days left · 17.8%
volatility, solved from the price
How much of the move you capture. It behaves like holding 96 AAPL shares, so a $1 move up is worth about $96 to you, against $586 committed.
What a day costs you. Every contract you buy has a negative theta: about $17 leaves this one each day the stock does nothing, which is 2.8% of what you paid, every day.
How fast that grip tightens. Positive on anything you buy, so the contract captures more of the move the further it runs your way. It is the reason a cheap contract can go from doing nothing to doing everything in one session.
What the market's mood is worth. A single point of implied volatility moves this $49 with the price unchanged. Buying calms markets and selling jumpy ones is the whole game here, and it is the risk most buyers never look at.
Out-of-the-money call 2 contracts · 30 days left · 19.8%
volatility, solved from the price
How much of the move you capture. It behaves like holding 22 AAPL shares, so a $1 move up is worth about $22 to you, against $126 committed.
What a day costs you. Every contract you buy has a negative theta: about $8 leaves this one each day the stock does nothing, which is 6.4% of what you paid, every day.
How fast that grip tightens. Positive on anything you buy, so the contract captures more of the move the further it runs your way. It is the reason a cheap contract can go from doing nothing to doing everything in one session.
What the market's mood is worth. A single point of implied volatility moves this $23 with the price unchanged. Buying calms markets and selling jumpy ones is the whole game here, and it is the risk most buyers never look at.
Deep in-the-money call 2 contracts · 30 days left · 17.6%
volatility, solved from the price
How much of the move you capture. It behaves like holding 194 AAPL shares, so a $1 move up is worth about $194 to you, against $2,932 committed.
What a day costs you. Every contract you buy has a negative theta: about $7 leaves this one each day the stock does nothing, which is 0.2% of what you paid, every day.
How fast that grip tightens. Positive on anything you buy, so the contract captures more of the move the further it runs your way. It is the reason a cheap contract can go from doing nothing to doing everything in one session.
What the market's mood is worth. A single point of implied volatility moves this $8 with the price unchanged. Buying calms markets and selling jumpy ones is the whole game here, and it is the risk most buyers never look at.
LEAPS call 2 contracts · 400 days left · 17.2%
volatility, solved from the price
How much of the move you capture. It behaves like holding 113 AAPL shares, so a $1 move up is worth about $113 to you, against $3,148 committed.
What a day costs you. Every contract you buy has a negative theta: about $6 leaves this one each day the stock does nothing, which is 0.2% of what you paid, every day.
How fast that grip tightens. Positive on anything you buy, so the contract captures more of the move the further it runs your way. It is the reason a cheap contract can go from doing nothing to doing everything in one session.
What the market's mood is worth. A single point of implied volatility moves this $176 with the price unchanged. Buying calms markets and selling jumpy ones is the whole game here, and it is the risk most buyers never look at.
Weekly call 2 contracts · 7 days left · 18.6%
volatility, solved from the price
How much of the move you capture. It behaves like holding 81 AAPL shares, so a $1 move up is worth about $81 to you, against $254 committed.
What a day costs you. Every contract you buy has a negative theta: about $32 leaves this one each day the stock does nothing, which is 12.7% of what you paid, every day.
How fast that grip tightens. Positive on anything you buy, so the contract captures more of the move the further it runs your way. It is the reason a cheap contract can go from doing nothing to doing everything in one session.
What the market's mood is worth. A single point of implied volatility moves this $23 with the price unchanged. Buying calms markets and selling jumpy ones is the whole game here, and it is the risk most buyers never look at.
Long put 2 contracts · 30 days left · 18.6%
volatility, solved from the price
How much of the move you capture. It behaves like holding 70 AAPL shares short, so a $1 move down is worth about $70 to you, against $1,132 committed.
What a day costs you. Every contract you buy has a negative theta: about $12 leaves this one each day the stock does nothing, which is 1.1% of what you paid, every day.
How fast that grip tightens. Positive on anything you buy, so the contract captures more of the move the further it runs your way. It is the reason a cheap contract can go from doing nothing to doing everything in one session.
What the market's mood is worth. A single point of implied volatility moves this $45 with the price unchanged. Buying calms markets and selling jumpy ones is the whole game here, and it is the risk most buyers never look at.
Bought contracts are kept apart from your wheel results, so a hedge or a directional bet never quietly flatters the premium income you are tracking. What they tie up still counts toward what you have at risk, and spreads built from several legs get their own position page. Want to sketch a contract before you buy it? The free payoff calculator needs no account at all.
See the accounting this plugs into.
The walkthrough covers the wheel and multi-leg side of the app rather than bought calls and puts, but it runs on the same cycle engine and the same cost-basis math these positions use.
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