What stock price do I need to break even on a put option?
Enter Your Option
Your Result
Fill in the fields on the left and click Calculate to see the stock price where this put option breaks even at expiration.
How this is calculated
Break-even stock price at expiration equals the strike price minus the premium paid per share. This is the opposite direction from a call option, since a put gains value as the stock falls.
Total premium paid equals the premium per share multiplied by 100 shares per contract, multiplied by the number of contracts.
Maximum loss on a long put is capped at the total premium paid, and happens if the stock finishes at or above the strike price at expiration.
Unlike a call, a put's maximum profit is also capped. A stock can only fall to $0, so the most a put can pay out per contract is the strike price minus the premium, times 100.
This is the break-even price at expiration. Before expiration, the option still carries extrinsic value, so it can gain or lose money at stock prices above or below this number.
This assumes one standard equity option contract represents 100 shares and does not account for commissions, fees, or assignment mechanics.
Risk & liability disclaimer: This calculator produces a mathematical estimate based on the numbers you enter. It is not financial advice and does not guarantee any trading outcome. Options trading involves risk of loss, including the loss of the entire premium paid, and past results do not predict future performance. Trading Habits is not a broker-dealer, registered investment adviser, or tax professional, and is not affiliated with any broker, exchange, or data provider. We do not guarantee this tool is error-free or suitable for your situation. Always verify results independently and consult a licensed professional before making any trading or financial decision. You could lose some or all of the capital you trade with.
Keep Planning the Trade
More Trading Tools
This is part of the growing Trading Habits tool library. New calculators for risk, options, and trade planning are added regularly.