Every calculator draws the same payoff
At expiry an option is worth its intrinsic value and nothing else, so every calculator agrees on the payoff at expiration: the same straight lines, the same breakevens, the same maximum profit and loss. If that is all you need, any free calculator will do.
The useful part of a calculator is what it shows before expiry, because that is when almost every options trade is actually closed.
What separates a good one
- P&L before expiry. The curve for today, next week and each date in between, which depends on implied volatility and time decay.
- Greeks. Delta, gamma, theta and vega for the whole position, so you know what moves your P&L.
- Probability of profit. A model estimate from implied volatility — useful for comparing strategies, not a forecast.
- Live option chains. Real bid, ask and implied volatility instead of prices you type in.
- Multi-leg and custom strategies. Spreads, condors, calendars and your own combinations.
- Where it runs. A website, inside your broker’s platform, or a native app — and whether it needs a brokerage account.
How the main options compare
Facts below were taken from each provider’s own website or store listing on 12 October 2026.
| Tool | Runs on | Strategies | Greeks and probability | Needs a brokerage account? |
|---|---|---|---|---|
| OptionsProfitCalculator.com | Website | About 30 templates plus custom 2–8 leg strategies | Not described on its home page | No; ad-supported, optional paid membership for no ads |
| OptionStrat | Website and iPhone app | Strategy builder and visualiser, editable in real time | Shows how implied volatility and time decay affect the trade (per its App Store listing) | No |
| Broker analysis tools (e.g. thinkorswim’s Analyze tab) | Inside the broker’s platform | Full multi-leg | Yes | Yes |
| OptionsDesk | Native Mac, iPhone/iPad and Android apps | 44 templates plus custom multi-leg | Greeks and chance of profit free; Pro adds a simulator and target-price probabilities | No; it never asks for a brokerage login |
Where the alternatives are stronger. A broker’s own analysis tool uses your real positions and can send the order in one click, which no outside app can. OptionStrat is well known for its visualiser and works in any browser. And a free website such as OptionsProfitCalculator.com is the quickest way to check a payoff with nothing to install.
Worked example: a bull call spread
Buy the 100 call, sell the 110 call
A stock trades at $100. You buy the 100-strike call for $5.00 and sell the 110-strike call for $2.00, one contract each (100 shares).
Net debit = $5.00 − $2.00 = $3.00 × 100 = $300
Maximum profit = ($110 − $100 − $3.00) × 100 = $700
Breakeven at expiry = $100 + $3.00 = $103
Every calculator agrees on those three numbers. What the expiry chart hides is the path there. Suppose the stock jumps to $110 with a month or more left. At expiry the spread would be worth its full $10, but with 30 to 45 days remaining and implied volatility of 25–35%, a Black-Scholes model values it at roughly $6.30 to $7.30 — the short 110 call still carries time value. Close early and your profit is about $330 to $430, not $700. That before-expiry curve is the part worth paying attention to when you choose a tool.
Options breakeven and the Greeks walks through why.
Where OptionsDesk fits, and where it does not
OptionsDesk, which ProDesk makes, is a native app for Mac, iPhone, iPad and Android. According to its product page, the free version includes the strategy builder with 44 templates, payoff diagrams, Greeks, chance of profit, a P&L table and strategy comparison. Pro, at US$5.99 a month or US$59.99 a year, adds live option chains (from Yahoo Finance, which may be delayed), a simulator, portfolio tracking, target-price probabilities and an earnings vol-crush scanner.
Its limits. It does not connect to a broker or place orders, so you rebuild the position at your broker to trade it. In the free version you enter prices yourself. Its quotes may be delayed, and its theoretical values come from the Black-Scholes model, which does not account for early assignment of American options.
Putting it together
- Only need the expiry payoff? Any free website.
- Trade from one broker and want one-click orders? Your broker’s own tool.
- Want Greeks, probability and a before-expiry curve on Mac or phone without a brokerage login? A native app such as OptionsDesk.
- Whatever you use, check the number of contracts against what you can afford to lose.