Long Call (bullish) Calculator

A long call is a bullish trade where you buy a call option for the right to purchase the underlying stock at the strike price before expiration.

Underlying stock symbol

Symbol:

Current price*: $

Option

Buy or write:

Buy

Strike Price*: $

Price per option*: $

Contracts*: #

x100

Total cost:

—

Enter option details to see payoff diagram

Trade Summary

Commonly asked Long Call questions

How do you calculate call options?

For a long call at expiration, intrinsic value per share is max(0, stock price − strike). Your P&L per share is intrinsic value minus the premium you paid. Per contract, multiply by 100 shares (and by the number of contracts). Breakeven at expiration is strike + premium per share.

Max loss = premium × contracts × 100 · Profit at expiry = (stock − strike − premium) × contracts × 100 (when stock > breakeven)

How to choose the best strike price for a long call?

Out-of-the-money (OTM) calls cost less per contract but need a larger move. At-the-money (ATM) balances cost and delta. In-the-money (ITM) calls behave more like stock (higher delta) but tie up more premium. Match strike to your outlook, time to expiration, and how much premium you are willing to pay.

How much do you make on call options?

There is no fixed cap on profit for a long call: if the stock rises far above your strike, gains can be large relative to premium paid. At expiration, profit per share is (stock price − strike − premium) when the stock is above breakeven; below that you lose the entire premium (per contract: multiply by 100 × contracts).

How do you use volatility on long calls?

Implied volatility (IV) is baked into the option price: higher IV usually means a more expensive call. Long calls are long vega, so rising IV can help mark-to-market before expiry, while falling IV can hurt. Many traders compare IV to recent history and use it to decide whether options look cheap or expensive before opening a long call.

What is time value of call options?

Option premium splits into intrinsic value (stock price − strike, floored at zero) and extrinsic value (often called time value). Time value is what you pay above intrinsic; it decays as expiration approaches (theta), which works against long-option holders if the stock does not move enough.

What happens when call options expire?

If your call expires in the money (stock above strike), you can exercise or sell the contract for intrinsic value. If it expires out of the money, the contract expires worthless and you lose the premium paid. Before expiry, many traders close the position to avoid pin risk and assignment logistics.