Neutral

Conversion Calculator

Own the stock against a synthetic short. The mirror image of a reverse conversion.

The stock

Everything else is measured against this price.

Ticker

Enter a ticker to pull the live stock price automatically.

Current stock price

Filled from the live quote when you enter a ticker. You can still edit it.

Target price (optional)

Where you think the stock will be. Adds a marker to the chart.

Calculate as of

Today, unless you are modelling a past or future entry.

Shares held

Negative for a short stock position.

Your cost per share

The contracts

Premiums are per share, the way they are quoted. One contract covers 100 shares.

Long putYou pay
Strike
Premium per shareCalculated by a model
Model estimate, not a quote
Expiration
45 days
Contracts
100 shares of exposure
Implied volatility
Leave blank and it is solved from the premium you entered.
Short callYou receive
Strike
Premium per shareCalculated by a model
Model estimate, not a quote
Expiration
45 days
Contracts
100 shares of exposure
Implied volatility
Leave blank and it is solved from the premium you entered.

Rates, dividends and costs4.00% rate · 0.00% yield

Risk-free rate

Roughly the Treasury yield matching your expiration.

Dividend yield

Annual, continuous. Raises put values and lowers call values.

Commission per contract

Charged per leg, both to open and to close.

Commission per order

Exchange and regulatory fees

Per contract. Usually a few cents.

Assumed slippage

Per share, applied against you on entry.

Execution assumption

Set every expiration to

Theoretical ModePremiums on this page were generated by the Black-Scholes-Merton model from the volatility and rate you supplied. They are not quotes, and no contract is being offered at these prices.Theoretical

Profit and loss

The solid line is the exact payoff at expiration. Move the sliders to see the position before then.

Hover, tap or use arrow keys to read the curve

At expiration
Today (model estimate)
Current price

Profit and loss at expiration, from a stock price of 87.75 to 112.25. Profit ranges from +$47.70 to +$47.70.
Stock price	Profit or loss
87.75	+$47.70
88.77	+$47.70
89.79	+$47.70
90.81	+$47.70
91.83	+$47.70
92.85	+$47.70
93.88	+$47.70
94.90	+$47.70
95.92	+$47.70
96.94	+$47.70
97.96	+$47.70
98.98	+$47.70
100.00	+$47.70
101.02	+$47.70
102.04	+$47.70
103.06	+$47.70
104.08	+$47.70
105.10	+$47.70
106.13	+$47.70
107.15	+$47.70
108.17	+$47.70
109.19	+$47.70
110.21	+$47.70
111.23	+$47.70
112.25	+$47.70

DateAug 5, 2026 · 45d left

Drag towards expiration to watch time value drain out of the position.

Volatility shiftAs entered

Shifts every leg's implied volatility. Changes the Greeks and every date before expiration.

Result

Measured at Sep 19, 2026 · 45 days to expiration

Theoretical

Maximum loss

$0.00

The worst case at expiration, including fees.

Maximum profit

$47.70

The best case at expiration, including fees.

Net debit paid

$9,952.30

Paid out of your account when the position is opened.

Breakeven

None

This position never crosses zero at expiration.

Cash required

$9,952.30

The cost of the shares less any premium received, assuming the shares are held outright rather than on margin.

Commissions and fees

$1.30

To open. Closing costs are not included.

At today's price

+$47.70

If the stock finished expiration exactly where it is now.

Target price

Not set

Enter one to see the profit at a specific price.

Probability

Model estimates, not forecasts. The assumptions behind each number are stated in full.

Chance of any profit

100.0%

Assumes a lognormal terminal price (geometric brownian motion), the same distribution black-scholes assumes with volatility of 30.0% and risk-neutral drift. Real returns have fatter tails than this model assumes, and volatility itself changes. Other tools quote different numbers mainly because they assume a different volatility or a different expected drift.

Greeks

How the position responds to price, time, volatility and rates, for the whole position rather than a single contract.

delta: 0.00; share equivalents; How many shares this position behaves like. A delta of 50 gains roughly $50 for every $1 the stock rises.
gamma: 0.0000; delta per $1 move; How quickly delta changes. High gamma means the position gets directional fast as the stock moves.
theta: 1.09; dollars per day; What time decay costs or earns each calendar day, if nothing else changes.
vega: 0.00; dollars per 1% of volatility; What a one percentage point change in implied volatility is worth to this position.
rho: −12.27; dollars per 1% of rates; What a one percentage point change in interest rates is worth. Usually the smallest of the five.

These inputs produce a profit at every possible stock price, which real markets do not offer.

Check that each leg is on the correct side (buy or sell) and that the premiums are per share rather than per contract.

Profit table

Every combination of price and date, so you can see the position from any angle at once.

Profit / loss ($) by stock price and date. Rows are stock prices, columns are dates, and the final column is expiration.
Stock price	Aug 5, 2026estimate	Aug 13, 2026estimate	Aug 20, 2026estimate	Aug 28, 2026estimate	Sep 4, 2026estimate	Sep 12, 2026estimate	ExpirationSep 19, 2026
125.00	−$1.49	+$7.23	+$14.88	+$23.62	+$31.28	+$40.03	+$47.70
122.50	−$1.49	+$7.23	+$14.88	+$23.62	+$31.28	+$40.03	+$47.70
120.00	−$1.49	+$7.23	+$14.88	+$23.62	+$31.28	+$40.03	+$47.70
117.50	−$1.49	+$7.23	+$14.88	+$23.62	+$31.28	+$40.03	+$47.70
115.00	−$1.49	+$7.23	+$14.88	+$23.62	+$31.28	+$40.03	+$47.70
112.50	−$1.49	+$7.23	+$14.88	+$23.62	+$31.28	+$40.03	+$47.70
110.00	−$1.49	+$7.23	+$14.88	+$23.62	+$31.28	+$40.03	+$47.70
107.50	−$1.49	+$7.23	+$14.88	+$23.62	+$31.28	+$40.03	+$47.70
105.00	−$1.49	+$7.23	+$14.88	+$23.62	+$31.28	+$40.03	+$47.70
102.50	−$1.49	+$7.23	+$14.88	+$23.62	+$31.28	+$40.03	+$47.70
100.00now	−$1.49	+$7.23	+$14.88	+$23.62	+$31.28	+$40.03	+$47.70
97.50	−$1.49	+$7.23	+$14.88	+$23.62	+$31.28	+$40.03	+$47.70
95.00	−$1.49	+$7.23	+$14.88	+$23.62	+$31.28	+$40.03	+$47.70
92.50	−$1.49	+$7.23	+$14.88	+$23.62	+$31.28	+$40.03	+$47.70
90.00	−$1.49	+$7.23	+$14.88	+$23.62	+$31.28	+$40.03	+$47.70
87.50	−$1.49	+$7.23	+$14.88	+$23.62	+$31.28	+$40.03	+$47.70
85.00	−$1.49	+$7.23	+$14.88	+$23.62	+$31.28	+$40.03	+$47.70
82.50	−$1.49	+$7.23	+$14.88	+$23.62	+$31.28	+$40.03	+$47.70
80.00	−$1.49	+$7.23	+$14.88	+$23.62	+$31.28	+$40.03	+$47.70
77.50	−$1.49	+$7.23	+$14.88	+$23.62	+$31.28	+$40.03	+$47.70
75.00	−$1.49	+$7.23	+$14.88	+$23.62	+$31.28	+$40.03	+$47.70

Every column before expiration is a model estimate that assumes implied volatility stays where it is today. Only the expiration column is arithmetic rather than a forecast.

Notes on the conversion

The payoff is flat by construction. If it is not flat here, the strikes or the share count do not line up.
Early assignment on the short call ends the structure and leaves you with an unhedged put.

Max loss: $0.00
Max profit: $47.70
Breakeven: —

How a conversion works

You hold the shares, buy a put and sell a call at the same strike and expiration. The two option legs form a synthetic short that cancels the stock, leaving a flat payoff whose value comes from interest and dividends rather than from direction.

When traders use it

Almost never as a retail trade, for the same reason as the reverse conversion. It is here so you can model one and watch the pieces cancel.