Get Started

MULTI-LEG OPTIONS STRATEGY

Credit Spread Calculator

Choose live Schwab-backed contracts or enter values manually.

Option legs

Shared live selection with manual fallback.

Long leg · long 1×
Short leg · short 1×

Payoff summary

Defined-risk expiration values.

Net credit
—
Maximum profit
—
Maximum loss
—
Break-even
—
Return on risk
—

OPTIONS TRADE

MANUAL long call 100 6 / short call 110 2
Expiration
StrategyCREDIT SPREAD
Contracts1 CONTRACT
Net credit
MAX PROFIT
MAX LOSS

Methodology and risk

Debit spreads pay a net debit; credit spreads receive a net credit. Strike order must form a defined-risk vertical spread. Values exclude commissions, assignment, and early-exercise risk.

How this calculator works

A credit spread sells one option and buys a farther out-of-the-money option to define risk while collecting a credit.

Formula or payoff

Maximum profit equals net credit; maximum loss is spread width minus credit; break-even depends on put or call orientation.

Practical example

A $5-wide spread sold for $1.50 has $150 maximum profit and $350 maximum loss per contract before fees.

Risk and limitations

Losses can accumulate quickly near the short strike. Assignment and early exercise are not included.