Options Breakeven Calculator

Enter your strike and premium to see the exact premium and index level where a CE or PE trade starts making money after costs.

Position details

Result

Index breakeven level
23,150.91
Premium breakeven ₹150.91
Charges per unit ₹0.91
Total charges (round trip) ₹68.11
Quantity 75 units
For a long CE, the index must move above 23,150.91 for the trade to profit at expiry (before any further premium changes). Costs are estimated using standard rates — confirm with your broker.

How to read breakeven points

There are two breakevens that matter for an option trade, and traders often confuse them:

  • Premium breakeven — the exit premium you need to cover entry cost plus charges. Buy at ₹150 with ₹1 of cost per unit and you need ₹151 to get out even.
  • Index breakeven — where the underlying index must be at expiry for the option to be worth at least that premium. A 23000 CE bought at ₹150 needs the index above 23,151 at expiry, ignoring further time value.

Formulas

For a long position: index breakeven = strike + (entry premium + charges per unit) for CE, and strike − (entry premium + charges per unit) for PE.

For a short position the direction flips: index breakeven = strike + (entry premium − charges per unit) for CE, and strike − (entry premium − charges per unit) for PE.

Why intraday traders still care

If you exit before expiry, the index breakeven is a moving target because time value changes. Still, it tells you how far the market must move in your favour to overcome costs — an honest filter for whether a trade is worth taking.

Related reading

Common questions

What is a good breakeven distance?
There is no universal number. Compare the distance between spot and breakeven against the index's typical daily range. If the required move is far beyond a normal day's range, the trade needs an exceptional move to pay off.
Does breakeven change during the day?
Yes. For open positions the premium moves with the index and time decay, so the breakeven you calculated at entry shifts. Recalculate when you adjust your plan.
Do short positions have a breakeven too?
Yes. A short option keeps the premium received minus costs, so its breakeven is closer to the strike: strike plus net premium for CE, strike minus net premium for PE.
Should I use premium or index breakeven for intraday?
For intraday exits, watch the premium breakeven because you close the option itself. Use index breakeven for position planning and expiry trades.

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