Interactive tool
Options calculator
Price calls, puts and option strategies on every asset EllTec Analysis analyses that has listed options, starting from real market data: price, measured volatility, interest rate and dividend yield. Change every value and see premium, profit and loss, breakeven, probabilities and the Greeks at once.
Gold GC=F
3,991 USD per troy ounceOct 30, 2026
- Listed options
- COMEX (options on gold futures)
- Contract size
- 100 troy ounces
- Exercise
- American (any day until expiry)
- Historical volatility
- Interest rate
- 4.01 % (3-month US Treasury bill)
- Dividend yield
- –
Market data as of Oct 30, 2026: price from Yahoo Finance, rate from FRED. Real option prices (implied volatility) are exchange data and differ from the historical volatility; enter a real price below to see its implied volatility.
Strategy
Long call Market view: Rising prices
You buy the right to buy at the strike. Loss limited to the premium, profit unlimited if the price rises above strike plus premium. Leverage: a small amount takes part in the rise.
Market inputs
Legs of the position
Result
- You pay (net premium)
- 11,584 USD
- 115.84 USD per troy ounce per unit
- Probability of profit
- 33 %
- Maximum profit
- unlimited
- Maximum loss
- -11,584 USD
- Breakeven at expiry
- 4,116
- Expected range (±1 standard deviation)
- 3,700 – 4,306 (±7.6 %)
Profit and loss
Prices and Greeks
| Leg | Theor. price | Intrinsic value | Time value | Delta | Gamma | Theta/day | Vega | Rho | P(in the money) |
|---|---|---|---|---|---|---|---|---|---|
| +1 Call 4,000 | 115.84 | 0.00 | 115.84 | 0.501 | 0.0013 | -1.22 | 5.80 | -0.1554 | 47 % |
| Position in total | 50.1 units | 0.131 | -121.93 USD | 580.23 USD | -15.54 USD | ||||
Prices and Greeks per unit (USD per troy ounce); the "Position in total" row uses contracts and contract size.
Scenario table: profit or loss by price and time
| Price change | Today | Day 12 | Day 25 | Day 37 | Expiry |
|---|---|---|---|---|---|
| -15 % (3,392) | -11,437 | -11,536 | -11,579 | -11,584 | -11,584 |
| -8 % (3,672) | -9,712 | -10,437 | -11,127 | -11,529 | -11,584 |
| -4 % (3,831) | -6,337 | -7,614 | -9,142 | -10,668 | -11,584 |
| 0 % (3,991) | 0.00 | -1,561 | -3,583 | -6,044 | -11,584 |
| +4 % (4,151) | +9,604 | +8,229 | +6,548 | +4,778 | +3,490 |
| +8 % (4,310) | +21,970 | +21,076 | +20,165 | +19,549 | +19,454 |
| +15 % (4,590) | +47,521 | +47,342 | +47,271 | +47,315 | +47,392 |
Amounts in USD, volatility unchanged.
Implied volatility from a real option price
Enter the price of an option from your broker or the exchange: the calculator finds the volatility the market expects.
Calculated with price 3,991, 49 days to expiry, rate 4.01 %.
How the calculator works
An option is the right, not the obligation, to buy (call) or sell (put) the underlying at a fixed price (strike) until a set date (expiry). The buyer pays a premium for this right; the seller (writer) receives it and takes on the obligation.
The fair premium is calculated with the Black-Scholes model (for options on futures with its variant Black-76): it depends on the price of the underlying, the strike, the time to expiry, the volatility, the interest rate and the dividend yield. The model values European options; for American options, which can be exercised early, the real value can be slightly higher, especially for deep in-the-money puts and before dividend dates.
The chart shows the profit or loss of the whole position at expiry (solid line) and on the valuation day you choose (dashed line). The probability of profit assumes lognormally distributed prices with the chosen volatility; real markets have fat tails and jumps (for example after earnings).
Default values: last price (Yahoo Finance), historical volatility of the last 90 days, the short-term rate of the currency (FRED), the dividend yield (stockanalysis.com for shares, an estimate for indices). Real option prices also contain the bid-ask spread, the volatility skew and the market's expectations, so they differ from the theoretical values.
Learning tool, not investment advice. Options can lose their whole value; sold options can cause losses far above the premium received.