Cboe Options Calculator
cboe.com
The options exchange's free calculator for the theoretical price and Greeks of a single call or put, with American or European exercise and dividends.
What it is
The Cboe Options Calculator is a pricing tool from the Options Institute, the education arm of the Cboe options exchange. It prices one option at a time: choose call or put, American or European exercise, a stock price, strike, expiry date and time, volatility and interest rate, and it returns a theoretical price with delta, gamma, theta and vega.
It can load a current price for an underlying from Cboe market data through a symbol lookup, with quick picks for SPX, RUT and VIX, and it lets you enter individual dividends or a repeating dividend stream, which many free calculators skip. Volatility is an input you set (the default is 20%), not a value it calculates from the market, so to price a real contract you need an implied volatility from your broker's chain.
Everything is free and needs no account. It does not draw payoff diagrams, handle spreads or combine several legs; for that the Options Institute's Trade Optimizer or a strategy calculator fits better. Think of it as a reference for how each input moves an option's value, from a source that runs the market rather than sells a subscription.
Key features
- Theoretical price
- Calculates a model value for a single call or put from your inputs.
- Greeks
- Shows delta, gamma, theta and vega alongside the price.
- American or European exercise
- A switch for exercise style, which matters for equity options (American) against cash-settled index options such as SPX (European).
- Dividends
- Add single dividends by date and amount, or a repeating stream at a set day interval.
- Underlying lookup
- Pull a stock or index price from Cboe data by symbol, with quick picks for SPX, RUT and VIX; expiry time can be set to AM or PM settlement.
Pricing
| Plan | Price | What you get |
|---|---|---|
| Free | $0 | Full calculator, no account needed |
There is no paid version. The Options Institute's Trade Optimizer and Learning Portal are also free.
Free option: The whole calculator, with no signup and no usage limit.
Checked September 25, 2026 on cboe.com. Prices change; confirm on the provider's site before you subscribe.
Strengths
- Run by the exchange itself, with no subscription to sell
- Handles American and European exercise and discrete dividends
- Clear for seeing how volatility, time and rates change an option's value
- No account or email address needed
Limitations
- Prices one option at a time: no spreads, multi-leg strategies or payoff charts
- Volatility must be entered by hand; it does not calculate implied volatility from market prices
- Rho is not shown among the Greeks
- The page does not name the pricing model it uses
Good fit for
- Learners who want to see how each input affects an option's price and Greeks
- Traders checking a theoretical value against a quote
- Index options traders who need European exercise and AM or PM expiry
Look elsewhere if
- Planning multi-leg strategies (a profit and loss calculator fits better)
- Anyone who wants live implied volatility or an options chain
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Cboe Options Calculator questions
Is the Cboe Options Calculator free?
Yes. It is free and does not require an account.
Which Greeks does the Cboe calculator show?
It shows delta, gamma, theta and vega together with the theoretical price.
Can the Cboe calculator price American options?
Yes. You can switch the exercise style between American and European, and add dividends.
Does it calculate implied volatility?
No. Volatility is an input you enter, with 20% as the default. Use your broker's chain to find a contract's implied volatility and enter it.
Written from Cboe Options Calculator's own website and documentation. All Trading Tools lists and compares tools; it does not recommend trades or give financial advice. Sources: cboe.com/optionsinstitute/tools/options-calculator, ww2.cboe.com/optionsinstitute/tools/options_calculator/?iframe=1, cboe.com/optionsinstitute/tools.