Probability of returning at least $0.01 at the time of expiry. This figure is derived from implied volatility.
Long Call Formula:
Profit = (Stock Price - Strike Price - Premium) x Contracts x 100
Breakeven = Strike Price + Premium
Max Risk = Premium Paid
Long Put Formula:
Profit = (Strike Price - Stock Price - Premium) x Contracts x 100
Breakeven = Strike Price - Premium
Max Risk = Premium Paid