Break-even point

The volume or duration at which two options cost the same, so that the cheaper of the two changes on either side of it.

A break-even point is found by dividing the fixed cost carried by one option by the amount that option saves in each unit or each period. Below the resulting figure the option with no fixed cost is cheaper; above it the option carrying the fixed cost is. The arithmetic is trivial and the inputs are not, because the fixed cost is usually an estimate while the recurring cost is usually a quoted price, so an error on one side alone moves the crossing a long way.

See also

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