OPTION CONTRACT

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Abhijeet S
What is an Option Contract ?

Option Contact conveys upon its buyer the right, but not an obligation to buy / sell the underlying security on the expiry date at a pre-determined price.


Intrinsic Value Formula

  • The intrinsic value of an option corresponds to the relationship between the option’s strike price and the current price of the underlying asset.

  • The intrinsic value is the amount that an option is In-the-money (ITM). Out-of-the-money (OTM) options have no intrinsic value.

CALL INTRINSIC VALUE
Current Stock Price – Strike Price = Call Intrinsic Value

PUT INTRINSIC VALUE
Strike Price – Current Stock Price = Put Intrinsic Value


Premium Value Formula

All options include premiums or values over and above the option’s intrinsic value. Premium values vary based on three factors: the market anticipation of the volatility of the underlying security; the time remaining until the option’s expiration; and current interest rates.

Premium value is also known as time value or extrinsic value.

CALL PREMIUM VALUE
Call Option Price – Call Intrinsic Value = Call Premium Value*

PUT PREMIUM VALUE
Put Option Price – Put Intrinsic Value = Put Premium Value
 
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