{"id":8248,"date":"2020-08-21T00:06:06","date_gmt":"2020-08-21T00:06:06","guid":{"rendered":"https:\/\/analystprep.com\/blog\/?p=8248"},"modified":"2026-04-21T10:16:10","modified_gmt":"2026-04-21T10:16:10","slug":"options-calculations-payoff-profit","status":"publish","type":"post","link":"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/","title":{"rendered":"Options Payoffs and Profits (Calculations for CFA\u00ae and FRM\u00ae Exams)"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Private Capital, Real Estate, Infrastructure, Natural Resources, and Hedge Funds (2023 Level I)\",\n  \"description\": \"CFA Level I Alternative Investments lesson covering investment characteristics of private equity, private debt, real estate, infrastructure, natural resources, and hedge funds, including risk, return, liquidity, and diversification considerations.\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/bcWZOna6NK4\/maxresdefault.jpg\",\n  \"uploadDate\": \"2022-10-11\",\n  \"duration\": \"PT37M27S\",\n  \"contentUrl\": \"https:\/\/www.youtube.com\/watch?v=bcWZOna6NK4\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/bcWZOna6NK4\"\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"FAQPage\",\n  \"mainEntity\": [\n    {\n      \"@type\": \"Question\",\n      \"name\": \"How do you calculate call option payoff?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"Call option payoff = Max(0, Stock Price at Expiry \u2013 Strike Price).\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"What is the difference between payoff and profit in options?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"Payoff considers only the final value at expiration, while profit accounts for the cost of entering the position (i.e., premium paid or received).\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"Are long calls and short puts the same?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"No. A long call gives the right to buy; a short put obligates the seller to buy if assigned. They may have similar payoff shapes under certain conditions but are not equivalent strategies.\"\n      }\n    }\n  ]\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Private Capital, Real Estate, Infrastructure, Natural Resources, and Hedge Funds (2023 Level I)\",\n  \"description\": \"In this video, we cover Topic 9 \u2013 Alternative Investments (Module 3) of the CFA Level 1 curriculum. The lesson dives into the investment characteristics of six major asset classes: private equity, private debt, real estate, infrastructure, natural resources, and hedge funds. Each section aligns with the CFA Learning Outcome Statements (LOS) to help you understand their unique return drivers, risks, liquidity, and roles in portfolio diversification. Perfect for CFA candidates preparing for the exam.\",\n  \"uploadDate\": \"2022-10-11T00:00:00Z\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/bcWZOna6NK4\/maxresdefault.jpg\",\n  \"contentUrl\": \"https:\/\/youtu.be\/bcWZOna6NK4\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/bcWZOna6NK4\",\n  \"duration\": \"PT52M44S\"\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@graph\": [\n    {\n      \"@type\": \"ImageObject\",\n      \"url\": \"https:\/\/analystprep.com\/blog\/wp-content\/uploads\/2020\/08\/cfa-frm-options-payoffs.png\",\n      \"contentUrl\": \"https:\/\/analystprep.com\/blog\/wp-content\/uploads\/2020\/08\/cfa-frm-options-payoffs.png\",\n      \"caption\": \"CFA\/FRM options payoffs\",\n      \"width\": 1009,\n      \"height\": 461,\n      \"fileFormat\": \"image\/png\",\n      \"copyrightNotice\": \"\u00a9 2024 AnalystPrep\",\n      \"acquireLicensePage\": \"https:\/\/analystprep.com\/license-info\",\n      \"creditText\": \"AnalystPrep Design Team\",\n      \"creator\": {\n        \"@type\": \"Organization\",\n        \"name\": \"AnalystPrep\",\n        \"url\": \"https:\/\/analystprep.com\"\n      }\n    },\n    {\n      \"@type\": \"ImageObject\",\n      \"url\": \"https:\/\/analystprep.com\/blog\/wp-content\/uploads\/2020\/08\/cfa-frm-options-payoffs-2.png\",\n      \"contentUrl\": \"https:\/\/analystprep.com\/blog\/wp-content\/uploads\/2020\/08\/cfa-frm-options-payoffs-2.png\",\n      \"caption\": \"CFA\/FRM options payoffs (set 2)\",\n      \"width\": 872,\n      \"height\": 535,\n      \"fileFormat\": \"image\/png\",\n      \"copyrightNotice\": \"\u00a9 2024 AnalystPrep\",\n      \"acquireLicensePage\": \"https:\/\/analystprep.com\/license-info\",\n      \"creditText\": \"AnalystPrep Design Team\",\n      \"creator\": {\n        \"@type\": \"Organization\",\n        \"name\": \"AnalystPrep\",\n        \"url\": \"https:\/\/analystprep.com\"\n      }\n    }\n  ]\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Example: Value at expiration and gain\/loss for a put buyer\",\n    \"text\": \"A put option has a premium of $11 and an exercise price of $129. The underlying stock is trading at $123. What is the value at expiration and the gain or loss to the put buyer?\",\n    \"answerCount\": 1,\n    \"upvoteCount\": 0,\n    \"dateCreated\": \"2020-01-01T00:00:00+00:00\",\n    \"author\": {\n      \"@type\": \"Organization\",\n      \"name\": \"AnalystPrep\"\n    },\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Because the stock price is below the strike price, the put is in the money at expiration with a payoff of max(0, 129 \u2212 123) = $6. The profit to the put buyer is $6 \u2212 $11 = \u2212$5, a loss of $5.\",\n      \"dateCreated\": \"2020-01-01T00:00:00+00:00\",\n      \"upvoteCount\": 0,\n      \"url\": \"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#example-put-buyer\",\n      \"author\": {\n        \"@type\": \"Organization\",\n        \"name\": \"AnalystPrep\"\n      }\n    }\n  }\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Example: Option Payoff\",\n    \"text\": \"At expiration, the underlying asset price S_T is $29. If the strike price X is $26, what is the payoff to the put and call buyers?\",\n    \"answerCount\": 1,\n    \"upvoteCount\": 0,\n    \"dateCreated\": \"2020-08-21T00:00:00+00:00\",\n    \"author\": {\n      \"@type\": \"Organization\",\n      \"name\": \"AnalystPrep\"\n    },\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The call buyer\u2019s payoff is c_T = max(0, S_T \u2212 X) = max(0, 29 \u2212 26) = $3. The put buyer\u2019s payoff is p_T = max(0, X \u2212 S_T) = max(0, 26 \u2212 29) = $0, so only the call finishes in the money.\",\n      \"dateCreated\": \"2020-08-21T00:00:00+00:00\",\n      \"upvoteCount\": 0,\n      \"url\": \"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#example-option-payoff\",\n      \"author\": {\n        \"@type\": \"Organization\",\n        \"name\": \"AnalystPrep\"\n      }\n    }\n  }\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Example: Option Value\",\n    \"text\": \"Assume that a put and call on XYZ stock have the same strike price of X = $35. The call initially costs $2, and the put costs $3. What is the profit on the long call and long put if the price of CBX stock at expiration S_T is $28?\",\n    \"answerCount\": 1,\n    \"upvoteCount\": 0,\n    \"dateCreated\": \"2020-08-21T00:00:00+00:00\",\n    \"author\": {\n      \"@type\": \"Organization\",\n      \"name\": \"AnalystPrep\"\n    },\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The long call expires out of the money, so its payoff is zero and the profit is \u2212$2 (the premium). The long put payoff is max(0, 35 \u2212 28) = $7, so the profit on the long put is $7 \u2212 $3 = $4.\",\n      \"dateCreated\": \"2020-08-21T00:00:00+00:00\",\n      \"upvoteCount\": 0,\n      \"url\": \"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#example-option-value\",\n      \"author\": {\n        \"@type\": \"Organization\",\n        \"name\": \"AnalystPrep\"\n      }\n    }\n  }\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Examples: Moneyness of a call option\",\n    \"text\": \"A stock has a current price of $100. The exercise price of a call option is $105. Is the option in-the-money, at the money, or out of the money?\",\n    \"answerCount\": 1,\n    \"upvoteCount\": 0,\n    \"dateCreated\": \"2020-08-21T00:00:00+00:00\",\n    \"author\": {\n      \"@type\": \"Organization\",\n      \"name\": \"AnalystPrep\"\n    },\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The call option is out of the money because the stock price ($100) is less than the exercise price ($105). A call is in the money only when the stock price exceeds the strike.\",\n      \"dateCreated\": \"2020-08-21T00:00:00+00:00\",\n      \"upvoteCount\": 0,\n      \"url\": \"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#example-call-moneyness\",\n      \"author\": {\n        \"@type\": \"Organization\",\n        \"name\": \"AnalystPrep\"\n      }\n    }\n  }\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Examples: Moneyness of a put option\",\n    \"text\": \"A stock has a current price of $50. The exercise price of a put option is $45. Is the option in-the-money, at the money, or out of the money?\",\n    \"answerCount\": 1,\n    \"upvoteCount\": 0,\n    \"dateCreated\": \"2020-08-21T00:00:00+00:00\",\n    \"author\": {\n      \"@type\": \"Organization\",\n      \"name\": \"AnalystPrep\"\n    },\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The put option is out of the money because the stock price ($50) is above the exercise price ($45). A put is in the money only when the stock price is below the strike.\",\n      \"dateCreated\": \"2020-08-21T00:00:00+00:00\",\n      \"upvoteCount\": 0,\n      \"url\": \"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#example-put-moneyness\",\n      \"author\": {\n        \"@type\": \"Organization\",\n        \"name\": \"AnalystPrep\"\n      }\n    }\n  }\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Example: Value at expiration\",\n    \"text\": \"Consider a put option with a premium of $11, and the exercise price is $129. The price of the underlying security is $123. What are the value at expiration and the gain\/loss to that put option buyer?\",\n    \"answerCount\": 1,\n    \"upvoteCount\": 0,\n    \"dateCreated\": \"2020-08-21T00:00:00+00:00\",\n    \"author\": {\n      \"@type\": \"Organization\",\n      \"name\": \"AnalystPrep\"\n    },\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"In this example the option ends up with zero payoff at expiration, so the value at expiration is $0 and the put buyer loses the entire premium of $11.\",\n      \"dateCreated\": \"2020-08-21T00:00:00+00:00\",\n      \"upvoteCount\": 0,\n      \"url\": \"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#example-value-at-expiration\",\n      \"author\": {\n        \"@type\": \"Organization\",\n        \"name\": \"AnalystPrep\"\n      }\n    }\n  }\n}\n}\n<\/script>\n\n\n\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/bcWZOna6NK4\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n\n\n\n<p>Understanding <strong data-start=\"178\" data-end=\"209\">call and put option payoffs<\/strong> is a must for mastering derivatives in the CFA\u00ae or FRM\u00ae exams\u2014and for real-world trading strategies. This guide breaks down <strong data-start=\"334\" data-end=\"371\">option payoff and profit formulas<\/strong>, shows you how to calculate each, and includes cha<sup data-fn=\"56cdf9a9-ead5-4526-ab69-f937ccf41b5a\" class=\"fn\"><a id=\"56cdf9a9-ead5-4526-ab69-f937ccf41b5a-link\" href=\"#56cdf9a9-ead5-4526-ab69-f937ccf41b5a\">1<\/a><\/sup>rts to visualize your risk and return. Whether you&#8217;re a candidate or a curious investor, this is the only reference you need to get it right.<\/p>\n\n\n\n<p>The buyer of an option has the&nbsp;right but not the obligation&nbsp;to exercise the option. The maximum loss to the buyer is equal to the&nbsp;premium paid&nbsp;for the option. The&nbsp;potential gains&nbsp;are theoretically&nbsp;infinite. To the seller (writer), however, the maximum gain is limited to the&nbsp;premium received&nbsp;after writing the option. The&nbsp;potential loss&nbsp;is&nbsp;unlimited.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Start_Practicing_Options_Payoff_Questions\" >Start Practicing Options Payoff Questions<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Call_Options\" >Call Options<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Value_at_Expiration_of_a_Call_Option\" >Value at Expiration of a Call Option<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Call_buyer\" >Call buyer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Call_seller\" >Call seller<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Long_Call\" >Long Call<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Short_Call\" >Short Call<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Put_Options\" >Put Options<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Value_at_Expiration_of_a_Put_Option\" >Value at Expiration of a Put Option<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Put_buyer\" >Put buyer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Put_seller\" >Put seller<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Long_Put\" >Long Put<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Short_Put\" >Short Put<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#i\" >&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Example_Option_Payoff\" >Example: Option Payoff<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Example_Option_Value\" >Example: Option Value<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Expiration_and_Strike_Price\" >Expiration and Strike Price<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Expiration\" >Expiration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Strike_Prices\" >Strike Prices<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Moneyness\" >Moneyness<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Examples_Moneyness_of_a_call_option\" >Examples: Moneyness of a call option<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Examples_Moneyness_of_a_put_option\" >Examples: Moneyness of a put option<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Intrinsic_Value_and_Time_Value\" >Intrinsic Value and Time Value<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Example_Value_at_expiration\" >Example: Value at expiration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/analystprep.com\/blog\/options-calculations-payoff-profit\/#Ready_to_Master_Options_Calculations\" >Ready to Master Options Calculations?<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Start_Practicing_Options_Payoff_Questions\"><\/span>Start Practicing Options Payoff Questions<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Access step-by-step solutions, 1000+ practice questions, and full CFA\u00ae\/FRM\u00ae study tools \u2014 free. <a href=\"https:\/\/analystprep.com\/free-trial\/\">Start Free Trial \u2192<\/a><\/p>\n\n\n\n<p>In an options contract, two parties transact simultaneously. The buyer of a call or a put option is the long position in the contract while the seller of the option, also known as the writer of the option, is the short position.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1009\" height=\"461\" src=\"https:\/\/analystprep.com\/blog\/wp-content\/uploads\/2020\/08\/cfa-frm-options-payoffs.png\" alt=\"cfa-frm-options-payoffs\" class=\"wp-image-8302\" srcset=\"https:\/\/analystprep.com\/blog\/wp-content\/uploads\/2020\/08\/cfa-frm-options-payoffs.png 1009w, https:\/\/analystprep.com\/blog\/wp-content\/uploads\/2020\/08\/cfa-frm-options-payoffs-300x137.png 300w, https:\/\/analystprep.com\/blog\/wp-content\/uploads\/2020\/08\/cfa-frm-options-payoffs-768x351.png 768w, https:\/\/analystprep.com\/blog\/wp-content\/uploads\/2020\/08\/cfa-frm-options-payoffs-400x183.png 400w, https:\/\/analystprep.com\/blog\/wp-content\/uploads\/2020\/08\/cfa-frm-options-payoffs-484x221.png 484w, https:\/\/analystprep.com\/blog\/wp-content\/uploads\/2020\/08\/cfa-frm-options-payoffs-570x260.png 570w\" sizes=\"auto, (max-width: 1009px) 100vw, 1009px\" \/><\/figure>\n<\/div>\n\n\n<p>&nbsp;<\/p>\n\n\n\n<div style=\"background-color:#f5f7fa; padding:20px; text-align:center; margin:30px 0; border-radius:8px;\">\n  <div style=\"max-width:620px; margin:0 auto;\">\n    <a href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"\n       style=\"display:flex; align-items:center; justify-content:center; width:100%; padding:10px 20px; border:2px solid #1a73e8; border-radius:999px; text-decoration:none; color:#1a73e8; font-size:15px; font-weight:600; line-height:1.4;\">\n      Master options profit and payoff with our Free Trial\n    <\/a>\n  <\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Call_Options\"><\/span><span style=\"color: #2e74b5;\"><strong>Call Options<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Value_at_Expiration_of_a_Call_Option\"><\/span><strong><span style=\"color: #2e74b5;\">Value at Expiration of a Call Option<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The payoff for a call buyer at expiration date T is given by&nbsp;\\(max(0,S_T\u2013X)\\) while the payoff for a call seller is \\(-max(0,S_T\u2013X)\\).<\/p>\n\n\n\n<p>Where:<\/p>\n\n\n\n<p>\\(S_T\\) is the price of the underlying at expiration; and<\/p>\n\n\n\n<p>X is the exercise price.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"872\" height=\"535\" src=\"https:\/\/analystprep.com\/blog\/wp-content\/uploads\/2020\/08\/cfa-frm-options-payoffs-2.png\" alt=\"cfa-frm-options-payoffs-2\" class=\"wp-image-8303\" srcset=\"https:\/\/analystprep.com\/blog\/wp-content\/uploads\/2020\/08\/cfa-frm-options-payoffs-2.png 872w, https:\/\/analystprep.com\/blog\/wp-content\/uploads\/2020\/08\/cfa-frm-options-payoffs-2-300x184.png 300w, https:\/\/analystprep.com\/blog\/wp-content\/uploads\/2020\/08\/cfa-frm-options-payoffs-2-768x471.png 768w, https:\/\/analystprep.com\/blog\/wp-content\/uploads\/2020\/08\/cfa-frm-options-payoffs-2-400x245.png 400w, https:\/\/analystprep.com\/blog\/wp-content\/uploads\/2020\/08\/cfa-frm-options-payoffs-2-484x297.png 484w, https:\/\/analystprep.com\/blog\/wp-content\/uploads\/2020\/08\/cfa-frm-options-payoffs-2-570x350.png 570w\" sizes=\"auto, (max-width: 872px) 100vw, 872px\" \/><\/figure>\n<\/div>\n\n\n<p>&nbsp;<\/p>\n\n\n\n<p>Using the payoff profile and the price paid for the option, the profit equation of a call option can be written as follows:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Call_buyer\"><\/span><span style=\"color: #2e74b5;\"><strong>Call buyer<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Payoff for a call buyer&nbsp;\\(=max(0, S_T-X)\\)<\/p>\n\n\n\n<p>Profit&nbsp;for a call buyer \\(=max(0, S_T\u2013X)-c_0\\)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Call_seller\"><\/span><span style=\"color: #2e74b5;\"><strong>Call seller<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Payoff&nbsp;for a put seller&nbsp;\\(=-max(0,S_T\u2013X)\\)<\/p>\n\n\n\n<p>Profit&nbsp;for a call seller&nbsp;\\(=-max(0, S_T\u2013X)+c_0\\)<\/p>\n\n\n\n<p>where \\(c_0\\) the call premium.<\/p>\n\n\n\n<p>The buyer of the call option has no upper limit on the potential profit and a fixed downside loss equal to the premium. The seller, on the other hand, has unlimited losses and a gain limited to the premium:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Long_Call\"><\/span><span style=\"color: #2e74b5;\"><strong>Long Call<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The profit from buying one European call option: Option price = $10, Strike price = $200 can be shown as follows:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"data:image\/png;base64,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\" alt=\"\"\/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Short_Call\"><\/span><strong><span style=\"color: #2e74b5;\">Short Call<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The profit from writing one European call option: Option price = $10, Strike price = $200 is shown below:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"data:image\/png;base64,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\" alt=\"\"\/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Put_Options\"><\/span><strong><span style=\"color: #2e74b5;\">Put Options<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>By now, if you have well understood the basic characteristics of call options, then the payoff and profit for put option buyers and sellers should be quite easy; simply replace \\( \u201cS_T-X\u201d \\text{ by } \u201cX-S_T\u201d \\).<\/p>\n\n\n\n<figure class=\"wp-block-embed\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/analystprep.com\/shop\/cfa-unlimited-package-for-level-1-2-3\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Value_at_Expiration_of_a_Put_Option\"><\/span><strong><span style=\"color: #2e74b5;\">Value at Expiration of a Put Option<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The payoff and profit profiles of a put option are represented as follows:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Put_buyer\"><\/span><span style=\"color: #2e74b5;\"><strong>Put buyer<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Payoff for a put buyer&nbsp;\\(=max(0,X-S_T)\\)<\/p>\n\n\n\n<p>Profit for a put buyer&nbsp;\\(=max(0,X-S_T)-p_0\\)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Put_seller\"><\/span><span style=\"color: #2e74b5;\"><strong>Put seller<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Payoff&nbsp;for a put seller&nbsp;\\(=-max(0,X-S_T)\\)<\/p>\n\n\n\n<p>Profit for a put seller&nbsp;\\(=-max(0,X-S_T)+p_0\\)<\/p>\n\n\n\n<p>Where&nbsp;\\(p_0\\)&nbsp;is the put premium.<\/p>\n\n\n\n<p>The put buyer has a limited loss and, while not completely unlimited gains, as the price of the underlying cannot fall below zero, the put buyer does gain as the price falls. As such, purchasing a put option is like purchasing insurance. In the same vein as for call options, the put seller has nearly unlimited losses, and his gains are limited to the put premium paid to him by the put buyer.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Long_Put\"><\/span><span style=\"font-famil; color: #2e74b5;\">Long Put<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The profit from buying a European put option: Option price = $14, Strike price = $140.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" 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\" alt=\"\"\/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Short_Put\"><\/span><span style=\"; color: #2e74b5;\">Short Put<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The profit from writing a European put option: Option price = $14, Strike price = $140.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" 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\" alt=\"\"\/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"i\"><\/span>&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Example_Option_Payoff\"><\/span><strong><span style=\"color: #2e74b5;\">Example: Option Payoff<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>At expiration, the underlying asset price&nbsp;\\( S_T\\)&nbsp;is $29. If the strike price X is $26, what is the payoff to the put and call buyers?<\/p>\n\n\n\n<p><strong>Solution<\/strong><\/p>\n\n\n\n<p><strong>The payoff to the call buyer:<\/strong><\/p>\n\n\n\n<p>\\(c_T=\\ max(0,S_T\\ \u2013 X) = max(0,$29 \u2013 $26) = $3\\)<\/p>\n\n\n\n<p><strong>The payoff to the put buyer:&nbsp;<\/strong><\/p>\n\n\n\n<p>\\(p_T=\\ max(0,X\\ \u2013 S_T) = max(0,$26 \u2013 $29) = 0\\)<\/p>\n\n\n\n<p>When the option has a positive payoff, it is said to be in the money. In the example above, the call option is in the money. The put option is out of the money because&nbsp;\\(X\\ \u2013 S_T\\)&nbsp;is less than 0. When&nbsp;\\(S_T\\ =\\ X\\), the option is said to be at the money.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Example_Option_Value\"><\/span><span style=\"font-family; color: #2e74b5;\">Example: Option Value<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Assume that a put and call on XYZ stock have the same strike price of&nbsp;X&nbsp;= $35. The call initially costs $2, and the put costs $3.<\/p>\n\n\n\n<p>What is the profit on the long call and long put if the price of CBX stock at expiration&nbsp;\\(S_T\\)&nbsp;is $28?<\/p>\n\n\n\n<p><strong>Solution<\/strong><\/p>\n\n\n\n<p><strong>Profit to the call buyer<\/strong>&nbsp;\\(=max(0,S_T\u2013X)-c_0=max(0,$28 \u2013 $35) \u2013 $2 = \u2013 $2 \\)<\/p>\n\n\n\n<p><strong>Profit to the put buyer&nbsp;<\/strong>\\(=\\ max(0,X\\ \u2013 S_T) \u2013 p_0 = max(0,$35 \u2013 $28) \u2013 $3 = $4\\)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Expiration_and_Strike_Price\"><\/span><span style=\"color: #2e74b5;\">Expiration and Strike Price<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Expiration\"><\/span><span style=\"color: #2e74b5;\"><strong>Expiration<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Exchange-traded stock options can either be&nbsp;American&nbsp;or&nbsp;European style. While&nbsp;European&nbsp;options can only be exercised&nbsp;at expiry,&nbsp;American&nbsp;options can be exercised at&nbsp;any point during the life of the option. The&nbsp;exchange specifies the actual date of expiry.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Strike_Prices\"><\/span><strong><span style=\"color: #2e74b5;\">Strike Prices<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u0422he value of the stock directly&nbsp;controls the strike price. At the expiration date, the difference between the&nbsp;stock\u2019s market price&nbsp;and the&nbsp;option\u2019s strike price&nbsp;determines the&nbsp;payoff.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Moneyness\"><\/span><strong><span style=\"color: #2e74b5;\">Moneyness<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Call Options:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If the stock price exceeds the exercise price, the option is&nbsp;in-the-money&nbsp;(ITM).<\/li>\n\n\n\n<li>If the stock price is less than the exercise price, the option is&nbsp;out-of-the-money&nbsp;(OTM).<\/li>\n\n\n\n<li>If the current&nbsp;market price is equal to the strike price, the option is&nbsp;at-the-money&nbsp;(ATM).<\/li>\n<\/ul>\n\n\n\n<p><strong>Put Options:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If the stock price is less than the exercise price, the option is&nbsp;in-the-money&nbsp;(ITM).<\/li>\n\n\n\n<li>If the stock price exceeds the exercise price, the option is&nbsp;out-of-the-money&nbsp;(OTM).<\/li>\n\n\n\n<li>If the current&nbsp;market price is equal to the strike price, the option is&nbsp;at-the-money&nbsp;(ATM).<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Examples_Moneyness_of_a_call_option\"><\/span><span style=\"font-family ; color: #2e74b5;\">Examples: Moneyness of a call option<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>A stock has a current price of $100. The exercise price of a call option is $105.<\/p>\n\n\n\n<p>Is the option in-the-money, at the money, or out of the money?<\/p>\n\n\n\n<p><strong>Solution<\/strong><\/p>\n\n\n\n<p>The <strong>call<\/strong> option is&nbsp;out of the money (OTM)&nbsp;since the stock price is less than the exercise price. The option would be in the money anywhere above the exercise price of $105.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Examples_Moneyness_of_a_put_option\"><\/span><span style=\"font-family ; color: #2e74b5;\">Examples: Moneyness of a put option<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>A stock has a current price of $50. The exercise price of a put option is $45.<\/p>\n\n\n\n<p>Is the option in-the-money, at the money, or out of the money?<\/p>\n\n\n\n<p><strong>Solution<\/strong><\/p>\n\n\n\n<p>The <strong>put<\/strong> option is&nbsp;out of the money (OTM)&nbsp;since the stock price exceeds the exercise price. The option would be in the money anywhere below the exercise price of $45.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Intrinsic_Value_and_Time_Value\"><\/span><strong><span style=\"color: #2e74b5;\">Intrinsic Value and Time Value<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The&nbsp;intrinsic value&nbsp;of an option is the difference between the&nbsp;prevailing market price&nbsp;of the underlying security and the&nbsp;strike price.<\/p>\n\n\n\n<p><strong>Call option&nbsp;<\/strong><\/p>\n\n\n\n<p>The intrinsic value of a call option is the&nbsp;\\(max(0,\\ S_T-\\ X)\\).<\/p>\n\n\n\n<p><strong>Put option<\/strong><\/p>\n\n\n\n<p>The intrinsic value of a put option is the \\( max(0,\\ X\\ -S_T)\\).<\/p>\n\n\n\n<p>The&nbsp;time value&nbsp;of an option is the difference between the&nbsp;option premium&nbsp;and the&nbsp;intrinsic value.<\/p>\n\n\n\n<p>\\(Option\\ premium\\ =\\ Intrinsic\\ value+\\ Time\\ value\\)<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Example_Value_at_expiration\"><\/span><strong><span style=\"color: #2e74b5;\">Example: Value at expiration<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Consider a put option with a premium of $11, and the exercise price is $129. The price of the underlying security is $123. What are the value at expiration and the gain\/loss to that put option buyer?<\/p>\n\n\n\n<p><strong>Solution<\/strong><\/p>\n\n\n\n<p>The exercise price is greater than the underlying price, i.e., $123 &gt; $129.<\/p>\n\n\n\n<p>Therefore the payoff \\(p_T=0\\)&nbsp;and&nbsp;\\(profit=0-11=-11\\).<\/p>\n\n\n\n<p>Value at expiration = $0<\/p>\n\n\n\n<p>Loss to the put buyer = $11<\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<div style=\"background-color: #f0f7ff; border-left: 4px solid #0073e6; padding: 20px; margin: 30px 0; border-radius: 6px; font-family: Arial, sans-serif;\">\n  <h4 style=\"color: #005bb5; margin-top: 0;\"><span class=\"ez-toc-section\" id=\"Ready_to_Master_Options_Calculations\"><\/span>Ready to Master Options Calculations?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n  <p style=\"font-size: 15px; color: #333;\">\n    Practice real exam-style questions on options payoff and profit calculations to sharpen your skills and boost your confidence.\n  <\/p>\n  <a href=\"https:\/\/analystprep.com\/cfa-level-1-practice-questions\/\" \n     style=\"display: inline-block; background-color: #0073e6; color: #ffffff; padding: 12px 20px; text-decoration: none; border-radius: 5px; font-weight: bold; font-size: 15px;\">\n    Try CFA Level 1 Practice Questions Now\n  <\/a>\n<\/div>\n\n\n<ol class=\"wp-block-footnotes\"><li id=\"56cdf9a9-ead5-4526-ab69-f937ccf41b5a\"> <a href=\"#56cdf9a9-ead5-4526-ab69-f937ccf41b5a-link\" aria-label=\"Jump to footnote reference 1\">\u21a9\ufe0e<\/a><\/li><\/ol>\n\n\n<div style=\"background-color:#f5f7fa; padding:32px 20px; text-align:center; margin:40px 0; border-radius:8px;\">\n  <div style=\"max-width:620px; margin:0 auto;\">\n    <a href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"\n       style=\"display:inline-block; width:auto; background-color:#1a73e8; color:#ffffff; text-decoration:none; font-size:16px; font-weight:600; padding:12px 28px; border-radius:999px; line-height:1.4;\">\n      Start Free Trial \u2192\n    <\/a>\n    <p style=\"margin:14px 0 0; font-size:15px; line-height:1.6; color:#444444;\">\n      Get access to study material that covers critical options concepts like payoff and profit, with focused practice and support.\n    <\/p>\n  <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Understanding call and put option payoffs is a must for mastering derivatives in the CFA\u00ae or FRM\u00ae exams\u2014and for real-world trading strategies. This guide breaks down option payoff and profit formulas, shows you how to calculate each, and includes cha1rts&#8230;<\/p>\n","protected":false},"author":2,"featured_media":8303,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"[{\"id\":\"56cdf9a9-ead5-4526-ab69-f937ccf41b5a\",\"content\":\"\"}]"},"categories":[70,71],"tags":[],"class_list":["post-8248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cfa","category-frm","blog-post","animate"],"acf":[],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/posts\/8248","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/comments?post=8248"}],"version-history":[{"count":41,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/posts\/8248\/revisions"}],"predecessor-version":[{"id":14659,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/posts\/8248\/revisions\/14659"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/media\/8303"}],"wp:attachment":[{"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/media?parent=8248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/categories?post=8248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/tags?post=8248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}