{"id":12606,"date":"2019-12-11T22:52:37","date_gmt":"2019-12-11T22:52:37","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=12606"},"modified":"2025-05-23T13:53:03","modified_gmt":"2025-05-23T13:53:03","slug":"value-at-expiration-and-profit-for-call-and-put-options","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/","title":{"rendered":"Value at Expiration and Profit for Call and Put Options"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Derivative Markets and Instruments (2025 Level I CFA\u00ae Exam \u2013 Derivatives \u2013 Module 1)\",\n  \"description\": \"This CFA Level I video explores credit risk in corporate bonds and key derivatives concepts. It covers forward commitments, contingent claims, forwards, futures, options, swaps, and credit derivatives. It also explains how to calculate option profits, the role of derivative markets, and how arbitrage promotes price discovery and market efficiency.\",\n  \"uploadDate\": \"2022-06-28T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/00HzgJftwpU\/maxresdefault.jpg\",\n  \"contentUrl\": \"https:\/\/www.youtube.com\/watch?v=00HzgJftwpU\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/00HzgJftwpU\",\n  \"duration\": \"PT57M12S\"\n}\n<\/script>\n\n\n\n\n<p>[vsw id=&#8221;00HzgJftwpU&#8221; source=&#8221;youtube&#8221; width=&#8221;611&#8243; height=&#8221;344&#8243; autoplay=&#8221;no&#8221;]\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><\/p>\n\n\n\n<p>It is important to differentiate between the long and the short party in a contract. The buyer is always said to be the <em>long option<\/em>. This is quite easy to see for a call option. However, for a put option, the long position in a put is betting that the underlying price will drop. As such, the long position in a put option is synonymous with being short the underlying.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Call options<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Value at Expiration of a Call Option<\/h3>\n\n\n\n<p>The payoff profiles of a call option are represented as follows:<\/p>\n\n\n\n<p>$$  \\text{Payoff&nbsp;for a call buyer}  = max(0,S_T \u2013 X) $$<\/p>\n\n\n\n<p>$$  \\text{Payoff&nbsp;for a call seller} = -max(0,S_T \u2013 X) $$<\/p>\n\n\n\n<p>Where<\/p>\n\n\n\n<p>S<sub>T<\/sub> is the price of the underlying at expiration; and<\/p>\n\n\n\n<p>X is the exercise price.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Profit of a Call Option<\/h4>\n\n\n\n<p>Using the payoff profile and the price paid for the option, the profit equation can be written as follows:<\/p>\n\n\n\n<p>$$  \\text{Profit&nbsp;for a call buyer}  = max(0,S_T \u2013 X) &#8211; c_0$$<\/p>\n\n\n\n<p>$$  \\text{Profit&nbsp;for a call seller} = -max(0,S_T \u2013 X) + c_0 $$<\/p>\n\n\n\n<p>where c<sub>0&nbsp;<\/sub>&nbsp;is the call&nbsp;premium.<\/p>\n\n\n\n<p>The buyer of the call option has no upper limit on its potential profit and a fixed downside loss equal to the premium. The seller has unlimited losses and a gain limited to the premium:<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"974\" height=\"641\" src=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-2.png\" alt=\"profit-of-a-call-option\" class=\"wp-image-10126\" srcset=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-2.png 974w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-2-300x197.png 300w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-2-768x505.png 768w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-2-400x263.png 400w\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" \/><\/figure>\n<\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"974\" height=\"641\" src=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-3.png\" alt=\"profit-of-a-call-option\" class=\"wp-image-10127\" srcset=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-3.png 974w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-3-300x197.png 300w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-3-768x505.png 768w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-3-400x263.png 400w\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" \/><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\">Put Options<\/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 \u2013 you replace &#8220;ST&nbsp;\u2212 X&#8221; by&nbsp;&#8220;X\u2212&nbsp;ST.&#8221;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"mce_49\">Value at Expiration of a PutOption<\/h3>\n\n\n\n<p>The payoff and profit profiles of a put option are represented as follows:<\/p>\n\n\n\n<p>$$  \\text{Payoff&nbsp;for a put buyer}  = max(0,X-S_T) $$<\/p>\n\n\n\n<p>$$  \\text{Payoff&nbsp;for a put seller} = -max(0,X-S_T) $$<\/p>\n\n\n\n<p>$$  \\text{Profit for a put buyer}  = max(0,X-S_T) &#8211; p_0$$<\/p>\n\n\n\n<p>$$  \\text{Profit for a put seller} = -max(0,X-S_T) + p_0 $$<\/p>\n\n\n\n<p>Where p<sub>0<\/sub> 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 underlying price 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<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"974\" height=\"641\" src=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-4.png\" alt=\"profit-of-a-put-option\" class=\"wp-image-10128\" srcset=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-4.png 974w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-4-300x197.png 300w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-4-768x505.png 768w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-4-400x263.png 400w\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" \/><\/figure>\n<\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"974\" height=\"641\" src=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-5.png\" alt=\"profit-of-a-put-option\" class=\"wp-image-10125\" srcset=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-5.png 974w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-5-300x197.png 300w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-5-768x505.png 768w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-5-400x263.png 400w\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" \/><\/figure>\n<\/div>\n\n\n<p>Call and put options can be used in combination with each other and with the underlying asset to produce a wide range of potential payoff profiles.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vsw id=&#8221;00HzgJftwpU&#8221; source=&#8221;youtube&#8221; width=&#8221;611&#8243; height=&#8221;344&#8243; autoplay=&#8221;no&#8221;] 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10],"tags":[],"class_list":["post-12606","post","type-post","status-publish","format-standard","hentry","category-derivatives","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Call &amp; Put Options: Value at Expiration &amp; Profit<\/title>\n<meta name=\"description\" content=\"Learn how to calculate the value and profit of call and put options at expiration. Understand key factors affecting option pricing and returns.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Call &amp; Put Options: Value at Expiration &amp; Profit\" \/>\n<meta property=\"og:description\" content=\"Learn how to calculate the value and profit of call and put options at expiration. Understand key factors affecting option pricing and returns.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/\" \/>\n<meta property=\"og:site_name\" content=\"AnalystPrep | CFA\u00ae Exam Study Notes\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-11T22:52:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-23T13:53:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"974\" \/>\n\t<meta property=\"og:image:height\" content=\"641\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Simon\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Simon\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/\"},\"author\":{\"name\":\"Simon\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/8d6352b658ba58a707920fba950b3687\"},\"headline\":\"Value at Expiration and Profit for Call and Put Options\",\"datePublished\":\"2019-12-11T22:52:37+00:00\",\"dateModified\":\"2025-05-23T13:53:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/\"},\"wordCount\":485,\"image\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-2.png\",\"articleSection\":[\"Derivatives\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/\",\"url\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/\",\"name\":\"Call & Put Options: Value at Expiration & Profit\",\"isPartOf\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-2.png\",\"datePublished\":\"2019-12-11T22:52:37+00:00\",\"dateModified\":\"2025-05-23T13:53:03+00:00\",\"author\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/8d6352b658ba58a707920fba950b3687\"},\"description\":\"Learn how to calculate the value and profit of call and put options at expiration. Understand key factors affecting option pricing and returns.\",\"breadcrumb\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/#primaryimage\",\"url\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-2.png\",\"contentUrl\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-2.png\",\"width\":974,\"height\":641,\"caption\":\"profit-of-a-call-option\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Value at Expiration and Profit for Call and Put Options\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#website\",\"url\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/\",\"name\":\"AnalystPrep | CFA\u00ae Exam Study Notes\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/8d6352b658ba58a707920fba950b3687\",\"name\":\"Simon\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2016\/09\/analystprep-150x150.png\",\"contentUrl\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2016\/09\/analystprep-150x150.png\",\"caption\":\"Simon\"},\"url\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/author\/analystprep\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Call & Put Options: Value at Expiration & Profit","description":"Learn how to calculate the value and profit of call and put options at expiration. Understand key factors affecting option pricing and returns.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/","og_locale":"en_US","og_type":"article","og_title":"Call & Put Options: Value at Expiration & Profit","og_description":"Learn how to calculate the value and profit of call and put options at expiration. Understand key factors affecting option pricing and returns.","og_url":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/","og_site_name":"AnalystPrep | CFA\u00ae Exam Study Notes","article_published_time":"2019-12-11T22:52:37+00:00","article_modified_time":"2025-05-23T13:53:03+00:00","og_image":[{"width":974,"height":641,"url":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-2.png","type":"image\/png"}],"author":"Simon","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Simon","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/#article","isPartOf":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/"},"author":{"name":"Simon","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/8d6352b658ba58a707920fba950b3687"},"headline":"Value at Expiration and Profit for Call and Put Options","datePublished":"2019-12-11T22:52:37+00:00","dateModified":"2025-05-23T13:53:03+00:00","mainEntityOfPage":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/"},"wordCount":485,"image":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/#primaryimage"},"thumbnailUrl":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-2.png","articleSection":["Derivatives"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/","url":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/","name":"Call & Put Options: Value at Expiration & Profit","isPartOf":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#website"},"primaryImageOfPage":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/#primaryimage"},"image":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/#primaryimage"},"thumbnailUrl":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-2.png","datePublished":"2019-12-11T22:52:37+00:00","dateModified":"2025-05-23T13:53:03+00:00","author":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/8d6352b658ba58a707920fba950b3687"},"description":"Learn how to calculate the value and profit of call and put options at expiration. Understand key factors affecting option pricing and returns.","breadcrumb":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/#primaryimage","url":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-2.png","contentUrl":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/10\/56c-2.png","width":974,"height":641,"caption":"profit-of-a-call-option"},{"@type":"BreadcrumbList","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/value-at-expiration-and-profit-for-call-and-put-options\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/analystprep.com\/cfa-level-1-exam\/"},{"@type":"ListItem","position":2,"name":"Value at Expiration and Profit for Call and Put Options"}]},{"@type":"WebSite","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#website","url":"https:\/\/analystprep.com\/cfa-level-1-exam\/","name":"AnalystPrep | CFA\u00ae Exam Study Notes","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/analystprep.com\/cfa-level-1-exam\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/8d6352b658ba58a707920fba950b3687","name":"Simon","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/image\/","url":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2016\/09\/analystprep-150x150.png","contentUrl":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2016\/09\/analystprep-150x150.png","caption":"Simon"},"url":"https:\/\/analystprep.com\/cfa-level-1-exam\/author\/analystprep\/"}]}},"_links":{"self":[{"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/posts\/12606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/comments?post=12606"}],"version-history":[{"count":7,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/posts\/12606\/revisions"}],"predecessor-version":[{"id":56221,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/posts\/12606\/revisions\/56221"}],"wp:attachment":[{"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/media?parent=12606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/categories?post=12606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/tags?post=12606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}