Options mechanics · decision tool
Premium is the cost of the option, not the maximum complexity of the trade. Model the expiry payoff first, then compare the venue's execution, settlement, liquidity, and margin rules.
Expiry scenario
Enter non-negative prices, a positive contract count, and a positive contract multiplier.
Expiry scenario
Net profit / loss
$0.00
At expiry, before fees and settlement costs.
Important limitation
This is expiry-only intrinsic-value math. It is not a live quote, risk graph, margin estimate, or recommendation.
A long call benefits when the underlying finishes above the strike by more than the premium paid. A long put benefits when it finishes below the strike by more than the premium paid. Selling reverses the payoff direction and can create substantially different collateral and loss requirements.
Before using a venue, check implied volatility, time value, bid-ask spread, fees, funding, collateral, liquidation or auto-exercise rules, oracle design, settlement asset, and whether the market is actually liquid. An expiry payoff does not tell you what it costs to enter or exit before expiry.