Calculate the intrinsic value, time value, and breakeven of any call or put option. See instant profit/loss charts.
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Intrinsic Value
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Time Value
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Breakeven Price
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Moneyness
📈 CALL Option
📉 PUT Option
Option Details
Current market price of the underlying
Exercise price of the option
Current price of the option contract
Each contract = 100 shares
Optional: expected price change
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Enter option details to calculate
Intrinsic value, time value, breakeven & P/L
📈 Profit/Loss at Expiration
Quick Examples
🟢 In-the-Money Call
NVDA $170 Call @ $22 · Stock at $185 · 45 DTE
🔴 Out-of-Money Put
AAPL $220 Put @ $5.50 · Stock at $252 · 30 DTE
🟡 At-the-Money Call
MSFT $395 Call @ $12 · Stock at $395 · 21 DTE
Understanding Option Intrinsic Value
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Intrinsic Value
The real, tangible value of an option if exercised right now. A $170 call on a $185 stock has $15 of intrinsic value. Out-of-the-money options have zero intrinsic value.
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Time Value
The premium above intrinsic value. Reflects the probability of the option gaining value before expiration. Decays exponentially as expiration approaches (theta decay).
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Moneyness
In-the-Money (ITM): has intrinsic value. At-the-Money (ATM): strike ≈ stock price. Out-of-the-Money (OTM): no intrinsic value, only time value.
Call IV = max(0, Stock Price − Strike Price)
Call option intrinsic value formula
Put IV = max(0, Strike Price − Stock Price)
Put option intrinsic value formula
Time Value = Option Premium − Intrinsic Value
Time value is always ≥ 0 and decays toward zero at expiration
Looking for Stock Intrinsic Value?
Use our DCF and Graham Number calculators to find the fair value of any stock. Pre-loaded with 168 S&P 500 companies.
How do you calculate the intrinsic value of an option? ▼
For a call option: Intrinsic Value = Current Stock Price - Strike Price (if positive, otherwise zero). For a put option: Intrinsic Value = Strike Price - Current Stock Price (if positive, otherwise zero). An option with intrinsic value is said to be "in the money."
What is the difference between intrinsic value and time value? ▼
Intrinsic value is the amount an option is in-the-money. Time value is the premium above intrinsic value that reflects the probability the option could become more valuable before expiration. Time value decreases as expiration approaches. An out-of-the-money option has zero intrinsic value — its entire premium is time value.
Can an option have negative intrinsic value? ▼
No. Intrinsic value is always zero or positive. When an option is out-of-the-money, its intrinsic value is zero. You would never exercise at a loss when you can let it expire worthless.
How to calculate the breakeven price of an option? ▼
For a long call: Breakeven = Strike Price + Premium Paid. For a long put: Breakeven = Strike Price - Premium Paid. The stock must reach the breakeven price at expiration for the trade to be profitable.
What happens to intrinsic value at expiration? ▼
At expiration, time value is zero. The option is worth exactly its intrinsic value. If it's in-the-money, it will be exercised (or auto-exercised by your broker). If it's out-of-the-money, it expires worthless.