Put payoff diagram

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Put payoff diagram발음듣기

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We have company ABCD trading at $50 a share.발음듣기

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Let's draw a payoff diagram for a put option with a $50 strike price trading at $10.발음듣기

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So once again we get to draw two types of payoff diagrams.발음듣기

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One type that only cares about the value of the option at expiration.발음듣기

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This is what you tend to see in academic settings like business schools or textbooks.발음듣기

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And the other one will actually draw a profit and loss based-on that option position, so incorporate the price you actually paid for the option.발음듣기

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You tend to see this more in practice.발음듣기

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So you have a put option.발음듣기

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Remember, this is the right to sell the stock at $50.발음듣기

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So the stock let's say at expiration.발음듣기

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All of these are at expiration.발음듣기

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At expiration the stock is trading at $0, the company went bankrupt.발음듣기

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Now it's worthless. What is the put option worth?발음듣기

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You would now go on the market, buy it for almost $0 , and then you would exercise your put option and then you would sell it for $50.발음듣기

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So you would definitely exercise it, and you'd make a lot of money the underlying stock can be bought for $0, the put option is now worth $50, because you can buy it for 0 and sell it for 50 dollars.발음듣기

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If you have the put option.발음듣기

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If the underlying stock price is $10, then you could still go to buy the stock for $10.발음듣기

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If you had the option, you would exercise the option to sell it for $50, so you would make $40.발음듣기

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So, the option would be worth $40.발음듣기

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And anyone who's holding the option would make instant $40.발음듣기

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So, the value of the option becomes less and less, as the value of the stock becomes more and more, up until you you get to $50.발음듣기

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At $50 you wouldn't really care you have the right to sell something at $50, which you could buy for $50.발음듣기

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So, it's kinda worth nothing.발음듣기

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The value of the put option could start at $50, because you have the right to sell something worthless at $50, if the stock's going bankrupt.발음듣기

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After $50, it becomes the option.발음듣기

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You don't really doesn't have any value anymore.발음듣기

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And if the stock goes anything above %50, it's still worthless.발음듣기

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If the stock is $100 or something like that, there's no way you could exercise the option.발음듣기

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Because why would you exercise the right to sell something at $50, while in the open market you can sell it at $100.발음듣기

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Let's do the same thing for the profit/loss version.발음듣기

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So, the stock is worth nothing, you can buy it for nothing, and then if you have the option, sell it for $50.발음듣기

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But, we have to incorporate the fact that you paid 10 dollars for the option.발음듣기

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So, instead of the option is worth $50, we would say it's worth 50 minus this. So, it'd be worth $40.발음듣기

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And this is all the way you would exercise the option all the way until the option is worth $50.발음듣기

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But at $50, instead of saying it's worthless, you have to remember, if the stock is 50$, you wouldn't exercise the option.발음듣기

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But you did pay $10 for it.발음듣기

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So, you wouldn't exercise something that you paid $10 for so you would have to take a $10 loss.발음듣기

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So the option started at 50, and it'd become less and less, all the way to the point that if you don't exercise it, you would took the loss of paying for the option. Not exercising it.발음듣기

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And any stock price above that, you just took a $10 loss.발음듣기

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