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training_data/relevant/text/0095a13f7a6b00deb280b631b33009447232c7fa87492d8fb9a106bc4277de6a.txt

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+12 Part I: Basic Properties of Stock Options 
+Example: On January 1st, XYZ is selling at 48. An XYZ July 50 call will sell for more 
+than an April 50 call, which in turn will sell for more than a January 50 call. 
+FIGURE 1-2. 
+Six-month July call option (see Table 1 ·4). 
+.g 
+a. 
+C 
+0 
+a 
+11 
+10 
+9 
+8 
+7 
+6 
+5 
+Greatest 
+Value for 
+Time Value 
+Premium 
+0 4 ----------------------
+3 
+2 
+0 
+FIGURE 1-3. 
+40 45 
+represents the option's 
+time value premium. 
+--------L---------50\ 55 60 
+Stock Price Intrinsic value 
+remains at zero 
+until striking price 
+is passed. 
+Price Curves for the 3-, 6·, and 9-month call options. 
+/ 
+Intrinsic Value 
+9-Month Curve 
+Striking Price 
+Stock Price 
+As expiration date draws 
+closer, the lower curve 
+merges with the intrinsic 
+value line. The option 
+price then equals its 
+intrinsic value.