Long an Option's Payoff 
Spot Rate
Strike Price
Call Option Put Option
Payoff --
Profit --


 When spot rate is higher than the strike price,

call option payoff =  spot  - strike, call option profit = payoff - premium 

put option payoff = 0, put option profit =  - premium 

When spot rate is lower than the strike price, 

call option payoff = 0, call option profit =  - premium 

put option payoff = strike  - spot , put option profit =  payoff - premium 


To learn about payoff diagram, please check on this excel file  

To learn about Black-scholes Model, please check on this excel file  

(Thanks to Dr. Greene for allowing me to share the above files for educational purposes)

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