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Should I purchase 10 call contracts of BP for $340 with an expiration date of Dec. 2010?.

I am fairly new to trading options.however, let me ask you a question.If crude oil is currently trading at $83.00 a barrel,and I purchase 5 call contracts for $650 with a strike price of 90 and an expiration date of Jan. Lets say its now two weeks before the expiration date of Jan.And the price of Crude oil is 97. if I exercise the right to dump them, if I am correct to calculate my winnings I would multiply the number of barrels(1000) by 7= $7,000. Is this correct?..Thank you and have a great day.


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