Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we’re going to answer the question, “What is the value of a call option on its expiry date?” This is a very simple answer. The value of any option contract at expiration, whether it’s a call or whether it’s a put option, is simply the intrinsic value. Once you get to expiration, there’s no more extrinsic value component left in the option contract. That means no more time value, no more volatility value, no more interest rate value. There’s just value left intrinsically in the difference between the strike price and where the stock price is right now. For the value of a call option, if a call option expires in the money, then it would have value between the strike price and the stock price. If you have a call option at a $99 strike and the stock expires at $100, then the intrinsic value is simply $1, the difference between $99 and $100 for your call option. If the stock expires at $100 and you have a call option at $105, then you have no value left at expiration because there’s no intrinsic value left in that contract. You cannot buy a stock at $105 and sell it for $100 and gain value. You actually lose $500, so you’re better off just simply letting the position go to expiration and expire worthless. And so, that’s where the value of a call option (that’s expiry date) basically comes into play. It’s just the intrinsic value, just the value that is derived from the differential between the strike price and where the stock price closes. Hopefully this helps out. As always, if you guys have any questions, let me know and until next time, happy trading.