THE SHORT ANSWER
Convert per-ounce option premium into contract-level expiration profit or loss
Select the underlying contract multiplier, call or put, buyer or writer, strike, premium and an underlying futures price at expiration. The worksheet shows intrinsic value, full premium amount, break-even before commission and net payoff after entered commission. It deliberately withholds pre-expiration fair value, volatility forecasts, exercise advice and writer margin.
INTERACTIVE WORKSHEET
Model one expiration with explicit assumptions
Contracts must be a positive whole number. Strike, premium, expiration price and commission must be finite non-negative values.
Method boundary: expiration intrinsic value only. The calculator does not fetch an option chain, estimate implied volatility or Greeks, value time remaining, model early exercise or assignment, estimate writer margin, determine tax, or recommend a trade.
REPRODUCIBLE FORMULAS
Calls and puts use different intrinsic-value tests
Multiply by contract ounces and contracts for total expiration value.
Intrinsic value cannot be negative.
For a writer, expiration value and premium are reversed before commission.
MODEL BOUNDARY
The worksheet answers payoff, not price discovery
PRIMARY SOURCES & REVIEW BOUNDARY
Definitions come from regulators; current contract instructions come from the exchange
- CME Gold options contract specifications and the CME Gold product page for current listed-product context.
- Current COMEX Rulebook index for controlling product, exercise, settlement and clearing provisions.
- CFTC glossary for call, put, premium, strike price, assignment, intrinsic value, time value, Delta, Gamma and Vega definitions.
- CME options Greeks education for the risk-sensitivity framework, and CFTC Futures Market Basics for derivatives-market risk.
- NFA investor resources for registration checks, due diligence and customer-protection material.
Sources and links were reviewed August 2, 2026. Contract listings, strikes, expirations, exercise thresholds, broker deadlines, margin and fees can change. GoldObserve does not reproduce an option chain, licensed quote, volatility surface, margin schedule or broker instruction.
GOLD OPTIONS RESEARCH PATH
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FREQUENTLY ASKED QUESTIONS
Gold option calculator questions
Does the calculator use live gold option prices?
No. Enter a premium and underlying futures scenario from a source you are authorized to use. The tool does not fetch or cache an option chain.
Does the result value an option before expiration?
No. It calculates intrinsic value and profit or loss at expiration. Time value, volatility and changing Greeks matter before expiration.
How is call break-even calculated?
Before commission, a long call break-even is strike plus premium per ounce. The same price separates gross profit and loss for the writer, but the payoff sign is reversed.
How is put break-even calculated?
Before commission, a long put break-even is strike minus premium per ounce, floored at zero in the worksheet. Costs move the economic break-even.