Intrinsic value

本質的価値。オプション価格のうちすでに「実体」として存在する部分で、現時点でどれだけイン・ザ・マネーかを表す。

Intrinsic value is the part of an option's premium that would still be worth something if the option expired right now. For a call, it's how far the stock sits above the strike; for a put, how far below. Everything else you pay is time value, which decays as expiration approaches.

Say a stock trades at 108 and you hold a 100 call. That option has 8 of intrinsic value, because you could exercise and buy at 100 what's worth 108. If the same call costs 11 in the market, the extra 3 is time value. An out-of-the-money option has zero intrinsic value; its entire premium is time and volatility.

A common mistake is thinking a cheap option is a bargain. If it's all time value, it can expire worthless even when you were right about direction but not about timing or magnitude. Checking intrinsic value tells you how much of your premium is real equity today versus a bet on what happens next.

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