How Does a Change in Strike Price Affect the Option Premium?

A change in the strike price has a predictable inverse relationship with the option premium. For a call option, a lower strike price increases the premium because it moves the option further in-the-money (or closer to it), increasing the intrinsic value.

For a put option, a higher strike price increases the premium for the same reason. Conversely, a strike price that moves the option further out-of-the-money decreases the premium.