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What Is the Maximum Value an OTM Option Can Have at Expiration?

The maximum value of an OTM option at expiration is zero because it has no intrinsic value left.
Greeks.Live24.11.25

What Is the Maximum Value an OTM Option Can Have at Expiration?

The maximum value an Out-of-the-Money (OTM) option can have at expiration is zero. By definition, if an option expires OTM, it has no intrinsic value.

The time value of any option decays to zero at expiration. Therefore, an OTM option will expire worthless, and the premium paid for it will be lost.

What Happens to the Premium of an OTM Option at Expiration?
What Is the Likelihood of an OTM Option Being Exercised?
Can an Option Have Extrinsic Value but Zero Intrinsic Value?
Why Does an OTM Option Only Have Extrinsic Value?

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