Black-Scholes explorer
Move the inputs and watch the call and put reprice. The smooth curve is the Black-Scholes value; the dashed kink is intrinsic value max(S−K, 0). The gap between them is time value (which can go slightly negative for a European put when rates are high).
Curve Black-ScholesDashed IntrinsicTime value A$6.63
Call valueA$6.63
Put valueA$4.65
d₁0.2121
d₂0.0707
N(d₁)0.584
N(d₂)0.528
Put-call parity: C − P = A$1.98 = S − Ke−rT = A$1.98
Spot S100
Strike K100
Volatility σ20%
Maturity T0.50 yr
Rate r4.0%