... period. The put owner has the right to ‘put the underlying to’ the opposing party. The other party, the put seller, consequently incurs the potential obligation to purchase the underlying.Buying ... purchased at 95, 90 and 85. These in -the- money’ calls, as they are known, cost progressively more as their distance from the underlying increases. Where the underlying is a stock, many investors ... (ATM). Here, both the 94. 25 call and the 94. 25 put are at -the- money. When a call is above the underlying, it is termed out-of -the- money (OTM), e.g. all the calls at 94 .50 , 94. 75 and 95. 00. When a...