The below diagram shows the payoff for the four different kinds of european vanilla options.
| Call | Put | |
| Long position | Call, long (bought) | Put, long (bought) |
| Short position | Call, short (sold) | Put, short (sold) |
S is the spot price of the underlying. K is the strike price. T is the maturity time. ST is the price of the underlying at expiry. P(ST) is the payoff at expiry.