At expiry, the seller holder of a call option (with an exercise price of $32, sold for a premium of $0.85)over Wesfarmers shares (now trading at $32.50)will:

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The seller of a call option will be obligated to sell shares at the exercise price if the market price is above the exercise price at expiry. Here, the market price ($32.50) is above the exercise price ($32), so the seller must sell the shares. The profit is the premium received ($0.85) minus the difference between the market price and the exercise price ($32.50 - $32 = $0.50), resulting in a profit of $0.35 per share.

At Expiry, the Seller Holder of a Call Option (With