Intrinsic value is the profit that would be earned if an option contract were executed immediately. For calls, intrinsic value is the difference between the strike price and the futures price. For puts, intrinsic value is the difference between the strike price and the futures price. "In-the-money options" have intrinsic value. The intrinsic value of an “at-the-money option” is zero. "Out-of-the-money options" have no intrinsic value. Therefore, the intrinsic value of an option cannot be less than 0, because when the execution price of a call option is higher than the futures market price or when the execution price of a put option is lower than the futures market price, the buyer of the option can choose not to exercise the option.