Lets assume there are two people One is john and the other carl john is 65 years old and is holding 100 intel stocks. He does not want to take too much risk with his stocks and is happy with guranteed premium than a unguranteed increase in stock price so he writes calls on the intel stock. carl purchases the call options. lets assume intel stock went to $40 before expiration. carl and john both made money...so why is it a zero sum game ?