Ok say you're looking at buying a put option for your stock with a strike price of $40 and the current cost is $3.00. So that means if you bought that put option, it would cost you $300 (option price * 100). Is there a way to know how much that option would be worth if price droped to 45? Or 40? Or 38? Etc.? In other words, say you're trying to figure out how many options you may need to offset possible losses at certain stock prices, you need to know what the option will be worth when the stock falls to a certain price. How do you do this?