A currency option What value does Garman-Kohlhagen give a European call or put on one unit of the base currency?
Read the premium Spot, strike and premium use quote currency per base currency. For EUR/USD, a call is the right to buy euros for dollars.
Type volatility Presets use ECB reference rates and available bank policy rates. Type volatility yourself; policy rates are editable proxies for option discount rates.
A manual model Rates and volatility stay constant in the model. It leaves out spreads, fees, early exercise and volatility smiles.
Sources and notes What is a European currency option worth with these inputs? ECB reference fixing: 2026-11-13. Reference rates are not execution prices.CAD policy preset: 2026-11-12.USD policy preset: 2026-11-12, Fed target midpoint.Garman-Kohlhagen assumes European exercise, constant volatility and continuously compounded rates, and a 365-day year.A call buys one base currency unit. Premium and chart values use quote currency per base unit. Greeks are per base unit.Policy rates are editable proxies, not maturity-matched funding rates. Type volatility; no market option data are used.The chart subtracts the initial premium without financing it. Delta is per unit spot move; gamma is its slope. Theta is per day; vega and rhos are per percentage point.The result date is the calculation day. Preset observation dates can differ.Source: ECB and the named central banks. No endorsement is implied.Complete every input, including volatility, to calculate a premium. ECB euro reference exchange ratesEuropean Central Bank Bank of Canada yields and policy rateBank of Canada New York Fed reference ratesFederal Reserve Bank of New York