Derivative products in general are the products price or value is determined or derived from another product called the underlying asset. One of the many derivative instruments are traded option (option), which is a contract that gives the right, but not the obligation, to the holder of a contract to sell or buy some goods from an underlying asset at an agreed price at a certain time in the future. Options can be used to minimize risk while maximizing profit and with leverage (leverage) is greater. In determining the value of the option premium is done in two ways, namely by using the Black Scholes option model and the Binomial option model. The research method used in this research is descriptive method. The data used is the data of PT. Indosat. Tbk (ISAT), the determination of the period call option maturing in one month, two months and three months by the number of sample points in the period 60 January 2005 until December 2009. Researchers interested in testing the Black Scholes model and Binomial model on stockoptions contracts on a period of 1 months, 2 months, and 3 months. Based on the results of the research has been done can be concluded that ISAT call option with a maturity period of one month, Binomial options model (1.70%) in predicting the value of call option is more accurate than the Black Scholes option model (2.12%),The maturity date of two months Binomial option model (1.52%) accurate than the Black Scholes option model (1.93%). The maturity date of three months, Binomial options model (1.43%) is more accurate than the Black Scholes option model (1.85%). The calculation of the value of call options with maturities of either 1 month, 2 months, and 3 months, can be seen that calculation, the value of call options using the Binomial option model is more accurate than the Black Scholes option model.
Based on the research results and advice for investors for subsequent researchers.Advice for investors better off using a binomial option model calculations compared to the Black Scholes option model. Suggestions for subsequent researchers to predict the value of call options by using the model of other options besides the Black Scholes and Binomial.
Keywords : Option Pricing, Black Scholes, Binomial