For calls and puts, we'll use an example from this week.
The strike price for the SCRM4 call and put is $40. As OW looks like being $20M, the strike price will not be met, so the call will cash out at 0. If you are holding it long, you'll lose the whole investment. The put will cash out at (strike price less actual OW box office), so $40-$20 = $20, and your gains will be $20 less the purchase price of the put.