The relevant columns are as follows:
B=Option (2 words only in this column) Call or Put
D=Strike Price = numeric value
O=Current Stock Price = numeric value
P=Current Option Price = numeric value
Q=Time Value = numeric value

I would like to create a formula in the cell of column Q that automatically
calculates the time value left on the option (either call or put). Here's
what the formula needs to do:

1) assess whether the option is a call or put
2) if call, then calculate as follows:
If current stock price O is more than strike price D, the the option is in
the money. The time value is calculated as follows: Current Option Price P -
(Actual Stock Price O - Strike Price D)
If current stock price O is less than strike price D, the the option is out
of the money. The time value is the Current Option Price P
3) if put, then calculate as follows:
If current stock price O is less than strike price D, the the option is in
the money. The time value is calculated as follows: Current Option Price P -
(Strike Price D -Actual Stock Price O)
If current stock price O is more than strike price D, the the option is out
of the money. The time value is the Current Option Price P

Is it possible to write a formula that will do that in one cell for each row?

Thanks very much for your help.
Rich