If the price of the option goes up you make $$, just like any other asset. If you pay .15 for something and you can sell it for .35 then you made a .20 profit. In options that .20 equates to $20. So if you own 10 options at .15 and you sell them at .35 you made $200 profit ($35x10 =$350 vs a cost of $15x10=$150). Don't get confused by the price of the underlying stock and the fact that you are not in the money. If OTM options had no value then they would cost you $0 to buy. The intrinsic value comes into effect when the options are going to expire. What the OTM options do have is time value or premium which erodes as you get closer to expiration. So if you have an OTM option on a stock that moves significantly the value will move as well even if they are still OTM.
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