PUT-CALL PARITY
By:Shruti Agrawal-201Suhas Anjaria-202Kankana Dutta-205Aabhas
Garg-207PUT-CALL PARITYIntroductionPut-call parity is an important
principle in options pricing first identified by Hans Stoll in his
paper, The Relation Between Put and Call Prices, in 1969. It states
that the premium of a call option implies a certain fair price for
the corresponding put option having the same strike price and
expiration date, and vice versa. Support for this pricing
relationship is based upon the argument that arbitrage
opportunities would materialize if there is a divergence between
the value of calls and puts. Arbitrageurs would come in to make
profitable, riskless trades until the put-call parity is
restored.
Let's take a look at two portfolios, A and B. Portfolio A =
European Call + Cash, where Cash = Call Strike PricePortfolio B =
European Put + Underlying AssetEuropean Call + Cash = European Put
+ Underlying Asset
Portfolio A consists of a european call option and cash equal to
the number of shares covered by the call option multiplied by the
call's striking price. Portfolio B consist of a european put option
and the underlying asset. Note that equity options are used in this
example
3If the two portfolios have the same expiration value, then they
must have the same present value. Otherwise, an arbitrage trader
can go long on the undervalued portfolio and short the overvalued
portfolio to make a risk-free profit on expiration day.
Put-Call Parity: Payoffs at Expiry
The Put/Call Parity Relationship (contd)6Equilibrium Stock Price
Example
You have the following information:Call price = $3.5Put price =
$1Striking price = $75Riskless interest rate = 5%Time until option
expiration = 32 days
If there are no arbitrage opportunities, what is the equilibrium
stock price? The Put/Call Parity Relationship (contd)7Equilibrium
Stock Price Example (contd)
Using the put/call parity relationship to solve for the stock
price:
Put Call Parity with DividendsAs we know stocks pay dividends
and these dividends affect the future valuation of the stock as
money is being taken out of the company and paid to its'
shareholders.Because options have an expiration date, we need to
value the option not against the current price of the stock but
against what the expected value will be at the expiration date.
This is known as the forward price.Let's take the basic put call
parity formula Call - Put = Stock - Strike. And finally, as the
strike price is the expected exercise price in the future we need
to discount that value by the interest rates toa present value by
dividing the strike by e ^ rt.Call - Put =(Stock -Dividends) -
PV(Strike)Or, simplified;Call - Put = Stock price -Dividend-
PV(Strike)Put Call Parity - The Reality of Put Call DisparityPut
Call Parity requires that the extrinsic value of call and put
options of the same strike price to be the same. However, in
reality, the extrinsic value of put and call options are rarely in
exact parity in option trading even though market makers have been
charged with the responsibility of maintaining Put Call Parity.
When the outlook of a stock is bullish, the extrinsic value of call
options tend to be higher than put options due to higher implied
volatility and When the outlook of a stock is bearish, the
extrinsic value of put options tends to be higher than call
options.Deviations from Put Call Parity or Put Call Disparity has
also been used in the analysis of future stock prices as stocks
with relatively expensive calls have been found empirically to
outperform stocks with relatively expensive puts by a measurable
significance and margin.ExamplesLet's look at some real world
examples of put call parity to understand how prices fit
together.Take a look at the option series below for Infosys
Ltd.Taking the following strategyLong (buy) call Short (write)
putSell (short) 1 share Invest amount equal to strike price @ risk
free rate of return, 8 %
In the Money Call
Clearly there exists a put call disparityCall will be exercised
so in this case arbitrage profit will be:Call premium =
-165.65Exercise call = -3200Put Premium = 94Put expires worthless =
0 Sell one share = 3278.15Receive Invest amount = 3218.95 =
3225.45
Today's Date27-03-2014Expiration Date24-04-2014Days to
Expiration28Interest Rates8.00%Stock 3,278.15 Strike 3,200.00 Put
94.00 Discount Factor 1.00592132 Call = Stock - PV(Strike) +
PutCall = 190.98669488 Actual Market Price 165.65 Difference
25.3366949
Out of Money Call
Today's Date27-03-2014Expiration Date24-04-2014Days to
Expiration28Interest Rates8.00%Stock 3,278.15 Strike 3,350.00 Put
162.50 Discount Factor 1.00592132 Call = Stock - PV(Strike) +
PutCall = 110.36966496 Actual Market Price 96.45 Difference
13.9196650 Clearly there exists a put call disparityPut will be
exercised in this case arbitrage profit will be:Call premium =
-96.45Call expires worthless = 0Put Premium = 162.50Put exercised
against you = -3350Receive Invest amount = 3369.84 = 85.89
14Reliance call put parity
If we rearrange the put call parity equation to solve for the
call option we have;
Call = Stock PV(Strike) + Put , entering in the values from the
marketStock priceStrike pricePutActual call premiumCall = stock +
put - PV(strike)Difference In call
price891940450.25-3.80469317-4.0589192028.50.55-0.308848635-0.8689190010.54.51.686995901-2.818918801.651412.83284044-1.178918600.130.531.278684970.788918400.252.4551.37452951-1.088918200.17271.27037404-0.738918000.29191.366218580.37
Stock priceStrike pricePutActual call premiumCall = stock + put
- PV(strike)Difference In call
price8918204.958581.19008621-3.8189184076863.36789319-4.63891860115247.49570017-4.5089188016.953733.57350716-3.4389190027.227.3523.95131414-3.4089192038.751915.62912112-3.37If
we rearrange the put call parity equation to solve for the call
option we have;
Call = Stock PV(Strike) + Put , entering in the values from the
marketPut-Call Parity in other markets* 91 Day T-bill auc rate :
4.5%Yahoo! Inc. (YHOO) -NasdaqGSMaturityStock PriceStrike PricePut
PremiumImplied Call PremiumActual Call
(Ask)Arbitrage24/04/1435.92371.98 1.01 0.91 0.10
17/05/1435.92372.63 1.77 1.55 0.22 21/06/1435.92373.1 2.35 2.11
0.24 19/07/1435.92373.56 2.93 2.6 0.33 Issues with trading using
PCPHigh transaction costs wipe out small arbitragesRequires
Shorting : Hard to borrow stocks cannot be usedNaked shorting is
illegal. Opportunity window becomes smaller Locking up of capital :
in far-month calls Difficult to estimate gains/losses while using
American OptionsArbitrage exists in an upper & lower band for
American optionsFactors Behind the Violation of put-call parity
theoremArbitrage profits are more in case of :Deeply ITM or deeply
OTM options and ITM put options generate more arbitrage profits in
case of less liquid options and for near the month option contracts
where as OTM put options generate more arbitrage profits for not so
near the month contracts
Longer time to maturitylonger the time to maturity of the
option, higher the arbitrage profit. That is, arbitrage profits are
more in case not so near month contracts than near the month
contractsNumber of Options traded:In case of number of options
traded are 100 or more, arbitrage profits are more in case of ITM
put option than OTM put option.
Number of Contracts traded:It shows that in case of less liquid
options higher the number options traded with in less liquid
options, lower the arbitrage profits and vice versa.In case of high
liquid options, higher the number of contracts traded, higher the
arbitrage profits and vice versa. Regarding the moderate liquid
options, the coefficient of number contracts traded came out to be
insignificant which shows that number of contracts traded with in
moderate liquid options does not influence the arbitrage
profits.
Thank
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Long 1 ShareLong 1 putLong 1 CallExercise PriceP + SC + X
SpreadStrike$50.00$50.00Premium$2.50$1.25Stock PriceWrite 1
CallWrite 1 putSpreadStock PriceLong 1 CallWrite 2
putsPortfolio0.0$2.50$(48.75)$(46.25)0.0$(2.50)$(97.50)$(100.00)$0.25$2.50$(48.50)$(46.00)$25.00$(2.50)$(47.50)$(50.00)$0.50$2.50$(48.25)$(45.75)$50.00$(2.50)$2.500.0$0.75$2.50$(48.00)$(45.50)$75.00$22.50$2.50$25.00$1.00$2.50$(47.75)$(45.25)$100.00$47.50$2.50$50.00$1.25$2.50$(47.50)$(45.00)$1.50$2.50$(47.25)$(44.75)$1.75$2.50$(47.00)$(44.50)$2.00$2.50$(46.75)$(44.25)$2.25$2.50$(46.50)$(44.00)$2.50$2.50$(46.25)$(43.75)$2.75$2.50$(46.00)$(43.50)$3.00$2.50$(45.75)$(43.25)$3.25$2.50$(45.50)$(43.00)$3.50$2.50$(45.25)$(42.75)$3.75$2.50$(45.00)$(42.50)$4.00$2.50$(44.75)$(42.25)$4.25$2.50$(44.50)$(42.00)$4.50$2.50$(44.25)$(41.75)$4.75$2.50$(44.00)$(41.50)$5.00$2.50$(43.75)$(41.25)$5.25$2.50$(43.50)$(41.00)$5.50$2.50$(43.25)$(40.75)$5.75$2.50$(43.00)$(40.50)$6.00$2.50$(42.75)$(40.25)$6.25$2.50$(42.50)$(40.00)$6.50$2.50$(42.25)$(39.75)$6.75$2.50$(42.00)$(39.50)$7.00$2.50$(41.75)$(39.25)$7.25$2.50$(41.50)$(39.00)$7.50$2.50$(41.25)$(38.75)$7.75$2.50$(41.00)$(38.50)$8.00$2.50$(40.75)$(38.25)$8.25$2.50$(40.50)$(38.00)$8.50$2.50$(40.25)$(37.75)$8.75$2.50$(40.00)$(37.50)$9.00$2.50$(39.75)$(37.25)$9.25$2.50$(39.50)$(37.00)$9.50$2.50$(39.25)$(36.75)$9.75$2.50$(39.00)$(36.50)$10.00$2.50$(38.75)$(36.25)$10.25$2.50$(38.50)$(36.00)$10.50$2.50$(38.25)$(35.75)$10.75$2.50$(38.00)$(35.50)$11.00$2.50$(37.75)$(35.25)$11.25$2.50$(37.50)$(35.00)$11.50$2.50$(37.25)$(34.75)$11.75$2.50$(37.00)$(34.50)$12.00$2.50$(36.75)$(34.25)$12.25$2.50$(36.50)$(34.00)$12.50$2.50$(36.25)$(33.75)$12.75$2.50$(36.00)$(33.50)$13.00$2.50$(35.75)$(33.25)$13.25$2.50$(35.50)$(33.00)$13.50$2.50$(35.25)$(32.75)$13.75$2.50$(35.00)$(32.50)$14.00$2.50$(34.75)$(32.25)$14.25$2.50$(34.50)$(32.00)$14.50$2.50$(34.25)$(31.75)$14.75$2.50$(34.00)$(31.50)$15.00$2.50$(33.75)$(31.25)$15.25$2.50$(33.50)$(31.00)$15.50$2.50$(33.25)$(30.75)$15.75$2.50$(33.00)$(30.50)$16.00$2.50$(32.75)$(30.25)$16.25$2.50$(32.50)$(30.00)$16.50$2.50$(32.25)$(29.75)$16.75$2.50$(32.00)$(29.50)$17.00$2.50$(31.75)$(29.25)$17.25$2.50$(31.50)$(29.00)$17.50$2.50$(31.25)$(28.75)$17.75$2.50$(31.00)$(28.50)$18.00$2.50$(30.75)$(28.25)$18.25$2.50$(30.50)$(28.00)$18.50$2.50$(30.25)$(27.75)$18.75$2.50$(30.00)$(27.50)$19.00$2.50$(29.75)$(27.25)$19.25$2.50$(29.50)$(27.00)$19.50$2.50$(29.25)$(26.75)$19.75$2.50$(29.00)$(26.50)$20.00$2.50$(28.75)$(26.25)$20.25$2.50$(28.50)$(26.00)$20.50$2.50$(28.25)$(25.75)$20.75$2.50$(28.00)$(25.50)$21.00$2.50$(27.75)$(25.25)$21.25$2.50$(27.50)$(25.00)$21.50$2.50$(27.25)$(24.75)$21.75$2.50$(27.00)$(24.50)$22.00$2.50$(26.75)$(24.25)$22.25$2.50$(26.50)$(24.00)$22.50$2.50$(26.25)$(23.75)$22.75$2.50$(26.00)$(23.50)$23.00$2.50$(25.75)$(23.25)$23.25$2.50$(25.50)$(23.00)$23.50$2.50$(25.25)$(22.75)$23.75$2.50$(25.00)$(22.50)$24.00$2.50$(24.75)$(22.25)$24.25$2.50$(24.50)$(22.00)$24.50$2.50$(24.25)$(21.75)$24.75$2.50$(24.00)$(21.50)$25.00$2.50$(23.75)$(21.25)$25.25$2.50$(23.50)$(21.00)$25.50$2.50$(23.25)$(20.75)$25.75$2.50$(23.00)$(20.50)$26.00$2.50$(22.75)$(20.25)$26.25$2.50$(22.50)$(20.00)$26.50$2.50$(22.25)$(19.75)$26.75$2.50$(22.00)$(19.50)$27.00$2.50$(21.75)$(19.25)$27.25$2.50$(21.50)$(19.00)$27.50$2.50$(21.25)$(18.75)$27.75$2.50$(21.00)$(18.50)$28.00$2.50$(20.75)$(18.25)$28.25$2.50$(20.50)$(18.00)$28.50$2.50$(20.25)$(17.75)$28.75$2.50$(20.00)$(17.50)$29.00$2.50$(19.75)$(17.25)$29.25$2.50$(19.50)$(17.00)$29.50$2.50$(19.25)$(16.75)$29.75$2.50$(19.00)$(16.50)$30.00$2.50$(18.75)$(16.25)$30.25$2.50$(18.50)$(16.00)$30.50$2.50$(18.25)$(15.75)$30.75$2.50$(18.00)$(15.50)$31.00$2.50$(17.75)$(15.25)$31.25$2.50$(17.50)$(15.00)$31.50$2.50$(17.25)$(14.75)$31.75$2.50$(17.00)$(14.50)$32.00$2.50$(16.75)$(14.25)$32.25$2.50$(16.50)$(14.00)$32.50$2.50$(16.25)$(13.75)$32.75$2.50$(16.00)$(13.50)$33.00$2.50$(15.75)$(13.25)$33.25$2.50$(15.50)$(13.00)$33.50$2.50$(15.25)$(12.75)$33.75$2.50$(15.00)$(12.50)$34.00$2.50$(14.75)$(12.25)$34.25$2.50$(14.50)$(12.00)$34.50$2.50$(14.25)$(11.75)$34.75$2.50$(14.00)$(11.50)$35.00$2.50$(13.75)$(11.25)$35.25$2.50$(13.50)$(11.00)$35.50$2.50$(13.25)$(10.75)$35.75$2.50$(13.00)$(10.50)$36.00$2.50$(12.75)$(10.25)$36.25$2.50$(12.50)$(10.00)$36.50$2.50$(12.25)$(9.75)$36.75$2.50$(12.00)$(9.50)$37.00$2.50$(11.75)$(9.25)$37.25$2.50$(11.50)$(9.00)$37.50$2.50$(11.25)$(8.75)$37.75$2.50$(11.00)$(8.50)$38.00$2.50$(10.75)$(8.25)$38.25$2.50$(10.50)$(8.00)$38.50$2.50$(10.25)$(7.75)$38.75$2.50$(10.00)$(7.50)$39.00$2.50$(9.75)$(7.25)$39.25$2.50$(9.50)$(7.00)$39.50$2.50$(9.25)$(6.75)$39.75$2.50$(9.00)$(6.50)$40.00$2.50$(8.75)$(6.25)$40.25$2.50$(8.50)$(6.00)$40.50$2.50$(8.25)$(5.75)$40.75$2.50$(8.00)$(5.50)$41.00$2.50$(7.75)$(5.25)$41.25$2.50$(7.50)$(5.00)$41.50$2.50$(7.25)$(4.75)$41.75$2.50$(7.00)$(4.50)$42.00$2.50$(6.75)$(4.25)$42.25$2.50$(6.50)$(4.00)$42.50$2.50$(6.25)$(3.75)$42.75$2.50$(6.00)$(3.50)$43.00$2.50$(5.75)$(3.25)$43.25$2.50$(5.50)$(3.00)$43.50$2.50$(5.25)$(2.75)$43.75$2.50$(5.00)$(2.50)$44.00$2.50$(4.75)$(2.25)$44.25$2.50$(4.50)$(2.00)$44.50$2.50$(4.25)$(1.75)$44.75$2.50$(4.00)$(1.50)$45.00$2.50$(3.75)$(1.25)$45.25$2.50$(3.50)$(1.00)$45.50$2.50$(3.25)$(0.75)$45.75$2.50$(3.00)$(0.50)$46.00$2.50$(2.75)$(0.25)$46.25$2.50$(2.50)0.0$46.50$2.50$(2.25)$0.25$46.75$2.50$(2.00)$0.50$47.00$2.50$(1.75)$0.75$47.25$2.50$(1.50)$1.00$47.50$2.50$(1.25)$1.25$47.75$2.50$(1.00)$1.50$48.00$2.50$(0.75)$1.75$48.25$2.50$(0.50)$2.00$48.50$2.50$(0.25)$2.25$48.75$2.500.0$2.50$49.00$2.50$0.25$2.75$49.25$2.50$0.50$3.00$49.50$2.50$0.75$3.25$49.75$2.50$1.00$3.50$50.00$2.50$1.25$3.75$50.25$2.25$1.25$3.50$50.50$2.00$1.25$3.25$50.75$1.75$1.25$3.00$51.00$1.50$1.25$2.75$51.25$1.25$1.25$2.50$51.50$1.00$1.25$2.25$51.75$0.75$1.25$2.00$52.00$0.50$1.25$1.75$52.25$0.25$1.25$1.50$52.500.0$1.25$1.25$52.75$(0.25)$1.25$1.00$53.00$(0.50)$1.25$0.75$53.25$(0.75)$1.25$0.50$53.50$(1.00)$1.25$0.25$53.75$(1.25)$1.250.0$54.00$(1.50)$1.25$(0.25)$54.25$(1.75)$1.25$(0.50)$54.50$(2.00)$1.25$(0.75)$54.75$(2.25)$1.25$(1.00)$55.00$(2.50)$1.25$(1.25)$55.25$(2.75)$1.25$(1.50)$55.50$(3.00)$1.25$(1.75)$55.75$(3.25)$1.25$(2.00)$56.00$(3.50)$1.25$(2.25)$56.25$(3.75)$1.25$(2.50)$56.50$(4.00)$1.25$(2.75)$56.75$(4.25)$1.25$(3.00)$57.00$(4.50)$1.25$(3.25)$57.25$(4.75)$1.25$(3.50)$57.50$(5.00)$1.25$(3.75)$57.75$(5.25)$1.25$(4.00)$58.00$(5.50)$1.25$(4.25)$58.25$(5.75)$1.25$(4.50)$58.50$(6.00)$1.25$(4.75)$58.75$(6.25)$1.25$(5.00)$59.00$(6.50)$1.25$(5.25)$59.25$(6.75)$1.25$(5.50)$59.50$(7.00)$1.25$(5.75)$59.75$(7.25)$1.25$(6.00)$60.00$(7.50)$1.25$(6.25)$60.25$(7.75)$1.25$(6.50)$60.50$(8.00)$1.25$(6.75)$60.75$(8.25)$1.25$(7.00)$61.00$(8.50)$1.25$(7.25)$61.25$(8.75)$1.25$(7.50)$61.50$(9.00)$1.25$(7.75)$61.75$(9.25)$1.25$(8.00)$62.00$(9.50)$1.25$(8.25)$62.25$(9.75)$1.25$(8.50)$62.50$(10.00)$1.25$(8.75)$62.75$(10.25)$1.25$(9.00)$63.00$(10.50)$1.25$(9.25)$63.25$(10.75)$1.25$(9.50)$63.50$(11.00)$1.25$(9.75)$63.75$(11.25)$1.25$(10.00)$64.00$(11.50)$1.25$(10.25)$64.25$(11.75)$1.25$(10.50)$64.50$(12.00)$1.25$(10.75)$64.75$(12.25)$1.25$(11.00)$65.00$(12.50)$1.25$(11.25)$65.25$(12.75)$1.25$(11.50)$65.50$(13.00)$1.25$(11.75)$65.75$(13.25)$1.25$(12.00)$66.00$(13.50)$1.25$(12.25)$66.25$(13.75)$1.25$(12.50)$66.50$(14.00)$1.25$(12.75)$66.75$(14.25)$1.25$(13.00)$67.00$(14.50)$1.25$(13.25)$67.25$(14.75)$1.25$(13.50)$67.50$(15.00)$1.25$(13.75)$67.75$(15.25)$1.25$(14.00)$68.00$(15.50)$1.25$(14.25)$68.25$(15.75)$1.25$(14.50)$68.50$(16.00)$1.25$(14.75)$68.75$(16.25)$1.25$(15.00)$69.00$(16.50)$1.25$(15.25)$69.25$(16.75)$1.25$(15.50)$69.50$(17.00)$1.25$(15.75)$69.75$(17.25)$1.25$(16.00)$70.00$(17.50)$1.25$(16.25)$70.25$(17.75)$1.25$(16.50)$70.50$(18.00)$1.25$(16.75)$70.75$(18.25)$1.25$(17.00)$71.00$(18.50)$1.25$(17.25)$71.25$(18.75)$1.25$(17.50)$71.50$(19.00)$1.25$(17.75)$71.75$(19.25)$1.25$(18.00)$72.00$(19.50)$1.25$(18.25)$72.25$(19.75)$1.25$(18.50)$72.50$(20.00)$1.25$(18.75)$72.75$(20.25)$1.25$(19.00)$73.00$(20.50)$1.25$(19.25)$73.25$(20.75)$1.25$(19.50)$73.50$(21.00)$1.25$(19.75)$73.75$(21.25)$1.25$(20.00)$74.00$(21.50)$1.25$(20.25)$74.25$(21.75)$1.25$(20.50)$74.50$(22.00)$1.25$(20.75)$74.75$(22.25)$1.25$(21.00)$75.00$(22.50)$1.25$(21.25)$75.25$(22.75)$1.25$(21.50)$75.50$(23.00)$1.25$(21.75)$75.75$(23.25)$1.25$(22.00)$76.00$(23.50)$1.25$(22.25)$76.25$(23.75)$1.25$(22.50)$76.50$(24.00)$1.25$(22.75)$76.75$(24.25)$1.25$(23.00)$77.00$(24.50)$1.25$(23.25)$77.25$(24.75)$1.25$(23.50)$77.50$(25.00)$1.25$(23.75)$77.75$(25.25)$1.25$(24.00)$78.00$(25.50)$1.25$(24.25)$78.25$(25.75)$1.25$(24.50)$78.50$(26.00)$1.25$(24.75)$78.75$(26.25)$1.25$(25.00)$79.00$(26.50)$1.25$(25.25)$79.25$(26.75)$1.25$(25.50)$79.50$(27.00)$1.25$(25.75)$79.75$(27.25)$1.25$(26.00)$80.00$(27.50)$1.25$(26.25)$80.25$(27.75)$1.25$(26.50)$80.50$(28.00)$1.25$(26.75)$80.75$(28.25)$1.25$(27.00)$81.00$(28.50)$1.25$(27.25)$81.25$(28.75)$1.25$(27.50)$81.50$(29.00)$1.25$(27.75)$81.75$(29.25)$1.25$(28.00)$82.00$(29.50)$1.25$(28.25)$82.25$(29.75)$1.25$(28.50)$82.50$(30.00)$1.25$(28.75)$82.75$(30.25)$1.25$(29.00)$83.00$(30.50)$1.25$(29.25)$83.25$(30.75)$1.25$(29.50)$83.50$(31.00)$1.25$(29.75)$83.75$(31.25)$1.25$(30.00)$84.00$(31.50)$1.25$(30.25)$84.25$(31.75)$1.25$(30.50)$84.50$(32.00)$1.25$(30.75)$84.75$(32.25)$1.25$(31.00)$85.00$(32.50)$1.25$(31.25)$85.25$(32.75)$1.25$(31.50)$85.50$(33.00)$1.25$(31.75)$85.75$(33.25)$1.25$(32.00)$86.00$(33.50)$1.25$(32.25)$86.25$(33.75)$1.25$(32.50)$86.50$(34.00)$1.25$(32.75)$86.75$(34.25)$1.25$(33.00)$87.00$(34.50)$1.25$(33.25)$87.25$(34.75)$1.25$(33.50)$87.50$(35.00)$1.25$(33.75)$87.75$(35.25)$1.25$(34.00)$88.00$(35.50)$1.25$(34.25)$88.25$(35.75)$1.25$(34.50)$88.50$(36.00)$1.25$(34.75)$88.75$(36.25)$1.25$(35.00)$89.00$(36.50)$1.25$(35.25)$89.25$(36.75)$1.25$(35.50)$89.50$(37.00)$1.25$(35.75)$89.75$(37.25)$1.25$(36.00)$90.00$(37.50)$1.25$(36.25)$90.25$(37.75)$1.25$(36.50)$90.50$(38.00)$1.25$(36.75)$90.75$(38.25)$1.25$(37.00)$91.00$(38.50)$1.25$(37.25)$91.25$(38.75)$1.25$(37.50)$91.50$(39.00)$1.25$(37.75)$91.75$(39.25)$1.25$(38.00)$92.00$(39.50)$1.25$(38.25)$92.25$(39.75)$1.25$(38.50)$92.50$(40.00)$1.25$(38.75)$92.75$(40.25)$1.25$(39.00)$93.00$(40.50)$1.25$(39.25)$93.25$(40.75)$1.25$(39.50)$93.50$(41.00)$1.25$(39.75)$93.75$(41.25)$1.25$(40.00)$94.00$(41.50)$1.25$(40.25)$94.25$(41.75)$1.25$(40.50)$94.50$(42.00)$1.25$(40.75)$94.75$(42.25)$1.25$(41.00)$95.00$(42.50)$1.25$(41.25)$95.25$(42.75)$1.25$(41.50)$95.50$(43.00)$1.25$(41.75)$95.75$(43.25)$1.25$(42.00)$96.00$(43.50)$1.25$(42.25)$96.25$(43.75)$1.25$(42.50)$96.50$(44.00)$1.25$(42.75)$96.75$(44.25)$1.25$(43.00)$97.00$(44.50)$1.25$(43.25)$97.25$(44.75)$1.25$(43.50)$97.50$(45.00)$1.25$(43.75)$97.75$(45.25)$1.25$(44.00)$98.00$(45.50)$1.25$(44.25)$98.25$(45.75)$1.25$(44.50)$98.50$(46.00)$1.25$(44.75)$98.75$(46.25)$1.25$(45.00)$99.00$(46.50)$1.25$(45.25)$99.25$(46.75)$1.25$(45.50)$99.50$(47.00)$1.25$(45.75)$99.75$(47.25)$1.25$(46.00)$100.00$(47.50)$1.25$(46.25)
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Write 1 CallWrite 1 putSpreadStock PriceProfit (Loss)Option
Profit Diagram
write 2 puts buy 1 call
(2)Strike$50.00$50.00Premium$2.50$1.25Stock PriceLong 1 CallWrite 2
putsPortfolioStock PriceLong 1 CallWrite 2
putsPortfolio0.0$(2.50)$(97.50)$(100.00)0.0$(2.50)$(97.50)$(100.00)$0.25$(2.50)$(97.00)$(99.50)$25.00$(2.50)$(47.50)$(50.00)$0.50$(2.50)$(96.50)$(99.00)$50.00$(2.50)$2.500.0$0.75$(2.50)$(96.00)$(98.50)$75.00$22.50$2.50$25.00$1.00$(2.50)$(95.50)$(98.00)$100.00$47.50$2.50$50.00$1.25$(2.50)$(95.00)$(97.50)$1.50$(2.50)$(94.50)$(97.00)$1.75$(2.50)$(94.00)$(96.50)$2.00$(2.50)$(93.50)$(96.00)$2.25$(2.50)$(93.00)$(95.50)$2.50$(2.50)$(92.50)$(95.00)$2.75$(2.50)$(92.00)$(94.50)$3.00$(2.50)$(91.50)$(94.00)$3.25$(2.50)$(91.00)$(93.50)$3.50$(2.50)$(90.50)$(93.00)$3.75$(2.50)$(90.00)$(92.50)$4.00$(2.50)$(89.50)$(92.00)$4.25$(2.50)$(89.00)$(91.50)$4.50$(2.50)$(88.50)$(91.00)$4.75$(2.50)$(88.00)$(90.50)$5.00$(2.50)$(87.50)$(90.00)$5.25$(2.50)$(87.00)$(89.50)$5.50$(2.50)$(86.50)$(89.00)$5.75$(2.50)$(86.00)$(88.50)$6.00$(2.50)$(85.50)$(88.00)$6.25$(2.50)$(85.00)$(87.50)$6.50$(2.50)$(84.50)$(87.00)$6.75$(2.50)$(84.00)$(86.50)$7.00$(2.50)$(83.50)$(86.00)$7.25$(2.50)$(83.00)$(85.50)$7.50$(2.50)$(82.50)$(85.00)$7.75$(2.50)$(82.00)$(84.50)$8.00$(2.50)$(81.50)$(84.00)$8.25$(2.50)$(81.00)$(83.50)$8.50$(2.50)$(80.50)$(83.00)$8.75$(2.50)$(80.00)$(82.50)$9.00$(2.50)$(79.50)$(82.00)$9.25$(2.50)$(79.00)$(81.50)$9.50$(2.50)$(78.50)$(81.00)$9.75$(2.50)$(78.00)$(80.50)$10.00$(2.50)$(77.50)$(80.00)$10.25$(2.50)$(77.00)$(79.50)$10.50$(2.50)$(76.50)$(79.00)$10.75$(2.50)$(76.00)$(78.50)$11.00$(2.50)$(75.50)$(78.00)$11.25$(2.50)$(75.00)$(77.50)$11.50$(2.50)$(74.50)$(77.00)$11.75$(2.50)$(74.00)$(76.50)$12.00$(2.50)$(73.50)$(76.00)$12.25$(2.50)$(73.00)$(75.50)$12.50$(2.50)$(72.50)$(75.00)$12.75$(2.50)$(72.00)$(74.50)$13.00$(2.50)$(71.50)$(74.00)$13.25$(2.50)$(71.00)$(73.50)$13.50$(2.50)$(70.50)$(73.00)$13.75$(2.50)$(70.00)$(72.50)$14.00$(2.50)$(69.50)$(72.00)$14.25$(2.50)$(69.00)$(71.50)$14.50$(2.50)$(68.50)$(71.00)$14.75$(2.50)$(68.00)$(70.50)$15.00$(2.50)$(67.50)$(70.00)$15.25$(2.50)$(67.00)$(69.50)$15.50$(2.50)$(66.50)$(69.00)$15.75$(2.50)$(66.00)$(68.50)$16.00$(2.50)$(65.50)$(68.00)$16.25$(2.50)$(65.00)$(67.50)$16.50$(2.50)$(64.50)$(67.00)$16.75$(2.50)$(64.00)$(66.50)$17.00$(2.50)$(63.50)$(66.00)$17.25$(2.50)$(63.00)$(65.50)$17.50$(2.50)$(62.50)$(65.00)$17.75$(2.50)$(62.00)$(64.50)$18.00$(2.50)$(61.50)$(64.00)$18.25$(2.50)$(61.00)$(63.50)$18.50$(2.50)$(60.50)$(63.00)$18.75$(2.50)$(60.00)$(62.50)$19.00$(2.50)$(59.50)$(62.00)$19.25$(2.50)$(59.00)$(61.50)$19.50$(2.50)$(58.50)$(61.00)$19.75$(2.50)$(58.00)$(60.50)$20.00$(2.50)$(57.50)$(60.00)$20.25$(2.50)$(57.00)$(59.50)$20.50$(2.50)$(56.50)$(59.00)$20.75$(2.50)$(56.00)$(58.50)$21.00$(2.50)$(55.50)$(58.00)$21.25$(2.50)$(55.00)$(57.50)$21.50$(2.50)$(54.50)$(57.00)$21.75$(2.50)$(54.00)$(56.50)$22.00$(2.50)$(53.50)$(56.00)$22.25$(2.50)$(53.00)$(55.50)$22.50$(2.50)$(52.50)$(55.00)$22.75$(2.50)$(52.00)$(54.50)$23.00$(2.50)$(51.50)$(54.00)$23.25$(2.50)$(51.00)$(53.50)$23.50$(2.50)$(50.50)$(53.00)$23.75$(2.50)$(50.00)$(52.50)$24.00$(2.50)$(49.50)$(52.00)$24.25$(2.50)$(49.00)$(51.50)$24.50$(2.50)$(48.50)$(51.00)$24.75$(2.50)$(48.00)$(50.50)$25.00$(2.50)$(47.50)$(50.00)$25.25$(2.50)$(47.00)$(49.50)$25.50$(2.50)$(46.50)$(49.00)$25.75$(2.50)$(46.00)$(48.50)$26.00$(2.50)$(45.50)$(48.00)$26.25$(2.50)$(45.00)$(47.50)$26.50$(2.50)$(44.50)$(47.00)$26.75$(2.50)$(44.00)$(46.50)$27.00$(2.50)$(43.50)$(46.00)$27.25$(2.50)$(43.00)$(45.50)$27.50$(2.50)$(42.50)$(45.00)$27.75$(2.50)$(42.00)$(44.50)$28.00$(2.50)$(41.50)$(44.00)$28.25$(2.50)$(41.00)$(43.50)$28.50$(2.50)$(40.50)$(43.00)$28.75$(2.50)$(40.00)$(42.50)$29.00$(2.50)$(39.50)$(42.00)$29.25$(2.50)$(39.00)$(41.50)$29.50$(2.50)$(38.50)$(41.00)$29.75$(2.50)$(38.00)$(40.50)$30.00$(2.50)$(37.50)$(40.00)$30.25$(2.50)$(37.00)$(39.50)$30.50$(2.50)$(36.50)$(39.00)$30.75$(2.50)$(36.00)$(38.50)$31.00$(2.50)$(35.50)$(38.00)$31.25$(2.50)$(35.00)$(37.50)$31.50$(2.50)$(34.50)$(37.00)$31.75$(2.50)$(34.00)$(36.50)$32.00$(2.50)$(33.50)$(36.00)$32.25$(2.50)$(33.00)$(35.50)$32.50$(2.50)$(32.50)$(35.00)$32.75$(2.50)$(32.00)$(34.50)$33.00$(2.50)$(31.50)$(34.00)$33.25$(2.50)$(31.00)$(33.50)$33.50$(2.50)$(30.50)$(33.00)$33.75$(2.50)$(30.00)$(32.50)$34.00$(2.50)$(29.50)$(32.00)$34.25$(2.50)$(29.00)$(31.50)$34.50$(2.50)$(28.50)$(31.00)$34.75$(2.50)$(28.00)$(30.50)$35.00$(2.50)$(27.50)$(30.00)$35.25$(2.50)$(27.00)$(29.50)$35.50$(2.50)$(26.50)$(29.00)$35.75$(2.50)$(26.00)$(28.50)$36.00$(2.50)$(25.50)$(28.00)$36.25$(2.50)$(25.00)$(27.50)$36.50$(2.50)$(24.50)$(27.00)$36.75$(2.50)$(24.00)$(26.50)$37.00$(2.50)$(23.50)$(26.00)$37.25$(2.50)$(23.00)$(25.50)$37.50$(2.50)$(22.50)$(25.00)$37.75$(2.50)$(22.00)$(24.50)$38.00$(2.50)$(21.50)$(24.00)$38.25$(2.50)$(21.00)$(23.50)$38.50$(2.50)$(20.50)$(23.00)$38.75$(2.50)$(20.00)$(22.50)$39.00$(2.50)$(19.50)$(22.00)$39.25$(2.50)$(19.00)$(21.50)$39.50$(2.50)$(18.50)$(21.00)$39.75$(2.50)$(18.00)$(20.50)$40.00$(2.50)$(17.50)$(20.00)$40.25$(2.50)$(17.00)$(19.50)$40.50$(2.50)$(16.50)$(19.00)$40.75$(2.50)$(16.00)$(18.50)$41.00$(2.50)$(15.50)$(18.00)$41.25$(2.50)$(15.00)$(17.50)$41.50$(2.50)$(14.50)$(17.00)$41.75$(2.50)$(14.00)$(16.50)$42.00$(2.50)$(13.50)$(16.00)$42.25$(2.50)$(13.00)$(15.50)$42.50$(2.50)$(12.50)$(15.00)$42.75$(2.50)$(12.00)$(14.50)$43.00$(2.50)$(11.50)$(14.00)$43.25$(2.50)$(11.00)$(13.50)$43.50$(2.50)$(10.50)$(13.00)$43.75$(2.50)$(10.00)$(12.50)$44.00$(2.50)$(9.50)$(12.00)$44.25$(2.50)$(9.00)$(11.50)$44.50$(2.50)$(8.50)$(11.00)$44.75$(2.50)$(8.00)$(10.50)$45.00$(2.50)$(7.50)$(10.00)$45.25$(2.50)$(7.00)$(9.50)$45.50$(2.50)$(6.50)$(9.00)$45.75$(2.50)$(6.00)$(8.50)$46.00$(2.50)$(5.50)$(8.00)$46.25$(2.50)$(5.00)$(7.50)$46.50$(2.50)$(4.50)$(7.00)$46.75$(2.50)$(4.00)$(6.50)$47.00$(2.50)$(3.50)$(6.00)$47.25$(2.50)$(3.00)$(5.50)$47.50$(2.50)$(2.50)$(5.00)$47.75$(2.50)$(2.00)$(4.50)$48.00$(2.50)$(1.50)$(4.00)$48.25$(2.50)$(1.00)$(3.50)$48.50$(2.50)$(0.50)$(3.00)$48.75$(2.50)0.0$(2.50)$49.00$(2.50)$0.50$(2.00)$49.25$(2.50)$1.00$(1.50)$49.50$(2.50)$1.50$(1.00)$49.75$(2.50)$2.00$(0.50)$50.00$(2.50)$2.500.0$50.25$(2.25)$2.50$0.25$50.50$(2.00)$2.50$0.50$50.75$(1.75)$2.50$0.75$51.00$(1.50)$2.50$1.00$51.25$(1.25)$2.50$1.25$51.50$(1.00)$2.50$1.50$51.75$(0.75)$2.50$1.75$52.00$(0.50)$2.50$2.00$52.25$(0.25)$2.50$2.25$52.500.0$2.50$2.50$52.75$0.25$2.50$2.75$53.00$0.50$2.50$3.00$53.25$0.75$2.50$3.25$53.50$1.00$2.50$3.50$53.75$1.25$2.50$3.75$54.00$1.50$2.50$4.00$54.25$1.75$2.50$4.25$54.50$2.00$2.50$4.50$54.75$2.25$2.50$4.75$55.00$2.50$2.50$5.00$55.25$2.75$2.50$5.25$55.50$3.00$2.50$5.50$55.75$3.25$2.50$5.75$56.00$3.50$2.50$6.00$56.25$3.75$2.50$6.25$56.50$4.00$2.50$6.50$56.75$4.25$2.50$6.75$57.00$4.50$2.50$7.00$57.25$4.75$2.50$7.25$57.50$5.00$2.50$7.50$57.75$5.25$2.50$7.75$58.00$5.50$2.50$8.00$58.25$5.75$2.50$8.25$58.50$6.00$2.50$8.50$58.75$6.25$2.50$8.75$59.00$6.50$2.50$9.00$59.25$6.75$2.50$9.25$59.50$7.00$2.50$9.50$59.75$7.25$2.50$9.75$60.00$7.50$2.50$10.00$60.25$7.75$2.50$10.25$60.50$8.00$2.50$10.50$60.75$8.25$2.50$10.75$61.00$8.50$2.50$11.00$61.25$8.75$2.50$11.25$61.50$9.00$2.50$11.50$61.75$9.25$2.50$11.75$62.00$9.50$2.50$12.00$62.25$9.75$2.50$12.25$62.50$10.00$2.50$12.50$62.75$10.25$2.50$12.75$63.00$10.50$2.50$13.00$63.25$10.75$2.50$13.25$63.50$11.00$2.50$13.50$63.75$11.25$2.50$13.75$64.00$11.50$2.50$14.00$64.25$11.75$2.50$14.25$64.50$12.00$2.50$14.50$64.75$12.25$2.50$14.75$65.00$12.50$2.50$15.00$65.25$12.75$2.50$15.25$65.50$13.00$2.50$15.50$65.75$13.25$2.50$15.75$66.00$13.50$2.50$16.00$66.25$13.75$2.50$16.25$66.50$14.00$2.50$16.50$66.75$14.25$2.50$16.75$67.00$14.50$2.50$17.00$67.25$14.75$2.50$17.25$67.50$15.00$2.50$17.50$67.75$15.25$2.50$17.75$68.00$15.50$2.50$18.00$68.25$15.75$2.50$18.25$68.50$16.00$2.50$18.50$68.75$16.25$2.50$18.75$69.00$16.50$2.50$19.00$69.25$16.75$2.50$19.25$69.50$17.00$2.50$19.50$69.75$17.25$2.50$19.75$70.00$17.50$2.50$20.00$70.25$17.75$2.50$20.25$70.50$18.00$2.50$20.50$70.75$18.25$2.50$20.75$71.00$18.50$2.50$21.00$71.25$18.75$2.50$21.25$71.50$19.00$2.50$21.50$71.75$19.25$2.50$21.75$72.00$19.50$2.50$22.00$72.25$19.75$2.50$22.25$72.50$20.00$2.50$22.50$72.75$20.25$2.50$22.75$73.00$20.50$2.50$23.00$73.25$20.75$2.50$23.25$73.50$21.00$2.50$23.50$73.75$21.25$2.50$23.75$74.00$21.50$2.50$24.00$74.25$21.75$2.50$24.25$74.50$22.00$2.50$24.50$74.75$22.25$2.50$24.75$75.00$22.50$2.50$25.00$75.25$22.75$2.50$25.25$75.50$23.00$2.50$25.50$75.75$23.25$2.50$25.75$76.00$23.50$2.50$26.00$76.25$23.75$2.50$26.25$76.50$24.00$2.50$26.50$76.75$24.25$2.50$26.75$77.00$24.50$2.50$27.00$77.25$24.75$2.50$27.25$77.50$25.00$2.50$27.50$77.75$25.25$2.50$27.75$78.00$25.50$2.50$28.00$78.25$25.75$2.50$28.25$78.50$26.00$2.50$28.50$78.75$26.25$2.50$28.75$79.00$26.50$2.50$29.00$79.25$26.75$2.50$29.25$79.50$27.00$2.50$29.50$79.75$27.25$2.50$29.75$80.00$27.50$2.50$30.00$80.25$27.75$2.50$30.25$80.50$28.00$2.50$30.50$80.75$28.25$2.50$30.75$81.00$28.50$2.50$31.00$81.25$28.75$2.50$31.25$81.50$29.00$2.50$31.50$81.75$29.25$2.50$31.75$82.00$29.50$2.50$32.00$82.25$29.75$2.50$32.25$82.50$30.00$2.50$32.50$82.75$30.25$2.50$32.75$83.00$30.50$2.50$33.00$83.25$30.75$2.50$33.25$83.50$31.00$2.50$33.50$83.75$31.25$2.50$33.75$84.00$31.50$2.50$34.00$84.25$31.75$2.50$34.25$84.50$32.00$2.50$34.50$84.75$32.25$2.50$34.75$85.00$32.50$2.50$35.00$85.25$32.75$2.50$35.25$85.50$33.00$2.50$35.50$85.75$33.25$2.50$35.75$86.00$33.50$2.50$36.00$86.25$33.75$2.50$36.25$86.50$34.00$2.50$36.50$86.75$34.25$2.50$36.75$87.00$34.50$2.50$37.00$87.25$34.75$2.50$37.25$87.50$35.00$2.50$37.50$87.75$35.25$2.50$37.75$88.00$35.50$2.50$38.00$88.25$35.75$2.50$38.25$88.50$36.00$2.50$38.50$88.75$36.25$2.50$38.75$89.00$36.50$2.50$39.00$89.25$36.75$2.50$39.25$89.50$37.00$2.50$39.50$89.75$37.25$2.50$39.75$90.00$37.50$2.50$40.00$90.25$37.75$2.50$40.25$90.50$38.00$2.50$40.50$90.75$38.25$2.50$40.75$91.00$38.50$2.50$41.00$91.25$38.75$2.50$41.25$91.50$39.00$2.50$41.50$91.75$39.25$2.50$41.75$92.00$39.50$2.50$42.00$92.25$39.75$2.50$42.25$92.50$40.00$2.50$42.50$92.75$40.25$2.50$42.75$93.00$40.50$2.50$43.00$93.25$40.75$2.50$43.25$93.50$41.00$2.50$43.50$93.75$41.25$2.50$43.75$94.00$41.50$2.50$44.00$94.25$41.75$2.50$44.25$94.50$42.00$2.50$44.50$94.75$42.25$2.50$44.75$95.00$42.50$2.50$45.00$95.25$42.75$2.50$45.25$95.50$43.00$2.50$45.50$95.75$43.25$2.50$45.75$96.00$43.50$2.50$46.00$96.25$43.75$2.50$46.25$96.50$44.00$2.50$46.50$96.75$44.25$2.50$46.75$97.00$44.50$2.50$47.00$97.25$44.75$2.50$47.25$97.50$45.00$2.50$47.50$97.75$45.25$2.50$47.75$98.00$45.50$2.50$48.00$98.25$45.75$2.50$48.25$98.50$46.00$2.50$48.50$98.75$46.25$2.50$48.75$99.00$46.50$2.50$49.00$99.25$46.75$2.50$49.25$99.50$47.00$2.50$49.50$99.75$47.25$2.50$49.75$100.00$47.50$2.50$50.00
write 2 puts buy 1 call
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Long 1 CallWrite 2 putsPortfolioStock PriceProfit (Loss)Option
Profit Diagram
StraddleStrike$50.00$50.00Premium$2.50$1.25Stock PriceLong 1
CallLong 1 putStraddleStock PriceLong 1 CallWrite 2
putsPortfolio0.0$(2.50)$48.75$46.250.0$(2.50)$(97.50)$(100.00)$0.25$(2.50)$48.50$46.00$25.00$(2.50)$(47.50)$(50.00)$0.50$(2.50)$48.25$45.75$50.00$(2.50)$2.500.0$0.75$(2.50)$48.00$45.50$75.00$22.50$2.50$25.00$1.00$(2.50)$47.75$45.25$100.00$47.50$2.50$50.00$1.25$(2.50)$47.50$45.00$1.50$(2.50)$47.25$44.75$1.75$(2.50)$47.00$44.50$2.00$(2.50)$46.75$44.25$2.25$(2.50)$46.50$44.00$2.50$(2.50)$46.25$43.75$2.75$(2.50)$46.00$43.50$3.00$(2.50)$45.75$43.25$3.25$(2.50)$45.50$43.00$3.50$(2.50)$45.25$42.75$3.75$(2.50)$45.00$42.50$4.00$(2.50)$44.75$42.25$4.25$(2.50)$44.50$42.00$4.50$(2.50)$44.25$41.75$4.75$(2.50)$44.00$41.50$5.00$(2.50)$43.75$41.25$5.25$(2.50)$43.50$41.00$5.50$(2.50)$43.25$40.75$5.75$(2.50)$43.00$40.50$6.00$(2.50)$42.75$40.25$6.25$(2.50)$42.50$40.00$6.50$(2.50)$42.25$39.75$6.75$(2.50)$42.00$39.50$7.00$(2.50)$41.75$39.25$7.25$(2.50)$41.50$39.00$7.50$(2.50)$41.25$38.75$7.75$(2.50)$41.00$38.50$8.00$(2.50)$40.75$38.25$8.25$(2.50)$40.50$38.00$8.50$(2.50)$40.25$37.75$8.75$(2.50)$40.00$37.50$9.00$(2.50)$39.75$37.25$9.25$(2.50)$39.50$37.00$9.50$(2.50)$39.25$36.75$9.75$(2.50)$39.00$36.50$10.00$(2.50)$38.75$36.25$10.25$(2.50)$38.50$36.00$10.50$(2.50)$38.25$35.75$10.75$(2.50)$38.00$35.50$11.00$(2.50)$37.75$35.25$11.25$(2.50)$37.50$35.00$11.50$(2.50)$37.25$34.75$11.75$(2.50)$37.00$34.50$12.00$(2.50)$36.75$34.25$12.25$(2.50)$36.50$34.00$12.50$(2.50)$36.25$33.75$12.75$(2.50)$36.00$33.50$13.00$(2.50)$35.75$33.25$13.25$(2.50)$35.50$33.00$13.50$(2.50)$35.25$32.75$13.75$(2.50)$35.00$32.50$14.00$(2.50)$34.75$32.25$14.25$(2.50)$34.50$32.00$14.50$(2.50)$34.25$31.75$14.75$(2.50)$34.00$31.50$15.00$(2.50)$33.75$31.25$15.25$(2.50)$33.50$31.00$15.50$(2.50)$33.25$30.75$15.75$(2.50)$33.00$30.50$16.00$(2.50)$32.75$30.25$16.25$(2.50)$32.50$30.00$16.50$(2.50)$32.25$29.75$16.75$(2.50)$32.00$29.50$17.00$(2.50)$31.75$29.25$17.25$(2.50)$31.50$29.00$17.50$(2.50)$31.25$28.75$17.75$(2.50)$31.00$28.50$18.00$(2.50)$30.75$28.25$18.25$(2.50)$30.50$28.00$18.50$(2.50)$30.25$27.75$18.75$(2.50)$30.00$27.50$19.00$(2.50)$29.75$27.25$19.25$(2.50)$29.50$27.00$19.50$(2.50)$29.25$26.75$19.75$(2.50)$29.00$26.50$20.00$(2.50)$28.75$26.25$20.25$(2.50)$28.50$26.00$20.50$(2.50)$28.25$25.75$20.75$(2.50)$28.00$25.50$21.00$(2.50)$27.75$25.25$21.25$(2.50)$27.50$25.00$21.50$(2.50)$27.25$24.75$21.75$(2.50)$27.00$24.50$22.00$(2.50)$26.75$24.25$22.25$(2.50)$26.50$24.00$22.50$(2.50)$26.25$23.75$22.75$(2.50)$26.00$23.50$23.00$(2.50)$25.75$23.25$23.25$(2.50)$25.50$23.00$23.50$(2.50)$25.25$22.75$23.75$(2.50)$25.00$22.50$24.00$(2.50)$24.75$22.25$24.25$(2.50)$24.50$22.00$24.50$(2.50)$24.25$21.75$24.75$(2.50)$24.00$21.50$25.00$(2.50)$23.75$21.25$25.25$(2.50)$23.50$21.00$25.50$(2.50)$23.25$20.75$25.75$(2.50)$23.00$20.50$26.00$(2.50)$22.75$20.25$26.25$(2.50)$22.50$20.00$26.50$(2.50)$22.25$19.75$26.75$(2.50)$22.00$19.50$27.00$(2.50)$21.75$19.25$27.25$(2.50)$21.50$19.00$27.50$(2.50)$21.25$18.75$27.75$(2.50)$21.00$18.50$28.00$(2.50)$20.75$18.25$28.25$(2.50)$20.50$18.00$28.50$(2.50)$20.25$17.75$28.75$(2.50)$20.00$17.50$29.00$(2.50)$19.75$17.25$29.25$(2.50)$19.50$17.00$29.50$(2.50)$19.25$16.75$29.75$(2.50)$19.00$16.50$30.00$(2.50)$18.75$16.25$30.25$(2.50)$18.50$16.00$30.50$(2.50)$18.25$15.75$30.75$(2.50)$18.00$15.50$31.00$(2.50)$17.75$15.25$31.25$(2.50)$17.50$15.00$31.50$(2.50)$17.25$14.75$31.75$(2.50)$17.00$14.50$32.00$(2.50)$16.75$14.25$32.25$(2.50)$16.50$14.00$32.50$(2.50)$16.25$13.75$32.75$(2.50)$16.00$13.50$33.00$(2.50)$15.75$13.25$33.25$(2.50)$15.50$13.00$33.50$(2.50)$15.25$12.75$33.75$(2.50)$15.00$12.50$34.00$(2.50)$14.75$12.25$34.25$(2.50)$14.50$12.00$34.50$(2.50)$14.25$11.75$34.75$(2.50)$14.00$11.50$35.00$(2.50)$13.75$11.25$35.25$(2.50)$13.50$11.00$35.50$(2.50)$13.25$10.75$35.75$(2.50)$13.00$10.50$36.00$(2.50)$12.75$10.25$36.25$(2.50)$12.50$10.00$36.50$(2.50)$12.25$9.75$36.75$(2.50)$12.00$9.50$37.00$(2.50)$11.75$9.25$37.25$(2.50)$11.50$9.00$37.50$(2.50)$11.25$8.75$37.75$(2.50)$11.00$8.50$38.00$(2.50)$10.75$8.25$38.25$(2.50)$10.50$8.00$38.50$(2.50)$10.25$7.75$38.75$(2.50)$10.00$7.50$39.00$(2.50)$9.75$7.25$39.25$(2.50)$9.50$7.00$39.50$(2.50)$9.25$6.75$39.75$(2.50)$9.00$6.50$40.00$(2.50)$8.75$6.25$40.25$(2.50)$8.50$6.00$40.50$(2.50)$8.25$5.75$40.75$(2.50)$8.00$5.50$41.00$(2.50)$7.75$5.25$41.25$(2.50)$7.50$5.00$41.50$(2.50)$7.25$4.75$41.75$(2.50)$7.00$4.50$42.00$(2.50)$6.75$4.25$42.25$(2.50)$6.50$4.00$42.50$(2.50)$6.25$3.75$42.75$(2.50)$6.00$3.50$43.00$(2.50)$5.75$3.25$43.25$(2.50)$5.50$3.00$43.50$(2.50)$5.25$2.75$43.75$(2.50)$5.00$2.50$44.00$(2.50)$4.75$2.25$44.25$(2.50)$4.50$2.00$44.50$(2.50)$4.25$1.75$44.75$(2.50)$4.00$1.50$45.00$(2.50)$3.75$1.25$45.25$(2.50)$3.50$1.00$45.50$(2.50)$3.25$0.75$45.75$(2.50)$3.00$0.50$46.00$(2.50)$2.75$0.25$46.25$(2.50)$2.500.0$46.50$(2.50)$2.25$(0.25)$46.75$(2.50)$2.00$(0.50)$47.00$(2.50)$1.75$(0.75)$47.25$(2.50)$1.50$(1.00)$47.50$(2.50)$1.25$(1.25)$47.75$(2.50)$1.00$(1.50)$48.00$(2.50)$0.75$(1.75)$48.25$(2.50)$0.50$(2.00)$48.50$(2.50)$0.25$(2.25)$48.75$(2.50)0.0$(2.50)$49.00$(2.50)$(0.25)$(2.75)$49.25$(2.50)$(0.50)$(3.00)$49.50$(2.50)$(0.75)$(3.25)$49.75$(2.50)$(1.00)$(3.50)$50.00$(2.50)$(1.25)$(3.75)$50.25$(2.25)$(1.25)$(3.50)$50.50$(2.00)$(1.25)$(3.25)$50.75$(1.75)$(1.25)$(3.00)$51.00$(1.50)$(1.25)$(2.75)$51.25$(1.25)$(1.25)$(2.50)$51.50$(1.00)$(1.25)$(2.25)$51.75$(0.75)$(1.25)$(2.00)$52.00$(0.50)$(1.25)$(1.75)$52.25$(0.25)$(1.25)$(1.50)$52.500.0$(1.25)$(1.25)$52.75$0.25$(1.25)$(1.00)$53.00$0.50$(1.25)$(0.75)$53.25$0.75$(1.25)$(0.50)$53.50$1.00$(1.25)$(0.25)$53.75$1.25$(1.25)0.0$54.00$1.50$(1.25)$0.25$54.25$1.75$(1.25)$0.50$54.50$2.00$(1.25)$0.75$54.75$2.25$(1.25)$1.00$55.00$2.50$(1.25)$1.25$55.25$2.75$(1.25)$1.50$55.50$3.00$(1.25)$1.75$55.75$3.25$(1.25)$2.00$56.00$3.50$(1.25)$2.25$56.25$3.75$(1.25)$2.50$56.50$4.00$(1.25)$2.75$56.75$4.25$(1.25)$3.00$57.00$4.50$(1.25)$3.25$57.25$4.75$(1.25)$3.50$57.50$5.00$(1.25)$3.75$57.75$5.25$(1.25)$4.00$58.00$5.50$(1.25)$4.25$58.25$5.75$(1.25)$4.50$58.50$6.00$(1.25)$4.75$58.75$6.25$(1.25)$5.00$59.00$6.50$(1.25)$5.25$59.25$6.75$(1.25)$5.50$59.50$7.00$(1.25)$5.75$59.75$7.25$(1.25)$6.00$60.00$7.50$(1.25)$6.25$60.25$7.75$(1.25)$6.50$60.50$8.00$(1.25)$6.75$60.75$8.25$(1.25)$7.00$61.00$8.50$(1.25)$7.25$61.25$8.75$(1.25)$7.50$61.50$9.00$(1.25)$7.75$61.75$9.25$(1.25)$8.00$62.00$9.50$(1.25)$8.25$62.25$9.75$(1.25)$8.50$62.50$10.00$(1.25)$8.75$62.75$10.25$(1.25)$9.00$63.00$10.50$(1.25)$9.25$63.25$10.75$(1.25)$9.50$63.50$11.00$(1.25)$9.75$63.75$11.25$(1.25)$10.00$64.00$11.50$(1.25)$10.25$64.25$11.75$(1.25)$10.50$64.50$12.00$(1.25)$10.75$64.75$12.25$(1.25)$11.00$65.00$12.50$(1.25)$11.25$65.25$12.75$(1.25)$11.50$65.50$13.00$(1.25)$11.75$65.75$13.25$(1.25)$12.00$66.00$13.50$(1.25)$12.25$66.25$13.75$(1.25)$12.50$66.50$14.00$(1.25)$12.75$66.75$14.25$(1.25)$13.00$67.00$14.50$(1.25)$13.25$67.25$14.75$(1.25)$13.50$67.50$15.00$(1.25)$13.75$67.75$15.25$(1.25)$14.00$68.00$15.50$(1.25)$14.25$68.25$15.75$(1.25)$14.50$68.50$16.00$(1.25)$14.75$68.75$16.25$(1.25)$15.00$69.00$16.50$(1.25)$15.25$69.25$16.75$(1.25)$15.50$69.50$17.00$(1.25)$15.75$69.75$17.25$(1.25)$16.00$70.00$17.50$(1.25)$16.25$70.25$17.75$(1.25)$16.50$70.50$18.00$(1.25)$16.75$70.75$18.25$(1.25)$17.00$71.00$18.50$(1.25)$17.25$71.25$18.75$(1.25)$17.50$71.50$19.00$(1.25)$17.75$71.75$19.25$(1.25)$18.00$72.00$19.50$(1.25)$18.25$72.25$19.75$(1.25)$18.50$72.50$20.00$(1.25)$18.75$72.75$20.25$(1.25)$19.00$73.00$20.50$(1.25)$19.25$73.25$20.75$(1.25)$19.50$73.50$21.00$(1.25)$19.75$73.75$21.25$(1.25)$20.00$74.00$21.50$(1.25)$20.25$74.25$21.75$(1.25)$20.50$74.50$22.00$(1.25)$20.75$74.75$22.25$(1.25)$21.00$75.00$22.50$(1.25)$21.25$75.25$22.75$(1.25)$21.50$75.50$23.00$(1.25)$21.75$75.75$23.25$(1.25)$22.00$76.00$23.50$(1.25)$22.25$76.25$23.75$(1.25)$22.50$76.50$24.00$(1.25)$22.75$76.75$24.25$(1.25)$23.00$77.00$24.50$(1.25)$23.25$77.25$24.75$(1.25)$23.50$77.50$25.00$(1.25)$23.75$77.75$25.25$(1.25)$24.00$78.00$25.50$(1.25)$24.25$78.25$25.75$(1.25)$24.50$78.50$26.00$(1.25)$24.75$78.75$26.25$(1.25)$25.00$79.00$26.50$(1.25)$25.25$79.25$26.75$(1.25)$25.50$79.50$27.00$(1.25)$25.75$79.75$27.25$(1.25)$26.00$80.00$27.50$(1.25)$26.25$80.25$27.75$(1.25)$26.50$80.50$28.00$(1.25)$26.75$80.75$28.25$(1.25)$27.00$81.00$28.50$(1.25)$27.25$81.25$28.75$(1.25)$27.50$81.50$29.00$(1.25)$27.75$81.75$29.25$(1.25)$28.00$82.00$29.50$(1.25)$28.25$82.25$29.75$(1.25)$28.50$82.50$30.00$(1.25)$28.75$82.75$30.25$(1.25)$29.00$83.00$30.50$(1.25)$29.25$83.25$30.75$(1.25)$29.50$83.50$31.00$(1.25)$29.75$83.75$31.25$(1.25)$30.00$84.00$31.50$(1.25)$30.25$84.25$31.75$(1.25)$30.50$84.50$32.00$(1.25)$30.75$84.75$32.25$(1.25)$31.00$85.00$32.50$(1.25)$31.25$85.25$32.75$(1.25)$31.50$85.50$33.00$(1.25)$31.75$85.75$33.25$(1.25)$32.00$86.00$33.50$(1.25)$32.25$86.25$33.75$(1.25)$32.50$86.50$34.00$(1.25)$32.75$86.75$34.25$(1.25)$33.00$87.00$34.50$(1.25)$33.25$87.25$34.75$(1.25)$33.50$87.50$35.00$(1.25)$33.75$87.75$35.25$(1.25)$34.00$88.00$35.50$(1.25)$34.25$88.25$35.75$(1.25)$34.50$88.50$36.00$(1.25)$34.75$88.75$36.25$(1.25)$35.00$89.00$36.50$(1.25)$35.25$89.25$36.75$(1.25)$35.50$89.50$37.00$(1.25)$35.75$89.75$37.25$(1.25)$36.00$90.00$37.50$(1.25)$36.25$90.25$37.75$(1.25)$36.50$90.50$38.00$(1.25)$36.75$90.75$38.25$(1.25)$37.00$91.00$38.50$(1.25)$37.25$91.25$38.75$(1.25)$37.50$91.50$39.00$(1.25)$37.75$91.75$39.25$(1.25)$38.00$92.00$39.50$(1.25)$38.25$92.25$39.75$(1.25)$38.50$92.50$40.00$(1.25)$38.75$92.75$40.25$(1.25)$39.00$93.00$40.50$(1.25)$39.25$93.25$40.75$(1.25)$39.50$93.50$41.00$(1.25)$39.75$93.75$41.25$(1.25)$40.00$94.00$41.50$(1.25)$40.25$94.25$41.75$(1.25)$40.50$94.50$42.00$(1.25)$40.75$94.75$42.25$(1.25)$41.00$95.00$42.50$(1.25)$41.25$95.25$42.75$(1.25)$41.50$95.50$43.00$(1.25)$41.75$95.75$43.25$(1.25)$42.00$96.00$43.50$(1.25)$42.25$96.25$43.75$(1.25)$42.50$96.50$44.00$(1.25)$42.75$96.75$44.25$(1.25)$43.00$97.00$44.50$(1.25)$43.25$97.25$44.75$(1.25)$43.50$97.50$45.00$(1.25)$43.75$97.75$45.25$(1.25)$44.00$98.00$45.50$(1.25)$44.25$98.25$45.75$(1.25)$44.50$98.50$46.00$(1.25)$44.75$98.75$46.25$(1.25)$45.00$99.00$46.50$(1.25)$45.25$99.25$46.75$(1.25)$45.50$99.50$47.00$(1.25)$45.75$99.75$47.25$(1.25)$46.00$100.00$47.50$(1.25)$46.25
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Long 1 CallLong 1 putStraddleStock PriceProfit (Loss)Option
Profit Diagram
write 2 puts write 1
callStrike$50.00$50.00Premium$2.50$1.25Stock PriceWrite 1 CallWrite
2
putsSpread0.0$2.50$(97.50)$(95.00)$0.25$2.50$(97.00)$(94.50)$0.50$2.50$(96.50)$(94.00)$0.75$2.50$(96.00)$(93.50)$1.00$2.50$(95.50)$(93.00)$1.25$2.50$(95.00)$(92.50)$1.50$2.50$(94.50)$(92.00)$1.75$2.50$(94.00)$(91.50)$2.00$2.50$(93.50)$(91.00)$2.25$2.50$(93.00)$(90.50)$2.50$2.50$(92.50)$(90.00)$2.75$2.50$(92.00)$(89.50)$3.00$2.50$(91.50)$(89.00)$3.25$2.50$(91.00)$(88.50)$3.50$2.50$(90.50)$(88.00)$3.75$2.50$(90.00)$(87.50)$4.00$2.50$(89.50)$(87.00)$4.25$2.50$(89.00)$(86.50)$4.50$2.50$(88.50)$(86.00)$4.75$2.50$(88.00)$(85.50)$5.00$2.50$(87.50)$(85.00)$5.25$2.50$(87.00)$(84.50)$5.50$2.50$(86.50)$(84.00)$5.75$2.50$(86.00)$(83.50)$6.00$2.50$(85.50)$(83.00)$6.25$2.50$(85.00)$(82.50)$6.50$2.50$(84.50)$(82.00)$6.75$2.50$(84.00)$(81.50)$7.00$2.50$(83.50)$(81.00)$7.25$2.50$(83.00)$(80.50)$7.50$2.50$(82.50)$(80.00)$7.75$2.50$(82.00)$(79.50)$8.00$2.50$(81.50)$(79.00)$8.25$2.50$(81.00)$(78.50)$8.50$2.50$(80.50)$(78.00)$8.75$2.50$(80.00)$(77.50)$9.00$2.50$(79.50)$(77.00)$9.25$2.50$(79.00)$(76.50)$9.50$2.50$(78.50)$(76.00)$9.75$2.50$(78.00)$(75.50)$10.00$2.50$(77.50)$(75.00)$10.25$2.50$(77.00)$(74.50)$10.50$2.50$(76.50)$(74.00)$10.75$2.50$(76.00)$(73.50)$11.00$2.50$(75.50)$(73.00)$11.25$2.50$(75.00)$(72.50)$11.50$2.50$(74.50)$(72.00)$11.75$2.50$(74.00)$(71.50)$12.00$2.50$(73.50)$(71.00)$12.25$2.50$(73.00)$(70.50)$12.50$2.50$(72.50)$(70.00)$12.75$2.50$(72.00)$(69.50)$13.00$2.50$(71.50)$(69.00)$13.25$2.50$(71.00)$(68.50)$13.50$2.50$(70.50)$(68.00)$13.75$2.50$(70.00)$(67.50)$14.00$2.50$(69.50)$(67.00)$14.25$2.50$(69.00)$(66.50)$14.50$2.50$(68.50)$(66.00)$14.75$2.50$(68.00)$(65.50)$15.00$2.50$(67.50)$(65.00)$15.25$2.50$(67.00)$(64.50)$15.50$2.50$(66.50)$(64.00)$15.75$2.50$(66.00)$(63.50)$16.00$2.50$(65.50)$(63.00)$16.25$2.50$(65.00)$(62.50)$16.50$2.50$(64.50)$(62.00)$16.75$2.50$(64.00)$(61.50)$17.00$2.50$(63.50)$(61.00)$17.25$2.50$(63.00)$(60.50)$17.50$2.50$(62.50)$(60.00)$17.75$2.50$(62.00)$(59.50)$18.00$2.50$(61.50)$(59.00)$18.25$2.50$(61.00)$(58.50)$18.50$2.50$(60.50)$(58.00)$18.75$2.50$(60.00)$(57.50)$19.00$2.50$(59.50)$(57.00)$19.25$2.50$(59.00)$(56.50)$19.50$2.50$(58.50)$(56.00)$19.75$2.50$(58.00)$(55.50)$20.00$2.50$(57.50)$(55.00)$20.25$2.50$(57.00)$(54.50)$20.50$2.50$(56.50)$(54.00)$20.75$2.50$(56.00)$(53.50)$21.00$2.50$(55.50)$(53.00)$21.25$2.50$(55.00)$(52.50)$21.50$2.50$(54.50)$(52.00)$21.75$2.50$(54.00)$(51.50)$22.00$2.50$(53.50)$(51.00)$22.25$2.50$(53.00)$(50.50)$22.50$2.50$(52.50)$(50.00)$22.75$2.50$(52.00)$(49.50)$23.00$2.50$(51.50)$(49.00)$23.25$2.50$(51.00)$(48.50)$23.50$2.50$(50.50)$(48.00)$23.75$2.50$(50.00)$(47.50)$24.00$2.50$(49.50)$(47.00)$24.25$2.50$(49.00)$(46.50)$24.50$2.50$(48.50)$(46.00)$24.75$2.50$(48.00)$(45.50)$25.00$2.50$(47.50)$(45.00)$25.25$2.50$(47.00)$(44.50)$25.50$2.50$(46.50)$(44.00)$25.75$2.50$(46.00)$(43.50)$26.00$2.50$(45.50)$(43.00)$26.25$2.50$(45.00)$(42.50)$26.50$2.50$(44.50)$(42.00)$26.75$2.50$(44.00)$(41.50)$27.00$2.50$(43.50)$(41.00)$27.25$2.50$(43.00)$(40.50)$27.50$2.50$(42.50)$(40.00)$27.75$2.50$(42.00)$(39.50)$28.00$2.50$(41.50)$(39.00)$28.25$2.50$(41.00)$(38.50)$28.50$2.50$(40.50)$(38.00)$28.75$2.50$(40.00)$(37.50)$29.00$2.50$(39.50)$(37.00)$29.25$2.50$(39.00)$(36.50)$29.50$2.50$(38.50)$(36.00)$29.75$2.50$(38.00)$(35.50)$30.00$2.50$(37.50)$(35.00)$30.25$2.50$(37.00)$(34.50)$30.50$2.50$(36.50)$(34.00)$30.75$2.50$(36.00)$(33.50)$31.00$2.50$(35.50)$(33.00)$31.25$2.50$(35.00)$(32.50)$31.50$2.50$(34.50)$(32.00)$31.75$2.50$(34.00)$(31.50)$32.00$2.50$(33.50)$(31.00)$32.25$2.50$(33.00)$(30.50)$32.50$2.50$(32.50)$(30.00)$32.75$2.50$(32.00)$(29.50)$33.00$2.50$(31.50)$(29.00)$33.25$2.50$(31.00)$(28.50)$33.50$2.50$(30.50)$(28.00)$33.75$2.50$(30.00)$(27.50)$34.00$2.50$(29.50)$(27.00)$34.25$2.50$(29.00)$(26.50)$34.50$2.50$(28.50)$(26.00)$34.75$2.50$(28.00)$(25.50)$35.00$2.50$(27.50)$(25.00)$35.25$2.50$(27.00)$(24.50)$35.50$2.50$(26.50)$(24.00)$35.75$2.50$(26.00)$(23.50)$36.00$2.50$(25.50)$(23.00)$36.25$2.50$(25.00)$(22.50)$36.50$2.50$(24.50)$(22.00)$36.75$2.50$(24.00)$(21.50)$37.00$2.50$(23.50)$(21.00)$37.25$2.50$(23.00)$(20.50)$37.50$2.50$(22.50)$(20.00)$37.75$2.50$(22.00)$(19.50)$38.00$2.50$(21.50)$(19.00)$38.25$2.50$(21.00)$(18.50)$38.50$2.50$(20.50)$(18.00)$38.75$2.50$(20.00)$(17.50)$39.00$2.50$(19.50)$(17.00)$39.25$2.50$(19.00)$(16.50)$39.50$2.50$(18.50)$(16.00)$39.75$2.50$(18.00)$(15.50)$40.00$2.50$(17.50)$(15.00)$40.25$2.50$(17.00)$(14.50)$40.50$2.50$(16.50)$(14.00)$40.75$2.50$(16.00)$(13.50)$41.00$2.50$(15.50)$(13.00)$41.25$2.50$(15.00)$(12.50)$41.50$2.50$(14.50)$(12.00)$41.75$2.50$(14.00)$(11.50)$42.00$2.50$(13.50)$(11.00)$42.25$2.50$(13.00)$(10.50)$42.50$2.50$(12.50)$(10.00)$42.75$2.50$(12.00)$(9.50)$43.00$2.50$(11.50)$(9.00)$43.25$2.50$(11.00)$(8.50)$43.50$2.50$(10.50)$(8.00)$43.75$2.50$(10.00)$(7.50)$44.00$2.50$(9.50)$(7.00)$44.25$2.50$(9.00)$(6.50)$44.50$2.50$(8.50)$(6.00)$44.75$2.50$(8.00)$(5.50)$45.00$2.50$(7.50)$(5.00)$45.25$2.50$(7.00)$(4.50)$45.50$2.50$(6.50)$(4.00)$45.75$2.50$(6.00)$(3.50)$46.00$2.50$(5.50)$(3.00)$46.25$2.50$(5.00)$(2.50)$46.50$2.50$(4.50)$(2.00)$46.75$2.50$(4.00)$(1.50)$47.00$2.50$(3.50)$(1.00)$47.25$2.50$(3.00)$(0.50)$47.50$2.50$(2.50)0.0$47.75$2.50$(2.00)$0.50$48.00$2.50$(1.50)$1.00$48.25$2.50$(1.00)$1.50$48.50$2.50$(0.50)$2.00$48.75$2.500.0$2.50$49.00$2.50$0.50$3.00$49.25$2.50$1.00$3.50$49.50$2.50$1.50$4.00$49.75$2.50$2.00$4.50$50.00$2.50$2.50$5.00$50.25$2.25$2.50$4.75$50.50$2.00$2.50$4.50$50.75$1.75$2.50$4.25$51.00$1.50$2.50$4.00$51.25$1.25$2.50$3.75$51.50$1.00$2.50$3.50$51.75$0.75$2.50$3.25$52.00$0.50$2.50$3.00$52.25$0.25$2.50$2.75$52.500.0$2.50$2.50$52.75$(0.25)$2.50$2.25$53.00$(0.50)$2.50$2.00$53.25$(0.75)$2.50$1.75$53.50$(1.00)$2.50$1.50$53.75$(1.25)$2.50$1.25$54.00$(1.50)$2.50$1.00$54.25$(1.75)$2.50$0.75$54.50$(2.00)$2.50$0.50$54.75$(2.25)$2.50$0.25$55.00$(2.50)$2.500.0$55.25$(2.75)$2.50$(0.25)$55.50$(3.00)$2.50$(0.50)$55.75$(3.25)$2.50$(0.75)$56.00$(3.50)$2.50$(1.00)$56.25$(3.75)$2.50$(1.25)$56.50$(4.00)$2.50$(1.50)$56.75$(4.25)$2.50$(1.75)$57.00$(4.50)$2.50$(2.00)$57.25$(4.75)$2.50$(2.25)$57.50$(5.00)$2.50$(2.50)$57.75$(5.25)$2.50$(2.75)$58.00$(5.50)$2.50$(3.00)$58.25$(5.75)$2.50$(3.25)$58.50$(6.00)$2.50$(3.50)$58.75$(6.25)$2.50$(3.75)$59.00$(6.50)$2.50$(4.00)$59.25$(6.75)$2.50$(4.25)$59.50$(7.00)$2.50$(4.50)$59.75$(7.25)$2.50$(4.75)$60.00$(7.50)$2.50$(5.00)$60.25$(7.75)$2.50$(5.25)$60.50$(8.00)$2.50$(5.50)$60.75$(8.25)$2.50$(5.75)$61.00$(8.50)$2.50$(6.00)$61.25$(8.75)$2.50$(6.25)$61.50$(9.00)$2.50$(6.50)$61.75$(9.25)$2.50$(6.75)$62.00$(9.50)$2.50$(7.00)$62.25$(9.75)$2.50$(7.25)$62.50$(10.00)$2.50$(7.50)$62.75$(10.25)$2.50$(7.75)$63.00$(10.50)$2.50$(8.00)$63.25$(10.75)$2.50$(8.25)$63.50$(11.00)$2.50$(8.50)$63.75$(11.25)$2.50$(8.75)$64.00$(11.50)$2.50$(9.00)$64.25$(11.75)$2.50$(9.25)$64.50$(12.00)$2.50$(9.50)$64.75$(12.25)$2.50$(9.75)$65.00$(12.50)$2.50$(10.00)$65.25$(12.75)$2.50$(10.25)$65.50$(13.00)$2.50$(10.50)$65.75$(13.25)$2.50$(10.75)$66.00$(13.50)$2.50$(11.00)$66.25$(13.75)$2.50$(11.25)$66.50$(14.00)$2.50$(11.50)$66.75$(14.25)$2.50$(11.75)$67.00$(14.50)$2.50$(12.00)$67.25$(14.75)$2.50$(12.25)$67.50$(15.00)$2.50$(12.50)$67.75$(15.25)$2.50$(12.75)$68.00$(15.50)$2.50$(13.00)$68.25$(15.75)$2.50$(13.25)$68.50$(16.00)$2.50$(13.50)$68.75$(16.25)$2.50$(13.75)$69.00$(16.50)$2.50$(14.00)$69.25$(16.75)$2.50$(14.25)$69.50$(17.00)$2.50$(14.50)$69.75$(17.25)$2.50$(14.75)$70.00$(17.50)$2.50$(15.00)$70.25$(17.75)$2.50$(15.25)$70.50$(18.00)$2.50$(15.50)$70.75$(18.25)$2.50$(15.75)$71.00$(18.50)$2.50$(16.00)$71.25$(18.75)$2.50$(16.25)$71.50$(19.00)$2.50$(16.50)$71.75$(19.25)$2.50$(16.75)$72.00$(19.50)$2.50$(17.00)$72.25$(19.75)$2.50$(17.25)$72.50$(20.00)$2.50$(17.50)$72.75$(20.25)$2.50$(17.75)$73.00$(20.50)$2.50$(18.00)$73.25$(20.75)$2.50$(18.25)$73.50$(21.00)$2.50$(18.50)$73.75$(21.25)$2.50$(18.75)$74.00$(21.50)$2.50$(19.00)$74.25$(21.75)$2.50$(19.25)$74.50$(22.00)$2.50$(19.50)$74.75$(22.25)$2.50$(19.75)$75.00$(22.50)$2.50$(20.00)$75.25$(22.75)$2.50$(20.25)$75.50$(23.00)$2.50$(20.50)$75.75$(23.25)$2.50$(20.75)$76.00$(23.50)$2.50$(21.00)$76.25$(23.75)$2.50$(21.25)$76.50$(24.00)$2.50$(21.50)$76.75$(24.25)$2.50$(21.75)$77.00$(24.50)$2.50$(22.00)$77.25$(24.75)$2.50$(22.25)$77.50$(25.00)$2.50$(22.50)$77.75$(25.25)$2.50$(22.75)$78.00$(25.50)$2.50$(23.00)$78.25$(25.75)$2.50$(23.25)$78.50$(26.00)$2.50$(23.50)$78.75$(26.25)$2.50$(23.75)$79.00$(26.50)$2.50$(24.00)$79.25$(26.75)$2.50$(24.25)$79.50$(27.00)$2.50$(24.50)$79.75$(27.25)$2.50$(24.75)$80.00$(27.50)$2.50$(25.00)$80.25$(27.75)$2.50$(25.25)$80.50$(28.00)$2.50$(25.50)$80.75$(28.25)$2.50$(25.75)$81.00$(28.50)$2.50$(26.00)$81.25$(28.75)$2.50$(26.25)$81.50$(29.00)$2.50$(26.50)$81.75$(29.25)$2.50$(26.75)$82.00$(29.50)$2.50$(27.00)$82.25$(29.75)$2.50$(27.25)$82.50$(30.00)$2.50$(27.50)$82.75$(30.25)$2.50$(27.75)$83.00$(30.50)$2.50$(28.00)$83.25$(30.75)$2.50$(28.25)$83.50$(31.00)$2.50$(28.50)$83.75$(31.25)$2.50$(28.75)$84.00$(31.50)$2.50$(29.00)$84.25$(31.75)$2.50$(29.25)$84.50$(32.00)$2.50$(29.50)$84.75$(32.25)$2.50$(29.75)$85.00$(32.50)$2.50$(30.00)$85.25$(32.75)$2.50$(30.25)$85.50$(33.00)$2.50$(30.50)$85.75$(33.25)$2.50$(30.75)$86.00$(33.50)$2.50$(31.00)$86.25$(33.75)$2.50$(31.25)$86.50$(34.00)$2.50$(31.50)$86.75$(34.25)$2.50$(31.75)$87.00$(34.50)$2.50$(32.00)$87.25$(34.75)$2.50$(32.25)$87.50$(35.00)$2.50$(32.50)$87.75$(35.25)$2.50$(32.75)$88.00$(35.50)$2.50$(33.00)$88.25$(35.75)$2.50$(33.25)$88.50$(36.00)$2.50$(33.50)$88.75$(36.25)$2.50$(33.75)$89.00$(36.50)$2.50$(34.00)$89.25$(36.75)$2.50$(34.25)$89.50$(37.00)$2.50$(34.50)$89.75$(37.25)$2.50$(34.75)$90.00$(37.50)$2.50$(35.00)$90.25$(37.75)$2.50$(35.25)$90.50$(38.00)$2.50$(35.50)$90.75$(38.25)$2.50$(35.75)$91.00$(38.50)$2.50$(36.00)$91.25$(38.75)$2.50$(36.25)$91.50$(39.00)$2.50$(36.50)$91.75$(39.25)$2.50$(36.75)$92.00$(39.50)$2.50$(37.00)$92.25$(39.75)$2.50$(37.25)$92.50$(40.00)$2.50$(37.50)$92.75$(40.25)$2.50$(37.75)$93.00$(40.50)$2.50$(38.00)$93.25$(40.75)$2.50$(38.25)$93.50$(41.00)$2.50$(38.50)$93.75$(41.25)$2.50$(38.75)$94.00$(41.50)$2.50$(39.00)$94.25$(41.75)$2.50$(39.25)$94.50$(42.00)$2.50$(39.50)$94.75$(42.25)$2.50$(39.75)$95.00$(42.50)$2.50$(40.00)$95.25$(42.75)$2.50$(40.25)$95.50$(43.00)$2.50$(40.50)$95.75$(43.25)$2.50$(40.75)$96.00$(43.50)$2.50$(41.00)$96.25$(43.75)$2.50$(41.25)$96.50$(44.00)$2.50$(41.50)$96.75$(44.25)$2.50$(41.75)$97.00$(44.50)$2.50$(42.00)$97.25$(44.75)$2.50$(42.25)$97.50$(45.00)$2.50$(42.50)$97.75$(45.25)$2.50$(42.75)$98.00$(45.50)$2.50$(43.00)$98.25$(45.75)$2.50$(43.25)$98.50$(46.00)$2.50$(43.50)$98.75$(46.25)$2.50$(43.75)$99.00$(46.50)$2.50$(44.00)$99.25$(46.75)$2.50$(44.25)$99.50$(47.00)$2.50$(44.50)$99.75$(47.25)$2.50$(44.75)$100.00$(47.50)$2.50$(45.00)
write 2 puts write 1
call000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000
Write 1 CallWrite 2 putsSpread
Put-Call
ParityputtcallStrike$50.00$50.00Premium$1.25$1.25rf10.0%10.0%Stock
PriceLong 1 ShareLong 1 putLong 1 CallExercise PriceP + SC +
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(1.25)$3.75$50.00$53.75$53.750.0$55.25$55.25$(1.25)$4.00$50.00$54.00$54.000.0$55.50$55.50$(1.25)$4.25$50.00$54.25$54.250.0$55.75$55.75$(1.25)$4.50$50.00$54.50$54.500.0$56.00$56.00$(1.25)$4.75$50.00$54.75$54.750.0$56.25$56.25$(1.25)$5.00$50.00$55.00$55.000.0$56.50$56.50$(1.25)$5.25$50.00$55.25$55.250.0$56.75$56.75$(1.25)$5.50$50.00$55.50$55.500.0$57.00$57.00$(1.25)$5.75$50.00$55.75$55.750.0$57.25$57.25$(1.25)$6.00$50.00$56.00$56.000.0$57.50$57.50$(1.25)$6.25$50.00$56.25$56.250.0$57.75$57.75$(1.25)$6.50$50.00$56.50$56.500.0$58.00$58.00$(1.25)$6.75$50.00$56.75$56.750.0$58.25$58.25$(1.25)$7.00$50.00$57.00$57.000.0$58.50$58.50$(1.25)$7.25$50.00$57.25$57.250.0$58.75$58.75$(1.25)$7.50$50.00$57.50$57.500.0$59.00$59.00$(1.25)$7.75$50.00$57.75$57.750.0$59.25$59.25$(1.25)$8.00$50.00$58.00$58.000.0$59.50$59.50$(1.25)$8.25$50.00$58.25$58.250.0$59.75$59.75$(1.25)$8.50$50.00$58.50$58.500.0$60.00$60.00$(1.25)$8.75$50.00$58.75$58.750.0$60.25$60.25$(1.25)$9.00$50.00$59.00$59.000.0$60.50$60.50$(1.25)$9.25$50.00$59.25$59.250.0$60.75$60.75$(1.25)$9.50$50.00$59.50$59.500.0$61.00$61.00$(1.25)$9.75$50.00$59.75$59.750.0$61.25$61.25$(1.25)$10.00$50.00$60.00$60.000.0$61.50$61.50$(1.25)$10.25$50.00$60.25$60.250.0$61.75$61.75$(1.25)$10.50$50.00$60.50$60.500.0$62.00$62.00$(1.25)$10.75$50.00$60.75$60.750.0$62.25$62.25$(1.25)$11.00$50.00$61.00$61.000.0$62.50$62.50$(1.25)$11.25$50.00$61.25$61.250.0$62.75$62.75$(1.25)$11.50$50.00$61.50$61.500.0$63.00$63.00$(1.25)$11.75$50.00$61.75$61.750.0$63.25$63.25$(1.25)$12.00$50.00$62.00$62.000.0$63.50$63.50$(1.25)$12.25$50.00$62.25$62.250.0$63.75$63.75$(1.25)$12.50$50.00$62.50$62.500.0$64.00$64.00$(1.25)$12.75$50.00$62.75$62.750.0$64.25$64.25$(1.25)$13.00$50.00$63.00$63.000.0$64.50$64.50$(1.25)$13.25$50.00$63.25$63.250.0$64.75$64.75$(1.25)$13.50$50.00$63.50$63.500.0$65.00$65.00$(1.25)$13.75$50.00$63.75$63.750.0$65.25$65.25$(1.25)$14.00$50.00$64.00$64.000.0$65.50$65.50$(1.25)$14.25$50.00$64.25$64.250.0$65.75$65.75$(1.25)$14.50$50.00$64.50$64.500.0$66.00$66.00$(1.25)$14.75$50.00$64.75$64.750.0$66.25$66.25$(1.25)$15.00$50.00$65.00$65.000.0$66.50$66.50$(1.25)$15.25$50.00$65.25$65.250.0$66.75$66.75$(1.25)$15.50$50.00$65.50$65.500.0$67.00$67.00$(1.25)$15.75$50.00$65.75$65.750.0$67.25$67.25$(1.25)$16.00$50.00$66.00$66.000.0$67.50$67.50$(1.25)$16.25$50.00$66.25$66.250.0$67.75$67.75$(1.25)$16.50$50.00$66.50$66.500.0$68.00$68.00$(1.25)$16.75$50.00$66.75$66.750.0$68.25$68.25$(1.25)$17.00$50.00$67.00$67.000.0$68.50$68.50$(1.25)$17.25$50.00$67.25$67.250.0$68.75$68.75$(1.25)$17.50$50.00$67.50$67.500.0$69.00$69.00$(1.25)$17.75$50.00$67.75$67.750.0$69.25$69.25$(1.25)$18.00$50.00$68.00$68.000.0$69.50$69.50$(1.25)$18.25$50.00$68.25$68.250.0$69.75$69.75$(1.25)$18.50$50.00$68.50$68.500.0$70.00$70.00$(1.25)$18.75$50.00$68.75$68.750.0$70.25$70.25$(1.25)$19.00$50.00$69.00$69.000.0$70.50$70.50$(1.25)$19.25$50.00$69.25$69.250.0$70.75$70.75$(1.25)$19.50$50.00$69.50$69.500.0$71.00$71.00$(1.25)$19.75$50.00$69.75$69.750.0$71.25$71.25$(1.25)$20.00$50.00$70.00$70.000.0$71.50$71.50$(1.25)$20.25$50.00$70.25$70.250.0$71.75$71.75$(1.25)$20.50$50.00$70.50$70.500.0$72.00$72.00$(1.25)$20.75$50.00$70.75$70.750.0$72.25$72.25$(1.25)$21.00$50.00$71.00$71.000.0$72.50$72.50$(1.25)$21.25$50.00$71.25$71.250.0$72.75$72.75$(1.25)$21.50$50.00$71.50$71.500.0$73.00$73.00$(1.25)$21.75$50.00$71.75$71.750.0$73.25$73.25$(1.25)$22.00$50.00$72.00$72.000.0$73.50$73.50$(1.25)$22.25$50.00$72.25$72.250.0$73.75$73.75$(1.25)$22.50$50.00$72.50$72.500.0$74.00$74.00$(1.25)$22.75$50.00$72.75$72.750.0$74.25$74.25$(1.25)$23.00$50.00$73.00$73.000.0$74.50$74.50$(1.25)$23.25$50.00$73.25$73.250.0$74.75$74.75$(1.25)$23.50$50.00$73.50$73.500.0$75.00$75.00$(1.25)$23.75$50.00$73.75$73.750.0$75.25$75.25$(1.25)$24.00$50.00$74.00$74.000.0$75.50$75.50$(1.25)$24.25$50.00$74.25$74.250.0$75.75$75.75$(1.25)$24.50$50.00$74.50$74.500.0$76.00$76.00$(1.25)$24.75$50.00$74.75$74.750.0$76.25$76.25$(1.25)$25.00$50.00$75.00$75.000.0$76.50$76.50$(1.25)$25.25$50.00$75.25$75.250.0$76.75$76.75$(1.25)$25.50$50.00$75.50$75.500.0$77.00$77.00$(1.25)$25.75$50.00$75.75$75.750.0$77.25$77.25$(1.25)$26.00$50.00$76.00$76.000.0$77.50$77.50$(1.25)$26.25$50.00$76.25$76.250.0$77.75$77.75$(1.25)$26.50$50.00$76.50$76.500.0$78.00$78.00$(1.25)$26.75$50.00$76.75$76.750.0$78.25$78.25$(1.25)$27.00$50.00$77.00$77.000.0$78.50$78.50$(1.25)$27.25$50.00$77.25$77.250.0$78.75$78.75$(1.25)$27.50$50.00$77.50$77.500.0$79.00$79.00$(1.25)$27.75$50.00$77.75$77.750.0$79.25$79.25$(1.25)$28.00$50.00$78.00$78.000.0$79.50$79.50$(1.25)$28.25$50.00$78.25$78.250.0$79.75$79.75$(1.25)$28.50$50.00$78.50$78.500.0$80.00$80.00$(1.25)$28.75$50.00$78.75$78.750.0$80.25$80.25$(1.25)$29.00$50.00$79.00$79.000.0$80.50$80.50$(1.25)$29.25$50.00$79.25$79.250.0$80.75$80.75$(1.25)$29.50$50.00$79.50$79.500.0$81.00$81.00$(1.25)$29.75$50.00$79.75$79.750.0$81.25$81.25$(1.25)$30.00$50.00$80.00$80.000.0$81.50$81.50$(1.25)$30.25$50.00$80.25$80.250.0$81.75$81.75$(1.25)$30.50$50.00$80.50$80.500.0$82.00$82.00$(1.25)$30.75$50.00$80.75$80.750.0$82.25$82.25$(1.25)$31.00$50.00$81.00$81.000.0$82.50$82.50$(1.25)$31.25$50.00$81.25$81.250.0$82.75$82.75$(1.25)$31.50$50.00$81.50$81.500.0$83.00$83.00$(1.25)$31.75$50.00$81.75$81.750.0$83.25$83.25$(1.25)$32.00$50.00$82.00$82.000.0$83.50$83.50$(1.25)$32.25$50.00$82.25$82.250.0$83.75$83.75$(1.25)$32.50$50.00$82.50$82.500.0$84.00$84.00$(1.25)$32.75$50.00$82.75$82.750.0$84.25$84.25$(1.25)$33.00$50.00$83.00$83.000.0$84.50$84.50$(1.25)$33.25$50.00$83.25$83.250.0$84.75$84.75$(1.25)$33.50$50.00$83.50$83.500.0$85.00$85.00$(1.25)$33.75$50.00$83.75$83.750.0$85.25$85.25$(1.25)$34.00$50.00$84.00$84.000.0$85.50$85.50$(1.25)$34.25$50.00$84.25$84.250.0$85.75$85.75$(1.25)$34.50$50.00$84.50$84.500.0$86.00$86.00$(1.25)$34.75$50.00$84.75$84.750.0$86.25$86.25$(1.25)$35.00$50.00$85.00$85.000.0$86.50$86.50$(1.25)$35.25$50.00$85.25$85.250.0$86.75$86.75$(1.25)$35.50$50.00$85.50$85.500.0$87.00$87.00$(1.25)$35.75$50.00$85.75$85.750.0$87.25$87.25$(1.25)$36.00$50.00$86.00$86.000.0$87.50$87.50$(1.25)$36.25$50.00$86.25$86.250.0$87.75$87.75$(1.25)$36.50$50.00$86.50$86.500.0$88.00$88.00$(1.25)$36.75$50.00$86.75$86.750.0$88.25$88.25$(1.25)$37.00$50.00$87.00$87.000.0$88.50$88.50$(1.25)$37.25$50.00$87.25$87.250.0$88.75$88.75$(1.25)$37.50$50.00$87.50$87.500.0$89.00$89.00$(1.25)$37.75$50.00$87.75$87.750.0$89.25$89.25$(1.25)$38.00$50.00$88.00$88.000.0$89.50$89.50$(1.25)$38.25$50.00$88.25$88.250.0$89.75$89.75$(1.25)$38.50$50.00$88.50$88.500.0$90.00$90.00$(1.25)$38.75$50.00$88.75$88.750.0$90.25$90.25$(1.25)$39.00$50.00$89.00$89.000.0$90.50$90.50$(1.25)$39.25$50.00$89.25$89.250.0$90.75$90.75$(1.25)$39.50$50.00$89.50$89.500.0$91.00$91.00$(1.25)$39.75$50.00$89.75$89.750.0$91.25$91.25$(1.25)$40.00$50.00$90.00$90.000.0$91.50$91.50$(1.25)$40.25$50.00$90.25$90.250.0$91.75$91.75$(1.25)$40.50$50.00$90.50$90.500.0$92.00$92.00$(1.25)$40.75$50.00$90.75$90.750.0$92.25$92.25$(1.25)$41.00$50.00$91.00$91.000.0$92.50$92.50$(1.25)$41.25$50.00$91.25$91.250.0$92.75$92.75$(1.25)$41.50$50.00$91.50$91.500.0$93.00$93.00$(1.25)$41.75$50.00$91.75$91.750.0$93.25$93.25$(1.25)$42.00$50.00$92.00$92.000.0$93.50$93.50$(1.25)$42.25$50.00$92.25$92.250.0$93.75$93.75$(1.25)$42.50$50.00$92.50$92.500.0$94.00$94.00$(1.25)$42.75$50.00$92.75$92.750.0$94.25$94.25$(1.25)$43.00$50.00$93.00$93.000.0$94.50$94.50$(1.25)$43.25$50.00$93.25$93.250.0$94.75$94.75$(1.25)$43.50$50.00$93.50$93.500.0$95.00$95.00$(1.25)$43.75$50.00$93.75$93.750.0$95.25$95.25$(1.25)$44.00$50.00$94.00$94.000.0$95.50$95.50$(1.25)$44.25$50.00$94.25$94.250.0$95.75$95.75$(1.25)$44.50$50.00$94.50$94.500.0$96.00$96.00$(1.25)$44.75$50.00$94.75$94.750.0$96.25$96.25$(1.25)$45.00$50.00$95.00$95.000.0$96.50$96.50$(1.25)$45.25$50.00$95.25$95.250.0$96.75$96.75$(1.25)$45.50$50.00$95.50$95.500.0$97.00$97.00$(1.25)$45.75$50.00$95.75$95.750.0$97.25$97.25$(1.25)$46.00$50.00$96.00$96.000.0$97.50$97.50$(1.25)$46.25$50.00$96.25$96.250.0$97.75$97.75$(1.25)$46.50$50.00$96.50$96.500.0$98.00$98.00$(1.25)$46.75$50.00$96.75$96.750.0$98.25$98.25$(1.25)$47.00$50.00$97.00$97.000.0$98.50$98.50$(1.25)$47.25$50.00$97.25$97.250.0$98.75$98.75$(1.25)$47.50$50.00$97.50$97.500.0$99.00$99.00$(1.25)$47.75$50.00$97.75$97.750.0$99.25$99.25$(1.25)$48.00$50.00$98.00$98.000.0$99.50$99.50$(1.25)$48.25$50.00$98.25$98.250.0$99.75$99.75$(1.25)$48.50$50.00$98.50$98.500.0$100.00$100.00$(1.25)$48.75$50.00$98.75$98.750.0
Put-Call
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Long 1 ShareLong 1 putLong 1 CallExercise PriceP + SC + X
MBD0000345A.unknown
