Call and Put Vs Strike Call and Put Vs Stock

Stock price
Strike value
risk free
Period length
Now
StDev
call
put
parity
0.02
9.24
TRUE
N(d1)
N(d2)
2.1%
1.0%
S(t)
X
r
T_
t
q
10.00
20.00
4.0%
1.00
0.00
30.0%
Stock price
Stock price
0.02
9.24
10
(5)
(4)
(3)
(2)
(1)
0.00
0.00
0.00
0.00
0.01
0.02
(5)
(4)
(3)
(2)
(1)
14.22
13.22
12.22
11.22
10.22
9.24
15
(5)
Strike value
0.02
Strike value
9.24
16
17
(4)
0.19
(5)
(3)
0.13
0.08
(4)
4.60
18
(2)
(3)
5.50
0.05
(2)
6.41
19
-
0.03
0.02
(1)
7.35
8.29
9.24
16
Call and Put vs Strike

16
14
14
12
12
10
10
Call and Put vs Stock
put
call
0
5
risk free
20
(1)
0.02
10
11
12
13
15
14
15
Stock price
16
-1%
0%
1%
2%
3%
-5%
-4%
-3%
-2%
-1%
4%
0%
0.01
0.01
0.02
0.02
0.02
0.02
17
risk free
9.24
-5%
-4%
-3%
-2%
-1%
0%
10.21
10.01
9.82
9.62
9.43
9.24
10%
15%
-20%
StDev
0.00
0.02
-10%
9.22
25%
-5%
0.00
-15%
9.22
9.24
-10%
0.00
-20%
StDev
20%
-15%
0.00
-5%
9.22
30%
0%
9.22
35%
5%
0.02
0%
0.06
5%
9.24
9.27
12.0
Call and Put vs StDev

12.0
10.0
10.0
8.0
8.0
6.0
6.0
4.0
4.0
2.0
2.0
Call and Put vs Rfree
put
call
0.0
0.0
-1% 0%
1%
2%
3%
4%
5%
6%
7%
8% 9%
RiskFree
10% 15%
11
12
13
14
15
0.05
0.11
0.21
0.37
0.58
8.27
7.33
6.43
5.58
4.80
21
22
23
4
25
5
0.01
0.01
0.01
0.00
0.00
10.19
11.15
12.10
13.06
14.02
ll and Put vs Strike
17
24
18
put
19
20
21
call
22
23 24 25
Strike price
5%
6%
7%
8%
1%
2%
3%
4%
9%
5%
0.02
0.03
0.03
0.03
0.03
1%
2%
3%
4%
5%
9.05
8.86
8.68
8.49
8.31
40%
10%
0.12
10%
9.33
ll and Put vs StDev
45%
15%
0.20
15%
9.42
50%
55%
20%
25%
0.30
0.43
20%
25%
9.52
call
15% 20% 25% 30% 35% 40% 45% 50% 55% 60%
StDev
0.57
30%
9.64
put
60%
30%
9.78
Option strategies
8
6
Protective Put
Buy Put
Buy asset
8
6
Covered Call
Sell call
Buy asset
0
7
11
13
15
17
19
0
7
11
13
15
17
19
(2)
(2)
(2)
(4)
(4)
(4)
(6)
(6)
Stock price
(6)
Bull spread_Calls
4
3
Buy Call (X lower)

Sell Call (X higher)
Collar
Sell call (X higher)

Buy put (X lower)
Buy asset
Bear spread_Puts
Buy Put (X higher)

Sell Put (X lower)
11
13
15
17
19
Bear spread_Calls
3
2
1
2
0
10
11
12
13
14
15
(1)
11
12
13
14
15
16
(1)
(1)
(2)
0
10
11
12
13
14
15
16
(1)
(2)
Butterfly_Calls
Buy Call (X lower)

Buy Call (X higher)
Sell 2 Calls (X middle)
(3)
(4)
(4)
Butterfly_Puts
Buy Put (X lower)

Buy Put (X higher)
Sell 2 Puts (X middle)
3
2
Staddle_Long
Buy Call
Buy Put
4
3
13
14
15
16
Effectively:
Bull Spread_Calls
Bear Spread_Puts
Straddle_Short
Sell Call
Sell Put
12
13
14
15
16
17
1
10
0
11
11
12
13
14
15
16
17
11
12
13
14
15
16
(1)
(2)
(1)
(3)
(3)
(2)
(4)
(4)
(3)
(1)
(2)
(6)
12
(4)
11
(5)
(2)
10
(2)
(3)
(5)
6
4
(2)
(3)
(4)
Buy Call (X lower)

Sell Put (X lower)
Sell Call (X higher)
Buy Put (X lower)
1
10
16
Box spread
Buy Call (X higher)

Sell Call (X lower)
10
11
12
13
14
15
16
Collar
Stock price
S(t)
7.00
9.00
11.00
13.00
15.00
17.00
Profit
(0.52)
(0.52)
(0.52)
1.48
1.48
1.48
Asset
Put Low
Call High
(5.00)
3.25
1.23
(3.00)
1.25
1.23
(1.00)
(0.75)
1.23
1.00
(0.75)
1.23
3.00
(0.75)
(0.77)
5.00
(0.75)
(2.77)
1.82
(0.75)
0.77
(1.72)
3.82
(0.75)
2.77
(1.72)
PayOff strategy
Long
Short
Maximum profit
Maximum loss
Breakeven
1.48 when St is lower than X_1

(0.52) when St is higher than X_2
11.52
8.0
6.0
PayOffs
Call Low
Put Low
Call High
Put High
X_Low
11.00
Call Low
Put Low
(2.18)
3.25
(1.23)
4.28
(2.18)
1.25
(1.23)
2.28
(2.18)
(0.75)
(1.23)
0.28
(0.18) 4.0
(0.75)
(1.23)
2.0
(1.72)
0.0
2.18
0.75
TRUE
7
(2.0)
X_High
13.00
Call High
Put High
1.23
1.72
TRUE
(4.0)
(6.0)
Stock price
risk free
Period length
StDev
S(t)
r
T_
q
12.00
4.0%
1.00
30.0%
19.00
1.48
7.00
(0.75)
(4.77)
Pay off
5.82
(0.75)
4.77
(1.72)
11
13
15
17
19
Stock price
Protective put
Stock price
S(t)
7.00
9.00
11.00
13.00
15.00
17.00
Profit
(1.75)
(1.75)
(1.75)
0.25
2.25
4.25
Asset
Put
(5.00)
3.25
(3.00)
1.25
(1.00)
(0.75)
1.00
(0.75)
3.00
(0.75)
5.00
(0.75)
1.82
(0.75)
3.82
(0.75)
PayOff strategy
Long
8.0
Maximum profit
Maximum loss
Breakeven
Unlim
(1.75) when St equal X
12.75 when St equal S0 + Put price
6.0
4.0
PayOffs
Call
Put
(2.18)
3.25
(2.18)
1.25
(2.18)
(0.75)
2.0
(0.18)
(0.75)0.0
11.00
(2.0)
Call
Put
2.18
0.75
S(t)
r
T_
q
12.00
4.0%
1.00
30.0%
TRUE
(4.0)
(6.0)
Stock price
risk free
Period length
StDev
19.00
6.25
7.00
(0.75)
Pay off
5.82
(0.75)
11
13
15
17
19
Stock price
Covered Call
Stock price
S(t)
7.00
9.00
11.00
13.00
15.00
17.00
Profit
(3.77)
(1.77)
0.23
2.23
2.23
2.23
Asset
Call
(5.00)
1.23
(3.00)
1.23
(1.00)
1.23
1.00
1.23
3.00
(0.77)
5.00
(2.77)
0.77
(1.72)
2.77
(1.72)
PayOff strategy
Short
8.0
Maximum profit
Maximum loss
Breakeven
2.23
(10.77) when St equal 0
10.77
6.0
4.0
PayOffs
Call
Put
(1.23)
4.28
(1.23)
2.28
(1.23)
0.28
2.0
(1.23)
(1.72)0.0
13.00
(2.0)
Call
Put
1.23
1.72
S(t)
r
T_
q
12.00
4.0%
1.00
30.0%
TRUE
(4.0)
(6.0)
Stock price
risk free
Period length
StDev
19.00
2.23
7.00
(4.77)
Pay off
4.77
(1.72)
11
13
15
17
19
Stock price
Bull spread calls

Profit
(0.36)
(0.36)
(0.36)
0.64
1.64
1.64
PayOff
Long
Short
Call 1
Call 2
(0.66)
0.29
(0.66)
0.29
(0.66)
0.29
0.34
0.29
1.34
0.29
2.34
(0.71)
Stock price
S(t)
10.00
11.00
12.00
13.00
14.00
15.00
Maximum profit
Maximum loss
Breakeven
1.64 when St is higher than X_2

4.0
Strategy
Long
Long
Call 1
X_1
0.66
12.00
Short
Short
Call 2
X_2
0.29
14.00
Put 1
Put 2
2.19
3.75
3.0
2.0
parity
TRUE
TRUE
1.0
0.0
10
(1.0)
risk free
Period length
StDev
r
T_
q
4.0%
1.00
30.0%
(2.0)
11
12
1.64
3.34
(1.71)
16.00
Pay off
13
Stock price
14
15
16
Bear spread puts

Stock price
PayOff
Short
Long
S(t)
10.00
11.00
12.00
13.00
14.00
15.00
Profit
0.44
(0.36)
0.44
(0.36)
0.44
(0.36)
(0.56)
0.64
(1.56)
1.64
(1.56)
1.64
Put 1
Put 2
0.19
0.25
1.19
(0.75)
2.19
(1.75)
2.19
(2.75)
2.19
(3.75)
2.19
(3.75)
11
12
Maximum profit
Maximum loss
Breakeven

3.0
Stock price
S(t)
10.00
2.0
Strategy
Short
Put 1
X_1
2.19
12.00
Put 2
X_2
3.75
14.00
1.0
0.0
Long
Call 1
Call 2
0.66
0.29
10
parity
TRUE
TRUE
(1.0)
(2.0)
(3.0)
risk free
Period length
StDev
r
T_
q
4.0%
1.00
30.0%
(4.0)
(5.0)
16.00
(1.56)
1.64
2.19
(3.75)
Pay off
13
Stock price
14
15
16
Bear spread calls (short bear spread)

Stock price
S(t)
Profit
PayOff strategy
Short
Call Low
Long
Call High
Maximum profit
Maximum loss
Breakeven
10.00
11.00
12.00
13.00
14.00
15.00
0.36
0.36
0.36
(0.64)
(1.64)
(1.64)
0.66
(0.29)
0.66
(0.29)
0.66
(0.29)
(0.34)
(0.29)
(1.34)
(0.29)
(2.34)
0.71
1.34
(2.19)
10
(0.29)
(3.75)
2.34
(2.19)
11
0.71
(3.75)

2.0
1.0
PayOffs
Call Low
Put Low
Call High
Put High
(0.66)
(0.19)
(0.29)
0.25
(0.66)
(1.19)
(0.29)
(0.75)
(0.66)
(2.19)
(0.29)
(1.75)
0.34
(2.19) 0.0
(0.29)
(2.75)
(1.0)
X_Low
X_High
12.00
Call Low
Put Low
0.66
2.19
TRUE
14.00
Call High
Put High
0.29
3.75
TRUE
(2.0)
(3.0)
(4.0)
Stock price
risk free
Period length
StDev
S(t)
r
T_
q
10.00
4.0%
1.00
30.0%
16.00
(1.64)
(3.34)
1.71
Pay off
11
3.34
(2.19)
12
1.71
(3.75)
13
14
15
16
Stock price
Butterfly Calls
Stock price
S(t)
11.00
12.00
13.00
14.00
15.00
16.00
Profit
(0.20)
(0.20)
0.80
1.80
0.80
(0.20)
(0.66)
(0.13)
0.59
(0.66)
(0.13)
0.59
0.34
(0.13)
0.59
1.34
(0.13)
0.59
2.34
(0.13)
(1.41)
3.34
(0.13)
(3.41)
PayOff strategy
Long
Call Low
Long
Call High
Short 2
Call Medium
6.0
Maximum profit
Maximum loss
Breakeven
1.80 when St is equal X_Medium

(0.20) when St is higher than X_High and Lower than X_low
4.0
PayOffs
Call Low
Put Low
Call High
Put High
Call Medium
Put Medium
X_Low
X_High
X_Medium
Stock price
risk free
Period length
StDev
(0.66)
(1.19)
(0.13)
(0.50)
(0.29)
(0.75)
(0.66)
(2.19)
(0.13)
(1.50)
(0.29)
(1.75)
0.34
(2.19)
(0.13)
(2.50)
(0.29)
(2.75)
1.34
(2.19) 2.0
(0.13)
(3.50)
(0.29)
(3.75) 0.0
12.00
Call Low
Put Low
0.66
2.19
TRUE
(2.0)
16.00
Call High
Put High
0.13
5.50
TRUE
(4.0)
14.00
Call Medium
Put Medium
0.29
3.75
TRUE
S(t)
r
T_
q
(6.0)
10.00
4.0%
1.00
30.0%
2.34
(2.19)
(0.13)
(4.50)
0.71
(3.75)
11
3.34
(2.19)
(0.13)
(5.50)
1.71
(3.75)
12
17.00
(0.20)
4.34
0.87
(5.41)
Pay off
12
4.34
(2.19)
0.87
(5.50)
2.71
(3.75)
13
14
15
16
17
Stock price
Butterfly Puts
Stock price
S(t)
11.00
12.00
13.00
14.00
15.00
16.00
Profit
(0.35)
(0.35)
0.65
1.65
0.65
(0.35)
0.16
1.87
(2.37)
(0.84)
0.87
(0.37)
(0.84)
(0.13)
1.63
(0.84)
(1.13)
3.63
(0.84)
(2.13)
3.63
(0.84)
(3.13)
3.63
PayOff strategy
Long
Put Low
Long
Put High
Short 2
Put Medium
4.0
Maximum profit
Maximum loss
Breakeven
1.65 when St is equal X_Medium

(0.35) when St is higher than X_High and Lower than X_low
3.0
PayOffs
Call Low
Put Low
Call High
Put High
Call Medium
Put Medium
X_Low
12.00
Call Low
Put Low
(2.31)
0.16
(0.76)
1.87
(1.36)
1.19
2.31
0.84
(2.31)
(0.84)
(0.76)
0.87
(1.36)
0.19
TRUE
(1.31)
(0.84)
(0.76)
(0.13)
(1.36)
(0.81)
(0.31) 2.0
(0.84)
(0.76) 1.0
(1.13)
(1.36)
(1.81) 0.0
(1.0)
(2.0)
X_High
X_Medium
Stock price
risk free
Period length
StDev
16.00
Call High
Put High
0.76
3.13
TRUE
14.00
Call Medium
Put Medium
1.36
1.81
TRUE
S(t)
r
T_
q
(3.0)
(4.0)
13.00
4.0%
1.00
30.0%
0.69
(0.84)
(0.76)
(2.13)
(0.36)
(1.81)
11
1.69
(0.84)
(0.76)
(3.13)
0.64
(1.81)
12
17.00
(0.35)
(0.84)
(3.13)
3.63
Pay off
12
2.69
(0.84)
0.24
(3.13)
1.64
(1.81)
13
14
15
16
17
Stock price
Straddle Long
Stock price
S(t)
10.00
11.00
12.00
13.00
14.00
15.00
Profit
(0.83)
(1.83)
(2.83)
(1.83)
(0.83)
0.17
(1.65)
0.82
(1.65)
(0.18)
(1.65)
(1.18)
(0.65)
(1.18)
0.35
(1.18)
1.35
(1.18)
PayOff strategy
Long
Call
Long
Put
3.0
Maximum profit
Maximum loss
Breakeven
when St is higher or lower than X less Call + Put

(2.83) when St equal to X
2.0
PayOffs
Call
Put
X
(1.65)
0.82
(1.65)
(0.18)
(0.65) 1.0
(1.18)
10
1.65
1.18
TRUE
(1.0)
(2.0)
(3.0)
Stock price
risk free
Period length
StDev
S(t)
r
T_
q
0.35
(1.18)
1.35
(1.18)
0.0
12.00
Call
Put
(1.65)
(1.18)
12.00
4.0%
1.00
30.0%
(4.0)
11
16.00
1.17
2.35
(1.18)
Pay off
2.35
(1.18)
11
12
13
14
15
16
Stock price
Straddle Short
Stock price
S(t)
Profit
PayOff strategy
Short
Call
Short
Put
10.00
11.00
12.00
13.00
14.00
15.00
0.83
1.83
2.83
1.83
0.83
(0.17)
1.65
(0.82)
1.65
0.18
1.65
1.18
0.65
1.18
(0.35)
1.18
(1.35)
1.18
4.0
Maximum profit
Maximum loss
Breakeven
2.83 when St equal to X

when St is higher or lower than X less Call + Put
3.0
PayOffs
Call
Put
X
(1.65)
0.82
(1.65)
(0.18)
(0.65) 2.0
(1.18)
0.35
(1.18)
1.65
1.18
TRUE
0.0
10
(1.0)
(2.0)
Stock price
risk free
Period length
StDev
S(t)
r
T_
q
1.35
(1.18)
1.0
12.00
Call
Put
(1.65)
(1.18)
12.00
4.0%
1.00
30.0%
(3.0)
11
16.00
(1.17)
(2.35)
1.18
Pay off
2.35
(1.18)
11
12
13
14
15
16
Stock price
Box Spread
Stock price
S(t)
Profit
PayOff strategy
Long
Short
Short
Long
Call Low
Call High
Put Low
Put High
Maximum profit
Maximum loss
Breakeven
10.00
11.00
12.00
13.00
14.00
15.00
0.08
0.08
0.08
0.08
0.08
0.08
(0.66)
0.29
0.19
0.25
(0.66)
0.29
1.19
(0.75)
(0.66)
0.29
2.19
(1.75)
0.34
0.29
2.19
(2.75)
1.34
0.29
2.19
(3.75)
2.34
(0.71)
2.19
(3.75)
1.34
(2.19)
(0.29)
(3.75)
2.34
(2.19)
0.71
(3.75)

when St is higher than X_2
Call Low
Put Low
Call High
Put High
X_High
3.0
2.0
PayOffs
X_Low
4.0
(0.66)
(0.19)
(0.29)
0.25
(0.66)
(1.19)
(0.29)
(0.75)
(0.66)
(2.19)
(0.29)
(1.75)
0.34
(2.19) 1.0
(0.29)
(2.75) 0.0
(1.0)
12.00
Call Low
Put Low
0.66
2.19
TRUE
14.00
Call High
Put High
0.29
3.75
TRUE
(2.0)
(3.0)
(4.0)
(5.0)
Stock price
risk free
Period length
StDev
S(t)
r
T_
q
10.00
4.0%
1.00
30.0%
10
11
16.00
0.08
(0.00)
3.34
(1.71)
2.19
(3.75)
Pay off
11
3.34
(2.19)
1.71
(3.75)
12
13
14
15
16
Stock price

Call and Put Vs Strike Call and Put Vs Stock

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Call and Put Vs Strike Call and Put Vs Stock

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Stock price

Call and Put vs Strike

Call and Put vs Stock

Call and Put vs StDev

Call and Put vs Rfree

ll and Put vs Strike

ll and Put vs StDev

Buy Call (X lower)

Sell call (X higher)

Buy Put (X higher)

Buy Call (X lower)

Buy Put (X lower)

Buy Call (X lower)

Buy Call (X higher)

1.48 when St is lower than X_1

Bull spread calls

1.64 when St is higher than X_2

Bear spread puts

0.44 when St is lower than X_1

Bear spread calls (short bear spread)

0.36 when St is lower than X_1

1.80 when St is equal X_Medium

1.65 when St is equal X_Medium

when St is higher or lower than X less Call + Put

2.83 when St equal to X

0.08 when St is lower than X_1

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