LONG CALL

TataT
1-Aug Tata Steel 555.6
Option expiring on 28 August August 620 Strike
Premium 3.85

End july ACTION G/L premium TOTAL

520 DISCARD 0 -3.85 -3.85 OTM
540 DISCARD 0 -3.85 -3.85 OTM
560 DISCARD 0 -3.85 -3.85 OTM
580 DISCARD 0 -3.85 -3.85 OTM
600 DISCARD 0 -3.85 -3.85 OTM
620 DISCARD 0 -3.85 -3.85 ATM
640 EXERCISE 20 -3.85 16.15 ITM
660 EXERCISE 40 -3.85 36.15 ITM
680 EXERCISE 60 -3.85 56.15 ITM
700 EXERCISE 80 -3.85 76.15 ITM
720 EXERCISE 100 -3.85 96.15 ITM

Analysis: firm
The market is bullish
steel prices and demand
and better I expectshas
thehelped
incline in steel,
Tata the shb
buy the
steel has shares at aThus
increased, strike
it isprice of 2050
expected thatby paying
share pricea of
premium ofwou
Tata steel ru
and china there is a little confusion about the price, so taking
than strike price I exercised the deal and the situation is In the mo futures ca
should
In this long
caseoptions to thatloss
the maxium if there is increase
is premium in share
that I paidprice it would be
but maximum
trade war we will not exercise the option and thus the max loss we can
paid(3.85 Rs).

SHORT CALL

1-Aug Tata Steel 555.6

Option expiring on 28 August August 620 strike
premium 3.85

End july ACTION G/L premium TOTAL

520 DISCARD 0 3.85 3.85
540 DISCARD 0 3.85 3.85
560 DISCARD 0 3.85 3.85
580 DISCARD 0 3.85 3.85
600 DISCARD 0 3.85 3.85
620 DISCARD 0 3.85 3.85
640 EXERCISE AGAINST -20 3.85 -16.15
660 EXERCISE AGAINST -40 3.85 -36.15
680 EXERCISE AGAINST -60 3.85 -56.15
700 EXERCISE AGAINST -80 3.85 -76.15
720 EXERCISE AGAINST -100 3.85 -96.15
 Max. loss
Max. gain

Analysis: Because
The market is bearish
of the and Iwar
present trade expects the us
between decline
and c
to sellefected
highly the security
due tobyterrify
taking the premium
imposed on steelof
by6.75.
USA, When th
thus shar
can sell
will call and collect
be discarded premium
by writer from
of the the(to
deal same, sinceI gave
whom the price
the
call and
And we the
when can earn
pricepremium.
went up but i.e. in casethan
more if thethe
prices go up
strike we
price
high
hugethus
loss.we have to be very cautious about the same.
In this case the maxium profit is premium that I'm taking b

COVERED CALL WRITING

1-Aug Tata Steel 555.6

Option expiring on 28 August august Strike Price 557.35

call 620 3.85

call 680 1.75

put 620 68.75

put 680 122.2

LONG FUTURES LONG CALL

end August fut p of buy Tata steetotal call pof
420 -137.35 -420 -557.35 0
440 -117.35 -440 -557.35 0
460 -97.35 -460 -557.35 0
480 -77.35 -480 -557.35 0
500 -57.35 -500 -557.35 0
520 -37.35 -520 -557.35 -100
540 -17.35 -540 -557.35 -80
560 2.65 -560 -557.35 -60
580 22.65 -580 -557.35 -40
600 42.65 -600 -557.35 -20
620 62.65 -620 -557.35 0
 TataTCS
Steel

LONG CALL
120
100

80
60
40
20

Max loss premium 3.85 0

520 540 560 580 600 620 640 660 680 700 720
Max prof infinite -20

ects
nd hasthehelped
incline in steel,
Tata the share price
because of of TCS.steel
higher So, I'm taking
prices the right
the profit to
of tata
paying a premium of rupees 6.75. When the market went up more
hare price of Tata steel would go up, but due to the trade war between US
price, so taking futures can be risky, thus in order
he situation is In the money for me and I gained profit. to secure our price we
ehat
in share
I paidprice it would begain
but maximum beneficial for us and if prices go down due to
is infinte.
thus the max loss we can incur would be to the extend to premium

SHORT CALL
20

0
520 540 560 580 600 620 640 660 680 700
-20

-40

-60

-80

-100

-120
 -80

-100

-120

infinite
premium 3.85

nd Iwar
ade expects the us
between decline in thewhole
and china, shareeconomy
price ofisTCS. So,and
down I'mshare
giving someone
price the right
of Tata steel is
emium
on steelofby6.75.
USA, When the price
thus share market had went
is expected to down i.e. in
go down, less than
order to strike priceprofit,
earn some the deal
we
the(to
deal same,
whomsinceI gave
the price
the are expected
right to sell),will
so go down
I end up buyer
with aofprofit
the call
ofwill
onlynot exercise the
premium.
case if thethe
ore than prices go up
strike we the
price can end up withwas
exercising unlimited
being losses. Thus riskme
done against to and
reward is very
I occured
about the same.
emium that I'm taking but maximum loss is infinte.

LONG CALL 1750

prem buy Tata Steetotal call pof prem buy ace total
-3.85 -420 -423.85 0 -1.75 -420 -421.75
-3.85 -440 -443.85 0 -1.75 -440 -441.75
-3.85 -460 -463.85 0 -1.75 -460 -461.75
-3.85 -480 -483.85 0 -1.75 -480 -481.75
-3.85 -500 -503.85 0 -1.75 -500 -501.75
-3.85 -520 -623.85 0 -1.75 -520 -521.75
-3.85 -540 -623.85 -1210 -1.75 -540 -1751.75
-3.85 -560 -623.85 -1190 -1.75 -560 -1751.75
-3.85 -580 -623.85 -1170 -1.75 -580 -1751.75
-3.85 -600 -623.85 -1150 -1.75 -600 -1751.75
-3.85 -620 -623.85 -1130 -1.75 -620 -1751.75
 LONG PUT Tata
1-Aug Tata Steel 555.8
Option expiring on 28 August
August 500 strike
premium 4.4

End AugusACTION G/L premium TOTAL

400 EXERCISE 100 -4.4 95.6
420 EXERCISE 80 -4.4 75.6
440 EXERCISE 60 -4.4 55.6
460 EXERCISE 40 -4.4 35.6
480 EXERCISE 20 -4.4 15.6
500 DISCARD 0 -4.4 -4.4
520 DISCARD 0 -4.4 -4.4
540 DISCARD 0 -4.4 -4.4
560 DISCARD 0 -4.4 -4.4
580 DISCARD 0 -4.4 -4.4 Max loss premium 4.4
600 DISCARD 0 -4.4 -4.4 Max prof infinite

Analysis: Tata Steel reported a 6.23% decline in d

in production at 3.07 mt in the March quarter (Q4FY
breakdown in the blast furnace at Kalinga agar plan
we can see a fall in the share price of Tata steel thus
shares price from the short term fall in share price.

SHORT PUT

1-Aug Tata Steel 555.8

Option expiring on 28 Au August 500 strike
premium 4.4

End augustACTION G/L premium TOTAL

400 ex. Against -100 4.4 -95.6
420 ex. Against -80 4.4 -75.6
440 ex. Against -60 4.4 -55.6
460 ex. Against -40 4.4 -35.6
480 ex. Against -20 4.4 -15.6
500 ex. Against 0 4.4 4.4
 520 discarded 0 4.4 4.4
540 discarded 0 4.4 4.4
560 discarded 0 4.4 4.4 Max. loss INFINITE
580 discarded 0 4.4 4.4 Max. prof PREMIUM 4.4
600 discarded 0 4.4 4.4

Analysis: Because of the news of Tata and ThyssenKrupp Gro

of Tata group and thus demand for Tata steel share is expected
14%, in order to earn some income we can go for short put, we
price will go up, the buyer of the put will not exercise the same

LONG STOCK

1-Aug Tata Steel Spot 555.8

END AUGUST PAYOFF

400 -155.8 LONG STOC
420 -135.8 100
440 -115.8
50
460 -95.8
480 -75.8 0
400 420 440 460 480 500
500 -55.8 -50
520 -35.8
-100
540 -15.8
560 4.2 -150
580 24.2
-200
600 44.2

BOND PAYOFF

1-Aug TATA STEEL Spot 555.8

END AUGUST BOND PAYOFF

400 25
420 25 BON
30
440 25
25

20

15
 BON
30

460 25 25

480 25 20
500 25
15
520 25
10
540 25
560 25 5
580 25 0
600 25 400 420 440 460 480
 Tata Steel

LONG PUT
120
100
80
60
40
20
0
400 420 440 460 480 500 520 540 560 580 600
-20

eel reported a 6.23% decline in domestic sales at 3.01 million tonnes (mt) and a 4.06% drop
07 mt in the March quarter (Q4FY18). Latest news has come, which states that there is a
blast furnace at Kalinga agar plant, as the main reason for lower production and sales, thus
the share price of Tata steel thus we can take a put option so that we can protect our
he short term fall in share price.

Chart Title
20

0
400 420 440 460 480 500 520 540 560 580 600
-20

-40

-60

-80

-100

-120
 -20

-40

-60

-80

-100

-120

ws of Tata and ThyssenKrupp Group there is a positivity in the market regarding the future
d for Tata steel share is expected to go up by 26.85% and share price is expected to go up by
ome we can go for short put, we can earn premium, since it has a high probability that the
he put will not exercise the same and we can earn our premium.

LONG STOCK

0 440 460 480 500 520 540 560 580 600

BOND PAYOFF
 BOND PAYOFF

420 440 460 480 500 520 540 560 580 600
580 600
 Tata S
BULL SPREAD

Bull spread with calls

1-Aug Tata Steel 555.8 Buy in the money call

Option expiring on 28 August sell out of the money call

Strike Call Put Buy 540

520 43.75 7.95 Sell 580
540 30.95 13.95
560 19.95 22.45
580 12.1 34.2
600 7 51

end AUGUcall 540 call 580 premium total

500 0 0 -18.85 -18.85
520 0 0 -18.85 -18.85 540/580 540/600 520/560
540 0 0 -18.85 -18.85 max. gain 21.15 36.05 16.2
560 20 0 -18.85 1.15 max. loss 18.85 23.95 23.8
580 40 0 -18.85 21.15
600 60 -20 -18.85 21.15
620 80 -40 -18.85 21.15
640 100 -60 -18.85 21.15 Max gain dif. in strike price- premium
660 120 -80 -18.85 21.15 Max loss premium 26.55

Analysis: There is mild chance of rise in the price of Tata steel share price be
meeting, although there is a good volatility in the market thus price can go up
trade war in USA and China, thus we can use this strategy so that we can earn

Bull spread with puts

buy out of money put

 sell in the money put

1-Aug Tata Steel 555.8

Option expiring on 28 August

Strike Call Put

520 43.75 7.95
540 30.95 13.95
560 19.95 22.45
580 12.1 34.2
600 7 51

end AUGUput 540 put 580 premium total

500 40 -80 20.25 -19.75 540/580 540/600 520/560
520 20 -60 20.25 -19.75 max gain 20.25 37.05 14.5
540 0 -40 20.25 -19.75 max loss 19.75 22.95 25.5
560 0 -20 20.25 0.25
580 0 0 20.25 20.25
600 0 0 20.25 20.25
620 0 0 20.25 20.25 Max gain premium 20.25
640 0 0 20.25 20.25 Max loss dif. between strike-premium
660 0 0 20.25 20.25
Analysis: I'm a Option trader and currently the market is bulli
moderator risk taker and I want good profit. So, I write, buy In t
purchasing one put option at 1700 while simultaneously writing anot
these two resulted me a income from the premium received.
IN this case my maxium loss is infinite but maximum that I can g

BEAR SPREAD

Bear spread with calls

1-Aug Tata Steel 555.8 buy out of the money call

Option expiring on 28 August sell in the money call

Strike Call Put

520 43.75 7.95
540 30.95 13.95
560 19.95 22.45
580 12.1 34.2
 600 7 51

end AUGUcall 540 call 580 prem total

500 0 0 18.85 18.85
520 0 0 18.85 18.85
540 0 0 18.85 18.85 540/580 540/600 520/560
560 -20 0 18.85 -1.15 max. gain 18.85 23.95 23.8
580 -40 0 18.85 -21.15 max. loss 21.15 36.05 16.2
600 -60 20 18.85 -21.15
620 -80 40 18.85 -21.15
640 -100 60 18.85 -21.15
660 -120 80 18.85 -21.15
Max profitpremium 18.85
Max loss dif. in strike-premium

Analysis: I'm an option trader and currently the market is bearish.

moderator risk taker and I want good profit. So I'm purchasing call op
calls with the same expiration date, but at a lower strike price. The maxim
received in starting of the trade.
In this case my maxium loss is infinite but maximum that I can gain

Bear Spread with puts

1-Aug Tata Steel 555.8 buy in the money put

Option expiring on 28 August sell out of the money put

Strike Call Put

520 43.75 7.95
540 30.95 13.95
560 19.95 22.45
580 12.1 34.2
600 7 51

end AUGUput 540 put 580 premium total

500 -40 80 -20.25 19.75
520 -20 60 -20.25 19.75
540 0 40 -20.25 19.75 540/580 540/600 520/560
560 0 20 -20.25 -0.25 max. gain 19.75 22.95 25.5
580 0 0 -20.25 -20.25 max. loss 20.25 37.05 14.5
600 0 0 -20.25 -20.25
620 0 0 -20.25 -20.25
640 0 0 -20.25 -20.25
660 0 0 -20.25 -20.25
Max profitdif. in strikes-premium
Max loss premium 22.85

Analysis: I'm a Option trader and currently the market is bullish. So, I expects a in
risk taker and I want good profit. So, I write, buy In the money call and sell out the
price of 1750 also selling the same number of puts with the same expiration date at a 170
In this case my maxium loss is premium but maximum profit is infinite. Thanks to B
 Tata Steel

BULL SPREAD WITH CALLS

25
20
15
520/580 10
28.35 5
31.65 0
500 520 540 560 580 600 620 640 660
-5
-10
-15
-20
-25

Tata steel share price because of positive news in the annual general
ket thus price can go up or go little down the volatility is due to the
egy so that we can earn profit even if the market go down or go up.
 Chart Title
25
20
15
10
520/580 5
26.25 0
500 520 540 560 580 600 620 640 660
33.75 -5
-10
-15
-20
-25

ntly the market is bullish. So, I expects a incline in the price of underlying asset. I'm a
ofit. So, I write, buy In the buy out of money put and sell in the money put. I'm
multaneously writing another put option at higher strike price of 1750. The combination of
remium received.
t maximum that I can gain is premium. Thanks to Bull spread with puts!!

Marekt is steady
but slightly bearish
do not want to take high risks
 Bear spread with calls
25
20
520/580 15
31.65 10
28.35 5
0
500 520 540 560 580 600 620 640 660
-5
-10
-15
-20
-25

y the market is bearish. So, I expect a decline in the price of underlying asset. I'm a
So I'm purchasing call options at a specific strike price while also selling the same number of
r strike price. The maximum profit that I can make using this strategy is equal to the premium

ximum that I can gain is premium. Thanks to Bull spread with puts!!

Marekt is steady
but slightly bearish
do not want to take high risks

Bear spread with puts

25
520/580 20
33.75 15
10
5
0
-5500 520 540 560 580 600 620 640 660
-10
 Bear spread with puts
25
20
15
26.25 10
5
0
-5500 520 540 560 580 600 620 640 660
-10
-15
-20
-25

bullish. So, I expects a incline in the price of underlying asset. I'm a moderator
ney call and sell out the money call. I'm purchasing put options at a strike
e expiration date at a 1700.
t is infinite. Thanks to Bull spread with calls !!
 Butterfly Spread
Market is steady and we do not want to take big risk
1-Aug Tata Steel 555.8
Option expiring on 2 August

Strike Call Put

520 43.75 7.95
540 30.95 13.95 Buy ITM call 540
560 19.95 22.45 Buy OTM call 580
580 12.1 34.2 Sell 2 numbers of at the money call
600 7 51

BUTT
End AUGUcall 540 call 580 call 560 premium total
20
500 0 0 0 -3.15 -3.15
520 0 0 0 -3.15 -3.15
15
540 0 0 0 -3.15 -3.15
560 20 0 0 -3.15 16.85 10
580 40 0 -40 -3.15 -3.15
600 60 20 -80 -3.15 -3.15 5
620 80 40 -120 -3.15 -3.15
0
500 520 540 560

-5

Max . Profit dif. in strike/2 -premium

Max. loss premium

Analysis: I'm a Option trader and currently the market is steady and I do
In this condition I'll use four option contracts with the same expiration i.e
1700, 1725 and 1750. I'm selling two option contracts at the strike price o
strike price of 1700 and buying another option contract at a higher strike

In this scenarion the maximum loss is premium and maxium profit is dife

Box Spread

1-Aug Tata Steel 555.8 Combination of

Option expiring on 2 August Bull spread with calls
 Strike Call Put AND
520 43.75 7.95
540 30.95 13.95 Bear spread with puts
560 19.95 22.45
580 12.1 34.2
600 7 51 buy call 540 sell call
buy put 580 sell put
premium -39.1

End AUGUcall 540 call 580 put 540 put 580 premium Total
480 0 0 -60 100 -39.1 0.9
500 0 0 -40 80 -39.1 0.9
520 0 0 -20 60 -39.1 0.9 Always profit
540 0 0 0 40 -39.1 0.9
560 20 0 0 20 -39.1 0.9
580 40 0 0 0 -39.1 0.9
600 60 -20 0 0 -39.1 0.9
620 80 -40 0 0 -39.1 0.9
640 100 -60 0 0 -39.1 0.9
660 120 -80 0 0 -39.1 0.9

Analysis: I'm a Option trader and currently the market is steady

the combination of Bull spread with calls and Bear spread with pu
This strategy always gives a fixed profit to the trader without any
Spread Strategy!!
 Tata Steel
take big risk

560

BUTTERFLY SPREAD

20 540 560 580 600 620

1700/1775
23.15
-3.15

e market is steady and I don't want to take big risk.

th the same expiration i.e. end july but three diferent strike prices of
ntracts at the strike price of 1725, buying one option contract at a lower
contract at a higher strike price of 1750.

and maxium profit is diference of average strike prices and premium.

Buy in the money call

 sell out of the money put

buy in the money put

sell out of the money put

540
580

0.9

ently the market is steady and I don't want to take risk at all. This strategy is
ls and Bear spread with puts.
to the trader without any loss. So as me a profit of 0.6 always. Thanks to Box
 STRADDLE T
LONG STRADDLE

1-Aug Tata Steel 555.8

Option expiring on 28 A August

Strike Call Put

520 43.75 7.95
540 30.95 13.95
560 19.95 22.45
580 12.1 34.2
600 7 51

90
end Auguscall 560 put 560 prem total 80
480 0 80 2.5 82.5 70
500 0 60 2.5 62.5 60
520 0 40 2.5 42.5 Above 587.2 50
540 0 20 2.5 22.5 Below 532.8 40
30
560 0 0 2.5 2.5
20
580 20 0 2.5 22.5
10
600 40 0 2.5 42.5 0
620 60 0 2.5 62.5 460 480 500 520

640 80 0 2.5 82.5

SHORT STRADDLE

1-Aug Tata Steel 555.8

Option expiring on 28 A August

Strike Call Put

520 43.75 7.95
540 30.95 13.95
560 19.95 22.45
580 12.1 34.2 SHORT STRAD
600 7 51 60

40

end Auguscall 560 put 560 prem total 20

480 0 -80 42.4 -37.6 0

480 500 520 540 560 580
500 0 -60 42.4 -17.6
-20

-40

-60
 20

0
480 500 520 540 560 580
-20
520 0 -40 42.4 2.4
540 0 -20 42.4 22.4 -40
560 0 0 42.4 42.4 -60
580 -20 0 42.4 22.4
-80
600 -40 0 42.4 2.4
620 -60 0 42.4 -17.6 -100
640 -80 0 42.4 -37.6
660 -100 0 42.4 -57.6
680 -120 0 42.4 -77.6

STRANGLE
LONG STRANGLE

1-Aug Tata Steel 555.8

Option expiring on 28 A August

Strike Call Put

520 43.75 7.95
540 30.95 13.95
560 19.95 22.45
580 12.1 34.2
600 7 51

end Auguscall 540 put 560 prem total 140

480 0 100 26.05 126.05
500 0 80 26.05 106.05 120

520 0 60 26.05 86.05 100

540 0 40 26.05 66.05
80
560 20 20 26.05 66.05
580 40 0 26.05 66.05 60
600 60 0 26.05 86.05
40
620 80 0 26.05 106.05
640 100 0 26.05 126.05 20

0
480 500 520 540

SHORT STRANGLE

1-Aug Tata Steel 555.8

Option expiring on 28 A August
 Strike Call Put
520 43.75 7.95
540 30.95 13.95
560 19.95 22.45
580 12.1 34.2
600 7 51

End AUGUcall 540 put 580 premium total SHO

0
480 0 -100 26.05 -73.95 480 500 520 540
-10
500 0 -80 26.05 -53.95
520 0 -60 26.05 -33.95 -20

540 0 -40 26.05 -13.95 -30

560 -20 -20 26.05 -13.95 -40
580 -40 0 26.05 -13.95
-50
600 -60 0 26.05 -33.95
-60
620 -80 0 26.05 -53.95
640 -100 0 26.05 -73.95 -70

-80

LOWER LIMIT

STOCK 555.8 strike 560

Lower limit of call prices

can not be lower than Stock price- PV of strike

PV of strike 555.35

CALL PRICE cannot be lower tha555.8-555.35

0.45
 Tata Steel

LONG STRADDLE
90
80
70
60
50
40
30
20
10
0
460 480 500 520 540 560 580 600 620 640 660

SHORT STRADDLE

500 520 540 560 580 600 620 640 660 680
500 520 540 560 580 600 620 640 660 680

STRANGLE

LONG STRANGLE
140

120

100

80

60

40

20

0
480 500 520 540 560 580 600 620 640
 SHORT STRANGLE
80 500 520 540 560 580 600 620 640

rf 5%
expiry 2 months
 MIMIC
1-Aug Tata steel 555.8 call 19.95
Option expiring on 31 aug 560 strike put 22.45

price end August call payof put pof premium total pof
480 0 -80 2.5 -77.5
500 0 -60 2.5 -57.5
520 0 -40 2.5 -37.5
540 0 -20 2.5 -17.5
560 0 0 2.5 2.5
580 20 0 2.5 22.5
600 40 0 2.5 42.5
620 60 0 2.5 62.5
640 80 0 2.5 82.5

SYNTHETIC
1-Aug Tata steel 555.8 call 19.95
Option expiring on 31 augest 560 strike put 22.45

price end AUGUST call payof put pof bond pre. premium total pof
480 0 -80 -2.5 2.5 -80
500 0 -60 -2.5 2.5 -60
520 0 -40 -2.5 2.5 -40
540 0 -20 -2.5 2.5 -20
560 0 0 -2.5 2.5 0
580 20 0 -2.5 2.5 20
600 40 0 -2.5 2.5 40
620 60 0 -2.5 2.5 60
640 80 0 -2.5 2.5 80

PUT CALL PARITY

stock 555.8 strike 560 calls and puts

risky asset
safe asset

Final price 540 560 580

risky asset 540 560 580
safe asset 560 560 560
 call 0 0 540
put 540 0 0
ALWAYS
RISKT ASSET +PUT
put+stock

To find CALL premium

Today 1-Aug
Expiry 31-Aug Hero Motorco 555.8

Strike price 560 PE 22

Find the CALL PRICE if RF is 5%

pv of strike 557.70

CALL equals put+stock - pv of strike

61.25+555.8-555.8

20.10 19.95 (as per market)

 Tata Steel

Mimic: you are trying to mimic another asset

Initial investment is diferent but final paymet is more or less similar

buys a call and sells a put

Synthetic: Initial investment and finl payment both are more or less similar
 equal SAFE ASSET + CALL
equal PV of strike + call

PUT premium is given. We had to find the value of call

premium by taking risk free rate of 5%. The diference in
the call premium as per the market and what I got is
may be because the diference in risk free rate taken
and market volatility could be another factor as well.

per market)
 Covered Call Writing

BRIT ### ### 660 21.6 585.45

BRIT ### ### 560 42.3 566.15

strike -660

Call
payof
Price at Portfolio Premium Call Net value
after
end Value received payof adjusting at end
premium

250 250 21.6 0 21.6 271.6

275 275 21.6 0 21.6 296.6
300 300 21.6 0 21.6 321.6
325 325 21.6 0 21.6 346.6
350 350 21.6 0 21.6 371.6
375 375 21.6 0 21.6 396.6
400 400 21.6 0 21.6 421.6
425 425 21.6 0 21.6 446.6
450 450 21.6 0 21.6 471.6
475 475 21.6 0 21.6 496.6
500 500 21.6 0 21.6 521.6
525 525 21.6 0 21.6 546.6
550 550 21.6 0 21.6 571.6
575 575 21.6 0 21.6 596.6
600 600 21.6 0 21.6 621.6
625 625 21.6 0 21.6 646.6
650 650 21.6 0 21.6 671.6
675 675 21.6 -15 6.6 681.6
700 700 21.6 -40 -18.4 681.6
725 725 21.6 -65 -43.4 681.6
750 750 21.6 -90 -68.4 681.6
 560

Call
payof
Price at Portfolio Premium Call Net value
after
end Value received payof adjusting at end
premium

250 250 42.3 0 42.3 292.3

275 275 42.3 0 42.3 317.3
300 300 42.3 0 42.3 342.3
325 325 42.3 0 42.3 367.3
350 350 42.3 0 42.3 392.3
375 375 42.3 0 42.3 417.3
400 400 42.3 0 42.3 442.3
425 425 42.3 0 42.3 467.3
450 450 42.3 0 42.3 492.3
475 475 42.3 0 42.3 517.3
500 500 42.3 0 42.3 542.3
525 525 42.3 0 42.3 567.3
550 550 42.3 0 42.3 592.3
575 575 42.3 -15 27.3 602.3
600 600 42.3 -40 2.3 602.3
625 625 42.3 -65 -22.7 602.3
650 650 42.3 -90 -47.7 602.3
675 675 42.3 -115 -72.7 602.3
700 700 42.3 -140 -97.7 602.3
725 725 42.3 -165 -122.7 602.3
750 750 42.3 -190 -147.7 602.3