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20 8
6
15
4
10 2
0
P/L
P/L
10
8
6
4 1PORTFOLIO P/L
P/L
2
0
-2 115 120 125 130 135 140 145 150 155
SP
-10 115120125130135140145150155
-20
SP
2 BUY A CALL OPTION AND SELL A CALL OPTION .LONG POSITION AT HIGHER STRIKE PRICE ,SHORT POSITION AT
LOWER STRIKE PRICE .LONG POSITION PREMIUM IS LESER THEN SHORT POSITION PREMIUM.
30
25
20
15
P/L
10 P/L BC
5
0
-5
5
5
11
12
13
14
15
16
17
-10
SP
P/L SC
10
5
0
-5
5
P/L15
5
12
13
14
15
16
17
1
5
5
5
11
12
15
16
17
13
14
-2 -10
5
5
11
12
13
14
15
16
17
-3 -20
-4 -30
-5 -40
SP SP
3. BUY A PUT OPTION AND SELL A PUT OPTION. LONG POSITION AT LOWERSTRIKE PRICE SHORT POSITION
AT HIGHER STRIKE PRICE.SHORT POSITION PREMIUM IS GREATER THEN LONG POSITION PREMIUM
30 15
25 10
5
20
0
15 -5
5
5
5
P/L
6
1
7
P/L
-10
1
10 P/L SP3
-15
5 -20
0 -25
-30
5
-5
2
6
1
-35
1
-10 -40
SP SP
PORTFOLIO3
0
P/L
5
5
7
1
-2 3OVER ALL
1
-4
-6
-8
SP
P/L BP3
CHART 3 P/L SP3
PORTFOLIO 3
40
30
P/L
20
120
115
165
170
125
175
130
135
140
155
160
145
150
10
P
0
-10
-20
-30
-40
SP
4. BUY A PUT OPTION AND SELL A PUT OPTION. LONG POSITION AT HIGHER STRIKE PRICE SHORT POSITION AT
LOWER STRIKE PRICE.SHORT POSITION PREMIUM IS LESSER THEN LONG POSITION PREMIUM
BUY PUT SELL PUT
P/L OVER
SPOTPRICE STRIKE PREMIUM ACTION P/L BP STRIKE PREMIUM ACTION SP ALL
115 160 8 ACTION 37 140 6 ACTION -19 18
120 160 8 ACTION 32 140 6 ACTION -14 18
125 160 8 ACTION 27 140 6 ACTION -9 18
130 160 8 ACTION 22 140 6 ACTION -4 18
135 160 8 ACTION 17 140 6 ACTION 1 18
140 160 8 ACTION 12 140 6 N 6 18
145 160 8 ACTION 7 140 6 NA 6 13
150 160 8 ACTION 2 140 6 NA 6 8
155 160 8 ACTION -3 140 6 NA 6 3
160 160 8 N -8 140 6 NA 6 -2
165 160 8 NA -8 140 6 NA 6 -2
170 160 8 NA -8 140 6 NA 6 -2
175 160 8 NA -8 140 6 NA 6 -2
40 10
30 5
0
20
5
5
5
5
-5
P/L
7
P/L
13
14
1
1
10 P/L BP P/L SP
-10
0
-15
5
5
5
5
1
12
-10
13
14
-20
1
-20 -25
SP SP
PORTFOLIO 4 CHART4
20 40
30
15
P/L
20
10
P/L
P/L BP
10
PORTFOLIO
5 P/L SP
0
PORTFOLIO 4
5
5
5
0
11
13
15
12
14
16
17
-10
5
5
5
-20
13
14
15
17
11
12
16
-5
-30
SP
SP
5. BUY TWO CALL OPTION AND SELL TWO CALL OPTION. ONE AT LOWER STRIKE PRICE ONE AT HIGHER STRIKE
PRICE
80
70
60
50
40 P/L BUY CO 1
P/L
5
1
7
0
8
1
1
-20
SP
30
20
10
0
-10 P/L SELL CO 1
5
5
P/L
-20
1
CHART 5
80
60
40
20 BUY CALL P/L
P/L
0
OVER ALL
SELL CALL P/L
5
5
5
-20
11
14
16
17
10
12
13
15
18
-40
-60
-80
SP
6. BUY TWO PUT OPTION AND SELL TWO PUT OPTION. ONE AT LOWER STRIKE PRICE ONE AT HIGHER STRIKE
PRICE
100
80
60
P/L BUY PO 1
P/L
0
5
5
0
7
-20
1
1
SP
SELL 2 PUT
40
20
0
P/L SELL PO 1
P/L
5
5
5
0
-60
-80
SP
CHART 6
100
80
60
40
BUY PUT P/L
20
p/l
-20
5
0
7
1
-40
-60
-80
sp
7. BUY ONE CALL OPTION AND SELL ONE PUT OPTION. SAME STRKE PRICE SAME STOCK
P/L BC 7 P/L SP 7
45 8
40 6
35
4
30
25 2
20 0
P/L
P/L
P/L BC P/L SP
15 -2
5
5
5
5
11
12
13
14
15
16
17
10
-4
5
-6
0
-5 -8
5
5
11
12
13
14
15
16
17
-10 -10
SP SP
PORTFOLIO P/L 7
50
40
30
20
P/L
PORTFOLIO P/L 7
10
0
15
25
55
35
45
65
75
-10
1
1
-20
SP
CHART 7
50
40
30
P/L
P/L BC
20
P/L SP
10
PORTFOLIO P/L 7
0
5
5
13
14
15
16
17
11
12
-10
-20
SP
8. SELL ONE CALL OPTION AND BUY ONE PUT OPTION. SAME STRKE PRICE SAME STOCK
25
35
45
55
65
75
-10
1
1
4
P/L
-15
P/L SC 2
P/L
-20 P/L BP
-25 0
-30 -2 115 120 125 130 135 140 145 150 155 160 165 170 175
-35 -4
-40 -6
-45 -8
SP SP
20 20
10 10
0 0
P/L SC
65
15
35
45
55
75
-10
15
25
35
45
55
65
75
12
-10
P/L
P/L
1
P/L BP PORTFOLIO P/L 8
-20 -20
PORTFOLIO P/L 8
-30 -30
-40
-40
-50
-50
SP
SP
9. TAKE LONG POSITION WITH TWO CALL AND ONE PUT OPTION
30
25
20
15
P/L
10 P/L BP
5
0
-5
5
5
5
11
12
13
14
15
16
17
-10
SP
40
30
20
P/L BC1
P/L
10 P/L BC2
0 P/L BUY 2 CALL
5
-10
11
12
13
14
15
16
17
-20
SP
40 40
30 30
20 20
P/L
5
5
5
5
-10 -10
11
12
13
14
15
16
17
11
12
13
14
15
16
17
-20 -20
-30 -30
SP SP
10. TAKE LONG POSITION WITH ONE CALL AND TWO PUT OPTION
P/L BC 10
20
15
10
P/L
5 P/L BC
0
120
125
135
140
145
150
155
160
165
170
115
130
175
-5
-10
SP
BYU 2 PUT 10
60
50
40
30 P/L BP
P/L
20 P/L BP
10 BUY 2 PUT
0
5
-10
2
7
1
1
-20
SP
PORTFOLIO P/L 10
60
50
40
P/L 30
20
PORTFOLIO P/L 10
10
0
5
-10
5
5
1
7
6
1
1
-20
-30
SP
CHART10
60
50
40
30
P/L BC
20
P/L
BUY 2 PUT
10
PORTFOLIO P/L 10
0
-10
5
5
5
5
1
7
16
1
-20
-30
SP
11. BUY ONE CALL OPTION AND SELL ONE PUT OPTION AT DIFFERENT STRIKE PRICE
P/L BC 11 P/L SP 11
20 8
6
15
4
10 2
0
P/L
P/L
5 P/L BC P/L SP
150
135
140
145
175
115
120
125
130
155
160
165
170
-2
0 -4
115
120
125
130
135
140
145
150
155
160
165
170
175
-6
-5
-8
-10 -10
SP SP
30 30
25 25
20 20
15 15
10 10 P/L BC
P/L
P/L
5
5
5
11
12
13
14
15
16
17
12
14
15
17
11
13
16
-10 -10
-15 -15
-20 -20
SP SP
12. SELL ONE CALL OPTION AND BUY ONE PUT OPTION AT DIFFERENT STRIKE PRICE
P/L SC 12 P/L BP 12
10 10
8
5
6
0 4
165
115
120
125
130
135
140
145
150
155
160
170
175 2
P/L
P/L
-5 P/L SC P/L BP
0
-10 -2 115 120 125 130 135 140 145 150 155 160 165 170 175
-4
-15
-6
-20 -8
SP SP
P/L SC
PORTFOLIO P/L 12 PORTFOLIO P/L 8
CHART 12 P/L BP
PORTFOLIO P/L 8
20 20
15 15
10 10
5 5
0 0
P/L
-5
P/L
-5 115 120 125 130 135 140 145 150 155 160 165 170 175 115 120 125 130 135 140 145 150 155 160 165 170 175
-10 -10
-15 -15
-20 -20
-25 -25
-30 -30
SP SP