Estrategia numero 1

COLLAR
FX Loan@Spot 18.77
Compra PUT Strike=Spot
Venta Call Strike = Spot + 0.08
posicion=corto
$1,000,000.00
FX Loan Prima PUT Utilidad PUT Prima Call
$18.90 ($301,500.00) ($139,200.00) $101,700.00
$18.89 ($301,500.00) ($139,200.00) $101,700.00
$18.88 ($301,500.00) ($139,200.00) $101,700.00
$18.87 ($301,500.00) ($139,200.00) $101,700.00
$18.86 ($301,500.00) ($139,200.00) $101,700.00
STRIKE $18.85 ($301,500.00) ($139,200.00) $101,700.00
$18.84 ($301,500.00) ($139,200.00) $101,700.00
$18.83 ($301,500.00) ($139,200.00) $101,700.00
$18.82 ($301,500.00) ($139,200.00) $101,700.00
$18.81 ($301,500.00) ($139,200.00) $101,700.00
$18.80 ($301,500.00) ($139,200.00) $101,700.00
$18.79 ($301,500.00) ($139,200.00) $101,700.00
$18.78 ($301,500.00) ($139,200.00) $101,700.00
SPOT $18.77 ($301,500.00) ($139,200.00) $0.00 $101,700.00
$18.76 ($301,500.00) ($139,200.00) $10,000.00 $101,700.00
$18.75 ($301,500.00) ($139,200.00) $20,000.00 $101,700.00
$18.74 ($301,500.00) ($139,200.00) $30,000.00 $101,700.00
$18.73 ($301,500.00) ($139,200.00) $40,000.00 $101,700.00
$18.72 ($301,500.00) ($139,200.00) $50,000.00 $101,700.00
$18.71 ($301,500.00) ($139,200.00) $60,000.00 $101,700.00
$18.70 ($301,500.00) ($139,200.00) $70,000.00 $101,700.00
$18.69 ($301,500.00) ($139,200.00) $80,000.00 $101,700.00
$18.68 ($301,500.00) ($139,200.00) $90,000.00 $101,700.00
$18.67 ($301,500.00) ($139,200.00) $100,000.00 $101,700.00
$18.66 ($301,500.00) ($139,200.00) $110,000.00 $101,700.00
$18.65 ($301,500.00) ($139,200.00) $120,000.00 $101,700.00
$18.64 ($301,500.00) ($139,200.00) $130,000.00 $101,700.00
$18.63 ($301,500.00) ($139,200.00) $140,000.00 $101,700.00
$18.62 ($301,500.00) ($139,200.00) $150,000.00 $101,700.00
$18.61 ($301,500.00) ($139,200.00) $160,000.00 $101,700.00
$18.60 ($301,500.00) ($139,200.00) $170,000.00 $101,700.00
$18.59 ($301,500.00) ($139,200.00) $180,000.00 $101,700.00
$18.58 ($301,500.00) ($139,200.00) $190,000.00 $101,700.00
$18.57 ($301,500.00) ($139,200.00) $200,000.00 $101,700.00
$18.56 ($301,500.00) ($139,200.00) $210,000.00 $101,700.00
$18.55 ($301,500.00) ($139,200.00) $220,000.00 $101,700.00
$18.54 ($301,500.00) ($139,200.00) $230,000.00 $101,700.00
$18.53 ($301,500.00) ($139,200.00) $240,000.00 $101,700.00
$18.52 ($301,500.00) ($139,200.00) $250,000.00 $101,700.00
$18.51 ($301,500.00) ($139,200.00) $260,000.00 $101,700.00
$18.50 ($301,500.00) ($139,200.00) $270,000.00 $101,700.00
$18.49 ($301,500.00) ($139,200.00) $280,000.00 $101,700.00
$18.48 ($301,500.00) ($139,200.00) $290,000.00 $101,700.00
$18.47 ($301,500.00) ($139,200.00) $300,000.00 $101,700.00
$18.46 ($301,500.00) ($139,200.00) $310,000.00 $101,700.00
$18.45 ($301,500.00) ($139,200.00) $320,000.00 $101,700.00
 Collar Total
Utildad Call Outcome Outcome
$80,000.00 $42,500.00 ($259,000.00)
$80,000.00 $42,500.00 ($259,000.00)
$80,000.00 $42,500.00 ($259,000.00)
$80,000.00 $42,500.00 ($259,000.00)
$80,000.00 $42,500.00 ($259,000.00)
$80,000.00 $42,500.00 ($259,000.00)
($37,500.00) ($339,000.00)
($37,500.00) ($339,000.00)
($37,500.00) ($339,000.00)
($37,500.00) ($339,000.00)
($37,500.00) ($339,000.00)
($37,500.00) ($339,000.00)
($37,500.00) ($339,000.00)
($37,500.00) ($339,000.00)
($27,500.00) ($329,000.00)
($17,500.00) ($319,000.00)
($7,500.00) ($309,000.00)
$2,500.00 ($299,000.00)
$12,500.00 ($289,000.00)
$22,500.00 ($279,000.00)
$32,500.00 ($269,000.00)
$42,500.00 ($259,000.00)
$52,500.00 ($249,000.00)
$62,500.00 ($239,000.00)
$72,500.00 ($229,000.00)
$82,500.00 ($219,000.00)
$92,500.00 ($209,000.00)
$102,500.00 ($199,000.00)
$112,500.00 ($189,000.00)
$122,500.00 ($179,000.00)
$132,500.00 ($169,000.00)
$142,500.00 ($159,000.00)
$152,500.00 ($149,000.00)
$162,500.00 ($139,000.00)
$172,500.00 ($129,000.00)
$182,500.00 ($119,000.00)
$192,500.00 ($109,000.00)
$202,500.00 ($99,000.00)
$212,500.00 ($89,000.00)
$222,500.00 ($79,000.00)
$232,500.00 ($69,000.00)
$242,500.00 ($59,000.00)
$252,500.00 ($49,000.00)
$262,500.00 ($39,000.00)
$272,500.00 ($29,000.00)
$282,500.00 ($19,000.00)
Estrategia numero 2
Venta Call
Spot 18.80
venta call (strike)= 18.53
prima (recibida)= .2560
posicion=largo 30 DIAS
spot fx loan = 18.48
$1,000,000.00
FX Loan Prima Call Utildad Call Outcome
$18.65 ($301,500.00) $256,000.00 $50,000.00 $306,000.00
$18.64 ($301,500.00) $256,000.00 $50,000.00 $306,000.00
$18.63 ($301,500.00) $256,000.00 $50,000.00 $306,000.00
$18.62 ($301,500.00) $256,000.00 $50,000.00 $306,000.00
$18.61 ($301,500.00) $256,000.00 $50,000.00 $306,000.00
$18.60 ($301,500.00) $256,000.00 $50,000.00 $306,000.00
$18.59 ($301,500.00) $256,000.00 $50,000.00 $306,000.00
$18.58 ($301,500.00) $256,000.00 $50,000.00 $306,000.00
$18.57 ($301,500.00) $256,000.00 $50,000.00 $306,000.00
$18.56 ($301,500.00) $256,000.00 $50,000.00 $306,000.00
$18.55 ($301,500.00) $256,000.00 $50,000.00 $306,000.00
$18.54 ($301,500.00) $256,000.00 $50,000.00 $306,000.00
venta call (strike)= 18.53 $18.53 ($301,500.00) $256,000.00 $50,000.00 $306,000.00
$18.52 ($301,500.00) $256,000.00 $40,000.00 $296,000.00
$18.51 ($301,500.00) $256,000.00 $30,000.00 $286,000.00
$18.50 ($301,500.00) $256,000.00 $20,000.00 $276,000.00
$18.49 ($301,500.00) $256,000.00 $10,000.00 $266,000.00
spot fx loan = 18.48 $18.48 ($301,500.00) $256,000.00 $0.00 $256,000.00
$18.47 ($301,500.00) $256,000.00 ($10,000.00) $246,000.00
$18.46 ($301,500.00) $256,000.00 ($20,000.00) $236,000.00
$18.45 ($301,500.00) $256,000.00 ($30,000.00) $226,000.00
$18.44 ($301,500.00) $256,000.00 ($40,000.00) $216,000.00
$18.43 ($301,500.00) $256,000.00 ($50,000.00) $206,000.00
$18.42 ($301,500.00) $256,000.00 ($60,000.00) $196,000.00
$18.41 ($301,500.00) $256,000.00 ($70,000.00) $186,000.00
$18.40 ($301,500.00) $256,000.00 ($80,000.00) $176,000.00
$18.39 ($301,500.00) $256,000.00 ($90,000.00) $166,000.00
$18.38 ($301,500.00) $256,000.00 ($100,000.00) $156,000.00
$18.37 ($301,500.00) $256,000.00 ($110,000.00) $146,000.00
$18.36 ($301,500.00) $256,000.00 ($120,000.00) $136,000.00
$18.35 ($301,500.00) $256,000.00 ($130,000.00) $126,000.00
$18.34 ($301,500.00) $256,000.00 ($140,000.00) $116,000.00
$18.33 ($301,500.00) $256,000.00 ($150,000.00) $106,000.00
$18.32 ($301,500.00) $256,000.00 ($160,000.00) $96,000.00
$18.31 ($301,500.00) $256,000.00 ($170,000.00) $86,000.00
$18.30 ($301,500.00) $256,000.00 ($180,000.00) $76,000.00
$18.29 ($301,500.00) $256,000.00 ($190,000.00) $66,000.00
$18.28 ($301,500.00) $256,000.00 ($200,000.00) $56,000.00
$18.27 ($301,500.00) $256,000.00 ($210,000.00) $46,000.00
$18.26 ($301,500.00) $256,000.00 ($220,000.00) $36,000.00
$18.25 ($301,500.00) $256,000.00 ($230,000.00) $26,000.00
$18.24 ($301,500.00) $256,000.00 ($240,000.00) $16,000.00
$18.23 ($301,500.00) $256,000.00 ($250,000.00) $6,000.00
$18.22 ($301,500.00) $256,000.00 ($260,000.00) ($4,000.00)
$18.21 ($301,500.00) $256,000.00 ($270,000.00) ($14,000.00)
$18.20 ($301,500.00) $256,000.00 ($280,000.00) ($24,000.00)
 DURANTE EL TRANSCURSO DEL PERIODO
PASAN 2 SEMANAS Y EL PRECIO SE ENCUENTRA EN 18.65
COMPRA PUT A 2 SEMANAS
STRIKE=SPOT DE FX LOAN
PRIMA PAGADA 7 CENTAVOS
PRIMA RESTANTE 18 CENTAVO

Outcome $1,000,000.00
$4,500.00
$4,500.00 $18.65
$4,500.00 $18.64
$4,500.00 $18.63
$4,500.00 $18.62
$4,500.00 $18.61
$4,500.00 $18.60
$4,500.00 $18.59
$4,500.00 $18.58
$4,500.00 $18.57
$4,500.00 $18.56
$4,500.00 $18.55
$4,500.00 $18.54
($5,500.00) venta call (strike)= 18.53 $18.53
($15,500.00) $18.52
($25,500.00) $18.51
($35,500.00) $18.50
($45,500.00) $18.49
($55,500.00) STRIKE DEL PUT=SPOT DE FX LOAN $18.48
($65,500.00) $18.47
($75,500.00) $18.46
($85,500.00) $18.45
($95,500.00) $18.44
($105,500.00) $18.43
($115,500.00) $18.42
($125,500.00) $18.41
($135,500.00) $18.40
($145,500.00) $18.39
($155,500.00) $18.38
($165,500.00) $18.37
($175,500.00) $18.36
($185,500.00) $18.35
($195,500.00) $18.34
($205,500.00) $18.33
($215,500.00) $18.32
($225,500.00) $18.31
($235,500.00) $18.30
($245,500.00) $18.29
($255,500.00) $18.28
($265,500.00) $18.27
($275,500.00) $18.26
($285,500.00) $18.25
($295,500.00) $18.24
($305,500.00) $18.23
($315,500.00) $18.22
($325,500.00) $18.21
$18.20
 FX Loan PRIMA PUT UTILIDAD PUT PRIMA CALL UTILIDAD Call OUTCOME COLLAR Outcome
($301,500.00) ($70,000.00) $250,000.00 $50,000.00 $230,000.00 ($71,500.00)
($301,500.00) ($70,000.00) $250,000.00 $50,000.00 $230,000.00 ($71,500.00)
($301,500.00) ($70,000.00) $250,000.00 $50,000.00 $230,000.00 ($71,500.00)
($301,500.00) ($70,000.00) $250,000.00 $50,000.00 $230,000.00 ($71,500.00)
($301,500.00) ($70,000.00) $250,000.00 $50,000.00 $230,000.00 ($71,500.00)
($301,500.00) ($70,000.00) $250,000.00 $50,000.00 $230,000.00 ($71,500.00)
($301,500.00) ($70,000.00) $250,000.00 $50,000.00 $230,000.00 ($71,500.00)
($301,500.00) ($70,000.00) $250,000.00 $50,000.00 $230,000.00 ($71,500.00)
($301,500.00) ($70,000.00) $250,000.00 $50,000.00 $230,000.00 ($71,500.00)
($301,500.00) ($70,000.00) $250,000.00 $50,000.00 $230,000.00 ($71,500.00)
($301,500.00) ($70,000.00) $250,000.00 $50,000.00 $230,000.00 ($71,500.00)
($301,500.00) ($70,000.00) $250,000.00 $50,000.00 $230,000.00 ($71,500.00)
($301,500.00) ($70,000.00) $250,000.00 $50,000.00 $230,000.00 ($71,500.00)
($301,500.00) ($70,000.00) $250,000.00 $40,000.00 $220,000.00 ($81,500.00)
($301,500.00) ($70,000.00) $250,000.00 $30,000.00 $210,000.00 ($91,500.00)
($301,500.00) ($70,000.00) $250,000.00 $20,000.00 $200,000.00 ($101,500.00)
($301,500.00) ($70,000.00) $250,000.00 $10,000.00 $190,000.00 ($111,500.00)
($301,500.00) ($70,000.00) $0.00 $250,000.00 $0.00 $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $10,000.00 $250,000.00 ($10,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $20,000.00 $250,000.00 ($20,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $30,000.00 $250,000.00 ($30,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $40,000.00 $250,000.00 ($40,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $50,000.00 $250,000.00 ($50,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $60,000.00 $250,000.00 ($60,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $70,000.00 $250,000.00 ($70,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $80,000.00 $250,000.00 ($80,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $90,000.00 $250,000.00 ($90,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $100,000.00 $250,000.00 ($100,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $110,000.00 $250,000.00 ($110,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $120,000.00 $250,000.00 ($120,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $130,000.00 $250,000.00 ($130,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $140,000.00 $250,000.00 ($140,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $150,000.00 $250,000.00 ($150,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $160,000.00 $250,000.00 ($160,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $170,000.00 $250,000.00 ($170,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $180,000.00 $250,000.00 ($180,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $190,000.00 $250,000.00 ($190,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $200,000.00 $250,000.00 ($200,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $210,000.00 $250,000.00 ($210,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $220,000.00 $250,000.00 ($220,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $230,000.00 $250,000.00 ($230,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $240,000.00 $250,000.00 ($240,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $250,000.00 $250,000.00 ($250,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $260,000.00 $250,000.00 ($260,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $270,000.00 $250,000.00 ($270,000.00) $180,000.00 ($121,500.00)
($301,500.00) ($70,000.00) $280,000.00 $250,000.00 ($280,000.00) $180,000.00 ($121,500.00)
Outcome