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+410 Part Ill: Put Option Strategies 
+increase in price. As usual, volatility has a major effect on the price of an option, and 
+LEAPS are no exception. Even small changes in the volatility of the underlying com­
+mon stock can cause large price differences in a two-year option. The rate of decay 
+due to time is much smaller for LEAPS, since they are long-term options. Finally, the 
+deltas of LEAPS calls are larger than those of short-term calls; conversely, the deltas 
+of LEAPS puts are smaller. 
+Several common strategies lend themselves well to the usage of LEAPS. A 
+LEAPS may be used as a stock substitute if the cash not invested in the stock is 
+instead deposited in a CD or T-bill. LEAPS puts can be bought as protection for 
+common stock. Speculative option buyers will appreciate the low rate of time decay 
+of LEAPS. LEAPS calls can be written against common stock, thereby creating a 
+covered write, although the sale of naked LEAPS puts is probably a better strategy 
+in most cases. Spread strategies with LEAPS may be viable as well, but the spreader 
+should carefully consider the ramifications of buying a long-term option and selling 
+a shorter-term one against it. If the underlying stock moves a great distance quickly, 
+the spread strategy may not perform as expected. 
+Overall, LEAPS are not very different from the shorter-term options to which 
+traders and investors have become accustomed. Once these investors become famil­
+iar with the way these long-term options are affected by the various factors that 
+determine the price of an option, they will consider the use of LEAPS as an integral 
+part of a strategic arsenal.