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+Long ATM Call
+Kim is a trader who is bullish on the Walt Disney Company (DIS) over the
+short term. The time horizon of her forecast is three weeks. Instead of
+buying 100 shares of Disney at $35.10 per share, Kim decides to buy one
+Disney March 35 call at $1.10. In this example, March options have 44
+days until expiration. How can Kim profit from this position? How can she
+lose?
+Exhibit 4.1 shows the profit and loss (P&(L)) for the call at different time
+periods. The top line is when the trade is executed; the middle, dotted line is
+after three weeks have passed; and the bottom, darker line is at expiration.
+Kim wants Disney to rise in price, which is evident by looking at the graph
+for any of the three time horizons. She would anticipate a loss if the stock
+price declines. These expectations are related to the position’s delta, but that
+is not the only risk exposure Kim has. As indicated by the three different
+lines in Exhibit 4.1 , the call loses value over time. This is called theta risk .
+She has other risk exposure as well. Exhibit 4.2 lists the greeks for the DIS
+March 35 call.
+EXHIBIT 4.1 P&(L) of Disney 35 call.
+EXHIBIT 4.2 Greeks for 35 Disney call.