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training_data/curated/text/105f62bc5edfa71748f653c14af014e48fb74c8106a216db3922cae6024b461b.txt

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+Put-Call Parity Essentials
+Before the creation of the Black-Scholes model, option pricing was hardly
+an exact science. Traders had only a few mathematical tools available to
+compare the relative prices of options. One such tool, put-call parity, stems
+from the fact that puts and calls on the same class sharing the same month
+and strike can have the same functionality when stock is introduced.
+For example, traders wanting to own a stock with limited risk can buy a
+married put: long stock and a long put on a share-for-share basis. The
+traders have infinite profit potential, and the risk of the position is limited
+below the strike price of the option. Conceptually, long calls have the same
+risk/reward profile—unlimited profit potential and limited risk below the
+strike. Exhibit 6.1 is an overview of the at-expiration diagrams of a married
+put and a long call.
+EXHIBIT 6.1 Long call vs. long stock + long put (married put).
+Married puts and long calls sharing the same month and strike on the
+same security have at-expiration diagrams with the same shape. They have
+the same volatility value and should trade around the same implied
+volatility (IV). Strategically, these two positions provide the same service to
+a trader, but depending on margin requirements, the married put may
+require more capital to establish, because the trader must buy not just the
+option but also the stock.