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+282 Part Ill: Put Option Strategies 
+if xyz is at 52 at expiration, the call will be worth 2 points and the put will be wort Ii 
+8 points. Alternatively, if the stock is at 58 at expiration, the put will be worth 2 points 
+and the call worth 8 points. Should xyz be above 60 at expiration, the combination's 
+value will be equal to the call's value, since the put will expire worthless with XYZ 
+above 60. The call would have to be worth more than 10 points in that case, since it 
+has a striking price of 50. Similarly, if xyz were below 50 at expiration, the combi­
+nation would be worth more than 10 points, since the put would be more than 10 
+points in-the-money and the call would be worthless. 
+The speculator has thus created a position in which he cannot lose money, 
+because he paid only 7 points for the combination (3 points for the call and 4 points 
+for the put). No matter what happens, the combination will be worth at least 10 
+points at e:x-piration, and a 3-point profit is thus locked in. If xyz should continue to 
+climb in price, the speculator could make more than 3 points of profit whenever xyz 
+is above 60 at expiration. Moreover, if xyz should suddenly collapse in price, the 
+speculator could make more than 3 points of profit if the stock was below 50 by expi­
+ration. The reader must realize that such a position can never be created as an initial 
+position. This desirable situation arose only because the call had built up a substan­
+tial profit before the put was purchased. The similar strategy for the put buyer who 
+might buy a call to protect his unrealized put profits was described in Chapter 16. 
+STRADDLE BUYING 
+A straddle purchase consists of buying both a put and a call with the same terms -
+sarne underlying stock, striking price, and expiration date. The straddle purchase 
+allows the buyer to make large potential profits if the stock moves far enough in 
+either direction. The buyer has a predetermined maximum loss, equal to the amount 
+of his initial investment. 
+Example: The following prices exist: 
+xyz common, 50; 
+XYZ July 50 call, 3; and 
+XYZ July 50 put, 2. 
+If one purchased both the July 50 call and the July 50 put, he would be buying a 
+straddle. This would cost 5 points plus commissions. The investment required to 
+purchase a straddle is the net debit. If the underlying stock is exactly at 50 at expi­
+ration, the buyer would lose all his investment, since both the put and the call would 
+expire worthless. If the stock were above .55 at expiration, the call portion of the