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training_data/curated/text/189c5e5e988a4c392a94c2b8dc5f8c0afb028122dc31e5357fe0161b4aace5f3.txt

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+Chapter 7: Bull Spreads 
+FIGURE 7-2. 
+Lowering the break-even price on common stock. 
+C: 
+0 
+I +$200 
+iii 
+(/) 
+$0 (/) 
+.:l 
+0 
+i5 
+e 
+Q. 
+-$800 
+40 
+Profit with Options 
+, 
+,,,' , , 
+,,,' 
+50 
+Stock Price at Expiration 
+183 
+;f ,, 
+very similar to owning the stock. Since such a call costs less to purchase than the stock 
+itself would, the buyer is getting essentially the same profit or loss potential with a 
+smaller investment. It is natural, then, to think that one might write another call -
+one closer to the money- against the deeply in-the-money purchased call. This posi­
+tion would have profit characteristics much like a covered write, since the long call 
+"simulates" the purchase of stock This position really is, of course, a bull spread, in 
+which the purchased call is well in-the-money and the written call is closer to the 
+money. Clearly, one would not want to put all of his money into such a strategy and 
+forsake covered writing, since, with bull spreads, he could be entirely wiped out in a 
+moderate market decline. In a covered writing strategy, one still owns the stocks even 
+after a severe market decline. However, one may achieve something of a compromise 
+by investing a much smaller amount of money in bull spreads than he might have 
+invested in covered writes. He can still retain the same profit potential. The balance 
+of the investor's funds could then be placed in interest-bearing securities.