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+CHAPCIJER 18 
+Buying Puts in Conjunction 
+with Call Purchases 
+There are several ways in which the purchases of both puts and calls can be used to 
+the speculator's advantage. One simple method is actually a follow-up strategy for the 
+call buyer. If the stock has advanced and the call buyer has a profit, he might con­
+sider buying a put as a means of locking in his call profits while still allowing for more 
+potential upside appreciation. In Chapter 3, four basic alternatives were listed for the 
+call buyer who had a profit: He could liquidate the call and take his profit; he could 
+do nothing; he could "roll up" by selling the call for a profit and using part of the pro­
+ceeds to purchase more out-of-the-money calls; or he could create a bull spread by 
+selling the out-of-the-money call against the profitable call that he holds. If the 
+underlying stock has listed puts, he has another alternative: He could buy a put. This 
+put purchase would serve to lock in some of the profits on the call and would still 
+allow room for further appreciation if the stock should continue to rise in price. 
+Example: An investor initially purchased an XYZ October 50 call for 3 points when 
+the stock was at 48. Sometime later, after the stock had risen to 58, the call would be 
+worth about 9 points. If there was an October 60 put, it might be selling for 4 points, 
+and the call holder could buy this put to lock in some of his profits. His position, after 
+purchasing the put, would be: 
+Long l October 50 call at 3 points N t t 7 • t - e cos: pom s Long l October 60 put at 4 points 
+He would own a "strangle" - any position consisting of both a put and a call with dif­
+fering terms - that is always worth at least 10 points. The combination will be worth 
+exactly 10 points at expiration if XYZ is anywhere between 50 and 60. For example, 
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