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training_data/curated/text/2bfc4f52bfbdab9a7fbd34a0a21f91d827eff82033316a5f16fef3c76873ee67.txt

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+120 
+FIGURE 4-1. 
+Protected short sale. 
+C: 
+0 .:; 
+~ 
+'a.. X 
+UJ 
+1o +$0 en en 
+0 
+...J 
+0 
+-e 
+0.-$300 
+40' 
+', 
+Stock Price at Expiration 
+' 
+Part II: Call Option Strategies 
+43 
+', ', ' ', ' ', 
+Short ', 
+' Sale 'll 
+5½ points - the five points between the current stock price of 40 and the striking 
+price of 45, plus the amount paid for the call. On the other hand, if XYZ declines, the 
+protected short seller will make nearly as much as the short seller who did not pro­
+tect, since he only spent ½ point for the long call. 
+If one buys an in-the-nwney call as protection for the short sale, his risk will be 
+quite minimal. However, his profit potential will be severely limited. As an example, 
+with XYZ at 40, if one had purchased a July 35 call at 5½, his risk would be limited 
+to½ point anywhere above 35 at July expiration. Unfortunately, he would not realize 
+any profit on the position until the stock went below 34½, a drop of 5½ points. This 
+is too much protection, for it limits the profit so severely that there is only a small 
+hope of making a profit. 
+Generally, it is best to buy a call that is at-the-nwney or only slightly out-of the­
+money as the protection for the short sale. It is not of much use to buy a deeply out­
+of-the-money call as protection, since it does very little to moderate risk unless the 
+stock climbs quite dramatically. Normally, one would cover a short sale before it went 
+heavily against him. Thus, the money spent for such a deeply out-of-the-money call 
+is wasted. However, if one wants to give a short sale plenty of room to "work" and