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+710 Part V: Index Options and Futures 
+Let's spend a short time discussing these two points. First, he does not want to 
+increase his risk. In general, selling options instead of utilizing futures increases one's 
+risk. If he sells calls instead of selling futures, and sells puts instead of buying futures, 
+he could be increasing his risk tremendously if the futures prices moved a lot. If the 
+futures rose tremendously, the short calls would lose money, but the short puts would 
+cease to make money once the futures rose through the striking price of the puts. 
+Therefore, it is not a recommended strategy to sell options in place of the futures in 
+an intramarket or intennarket spread. The next example will show why not. 
+Example: A spreader wants to trade an intramarket spread in live cattle. The con­
+tract is for 40,000 pounds, so a one-cent move is worth $400. He is going to sell April 
+and buy June futures, hoping for the spread to narrow between the two contracts. 
+The following prices exist for live cattle futures and options: 
+April future: 78.00 
+June future: 74.00 
+April 78 call: 1.25 
+June 74 put: 2.00 
+He decides to use the options instead of futures to implement this spread. He 
+sells the April 78 call as an alternative to selling the April future; he also sells the June 
+74 put as an alternative to buying the June future. 
+Sometime later, the following prices exist: 
+April future: 68.00 
+June future: 66.00 
+April 78 call: 0.00 
+June 74 put: 8.05 
+The futures spread has indeed narrowed as expected - from 4.00 points to 2.00. 
+However, this spreader has no profit to show for it; in fact he has a loss. The call that 
+he sold is now virtually worthless and has therefore earned a profit of 1.25 points; 
+however, the put that was sold for 2.00 is now worth 8.05 - a loss of 6.05 points. 
+Overall, the spreader has a net loss of 4.80 points since he used short options, instead 
+of the 2.00-point gain he could have had if he had used futures instead. 
+The second thing that the futures spreader wants to ensure is that he does not 
+pay for a lot of time value premium that is wasted, costing him his potential profits. 
+If he buys at- or out-of-the-money calls instead of buying futures, and if he buys at-