Add training workflow, datasets, and runbook
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OPTION TrAdINg STrATegIeS
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tabLe 35.15 profit/Loss Calculations: Synthetic Long Futures (Long Call + Short put)
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(1) (2) (3) (4) (5) (6) (7) (8)
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Futures price
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at expiration
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($/oz)
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premium of
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august $1,150
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Call at Initiation
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($/oz)
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$ amount
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of premium
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paid
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premium of
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august $1,150
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put at Initiation
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($/oz)
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$ amount
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of premium
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received
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Call Value
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at
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expiration
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put Value
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at
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expiration
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profit/Loss on
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position
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[(5) − (3) + (6) − (7)]
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1,000 70.1 $7,010 19.9 $1,990 $0 $15,000 −$20,020
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1,050 70.1 $7,010 19.9 $1,990 $0 $10,000 −$15,020
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1,100 70.1 $7,010 19.9 $1,990 $0 $5,000 −$10,020
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1,150 70.1 $7,010 19.9 $1,990 $0 $0 −$5,020
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1,200 70.1 $7,010 19.9 $1,990 $5,000 $0 −$20
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1,250 70.1 $7,010 19.9 $1,990 $10,000 $0 $4,980
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1,300 70.1 $7,010 19.9 $1,990 $15,000 $0 $9,980
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1,350 70.1 $7,010 19.9 $1,990 $20,000 $0 $14,980
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1,400 70.1 $7,010 19.9 $1,990 $25,000 $0 $19,980
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FIGURE 35.15 Profi t/loss Profi le: Synthetic long Futures (long Call + Short Put)
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Price of August gold futures at option expiration ($/oz)
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Profit/loss at expiration ($)
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1,000
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20,000
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15,000
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10,000
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5,000
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−5,000
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−10,000
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−15,000
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−20,000
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0
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1,050 1,100 1,150 1,200 1,250
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Futures price at time
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of position initiation
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Breakeven price
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= $1,200.20
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1,300 1,350 1,400
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