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training_data/curated/text/3f742cc8fe82faac28f993dca02f8ec8fbef45e1a01c93ffe6d8271711d8100f.txt

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+68 Part II: Call Option Strategies 
+FIGURE 2-2. 
+Comparison: combined write vs. in-the-money write and out-of-the­
+money write. 
+Out-of-the-Money Write 
+, 
+.-------► ,,, Combined Write , 
+/ In-the-Money Write 
+-----------➔ 
+Stock Price at Expiration 
+Since this technique can be useful in providing diversification between protec­
+tion and return, not only for an individual position but for a large part of a portfolio, 
+it may be useful to see exactly how to compute the potential returns and break-even 
+points. Tables 2-19 and 2-20 calculate the return if exercised and the return if 
+unchanged using the prices from the previous example. Assume XYZ will pay $1 per 
+share in dividends before April expiration. 
+Note that the profit calculations are similar to those described in earlier sec­
+tions, except that now there are two prices for stock sales since there are two options 
+involved. In the "return if exercised" section, half of the stock is sold at 45 and half is 
+sold at 40. The "return if unchanged" calculation is somewhat more complicated now, 
+TABLE 2-19. 
+Net investment-cash account. 
+Buy 1,000 XYZ at 42 
+Plus stock commissions 
+Less options premiums: 
+Sell 5 April 40's at 4 
+Sell 5 April 45's at 2 
+Plus total option commissions 
+Net investment 
++ 
+$42,000 
+460 
+- 2,000 
+1,000 
++ 140 
+$39,600