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training_data/curated/text/4579abd51a870d83e7fd459ee77195594ae5732f947e8fc898b7139c520c3075.txt

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+Chapter 2: Covered Call Writing 
+TABLE 2-20. 
+Net return-cash account. 
+Return If Exercised 
+Sell 500 XYZ at 45 $22,500 
+Sell 500 XYZ at 40 20,000 
+Less total stock sale 
+commissions 560 
+Plus dividends ($1 /share) + 1,000 
+Less net investment - 39,600 
+Net profit if exercised $ 3,340 
+Return if exercised = 3,340 = 8_4% 
+(cash) 39,600 
+69 
+Return If Unchanged 
+Unchanged stock value (500 
+shares at 42) $21,000 
+Sell 500 at 40 + 20,000 
+Commissions on sale at 40 280 
+Plus dividends ($1 /share) . + 1,000 
+Less net investment - 39,600 
+Net profit if unchanged $ 2, 120 
+Return if unchanged = 2, 120 = 5 _4% 
+(cash) 39,600 
+because half of the stock will be called away if it remains unchanged (the in-the­
+money portion) whereas the other half will not. This is consistent with the method of 
+calculating the return if unchanged that was introduced previously. 
+The break-even point is calculated as before. The "total stock cost to expiration" 
+would be the net investment of $39,600 less the $1,000 received in dividends. This is 
+a total of $38,600. On a per-share basis, then, the break-even point of 38.6 is 8.1 % 
+below the current stock price of 42. Thus, the amount of percentage downside pro­
+tection is 8.1 %. 
+The foregoing calculations clearly demonstrate that the returns on the "com­
+bined" write are not exactly the averages of the in-the-money and out-of-the-money 
+returns, because of the different commission calculations at various stock prices. 
+However, if one is working with a computer-generated list and does not want to both­
+er to calculate exactly the return on the combined write, he can arrive at a relatively 
+close approximation by averaging the returns for the in-the-money write and the out­
+of-the-money write. 
+OTHER DIVERSIFICATION TECHNIQUES 
+Holders of large positions in a particular stock may want even more diversification 
+than can be provided by writing against two different striking prices. Institutions, 
+pension funds, and large individual stockholders may fall into this category. It is often 
+advisable for such large stockholders to diversify their writing over time as well as 
+over at least two striking prices. By diversifying over time - for example, writing one-