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+Put-Call Parity
+Put and call values are mathematically bound together by an equation
+referred to as put-call parity. In its basic form, put-call parity states:
+where
+c = call value,
+PV(x) = present value of the strike price,
+p = put value, and
+s = stock price.
+The put-call parity assumes that options are not exercised before
+expiration (that is, that they are European style). This version of the put-call
+parity is for European options on non-dividend-paying stocks. Put-call
+parity can be modified to reflect the values of options on stocks that pay
+dividends. In practice, equity-option traders look at the equation in a
+slightly different way:
+Traders serious about learning to trade options must know put-call parity
+backward and forward. Why? First, by algebraically rearranging this
+equation, it can be inferred that synthetically equivalent positions can be
+established by simply adding stock to an option. Again, a put is a call; a call
+is a put.
+and
+For example, a long call is synthetically equal to a long stock position
+plus a long put on the same strike, once interest and dividends are figured
+in. A synthetic long stock position is created by buying a call and selling a
+put of the same month and strike. Understanding synthetic relationships is
+intrinsic to understanding options. A more comprehensive discussion of
+synthetic relationships and tactical considerations for creating synthetic
+positions is offered in Chapter 6.