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+Other Call Buying Strategies 
+In this chapter, two additional strategies that utilize the purchase of call options are 
+described. Both of these strategies involve buying calls against the short sale of the 
+underlying stock. When listed puts are traded on the underlying stock, these strate­
+gies are often less effective than when they are implemented with the use of put 
+options. However, the concept is important, and sometimes these strategies are more 
+viable in markets where calls are ve:iy liquid but puts are not. These strategies are 
+generally known as "synthetic" strategies. 
+THE PROTECTED SHORT SALE (OR SYNTHETIC PUT) 
+Purchasing a call at the same time that one is short the underlying stock is a means 
+of limiting the risk of the short sale to a fixed amount. Since the risk is theoretically 
+unlimited in a short sale, many investors are reluctant to use the strategy. Even for 
+those investors who do sell stock short, it can be rather upsetting if the stock rises in 
+price. One may be forced into an emotional - and perhaps incorrect - decision to 
+cover the short sale in order to relieve the psychological pressure. By owning a call 
+at the same time he is short, the investor limits the risk to a fixed and generally small 
+amount. 
+Example: An investor sells XYZ short at 40 and simultaneously purchases an XYZ 
+July 40 call for 3 points. If XYZ falls in price, the short seller will make his profit on 
+the short sale, less the 3 points paid for the call, which will expire worthless. Thus, by 
+buying the call for protection, a small amount of profit potential is sacrificed. 
+However, the advantage of owning the call is demonstrated when the results are 
+examined for a stock rise. IfXYZ should rise to any price above 40 by July expiration, 
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