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+16  •   The Intelligent Option Investor
+It is important to note that a stock does not have to cross this line for 
+your option investment to be profitable. We will discuss this dynamic in 
+Chapter 2 when we learn more about the time value of options.
+Visual Representation of Put Options
+Now that you understand the conventions we use for our diagrams, let’s 
+think about how we might represent the other type of option, dealing with 
+downside exposure—the put. First, let’s assume that we want to gain expo-
+sure to the downside potential of a stock. Graphically, we would represent 
+this in the following way:
+5/18/2012
+-
+20
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+5/20/2013 249 499
+Date/Day Count
+Stock Price
+749 999
+GREEN
+First, notice that, in contrast to the diagram of the call option, the 
+directional exposure of a put option is bounded on the downside by $0, 
+so we do not draw an arrow indicating infinite exposure. This is the same 
+downside exposure of a stock because a stock cannot fall below zero dollars 
+per share.
+In this diagram, the time range for the put option is the same 500 days 
+as for our call option, but the price range at which we have exposure starts 
+at a strike price of $50—the current market price of the stock—making this 
+an at-the-money (ATM) put. If you think about moneyness in terms of a 
+range of exposure, the difference between out of the money (OTM) and in 
+the money (ITM) becomes easy and sensible. Here are examples of differ-
+ent moneyness cases for put options: