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training_data/curated/text/5add89460feaf96573d3c223c2504212c88fd7cd6b0504610e194367722cf5a4.txt

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+EXHIBIT 6.2 Long put vs. long call + short stock.
+The concept of synthetics can become more approachable when studied
+from the perspective of delta as well. Take the 50-strike put and call listed
+on a $50 stock. A general rule of thumb in the put-call pair is that the call
+delta plus the put delta equals 1.00 when the signs are ignored. If the 50 put
+in this example has a −0.45 delta, the 50 call will have a 0.55 delta. By
+combining the long call (0.55 delta) with short stock (–1.00 delta), we get a
+synthetic long put with a −0.45 delta, just like the actual put. The
+directional risk is the same for the synthetic put and the actual put.
+A synthetic short put can be created by selling a call of the same month
+and strike and buying stock on a share-for-share basis (i.e., a covered call).
+This is indicated mathematically by multiplying both sides of the put-call
+parity equation by −1:
+The at-expiration diagrams, shown in Exhibit 6.3 , are again conceptually
+the same.