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training_data/curated/text/74cb280f1d55aa73eb88e73a8cc24ba9fd89e0df8fde1b7b96ed396da1aed74d.txt

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+The calls earned Bobby a total of $700, while the stock lost $300. Of
+course, with this type of trade, it is not relevant which leg was a winner and
+which a loser. All that matters is the bottom line. The net P&(L) on the trade
+was a gain of $400. The gain in this case was mostly a product of IV’s
+rising. Exhibit 12.10 shows the P&(L) per greek.
+EXHIBIT 12.10 Profit breakdown by greek.
+Delta
+The position began long 0.20 deltas. The 0.30-point rise earned Bobby a
+0.06 point gain in delta per contract.
+Gamma
+Bobby had an initial gamma of +1.8. We will use 1.8 for estimating the P&
+(L) in this example, assuming gamma remained constant. A 0.30 rise in the
+stock price multiplied by the 1.8 gamma means that with the stock at $50,
+Bobby was long an additional 0.54 deltas. We can estimate that over the
+course of the 0.30 rise in the stock price, Bobby was long an average of
+0.27 (0.54 ÷ 2). His P&(L) due to gamma, therefore, is a gain of about 0.08
+(0.27 × 0.30).
+Theta
+Bobby held this trade for three days. His total theta cost him 1.92 or $192.
+Vega
+The biggest contribution to Bobby’s profit on this trade was made by the
+spike in IV. He bought 30 volatility and sold 35 volatility. His 1.20 position
+vega earned him 6.00, or $600.