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training_data/curated/text/7ebe9b63f43013151a12f5f07fce8119c46bca75737615878b6e52d78c2a6dae.txt

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+34 Part I: Basic Properties of Stock Options 
+option continues to decline through 2 - 1.90, 1.80, 1.70, and so on - without ~ 
+ever regaining the 2 level, then the broker's hands are tied. He may not execute 
+what is now a limit order unless the call trades at 2. 
+Good-Until-Canceled Order. A limit, stop, or stop-limit order may be des­
+ignated "good until canceled." If the conditions for the order execution do not 
+occur, the order remains valid for 6 months without renewal by the customer. 
+Customers using an on-line broker will not be able to enter "market not held" 
+orders, and may not be able to use stop orders or good-until-canceled orders either, 
+depending on the brokerage firm. 
+PROFITS AND PROFIT GRAPHS 
+A visual presentation of the profit potential of any position is important to the over­
+all understanding and evaluation of it. In option trading, the many multi-security 
+positions especially warrant strict analysis: stock versus options (as in covered or ratio 
+writing) or options versus options (as in spreads). Some strategists prefer a table list­
+ing the outcomes of a particular strategy for the stock at various prices; others think 
+the strategy is more clearly demonstrated by a graph. In the rest of the text, both a 
+table and a graph will be presented for each new strategy discussed. 
+Example: A customer wishes to evaluate the purchase of a call option. The potential 
+profits or losses of a purchase of an XYZ July 50 call at 4 can be arrayed in either a 
+table or a graph of outcomes at expiration. Both Table 1-5 and Figure 1-5 depict the 
+same information; the graph is merely the line representing the column marked 
+"Profit or Loss" in the table. The vertical axis represents dollars of profit or loss, and 
+the horizontal axis shows the stock price at expiration. In this case, the dollars of prof­
+it and the stock price are at the expiration date. Often, the strategist wants to deter­
+mine what the potential profits and losses will be before expiration, rather than at the 
+expiration date itself. Tables and graphs lend themselves well to the necessary analy­
+sis, as will be seen in detail in various places later on. 
+In practice, such an example is too simple to require a table or a graph - cer­
+tainly not both - to evaluate the potential profits and losses of a simple call purchase 
+held to expiration. However, as more complex strategies are discussed, these tools 
+become ever more useful for quickly determining such things as when a position 
+makes money and when it loses, or how fast one's risk increases at certain stock 
+prices.