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training_data/curated/text/8cba9d201e4bca1aeacccc2c5de26cf4d2c149c3a2d300e86a30d7171d2808f5.txt

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+the spread; that’s the lower break-even price. The other break-even is at
+$73. The net short position of 100 shares resulting from assignment of the
+70 call loses more as the stock rises between $70 and $75. The entire 3.00
+profit realized at the $70 share price is eroded when the stock reaches $73.
+Above $73, the trade produces a loss.
+Kathleen’s trading objective is to profit from UPS trading between $67
+and $73 at expiration. The best-case scenario is that it declines only slightly
+from its price of $70.65 when the trade is established, to $70 per share.
+Alternatives
+Kathleen had other alternative positions she could have traded to meet her
+goals. An iron butterfly with the same strike prices would have shown about
+the same risk/reward picture, because the two positions are synthetically
+equivalent. But there may, in some cases, be a slight advantage to trading
+the iron butterfly over the long butterfly. The iron butterfly uses OTM put
+options instead of ITM calls, meaning the bid-ask spreads may be tighter.
+This means giving up less edge to the liquidity providers.
+She could have also bought a condor or sold an iron condor. With condor-
+family spreads, there is a lower maximum profit potential but a wider range
+in which that maximum payout takes place. For example, Kathleen could
+have executed the following legs to establish an iron condor:
+Essentially, Kathleen would be selling two credit spreads: the July 60–65
+put spread for 0.30 and the July 75–80 call spread for 0.35. Exhibit 10.3
+shows the payout at expiration of the UPS July 60–65–75–80 iron condor.