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training_data/curated/text/904b45f9f9a0f0168820d22575b6a289842010a7931f61d0fda750bbdab34aff.txt

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+504A COMPleTe gUIde TO THe FUTUreS MArKeT
+Comment.  The long put is a bearish strategy in which maximum risk is limited to the premium paid 
+for the option, while maximum gain is theoretically unlimited. However, the probability of a loss is 
+greater than the probability of a gain, since the futures price must decline by an amount exceeding 
+the option premium (as of the option expiration) in order for the put buyer to realize a profi  t. Two 
+specifi  c characteristics of the at-the-money option are: 
+   1.  The maximum loss will be realized only if futures are trading at or above their current level at 
+the time of the option expiration. 
+   2.  For small price changes, each $1 change in the futures price will result in approximately a $0.50 
+change in the option price (except for options near expiration). Thus, for small price changes, a 
+net short futures position is equivalent to approximately 2 put options in terms of risk.     
+ Strategy  5 b: Long put (Out-of-the-Money) 
+example . Buy August  $1,100  gold futures put at a premium of  $10.10 /oz  ($1,010).  (The current 
+price of August gold futures is $1,200/oz.) (See Table   35.5   b and Figure   35.5  b.)  
+Comment.  The buyer of an out-of-the-money put reduces his maximum risk in exchange for accept-
+ing a smaller probability that the trade will realize a profi  t. By defi  nition, the strike price of an out-of-
+the-money put is below the current level of futures. In order for the out-of-the-money put position 
+Price of August gold futures at option expiration ($/oz)
+Futures price at time
+of position initiation
+and strike price
+Breakeven price = $1,161.30
+Profit/loss at expiration ($)
+1,000
+10,000
+7,500
+−5,000
+5,000
+−2,500
+2,500
+0
+17,500
+15,000
+12,500
+1,050 1,100 1,150 1,200 1,250 1,300 1,350 1,400
+    FIGURE   35.5a    Profi  t/loss Profi  le: long Put (At-the-Money)