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+356 Part Ill: Put Option Strategies 
+while. That is, one would not actually make investments, but would instead follow 
+prices in the newspaper and make day-to-day decisions without actual risk. This will 
+allow the inexperienced strategist to gain a feel for how these complex strategies per­
+form over a particular time period. The astute investor can, of course, obtain price 
+history information and track a number of market cycles in this same way. 
+SUMMARY 
+Puts and call can be combined to make some very attractive positions. The addition 
+of a call or put credit spread to the outright purchase of a put or call can enhance the 
+overall profitability of the position, especially if the options are expensive. In addi­
+tion, three advanced strategies were presented that combined puts and calls at vari­
+ous expiration dates. These three various types of strategies that involve calendar 
+combinations of puts and calls may all be attractive. One should be especially alert 
+for these types of positions when near-term calls are overpriced. Typically, this would 
+be during, or just after, a bullish period in the stock market. For nomenclature pur­
+poses, these three strategies are called the "calendar combination," the "calendar 
+straddle," and the "diagonal butterfly." 
+All three strategies offer the possibility of large potential profits if the underly­
+ing stock remains relatively stable until the near-term options expire. In addition, all 
+three strategies have limited risk, even if the underlying stock should move explo­
+sively in either direction prior to near-term expiration. If an intermediate result 
+occurs - for example, the stock moves a moderate distance in either direction before 
+near-term expiration - it is still possible to realize a limited profit in any of the strate­
+gies, because of the fact that the time premiums decay much more rapidly in the 
+near-term options than they do in the longer-term options. 
+The three strategies have many things in common, but each has its own advan­
+tages and disadvantages. The "diagonal butterfly" is the only one of the three strate­
+gies whereby the strategist has a possibility of owning free options. Admittedly, the 
+probability of actually being able to own the options completely for free is small. 
+However, there is a relatively large probability that one can substantially reduce the 
+cost of the long options. The "calendar combination," the first of the three strategies 
+discussed, offers the largest probability of capturing the entire near-term premium. 
+This is because both near-term options are out-of-the-money to begin with. The "cal­
+endar straddle" offers the largest potential profits at near-term expiration. That is, if 
+the stock is relatively unchanged from the time the position was established until the 
+time the near-term options expire, the "calendar straddle" will show the best profit 
+of the three strategies at that time.