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training_data/curated/text/9fad9f44faa6c8ad8f8fef64c3b391f266289e910d1b9e491472661f298f7c77.txt

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+Sell a call (bear) spread: 
+Buy April 80 call 
+Sell April 70 call 
+Net credit on calls 
+Sell a put (bull) spread: 
+Buy April 70 put 
+Sell April 80 put 
+Net credit on puts 
+Total credit of position 
+3 debit 
+81/2 credit 
+1 debit 
+6 credit 
+Part IV: Additional Considerations 
+5 credit 
+10 1/2 credit 
+In this case, no matter where XYZ is at expiration, the position can be bought back 
+for 10 points. This means that the arbitrageur has locked in risk-free profit of¼ 
+point. To verify this statement, first assume that XYZ is above 80 at April expiration. 
+The puts will expire worthless, and the call spread will have widened to 10 points -
+the cost to buy it back. Alternatively, if XYZ were between 70 and 80 at April expira­
+tion, the long, out-of-the-money options would expire worthless and the in-the­
+money combination would cost 10 points to buy back. (For example, the arbitrageur 
+could let himself be put at 80, buying stock there, and called at 70, selling the stock 
+there - a net "cost" to liquidate of 10 points.) Finally, if XYZ were below 70 at expi­
+ration, the calls would expire worthless and the put spread would have widened to 10 
+points. It could then be closed out at a cost of 10 points. In each case, the arbitrageur 
+is able to liquidate the box spread by buying it back at 10. 
+In this sale of a box spread, he would earn interest on the credit received while 
+he holds the position. 
+There is an additional factor in the profitability of the box spread. Since the sale 
+of a box generates a credit, the arbitrageur who sells a box will earn a small amount 
+of money from that sale. Conversely, the purchaser of a box spread will have a charge 
+for carrying cost. Since profit margins may be small in a box arbitrage, these carrying 
+costs can have a definite effect. As a result, boxes may actually be sold for 5 points, 
+even though the striking prices are 5 points apart, and the arbitrageur can still make 
+money because of the interest earned. 
+These box spreads are not easy to find. If one does appear, the act of doing the 
+arbitrage will soon make the arbitrage impossible. In fact, this is true of any type of 
+arbitrage; it cannot be executed indefinitely because the mere act of arbitraging will 
+force the prices back into line. Occasionally, the arbitrageur will be able to find the 
+option quotes to his liking, especially in volatile markets, and can establish a risk-free