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+366 Part Ill: Put Option Strategies 
+on a case-by-case basis, the general philosophy should be to hold on to the April com­
+bination. A profit is already guaranteed at this time - the worst that can happen is a 
+3-point profit (the original credit). Consequently, the strategist should allow himself 
+the opportunity to make large profits. The strategist may want to attempt to trade out 
+of his long combination, since he will not risk making the position a losing one by 
+doing so. Technical analysis may be able to provide him with buy or sell zones on the 
+stock, and he would then consider selling out his long options in accordance with 
+these technical levels. 
+In summary, this strategy is very attractive and should be utilized by strategists 
+who have the expertise to trade in positions with naked options. As long as risk man­
+agement principles of taking small losses are adhered to, there will be a large proba­
+bility of overall profit from this strategy. 
+PUT OPTION SUMMARY 
+This concludes the section on put option strategies. The put option is useful in a vari­
+ety of situations. First, it represents a more attractive way to take advantage of a bear­
+ish attitude with options. Second, the use of the put options opens up a new set of 
+strategies - straddles and combinations - that can present reasonably high levels of 
+profit potential. Many of the strategies that were described in Part II for call options 
+have been discussed again in this part. Some of these strategies were described more 
+fully in terms of philosophy, selection procedures, and follow-up action when they 
+were first discussed. The second description the one involving put options - was 
+often shortened to a more mechanical description of how puts fit into the strategy. 
+This format is intentional. The reader who is planning to employ a certain strategy 
+that can be established with either puts or calls (a bear spread, for example) should 
+familiarize himself with both applications by a simultaneous review of the call chap­
+ter and its analogous put chapter. 
+The combination strategies generally introduced new concepts to the reader. 
+The combination allows the construction of positions that are attractive with either 
+puts or calls (out-of-the-money calendar spreads, for example) to be combined into 
+one position. The four combination strategies that involve selling short-term options 
+and simultaneously buying longer-term options are complex, but are most attractive 
+in that they have the desirable features of limited risk and large potential profits.