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+Chapter 25: LEAPS 375 
+The table also shows that only three of the discrepancies are not large. Two 
+involve the stock price change. If the stock changes in price by 1 point, neither the at­
+the-money nor the in-the-money options behave very differently, although the at-the­
+money LEAPS do jump by 70 cents. The observant reader will notice that the top line 
+of the table depicts the delta of the options in question; it shows the change in option 
+price for a one-point change in stock price. The only other comparison that is not 
+extremely divergent is that of volatility change for the at-the-money option. The 3-
+month call changes by 21 cents while the LEAPS changes by nearly ½ point. This is 
+still a factor of two-to-one, but is much less than the other comparisons in the table. 
+Study the other comparisons in the table. The trader who is used to dealing with 
+short-term options might ordinarily ignore the effect of a rise in interest rates of ½ 
+of 1 %, of a 25-cent increase in the quarterly dividend, of the volatility increasing by 
+a mere 1 %, or maybe even of the stock moving by one point (only if his option is out­
+of-the-money). The LEAPS option trader will gain or suffer substantially and imme­
+diately if any of these occur. In almost every case, his LEAPS call will gain or lose ½ 
+point of value - a significant amount, to be sure. 
+LEAPS STRATEGIES 
+Many of the strategies involving LEAPS are not significantly different from their 
+counterparts that involve short-term options. However, as shown earlier, the long­
+term nature of the LEAPS can sometimes cause the strategist to experience a result 
+different from that to which he has become accustomed. 
+As a general rule, one would want to be a buyer of LEAPS when interest rates 
+were low and when the volatilities being implied in the marketplace are low. If the 
+opposite were true (high rates and high volatilities), he would lean toward strategies 
+in which the sale of LEAPS is used. Of course, there are many other specific consid­
+erations when it comes to operating a strategy, but since the long-term nature of 
+LEAPS exposes one to interest rate and volatility movements for such a long time, 
+one may as well attempt to position himself favorably with respect to those two ele­
+ments when he enters a position. 
+LEAPS AS STOCK SUBSTITUTE 
+Any in-the-money option can be used as a substitute for the underlying stock. Stock 
+owners may be able to substitute a long in-the-money call for their long stock. Short 
+sellers of stock may be able to substitute a long put for their short stock. This is not 
+a new idea; it was discussed briefly in Chapter 3 under reasons why people buy calls. 
+It has been available as a strategy for some time with short-term options. Its attrac­
+tiveness seems to have increased somewhat with the introduction of LEAPS, howev-