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Add training workflow, datasets, and runbook

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Rushabh Gosar
2025-12-23 21:17:22 -08:00
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OPTION TrAdINg STrATegIeS
This strategy can perhaps be best understood by comparing it to the long call position (e.g., long
August $1,250 gold futures call). In eff ect, the spread trader reduces the premium cost for the long
call position by the amount of premium received for the sale of the more deeply out-of-the-money
call. This reduction in the net premium cost of the trade comes at the expense of sacrifi cing the pos-
sibility of unlimited gain in the event of a large price rise. As can be seen in Figure 35.18 , in contrast
to the outright long call position, price gains beyond the higher strike price will cease to aff ect the
profi tability of the trade.
Strategy 19a: bear Call Money Spread (Short Call with Lower Strike
price/Long Call with higher Strike price)—Case 1
example . Buy August $1,150 gold futures call at a premium of $70.10/oz ($7,010) and simultane-
ously sell an August $1,100 gold futures call at a premium of $110.10/oz ($11,010), with August
gold futures trading at $1,200/oz. (See Table 35.19 a and Figure 35.19 a.)
Comment. This type of spread is called a credit spread, since the amount of premium received for
the short call position exceeds the premium paid for the long call position. The maximum possible
gain on the trade is equal to the net diff erence between the two premiums. The maximum possible
loss is equal to the diff erence between the two strike prices minus the diff erence between the two
premiums. The maximum gain would be realized if prices declined to the lower strike price. The
maximum loss would occur if prices failed to decline to at least the higher strike price. Although
FIGURE  35.18 Profi t/loss Profi le: Bull Call Money Spread (long Call with lower Strike Price/
Short Call with Higher Strike Price)
Price of August gold futures at option expiration ($/oz)
Profit/loss at expiration ($)
1,000
3,750
5,000
2,500
0
−1,250
1,250
1,050 1,100 1,150 1,200 1,250
Breakeven price
= $1,260.10
1,300 1,350 1,400
−2,500
Futures price at time
of position initiation