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+Option Fundamentals   • 23
+Here an investor is bullish on the prospects of the stock, so he or she doesn’t 
+mind accepting exposure to the stock’s downside risk below $50. In return for 
+accepting this risk, the option investor receives a premium—let’s say $5. This 
+$5 is income to the investor—kind of like a do-it-yourself dividend payment.
+By the way, as you will discover later in this book, this is also the risk-
+return profile of a covered call.
+Buying a Put for Protection
+50
+100
+150
+200
+-
+GREEN
+REDGRAY
+Above an investor wants to enjoy exposure to the stock’s upside potential 
+while limiting his or her losses in case of a market fall. By buying a put 
+option struck a few dollars under the market price of the stock, the investor 
+cancels out the downside exposure he or she accepted when buying the 
+stock. With this protective put overlay in place, any loss on the stock will be 
+compensated for through a gain on the put contract. The investor can use 
+these gains to buy more of the stock at a lower price or to buy another put 
+contract as protection when the first contract expires.
+Tailoring Exposure with Puts and Calls
+-
+20
+40
+60
+80
+100
+120
+140
+160
+180
+200
+BE = $60.50
+GREEN
+RED