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training_data/curated/text/c544a728be1e251263854c9a7cf65153794c415ffd714aab553d0d80cc2987c7.txt

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+494A COMPleTe gUIde TO THe FUTUreS MArKeT
+    FIGURE   35.3b    Profi  t/loss Profi  le: long Call (Out-of-the-Money) 
+Price of August gold futures at option expiration ($/oz)
+Futures price at time
+of position initiation Strike price
+Breakeven price
+= $1,309.10
+Profit/loss at expiration ($)
+1,000
+10,000
+5,000
+7 ,500
+2,500
+−2,500
+0
+1,050 1,100 1,150 1,200 1,250 1,300 1,350 1,400
+ Strategy 3c: Long Call (In-the-Money) 
+example . Buy 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   35.3   c and Figure   35.3  c.)  
+Comment.  In many respects, a long in-the-money call position is very similar to a long futures posi-
+tion. The three main diff  erences between these two trading strategies are: 
+   1.  The long futures position will gain slightly more in the event of a price rise—an amount equal 
+to the time value portion of the premium paid for the option ($1,010 in the above example). 
+   2.  For moderate price declines, the long futures position will lose slightly less. (Once again, the 
+diff  erence will be equal to the time value portion of the premium paid for the option.) 
+   3.  In the event of a large price decline, the loss on the in-the-money long call position would be lim-
+ited to the total option premium paid, while the loss on the long futures position will be unlimited.   
+ In a sense, the long in-the-money call position can be thought of as a long futures position with a 
+built-in stop. This characteristic is an especially important consideration for speculators who typically 
+employ protective stop-loss orders on their positions—a prudent trading approach. A trader using a 
+protective sell stop on a long position faces the frustrating possibility of the market declining suffi   ciently 
+to activate his stop and subsequently rebounding. The long in-the-money call position off  ers the spec-
+ulator an alternative method of limiting risk that does not present this danger. Of course, this benefi  t 
+does not come without a cost; as mentioned above, the buyer of an in-the-money call will gain slightly 
+less than the outright futures trader if the market advances, and will lose slightly more if the market 
+declines  moderately.  However, if the trader is anticipating volatile market conditions, he might very