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training_data/curated/text/c7ad27ab308a6c10880eeb822cddbea3d37c342876350d1425315ed1cd856843.txt

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+Gapter 3: Call Buying 
+TABLE 3-1. 
+Present situation on XYZ October calls. 
+Original Trade 
+XYZ common: 48 
+Bought XYZ October 50 at 3 
+109 
+Current Prices 
+XYZ Common: 58 
+XYZ October 50: 9 
+XYZ October 60: 3 
+Each of these actions would produce different levels of risk and reward from 
+this point forward. If the holder sells the October 50 call, he makes a 6-point profit, 
+less commissions, and terminates the position. He can realize no further appreciation 
+from the call, nor can he lose any of his current profits; he has realized a 6-point gain. 
+This is the least aggressive tactic of the four: If the underlying stock continues to 
+advance and rises above 63, any of the other three strategies will outperform the 
+complete liquidation of the call. However, if the underlying stock should instead 
+decline below 50 by expiration, this action would have provided the most profit of the 
+four strategies. 
+The other simple tactic, the fourth one listed, is to do nothing. If the call is then 
+held to expiration, this tactic would be the riskiest of the four: It is the only one that 
+could produce a loss at expiration if XYZ fell back below 50. However, if the under­
+lying stock continues to rise in price, more profits would accrue on the call. Every call 
+buyer realizes the ramifications of these two tactics - liquidating or doing nothing 
+and is generally looking for an alternative that might allow him to reduce some of his 
+risk without cutting off his profit potential completely. The remaining two tactics are 
+geared to this purpose: limiting the total risk while providing the opportunity for fur­
+ther profits of an amount greater than those that could be realized by liquidating. 
+The strategy in which the holder sells the call that he is currently holding, the 
+October 50, and uses part of the proceeds to buy the call at the next higher strike is 
+called rolling up. In this example, he could sell the October 50 at 9, pocket his initial 
+3-point investment, and use the remaining proceeds to buy two October 60 calls at 3 
+points each. Thus, it is sometimes possible for the speculator to recoup his entire 
+original investment and still increase the number of calls outstanding by rolling up. 
+Once this has been done, the October 60 calls will represent pure profits, whatever 
+their price. The buyer who "rolls up" in this rrwnner is essentially speculating with 
+someone else's money. He has put his own money back in his pocket and is using 
+accrued profits to attempt to realize further gains. At expiration, this tactic would 
+perform best if XYZ increased by a substantial amount. This tactic turns out to be the