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training_data/curated/text/cb1d80b7cd2539c2eae400a55aac71c1ecea25a2dcd06bb3ebe3b700366d1c45.txt

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+Comparing Synthetic Calls and Puts
+The common thread among the synthetic positions explained above is that,
+for a put-call pair, long options have synthetic equivalents involving long
+options, and short options have synthetic equivalents involving short
+options. After accounting for the basis, the four basic synthetic option
+positions are:
+Because a call or put position is interchangeable with its synthetic
+position, an efficient market will ensure that the implied volatility is closely
+related for both. For example, if a long call has an IV of 25 percent, the
+corresponding put should have an IV of about 25 percent, because the long
+put can easily be converted to a synthetic long call and vice versa. The
+greeks will be similar for synthetically identical positions, too. The long
+options and their synthetic equivalents will have positive gamma and vega
+with negative theta. The short options and their synthetics will have
+negative gamma and vega with positive theta.