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training_data/curated/text/d15822d97c9c506b7a7a5155411f701c1cb961f196e853c4309e40bb767727ad.txt

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+The traders must do the math before each ex-dividend date in option
+classes they trade. The traders have to determine if the benefit from
+exercising—or the price at which the synthetic put is essentially being sold
+—is more or less than the price at which they can sell the put. The math
+used here is adopted from put-call parity:
+This shows the case where the traders can effectively synthetically sell the
+put (by exercising) for more than the current put value. Tactically, it’s
+appropriate to use the bid price for the put in this calculation since that is
+the price at which the put can be sold.
+In this case, the traders would be inclined to not exercise. It would be
+theoretically more beneficial to sell the put if the trader is so inclined.
+Here, the traders, from a valuation perspective, are indifferent as to whether
+or not to exercise. The question then is simply: do they want to sell the put
+at this price?
+Professionals and big retail traders who are long (ITM) calls—whether as
+part of a reversal, part of another type of spread, or because they are long
+the calls outright—must do this math the day before each ex-dividend date
+to maximize profits and minimize losses. Not exercising, or forgetting to
+exercise, can be a costly mistake. Traders who are short ITM dividend-
+paying calls, however, can reap the benefits of those sleeping on the job. It
+works both ways.
+Traders who are long stock and short calls at parity before the ex-date
+may stand to benefit if some of the calls do not get assigned. Any shares of
+long stock remaining on the ex-date will result in the traders receiving
+dividends. If the dividends that will be received are greater in value than the
+interest that will subsequently be paid on the long stock, the traders may
+stand reap an arbitrage profit because of long call holders’ forgetting to
+exercise.