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+Synthetic Straddles
+Straddles are the pet strategy of certain professional traders who specialize
+in trading volatility. In fact, in the mind of many of these traders, a straddle
+is all there is. Any single-legged trade can be turned into a straddle
+synthetically simply by adding stock.
+Chapter 6 discussed put-call parity and showed that, for all intents and
+purposes, a put is a call and a call is a put. For the most part, the greeks of
+the options in the put-call pair are essentially the same. The delta is the only
+real difference. And, of course, that can be easily corrected. As a matter of
+perspective, one can make the case that buying two calls is essentially the
+same as buying a call and a put, once stock enters into the equation.
+Take a non-dividend-paying stock trading at $40 a share. With 60 days
+until expiration, a 25 volatility, and a 4 percent interest rate, the greeks of
+the 40-strike calls and puts of the straddle are as follows:
+Essentially, the same position can be created by buying one leg of the
+spread synthetically. For example, in addition to buying one 40 call, another
+40 call can be purchased along with shorting 100 shares of stock to create a
+40 put synthetically.