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+288  •   The Intelligent Option Investor
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+5/18/2012 5/20/2013
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+120Stock Price
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+5/18/2012 5/20/2013
+40
+60
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+GREENGREEN
+REDRED
+If you say, “Nothing, ” you are practically right but technically 
+wrong. The image on the left is actually the risk-reward profile of a pur -
+chased call option struck at $50 paired with a sold put option struck at 
+$50. The image on the right is the risk-reward profile of a stock trading 
+at $50 per share.
+This simple comparison is the essence of put-call parity. The parity  
+part of put-call parity just means that accepting downside exposure by sell-
+ing a put while gaining upside exposure by buying a call is basically the 
+same thing as accepting downside exposure and gaining upside exposure 
+by buying a stock.
+What did I say? It is laughably trivial. Now let’s delve into the details 
+of how the put-call parity relationship can be used to help decide whether 
+to exercise a call option or not (or whether the call option you sold is likely 
+to be exercised or not).
+Dividend Arbitrage and Put-call Parity
+Any time you see the word arbitrage , the first thing that should jump to 
+mind is “small differences. ” Arbitrage is the science of observing small dif-
+ferences between two prices that should be the same (e.g., the price of IBM