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+390 Part Ill: Put Option Strategies 
+The LEAPS put delta curve is flat, just as the call delta curve was. Moreover, 
+the delta is not very large anywhere across the figure. For example, at-the-money 2-
+year LEAPS puts move only about 30 cents for a one-point move in the underlying 
+stock. LEAPS put buyers who want to speculate on a stock's downward movement 
+must realize that the leverage factor is not large; it takes approximately a 3-point 
+move by the underlying common for an at-the-money LEAPS put to increase in 
+value by one point. Long-term puts don't mirror stock movement nearly as well as 
+shorter-term puts do. 
+In summary, the option buyer who is considering buying LEAPS puts or calls as 
+speculation should be aware of the different price action that LEAPS exhibit when 
+compared to shorter-term options. Due to the large amount of time that LEAPS have 
+remaining in their lives, the time decay of the LEAPS options is smaller. For this rea­
+son, the LEAPS option buyer doesn't need to be as precise in his timing. In general, 
+LEAPS calls move faster when the underlying stock moves, and LEAPS puts move 
+more slowly. Other than that, the general reasons for speculative option buying apply 
+to LEAPS as well: leverage and limited risk. 
+SELLING LEAPS 
+Strategies involving selling LEAPS options do not differ substantially from those 
+involving shorter-term options. The discussions in this section concentrate on the two 
+major differences that sellers of LEAPS will notice. First, the slow rate of time decay 
+of LEAPS options means that option writers who are used to sitting back and watch­
+ing their written options waste away will not experience the same effect with LEAPS. 
+Second, follow-up action for writing strategies usually depends on being able to buy 
+back the w1itten option when it has little or no time value premium remaining. Since 
+LEAPS retain time value even when substantially in- or out-of-the-money, follow-up 
+action involving LEAPS may involve the repurchase of substantial amounts of time 
+value premium. 
+COVERED WRITING 
+LEAPS options can be sold against underlying stock just as short-term options can. 
+No extra collateral or investment is required to do so. The resulting position is again 
+one with limited profit potential, but enhanced profitability (as compared to stock 
+ownership), if the underlying stock remains unchanged or falls. The maximum prof­
+it potential of the covered write is reached whenever the underlying stock is at or 
+above the striking price of the written option at expiration. 
+The LEAPS covered writer takes in substantial premium, in terms of price, 
+when he sells the long-term option. He should compare the return that he could