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+Chapter 26: Buying Options and Treasury Bills 415 
+1. Assume that each underlying stock can advance or decline in accordance with its 
+volatility over a fixed time period (30, 60, or 90 days). 
+2. Estimate the call prices after the advance, or put prices after the decline. 
+3. Rank all potential purchases by the highest reward opportunity. 
+The user of this strategy need only be interested in those option purchases that 
+provide the highest reward opportunity under this ranking method. In the previous 
+chapters on option buying, it was mentioned that one might want to look at the 
+risk/reward ratios of his potential option purchases in order to have a more conser­
+vative list. However, that is not necessary in the Treasury bill/option strategy, since 
+the overall risk has already been limited. A ranking of option purchases via the fore­
+going criteria will generally give a list of at- or slightly out-of-the-money options. 
+These are not necessarily "underpriced" options; although if an option is truly under­
+priced, it will have a better chance of ranking higher on the selection list than one 
+that is "overpriced." 
+A list of potential option purchases that is constructed with criteria similar to 
+those outlined above is available from many data services and brokerage firms. The 
+strategist who is willing to select his option purchases in this manner will find that he 
+does not have to spend a great deal of time on the selection process. The reader 
+should note that this type of option purchase ranking completely ignores the outlook 
+for the underlying stock. If one would rather make his purchases based on an outlook 
+for the underlying stock - preferably a technical outlook - he will be forced to spend 
+more time on his selection process. Although this may be appealing to some 
+investors, it will probably yield worse results in the long run than the previously 
+described unbiased approach to option purchases, unless the strategist is extremely 
+adept at stock selection. 
+KEEPING THE RISK LEVEL EQUAL 
+The second function that the strategist has to perform in this Treasury bill/option 
+strategy is to keep his risk level approximately equal at all times. 
+Example: An investor starts the strategy with $90,000 in Treasury bills (T-bills) and 
+$10,000 in option purchases. After some time has passed, the option purchases may 
+have worked out well and perhaps he now has $90,000 in T-bills plus $30,000 worth 
+of options, plus interest from the T-bills. Obviously, he no longer has 90% of his 
+money in fixed-income securities and 10% in option purchases. The ratio is now 75% 
+in T-bills and 25% in option purchases. This is too risky a ratio, and the strategist 
+must consequently sell some of his options and buy T-bills with the proceeds. Since 
+his total assets are $120,000 currently, he must sell out $18,000 of options to bring his