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+248 Part Ill: Put Option Strategies 
+TABLE 15-1. 
+Call and put options compared. 
+XYZ XYZ Coll Coll XYZ Put Put 
+Stock July 50 Intrinsic Time Value July 50 Intrinsic Time Value 
+Price Coll Price Value Premium Put Price Value Premium 
+40 1/2 0 1/2 93/4 10 -1/4* 
+43 1 0 1 7 7 0 
+45 2 0 2 6 5 
+47 3 0 3 5 3 2 
+50 5 0 5 4 0 4 
+53 7 3 4 3 0 3 
+55 8 5 3 2 0 2 
+57 9 7 2 0 
+60 101/2 10 1/2 1/2 0 l/2 
+70 193/4 20 -1/4 * 1/4 0 1/4 
+* A deeply in-the-money option may actually trade at a discount from intrinsic value in advance of 
+expiration. 
+of its options, both puts and calls. Moreover, the marketplace may at any time value 
+options at a higher or lower volatility than the underlying stock actually exhibits. 
+This is called implied volatility, as distinguished from actual volatility. Also, the put 
+option is usually worth at least its intrinsic value at any time, and should be worth 
+exactly its intrinsic value on the day that it expires. Figure 15-1 shows where one 
+might expect the XYZ July 50 put to sell, for any stock price, if there are 6 months 
+remaining until expiration. Compare this with the similar pricing curve for the call 
+option (Figure 15-2). Note that the intrinsic value line for the put option faces in 
+the opposite direction from the intrinsic value line for call options; that is, it gains 
+value as the stock falls below the striking price. This put option pricing curve 
+demonstrates the effect mentioned earlier, that a put option loses time value pre­
+mium more quickly when it is in-the-money, and also shows that an out-of-the­
+money put holds a great deal of time value premium. 
+THE EFFECT OF DIVIDENDS ON PUT OPTION PREMIUMS 
+The dividend of the underlying stock is a negative factor on the price of its call 
+options. The opposite is true for puts. The larger the dividend, the nwre valuable the 
+puts will be. This is true because, as the stock goes ex-dividend, it will be reduced in