944 
TABLE A-1. 
General strategy summary. 
Strategy (Chapter) 
Bullish strategies 
Call purchase (3) 
Synthetic long stock (short put/long call) (21) 
Bull spread-puts or calls (7 and 22) 
Protected stock purchase (long stock/long put) ( 17) 
Bullish call calendar spread (9) 
Covered call writing (2) 
Uncovered put write ( 19) 
Bearish Strategies 
Put purchase ( 16) 
Protected short sale (synthetic put) (4 and 16) 
Synthetic short sale (long put/short call) (21) 
Bear spread-put or call (and 22) 
Covered put write ( 19) 
Bearish put calendar spread (22) 
Naked call write (5) 
Neutral strategies 
Straddle purchase ( 1 8) 
Reverse hedge (simulated straddle buy) (4) 
Fixed income + option purchase (25) 
Diagonal spread (14, 23, and 24) 
Neutral calendar spread-puts or calls (9 and 22) 
Butterfly spread ( 10 and 23) 
Calendar straddle or combination (23) 
Reverse spread ( 13) 
Ratio write-put or call (6 and 19) 
Straddle or combination write (20) 
Ratio spread-put or call ( 11 and 24) 
Ratio calendar spread-put or call (12 and 24) 
Risk 
Limited 
Unlimited 0 
Limited 
Limited 
Limited 
Unlimited 0 
Unlimited 0 
Limited 
Limited 
Unlimited 
Limited 
Unlimited 
Limited 
Unlimited 
Limited 
Limited 
Limited 
Limited 
Limited 
Limited 
Limited 
Limited 
Unlimited 
Unlimited 
Unlimited 
Unlimited 
Appendix A 
Reward 
Unlimited 
Unlimited 
Limited 
Unlimited 
Unlimited 
Limited 
Limited 
Unlimited 0 
Unlimited 0 
Unlimited 0 
Limited 
Limited 
Unlimited 0 
Limited 
Unlimited 
Unlimited 
Unlimited 
Unlimited 
Limited 
Limited 
Unlimited 
Unlimited 
Limited 
Limited 
Limited 
Unlimited 
0 Wherever the risk or reword is limited only by the fact that o stock cannot foll below zero in price, 
the entry is marked. Obviously, although the potential may technically be limited, it could still be quite 
large if the underlying stock did foll a large distance.