x y

1 5 y
2 14 350
3 29 300
4 50 250
5 77 200
6 110 150
7 149
100
8 194
50
9 245
0
10 302 0 2 4 6 8 10 12

x y y
1 5
35
2 8
30
3 11
4 14 25

5 17 20
6 20 15
7 23 10
8 26
5
9 29
0
10 32 0 2 4 6 8 10 12
 intercept 2
coefficint 3

12 x y y
1 5 6
2 3.5
5
3 3
4 2.75
4
5 2.6
6 2.5 3
7 2.428571
8 2.375 2
9 2.333333
10 2.3 1

0
0 2 4 6 8 10 12
12
8 10 12
period compounding rate 1
1 2
2 2.25
3 2.37037
4 2.441406
12 2.613035
365 2.714567
8760 2.718127
525600 2.718279
31536000 2.718282
call buyer payof profit call seller payof prof put buyer payof
0 -1 0 1 4
0 -1 0 1 3
0 -1 0 1 2
0 -1 0 1 1
0 -1 0 1 0
1 0 -1 0 0
2 1 -2 -1 0
3 2 -3 -2 0
4 3 -4 -3 0
5 4 -5 -4 0
profit put seller payof profit X=stock price at maturity
3 -4 -3 1
2 -3 -2 2
1 -2 -1 3
0 -1 0 4
-1 0 1 5
-1 0 1 6
-1 0 1 7
-1 0 1 8
-1 0 1 9
-1 0 1 10
St 5
p 1
X=stock price at maturity Profit from stock Put Payof Put Profit total profit or loss
50 -50 50 40 -10
60 -40 40 30 -10
70 -30 30 20 -10
80 -20 20 10 -10
90 -10 10 0 -10
100 0 0 -10 -10
110 10 0 -10 0 40
120 20 0 -10 10 30
130 30 0 -10 20
140 40 0 -10 30

1 2
-10 -10 -

-40

-50
 St=strike price 100 stock purchased 100
p 10

Chart Title

40 40

30 30 30

20 20 20

10 10 10

0 0 0
1 2 3 4 5 6 7 8 9 10
-10 -10 -10 -10 -10 -10 -10 -10 -10 -10

-20

-30

-40

-50

Profit from stock Put Profit tota l profit or l os s

X=stock price at maturity Profit from stock Call Payof Call Profit total profit or loss
50 -50 0 10 -40
60 -40 0 10 -30
70 -30 0 10 -20
80 -20 0 10 -10
90 -10 0 10 0
100 0 0 10 10
110 10 -10 0 10
120 20 -20 -10 10
130 30 -30 -20 10
140 40 -40 -30 10
10 10

1 2

-30
-40 -40
-50
 St=strike price 100 stock purchased 100
p 10

Chart Title

40
30
20
10 10 10 10 10 10 10 10 10 10
0 0 0
1 2 3 4 5 6 7 8 9 10
-10 -10 -10
-20 -20 -20
-30 -30 -30
-40 -40
-50

Profit from stock Ca l l Profit tota l profit or l os s

X=stock price at maturity Long Call Long Call Profit Short Call Short Call Profit Total Profit and loss
50 0 -10 0 5 -5
60 0 -10 0 5 -5
70 0 -10 0 5 -5
80 0 -10 0 5 -5
90 0 -10 0 5 -5
100 10 0 0 5 5
110 20 10 0 5 15
120 30 20 -10 -5 15
130 40 30 -20 -15 15
140 50 40 -30 -25 15
 St=strike price 90 p 10 stock purchased 100
St=strike price 110 p 5

Chart Title
50

40

30

20

10

0
1 2 3 4 5 6 7 8 9 10
-10

-20

-30
Long Cal l Profit Short Cal l Profit Tota l Profit and l os s
10
X=stock price at maturity Long Put Long Put Profit Short Put Short Put Profit Total Profit and loss
50 30 25 -50 -40 -15
60 20 15 -40 -30 -15
70 10 5 -30 -20 -15
80 0 -5 -20 -10 -15
90 0 -5 -10 0 -5
100 0 -5 0 10 5
110 0 -5 0 10 5
120 0 -5 0 10 5
130 0 -5 0 10 5
140 0 -5 0 10 5
 St=strike price 100 p 10 stock purchased 110
St=strike price 80 p 5

Chart Title
30

20

10

0
1 2 3 4 5 6 7 8 9 10
-10

-20

-30

-40

-50
Long Put Profit Short Put Profit Total Profit and l os s
X=stock price at maturity Long Call Long Call Profit Short Call Short Call Profit Total Profit and loss
50 0 -5 0 10 5
60 0 -5 0 10 5
70 0 -5 0 10 5
80 0 -5 0 10 5
90 0 -5 0 10 5
100 0 -5 -10 0 -5
110 0 -5 -20 -10 -15
120 10 5 -30 -20 -15
130 20 15 -40 -30 -15
140 30 25 -50 -40 -15
 St=strike price 90 p 10 stock purchased 100
St=strike price 110 p 5

Chart Title
30

20

10

0
1 2 3 4 5 6 7 8 9 10
-10

-20

-30

-40

-50
Long Cal l Profit Short Ca l l Profit Total Profit and l os s
X=stock price at maturity Long Put Long Put Profit Short Put Short Put Profit Total Profit and loss
50 60 50 -40 -35 15
60 50 40 -30 -25 15
70 40 30 -20 -15 15
80 30 20 -10 -5 15
90 20 10 0 5 15
100 10 0 0 5 5
110 0 -10 0 5 -5
120 0 -10 0 5 -5
130 0 -10 0 5 -5
140 0 -10 0 5 -5
 St=strike price 110 p 10 stock purchased 100
St=strike price 90 p 5

Chart Title
60

50

40

30

20

10

0
1 2 3 4 5 6 7 8 9 10
-10

-20

-30

-40
Long Put Profit Short Put Profit Tota l Profit a nd l os s
X=stock price at maturity Long Put Long Put Profit Short Put Short Put Profit Total Profit and loss
50 60 50 -40 -35 15
60 50 40 -30 -25 15
70 40 30 -20 -15 15
80 30 20 -10 -5 15
90 20 10 0 5 15
100 10 0 0 5 5
110 0 -10 0 5 -5
120 0 -10 0 5 -5
130 0 -10 0 5 -5
140 0 -10 0 5 -5
X=stock price at maturity Long Call Long Call Profit Short Call Short Call Profit Total Profit and loss
50 0 -10 0 5 -5
60 0 -10 0 5 -5
70 0 -10 0 5 -5
80 0 -10 0 5 -5
90 0 -10 0 5 -5
100 10 0 0 5 5
110 20 10 0 5 15
120 30 20 -10 -5 15
130 40 30 -20 -15 15
140 50 40 -30 -25 15
 St=strike price 110 p 10 stock purchased 100
St=strike price 90 p 5
Ch
Bear Put Spread 60

50

40

30

20

St=strike price 90 p 10 stock purchased 100 10

St=strike price 110 p 5
0
1 2 3 4 5
-10

-20
Bull Call Spread
-30

-40

Long Put Profit Sho

Long Cal l Profit Sho
 Chart Title

2 3 4 5 6 7 8 9 10

Long Put Profit Short Put Profit Tota l Profit a nd l os s

Long Cal l Profit Short Cal l Profit Tota l Profit a nd l os s
 Call Option (Purchased) Call Option (Written) Call Option (Purchased)

Share Profits Profits Profits

Price at Strike from Strike from Strike from
Expiration Price Premium Option 1 Price Premium Option 2 Price Premium Option 3
100 105 5 -5 115 2 2 125 1 -1
101 105 5 -5 115 2 2 125 1 -1
102 105 5 -5 115 2 2 125 1 -1
103 105 5 -5 115 2 2 125 1 -1
104 105 5 -5 115 2 2 125 1 -1
105 105 5 -5 115 2 2 125 1 -1
106 105 5 -4 115 2 2 125 1 -1
107 105 5 -3 115 2 2 125 1 -1
108 105 5 -2 115 2 2 125 1 -1
109 105 5 -1 115 2 2 125 1 -1
110 105 5 0 115 2 2 125 1 -1
111 105 5 1 115 2 2 125 1 -1
112 105 5 2 115 2 2 125 1 -1
113 105 5 3 115 2 2 125 1 -1
114 105 5 4 115 2 2 125 1 -1
115 105 5 5 115 2 2 125 1 -1
116 105 5 6 115 2 1 125 1 -1
117 105 5 7 115 2 0 125 1 -1
118 105 5 8 115 2 -1 125 1 -1
119 105 5 9 115 2 -2 125 1 -1
120 105 5 10 115 2 -3 125 1 -1
121 105 5 11 115 2 -4 125 1 -1
122 105 5 12 115 2 -5 125 1 -1
123 105 5 13 115 2 -6 125 1 -1
124 105 5 14 115 2 -7 125 1 -1
125 105 5 15 115 2 -8 125 1 -1
126 105 5 16 115 2 -9 125 1 0
127 105 5 17 115 2 -10 125 1 1
128 105 5 18 115 2 -11 125 1 2
 Profits
from:
Option
1+Option
3-
2*Option
2 Chart Title
-2 10
-2
8
-2
-2 6
-2
4
-2
-1 2
0
1 0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
2
-2
3
4 -4
5
6
7
8
7
6
5
4
3
2
1
0
-1
-2
-2
-2
-2
 Put Option 1 (Purchased) Put Option 2 (Written)
Share Price at Expiration Strike Price Premium Profits from Option 1 Strike Price Premium
100 105 1 4 115 2
101 105 1 3 115 2
102 105 1 2 115 2
103 105 1 1 115 2
104 105 1 0 115 2
105 105 1 -1 115 2
106 105 1 -1 115 2
107 105 1 -1 115 2
108 105 1 -1 115 2
109 105 1 -1 115 2
110 105 1 -1 115 2
111 105 1 -1 115 2
112 105 1 -1 115 2
113 105 1 -1 115 2
114 105 1 -1 115 2
115 105 1 -1 115 2
116 105 1 -1 115 2
117 105 1 -1 115 2
118 105 1 -1 115 2
119 105 1 -1 115 2
120 105 1 -1 115 2
121 105 1 -1 115 2
122 105 1 -1 115 2
123 105 1 -1 115 2
124 105 1 -1 115 2
125 105 1 -1 115 2
126 105 1 -1 115 2
127 105 1 -1 115 2
128 105 1 -1 115 2
129 105 1 -1 115 2
Put Option 2 (Written) Put Option 3 (Purchased)
Profits from Option 2 Strike Price Premium Profits from Option 2
-13 125 5 20
-12 125 5 19
-11 125 5 18
-10 125 5 17
-9 125 5 16
-8 125 5 15
-7 125 5 14
-6 125 5 13
-5 125 5 12
-4 125 5 11
-3 125 5 10
-2 125 5 9
-1 125 5 8
0 125 5 7
1 125 5 6
2 125 5 5
2 125 5 4
2 125 5 3
2 125 5 2
2 125 5 1
2 125 5 0
2 125 5 -1
2 125 5 -2
2 125 5 -3
2 125 5 -4
2 125 5 -5
2 125 5 -5
2 125 5 -5
2 125 5 -5
2 125 5 -5
Profits from: Option 1+Option 3-2*Option 2
-2
-2 Chart Title
-2
10
-2
-2 8
-2
-1 6

0 4
1
2 2
3
0
4 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 2
5 -2
6
-4
7
8
7
6
5
4
3
2
1
0
-1
-2
-2
-2
-2
-2
hart Title

4 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
 Call Option (Written) Call Option (Purchased) Call Option (Written)
Share PriceStrike PricePremium Profits fro Strike PricePremium Profits fro Strike PricePremium Profits fro
100 105 10 10 115 2 -2 125 1 1
101 105 10 10 115 2 -2 125 1 1
102 105 10 10 115 2 -2 125 1 1
103 105 10 10 115 2 -2 125 1 1
104 105 10 10 115 2 -2 125 1 1
105 105 10 10 115 2 -2 125 1 1
106 105 10 9 115 2 -2 125 1 1
107 105 10 8 115 2 -2 125 1 1
108 105 10 7 115 2 -2 125 1 1
109 105 10 6 115 2 -2 125 1 1
110 105 10 5 115 2 -2 125 1 1
111 105 10 4 115 2 -2 125 1 1
112 105 10 3 115 2 -2 125 1 1
113 105 10 2 115 2 -2 125 1 1
114 105 10 1 115 2 -2 125 1 1
115 105 10 0 115 2 -2 125 1 1
116 105 10 -1 115 2 -1 125 1 1
117 105 10 -2 115 2 0 125 1 1
118 105 10 -3 115 2 1 125 1 1
119 105 10 -4 115 2 2 125 1 1
120 105 10 -5 115 2 3 125 1 1
121 105 10 -6 115 2 4 125 1 1
122 105 10 -7 115 2 5 125 1 1
123 105 10 -8 115 2 6 125 1 1
124 105 10 -9 115 2 7 125 1 1
125 105 10 -10 115 2 8 125 1 1
126 105 10 -11 115 2 9 125 1 0
127 105 10 -12 115 2 10 125 1 -1
128 105 10 -13 115 2 11 125 1 -2
Profits from: Option 1+Option 3-2*Option 2
7
7
7
7
7
7
6
5
4
3 Chart Title
2 8
1
0 6
-1
-2 4

-3
2
-2
-1
0
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
1 -2
2
3 -4
4
5
6
7
7
7
7
 Share
Price at
Expiratio Strike Call Put Straddle Strap Strip
n Price Premium Premium Call Profit Put Profit Profit Profit Profit
1 5 1 1 -1 3 2 1 5
2 5 1 1 -1 2 1 0 3
3 5 1 1 -1 1 0 -1 1
4 5 1 1 -1 0 -1 -2 -1
5 5 1 1 -1 -1 -2 -3 -3
6 5 1 1 0 -1 -1 -1 -2
7 5 1 1 1 -1 0 1 -1
8 5 1 1 2 -1 1 3 0
9 5 1 1 3 -1 2 5 1

Strip Profit
6
5
4
3
2
1
0
1 2 3 4 5 6 7 8 9
-1
-2
-3
-4
 Straddle
2.5
2
1.5
1
0.5
0
1 2 3 4 5 6 7 8 9
-0.5
-1
-1.5
-2
-2.5

Strap Profit
6
5
4
3
2
1
0
1 2 3 4 5 6 7 8 9
-1
-2
-3
-4
 Share
Price at
Expiratio Strike Call Strike Put Put Strangle
n Price-Call Premium Price-Put Premium Call Profit Profits Profits
3.5
1 6 0.5 4 0.5 -0.5 2.5 2
3
2 6 0.5 4 0.5 -0.5 1.5 1
2.5
3 6 0.5 4 0.5 -0.5 0.5 0
4 6 0.5 4 0.5 -0.5 -0.5 -1 2

5 6 0.5 4 0.5 -0.5 -0.5 -1 1.5

6 6 0.5 4 0.5 -0.5 -0.5 -1 1
7 6 0.5 4 0.5 0.5 -0.5 0 0.5
8 6 0.5 4 0.5 1.5 -0.5 1 0
1 2 3
9 6 0.5 4 0.5 2.5 -0.5 2 -0.5
10 6 0.5 4 0.5 3.5 -0.5 3
-1
-1.5
 Strangle Profits
3.5
3
2.5
2
1.5
1
0.5
0
1 2 3 4 5 6 7 8 9 10
-0.5
-1
-1.5