1st Position - Long on Call Option (Strike Price: 115, Premium: 12)

2nd Position - Long on Put Option (Strike Price: 110, Premium: 8)

Call Position
Put Position
Spot
Buy @ Sell @
Profit /
Net
Sell @ Buy @
Price Premium
Whether
Premium
Whether
Strike Spot
Loss from Profit /
Strike Spot
Paid
Exercise
Paid
Exercise
Price Price
Exercise
Loss
Price Price
60
-12
115
60
NO
0
-12
-8
110
60
YES
62
-12
115
62
NO
0
-12
-8
110
62
YES
64
-12
115
64
NO
0
-12
-8
110
64
YES
66
-12
115
66
NO
0
-12
-8
110
66
YES
68
-12
115
68
NO
0
-12
-8
110
68
YES
70
-12
115
70
NO
0
-12
-8
110
70
YES
72
-12
115
72
NO
0
-12
-8
110
72
YES
74
-12
115
74
NO
0
-12
-8
110
74
YES
76
-12
115
76
NO
0
-12
-8
110
76
YES
78
-12
115
78
NO
0
-12
-8
110
78
YES
80
-12
115
80
NO
0
-12
-8
110
80
YES
82
-12
115
82
NO
0
-12
-8
110
82
YES
84
-12
115
84
NO
0
-12
-8
110
84
YES
86
-12
115
86
NO
0
-12
-8
110
86
YES
88
-12
115
88
NO
0
-12
-8
110
88
YES
90
-12
115
90
NO
0
-12
-8
110
90
YES
92
-12
115
92
NO
0
-12
-8
110
92
YES
94
-12
115
94
NO
0
-12
-8
110
94
YES
96
-12
115
96
NO
0
-12
-8
110
96
YES
98
-12
115
98
NO
0
-12
-8
110
98
YES
100
-12
115
100
NO
0
-12
-8
110
100
YES
102
-12
115
102
NO
0
-12
-8
110
102
YES
104
-12
115
104
NO
0
-12
-8
110
104
YES
106
-12
115
106
NO
0
-12
-8
110
106
YES
108
-12
115
108
NO
0
-12
-8
110
108
YES
110
-12
115
110
NO
0
-12
-8
110
110
NO
112
-12
115
112
NO
0
-12
-8
110
112
NO
114
-12
115
114
NO
0
-12
-8
110
114
NO
116
-12
115
116
YES
1
-11
-8
110
116
NO
118
-12
115
118
YES
3
-9
-8
110
118
NO
120
-12
115
120
YES
5
-7
-8
110
120
NO
122
-12
115
122
YES
7
-5
-8
110
122
NO
124
-12
115
124
YES
9
-3
-8
110
124
NO
126
-12
115
126
YES
11
-1
-8
110
126
NO
128
-12
115
128
YES
13
1
-8
110
128
NO
130
-12
115
130
YES
15
3
-8
110
130
NO
132
-12
115
132
YES
17
5
-8
110
132
NO
134
-12
115
134
YES
19
7
-8
110
134
NO
136
-12
115
136
YES
21
9
-8
110
136
NO
138
-12
115
138
YES
23
11
-8
110
138
NO
140
-12
115
140
YES
25
13
-8
110
140
NO
142
-12
115
142
YES
27
15
-8
110
142
NO
144
-12
115
144
YES
29
17
-8
110
144
NO

146
148
150
152
154
156
158
160

-12
-12
-12
-12
-12
-12
-12
-12

115
115
115
115
115
115
115
115

146
148
150
152
154
156
158
160

YES
YES
YES
YES
YES
YES
YES
YES

31
33
35
37
39
41
43
45

19
21
23
25
27
29
31
33

-8
-8
-8
-8
-8
-8
-8
-8

110
110
110
110
110
110
110
110

146
148
150
152
154
156
158
160

NO
NO
NO
NO
NO
NO
NO
NO

5, Premium: 12)
10, Premium: 8)
Combined
Position
Profit /
Net
Loss from Profit / Net Payoff
Exercise
Loss
50
42
30
48
40
28
46
38
26
44
36
24
42
34
22
40
32
20
38
30
18
36
28
16
34
26
14
32
24
12
30
22
10
28
20
8
26
18
6
24
16
4
22
14
2
20
12
0
18
10
-2
16
8
-4
14
6
-6
12
4
-8
10
2
-10
8
0
-12
6
-2
-14
4
-4
-16
2
-6
-18
0
-8
-20
0
-8
-20
0
-8
-20
0
-8
-19
0
-8
-17
0
-8
-15
0
-8
-13
0
-8
-11
0
-8
-9
0
-8
-7
0
-8
-5
0
-8
-3
0
-8
-1
0
-8
1
0
-8
3
0
-8
5
0
-8
7
0
-8
9

40

Net Payoff from Combined Position

Put Position

30
20
10
0
60

70

80

90

100

110

-10
-20
-30

Spot Price

120

130

0
0
0
0
0
0
0
0

-8
-8
-8
-8
-8
-8
-8
-8

11
13
15
17
19
21
23
25

130

140

150

160

1st Position - Long on Call Option (Strike Price: 115, Premium: 12)
2nd Position - Short on Put Option (Strike Price: 110, Premium: 8)
Call Position
Put Position
Spot
Buy @ Sell @
Profit /
Net
Oblige to Sell @
Price Premium
Whether
Premium
Strike Spot
Loss from Profit /
Buy @ Strike Spot
Paid
Exercise
Received
Price Price
Exercise
Loss
Price
Price
60
-12
115
60
NO
0
-12
8
110
60
62
-12
115
62
NO
0
-12
8
110
62
64
-12
115
64
NO
0
-12
8
110
64
66
-12
115
66
NO
0
-12
8
110
66
68
-12
115
68
NO
0
-12
8
110
68
70
-12
115
70
NO
0
-12
8
110
70
72
-12
115
72
NO
0
-12
8
110
72
74
-12
115
74
NO
0
-12
8
110
74
76
-12
115
76
NO
0
-12
8
110
76
78
-12
115
78
NO
0
-12
8
110
78
80
-12
115
80
NO
0
-12
8
110
80
82
-12
115
82
NO
0
-12
8
110
82
84
-12
115
84
NO
0
-12
8
110
84
86
-12
115
86
NO
0
-12
8
110
86
88
-12
115
88
NO
0
-12
8
110
88
90
-12
115
90
NO
0
-12
8
110
90
92
-12
115
92
NO
0
-12
8
110
92
94
-12
115
94
NO
0
-12
8
110
94
96
-12
115
96
NO
0
-12
8
110
96
98
-12
115
98
NO
0
-12
8
110
98
100
-12
115
100
NO
0
-12
8
110
100
102
-12
115
102
NO
0
-12
8
110
102
104
-12
115
104
NO
0
-12
8
110
104
106
-12
115
106
NO
0
-12
8
110
106
108
-12
115
108
NO
0
-12
8
110
108
110
-12
115
110
NO
0
-12
8
110
110
112
-12
115
112
NO
0
-12
8
110
112
114
-12
115
114
NO
0
-12
8
110
114
116
-12
115
116
YES
1
-11
8
110
116
118
-12
115
118
YES
3
-9
8
110
118
120
-12
115
120
YES
5
-7
8
110
120
122
-12
115
122
YES
7
-5
8
110
122
124
-12
115
124
YES
9
-3
8
110
124
126
-12
115
126
YES
11
-1
8
110
126
128
-12
115
128
YES
13
1
8
110
128
130
-12
115
130
YES
15
3
8
110
130
132
-12
115
132
YES
17
5
8
110
132
134
-12
115
134
YES
19
7
8
110
134
136
-12
115
136
YES
21
9
8
110
136
138
-12
115
138
YES
23
11
8
110
138
140
-12
115
140
YES
25
13
8
110
140
142
-12
115
142
YES
27
15
8
110
142
144
-12
115
144
YES
29
17
8
110
144

146
148
150
152
154
156
158
160

-12
-12
-12
-12
-12
-12
-12
-12

115
115
115
115
115
115
115
115

146
148
150
152
154
156
158
160

YES
YES
YES
YES
YES
YES
YES
YES

31
33
35
37
39
41
43
45

19
21
23
25
27
29
31
33

8
8
8
8
8
8
8
8

110
110
110
110
110
110
110
110

146
148
150
152
154
156
158
160

Price: 115, Premium: 12)

e Price: 110, Premium: 8)

Whether
Obliges
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
NO
NO
NO
NO
NO
NO
NO
NO
NO
NO
NO
NO
NO
NO
NO
NO
NO
NO

Combined
Position
Profit /
Net
Loss from Profit / Net Payoff
Obligation Loss
-50
-42
-54
-48
-40
-52
-46
-38
-50
-44
-36
-48
-42
-34
-46
-40
-32
-44
-38
-30
-42
-36
-28
-40
-34
-26
-38
-32
-24
-36
-30
-22
-34
-28
-20
-32
-26
-18
-30
-24
-16
-28
-22
-14
-26
-20
-12
-24
-18
-10
-22
-16
-8
-20
-14
-6
-18
-12
-4
-16
-10
-2
-14
-8
0
-12
-6
2
-10
-4
4
-8
-2
6
-6
0
8
-4
0
8
-4
0
8
-4
0
8
-3
0
8
-1
0
8
1
0
8
3
0
8
5
0
8
7
0
8
9
0
8
11
0
8
13
0
8
15
0
8
17
0
8
19
0
8
21
0
8
23
0
8
25

60

Net Payoff from Combined Position

Put Position

40
20
0
60

70

80

90

100

110

120

-20
-40
-60

Spot Price

NO
NO
NO
NO
NO
NO
NO
NO

0
0
0
0
0
0
0
0

8
8
8
8
8
8
8
8

27
29
31
33
35
37
39
41

120

130

140

150

160