OPTION TERMINOLOGY

OPTIONS PAYOFFS

STRATEGY 1 : LONG CALL

STRATEGY 2 : SHORT CALL

STRATEGY 3 : SYNTHETIC LONG CALL

STRATEGY 4 : LONG PUT

STRATEGY 5 : SHORT PUT

STRATEGY 6 : COVERED CALL

STRATEGY 7 : LONG COMBO : SELL A PUT, BUY A CALL

STRATEGY 8 : PROTECTIVE CALL / SYNTHETIC LONG PUT

STRATEGY 9 : COVERED PUT

STRATEGY 10 : LONG STRADDLE

STRATEGY 11 : SHORT STRADDLE

STRATEGY 12 : LONG STRANGLE

STRATEGY 13. SHORT STRANGLE

STRATEGY 14. COLLAR

STRATEGY 15. BULL CALL SPREAD STRATEGY

STRATEGY 16. BULL PUT SPREAD STRATEGY

STRATEGY 17 : BEAR CALL SPREAD STRATEGY

STRATEGY 18 : BEAR PUT SPREAD STRATEGY

STRATEGY 19: LONG CALL BUTTERFLY

STRATEGY 20 : SHORT CALL BUTTERFLY

STRATEGY 21: LONG CALL CONDOR

STRATEGY 22 : SHORT CALL CONDOR