Profit ($)

30

20

10
Terminal
stock price ($)
0
70 80 90 100 110 120 130
5
 Profit ($)

30

20

10
Terminal
stock price ($)
0
40 50 60 70 80 90 100

7
 Profit ($)

5
110 120 130
0
70 80 90 100 Terminal
stock price ($)
10

20

30

Profit ($)

7
Terminal
40 50 60 stock price ($)
0
70 80 90 100

10

20

30
Payoff Payoff

ST ST
K K

(a) (b)

Payoff Payoff

ST ST
K K

(c) (d)