16 Pay off Pay off Net

So Stock Long Put Long Stock Put Payoff Payoff

70 100 110 -30 24 -6 =SUM(D7:E7) 40
80 100 110 -20 14 -6 35
90 100 110 -10 4 -6 30
100 100 110 0 -6 -6 25
110 100 110 10 -16 -6 20
120 100 110 20 -16 4 15
10
130 100 110 30 -16 14
5
140 100 110 40 -16 24
0
150 100 110 50 -16 34 0 1 2 3 4 5 6 7 8 9
-5
-10

Stock
Long 1000 JSW 210
Put Buy 212 1000 7.8

1000 7.8 Pay off Net

So Stock Long Put Long Stock long Put Long Pay off
170 210 212 -40000 34200 -5800 =SUM(D28:E28)
180 210 212 -30000 24200 -5800
190 210 212 -20000 14200 -5800 Pay off
200 210 212 -10000 4200 -5800 50000
210 210 212 0 -5800 -5800 40000
220 210 212 10000 -7800 2200 30000
230 210 212 20000 -7800 12200 20000
240 210 212 30000 -7800 22200 10000
250 210 212 40000 -7800 32200 0
0 2 4 6 8 10 12
260 210 212 50000 -7800 42200 -10000

4 Pay off Pay off Net

So Stock Short Call Long Stock Call Pay off
75 100 105 25 -4 21 =SUM(D44:E44)
80 100 105 20 -4 16
85 100 105 15 -4 11 Pay off
90 100 105 10 -4 6 25
95 100 105 5 -4 1 20
15
10
5
0
 Pay off
25
20
100 100 105 0 -4 -4 15
105 100 105 -5 -4 -9 10
110 100 105 -10 1 -9 5
115 100 105 -15 6 -9 0
0 2 4 6 8 10 12 14
120 100 105 -20 11 -9 -5
125 100 105 -25 16 -9 -10
130 100 105 -30 21 -9 -15

100 100
2 2 Pay off Pay off Net
So Long Put Long Call Put Call Pay off
25 50 50 2300 -200 2100 =SUM(D66:E66)
30 50 50 1800 -200 1600
35 50 50 1300 -200 1100 Pay off
40 50 50 800 -200 600 3000
45 50 50 300 -200 100 2000
50 50 50 -200 -200 -400 1000
55 50 50 -200 300 100 0
0 2 4 6 8 10 12
60 50 50 -200 800 600 -1000

65 50 50 -200 1300 1100

70 50 50 -200 1800 1600
 16
Payoff so stock long put long payof stok payof pit net payoff
70 100 110 -30 24 -6
80 100 110 -20 14 -6
90 100 110 -10 4 -6
100 100 110 0 -6 -6
110 100 110 10 -16 -6
120 100 110 20 -16 4
130 100 110 30 -16 14
140 100 110 40 -16 24
3 4 5 6 7 8 9 10 150 100 110 50 -16 34

ff

8 10 12

off
off

8 10 12 14

ne
2500
100 100
2000
2 2 Payoff Payoff net payoff
So long put Long call Put call 1500
25 50 50 2300 -200 2100
30 50 50 1800 -200 1600 1000
35 50 50 1300 -200 1100
500
40 50 50 800 -200 600
45 50 50 300 -200 100 0
50 50 50 -200 -200 -400 0 2 4

10 12 55 50 50 -200 300 100 -500

60 50 50 -200 800 600
-1000
65 50 50 -200 1300 1100
70 50 50 -200 1800 1600
 net payoff
40
35
30
25
20
15
10
5
0
0 1 2 3 4 5 6 7 8 9 10
-5
-10
 net payoff
00

00

00

00

00

0
0 2 4 6 8 10 12
00

00
No. of Positions 1 2 1
Premium 8 4.5 2 1 2 1
Lot Size 800 800 800 Pay off Pay off Pay off Net
So Call Long Call Short Call Long Call Long Call Short Call Long Pay off Pay off
40 50 55 60 -6400 7200 -1600 -800 4000
42 50 55 60 -6400 7200 -1600 -800 3000
2000
45 50 55 60 -6400 7200 -1600 -800
1000
50 50 55 60 -6400 7200 -1600 -800 0
55 50 55 60 -2400 7200 -1600 3200 0 1 2 3 4
-1000
58 50 55 60 0 2400 -1600 800
59 50 55 60 800 800 -1600 0
65 50 55 60 5600 -8800 2400 -800

No. of Positions 1 2 1
Premium 8 4.5 2
Lot Size 800 800 800 1 2 1
So Call Long Call Short Call Long Call Long Call Short Call Long Pay off
40 50 55 60 -6400 7200 -1600 -800
42 50 55 60 -6400 7200 -1600 -800
45 50 55 60 -6400 7200 -1600 -800
50 50 55 60 -6400 7200 -1600 -800
55 50 55 60 -2400 7200 -1600 3200
58 50 55 60 0 2400 -1600 800
59 50 55 60 800 800 -1600 0
65 50 55 60 5600 -8800 2400 -800
 Pay off
4000
3000
2000
1000
0
0 1 2 3 4 5 6 7 8 9
-1000
S 36
X 40
SD 50%
r 5% CCRFR 1.24% =LN(1+B10*B13)
C= ?
P= ?
T 0.25

d1= -0.28402 =(LN(B7/B8)+(D10+B9^2*0.5)*B13)/(B9*SQRT(B13))

d2= -0.53402 =C15-(B9*SQRT(B13))

N(d1)= 0.388198 =NORM.S.DIST(C15,TRUE())

N(d2)= 0.296664 =NORM.S.DIST(C17,TRUE())

C= 2.145353 =B7*C19-B8*EXP(-D10*B13)*C20

P= 6.02132 =C22-B7+B8*EXP(-D10*B13)
P= 6.02132 =B8*EXP(-D10*B13)*D28-B7*D27

N(-d1)= 0.611802 =NORM.S.DIST(-C15,TRUE())

N(-d2)= 0.703336 =NORM.S.DIST(-C17,TRUE())
d1= -0.246442
Infy
S 1485
X 1500
SD 27.78%
RFR 6.39% CCRFR 0.35% =LN(1+B5*14/252)
T 0.055556 =14/252

#NAME? =[1]!BSCall(B2,B3,B6,D5,B4)
#NAME? =[1]!BSPut(B2,B3,B6,D5,B4)
 1855.6
1877.45 0.011706
1896.8 0.010254 Daily SD
1929.35 0.017015 1.75% =STDEV.S(B2:B250)
1939.5 0.005247
1920.75 -0.009714 Yearly SD
1867.05 -0.028356 0.278002 =D4*SQRT(252)
1823.7 -0.023492
1785.7 -0.021057
1736.8 -0.027766
1722.15 -0.008471
1678.6 -0.025613
1686.2 0.004517
1736.2 0.029221
1772.05 0.020438
1787.1 0.008457
1738.55 -0.027543
1741.1 0.001466
1715 -0.015104
1717.3 0.00134
1737.3 0.011579
1769.6 0.018421
1721.35 -0.027645
1682.2 -0.023006
1738.25 0.032776
1733.3 -0.002852
1724.8 -0.004916
1706.95 -0.010403
1730.7 0.013818
1734.35 0.002107
1742.85 0.004889
1678.15 -0.03783
1694.6 0.009755
1715.6 0.012316
1702.8 -0.007489
1720.85 0.010544
1723.3 0.001423
1739.85 0.009558
1778.2 0.021803
1813.35 0.019574
1825.9 0.006897
1822 -0.002138
1890.7 0.037012
1839.3 -0.027562
1889.4 0.026874
1854.6 -0.01859
1853.05 -0.000836
1887.4 0.018367
 1872.4 -0.007979
1886.7 0.007608
1876.55 -0.005394
1873.9 -0.001413
1886 0.006436
1903.95 0.009472
1906.85 0.001522
1903.55 -0.001732
1882.95 -0.010881
1861.1 -0.011672
1828.85 -0.01748
1811 -0.009808
1814.6 0.001986
1766.55 -0.026837
1742.45 -0.013736
1748.55 0.003495
1621.4 -0.075497
1562 -0.037323
1587.7 0.016319
1618.8 0.019399
1585.45 -0.020817
1561.1 -0.015478
1581 0.012667
1552.8 -0.017998
1582.6 0.019009
1567.55 -0.009555
1541 -0.017082
1535.55 -0.003543
1585.15 0.03179
1542.85 -0.027048
1570.35 0.017667
1553 -0.01111
1526.75 -0.017047
1508.8 -0.011827
1504.4 -0.002921
1489.1 -0.010222
1518.45 0.019518
1509.2 -0.00611
1427.15 -0.0559
1455.15 0.01943
1468.4 0.009064
1441 -0.018836
1410.45 -0.021429
1423.95 0.009526
1461.35 0.025926
1526.8 0.043813
1503.6 -0.015312
1478.55 -0.0168
 1508 0.019722
1521.7 0.009044
1530.05 0.005472
1506.7 -0.015379
1500 -0.004457
1515 0.00995
1476.8 -0.025538
1424.5 -0.036057
1440.55 0.011204
1422.2 -0.01282
1397.2 -0.017735
1387.3 -0.007111
1414.15 0.019169
1449.9 0.024966
1437.25 -0.008763
1452.45 0.01052
1441.1 -0.007845
1474.6 0.02298
1480.15 0.003757
1463.25 -0.011483
1461.9 -0.000923
1479.4 0.0119
1488 0.005796
1475.95 -0.008131
1491.65 0.010581
1498.7 0.004715
1514.45 0.010454
1473.15 -0.027649
1438.6 -0.023733
1444.45 0.004058
1428.85 -0.010859
1430.35 0.001049
1489.9 0.04079
1484.15 -0.003867
1515.3 0.020771
1532.9 0.011548
1506.3 -0.017505
1503.6 -0.001794
1451.15 -0.035506
1471.05 0.01362
1517.4 0.031022
1549.7 0.021063
1551.05 0.000871
1543.6 -0.004815
1566.1 0.014471
1599.9 0.021353
1616.65 0.010415
1619.4 0.0017
1602.45 -0.010522
1619.95 0.010862
1594.1 -0.016086
1596.45 0.001473
1606.25 0.00612
1582.95 -0.014612
1597.1 0.008899
1575.65 -0.013522
1542.4 -0.021328
1537.5 -0.003182
1518.15 -0.012665
1521.55 0.002237
1461.75 -0.040095
1492.95 0.02112
1464.2 -0.019445
1453 -0.007679
1461.3 0.005696
1455.1 -0.004252
1457.65 0.001751
1475.9 0.012442
1511.65 0.023934
1536.2 0.01611
1544.95 0.00568
1475.4 -0.046062
1432.8 -0.029299
1377.05 -0.039687
1390.3 0.009576
1388.55 -0.00126
1377.25 -0.008171
1367.95 -0.006776
1365.45 -0.001829
1380.25 0.010781
1393.55 0.00959
1394.7 0.000825
1398.65 0.002828
1413.45 0.010526
1393.75 -0.014036
1429.4 0.025257
1455.15 0.017854
1451.2 -0.002718
1462.65 0.007859
1423.8 -0.02692
1428.7 0.003436
1419.9 -0.006178
1474.25 0.037563
1489.95 0.010593
1503.7 0.009186
1485.45 -0.012211
 1500.9 0.010347
1500.5 -0.000267
1517.85 0.011496
1526.3 0.005552
1523.95 -0.001541
1513.25 -0.007046
1537.65 0.015996
1573 0.022729
1553.3 -0.012603
1530.75 -0.014624
1514 -0.011003
1507.45 -0.004336
1511.2 0.002485
1501.95 -0.00614
1570.1 0.044375
1585.3 0.009634
1594 0.005473
1602.8 0.005506
1587.4 -0.009655
1593.4 0.003773
1568.2 -0.015942
1585.05 0.010688
1583.15 -0.001199
1629.8 0.029041
1635.65 0.003583
1623.4 -0.007518
1629.05 0.003474
1634.95 0.003615
1657.1 0.013457
1637.9 -0.011654
1639.75 0.001129
1612.9 -0.01651
1605.5 -0.004599
1620.15 0.009084
1569.3 -0.031889
1547.2 -0.014183
1572.15 0.015997
1579.4 0.004601
1540.5 -0.024938
1522.2 -0.01195
1507.35 -0.009803
1507.3 -3.31E-05
1509.55 0.001492
1522.05 0.008247
1497.1 -0.016528
1502.4 0.003534
1514.85 0.008253
1510.15 -0.003107
1517.55 0.004888
1508.2 -0.00618
1524 0.010422
1522.55 -0.000952
1494.8 -0.018394
1475.2 -0.013199
1448.5 -0.018265
1484.45 0.024516
1469.75 -0.009952
1487.25 0.011836