4. Consider buying the call and selling (writing) the put. Write the payoff from the combined position and compare it to a long future. Payoff from Options with strike k=F=$53.00 S1 Long Call $100 $95 $90 $85 $80 $75 $70 $65 $60 $55 $53.00 $50 $45 $40 $35 $30 $25 Short Put Long Call & Short Put Payoff from Futures Contract F=$53.00 Long