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Assume that you purchase 1 0 0 shares of EBAY at $ 1 0 0 . You observe 2 - month $ 1 0 0

Assume that you purchase 100 shares of EBAY at $100. You observe 2-month $100 calls trading at $5 and 2-month $105 calls trading at $3. If you add a 1:3 call ratio spread (that is buying one $100 call and writing three $105 calls), what would be the characteristics of your position?

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