Call and put options available on an underlying with strike prices of 1,950 and 2,050. The shaded values above are the option premiums as of today. The options expire in 1 year. Suppose you buy the 1,950 call and sell the 2,050 call. Simultaneously, you buy the 2,050 put and sell the 1,950 put.

Call Put $1,950 108.43 56.01 $2,050 59.98 107.39 $2,200 Data Table Profit Underlying Price Profit Cost Return $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 $2,400 $2,600 $2,800 $3,000 Call Put $1,950 108.43 56.01 $2,050 59.98 107.39 $2,200 Data Table Profit Underlying Price Profit Cost Return $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 $2,400 $2,600 $2,800 $3,000