STRATEGY: EXAMPLE: Protective Put Buy Stock @ 50 and Buy $50 Put @ 2 P/(L) PROTECTIVE PUT Stock Price at Expiration Long Stock P/(L) Long Put P/(L) Total P/(L) Stock Price 50 55 STRATEGY: EXAMPLE: Covered Write Buy Stock @ 50 and Sell $50 Call @ 3 P/(L) COVERED WRITE Stock Price at Expiration Long Stock P/(L) Short Call P/(L) Total P/(L) Stock Price 45 50 55