500

Stock Price (St)

460
470
480
520

Payoffs (max ((St - K),0))

25

0
0
0
20

20
Payoffs

Strike Price (K)

15
10
5
0
460

470

480
Stock Prices

520

500
Stock Price (St)
485
501.99
520
Stock Price (St)
485
501.99
510
Stock Price (St)
485
501.99
505

Payoffs (-max ((St - K),0))

0
-1.99
-20
Payoffs (-max ((St - K),0))
0
-1.99
-10
Payoffs (-max ((St - K),0))
0
-1.99
-5

485
-5

Payoffs

Strike Price (K)

-10

-15

-20

-25

501.99

Stock Prices

520

500

Stock Price (St)

Payoffs (max ((K - St ),0))

485
501.99
550
Stock Price (St)

16

15
0
0
Payoffs (max ((K - St ),0))

485
501.99
520

15
0
0

14
12
Payoffs

Strike Price (K)

10
8
6
4
2

Stock Price (St)

485
501.99
500

Payoffs (max ((K - St ),0))

15
0
0

0
485

501.99
Stock Prices

550

500

Stock Price (St)

Jun 20, 2011
Jun 21, 2011
Jun 22, 2011
Jun 23, 2011
Jun 24, 2011
Jun 27, 2011
Jun 28, 2011
Jun 29, 2011
Jun 30, 2011
Jul 1, 2011
Jul 5, 2011
Jul 6, 2011
Jul 7, 2011
Jul 8, 2011
Jul 11, 2011
Jul 12, 2011
Jul 13, 2011
Jul 14, 2011
Jul 15, 2011
Jul 18, 2011
Jul 19, 2011
Jul 20, 2011
Jul 21, 2011

485
487.19
491.45
482.13
480.68
474
484.02
496.54
501.99
521.03
525.3
533.5
541
532.95
528.18
528.16
537
539.12
597.5
592.49
596.14
602.18
594.03

Payoffs (-max ((K - St ),0))

-15
-12.81
-8.55
-17.87
-19.32
-26
-15.98
-3.46
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
-5
-10
Payoffs

Strike Price (K)

-15
-20
-25
-30

Stock Prices