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The Investopedia article is correct. Isn't your maximum profit when P≤77? Then you can exercise your 77P, but the call holder can't exercise his 97C. Your profit =77−P− options premiums. You haven't accounted for the loss on the stock (Investopedia did). It is: stock price + strike price - collar cost (-80 +77 -1.50) Isn't your maximum loss when P≥97? ...


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