                                                    645

     ,    . 
,       $1260.  ,  
   $1260.         -
,      $960 ($1260 - $300).

20.3.2    

     .     
       (   )  -
    ,     .  , 
     ,  ,   ,   
   ,     .

           
 (  ),       (naked
put writing).  ,    ,   , 
       .     
  ,     .   
   20%       -
        . ( 
 ,          -
 ,     ,      
.)     ,       ,
..       10%    -
.

         
,       40     -
 $4  .       $41,    -
   ,    :

 1:   =

= $4  100                      $400
20%    =

= 0,20  $41  100                820
 ,  
   
  =                     ____

= ($41 - $40)  100              - 100
                                $1120
 2:   =

= $4  100                      $400
10%    =        ____

= 0,10  $41  100                 410
                                  $810

      ,    .  ,
     $1120.  ,     $1120
 .        ,   -
   $720 ($1120 - $400).

 ,         
 .      ,  
   (,     
    ,       -
         ).  ,
        (20%  
15%),         ,  
  . (       .)