B
C
D
E
F
G
H
I
J
K
L
M
N
O
2
3
4
5
Show Formula:
6
7
8
9
Call Butterfly Spreads
(E
1
< E
2
< E
3
)
10
11
Bull Spreads
Bear Spreads
12
Buy Call @ E
1
and
Buy Call @ E
3
13
Write Call @ E
2
Write Call @ E
2
14
15
Profit = Max(0, S - E
1
) - C
1
- 2*Max(0, S - E
2
) + 2*C
2
+ Max(0, S - E
3
) -C
3
16
S = spot price, E
n
= excerise at price n, C
n
= call price (premium)
n
17
18
Spot
19
20
Call
1
21
Call
2
22
Call
3
23
Exec
1
24
Exec
2
25
Exec
3
26
27
28
29
30
31
Change the spot, stock, call and exec values and see how the profit changes.
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
Copyright.
Anthony's VBA Page.
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