3.Strategies of the Options.pptVIP

（2） Short Strangles（等量空头异价对敲 ） The portfolio of selling a Call and a Put option with the same expiries , but two different strike prices Xp Xc is called “ Short Strangle ” . At the expiration date T , if the price of the asset is ST , the profit function for this Short Strangle will be : Two equilubrium points： the maximal loss ( 最大亏损值) ： the maximal profit ( 最大盈余值 ) : unlimited , if ST tends to infinite if ST goes to zero . Similar with Short Straddle , benefited in the middle ；the speculator suppose the price of the asset will not change a lot from its spot