STOCK REPLACEMENT

Replacing a stock position with a deep in the money call is the trade this workbook sizes. A high delta call moves nearly point for point with the shares while tying up a fraction of the capital, and the most that can be lost is the premium, though the contract carries time decay that the shares do not.

One year stock volatility appears next to the quotes because the premium paid for that substitution rises with it. Bid, ask and previous close for the chosen contract are pulled on demand beside the underlying's last price.