Conversion Strategy

Prices a conversion: long stock, long put and short call at the same strike and expiration, a combination that pins the outcome to the strike wherever the stock goes.

What is left is the relationship between strike, share price and net option premium, which is the pricing discrepancy the trade exists to capture. Both options are quoted from bid and ask and the shares from last price, then the locked result is computed before financing and carry, so you can judge whether the edge survives those costs.