ZYX is currently trading at 50-1/2 and a ZYX LEAPS call option, with a two-year expiration1 and a strike price of 50, is trading for a premium2 of 8 1/2, or $850 per contract. The investor3 buys five contracts for a total cosplayt of $4250. The calls give the investor the right to buy 500 shares of ZYX between now and expiration at $50 per share regardless of how high the price of the stock rises. To be profitable, though, at expiration at $50 per share regardless of how high the price of the stock rises. To be profitable, though, at expiration, the stock must be trading for more than 58, the total of the option premium and the strike price of 50. This is known as the breakeven point. The buyer's maximum loss for this strategy is equal to the total cosplayt of the options, or $4250. The following are possible outcomes of this strategy at expiration.
ZYX is trading above the breakeven point. If ZYX advances to 65 at expiration, the LEAPS will have a value of approximately 15 . The investor may choose to exercise the calls and take delivery of the stock at a price of 50, or may sell the LEAPS calls for a profit. ZYX股票现在的买卖价格是50-1/2，两年到期，议定价格为50的ZYX LEAPS看涨期权买卖溢价为8-1/2，或者说是每份合约$850。该投资人总共花了$4,250购买5份合约。该看涨期权授权该投资人从目前开始到期权之前以每股50元的价格购买500股ZYX股票，不管该股票的价格上升到多少。当然，要想在到期前真的有利可图，该股票的买卖价格需要高于58 1/2，也就是期权溢价（8-1/2）加上商定价格50。这称做盈亏平衡点。用户在此项方案中最大亏损等于购买期权的总本钱，或者说$4,250。以下说明一下到期时本项方案可能的收益。
ZYX买卖价高于盈亏平衡点。假如ZYX在到期时涨到65，LEAPS则有大约15远的价值（股票价格65减去商定价格50）。投资者可选择行使期权，以每股50元的价格买进股票，或者卖掉LEAPS看涨期权获得收益。
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