Options Analysis Software for Excel

Optionstar EZ

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END USER LICENSE AGREEMENT: I AGREE THAT BY USING THIS SOFTWARE, I WILL NOT HOLD THE DEVELOPER OR STAR RESEARCH INC. LIABLE FOR ANY TRADING DECISIONS MADE BY USING OPTIONSTAR. * Data feed web downloads are subject to change. Data is believed to be accurate, but use it at your own risk. Star Research Inc. provides to you Optionstar as is and with all faults; and disclaims all warranties and conditions whether express implied or statutory including but not limited to any (if any) warranties or conditions of or related to: title non-infringement merchantability fitness for a particular purpose lack of viruses accuracy or completeness of responses results lack of negligence or lack of workmanlike effort quiet enjoyment quiet possession and correspondence to description. The entire risk arising out of use or performance of Optionstar remains with you. In no event shall Star Research Inc. be liable for any special incidental indirect or consequential damages whatsoever (including but not limited to damages for: loss of profits and failure to meet any duty (including of good faith or reasonable care) or negligence arising out of or in any way related to use of or inability to use the software.

OPTIONSTAR.

t use it at your

onable care)

Optionstar EZ
INTRODUCTION TO OPTIONS Options as an alternative investment Learn little known strategies of brokers and floor traders. Make money in down markets. Profit whether the stock goes up or down. Try Options as an alternative investment. Options give you a virtually unlimited number of profit opportunities for ANY direction (up, down, choppy, or still) you think the stock is headed. You can limit both your profits and losses. You can control much larger quantities of stock for the same cost of buying the stock. Option Basics Perhaps you have invested in a 401k. Maybe you have bought or sold stocks, bonds, or mutual funds. Options can be the next step in your short or long term investment strategies. Different forms of options are used everyday. Why do you have insurance on your house and car? It's to protect your property from an unlikely catastrophe for a small amount known as a premium. In the same way some investors buy options on stocks and indexes as insurance protection against their holdings. The biggest advantage of options is their flexiblity. They can be as conservative or speculative as your investment style needs to be. Here are some examples of strategies you can do with options: Protect your existing stock or mutual funds from big declines. (buy puts) Profit fully from a stock increase for a fraction of the cost. (buy calls) Profit generously from a stock increase for a smaller fraction of the cost. (bull spread) Take in a monthly income from a stock you own. (covered calls) Receive a payment for the opportunity to buy a stock at a discounted price. (put writing) Profit from a market move up OR down. (straddles) Benefit if the market stays still. (short straddles) Buying Calls and Puts The most fundamental options strategy is to buy call or buy puts. First select a stock you are interested and go to an options chain quote service such as: The Chicago Board Options Exchange CBOE: http://quote.cboe.com/QuoteTable.asp Dreyfus Brokerage: http://www.edreyfus.com Type in the symbol and you will get a list of available options. Here is an options chain for Microsoft on 11/7/01:

Select an option you would like to purchase. The Calls are on the left and Puts are on the right. You will see the expiration date and exercise price for each option. The premium quotes are listed under: last, bid, and ask. In order to calculate the cost of the option, multiply the (premium) x (number of contracts) x (100 shares per contract) Myths about options. Myth 1: "Options are very risky.. They are gambling" While this can be certainly true for just buying options, option writing (or selling) gives the investor many very conservative and high probability options strategies. Options can even be used as insurance against existing stock positions. Myth 2: "Options are too complicated" Understanding the basic option concept can be difficult at first. Read the intro section for a very easy way to understand options. Myth 3: "Options are for rich people" Buying options requires very little investment capital (under $1,000). Writing options account requirements have dropped down to under $10,000 for many brokerages. Myth 4: "Options are rare and not easy to trade" Options trading has exploded over the past 5 years. Now, options are available on over 2700 stocks. All major online brokers (Etrade, Datek, and Ameritrade) now offer options trades as low as $10 a trade. Myth 5: "Most options expire worthless" This can be true if there are more "out of the money" options than "in the money" and you are always the BUYER of the option. If you become the SELLER of the options than you can take advantage of this.

Options are "rain checks" An option is a right to buy or sell an asset for a specified price and time. Let's say you want to buy a TV on sale at Wal-Mart. You drive there only

to find out that it's "sold out". So you go to the clerk and ask for a "rain check". This "rain check" is a guarantee that you will get the TV for the sale price when they are back in stock. There may be an expiration date on the "rain check" for 1 month from the out of stock date. This rain check qualifies as an Call option. You have the right to purchase the TV for the sale price up to 1 month regardless of how much the TV goes up or down in price during that period. You are the buying this call option and Wal Mart is the seller. The only difference of this rain check versus a real option is that there is NO value on this option and it is probably non-transferable. Now, let's use this same concept for a stock. For instance, you want to buy Microsoft stock and it is trading at $50 a share. Instead of buying the stock, you decide to purchase a "right to buy the stock at 50" which will expire on 1/15/01. You would be willing to pay $3 for this right to buy Microsoft before 1/15/01 at $50. On the other side of this deal, there is someone who is willing to sell you this right for you to buy Microsoft from him for 50. He wants $3 for granting you this contract. Comparison table: Stock option VS Rain check for TV Rain check for TV ####### 500 call NO VALUE (non transferra ble)

Option components: Expiration Date Strike (exercise) price Call (buy) or Put (sell)

Stock ####### 50 call

Option price

Buying a Call option and the power of leverage. In the previous example, we are buying a Microsoft 50 Call Option for $3. This would be the right (but not the obligation) to buy Microsoft for $50 on or before the expiration date. On expiration, if Microsoft is below $50 the option expires worthless and you would lose your $3. If it is anywhere above $50, you would profit dollar per dollar less your $3 cost. A profit loss table for 1 call option contract (100 shares, total cost: $300) would look as follows: stk price p/l at exp p/l% at exp 20 -300 -100% 30 -300 -100% 40 -300 -100% 50 -300 -100% 60 700 233% 70 1700 567% 80 2700 900%

The same $300 investment in buying MSFT would have got you only 6 shares:

stk price p/l at exp p/l% at exp

20 -180 -60%

30 -120 -40%

40 -60 -20%

50 0 0%

60 60 20%

70 120 40%

80 180 60%

As you can see, the power in buying options involves controlling substantially more shares for the same cost. You also limit your maximum risk to the lower cost of the option. The only downside to buying options is that your probability is high that the stock will stay the same resulting in you losing some or all of your option value. Buying Put options. Buying put options are the same strategy as buying calls, only betting the stock will go down instead of up. So the you could buy a 50 Put Option for $3. This would be the right to SELL Microsoft for $50 before the expiration date. On expiration, if Microsoft is above $50, the option expires worthless and you would lose your $3. If it is anywhere below $50, you would profit dollar per dollar less your $3 cost. A profit loss table for 1 put option contract (100 shares, total cost: $300) would look as follows: stk price p/l at exp p/l% at exp 20 2700 900% 30 1700 567% 40 700 233% 50 -300 -100% 60 -300 -100% 70 -300 -100% 80 -300 -100%

CLICK HERE to analyze: BUY CALL or BUY PUT Writing options for high probability investing Put Writing A "naked put" is simply selling or writing a put option instead of buying it. Here, you would be selling a 50 put for $3. You would give someone else the right to sell you the stock for $50 on or before expiration for a $3 credit. stk price p/l at exp p/l% at exp 20 -2700 -900% 30 -1700 -567% 40 -700 -233% 50 300 100% 60 300 100% 70 300 100% 80 300 100%

Here your loss would be almost unlimited and your profit would be limited to $300. The probability would be high that the stock would stay the same or go up giving you the $300 profit. Covered Calls A "covered call" has the same exact profit and loss table as a naked put. Here you would buy 100 shares of a $50 stock and sell (write) a 50 call for $3. Basically, selling the 50 call would give someone the the right to buy the stock from you for $50 on or before expiration. In return for granting this, you will receive $3. Should the stock close above $50 at expiration, you would end up selling your stock to that person for $50 and profiting $300. If the stock is below $50, you would still own it and keep the $300. CLICK HERE to analyze a COVERED CALL

Buying a put as insurance for an existing stock position If you own an existing stock and are worried that there may be huge correction in the short term, you can buy a put to insure the stock against such a catastrophe. For example, you own 100 shares of a stock with a current price of $50. You buy a 40 put for $1 which expires in one month. Should the stock drop toward $40 on or before expiration, your profits from the put could offset the losses on the stock. stk price stock pl put option pl NET pl 20 -3000 2900 -100 30 -2000 1900 -100 40 -1000 900 -100 50 0 -100 -100 60 1000 -100 900 70 2000 -100 1900 80 3000 -100 2900

The put will limit your total losses to only $100 (cost of the put) reduce your gains by the same amount. Bull Spread - a conservative option play A more conservative approach to just buying a call would be the bull spread. This involves buying one call and selling another call further out. For example, a stock is trading at $50 and you buy the 50 call for $3 and sell the 60 call for $1. This would result in a spread position where you max loss and profit are limited. The max profit would be $800 and the max loss would be $200 (net cost). The PL at expiration table would look as follows: stk price buy 50 call@3 sell 60 call@1 net pl 20 -300 100 -200 30 -300 100 -200 40 -300 100 -200 50 -300 100 -200 60 700 100 800 70 1700 -900 800 80 2700 -1900 800

This position in comparision to just buying the call, would give you a lower maximum risk and limit the max profit to $800. CLICK HERE to analyze a BULL SPREAD

Straddle - Making money up or down A straddle option spread allows you to make money whether the stock moves up OR down. It is simply combining a buy put and buy call option. The Straddle will only lose if the stock stays the same. The PL at expiration table for a STRADDLE would look as follows: stk price buy 50 call@3 buy 50 put@3 net pl 20 -300 2700 2400 30 -300 1700 1400 40 -300 700 400 50 -300 -300 -600 60 700 -300 400 70 1700 -300 1400 80 2700 -300 2400

Short Straddle - Making money if the Stock stays the same A Short Straddle is the opposite of the straddle. It is combining a SELL call and SELL put option.

The PL at expiration table for a SHORT STRADDLE would look as follows: stk price sell 50 call@3 sell 50 put@3 net pl 20 300 -2700 -2400 30 300 -1700 -1400 40 300 -700 -400 50 300 300 600 60 -700 300 -400 70 -1700 300 -1400 80 -2700 300 -2400

A short straddle is a neutral position making money if the stock stays around 50 with an unlimited risk exposure. CLICK HERE to analyze a STRADDLE

SUMMARY TABLE: Basic Option Strategies TABLE STRATEGY Options Components* Buy Call bc Buy Put bp Sell Call sc Sell Put sp Covered Calls bu+sc Bull Spread bac+soc Bear Spread bap+sop Straddle bc+bp Short Straddle sc+bc DIRECTION very bullish very bearish moderate bearish moderate bullish moderate bullish bullish bearish volatile neutral MAX PROFIT unlim unlim cost of option cost of option cost of option strike spread strike spread unlim cost of options MAX RISK cost of option cost of option unlim unlim unlim cost of options cost of options cost of options unlim

*Option Component Abbreviation Table buy at the money call (bac) buy at the money put (bap) buy out of the money call (boc) buy out of the money put (bop) buy in the money call (bic) buy in the money put (bip) sell at the money call (sac) sell at the money put (sap) sell out of the money call (soc) sell out of the money put (sop) sell in the money call (sic) sell in the money put (sip)

CLICK HERE to analyze a CUSTOM SPREAD

) x (100 shares per contract)

count requirements

2700 stocks. w as $10 a trade.

ou are always the BUYER

same amount.

ck stays the same.

Welcome to: Optionstar EZ

OPTIONS ANALYSIS MENU 1 Single Calls or Puts

(Click on selected analysis)

Protect your existing stock or mutual funds from big declines. (buy pu Profit fully from a stock increase for a fraction of the cost. (buy calls) Receive a payment for the opportunity to buy a stock at a discounted

2 Covered Calls

Take in a monthly income from a stock you own. (covered calls)

3 Bull / Bear Spread (ratios also)

Profit generously from a stock increase for a smaller fraction of the c

4 Straddles

Profit from a market move up OR down. (straddles) Benefit if the market stays still. (short straddles)

5 Custom Analysis

tual funds from big declines. (buy puts) for a fraction of the cost. (buy calls) tunity to buy a stock at a discounted price. (put writing)

stock you own. (covered calls)

crease for a smaller fraction of the cost. (bull spread)

R down. (straddles) hort straddles)

Optionstar EZ SINGLE CALLS or PUTS

POSITION DATA Stock Price Stock Volatility Option Qty (no. contracts) Expiration Option Strike Option Price
Intrinsic Value Time Value Required Input Cells in Green

50.00 30% 1 2/19/2002 50.00 2.00

2.00

PROFIT & LOSS (at expiration) TABLE 16.7 33.3 50.0 66.7 83.3 100.0 (200) (200) (200) (200) 1,467 3,133 4,800 -100% -100% -100% -100% 733% 1567% 2400% #VALUE! ####### ####### ####### ####### ####### ####### PROFIT & LOSS GRAPH PL at: 3/18/2013 Price interval:
6,000 5,000 4,000 3,000 2,000 1,000 0.0 (1,000) 16.7 33.3 50.0 66.7 83.3 100.0

Option Value Implied Volatility

#VALUE! #VALUE!

POSITION SUMMARY Total Cost 200 Max Profit 4,800 Max Loss (200) Breakeven Price 52.00 Probability of profit #NUM! Expected Return #NUM!

COVERED CALLS
POSITION DATA Stock Price Stock Volatility Qty (no. contracts) Expiration Call Strike Call Price
Intrinsic Value Time Value

50.00 30% 1 12/19/2001 55.00 2.00

2.00

PROFIT & LOSS TABLE 16.7 33.3 (4,800) (3,133) (1,467) -100% -65% -31% PROFIT & LOSS GRAPH
1,000 0.0 (1,000) (2,000) 16.7 33.3

50.0 200 4%

66.7 700 15%

83.3 700 15%

100.0 700 15%

Call Value Implied Volatility

#VALUE! #VALUE!

50.0

66.7

83.3

100.0

POSITION SUMMARY Total cost 4,800 Max Profit 700 Max Loss (4,800) Breakeven Price 48.00 Probability of profit #NUM! Yield if assigned 15% Yield at cur price 4% Yld (ann) if assn -1% Yld (ann) at cur price 0%

(3,000) (4,000) (5,000) (6,000)

BULL / BEAR SPREAD

POSITION DATA Stock Price Stock Volatility Call or Put Spread Qty (no. contracts) Expiration Option Strike Option Price
Intrinsic Value Time Value

50 30% call Buy Option 1 2/19/2002 45 7

5.00 2.00

PROFIT & LOSS (at expiration) TABLE 35.0 40.0 45.0 50.0 (400) (400) (400) 100 Sell Option 1 2/19/2002 50 3
3.00

55.0 100

PROFIT & LOSS GRAPH

200 100 35.0 (100) (200) (300) (400) (500) 40.0 45.0 50.0

Price Interval:

55.0

Option Value Implied Volatility

#VALUE! #VALUE! 700 POSITION SUMMARY Total Cost 400 Max Profit 100 Max Loss (400) Breakeven Price 49.00 Probability of profit #NUM! Expected Return #NUM!

#VALUE! #VALUE! 300

STRADDLE
POSITION DATA Stock Price 50 Stock Volatility 30% Buy or Sell Spread sell call option Qty (no. contracts) 1 Expiration 2/19/2002 Option Strike 40 Option Price 11
Intrinsic Value Time Value 10.00 1.00

PROFIT & LOSS (at expiration) TABLE 25.0 33.3 41.7 50.0 (1,300) (467) 200 200 put option 1 2/19/2002 60 11
10.00 1.00

58.3 200

PROFIT & LOSS GRAPH

400 200 (200) (400) (600) (800) (1,000) (1,200) (1,400) 25.0 33.3 41.7

Price Interval:

50.0

58.3

Option Value Implied Volatility

#VALUE! #VALUE! 1100 POSITION SUMMARY Total Cost (2,200) Max Profit 200

#VALUE! #VALUE! 1100

(1,400)

Max Loss Breakeven Price 1 Breakeven Price 2 Probability of profit Expected Return

(3,800) 38 62 #NUM! #NUM!

#NUM! #NUM!

1 Buy or Sell Call or Put buy call 1 2 3 4 buy call buy put sell call sell put buy buy sell sell call put call put 1 2 3 4

1 16.6667 16.67 1 12.50 2 8.33 3 5.00 4

(200)

4,800

prob

1a 3a

#NUM! 1 (200) (200) (200) (200) 1,467 3,133 4,800 3 4,800 3,133 1,467 (200) (200) (200) (200) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

TP cp, stk,strk, yrs, int, div,svol IVH cp, stk,strk, yrs, int,div,prem =C6*0.4*C7*SQRT((C10-NOW())/365) =C13/(C6*0.4*SQRT((C10-NOW())/365))

prob #NUM!

1 2 3 4

4 16.67 call 12.50 put 8.33 5.00

60.0 100 Price Interval:

65.0 100

bc sc bull sprd

35.0 (700) 300 (400) 300 (1,200) (900)

40.0 (700) 300 (400) (200) (700) (900)

45.0 (700) 300 (400) (700) (200) (900)

50.0 (200) 300 100 (700) 300 (400)

55.0 300 (200) 100 (700) 300 (400)

60.0 800 (700) 100 (700) 300 (400)

5 bp sp bear sprd
60.0 65.0

1 2 3 4

3 16.67 12.50 8.33 5.00

66.7 75.0 (467) (1,300) Price Interval: 8.3333

(3,800)

(3,800) bc bp straddle

25.0 (1,100) 2,400 1,300

33.3 (1,100) 1,567 467

41.7 (933) 733 (200)

50.0 (100) (100) (200)

58.3 733 (933) (200)

66.7 1,567 (1,100) 467

66.7

75.0

1 3/18/2013 6/11/2010 9/3/2007 2/19/2002 0 (200) 4,800 100.00 4,800 (200)

1 2 3 4 5 6 7 8 9 10 11 12 13 14

65.0 1,300 (1,200) 100 (700) 300 (400)

100.0

75.0 2,400 (1,100) 1,300

0 (1,100) 4,900 3,800

100 4,900 (1,100) 3,800

Optionstar EZ CUSTOM SPREAD

POSITION DATA Stock Price POSITIONS: Option Qty (no. contracts) Expiration Option Strike Option Price Option Value
Intrinsic Value Time Value

Required Input Cells in Green

200 (200) 200 200 200 200 50.00 Stock Volatility 1 2 3

(200) 200 30.0% interest rt 4 5

2.5% 6

TOTAL

3 4 1 2 1 2 1 2 2/19/2002 2/19/2002 2/19/2002 2/19/2002 50.00 45.00 50.00 55.00 2.00 1.00 2.00 1.00 #VALUE! #VALUE! #VALUE! #VALUE!
2.00 1.00 2.00 1.00

Option Theoretical Implied Volatility TOTAL COST GREEKS Net Delta (stk prc) gamma (delta) theta (time to exp) vega (volatility) rho (interest)

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 200 (200) 200

#VALUE! #VALUE! (200)

change in option value due to change in one unit of

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

TOTAL
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

SUM PROFIT & LOSS (at expiration) TABLE 21.43 28.57 35.71 42.86
(1,857) (1,143) (429) 286

50.00
-

57.14
286

64.29
(429)

71.43
(1,143)

78.57
(1,857)

1 bc 2 3 4 5 6 sc bp sp bu su 1

PL at
500 21.4 (500) (1,000) (1,500) (2,000)

3/18/2013

Price Interval

7.14286

28.6

35.7

42.9

50.0

57.1

64.3

71.4

78.6

1 2 3 4 5 6

bc sc bp sp bu su 2

POSITION SUMMARY at Expiration Total Cost Total Delta #VALUE!

Max Profit Max Loss

286 (4,000)

1 2 3 4 5 6

bc sc bp sp bu su 3

1 2 3 4 5 6

bc sc bp sp bu su 4

1 2 3 4 5 6

bc sc bp sp bu su 5

1 2 3 4

bc sc bp sp

5 bu 6 su 6

(1,857) 21.43 (200) 200 2,657 (2,657) (2,857) 2,857 2,657 (200) 200 4,514 (4,514) (5,714) 5,714 (4,514) (200) 200 2,657 (2,657) (2,857) 2,857 (200) (200) 200 6,514 (6,514) (5,714) 5,714 200 -

(1,143) 28.57 (200)

(429) 35.71 (200)

286 42.86 (200) 200 514 (514) (714) 714 514

50.00 (200) 200 (200) 200 (200)

286 57.14 514 (514) (200) 200 714 (714) (200)

(429) 64.29 1,229 (1,229) (200) 200 1,429 (1,429) (200) 3,657 (3,657) (200) 200 2,857 (2,857) 200 1,229 (1,229) (200) 200 1,429 (1,429) 1,229 1,657 (1,657) (200) 200 2,857 (2,857) (1,657) -

(1,143) 71.43 1,943 (1,943) (200) 200 2,143 (2,143) (200) 5,086 (5,086) (200) 200 4,286 (4,286) 200 1,943 (1,943) (200) 200 2,143 (2,143) 1,943 3,086 (3,086) (200) 200 4,286 (4,286) (3,086) -

(1,857) 78.57 2,657 (2,657) (200) 200 2,857 (2,857) (200) 6,514 (6,514) (200) 200 5,714 (5,714) 200 2,657 (2,657) (200) 200 2,857 (2,857) 2,657 4,514 (4,514) (200) 200 5,714 (5,714) (4,514) -

(4,000) (200) 200 4,800 (4,800) (5,000) 5,000 4,800 (200) 200 8,800 (8,800) ###### 10,000 (8,800) (200) 200 4,800 (4,800) (5,000) 5,000 (200) (200) 200 10,800 ###### ###### 10,000 200 -

(4,000) 100.00 4,800 (4,800) (200) 200 5,000 (5,000) (200) 10,800 ###### (200) 200 10,000 ###### 200 4,800 (4,800) (200) 200 5,000 (5,000) 4,800 8,800 (8,800) (200) 200 10,000 ###### (8,800) -

200 200 1,943 1,229 (1,943) (1,229) (2,143) (1,429) 2,143 1,429 1,943 1,229

(200) (200) (200) 200 200 200 3,086 1,657 229 (3,086) (1,657) (229) (4,286) (2,857) (1,429) 4,286 2,857 1,429 (3,086) (1,657) (229) (200) (200) 200 200 1,943 1,229 (1,943) (1,229) (2,143) (1,429) 2,143 1,429 (200) (200) (200) 200 514 (514) (714) 714 (200)

800 2,229 (800) (2,229) (200) (200) 200 200 1,429 (1,429) 200 200 (200) 200 (200) 200 (200) 514 (514) (200) 200 714 (714) 514

(200) (200) (200) 200 200 200 5,086 3,657 2,229 (5,086) (3,657) (2,229) (4,286) (2,857) (1,429) 4,286 2,857 1,429 200 200 200 -

(200) 229 200 (229) 800 (200) (800) 200 1,429 (1,429) 200 (229) -

(1,857) 21.43 (200) 200 2,657 (2,657) (2,857) 2,857 2,657 (200) 200 4,514 (4,514) (5,714) 5,714 (4,514) (200) 200 2,657 (2,657) (2,857) 2,857 (200) (200) 200 6,514 (6,514) (5,714) 5,714 200 -

(1,143) 28.57 (200) 200 1,943 (1,943) (2,143) 2,143 1,943 (200) 200 3,086 (3,086) (4,286) 4,286 (3,086) (200) 200 1,943 (1,943) (2,143) 2,143 (200) (200) 200 5,086 (5,086) (4,286) 4,286 200 -

(429) 35.71 (200) 200 1,229 (1,229) (1,429) 1,429 1,229 (200) 200 1,657 (1,657) (2,857) 2,857 (1,657) (200) 200 1,229 (1,229) (1,429) 1,429 (200) (200) 200 3,657 (3,657) (2,857) 2,857 200 -

286 42.86 (200) 200 514 (514) (714) 714 514 (200) 200 229 (229) (1,429) 1,429 (229) (200) 200 514 (514) (714) 714 (200) (200) 200 2,229 (2,229) (1,429) 1,429 200 -

50.00 (200) 200 (200) 200 (200) 800 (800) (200) 200 200 (200) 200 (200) 200 (200) (200) 200 800 (800) 200 -

286 57.14 514 (514) (200) 200 714 (714) (200) 2,229 (2,229) (200) 200 1,429 (1,429) 200 514 (514) (200) 200 714 (714) 514 229 (229) (200) 200 1,429 (1,429) (229) -

(429) 64.29 1,229 (1,229) (200) 200 1,429 (1,429) (200) 3,657 (3,657) (200) 200 2,857 (2,857) 200 1,229 (1,229) (200) 200 1,429 (1,429) 1,229 1,657 (1,657) (200) 200 2,857 (2,857) (1,657) -

(1,143) 71.43 1,943 (1,943) (200) 200 2,143 (2,143) (200) 5,086 (5,086) (200) 200 4,286 (4,286) 200 1,943 (1,943) (200) 200 2,143 (2,143) 1,943 3,086 (3,086) (200) 200 4,286 (4,286) (3,086) -

(1,857) 78.57 2,657 (2,657) (200) 200 2,857 (2,857) (200) 6,514 (6,514) (200) 200 5,714 (5,714) 200 2,657 (2,657) (200) 200 2,857 (2,857) 2,657 4,514 (4,514) (200) 200 5,714 (5,714) (4,514) -

1 2 3 4 5 6 7 1 buy Call sell Call buy Put sell Put buy Stk sell Stk

3 7.142857 1 12.50 1 3/18/2013 10.00 2 6/11/2010 7.14 3 9/3/2007 5.00 4 2/19/2002 3.33 2.50 1.25