These are simple portfolios of two positions: an option + the underlying stock. 1) A protective put is long put + long stock and has a profit profile similar to a long call; 2) its counterparty is short put + short stock and has a profit profile similar to a short call. 3) a covered call is long stock + short call and has a profit profile similar to a short put; 4) its counterparty is short stock + long call and has a profit profile similar to a long put.
David's XLS is here: https://www.dropbox.com/scl/fi/7ilhyvoau5kyd7selyfsh/101418-trades-with-underlying-v2.xlsx
David's XLS is here: https://www.dropbox.com/scl/fi/7ilhyvoau5kyd7selyfsh/101418-trades-with-underlying-v2.xlsx
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