maximum profit

问题如下：

If HMM enters into the collar recommended by Osborne, the maximum profit of the collar at option expiration would be closest to:

选项：

$154,500

$150,000

$145,500

解释：

Correct Answer: C

C is correct. The maximum profit on the collar occurs when the short call expires at the money (i.e., QQQQ = $35).

Max profit per collar = S_T + max(0,X₁ – S_T) – max(0,S_T – X₂) – S₀ – (p₀ – c₀)

Max profit per collar = 35 + 0 – 0 – 30 – 0.15 = $4.85

Total max profit = 4.85 × 30,000 = $145,500

A is incorrect because it adds the initial cost of the options rather than subtracts.

B is incorrect because it ignores the initial cost of the options.