More Tools · MANUAL INPUT
Synthetic Position Calculator
Compare a long call plus short put with synthetic forward exposure.
How to use this tool
Long call plus short put at the same strike and expiry has terminal payoff equal to underlying price minus strike. It is synthetic forward exposure, not free stock ownership. Reversing both legs creates a synthetic short forward.
To compare with prepaid stock exposure, add the present value of the strike to the option combination. Dividends and financing matter before expiry. American exercise can create cash and delivery obligations at different times.
Worked example
At expiry, a long $100 call and short $100 put together pay $10 when the underlying is $110, and lose $10 when it is $90, before entry premiums.
Related tools
Model references and conventions
365 calendar days per year. Continuous rates for theoretical pricing. All examples are illustrative.