CHAPTER 15: TECHNICAL ANALYSIS

The end of month value for the S&P 500 in September 1982 was 120.42, so the exercise price for the October put is: 0.95 × 120.42 = 114.3990. Since the October end of month value for the index was 133.72, the put expired out of the money so that there is no payout for the writer of the option. ................
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