Options Softwares

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Options Analysis Software for Excel

Optionstar EZ

COPYRIGHT 2004 ALL RIGHTS RESERVEDSTAR RESEARCH, INC.

http://www.optionstar.com

Click Here to Start

END USER LICENSE AGREEMENT:

I AGREE THAT BY USING THIS SOFTWARE, I WILL NOT HOLD THE DEVELOPER ORSTAR RESEARCH INC. LIABLE FOR ANY TRADING DECISIONS MADE BY USING OPTIONSTA

* Data feed web downloads are subject to change. Data is believed to be accurate, but use it at youown risk.

Star Research Inc. provides to you Optionstar as is and with all faults; and disclaims allwarranties 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 fitnessfor a particular purpose lack of viruses accuracy or completeness of responses results lack ofnegligence or lack of workmanlike effort quiet enjoyment quiet possession and correspondence todescription.

The entire risk arising out of use or performance of Optionstar remains with you.

In no event shall Star Research Inc. be liable for anyspecial incidental indirect or consequential damages whatsoever (including but not limited todamages 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.
http://www.optionstar.com/http://www.optionstar.com/


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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 goesup or down. Try Options as an alternative investment.

Options give you a virtually unlimited number of profitopportunities for ANY direction (up, down, choppy, or still) you think the stock is headed.

You can limit both your profits and losses. You can controlmuch 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 fora small amount known as a premium. In the same way some investorsbuy options on stocks and indexes as insurance protection against their holdings.

The biggest advantage of options is their flexiblity. They can be as conservative orspeculative as your investment style needs to be. Here are some examples of strategiesyou 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.aspDreyfus Brokerage:

http://www.edreyfus.comType in the symbol and you will get a list of available options.Here is an options chain for Microsoft on 11/7/01:
http://quote.cboe.com/QuoteTable.asphttp://www.edreyfus.com/http://www.edreyfus.com/http://quote.cboe.com/QuoteTable.asp


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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 shar

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 introsection 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 requirehave 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 stocksAll major online brokers (Etrade, Datek, and Ameritrade) now offer options trades as low as $10 a tr

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 alwayof 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


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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 TVfor 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 theTV goes up or down in price during that period. You are the buying thiscall option and Wal Mart is the seller. The only difference of thisrain check versus a real option is that there is NO value on this option andit is probably non-transferable.

Now, let's use this same concept for a stock. For instance, you want tobuy 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 willexpire on 1/15/01. You would be willing to pay $3 for this right to buy Microsoftbefore 1/15/01 at $50. On the other side of this deal, there is someonewho 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

Stock

Rain

check

for TV

####### #######

50 500

call call

3

NO

VALUE(nontransferrable)

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 orbefore the expiration date. On expiration, if Microsoft is below $50 theoption 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 20 30 40 50 60 70 80p/l at exp -300 -300 -300 -300 700 1700 2700

p/l% at exp -100% -100% -100% -100% 233% 567% 900%

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

Option price

Option components:

Expiration Date

Strike (exercise) price

Call (buy) or Put (sell)


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stk price 20 30 40 50 60 70 80p/l at exp -180 -120 -60 0 60 120 180

p/l% at exp -60% -40% -20% 0% 20% 40% 60%

As you can see, the power in buying options involves controlling substantially more sharesfor 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 staythe 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 downinstead of up. So the you could buy a 50 Put Option for $3. This would be the right to SELLMicrosoft 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 20 30 40 50 60 70 80p/l at exp 2700 1700 700 -300 -300 -300 -300p/l% at exp 900% 567% 233% -100% -100% -100% -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 theright to sell you the stock for $50 on or before expiration for a $3 credit.

stk price 20 30 40 50 60 70 80p/l at exp -2700 -1700 -700 300 300 300 300p/l% at exp -900% -567% -233% 100% 100% 100% 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 stockfrom you for $50 on or before expiration. In return for granting this, you willreceive $3. Should the stock close above $50 at expiration, you would end upselling your stock to that person for $50 and profiting $300. If the stock isbelow $50, you would still own it and keep the $300.

CLICK HERE to analyze a COVERED CALL


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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 20 30 40 50 60 70 80stock pl -3000 -2000 -1000 0 1000 2000 3000put option pl 2900 1900 900 -100 -100 -100 -100

NET pl -100 -100 -100 -100 900 1900 2900

The put will limit your total losses to only $100 (cost of the put) reduce your gains by the same amoun

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 maxprofit would be $800 and the max loss would be $200 (net cost).

The PL at expiration table would look as follows:

stk price 20 30 40 50 60 70 80buy 50 call@3 -300 -300 -300 -300 700 1700 2700sell 60 call@1 100 100 100 100 100 -900 -1900

net pl -200 -200 -200 -200 800 800 800

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 s

The PL at expiration table for a STRADDLE would look as follows:

stk price 20 30 40 50 60 70 80buy 50 call@3 -300 -300 -300 -300 700 1700 2700buy 50 put@3 2700 1700 700 -300 -300 -300 -300

net pl 2400 1400 400 -600 400 1400 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.


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The PL at expiration table for a SHORT STRADDLE would look as follows:

stk price 20 30 40 50 60 70 80sell 50 call@3 300 300 300 300 -700 -1700 -2700sell 50 put@3 -2700 -1700 -700 300 300 300 300

net pl -2400 -1400 -400 600 -400 -1400 -2400

A short straddle is a neutral position making money if the stock stays around 50 with an unlimitedrisk exposure.

CLICK HERE to analyze a STRADDLE

SUMMARY TABLE: Basic Option Strategies TABLE

STRATEGY Options DIRECTION MAX PROFIT MAX RISKComponents*

Buy Call bc very bullish unlim cost of optionBuy Put bp very bearish unlim cost of optionSell Call sc moderate bearish cost of option unlim

Sell Put sp moderate bullish cost of option unlimCovered Calls bu+sc moderate bullish cost of option unlimBull Spread bac+soc bullish strike spread cost of optionsBear Spread bap+sop bearish strike spread cost of optionsStraddle bc+bp volatile unlim cost of optionsShort Straddle sc+bc neutral cost of options unlim

*Option Component Abbreviation Tablebuy at the money call (bac) sell at the money call (sac)

buy at the money put (bap) sell at the money put (sap)buy out of the money call (boc) sell out of the money call (soc)buy out of the money put (bop) sell out of the money put (sop)buy in the money call (bic) sell in the money call (sic)buy in the money put (bip) sell in the money put (sip)

CLICK HERE to analyze a CUSTOM SPREAD


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s per contract)

ments

.de.

the BUYER


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Welcome to: Optionstar EZ

OPTIONS ANALYSIS MENU (Click on selected analysis)

1 Single Calls or Puts Protect your existing stock or mutual funds froProfit fully from a stock increase for a fractionReceive a payment for the opportunity to buy

2 Covered Calls Take in a monthly income from a stock you o

3 Bull / Bear Spread (ratios also) Profit generously from a stock increase for a

4 Straddles Profit from a market move up OR down. (straBenefit if the market stays still. (short straddle

5 Custom Analysis


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m big declines. (buy puts)of the cost. (buy calls)stock at a discounted price. (put writing)

n. (covered calls)

maller fraction of the cost. (bull spread)

dles)s)


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Optionstar EZ

SINGLE CALLS or PUTS Required Input Cells in Green

POSITION DATA PROFIT & LOSS (at expiration) TABLEStock Price 50.00 - 16.7 33.3 50.0 66.7 83.3 100.0Stock Volatility 30% (200) (200) (200) (200) 1,467 3,133 4,800

Option -100% -100% -100% -100% 733% 1567% 2400%Qty (no. contracts) 1 #VALUE! ####### ####### ####### ####### ####### #######Expiration 2/19/2002 PROFIT & LOSS GRAPHOption Strike 50.00 PL at: 3/18/2013 Price interval:

Option Price 2.00Intrinsic Value -

Time Value 2.00

Option Value #VALUE!Implied Volatility #VALUE!

POSITION SUMMARY

Total Cost 200Max Profit 4,800

Max Loss (200)Breakeven Price 52.00Probability of profit #NUM!Expected Return #NUM!

COVERED CALLS

POSITION DATA PROFIT & LOSS TABLE

Stock Price 50.00 - 16.7 33.3 50.0 66.7 83.3 100.0Stock Volatility 30% (4,800) (3,133) (1,467) 200 700 700 700Qty (no. contracts) 1 -100% -65% -31% 4% 15% 15% 15%Expiration 12/19/2001Call Strike 55.00 PROFIT & LOSS GRAPHCall Price 2.00

Intrinsic Value -

Time Value 2.00

Call Value #VALUE!

Implied Volatility #VALUE!

POSITION SUMMARY

Total cost 4,800Max Profit 700Max Loss (4,800)Breakeven Price 48.00Probability of profit #NUM!Yield if assigned 15%Yield at cur price 4%

Yld (ann) if assn -1%Yld (ann) at cur pric 0%

(1,000)

-

1,000

2,000

3,000

4,000

5,000

6,000

0.0 16.7 33.3 50.0 66.7 83.3 100.0

(6,000)

(5,000)

(4,000)

(3,000)

(2,000)

(1,000)

-

1,000

0.0 16.7 33.3 50.0 66.7 83.3 100.0


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BULL / BEAR SPREAD

POSITION DATA PROFIT & LOSS (at expiration) TABLEStock Price 50 35.0 40.0 45.0 50.0 55.0Stock Volatility 30% (400) (400) (400) 100 100

Call or Put Spread call

Buy Option Sell Option PROFIT & LOSS GRAPH Price InteQty (no. contracts) 1 1Expiration 2/19/2002 2/19/2002Option Strike 45 50Option Price 7 3

Intrinsic Value 5.00 -

Time Value 2.00 3.00

Option Value #VALUE! #VALUE!

Implied Volatility #VALUE! #VALUE!700 300

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

STRADDLE

POSITION DATA PROFIT & LOSS (at expiration) TABLEStock Price 50 25.0 33.3 41.7 50.0 58.3Stock Volatility 30% (1,300) (467) 200 200 200Buy or Sell Spread sell

call option put option PROFIT & LOSS GRAPH Price Inte

Qty (no. contracts) 1 1Expiration 2/19/2002 2/19/2002Option Strike 40 60

Option Price 11 11Intrinsic Value 10.00 10.00Time Value 1.00 1.00

Option Value #VALUE! #VALUE!Implied Volatility #VALUE! #VALUE!

1100 1100

POSITION SUMMARYTotal Cost (2,200)Max Profit 200

(500)

(400)

(300)

(200)

(100)

-

100

200

35.0 40.0 45.0 50.0 55.0

1 400

(1,200)

(1,000)

(800)

(600)

(400)

(200)

-

200

400

25.0 33.3 41.7 50.0 58.3


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Max Loss (3,800)Breakeven Price 1 38 #NUM!Breakeven Price 2 62 #NUM!

Probability of profit #NUM!Expected Return #NUM!

,


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1 1 16.6667

Buy or Sell buy 1 buy call buy call 1 16.67 1

Call or Put call 2 buy put buy put 2 12.50 2

3 sell call sell call 3 8.33 34 sell put sell put 4 5.00 4

(200) 4,800 prob #NUM!

1 (200) (200) (200) (200) 1,467 3,133 4,8003 4,800 3,133 1,467 (200) (200) (200) (200)

1a #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!3a #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))


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4 11 16.67 call

prob 2 12.50 put

#NUM! 3 8.33

4 5.00

60.0 65.0 35.0 40.0 45.0 50.0 55.0 60.0100 100 bc (700) (700) (700) (200) 300 800

sc 300 300 300 300 (200) (700)

rval: bull sprd (400) (400) (400) 100 100 1005

bp 300 (200) (700) (700) (700) (700)sp (1,200) (700) (200) 300 300 300bear sprd (900) (900) (900) (400) (400) (400)

3

1 16.67

2 12.503 8.33

4 5.00

66.7 75.0 25.0 33.3 41.7 50.0 58.3 66.7(467) (1,300) (3,800) (3,800) bc (1,100) (1,100) (933) (100) 733 1,567

bp 2,400 1,567 733 (100) (933) (1,100)rval: 8.3333 straddle 1,300 467 (200) (200) (200) 467

60.0 65.0

66.7 75.0


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1 1

3/18/2013 2

6/11/2010 3

9/3/2007 42/19/2002 5

60 100.00 7

(200) 4,800 84,800 (200) 9

1011

121314


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65.0 0 100.01,300

(1,200)

100

(700)300

(400)

75.0 0 1002,400 (1,100) 4,900

(1,100) 4,900 (1,100)1,300 3,800 3,800


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Optionstar EZ Required Input Cells in Green

CUSTOM SPREAD200 (200) 200 (200) - -

POSITION DATA 200 200 200 200 - -Stock Price 50.00 Stock Volatility 30.0% interest rt 2.5%POSITIONS: 1 2 3 4 5 6 TOTAL

Option 3 4 1 2Qty (no. contracts) 1 2 1 2Expiration 2/19/2002 2/19/2002 2/19/2002 2/19/2002Option Strike 50.00 45.00 50.00 55.00Option Price 2.00 1.00 2.00 1.00Option Value #VALUE! #VALUE! #VALUE! #VALUE!

Intrinsic Value - - - -

Time Value 2.00 1.00 2.00 1.00

Option Theoretical #VALUE! #VALUE! #VALUE! #VALUE!Implied Volatility #VALUE! #VALUE! #VALUE! #VALUE!TOTAL COST 200 (200) 200 (200) - - -

GREEKS change in option value due to change in one unit of TOTALNet Delta (stk prc) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!gamma (delta) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!theta (time to exp) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!vega (volatility) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!rho (interest) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!


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SUMPROFIT & LOSS (at expiration) TABLE

21.43 28.57 35.71 42.86 50.00 57.14 64.29 71.43 78.57(1,857) (1,143) (429) 286 - 286 (429) (1,143) (1,857) 1 bc

2 scPL at 3/18/2013 Price Interval 7.14286 3 bp

4 sp5 bu6 su

1

1 bc2 sc3 bp4 sp5 bu6 su

2

1 bc2 sc

POSITION SUMMARY at Expiration 3 bpTotal Cost - Max Profit 286 4 spTotal Delta #VALUE! Max Loss (4,000) 5 bu

6 su3

1 bc2 sc3 bp4 sp

5 bu6 su

4

1 bc2 sc3 bp

4 sp5 bu

6 su5

1 bc2 sc3 bp4 sp

(2,000)

(1,500)

(1,000)

(500)

-

500

21.4 28.6 35.7 42.9 50.0 57.1 64.3 71.4 78.6


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5 bu6 su

6


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(1,857) (1,143) (429) 286 - 286 (429) (1,143) (1,857) (4,000) (4,000)

21.43 28.57 35.71 42.86 50.00 57.14 64.29 71.43 78.57 - 100.00(200) (200) (200) (200) (200) 514 1,229 1,943 2,657 (200) 4,800

200 200 200 200 200 (514) (1,229) (1,943) (2,657) 200 (4,800)2,657 1,943 1,229 514 (200) (200) (200) (200) (200) 4,800 (200)

(2,657) (1,943) (1,229) (514) 200 200 200 200 200 (4,800) 200(2,857) (2,143) (1,429) (714) - 714 1,429 2,143 2,857 (5,000) 5,0002,857 2,143 1,429 714 - (714) (1,429) (2,143) (2,857) 5,000 (5,000)2,657 1,943 1,229 514 (200) (200) (200) (200) (200) 4,800 (200)

(200) (200) (200) (200) 800 2,229 3,657 5,086 6,514 (200) 10,800200 200 200 200 (800) (2,229) (3,657) (5,086) (6,514) 200 ######

4,514 3,086 1,657 229 (200) (200) (200) (200) (200) 8,800 (200)(4,514) (3,086) (1,657) (229) 200 200 200 200 200 (8,800) 200(5,714) (4,286) (2,857) (1,429) - 1,429 2,857 4,286 5,714 ###### 10,0005,714 4,286 2,857 1,429 - (1,429) (2,857) (4,286) (5,714) 10,000 ######

(4,514) (3,086) (1,657) (229) 200 200 200 200 200 (8,800) 200

(200) (200) (200) (200) (200) 514 1,229 1,943 2,657 (200) 4,800200 200 200 200 200 (514) (1,229) (1,943) (2,657) 200 (4,800)

2,657 1,943 1,229 514 (200) (200) (200) (200) (200) 4,800 (200)(2,657) (1,943) (1,229) (514) 200 200 200 200 200 (4,800) 200(2,857) (2,143) (1,429) (714) - 714 1,429 2,143 2,857 (5,000) 5,0002,857 2,143 1,429 714 - (714) (1,429) (2,143) (2,857) 5,000 (5,000)(200) (200) (200) (200) (200) 514 1,229 1,943 2,657 (200) 4,800

(200) (200) (200) (200) (200) 229 1,657 3,086 4,514 (200) 8,800200 200 200 200 200 (229) (1,657) (3,086) (4,514) 200 (8,800)

6,514 5,086 3,657 2,229 800 (200) (200) (200) (200) 10,800 (200)(6,514) (5,086) (3,657) (2,229) (800) 200 200 200 200 ###### 200 (5,714) (4,286) (2,857) (1,429) - 1,429 2,857 4,286 5,714 ###### 10,0005,714 4,286 2,857 1,429 - (1,429) (2,857) (4,286) (5,714) 10,000 ######

200 200 200 200 200 (229) (1,657) (3,086) (4,514) 200 (8,800)

- - - - - - - - - - -- - - - - - - - - - -- - - - - - - - - - -

- - - - - - - - - - -- - - - - - - - - - -- - - - - - - - - - -- - - - - - - - - - -

- - - - - - - - - - -- - - - - - - - - - -- - - - - - - - - - -- - - - - - - - - - -


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- - - - - - - - - - -- - - - - - - - - - -- - - - - - - - - - -


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(1,857) (1,143) (429) 286 - 286 (429) (1,143) (1,857)

21.43 28.57 35.71 42.86 50.00 57.14 64.29 71.43 78.57(200) (200) (200) (200) (200) 514 1,229 1,943 2,657

200 200 200 200 200 (514) (1,229) (1,943) (2,657)2,657 1,943 1,229 514 (200) (200) (200) (200) (200)

(2,657) (1,943) (1,229) (514) 200 200 200 200 200(2,857) (2,143) (1,429) (714) - 714 1,429 2,143 2,8572,857 2,143 1,429 714 - (714) (1,429) (2,143) (2,857)2,657 1,943 1,229 514 (200) (200) (200) (200) (200)

(200) (200) (200) (200) 800 2,229 3,657 5,086 6,514200 200 200 200 (800) (2,229) (3,657) (5,086) (6,514)

4,514 3,086 1,657 229 (200) (200) (200) (200) (200)(4,514) (3,086) (1,657) (229) 200 200 200 200 200(5,714) (4,286) (2,857) (1,429) - 1,429 2,857 4,286 5,7145,714 4,286 2,857 1,429 - (1,429) (2,857) (4,286) (5,714)

(4,514) (3,086) (1,657) (229) 200 200 200 200 200

(200) (200) (200) (200) (200) 514 1,229 1,943 2,657200 200 200 200 200 (514) (1,229) (1,943) (2,657)

2,657 1,943 1,229 514 (200) (200) (200) (200) (200)(2,657) (1,943) (1,229) (514) 200 200 200 200 200(2,857) (2,143) (1,429) (714) - 714 1,429 2,143 2,8572,857 2,143 1,429 714 - (714) (1,429) (2,143) (2,857)(200) (200) (200) (200) (200) 514 1,229 1,943 2,657

(200) (200) (200) (200) (200) 229 1,657 3,086 4,514200 200 200 200 200 (229) (1,657) (3,086) (4,514)

6,514 5,086 3,657 2,229 800 (200) (200) (200) (200)(6,514) (5,086) (3,657) (2,229) (800) 200 200 200 200

(5,714) (4,286) (2,857) (1,429) - 1,429 2,857 4,286 5,7145,714 4,286 2,857 1,429 - (1,429) (2,857) (4,286) (5,714)

200 200 200 200 200 (229) (1,657) (3,086) (4,514)

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3 7.142857 1

1 12.50 1 3/18/20132 10.00 2 6/11/2010

3 7.14 3 9/3/2007

4 5.00 4 2/19/20025 3.336 2.507 1.25

1buy Callsell Callbuy Putsell Putbuy Stk

sell Stk

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