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Begin with holder payoff and side signs
Evaluate the original call and short-put examples below and above strike. Explain how a positive contract payoff can coexist with a holder loss. Keep the premium cash direction visible in the ledger.
Scale one record without changing its meaning
Use the contract-unit example and calculator to compare one and three contracts. Check that payoff and premium scale together. Try a blank terminal input and a known zero to understand the data distinction.
Build one compatible combination
Complete the original call-spread leg sheet and write all three price regions. Then compare the stock-option cap and floor, retaining their different premium costs. Keep expiry scenarios separate from early-exercise decisions.
Finish with the date change
Prove stock-plus-put equals call-plus-terminal-cash at expiry, then use the discount factor for the current cost equation. Complete both explained practice sets and review the relevant layer when a distractor exposes an unresolved sign or date assumption.