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YBF, I didn't follow all your explanations, but by my reckoning max gain is +11 (not +6) and max loss is -39 (not -44). (Not infinite risk, as I said earlier, but pretty substantial).
Value @pps=35: stock=+35, call=-20, put=0, TOTAL=15 (net=11)
Value @pps=0: stock=0, call=0, put=-35, TOTAL=-35 (net=-39)
Yup. I put the asset pivot at the cost alone (-4) instead of the net to NAV (+1 = +5 assets for -4 costs).
Up $10 from there is 1+10 = $11; while down $10 at 1:1 then down $15 at 2:1 is 1-10-30= $39. BE is at 24. Nice catch.
It's kind of a hard way to make a dollar in a quiet quarter, though.