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Strategies & Market Trends : Options for Newbies -(Help Me Obi-Wan-Kenobe) -- Ignore unavailable to you. Want to Upgrade?

To: Girish Patel who wrote (873)	6/7/1998 10:11:00 PM
From: Copeland	Read Replies (2) \| Respond to of 2241

Another newbie question. Again, looking over my GF's statement, I noticed that the number of options outstanding is significantly greater than the number exercisable. I know for a fact that she hasn't exercised any of her options, but I'm a little bothered by the fact that although she's been granted, say, 1000 puts, it appears that she can only exercise 200 of them. Am I interpreting this right? Thanks again.

To: Girish Patel who wrote (873)	6/8/1998 7:23:00 AM
From: cardiologist to be	Respond to of 2241

thanks a lot for your response

To: Girish Patel who wrote (873)	6/25/1998 7:40:00 PM
From: Brian Hecht	Read Replies (1) \| Respond to of 2241

Girish: Thanks for useful analysis of CHKPF choice of calls. Could you take a moment and explain how you locate/calculate those deltas, and how you weigh delta in light of other variables (option price, strike price, expiration, etc?) Thanks! (you wrote: "On the closing price basis (28 3/8 on Friday, June5), call price for Jan 25 calls (roughly 180 days remaining) is $5.94 and Jan 30 calls is 3.5. Delta for 25 calls .7293; 30 calls .5330. (Volatility 49.27) The clsing price for the 25 calls is 6 1/8, and 30 calls is 5 7/8. In short, Jan 25 calls have much lower premium and higher delta- a much better buy if you expect CHKPF to hit 40."