Combinations of Calls and Puts是FRM一级考试的相关内容，在备考中，考生一定要对相关内容有所了解。下文是对它的详细介绍，一起了解一下！
Straddle ：
long straddle= long call+ long put
• This strategy is profitable when the stock price moves strongly in either direction. This strategy bets on volatility.》》》戳：免费领取FRM各科视频讲义+历年真题+21年原版书（PDF版）
short straddle= short call+ short put
• bets on little movement in the stock
Strangle ：
Different strike price (compared with straddle)
Strips ：
Long 2 Put +Long 1 Call
Straps ：
Long 2 Call +Long 1 Put
Collar ：
Collar= protective put+ covered call = long stock+ short call + long put
• If the premium of the two are equal, it is called a zero-cost collar.
Box pread：
Box Spread= bull call spread+ bear put spread
Interest rate Option： 【资料下载】点击下载融跃教育FRM考试公式表
Call/Put ：
Call: floating-rate borrower
Put: floating-rate investor
计算payoff
• Call: P=max (0, NP* (LIBOR - cap strike) * actual days /360)
• Put: P=max (0, NP* (floor strike - LIBOR) * actual days /360)
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