Box Spread Options and the Implied Loan Rate
A box spread is a synthetic zero coupon loan built from four options. See how the payoff locks to the strike width and how to solve for the implied loan rate.
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ETF Premium and Discount to NAV, Explained
An ETF premium or discount to NAV measures the pricing mechanism more than the portfolio. Here is how the gap forms, and the checks that catch a false alarm.
Put-Call Parity Explained, With Real Numbers
Put-call parity is the fixed link between a call, a put, the stock, and cash. Worked on a real option chain, plus the implied dividend and borrow rate.