11.   The maximum profit in both contracts is the original option premium.

12.   The net result is a profit equal to the option premium.

13.   On many exchanges, it is just the seller of the option who puts up initial margin, with the buyer simply paying the option premium at the outset.

14.   The option premium fluctuates over time as a function of the price of the underlying asset, its volatility and the rate of interest.

15.   Considerations should include expectations about the stock price, the relative attractiveness of the option premium and other factors.