# [Series 65] 33, Options Strategies and Risk Profiles

Page: https://stenobird.com/podcast/open-exam-prep-7140559/series-65-33-options-strategies-and-risk-profiles
Text version: https://stenobird.com/podcast/open-exam-prep-7140559/series-65-33-options-strategies-and-risk-profiles.md
Podcast: [Open Exam Prep](https://stenobird.com/podcast/open-exam-prep-7140559)
Published: 2026-04-26T01:01:53+00:00
Episode link: https://open-exam-prep.captivate.fm/episode/series-65-33-options-strategies-and-risk-profiles
Audio file: https://episodes.captivate.fm/episode/dc5f680a-764a-47fd-99cb-18b556d2629a.mp3
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Duration seconds: 228

## Resource

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - A covered call is used to generate income on a long stock position but caps the maximum potential gain. - A protective put acts as insurance for a long stock position, limiting downside risk while retaining unlimited upside potential. - The breakeven for a covered call is calculated by subtracting the premium received from the stock's purchase price. - The breakeven for a protective put is found by adding the premium paid to the stock's purchase price. - A long straddle is a speculative strategy for investors who anticipate high volatility in a stock but are uncertain of the direction of the price movement. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

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## Transcript

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