# Series 7 Exam Prep 44, Long Calls and Long Puts

Page: https://stenobird.com/podcast/open-exam-prep-7140559/series-7-exam-prep-44-long-calls-and-long-puts
Text version: https://stenobird.com/podcast/open-exam-prep-7140559/series-7-exam-prep-44-long-calls-and-long-puts.md
Podcast: [Open Exam Prep](https://stenobird.com/podcast/open-exam-prep-7140559)
Published: 2026-07-21T01:01:53+00:00
Episode link: https://open-exam-prep.captivate.fm/episode/series-7-exam-prep-44-long-calls-and-long-puts
Audio file: https://episodes.captivate.fm/episode/8afbf325-a876-4551-9643-65346f463ce7.mp3
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Duration seconds: 216

## 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 long call is a bullish strategy with unlimited maximum gain and a maximum loss limited to the premium paid. - A long put is a bearish strategy where the maximum gain is the strike price minus the premium, and the maximum loss is the premium paid. - The breakeven point for a long call is calculated by adding the premium to the strike price (Strike + Premium). - The breakeven point for a long put is calculated by subtracting the premium from the strike price (Strike - Premium). - Use the mnemonic "Call Up, Put Down" to remember the breakeven calculations: for calls, you add the premium to the strike; for puts, you subtract. 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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