Get the Same Exposure as 100 Shares Without Tying Up the Cash.

Owning a hundred shares of an expensive stock parks a serious amount of capital you cannot use anywhere else, which makes sensible position sizing almost impossible in a smaller account. Jim Schultz walks through two option structures that carry roughly the same hundred deltas of upside for a fraction of the buying power. The first is the original synthetic long: sell the at-the-money put, buy the at-the-money call, and you are left with stock-like exposure and a modest capital saving. The second is the zebra, a zero extrinsic back ratio that buys two deeper in-the-money calls against one at-the-money short call, and the capital savings there are much larger. Neither gives you dividends or voting rights, and both need rolling each cycle. He suggests starting with the simpler one. This is education, not a recommendation. 📊 tastylive: https://www.tastylive.com/ 📰 Get Tom's pre-market analysis every morning: https://www.tastylive.com/newsletters 📘 FREE Options Strategy Guide: https://tinyurl.com/bp9ms763 📱 Follow tastylive on X: https://x.com/tastyliveshow Chapters 00:00 The capital cost of owning shares 00:30 Two ways to simulate the position 01:30 The original synthetic long 02:09 Meet the zebra strategy 02:47 What you give up without shares 03:19 Comparing it to buying shares 04:25 The synthetic version in practice 05:17 The catch worth knowing 05:43 Building the zebra 07:07 Which one should you start with #tastylive #optionstrading #zebrastrategy #syntheticlong #jimschultz #calculatedrisk #buyingpower #positionsizing #capitalefficiency #optionseducation tastylive is a real financial network, producing hours of live programming every day. Follow along as our experts navigate the markets, provide actionable trading insights, and teach you how to trade. With over 120 original segments, and over 25 personalities, we'll help you take your trading to the next level, whether you are new to trading or a seasoned veteran. tastylive content is created, produced, and provided solely by tastylive, Inc. ("tastylive") and is for informational and educational purposes only. It is not, nor is it intended to be, trading or investment advice or a recommendation that any security, futures contract, digital asset, other product, transaction, or investment strategy is suitable for any person. Trading securities, futures products, and digital assets involve risk and may result in a loss greater than the original amount invested. Investment information provided may not be appropriate for all investors and is provided without respect to individual investor financial sophistication, financial situation, investing time horizon or risk tolerance. Options, futures, and futures options are not suitable for all investors. Prior to trading securities, options, futures, or futures options, please read all applicable risk disclosures, including, but not limited to, the Characteristics and Risks of Standardized Options Disclosure and the Futures and Exchange Traded Options Risk Disclosure Statement found at https://tastytrade.com/disclosures/. Past performance is not indicative of future results. Performance is not presented net of all commissions, fees, and expenses. Multi-leg option strategies incur higher transaction costs than single leg trades as they involve multiple commission charges. Examples provided are for illustrative, informational, and educational purposes only and are not intended to be reflective of results you can expect to achieve. Supporting documentation for any claims, including claims made on behalf of options programs), comparisons, statistics, or other technical data, if applicable, will be supplied upon request. tastylive, through its content, financial programming or otherwise, does not provide investment or financial advice or make investment recommendations. tastylive is not a licensed financial adviser, registered investment adviser, or a registered broker-dealer.