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