Reversal is a way of locking in profit when options are underpriced relative to the base contract. A reversal consists of a short position in the underlier and a synthetic long position in options, that is, a long call and a short put of the same strike and expiry.
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The screenshot shows the following portfolio:
European put struck at 11.000 with expiry in 30 days
European call struck at 11.000 with expiry in 30 days
This is an excerpt from iOptioneer option trading reference application. In order to build the real-time dynamic strategy graph and run simulations you will need to download the application from App Store.