... COURSE 60,000 54 ,00048,00042,00036,00030,00024,00018,00012,0006,0000–6,000–12,000–18,000 Profit/ Loss by Change in NT Common Price19 .50 28 .50 37 .50 46 .50 55 .50 64 .50 73 .50 82 .50 91 .50 100 .50 109 .50 118 .50 127 .50 136 .50 1 45. 50FIGURE 11.2 Original NT Risk ... profits and pursue further appreciation in the stock, we would sell the 50 put and buy back the 55 call. We thenwould create another appreciating collar by buying the 55 put and selling the 60 ... 100 shares of the stock at $50 . We then buy the 50 put and sell the 55 call with a year still togo before expiration. Just a few months into the trade, the stock is trading at the $55 level. Now...