igure 12: 18M calls and spreads rolled after 12M. Dec- 02 through Sep-13 15% z. 20% 10% 5% 18M 5% Rem. C.all « 19M ATM Cali Sheet I M 2% 18M ATM Cal Ann Prern IBM 5% • • Short 1M Cal • Preen Cal + 2% Am Rem. Cal 16M 5% Short 181,1 1% hem Cell Prem. Call SPX Total Rehm • ,p> 15% 36M