> For the complete documentation index, see [llms.txt](https://eako-capital.gitbook.io/eako-user-guide/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://eako-capital.gitbook.io/eako-user-guide/synthetic-forward.md).

# Synthetic Forward

## Long Synthetic Forward

{% hint style="info" %}
A Long Synthetic Forward is a bullish directional strategy which is a combination of a Long Call and a Short Put with the same strike price and expiration.
{% endhint %}

### **Payoff Diagram:**

<figure><img src="/files/vRsKYvUufVwJ9OsMY4vk" alt="Long Synthetic Forward Payoff Profile"><figcaption></figcaption></figure>

**Direction Assumption:** Bullish

**Maximum Profit:** Unlimited

**Maximum Loss:** Unlimited

**Breakeven Price:** Price of Underlying during entry.

**Theta:** Passage of Time -> Neutral

**Volatility:** Neutral

## Short Synthetic Forward

{% hint style="info" %}
A Short Synthetic Forward is a bearish directional strategy which is a combination of a Long Put and a Short Call with the same strike price and expiration.
{% endhint %}

### **Payoff Diagram:**

<figure><img src="/files/PYA5X3QjTwFjXkeuF7Kl" alt="Short Synthetic Forward Payoff Profile"><figcaption></figcaption></figure>

**Direction Assumption:** Bearish

**Maximum Profit:** Unlimited

**Maximum Loss:** Unlimited

**Breakeven Price:** Price of underlying during entry.

**Theta:** Passage of Time -> Neutral

**Volatility:** Neutral


---

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