This paper presents a spreadsheet application for performance
evaluation of three put strategies adopted in practice. In contrast to
the single-period protective put found in finance textbooks, these
strategies roll over short maturity options over an extended period.
The spreadsheet application provides the instructor with a
pedagogical tool to illustrate and explain the measurement of
insurance costs, the asymmetric impact of the options on the return
distribution of the stock, the impact of exercise price on downside
protection and upside reduction, and the dependence of the return
on the put strategy on the stock price path.