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.