---
title: "Synthetic Long — options strategy"
type: "options-strategy"
topic: "Options strategies (Indian markets)"
category: "Synthetic"
outlook: "Bullish"
complexity: "advanced"
risk: "defined"
slug: "synthetic-long"
url: "https://learn-derivatives.tapetide.com/strategies/synthetic-long"
markdown_url: "https://learn-derivatives.tapetide.com/strategies/synthetic-long.md"
source: "DeltaDesk by Tapetide"
---

# Synthetic Long

> **In plain English:** Mimic owning a future using two options. You buy a call and sell a put at the same strike, which behaves almost exactly like a long futures position — sometimes cheaper. Just remember the downside is futures-like, NOT capped.

**Category:** Synthetic · **Market view:** Bullish · **Complexity:** advanced · **Risk:** Defined

## Structure

- Buy ATM call
- Sell ATM put

## Summary

Buy an ATM call + sell an ATM put — replicates a long future using options.

## When to use it

Bullish, wanting futures-like delta≈1 exposure, sometimes cheaper than the future itself.

## Profit & loss

- **Max profit:** Unlimited (like a long future).
- **Max loss:** Substantial (like a long future) down to zero.

## Net Greeks profile

Delta ≈ +1, near-zero gamma/vega/theta at ATM.

## Margin

Margin-intensive (you sell options).

## Common mistakes

- Treating it as risk-defined — it is not; the downside is futures-like.

## India example

Buy an ATM call + sell an ATM put on RELIANCE to mimic long futures.

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**Build it live in the [DeltaDesk Strategy Lab](https://learn-derivatives.tapetide.com/tools/strategy-lab)** — tune strikes and see payoff + net Greeks update instantly.

*Educational content only — nothing here is investment advice. Derivatives carry significant risk of loss. Tapetide is not a SEBI-registered research analyst or investment adviser.*