​OPTIONS VERSUS FUTURES Calculated using excel

OPTIONS VERSUS FUTURES

MAR 2021	MAR 2021	ShoCwhaPrrtice	3965.00	-2.50	3967.50	3967.00	3980.50	3952.75	759,489	14:14:43 CT 16 Mar 2021
JUN 2021	JUN 2021	ShoCwhaPrrtice	3954.75	-3.50	3958.25	3957.75	3970.75	3942.75	1,693,229	14:14:44 CT 16 Mar 2021
SEP 2021	SEP 2021	ShoCwhaPrrtice	3942.25	-6.00	3948.25	3942.25	3960.00	3934.00	631	14:04:02 CT 16 Mar 2021
DEC 2021	DEC 2021	ShoCwhaPrrtice	3940.00	+6.00	3934.00	3940.00	3940.00	3940.00	1	08:30:00 CT 16 Mar 2021
MAR 2022	MAR 2022	ShoCwhaPrrtice	–	–	3920.50	–	–	–	0	08:30:00 CT 16 Mar 2021
JUN 2022	JUN 2022	ShoCwhaPrrtice	–	–	3905.25	–	–	–	0	08:30:00 CT 16 Mar 2021

Current S&P 500 Price: 3964.88

Assume you have $1 million dollars to invest and using the data in the OPTION MIDTERM excel and the ES FUTURES info above,

• What June 2021 Monthly expiry put strike gives you the best $ profit if the S&P 500 fell 10% by expiry (assume you have to invest in whole units) ?
• What if the S&P 500 fell 20%?
• What price would the S&P 500 have to be at so you are indifferent between the 3000put and the JUNE ES future.
• Using your available capital, let’s say you went short a 5% OTM call, went long JUNEES futures, and went long a 10% OTM put. What is your max & min profit to thisstrategy and the corresponding index price. ($ in millions, Price of index)
• What is the downside to doing the above structure? (Qualitative Question)