that the put option price minus the call option price

看跌期权价格减看涨期权价格
equals the present value of the strike price--

等于执行价格的现值
that's discounting it from this exercise date to the present--

该值是由到期日折现而来
plus the present value of any dividends coming

加上截至到期日的红利贴现
between today and the exercise date, minus the price of the stock.

并减去股价
This has to hold because if it didn't hold,

这个价格必须保持稳定
there would be an arbitrage opportunity.

否则会出现套利机会
The put--let me just show you why.

让我告诉你们理由
This diagram is supposed to explain that.

这个图表会解释
I've got here the intrinsic value of the call, which is the yellow line,

我已得到了看涨期权的内在价值如黄线所示
and this is an intrinsic value of a put.

这是看跌期权的内在价值
We've got them both at the same exercise price.

我们以同一行权价基准计算出他们的图线