In options, put-call parity is a property of theoretical options pricing models which establishes how calls can have equivalent profit and loss dynamics to puts (as well as Greek dynamics). The logical equivalence of different option structures via put-call parity is known as synthetics. For a long call to be a synthetic match, having a similar or identical payoff profile, a trader can buy 100 shares of stock and buy a put at the same strike and time expiry. For a long put to be a synthetic match, a trader could short 100 shares of stock and buy a call option at the same strike and time expiry.