The green Profit/Loss profile corresponds to a long spot position.
The red profile corresponds to a long futures position (identical capital exposure)
The yellow line corresponds to a long call position. (identical capital exposure)
Those three profiles might look similar in terms of absolute profits, but there are in fact important differences if one looks at the return in terms of percentage of the initial investment. Let us assume that the initial margin for the future is 10% of the contract value. The initial investment therefore becomes:
Stock portfolio: 450.00 (total stock value) Futures position: 45.30 (initial margin) Call position: 14.29 (call premium)