Put-Call Parity
(2007-11-08 22:38:30)
下一個
炒熬破心必須懂這個名堂:
Price of Underlying Stock + Price of Put = Price of Call + Present Value of the Exercise Price
簡稱:S + p = c + X/(1 + r), r是risk-free interest rate
Covered Call是什麽呢,就是 S - c = -p + X/(1 + r),也就是賣naked put加上你的現金!賣naked put遠遠好於covered call,因為你手頭上還有資金,還可以拿利息,還有活動的餘地,而且隻需要付一比交易費。
如果你不像大基金那樣進出困難,搞covered call是大大的愚蠢!