Options 123

來源: 都是國人 於 09-09-17 13:09:53




long call, long put

risk is whatever u paid+fees (limited)

profit may unlimit

short c or p, , u get cash first, max profit is the cash u got-fees, max risk is unlimit

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另外不建議裸奔, 結合下

另外, 堵兩頭遠..C-P..賣出..我評價等於裸笨

但以下這些我以為是有道理的, 你研究後, 在結合自己想法設計, 和實施按實際情況

Bull Call Spread

MARKET OPINION
Bullish

MARKET POSITION
Buy a lower strike price call and sell a higher strike price call on the same commodity with the same expiration date

OPTION STRATEGY
DEBIT/CREDIT
Net debit [premium received is less than premium paid]

PROFIT POTENTIAL
Limited to the [difference between the strike prices] minus the net debit

PROFIT POINT
Any futures price above the lower strike price plus net debit; maximum profit point is any futures price at or above the higher strike price

LOSS POTENTIAL
Limited to the net debit

LOSS POINT
Any futures price below the [lower strike plus the net debit]; maximum loss point is any futures price at or below the lower strike price

BREAK-EVEN-POINT
Lower strike price + net debit

MARGIN REQUIRED
No

DELTA
[Delta of call bought]-[Delta of call sold]

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Bull Put Spread

MARKET OPINION
Bullish

MARKET POSITION
Buy a lower strike price put and sell a higher strike price put on the same commodity with the same expiration date

OPTION STRATEGY
DEBIT/CREDIT
Net credit [premium received is greater than premium paid]

PROFIT POTENTIAL
Limited to the net credit

PROFIT POINT
Any futures price above the [higher strike price minus the premium received]; Maximum profit point is any futures price at or above the higher strike price

LOSS POTENTIAL
Limited to the [difference between the strike prices] minus net credit

LOSS POINT
Any futures price below the [higher strike minus net credit]; maximum loss point is any futures price at or below the lower strike price

BREAK-EVEN-POINT
Higher strike price - net debit

MARGIN REQUIRED
Yes

DELTA
[Delta of put bought]-[Delta of put sold]

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Bear Call Spread

MARKET OPINION
Bearish

MARKET POSITION
Sell a lower strike price call and buy a higher strike price call on the same commodity with the same expiration date

OPTION STRATEGY
DEBIT/CREDIT
Net credit [premium received is greater than premium paid]

PROFIT POTENTIAL
Limited to the net credit

PROFIT POINT
Any futures price below the [lower strike price plus net credit]; maximum profit point is any futures price at or below the lower strike price

LOSS POTENTIAL
Limited to the [difference between the strike prices] minus the net credit

LOSS POINT
Any futures price above the [lower strike price plus net credit]; maximum loss point is any futures price at or above the higher strike price

BREAK-EVEN-POINT
Lower strike price + net credit

MARGIN REQUIRED
Yes

DELTA
[Delta of call bought]-[Delta of call sold]

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Bear Put Spread

MARKET OPINION
Bearish

MARKET POSITION
Sell a lower strike price put and buy a higher strike price put on the same commodity with the same expiration date

OPTION STRATEGY
DEBIT/CREDIT
Net debit [premium received is less than premium paid]

PROFIT POTENTIAL
Limited to the [difference between the strike prices] minus the net debit

PROFIT POINT
Any futures price above the [higher strike price minus net debit]; Maximum profit point is any futures price at or below the lower strike price

LOSS POTENTIAL
Limited to the net debit

LOSS POINT
Any futures price above the [higher strike price minus net debit]; maximum loss point is any futures price at or above the higher strike price

BREAK-EVEN-POINT
Higher strike price - net debit

MARGIN REQUIRED
No

DELTA
[Delta of put bought]-[Delta of put sold]

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Long Straddle

MARKET OPINION
Extreme price volatility

MARKET POSITION
Buy a call and buy a put on the same commodity with the same expiration date and strike price

OPTION STRATEGY
DEBIT/CREDIT
Net debit [premium is paid on both options]

PROFIT POTENTIAL
Unlimited [except to the extent that the futures price cannot fall below zero]

PROFIT POINT
Any futures price less than the [strike price minus the net debit] or any futures price greater than the [strike price plus
the net debit]

LOSS POTENTIAL
Limited to the [difference between the strike prices] minus net credit

LOSS POINT
Any futures price below the [higher strike minus net credit]; maximum loss point is any futures price at or below the lower strike price

BREAK-EVEN-POINT
Two break-even points [strike price + net debit] or [strike price - net debit]

MARGIN REQUIRED
No

DELTA
- [Delta of call bought] +
- [Delta of put bought]

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Short Straddle

MARKET OPINION
Neutral or stable

MARKET POSITION
Sell a call and sell a put on the same commodity with the same expiration date and strike price

OPTION STRATEGY
DEBIT/CREDIT
Net credit [premium received on both options]

PROFIT POTENTIAL
Limited to the net credit

PROFIT POINT
Any futures price between the [strike price minus the net credit] and the [strike price plus the net credit]; maximum profit point is when the futures price equals the strike price

LOSS POTENTIAL
Unlimited [except to the extent that the futures price cannot fall below zero]

LOSS POINT
Any futures price that is less than the [strike price minus the net credit] or greater than the [strike price plus the net credit]

BREAK-EVEN-POINT
Two break-even points [strike price + net credit] or [strike price - net credit]

MARGIN REQUIRED
Yes

DELTA
- [Delta of call sold]
- [Delta of put sold]









來源: 流動的建築 於 09-09-17 13:46:41
做期權的決策過程：

1）對相應的股票未來變化範圍做合理預測，預測錯了馬上止損；
2）理解 put-call parity
3）知道 IV 的變化範圍，高了就賣期權，低了就買期權
4）合理利用時間價值的衰減曲線，買長期，賣短期
5）用 ITM 期權來增加 Leverage，OTM 來 speculate
6) 買賣結合可以消除時間衰減影響
7）ATM 期權的 Delta 最大