【homemade】期权知识整理【之一】（看多策略图解）

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基础术语解释：

CallOption

An agreement that gives an investor theright (but not the obligation) to buy a stock, bond, commodity, or otherinstrument at a specified price within a specific time period.

PutOption

An option contract giving the owner theright, but not the obligation, to sell a specified amount of an underlyingsecurity at a specified price within a specified time. This is the opposite ofa call option, which gives the holder the right to buy shares

Atthe money-ATM

An option is at-the-money if the strikeprice of the option equals the market price of the underlying security.

Out ofthe money - OTM

1. For a call, when an option's strikeprice is higher than the market price of the underlying asset.

2. For a put, when the strike price isbelow the market price of the underlying asset

Inthe money-ITM

1. For a call option, when the option'sstrike price is below the market price of the underlying asset.

2. For a put option, when the strike priceis above the market price of the underlying asset.

Beingin the money does not mean you will profit, it just means the option is worthexercising. This is because the option costs money to buy.

分成以下几大类

一、BULLISH TRADING STRATEGIES

BullCall Spread

The bull call spread option tradingstrategy is employed when the options trader thinks that the price of theunderlying asset will go up moderately in the near term.

Bull call spreads can be implemented bybuying an at-the-money call option while simultaneously writing a higherstriking out-of-the-money call option of the same underlying security and thesame expiration month.

Bull Call Spread Construction

Buy1 ITM Call

Sell1 OTM Call

BullPut Spread

The bull put spread option trading strategyis employed when the options trader thinks that the price of the underlyingasset will go up moderately in the near term. The bull put spread optionsstrategy is also known as the bull put credit spread as a credit is receivedupon entering the trade.

Bull Put Spread Construction

Buy 1 OTM Put

Sell 1 ITM Put

BuyingIndex Calls

The index long call is the simpleststrategy to use in index options trading and the implementation involves thepurchase of an index call option.

IndexLong Call Construction

Buy1 ATM Index Call

CallBackspread

CallBackspread

The call backspread (reverse call ratiospread) is a bullish strategy in options trading that involves selling a numberof call options and buying more call options of the same underlying stock andexpiration date at a higher strike price. It is an unlimited profit, limitedrisk options trading strategy that is taken when the options trader thinks thatthe underlying stock will experience significant upside movement in the nearterm.

CallBackspread Construction

Sell1 ITM Call

Buy2 OTM Calls

CostlessCollar (Zero-Cost Collar)

The costless collar, or zero-costcollar,  is established by buying aprotective put while writing an out-of-the-money covered call with a strikeprice at which the premium received is equal to the premium of the protectiveput purchased.

CostlessCollar Construction

Long100 Shares

Sell1 OTM LEAPS Call

Buy1 ATM LEAPS Put

附：LEAPS® Options

Long-termEquity Anticipation Securities, or LEAPS®, are long-term stock or index optionsthat expire more than 9 months in advance, and can last as long as 2.5 years.They are introduced by CBOE in 1990 to give investors more flexibility in usingoptions in their portfolios. LEAPS trade like normal options but they allowinvestors to benefit from the appreciation of equities while placing a lot lessmoney at risk than is required to purchase stock.

CoveredCalls

The covered call is a strategy in optionstrading whereby call options are written against a holding of the underlyingsecurity.

Covered Call (OTM) Construction

Long 100 Shares

Sell 1 Call

CoveredCombination

The covered combination, also known as thecovered strangle, is a limited profit, unlimited risk strategy in optionstrading that involves selling equal number of out-of-the-money calls and putsof the same underlying security, strike price and expiration date while owningthe underlying stock.

CoveredCombination Construction

Long100 Shares

Sell1 OTM Call

Sell1 OTM Put

CoveredStraddle

The covered straddle is a bullish strategyin options trading that involves the simultaneous selling of equal numberof  puts and calls of the same underlyingstock, striking price and expiration date while owning the underlying stock.Note that only the call options are covered.

CoveredStraddle Construction

Long100 Shares

Sell1 ATM Call

Sell1 ATM Put

In-The-MoneyCovered Call

Writing in-the-money calls is a goodstrategy to use if the options trader is looking to earn a consistent moderaterate of return.

CoveredCall (ITM) Construction

Long100 Shares

Sell1 ITM Call

LongCall

The long call option strategy is the mostbasic option trading strategy whereby the options trader buy call options withthe belief that the price of the underlying security will rise significantlybeyond the strike price before the option expiration date.

LongCall Construction

Buy1 ATM Call

MarriedPut

The Married Put is an option strategy inwhich the options trader buys an at-the-money put option while simultaneouslybuying an equivalent number of shares of the underlying stock.

MarriedPut Construction

Long100 Shares

Buy1 ATM Put

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关键词：Made home EMA Mad Construction agreement specified contract investor

ProtectivePut

The protective put, or put hedge, is ahedging strategy where the holder of a security buys a put to guard against adrop in the stock price of that security.

Protective Put Construction

Long100 Shares

Buy1 ATM Put

SellingIndex Puts

The index short put strategy is a bullishstrategy designed to earn from the premiums for selling the index put optionswith the hope that they expire worthless.

IndexShort Put Construction

Sell1 ATM Index Put

StockRepair Strategy

The stock repair strategy is used as analternative strategy to recover from a loss after a long stock position hassuffered from a drop in the stock price.

It involves the implementation of a callratio spread to reduce the break-even price of a losing long stock position,thereby increasing the chance of fully recovering from the loss.

StockRepair Strategy Construction

Buy1 ATM Call

Sell2 OTM Calls

SyntheticLong Call

A synthetic long call is created when longstock position is combined with a long put of the same series. It is so namedbecause the established position has the same profit potential as a long call.

Married put and protective put strategiesare examples of synthetic long calls.

SyntheticLong Call Construction

Long100 Shares

Buy1 ATM Put

SyntheticLong Stock

The synthetic long stock is an optionsstrategy used to simulate the payoff of a long stock position. It is entered bybuying at-the-money calls and selling an equal number of at-the-money puts ofthe same underlying stock and expiration date.

SyntheticLong Stock Construction

Buy1 ATM Call

Sell1 ATM Put

SyntheticLong Stock (Split Strikes)

The synthetic long stock (split strikes) isa less aggressive version of the synthetic long stock.

The synthetic long stock (split strikes)position is created by buying slightly out-of-the-money calls and selling anequal number of slightly out-of-the-money puts of the same underlying stock andexpiration date.

SyntheticLong Stock (Split Strikes) Construction

Buy1 OTM Call

Sell1 OTM Put

SyntheticShort Put

A synthetic short put is created when longstock position is combined with a short call of the same series. It is so namedbecause the established position has the same profit potential a short put.

SyntheticShort Put Construction

Long100 Shares

Sell1 ATM Call

TheCollar Strategy

A collar is an options trading strategythat is constructed by holding shares of the underlying stock whilesimultaneously buying protective puts and selling call options against thatholding. The puts and the calls are both out-of-the-money options having thesame expiration month and must be equal in number of contracts.

CollarStrategy Construction

Long100 Shares

Sell1 OTM Call

Buy1 OTM Put

UncoveredPut Write

Writing uncovered puts is an optionstrading strategy involving the selling of put options without shorting theobligated shares of the underlying stock.

UncoveredPut Write Construction

Sell1 ATM Put

东西在哪里？新闻？

gzgysr 发表于 2011-10-1 18:57
东西在哪里？新闻？

图片上传出错，稍等。