【求助】一张测试里面的几道关于期权交易的题目，跪谢！

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刚接触这一块内容，做了一个测试，遇到几个问题，兄弟姐妹们能帮个忙的感激不尽！也不必每一道都回答的特详尽，随便点拨几句就很受用，谢了！

1. To create a position long smile,I need:
A. buy calls strike 120%
B. buy puts 100%
C. buy puts 80%

2.I have bought a put and I have delta hedged. My position is:

• A. Gamma+ / Vega+ / Div+
• B. Gamma+ / Vega+ / Div-
• C. Gamma+ / Vega- / Div+
  

3.I buy a call ATM 3 month, sell a put ATM 6 month, I have already delta hedged and a dividend is predicted in 4 month, my position is:

• A. Gamma+ / Vega+ / Div+
• B. Gamma+ / Vega- / Div-
• C. Gamma+ / Vega- / Div+
  

4.If I predict that the market is going to be calm, I will:
A. buy options non delta hedged
B. sell options delta hedged
C. buy options delta hedged


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关键词：期权交易 Predicted position Dividend options 期权交易

1. I don't know much of smile trading. If it is a skew, then buy puts. Since when stock price goes down, the volatility will go up much.

2. put has gamma+ and Vega+ and is positively affected by dividend. ,stock has 0 gamma, 0 vega and the current price has nothing to do with the dividend.

3. call and put's gamma can be seen as symmetric and gamma itself is symmetric at the ATM point. The shorter the time to maturity, the higher the gamma. So 3 month call has a higher gamma than 6 month put.  The same is Vega, the option with longer term is more sensitive to the change in volatility. Only the dividend expected within the option's life has effect on the option price.

4. If the market is calm, which means no much change in volatility, there is no need to buy the option(buy option is roughly equivalent to long the volatility) So sell it and earn the premium and the same time delta hedge the risk of the change in underlying price.

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1、Smile, sometimes called "skew",  represents how different options’ volatilities relate to each other in any given contract. If the skew is flat, it means the options are oversold,and traders always buy OTM puts. So I think the answer is C.