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ID：48038060
大小：239.50 KB
页数：50页
时间：2020-01-14
《Option-期权.ppt》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。
1、金融市场学——期权攀登Buy-LongSell-ShortCallPutKeyElementsExerciseorStrikePricePremiumorPriceMaturityorExpirationOptionTerminologyIntheMoney-exerciseoftheoptionwouldbeprofitableCall:marketprice>exercisepricePut:exerciseprice>marketpriceOutoftheMoney-exerciseoftheoptionwouldnotbeprofitableCall:marketprice>e
2、xercisepricePut:exerciseprice>marketpriceAttheMoney-exercisepriceandassetpriceareequalMarketand ExercisePriceRelationshipsAmerican-theoptioncanbeexercisedatanytimebeforeexpirationormaturityEuropean-theoptioncanonlybeexercisedontheexpirationormaturitydateAmericanvs.EuropeanOptionsStockOptionsInde
3、xOptionsFuturesOptionsForeignCurrencyOptionsInterestRateOptionsDifferentTypesofOptionsNotationStockPrice=STExercisePrice=XPayofftoCallHolder(ST-X)ifST>X0ifSTX0ifST4、rPayoff+PremiumPayoffsandProfitsonOptionsatExpiration-CallsPayoffProfilesforCallsPayoffStockPrice0CallWriterCallHolderPayoffstoPutHolder0ifST>X(X-ST)ifSTX-(X-ST)ifST5、fsandProfitsat Expiration-PutsPayoffProfilesforPuts0PayoffsStockPricePutWriterPutHolderInvestmentStrategyInvestmentEquityonlyBuystock@100100shares$10,000OptionsonlyBuycalls@101000options$10,000LeveragedBuycalls@10100options$1,000equityBuyT-bills@2%$9,000YieldEquity,Options& LeveragedEquityIBMSto6、ckPrice$95$105$115AllStock$9,500$10,500$11,500AllOptions$0$5,000$15,000LevEquity$9,270$9,770$10,770Equity,Options& LeveragedEquity-PayoffsIBMStockPrice$95$105$115AllStock-5.0%5.0%15%AllOptions-100%-50%50%LevEquity-7.3%-2.3%7.7%Equity,Options& LeveragedEquityProtectivePutUse-limitlossPosition-lon7、gthestockandlongtheputPayoffSTXStockSTSTPutX-ST0ProtectivePutProfitSTProfit-PStockProtectivePutPortfolioCoveredCallUse-SomedownsideprotectionattheexpenseofgivingupgainpotentialPosition-OwnthestockandwriteacallPayoffST
4、rPayoff+PremiumPayoffsandProfitsonOptionsatExpiration-CallsPayoffProfilesforCallsPayoffStockPrice0CallWriterCallHolderPayoffstoPutHolder0ifST>X(X-ST)ifSTX-(X-ST)ifST5、fsandProfitsat Expiration-PutsPayoffProfilesforPuts0PayoffsStockPricePutWriterPutHolderInvestmentStrategyInvestmentEquityonlyBuystock@100100shares$10,000OptionsonlyBuycalls@101000options$10,000LeveragedBuycalls@10100options$1,000equityBuyT-bills@2%$9,000YieldEquity,Options& LeveragedEquityIBMSto6、ckPrice$95$105$115AllStock$9,500$10,500$11,500AllOptions$0$5,000$15,000LevEquity$9,270$9,770$10,770Equity,Options& LeveragedEquity-PayoffsIBMStockPrice$95$105$115AllStock-5.0%5.0%15%AllOptions-100%-50%50%LevEquity-7.3%-2.3%7.7%Equity,Options& LeveragedEquityProtectivePutUse-limitlossPosition-lon7、gthestockandlongtheputPayoffSTXStockSTSTPutX-ST0ProtectivePutProfitSTProfit-PStockProtectivePutPortfolioCoveredCallUse-SomedownsideprotectionattheexpenseofgivingupgainpotentialPosition-OwnthestockandwriteacallPayoffST
5、fsandProfitsat Expiration-PutsPayoffProfilesforPuts0PayoffsStockPricePutWriterPutHolderInvestmentStrategyInvestmentEquityonlyBuystock@100100shares$10,000OptionsonlyBuycalls@101000options$10,000LeveragedBuycalls@10100options$1,000equityBuyT-bills@2%$9,000YieldEquity,Options& LeveragedEquityIBMSto
6、ckPrice$95$105$115AllStock$9,500$10,500$11,500AllOptions$0$5,000$15,000LevEquity$9,270$9,770$10,770Equity,Options& LeveragedEquity-PayoffsIBMStockPrice$95$105$115AllStock-5.0%5.0%15%AllOptions-100%-50%50%LevEquity-7.3%-2.3%7.7%Equity,Options& LeveragedEquityProtectivePutUse-limitlossPosition-lon
7、gthestockandlongtheputPayoffSTXStockSTSTPutX-ST0ProtectivePutProfitSTProfit-PStockProtectivePutPortfolioCoveredCallUse-SomedownsideprotectionattheexpenseofgivingupgainpotentialPosition-OwnthestockandwriteacallPayoffST
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