understanding

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1、UnderstandingStockOptionsIntroduction............................................................................................................2BenefitsOfExchange-TradedOptions...................................................................4OptionsComparedToCommonStocks........

2、.........................................................6WhatIsAnOption.................................................................................................7BasicStrategies..................................................................................................

3、..12Conclusion............................................................................................................20Glossary...............................................................................................................22Copyright1994,TheOptionsClearingCorpor

4、ation.440S.LaSalleStreetSuite2400Chicago,IL60605USA1-800-537-4258(312)322-6200AllRightsReserved.IntroductionOptionsarefinancialinstrumentsthatcanprovideyou,theindividualinvestor,withtheflexibilityyouneedinalmostanyinvestmentsituationyoumightencounter.Optionsgiveyouoptions.You'renotj

5、ustlimitedtobuying,sellingorstayingoutofthemarket.Withoptions,youcantailoryourpositiontoyourownsituationandstockmarketoutlook.Considerthefollowingpotentialbenefitsofoptions:·Youcanprotectstockholdingsfromadeclineinmarketprice·Youcanincreaseincomeagainstcurrentstockholdings·Youcanpre

6、paretobuystockatalowerprice·Youcanpositionyourselfforabigmarketmoveevenwhenyoudon'tknowwhichwaypriceswillmove·Youcanbenefitfromastockprice'sriseorfallwithoutincurringthecostofbuyingorsellingthestockoutrightAstockoptionisacontractwhichconveystoitsholdertheright,butnottheobligation,to

7、buyorsellsharesoftheunderlyingsecurityataspecifiedpriceonorbeforeagivendate.Afterthisgivendate,theoptionceasestoexist.Thesellerofanoptionis,inturn,obligatedtosell(orbuy)thesharesto(orfrom)thebuyeroftheoptionatthespecifiedpriceuponthebuyer'srequest.Optionsarecurrentlytradedonthefollo

8、wingU.S.exchanges:T