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ID:51104527
大小:781.00 KB
页数:14页
时间:2020-03-18
《《期权基本知识》PPT课件.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、期权基本知识期权的基本概念Option:Afinancialderivative thatrepresents a contractsoldbyoneparty(optionwriter) toanotherparty(optionholder).Thecontractoffersthebuyertheright,butnottheobligation,tobuy(call)orsell(put)asecurityorotherfinancialasset atanagreed-uponprice(thestrikepric
2、e) duringacertainperiodoftimeoronaspecificdate(excercisedate).期权的基本概念期权的买方和卖方HolderWriterOptionfeeOptionRight期权的基本概念•看涨期权:Acalloptionisanagreementthatgivestheholdertherighttobuyanassetbyacertaindateforacertainprice•看跌期权:Aputoptionisanagreementthatgivestheholderther
3、ighttosell…•期权期限:Thedatespecifiedinthecontractistheexpirationdate(maturity).•执行价格:Thepricespecifiedinthecontractistheexercisepriceorstrikeprice.期权的基本概念•AEuropeanoptioncanbeexercisedonlyattheendofitslife•AnAmericanoptioncanbeexercisedatanytime期权的基本概念Therearetwosides
4、toeveryoptioncontract:多头(thelongposition)空头(theshortposition,soldorwrittentheoption)Thecombinationoftwosidesandtwotypesofoptionsgives–多头买权(Longcall)–多头卖权(Longput)–空头买权(Shortcall)–空头卖权(Shortput)一张微软多头买权(LongCallonMicrosoft)ProfitfrombuyingaMicrosoftEuropeancalloptio
5、n:optionprice=$5,strikeprice=$100,optionlife=2months一张微软空头买权(ShortCallonMicrosoft)ProfitfromwritingaMicrosoftEuropeancalloption:optionprice=$5,strikeprice=$100一张甲骨文多头卖权(LongPutonOracle)ProfitfrombuyinganOracleEuropeanputoption:optionprice=$7,strikeprice=$70一张甲骨文空头卖
6、权(ShortPutonOracle)ProfitfromwritinganOracleEuropeanputoption:optionprice=$7,strikeprice=$70OptionsStrategy(Protecting):Longasset+LongputShortasset+Longcall期权与资产的组合(期权+资产=另一种期权)asset+put=call(protectiveput)asset–call=-put(coveredcall)-asset+call=put-asset–put=-call
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