期权基本知识.ppt

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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(thestrikeprice) duringa

2、certainperiodoftimeoronaspecificdate(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：Aputoptionisanagreementthatgivestheholdertherighttosell…•期权期限：The

3、datespecifiedinthecontractistheexpirationdate(maturity).•执行价格：Thepricespecifiedinthecontractistheexercisepriceorstrikeprice.期权的基本概念•AEuropeanoptioncanbeexercisedonlyattheendofitslife•AnAmericanoptioncanbeexercisedatanytime期权的基本概念Therearetwosidestoeveryoptioncontract:多头（thelo

4、ngposition）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）ProfitfrombuyingaMicrosoftEuropeancalloption:optionprice=$5,strikeprice=$100,option

5、life=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权（ShortPutonOracle）ProfitfromwritinganOracleEurope

6、anputoption: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