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来源: 都是国人 于 09-09-17 13:09:53
long call, long put
risk is whatever u paid+fees (limited)
profit may unlimit
short c or p, , u get cash first, max profit is the cash u got-fees, max risk is unlimit
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另外不建议裸奔, 结合下
另外, 堵两头远..C-P..卖出..我评价等于裸笨
但以下这些我以为是有道理的, 你研究后, 在结合自己想法设计, 和实施按实际情况
Bull Call Spread
MARKET OPINION
Bullish
MARKET POSITION
Buy a lower strike price call and sell a higher strike price call on the same commodity with the same expiration date
OPTION STRATEGY
DEBIT/CREDIT
Net debit [premium received is less than premium paid]
PROFIT POTENTIAL
Limited to the [difference between the strike prices] minus the net debit
PROFIT POINT
Any futures price above the lower strike price plus net debit; maximum profit point is any futures price at or above the higher strike price
LOSS POTENTIAL
Limited to the net debit
LOSS POINT
Any futures price below the [lower strike plus the net debit]; maximum loss point is any futures price at or below the lower strike price
BREAK-EVEN-POINT
Lower strike price + net debit
MARGIN REQUIRED
No
DELTA
[Delta of call bought]-[Delta of call sold]
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Bull Put Spread
MARKET OPINION
Bullish
MARKET POSITION
Buy a lower strike price put and sell a higher strike price put on the same commodity with the same expiration date
OPTION STRATEGY
DEBIT/CREDIT
Net credit [premium received is greater than premium paid]
PROFIT POTENTIAL
Limited to the net credit
PROFIT POINT
Any futures price above the [higher strike price minus the premium received]; Maximum profit point is any futures price at or above the higher strike price
LOSS POTENTIAL
Limited to the [difference between the strike prices] minus net credit
LOSS POINT
Any futures price below the [higher strike minus net credit]; maximum loss point is any futures price at or below the lower strike price
BREAK-EVEN-POINT
Higher strike price - net debit
MARGIN REQUIRED
Yes
DELTA
[Delta of put bought]-[Delta of put sold]
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Bear Call Spread
MARKET OPINION
Bearish
MARKET POSITION
Sell a lower strike price call and buy a higher strike price call on the same commodity with the same expiration date
OPTION STRATEGY
DEBIT/CREDIT
Net credit [premium received is greater than premium paid]
PROFIT POTENTIAL
Limited to the net credit
PROFIT POINT
Any futures price below the [lower strike price plus net credit]; maximum profit point is any futures price at or below the lower strike price
LOSS POTENTIAL
Limited to the [difference between the strike prices] minus the net credit
LOSS POINT
Any futures price above the [lower strike price plus net credit]; maximum loss point is any futures price at or above the higher strike price
BREAK-EVEN-POINT
Lower strike price + net credit
MARGIN REQUIRED
Yes
DELTA
[Delta of call bought]-[Delta of call sold]
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Bear Put Spread
MARKET OPINION
Bearish
MARKET POSITION
Sell a lower strike price put and buy a higher strike price put on the same commodity with the same expiration date
OPTION STRATEGY
DEBIT/CREDIT
Net debit [premium received is less than premium paid]
PROFIT POTENTIAL
Limited to the [difference between the strike prices] minus the net debit
PROFIT POINT
Any futures price above the [higher strike price minus net debit]; Maximum profit point is any futures price at or below the lower strike price
LOSS POTENTIAL
Limited to the net debit
LOSS POINT
Any futures price above the [higher strike price minus net debit]; maximum loss point is any futures price at or above the higher strike price
BREAK-EVEN-POINT
Higher strike price - net debit
MARGIN REQUIRED
No
DELTA
[Delta of put bought]-[Delta of put sold]
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Long Straddle
MARKET OPINION
Extreme price volatility
MARKET POSITION
Buy a call and buy a put on the same commodity with the same expiration date and strike price
OPTION STRATEGY
DEBIT/CREDIT
Net debit [premium is paid on both options]
PROFIT POTENTIAL
Unlimited [except to the extent that the futures price cannot fall below zero]
PROFIT POINT
Any futures price less than the [strike price minus the net debit] or any futures price greater than the [strike price plus
the net debit]
LOSS POTENTIAL
Limited to the [difference between the strike prices] minus net credit
LOSS POINT
Any futures price below the [higher strike minus net credit]; maximum loss point is any futures price at or below the lower strike price
BREAK-EVEN-POINT
Two break-even points [strike price + net debit] or [strike price - net debit]
MARGIN REQUIRED
No
DELTA
- [Delta of call bought] +
- [Delta of put bought]
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Short Straddle
MARKET OPINION
Neutral or stable
MARKET POSITION
Sell a call and sell a put on the same commodity with the same expiration date and strike price
OPTION STRATEGY
DEBIT/CREDIT
Net credit [premium received on both options]
PROFIT POTENTIAL
Limited to the net credit
PROFIT POINT
Any futures price between the [strike price minus the net credit] and the [strike price plus the net credit]; maximum profit point is when the futures price equals the strike price
LOSS POTENTIAL
Unlimited [except to the extent that the futures price cannot fall below zero]
LOSS POINT
Any futures price that is less than the [strike price minus the net credit] or greater than the [strike price plus the net credit]
BREAK-EVEN-POINT
Two break-even points [strike price + net credit] or [strike price - net credit]
MARGIN REQUIRED
Yes
DELTA
- [Delta of call sold]
- [Delta of put sold]
来源: 流动的建筑 于 09-09-17 13:46:41
做期权的决策过程：
1）对相应的股票未来变化范围做合理预测，预测错了马上止损；
2）理解 put-call parity
3）知道 IV 的变化范围，高了就卖期权，低了就买期权
4）合理利用时间价值的衰减曲线，买长期，卖短期
5）用 ITM 期权来增加 Leverage，OTM 来 speculate
6) 买卖结合可以消除时间衰减影响
7）ATM 期权的 Delta 最大
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