期權(quán)基本知識

.,期權(quán)基本知識,.,期權(quán)的基本概念,Option：Afinancialderivativethatrepresentsacontractsoldbyoneparty(optionwriter)toanotherparty(optionholder).Thecontractoffersthebuyertheright,butnottheobligation,tobuy(call)orsell(put)asecurityorotherfinancialassetatanagreed-uponprice(thestrikeprice)duringacertainperiodoftimeoronaspecificdate(excercisedate).,.,期權(quán)的基本概念,期權(quán)的買方和賣方,Holder,Writer,Optionfee,OptionRight,.,期權(quán)的基本概念,看漲期權(quán)：Acalloptionisanagreementthatgivestheholdertherighttobuyanassetbyacertaindateforacertainprice看跌期權(quán)：Aputoptionisanagreementthatgivestheholdertherighttosell期權(quán)期限：Thedatespecifiedinthecontractistheexpirationdate(maturity).執(zhí)行價格：Thepricespecifiedinthecontractistheexercisepriceorstrikeprice.,.,期權(quán)的基本概念,AEuropeanoptioncanbeexercisedonlyattheendofitslifeAnAmericanoptioncanbeexercisedatanytime,.,期權(quán)的基本概念,Therearetwosidestoeveryoptioncontract:多頭（thelongposition）空頭（theshortposition，soldorwrittentheoption),.,Thecombinationoftwosidesandtwotypesofoptionsgives多頭買權(quán)（Longcall）多頭賣權(quán)（Longput）空頭買權(quán)（Shortcall）空頭賣權(quán)（Shortput）,.,一張微軟多頭買權(quán)（LongCallonMicrosoft）ProfitfrombuyingaMicrosoftEuropeancalloption:optionprice=$5,strikeprice=$100,optionlife=2months,.,一張微軟空頭買權(quán)（ShortCallonMicrosoft）ProfitfromwritingaMicrosoftEuropeancalloption:optionprice=$5,strikeprice=$100,.,一張甲骨文多頭賣權(quán)（LongPutonOracle）ProfitfrombuyinganOracleEuropeanputoption:optionprice=$7,strikeprice=$70,.,一張甲骨文空頭賣權(quán)（ShortPutonOracle）ProfitfromwritinganOracleEuropeanputoption:optionprice=$7,strikeprice=$70,.,.,OptionsStrategy（Protecting）：Longasset+LongputShortasset+Longcall,.,期權(quán)與資產(chǎn)的組合（期權(quán)+資產(chǎn)=另一種期權(quán)）asset+