主管單位：江蘇省昆山市千燈鎮(zhèn)人民

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4.77GloTraderandFuturesOptionsTradingFuturesOptions期貨期權(quán)交易Tradingoptionsinvolvessubstantialrisksoflossandisnotappropriateforeveryone.Therefore,ONLYRISKCAPITALSHOULDBEUSEDFORTRADING.Riskcapitalisdefinedasthemoneythatapersoncanaffordtolose.Wecannotguaranteeperformanceanddonotguaranteeagainstanylossofprincipleorcapital.Youassumetheentirecostandriskofanytradingyouchoosetoundertake.Youaresolelyresponsibleformakingyourowninvestmentdecisions.期權(quán)交易涉及重大損失風(fēng)險(xiǎn)，不適合所有人。適合用風(fēng)險(xiǎn)資本來(lái)做期權(quán)交易。風(fēng)險(xiǎn)資本定義是“您能全部輸?shù)闷鸬腻X(qián)”。我們不能保證您將總是盈利，也不能保證您沒(méi)有資本損失。假設(shè)您選擇采用全部資本的風(fēng)險(xiǎn)交易。你將為使自己的投資決定負(fù)全部負(fù)責(zé)。JasonMather,CTAArxAssetManagement,LLC蒼穹龍騎

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4.69OnlySource/FootnotesbelowthislineDISCLAIMERFuturesandoptionstradinginvolvessubstantialriskoflossandisnotsuitableforeveryinvestor.Thevaluationoffuturesandoptionsmayfluctuate,and,asaresult,clientsmaylosemorethantheiroriginalinvestment.Theimpactofseasonalandgeopoliticaleventsisalreadyfactoredintomarketprices.Thehighlyleveragednatureoffuturestradingmeansthatsmallmarketmovementswillhaveagreatimpactonyourtradingaccountandthiscanworkagainstyou,leadingtolargelossesorcanworkforyou,leadingtolargegains.Ifthemarketmovesagainstyou,youmaysustainatotallossgreaterthantheamountyoudepositedintoyouraccount.Youareresponsibleforalltherisksandfinancialresourcesyouuseandforthechosentradingsystem.Youshouldnotengageintradingunlessyoufullyunderstandthenatureofthetransactionsyouareenteringintoandtheextentofyourexposuretoloss.Ifyoudonotfullyunderstandtheserisksyoumustseekindependentadvicefromyourfinancialadvisor.?

Alltradingstrategiesareusedatyourownrisk.Thissoftwareshouldnotberelieduponasadviceorconstruedasprovidingrecommendationsofanykind.Itisyourresponsibilitytoconfirmanddecidewhichtradestomake.Tradeonlywithriskcapital;thatis,tradewithmoneythat,iflost,willnotadverselyimpactyourlifestyleandyourabilitytomeetyourfinancialobligations.Pastresultsarenoindicationoffutureperformance.Innoeventshouldthecontentofthiscorrespondencebeconstruedasanexpressorimpliedpromise,guaranteeorimplicationfromTradersEducationLLCthatyouwillprofitorthatlossescanorwillbelimitedinanymannerwhatsoever.TradersEducationLLCisnotresponsibleforanylossesincurredasaresultofusinganyofourtradingstrategiesandsoftware.TheAutoTradershouldneverbeleftunattendedduetothepossibilityofeventsoutofyourcontrol,suchascomputerordatafailure,poweroutages,positionmismatches,and/ornetworkproblems.Loss-limitingstrategiessuchasstoplossordersmaynotbeeffectivebecausemarketconditionsortechnologicalissuesmaymakeitimpossibletoexecutesuchorders.Likewise,strategiesusingcombinationsofoptionsand/orfuturespositionssuchas"spread"or"straddle"tradesmaybejustasriskyassimplelongandshortpositions.Informationprovidedinthiscorrespondenceisintendedsolelyforinformationalpurposesandisobtainedfromsourcesbelievedtobereliable.Informationisinnowayguaranteed.Noguaranteeofanykindisimpliedorpossiblewhereprojectionsoffutureconditionsareattempted.3OnlySource/FootnotesbelowthislineGuide@

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4.69OnlySource/FootnotesbelowthislineArxAssetManagement,LLCCopyright2012,AllrightsreservedJasonMather,杰勝

美瑟

CTA,ManagingPartnerofArxAssetManagementMemberofPhiladelphiaStockExchange濱州股票交易所成員UPenn,BSEconomics2000美國(guó)長(zhǎng)春藤濱州大學(xué)，經(jīng)濟(jì)學(xué)畢業(yè)MemberofNewYorkMercantileExchangeComexDivision,2004,tradingmetalfuturesandoptions2004年紐約商品交易所，交易金屬期貨期權(quán)

MemberofNewYorkBoardofTrade,ICE,FINEX,andCBOE交易所成員Sr.OptionsAnalystandtrainerforManagedCapitalAdvisoryGroupandOmembers美國(guó)資產(chǎn)管理顧問(wèn)集團(tuán)高級(jí)期權(quán)分析師CTAofArxAssetManagement，CTA,ManagingPrincipal愛(ài)思資產(chǎn)管理商品交易經(jīng)理，項(xiàng)目主持人，董事長(zhǎng)4ArxAssetManagement,LLCCopyright2012,AllrightsreservedGloTraderandRMMSoft北京風(fēng)軟產(chǎn)品的主要技術(shù)優(yōu)勢(shì)包括：可以實(shí)現(xiàn)境內(nèi)、外主要交易所的直連、雙向交易（重點(diǎn)是外盤(pán)）中國(guó)境內(nèi)目前唯一可實(shí)現(xiàn)直連CME集團(tuán)Globex交易系統(tǒng)期權(quán)風(fēng)險(xiǎn)的深度分析與期權(quán)交易的完整實(shí)現(xiàn)符合國(guó)際市場(chǎng)標(biāo)準(zhǔn)的實(shí)時(shí)風(fēng)險(xiǎn)管理與監(jiān)控提供內(nèi)、外盤(pán)同步交易、風(fēng)控、結(jié)算、監(jiān)控的一攬子解決方案同時(shí)適應(yīng)境內(nèi)、外交易的中、英文用戶(hù)界面及技術(shù)說(shuō)明與商品交易經(jīng)理CTA聯(lián)合的期權(quán)培訓(xùn)項(xiàng)目，受商品交易經(jīng)理，直接指導(dǎo)CTA理財(cái)項(xiàng)目操作國(guó)際化直接接軌RMMSoftplatformsadvantageSimultaneouslytradebothChinamarketsandInternationalmarketsdirectlyTheOnlyplatformthatdirectlyconnectstoCMEGlobexplatformCompleteOptionspricinganalysisandriskmanagementRealtimeinternationalstandardbackendriskmanagementandmonitoringsystemProvidestheultimateplatformsolutionforbothChinamarketsandInternationalmarketsforsimultaneoustrading,riskmanagement,clearingandmonitoringCTAinstructedoptionstrainingprogramsDirectconsultationfromCTA/traderswhoareformerNYMEX,COMEX,andCBOEfloortradersandmarketmakers.5ArxAssetManagement,LLCCopyright2012,AllrightsreservedOnlySource/FootnotesbelowthislineGuide@

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4.69OnlySource/FootnotesbelowthislineSlidePresentation3Parts分3部分講解

OptionsEssentialsTradingOptions-Risk/RewardOptionsTradingBasicStrategies構(gòu)成期權(quán)的基本原素期權(quán)交易－風(fēng)險(xiǎn)/回報(bào)期權(quán)基本交易策略6ArxAssetManagement,LLCCopyright2012,AllrightsreservedOnlySource/FootnotesbelowthislineGuide@

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4.69OnlySource/FootnotesbelowthislineSlidePresentationOverviewPart1第一部分OptionsEssentialsWhatareoptions?HowAreOptionsTraded?WhyTradeOptions?TheRightsofOptionsBuyersTheObligationsofOptionsSellersWhatIsThe'StrikePrice'?IntheMoneyvs.OutoftheMoney,AttheMoney（ITM,OTM,ATM)WhatIsAssignment?HowAreOptionsValued?Intrinsicvs.ExtrinsicValue期權(quán)基本原素

什么是期權(quán)

如何交易期權(quán)？

為什么交易期權(quán)？

期權(quán)認(rèn)購(gòu)方的權(quán)益？

期權(quán)認(rèn)沽方的責(zé)任？

什么是期權(quán)執(zhí)行價(jià)？

價(jià)內(nèi)期權(quán),價(jià)外期權(quán),平價(jià)期權(quán)

如何執(zhí)行期權(quán)權(quán)益？

期權(quán)是如何定價(jià)的？

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4.69OnlySource/FootnotesbelowthislineWhatAreOptions?什么是期權(quán)？－BindingContractsThatTradeOnAnUnderlyingAsset是一個(gè)針對(duì)有標(biāo)價(jià)的，可以交易商品或資產(chǎn)的合同－OptionsAreBoughtandSoldinPublicMarkets

這類(lèi)合同在公開(kāi)市場(chǎng)有標(biāo)價(jià)出售，可以買(mǎi)，可以賣(mài)Stockoptions,股票權(quán)證futuresoptions,期貨期權(quán)indexoptions,股指期權(quán)ETFs集合基金期權(quán)－OptionsComeWithCertainObligations&RightsRightstobuy&obligationtosellunderlyingstockorfutures

履行期權(quán)合同協(xié)議確定的價(jià)格標(biāo)的權(quán)益和責(zé)任－Optionscreatedoutofthinair期權(quán)不是個(gè)實(shí)體－Zerosumprofitandloss,foreverydollarmade,someonehastoloseonedollar期權(quán)為零總數(shù)，有買(mǎi)家和賣(mài)家，有贏家就有輸家，8ArxAssetManagement,LLCCopyright2012,AllrightsreservedOnlySource/FootnotesbelowthislineGuide@

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4.69OnlySource/FootnotesbelowthislineAprilHousingPriceExample

四月房?jī)r(jià)舉例Need6monthstogetdownpayment需要六個(gè)月才拿得出定金GiveyoutherighttobuythehouseinOctoberfor$200K

權(quán)益合同允許你在十月分（6個(gè)月后）付相同的價(jià)格($200K)買(mǎi)這個(gè)房子Options

Contract

期權(quán)合同$5000premium5千美金inApril,2012該房?jī)r(jià)20萬(wàn)美金9ArxAssetManagement,LLCCopyright2012,AllrightsreservedOnlySource/FootnotesbelowthislineGuide@

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4.69OnlySource/FootnotesbelowthislineRealWorldExampleOctober十月房?jī)r(jià)情況分析PurchasePrice賣(mài)價(jià):

$200,000OptionPrice:

期權(quán)價(jià)

$5,000TotalCost:總計(jì)

$205,000HouseValue現(xiàn)價(jià):

$300,000TotalCost:總計(jì)

$205,000TotalEquity(Profit)

$95,000盈利Exerciseourrighttobuythehouse，行使權(quán)益購(gòu)買(mǎi)房子差價(jià)減去支付費(fèi)用Donotwanttoexerciseouroptiontobuythehouse不會(huì)行使權(quán)益但可以用買(mǎi)價(jià)十五萬(wàn)購(gòu)買(mǎi)房子您損失5千元Notsoobvioushere,theoptionisacoinflip買(mǎi)主損失5千元賣(mài)主獲取5千元PurchasePrice: $200,000OptionPrice: $5,000TotalCost: $205,000HouseValue: $200,000TotalCost: $205,000TotalEquity(Profit) -$5,000PurchasePrice: $200,000OptionPrice: $5,000TotalCost: $205,000HouseValue: $150,000TotalCost: $205,000TotalEquity(Profit)-$55,00010ArxAssetManagement,LLCCopyright2012,AllrightsreservedOnlySource/FootnotesbelowthislineGuide@

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4.69OnlySource/FootnotesbelowthislineHowAreOptionsTraded?期權(quán)是如何買(mǎi)賣(mài)的？OptionsTradingisSimilartoStockorFuturesQuotedlikestocksorfutureswithbid-askpricesMosttradedelectronicallybyretailtradersPremiumispricepaid(buying)orreceived(selling)Typicallybuyerspaytheaskpriceandsellersreceivethebidprice

期權(quán)交易與股票或期權(quán)相似報(bào)價(jià)與股票或期貨一樣買(mǎi)方出價(jià)和賣(mài)方報(bào)價(jià)現(xiàn)代交易方式絕大部分為電子交易溢價(jià)為買(mǎi)方付出的價(jià)和賣(mài)方獲取的價(jià)買(mǎi)方付出賣(mài)方的價(jià)（ask),賣(mài)方獲取買(mǎi)方的出價(jià)（bid)Options

Contract

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4.69OnlySource/FootnotesbelowthislineRealworldexample2舉例XYZistrading$94ashareWebuyanXYZNov100callinSeptemberandpay$2.00ashareforthisoptionOuroptionexpiresin45daysTheCallgivesustherightbutnottheobligationinNovembertobuyXYZfor$100NovemberScenarioScenario1:XYZgoesto$120ashareScenario2:XYZgoesto$80ashareScenario3:XYZstaysat$100ashareXYZ股票或期貨價(jià)位$94，在9月分時(shí)我們認(rèn)購(gòu)1個(gè)合同XYZ,11月看漲期權(quán)出價(jià)$2美元－這個(gè)期權(quán)在45天后過(guò)期－給我們的權(quán)利（沒(méi)有責(zé)任和義務(wù)）在11月以$100美元買(mǎi)XYZ實(shí)際情況在11月時(shí)的分析：1.XYZ漲價(jià)到$120美元2.XYZ跌價(jià)到$80美元3.XYZ停留在$100美元12ArxAssetManagement,LLCCopyright2012,AllrightsreservedScenario1Analysis實(shí)際情況1分析XYZgoesto120BuyXYZfor

$100.00CostofOption

$2.00TotalPurchasePrice

$102.00SellXYZ@

$120.00BuyXYZfor

$102.00TotalProfit

$18.00ObviousExercise行使權(quán)益購(gòu)買(mǎi)XYZ漲價(jià)到$120買(mǎi)XYZ $100.00期權(quán)溢價(jià) $2.00總費(fèi)用 $102.00賣(mài)掉XYZ@ $120.00買(mǎi)XYZfor $102.00總利潤(rùn) $18.0013ArxAssetManagement,LLCCopyright2012,AllrightsreservedScenario2Analysis實(shí)際情況2分析XYZgoesto$80BuyXYZfor

$100.00CostofOption$2.00TotalPurchasePrice$102.00SellXYZ@

$80.00BuyXYZfor

$102.00TotalLoss

$22.00Donotwanttoexerciseouroption絕對(duì)不行使權(quán)益XYZ跌價(jià)到$80買(mǎi)XYZ花費(fèi) $100.00期權(quán)溢價(jià) $2.00總花費(fèi) $102.00賣(mài)掉XYZ@ $80.00買(mǎi)XYZ花費(fèi) $102.00總損失 $22.00Donotexercisetheoption,weareabletobuyXYZat$80,youloseonly$2,priceoftheoptionYouonlylose$2.00不行使權(quán)益購(gòu)買(mǎi)$100元XYZ你可以買(mǎi)$80XYZ。你只損失$2美元期權(quán)溢價(jià)費(fèi)用14ArxAssetManagement,LLCCopyright2012,AllrightsreservedScenario3Analysis實(shí)際情況3分析XYZstaysat$100BuyXYZfor

$100.00CostofOption

$2.00TotalPurchasePrice

$102.00SellXYZ@$100.00BuyXYZfor

$102.00TotalLoss

$2.00Itisthecoinflipsituation.行使權(quán)益買(mǎi)或不買(mǎi)都是損失$2美元Exerciseofnot,youloseonly$2,XYZ停留在$100BuyXYZfor $100.00CostofOption $2.00TotalPurchasePrice $102.00SellXYZ@$100.00BuyXYZfor $102.00TotalLoss $2.0015ArxAssetManagement,LLCCopyright2012,AllrightsreservedOnlySource/FootnotesbelowthislineGuide@

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4.69OnlySource/FootnotesbelowthislineWhatRightsDoOptionsBuyersAcquire?

期權(quán)買(mǎi)者獲取什么權(quán)益？CallOptionsGivesthebuyertherightto

buystockorfuturesataspecifiedprice(strikeprice)Therighttobuystockorfuturesislimitedtothelifeoftheoptioncontract(expiration)PutOptionsGivesthebuyertherightto

sellstockorfuturesataspecifiedprice(strikeprice)Therighttosellstockorfuturesislimitedtothelifeoftheoptioncontract(expiration)看漲期權(quán)期權(quán)合同認(rèn)購(gòu)方有權(quán)利在特定價(jià)格（執(zhí)行價(jià)）購(gòu)買(mǎi)標(biāo)的股票或期貨認(rèn)購(gòu)方購(gòu)買(mǎi)股票或期貨期限被限定在期權(quán)過(guò)期之前

看跌期權(quán)認(rèn)購(gòu)方有權(quán)利在特定價(jià)格看跌標(biāo)的股票或期貨認(rèn)購(gòu)方看跌股票或期貨期限被限定在期權(quán)過(guò)期之前16BuyCallScenario認(rèn)購(gòu)范例17BuyPutScenario認(rèn)沽范例18ArxAssetManagement,LLCCopyright2012,AllrightsreservedOnlySource/FootnotesbelowthislineGuide@

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4.69OnlySource/FootnotesbelowthislineWhatObligationsDoOptionsSellersFace?期權(quán)做空者面對(duì)什么責(zé)任？CallOptionsSellermustsellstockorfuturesataspecifiedprice(strikeprice)ifassigned.Obligationremainsforthelifeoftheoptioncontract.

PutOptionsSellermustbuystockorfuturesataspecifiedprice(strikeprice)ifassigned.Obligationremainsforthelifeoftheoptioncontract.看漲期權(quán)如果認(rèn)購(gòu)方?jīng)Q定認(rèn)購(gòu)看漲期權(quán)，賣(mài)主必須以執(zhí)行價(jià)格出售期貨或期權(quán)這項(xiàng)責(zé)任在期權(quán)過(guò)期前有效

看跌期權(quán)如果買(mǎi)方?jīng)Q定認(rèn)購(gòu)看跌期權(quán)，做空方必須按執(zhí)行價(jià)買(mǎi)回股票或期貨這項(xiàng)義務(wù)在期權(quán)過(guò)期前有效19OnlySource/FootnotesbelowthislineGuide@

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4.69OnlySource/FootnotesbelowthislineSellaCall認(rèn)沽看漲期權(quán)20SellaPut認(rèn)沽看跌期權(quán)21ArxAssetManagement,LLCCopyright2012,AllrightsreservedOnlySource/FootnotesbelowthislineGuide@

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4.69OnlySource/FootnotesbelowthislineWhatIsAssignment?期權(quán)到期分配？CallOptionsCalloptionsellersmustsellstockorfuturesataspecifiedprice(strikeprice)whenassigned.Example:Ifstrikepriceis$100,andstockpriceis$105,mustsellstockat$100.

PutOptionsPutoptionsellermustbuystockorfuturesataspecifiedprice(strikeprice)whenassigned.Example:Ifstrikepriceis$100,andstockpriceis$95,mustbuystockat$100.看漲期權(quán)執(zhí)行期權(quán)權(quán)益時(shí)，看漲期權(quán)認(rèn)沽方必須以執(zhí)行價(jià)看（Strike)跌股票或期貨例如：協(xié)議價(jià)為100元，股票現(xiàn)價(jià)為105元，則必須以100元看跌價(jià)賣(mài)出

看跌期權(quán)執(zhí)行期權(quán)權(quán)益時(shí)，看跌期權(quán)認(rèn)沽方必須以執(zhí)行價(jià)看（Strike)看漲股票或期貨例如：協(xié)議價(jià)為100元，股票現(xiàn)價(jià)為95元，則必須以100元看漲股票

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4.69OnlySource/FootnotesbelowthislineWhyTradeOptions(1)?為什么交易期權(quán)？Speculation:Usingoptionstobenefitonpricemovements市場(chǎng)投機(jī)者盈利機(jī)會(huì)利用期權(quán)通過(guò)價(jià)格漲和跌來(lái)盈利Hedging（protection):Insurancepolicy(preservationofassets)對(duì)沖（保護(hù)）期權(quán)作為保險(xiǎn)合同（財(cái)產(chǎn)保護(hù)）23ArxAssetManagement,LLCCopyright2012,AllrightsreservedOnlySource/FootnotesbelowthislineGuide@

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4.69OnlySource/FootnotesbelowthislineWhyTradeOptions(2)?為什么交易期權(quán)？Leverage(Buyers)CancontroltheUnderlyingWithMuchLessCapitalCalls(LongFutures)Puts(ShortFutures)LimitedRisk(Buyers)CanDefineandLimitRiskRiskislimitedtothepricepaidforoption(premium)利用杠桿（認(rèn)購(gòu)方）利用杠桿對(duì)于買(mǎi)方來(lái)說(shuō)可以利用少量資金控制期貨看漲期權(quán)合約替代看漲期貨看跌期權(quán)合約替代看跌期貨

控制風(fēng)險(xiǎn)（認(rèn)購(gòu)方）可以量化和限制風(fēng)險(xiǎn)風(fēng)險(xiǎn)可以被限制在付出的溢價(jià)范圍內(nèi)

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4.69OnlySource/FootnotesbelowthislineWhyTradeOptions(3)?為什么交易期權(quán)？UnlimitedProfitPotential(CallBuyers)LimitedRiskwithUnlimitedProfitPotentialCalls:Unlimitedupsidepotential(nolimitonpricerise)Profitatexpiration(Ifinthemoney)=

Pricepaidforoption(ex.$500)*

-Amountinthemoney(ex.$1,500)

=+$1,000($1,500-$500)=200%Profit

無(wú)上限的獲利可能性（認(rèn)購(gòu)看漲期權(quán)）可控風(fēng)險(xiǎn)和無(wú)限的獲利可能性看漲期權(quán):無(wú)上限獲利可能性的原因在于價(jià)格提升沒(méi)有上限期權(quán)合約過(guò)期前的價(jià)格(價(jià)內(nèi)期權(quán))

看漲期權(quán)合約價(jià)格(ex.$500)*

-價(jià)內(nèi)價(jià)差(ex.$1,500)

=+$1,000($1,500-$500)+200%

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4.69OnlySource/FootnotesbelowthislineWhyTradeOptions(4)?為什么交易期權(quán)？UnlimitedProfitPotential(PutBuyers)LimitedRiskwithUnlimitedProfitPotentialPuts:Unlimiteddownsidepotential(nolimitonpricedecline)Profitatexpiration(Ifinthemoney)=

Pricepaidforoption(ex.$500)*

-Amountinthemoney(ex.$1,500)

=+$1,000($1,500-$500)=200%Profit

無(wú)上限的獲利可能性（認(rèn)購(gòu)看跌期權(quán)）可控風(fēng)險(xiǎn)和無(wú)限的獲利可能性看跌期權(quán):無(wú)上限獲利可能性（價(jià)格下降沒(méi)有下限）期權(quán)合約過(guò)期前的價(jià)格(價(jià)內(nèi)期權(quán))

看漲期權(quán)合約價(jià)格(ex.$500)*

-價(jià)內(nèi)價(jià)差(ex.$1,500)

=+$1,000($1,500-$500)+200%

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4.69OnlySource/FootnotesbelowthislineWhyTradeOptions?為什么交易期權(quán)？增加收入減小風(fēng)險(xiǎn)減少資本和保證金保護(hù)已或利潤(rùn)分散持有股份分散控制涉及市場(chǎng)范圍跟蹤買(mǎi)入或賣(mài)出標(biāo)的價(jià)IncreaseIncomeReduceRiskReduceCostandMarginProtectProfitDiversifyHoldingsCustomizeMarketExposureTargetBuyorSellPrices期權(quán)作為商品的保險(xiǎn)工具的潛在好處

PotentialBenefitsofUsingOptionsasInsuranceofFutures27ArxAssetManagement,LLCCopyright2012,AllrightsreservedOnlySource/FootnotesbelowthislineGuide@

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4.69OnlySource/FootnotesbelowthislineWhatisThe'Strike'Price？

什么期權(quán)執(zhí)行價(jià)？StrikePricePriceSpecifiedByOptionsContractAlsoknownasexercisepricePriceatwhichoptionsbuyerscansell(puts)futuresPriceatwhichoptionsbuyerscanbuy(calls)futures

期權(quán)執(zhí)行價(jià)期權(quán)合同指定價(jià)格也稱(chēng)執(zhí)行價(jià)看跌期權(quán)執(zhí)行價(jià)為期權(quán)買(mǎi)主可以賣(mài)的價(jià)格看漲期權(quán)執(zhí)行價(jià)為期權(quán)買(mǎi)主可以買(mǎi)的價(jià)格questionforJay:howthesestrikepriceswereissuedanddetermined28ArxAssetManagement,LLCCopyright2012,AllrightsreservedOnlySource/FootnotesbelowthislineGuide@

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4.69prototypetemplate(5428278)\screenlibrary_new_final.ppt03/15/12OnlySource/FootnotesbelowthislineSP500EminiOptionsChain29ArxAssetManagement,LLCCopyright2012,AllrightsreservedOnlySource/FootnotesbelowthislineGuide@

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4.69OnlySource/FootnotesbelowthislineHowAreOptionsValued

期權(quán)價(jià)格是如何確定的？ValuationDependsonTwoVariablesExtrinsicValueAmountthevalueisoutofthemoneyTimevalueImpliedvolatilityInstrinicValueAmountthevalueisinthemoney

估值依靠?jī)蓚€(gè)變量外部?jī)r(jià)值價(jià)外期權(quán)的數(shù)額時(shí)間價(jià)值隱含波動(dòng)率內(nèi)部?jī)r(jià)值價(jià)內(nèi)期權(quán)的數(shù)額

30ArxAssetManagement,LLCCopyright2012,AllrightsreservedTimeValue時(shí)間溢價(jià)TimeValueValueArisingFromTimeRemainingonOptionMoretimevalueresultsfrommoretimeremaining Reflectsgreaterchancethatoptionwillpayoff

時(shí)間價(jià)值價(jià)值隨期權(quán)剩余時(shí)間長(zhǎng)短而增加距離期權(quán)過(guò)期越多的時(shí)間產(chǎn)生更大的期權(quán)價(jià)值決定能夠從期權(quán)中獲利的更大機(jī)會(huì)31ArxAssetManagement,LLCCopyright2012,AllrightsreservedIntrinsicValue內(nèi)含價(jià)IntrinsicValueValueArisingFromAmountInTheMoney(ITM)Calls(Underlyingprice>strikeprice)Puts(Underlyingprice<strikeprice)

期權(quán)內(nèi)含價(jià)價(jià)值是由執(zhí)行價(jià)距離標(biāo)的的價(jià)（目前市場(chǎng)價(jià)）差看漲期權(quán)價(jià)小于標(biāo)的價(jià)看跌期權(quán)標(biāo)的價(jià)小于執(zhí)行價(jià)

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4.69OnlySource/FootnotesbelowthislineArxAssetManagement,LLCCopyright2012,AllrightsreservedHowAreOptionsValued

期權(quán)價(jià)格是如何確定的？LongCallStrikePrice=1200IntrinsicValue(UnderlyingPrice>StrikePriceof1200)ProfitableZoneatExpiration(PriceIntheMoneybymorethan$600S&PE-miniExample:Buying11200CallOptionfor$12$1Dollarinoptioncost=$50inpremium33ArxAssetManagement,LLCCopyright2012,AllrightsreservedOnlySource/FootnotesbelowthislineGuide@

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4.69OnlySource/FootnotesbelowthislineArxAssetManagement,LLCCopyright2012,Allrightsreserved申明：交易期貨與期權(quán)存在風(fēng)險(xiǎn).請(qǐng)用可承受風(fēng)險(xiǎn)的資產(chǎn)投入交易.期權(quán)和期貨交易不一定適用于所有人.過(guò)去成績(jī)不代表未來(lái)績(jī)效。

Thismaterialisintendedforthetrainingpurposesonly,notasolicitationofanyoffertobuyorsellanysecurityorotherfinancialinstrumentortoparticipateinanytradingstrategy.Pleaserefertoimportantinformationandqualificationsattheendofthismaterial.SlidePresentationOverviewPart2第二部分OptionsRisk/RewardMeasures(Greeks)DeltaGammaVegaTheta期權(quán)風(fēng)險(xiǎn)／回報(bào)衡量期權(quán)價(jià)格的工具（Greek)Delta寸頭／Delta寸頭值GammaVega寸頭/Vega寸頭值Theta寸頭/Theta寸頭值34ArxAssetManagement,LLCCopyright2012,AllrightsreservedDeltaRiskvs.RewardDelta風(fēng)險(xiǎn)與回報(bào)

Delta:Therateofchangeoftheoptionvaluewithrespecttochangesintheunderlyingfuturesproduct期權(quán)價(jià)值的變動(dòng)率隨著標(biāo)的價(jià)格的變動(dòng)Percentchancethatanoptionexpiresinthemoney為衡量期權(quán)在過(guò)期時(shí)落入價(jià)內(nèi)的機(jī)會(huì)35ArxAssetManagement,LLCCopyright2012,AllrightsreservedOnlySource/FootnotesbelowthislineGuide@

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4.69OnlySource/FootnotesbelowthislineDirectionalRisk/Reward

標(biāo)的價(jià)方向變化風(fēng)險(xiǎn)/回報(bào)DeltaDeltaandLongPutsLongputoptionshavenegativedelta

Profitfromdownsidemoveoftheunderlying

DeltaandLongCallsLongcalloptionshavepositivedeltaProfitfromupsidemoveoftheunderlying

認(rèn)購(gòu)看漲期權(quán)－正Delta值，價(jià)格上升時(shí)盈利認(rèn)購(gòu)看跌期權(quán)－負(fù)Delta值，價(jià)格下降時(shí)盈利36ArxAssetManagement,LLCCopyright2012,AllrightsreservedAtthemoney(ATM)options

Deltaof.50withATMoptionsOne-pointmoveofunderlyingproducesa

half-pointchangeinanoption'sprice

OutoftheMoney(OTM)options

Deltais<.50withOTMoptionsOne-pointmoveofunderlyingproducesa

lessthanhalf-pointchangeinanoption'sprice

IntheMoney(ITM)optionsDeltais>.50withOTMoptionsOne-pointmoveofunderlyingproducesa

morethanhalf-pointchangeinanoption'sprice

平價(jià)期權(quán)Delta值為0.50,標(biāo)的價(jià)變動(dòng)1.00時(shí)，期權(quán)價(jià)格變動(dòng)等于＝0.50價(jià)外期權(quán)Delta值小于<0.50,在標(biāo)的變動(dòng)1.00時(shí)，期權(quán)價(jià)格變動(dòng)小于0.50內(nèi)價(jià)期權(quán)Delta值大于>0.50,在標(biāo)的變動(dòng)1.00時(shí)，期權(quán)價(jià)格變動(dòng)大于0.50深層內(nèi)價(jià)Delta值接近1.00,在標(biāo)的變動(dòng)1.00時(shí)期權(quán)價(jià)格變動(dòng)接近1.00－用來(lái)取代實(shí)價(jià)購(gòu)買(mǎi)（小部分資金取代大部分資金）DeepIntheMoney(ITM)optionsDeltais>.50withOTMoptionsOne-pointmoveofunderlyingproducesa

morethanhalf-pointchangeinanoption'sprice

DirectionalRisk/Reward2

標(biāo)的價(jià)方向變化風(fēng)險(xiǎn)/回報(bào)Delta237ArxAssetManagement,LLCCopyright2012,AllrightsreservedGamma風(fēng)險(xiǎn)與回報(bào)Gamma:MeasurestherateofchangeoftheDeltaoftheoptionwithrespecttochangesintheunderlyingfuturesprice衡量期權(quán)Delta每變動(dòng)一點(diǎn)期權(quán)價(jià)值隨著標(biāo)的價(jià)格的變動(dòng)變動(dòng)率38ArxAssetManagement,LLCCopyright2012,AllrightsreservedVegaRiskvs.RewardVega風(fēng)險(xiǎn)和回報(bào)Vega:Measurestheoptionssensitivitytovolatilityoftheunderlyingfuturescontract為衡量期權(quán)對(duì)標(biāo)的的波動(dòng)率的靈敏度Theriskmeasureofexposuretochangesintheimpliedvolatilityoftheunderlyingfuturescontract3839ArxAssetManagement,LLCCopyright2012,AllrightsreservedOnlySource/FootnotesbelowthislineGuide@

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4.69prototypetemplate(5428278)\screenlibrary_new_final.ppt03/15/12OnlySource/FootnotesbelowthislineBearPutStrategyandProfitPotentialTheBearPut熊市看跌LongPosition(butshortdelta)買(mǎi)寸頭（負(fù)Delta值）Abetonbearishmoveintheunderlying預(yù)測(cè)標(biāo)的下跌Purchaseputandpaypremium買(mǎi)看跌期權(quán)，支付期權(quán)溢價(jià)Unlimitedprofitpotentialwithlimitedrisk無(wú)限盈利機(jī)會(huì)，有限風(fēng)險(xiǎn)

BearPutStrategyProfitScenarios熊市看跌期權(quán)技巧盈利Buyputandthensellputforhigherprice買(mǎi)入看跌期權(quán)，做空更高執(zhí)行價(jià)看跌期權(quán)Buylow,sellhigh買(mǎi)低，賣(mài)高Buyputandholdtoexpiration買(mǎi)看跌，持倉(cāng)到過(guò)期Expiresinthemoney(bymorethanpricepaid)過(guò)期時(shí)為價(jià)內(nèi)期權(quán)（或者價(jià)外但高于您支付的費(fèi)用）

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4.69prototypetemplate(5428278)\screenlibrary_new_final.ppt03/15/12OnlySource/FootnotesbelowthislineArxAssetManagement,LLCCopyright2012,AllrightsreservedVolatilityRisk/Reward波動(dòng)率風(fēng)險(xiǎn)/回報(bào)VegaVegaandLongOptionsLongcall/putoptionshavepositivevegaProfitfromincreaseinimpliedvolatility(ceterisparibus)VegaandShortOptionsShortcall/putoptionshavenegativevegaProfitfromdecreaseinimpliedvolatility(ceterisparibus)

VegaandOptionsStrikes/MonthsAttheMoneyOptionsHavelargestvegarisk/rewardVegagrowswithmoretimevalue(backmonths)

波動(dòng)率方向變化與Vega寸頭／Vega寸頭值認(rèn)購(gòu)看漲/看跌期權(quán)－正Vega值，波動(dòng)率上升時(shí)盈利認(rèn)沽看漲/看跌期權(quán)－負(fù)Vega值，波動(dòng)率下降時(shí)盈利Vega與執(zhí)行價(jià)（strikeprice)／月期(month)的關(guān)系平價(jià)期權(quán)具有最大Vega風(fēng)險(xiǎn)和回報(bào)，Vega后月分期權(quán)Vega增長(zhǎng)帶有高時(shí)間價(jià)值

41ArxAssetManagement,LLCCopyright2012,AllrightsreservedThetaRiskvs.RewardTheta風(fēng)險(xiǎn)和回報(bào)Theta:MeasuresthesensitivityofthevalueoftheoptionwithrespecttotimeAlsoknownas“timevalue”衡量期權(quán)對(duì)時(shí)間的靈敏度時(shí)間值4142ArxAssetManagement,LLCCopyright2012,AllrightsreservedOnlySource/FootnotesbelowthislineGuide@

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4.69prototypetemplate(5428278)\screenlibrary_new_final.ppt03/15/12OnlySource/FootnotesbelowthislineTimeValueDecayRisk/Reward

時(shí)間溢價(jià)貶值風(fēng)險(xiǎn)/回報(bào)ThetaThetaandLongOptionsLongoptionshavenegativetheta

Positiondeteriorates