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1、期權(quán)基本知識期權(quán)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).期權(quán)的基本概念期權(quán)的買方和賣方HolderWriterOptionfeeOptionRight期權(quán)的基本概念?看漲期權(quán)：Acalloptionisanagreementthatgivestheholdertherighttobuyanassetbyacertaindateforacertainprice?看跌期權(quán)：Aputoptionisanagreementthatgivestheholderther
3、ighttosell…?期權(quán)期限：Thedatespecifiedinthecontractistheexpirationdate(maturity).?執(zhí)行價格：Thepricespecifiedinthecontractistheexercisepriceorstrikeprice.期權(quán)的基本概念?AEuropeanoptioncanbeexercisedonlyattheendofitslife?AnAmericanoptioncanbeexercisedatanytime期權(quán)的基本概念Therearetwosides
4、toeveryoptioncontract: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）ProfitfrombuyingaMicrosoftEuropeancalloptio
5、n: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
6、權(quán)（ShortPutonOracle）ProfitfromwritinganOracleEuropeanputoption:optionprice=$7,strikeprice=$70OptionsStrategy（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+put=call(protectiveput)asset–call=-put(coveredcall)-asset+call=put-asset–put=-call
