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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