期權(quán)基本知識(shí)

1、期權(quán)基本知識(shí)期權(quán)的基本概念option：a financial derivative that represents a contract sold by one party (option writer) to another party (option holder). the contract offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price (the stri

2、ke price) during a certain period of time or on a specific date (excercise date). 期權(quán)的基本概念期權(quán)的買方和賣方holderwriteroption feeoption right期權(quán)的基本概念 看漲期權(quán)：a call option is an agreement that gives the holder the right to buy an asset by a certain date for a certain price 看跌期權(quán)：a put option is an agreement that g

3、ivesthe holder the right to sell 期權(quán)期限：the date specified in the contract is the expiration date (maturity). 執(zhí)行價(jià)格：the price specified in the contract is the exercise price or strike price.期權(quán)的基本概念 a european option can be exercised only at the end of its life an american option can be exercised at any

4、 time期權(quán)的基本概念there are two sides to every option contract: 多頭（the long position） 空頭（the short position，sold or written the option)the combination of two sides and two types of options gives 多頭買權(quán)（long call） 多頭賣權(quán)（long put） 空頭買權(quán)（short call） 空頭賣權(quán)（short put）一張微軟多頭買權(quán)（一張微軟多頭買權(quán)（long call on microsoft）profit

5、from buying a microsoft european call option: option price = $5,strike price = $100, option life = 2 months一張微軟空頭買權(quán)（一張微軟空頭買權(quán)（short call on microsoft）profit from writing a microsoft european call option: option price = $5,strike price = $100一張甲骨文多頭賣權(quán)（一張甲骨文多頭賣權(quán)（long put on oracle）profit from buying an

6、 oracle european put option: option price = $7, strike price = $70一張甲骨文空頭賣權(quán)（一張甲骨文空頭賣權(quán)（short put on oracle）profit from writing an oracle european put option: option price = $7, strike price = $70options strategy（protecting）：long asset + long putshort asset + long call期權(quán)與資產(chǎn)的組合（期權(quán)+資產(chǎn)=另一種期權(quán)）asset + put