期权基本知识.ppt

期权基本知识,期权的基本概念,Option：Afinancialderivativethatrepresentsacontractsoldbyoneparty(optionwriter)toanotherparty(optionholder).Thecontractoffersthebuyertheright,butnottheobligation,tobuy(call)orsell(put)asecurityorotherfinancialassetatanagreed-uponprice(thestrikeprice)duringacertainperiodoftimeoronaspecificdate(excercisedate).,期权的基本概念,期权的买方和卖方,Holder,Writer,Optionfee,OptionRight,期权的基本概念,看涨期权：Acalloptionisanagreementthatgivestheholdertherighttobuyanassetbyacertaindateforacertainprice看跌期权：Aputoptionisanagreementthatgivestheholdertherighttosell期权期限：Thedatespecifiedinthecontractistheexpirationdate(maturity).执行价格：Thepricespecifiedinthecontractistheexercisepriceorstrikeprice.,期权的基本概念,AEuropeanoptioncanbeexercisedonlyattheendofitslifeAnAmericanoptioncanbeexercisedatanytime,期权的基本概念,Therearetwosidestoeveryoptioncontract:多头（thelongposition）空头（theshortposition，soldorwrittentheoption),Thecombinationoftwosidesandtwotypesofoptionsgives多头买权（Longcall）多头卖权（Longput）空头买权（Shortcall）空头卖权（Shortput）,一张微软多头买权（LongCallonMicrosoft）ProfitfrombuyingaMicrosoftEuropeancalloption:optionprice=$5,strikeprice=$100,optionlife=2months,一张微软空头买权（ShortCallonMicrosoft）ProfitfromwritingaMicrosoftEuropeancalloption:optionprice=$5,strikeprice=$100,一张甲骨文多头卖权（LongPutonOracle）ProfitfrombuyinganOracleEuropeanputoption:optionprice=$7,strikeprice=$70,一张甲骨文空头卖权（ShortPutonOracle）ProfitfromwritinganOracleEuropeanputoption:optionprice=$7,strikeprice=$70,OptionsStrategy（Protecting）：Longasset+LongputShortasset+Longcall,期权与资产的组合（期权+资产=另一种期权）asset+pu