[期货]Chapter 8 How to Trade the Futures Options.pptVIP

Chapter 8 How to Trade the Futures Options FUTURES OPTIONS TRADING A futures option gives the buyer of the option the right to buy or sell the underlying futures contract at a given price at some time in the future, regardless of what the actual price may be at that time. FUTURES OPTIONS TRADING A put option conveys the right to sell the underlying option. call option conveys the right to buy the underlying option. 月份 敲定价 波动率 看涨期权 看跌期权 9 1475 18.65 5.02 6.52 10 1475 18.32 6.52 28.18 11 1475 18.20 32.67 39.57 FUTURES OPTIONS TRADING The seller of the option (also known as the option writer期权签发者) sells the option to the buyer. FUTURES OPTIONS TRADING An out-of-the-money option has no intrinsic value. A second factor that adds value to an option is time. A third factor contributing to the value of an option is the volatility of the market. Margin in Options Trading For an option buyer, there is no margin cost per se; there is only the cost of the premium plus commission costs. Exit Alternatives The option seller, or writer, has no discretionary choices available once the option is sold and the premium has been received. All of the decision-making power lies with the buyer, who has three choices. Advantages of Options Trading The most popular and popularized advantage is that an option has limited and known risk. A second advantage of options trading offers is leverage. A third advantage of options trading is staying power. Disadvantages of Options Trading Although the loss exposure is limited and known, a loss is still a loss, and several limited losses in a row add up to a large loss. NUTS AND BOLTS The option you bought on the house in the preceding example is referred to as a call. A call confers the right to buy an asset within a certain period of time at an agreed price. NUTS AND BOLTS A newspaper price table for a day’s trading in