期权期货及其他衍生产品第9版赫尔_8.pptVIP

Options, Futures, and Other Derivatives, 9th Edition, Copyright ? John C. Hull 2014 Options, Futures, and Other Derivatives, 9th Edition, Copyright ? John C. Hull 2014 Options, Futures, and Other Derivatives, 9th Edition, Copyright ? John C. Hull 2014 Options, Futures, and Other Derivatives, 9th Edition, Copyright ? John C. Hull 2014 Chapter 10Mechanics of Options Markets Options, Futures, and Other Derivatives, 9th Edition, Copyright ? John C. Hull 2014 * Review of Option Types A call is an option to buy A put is an option to sell A European option can be exercised only at the end of its life An American option can be exercised at any time Options, Futures, and Other Derivatives, 9th Edition, Copyright ? John C. Hull 2014 * Option Positions Long call Long put Short call Short put Options, Futures, and Other Derivatives, 9th Edition, Copyright ? John C. Hull 2014 * Long Call (Figure 10.1, Page 214) Profit from buying one European call option: option price = $5, strike price = $100, option life = 2 months Options, Futures, and Other Derivatives, 9th Edition, Copyright ? John C. Hull 2014 * 30 20 10 0 -5 70 80 90 100 110 120 130 Profit ($) Terminal stock price ($) Short Call (Figure 10.3, page 216) Profit from writing one European call option: option price = $5, strike price = $100 Options, Futures, and Other Derivatives, 9th Edition, Copyright ? John C. Hull 2014 * -30 -20 -10 0 5 70 80 90 100 110 120 130 Profit ($) Terminal stock price ($) Long Put (Figure 10.2, page 215) Profit from buying a European put option: option price = $7, strike price = $70 Options, Futures, and Other Derivatives, 9th Edition, Copyright ? John C. Hull 2014 * 30 20 10 0 -7 70 60 50 40 80 90 100 Profit ($) Terminal stock price ($) Short Put (Figure 10.4, page 216) Profit from writing a European put option: option price = $7, strike price = $70 Options, Futures, and Other Derivatives, 9th Edition, Copyright ? John C. Hull 2014 * -30 -20 -10 7 0 70 60 50 40 80 90 100 Profit ($)