期权套利及股票期权组合套利讲解.pptVIP

* An IBM Proof of Technology Discovering the value of IBM Workplace Forms - Technical Overview * * An IBM Proof of Technology Discovering the value of IBM Workplace Forms - Technical Overview * * An IBM Proof of Technology Discovering the value of IBM Workplace Forms - Technical Overview * * An IBM Proof of Technology Discovering the value of IBM Workplace Forms - Technical Overview * * An IBM Proof of Technology Discovering the value of IBM Workplace Forms - Technical Overview * * An IBM Proof of Technology Discovering the value of IBM Workplace Forms - Technical Overview * * An IBM Proof of Technology Discovering the value of IBM Workplace Forms - Technical Overview * * An IBM Proof of Technology Discovering the value of IBM Workplace Forms - Technical Overview * * An IBM Proof of Technology Discovering the value of IBM Workplace Forms - Technical Overview * * An IBM Proof of Technology Discovering the value of IBM Workplace Forms - Technical Overview * * An IBM Proof of Technology Discovering the value of IBM Workplace Forms - Technical Overview * * An IBM Proof of Technology Discovering the value of IBM Workplace Forms - Technical Overview * * An IBM Proof of Technology Discovering the value of IBM Workplace Forms - Technical Overview * * An IBM Proof of Technology Discovering the value of IBM Workplace Forms - Technical Overview * 中睿合银 （二）股票空头加买权多头 交易策略：卖空1手股票，再买入相同股票的1份买权（见图8.1.4）。 预期市场走势：熊市或波动率增大。采取这种策略的投资者，也是对后市看跌，因而是股票的空头。同时购买1份买权，锁定了可能的损失，当股市上涨时，投资者在现货市场上的损失可由其购买的买权的盈利相冲抵。该笔支出使该投资者投资组合的利损线向左移，降低了其盈利程度。其损益状态与出售一个有担保的买权的损益状态相反。 二、下限股票期权套利策略 股票期权套利组合策略 中睿合银 图8.1.4 空头＋购买买权 二、下限股票期权套利策略 股票期权套利组合策略 中睿合银 第二节 单、双限股票期权组合交易策略 一、单限股票期权套利策略 股票期权套利组合策略 这种股票期权投资组合之所以被称为单限期权套利组合，是因为其盈利只有一个限度，既是上限，也是下限。单限股票期权套利组合一般也有多头套利与空头套利两种形式： （一）股票多头加买权空头再加卖权多头 （二）股票空头加买权多头再加卖权空头 中睿合银 （一）股票多头加买权空头再加卖权多头 交易策略：买入一定手数的股票，再买入一定份数的卖权，再卖出相同份数、相同期限、相同行使价格的买权（见图8.2.1）。 例8.2.1：某投资者以$40美元/每股的价格买入1000股Dell的股票，同时以$1.35美元的价格买入11月份到期的10份Dell40P，并以$2.1美元/每股的价格卖出11月份到期的10份De