投资学第20章期权期货4.pptx

第20 期权 Option期权交易的基本知识 Options20-Derivatives are securities that get their value from the price of other securities.Derivatives are contingent claims because their payoffs depend on the value of other securities.Options are traded both on organized exchanges and OTC.期权交易的基本知识一、期权的几个基本概念二、期权价值的构成三、期权基本交易策略四、影响期权价值的因素一、期权的几个基本概念期权(Option) 或称选择权，是买卖双方达成的一种可转让的标准化合约，它给予期权持有人（期权购买者buyer）具有在规定期限内的任何时间或期满日(maturity)按双方约定的价格(strike price)买进(call)或卖出(put)一定数量标的资产(underlying asset)的权利(right)；而期权立约人（期权出售者seller）则负有按约定价格卖出或买进一定数量标的资产的义务(obligation)。 期权价值 – option value 期权价格 - price of option期权定价 – option pricing◆ 按期权所赋予的权利不同： 买权（看涨期权，call）：期权购买者可以按履约价格在到期前或到期日买进一定数量标的资产的权利； 卖权（看跌期权，put）：期权购买者可以在到期前或到期日按履约价格卖出一定数量标的资产的权利。◆ The Option Contract: CallsA call option gives its holder the right to buy an asset:At the exercise or strike priceOn or before the expiration dateExercise the option to buy the underlying asset if market value strike.◆ The Option Contract: PutsA put option gives its holder the right to sell an asset:At the exercise or strike priceOn or before the expiration dateExercise the option to sell the underlying asset if market value strike.（一）期权的类型20-The Option Contract: Calls买入期权A call option gives its holder the right to buy an asset:At the exercise or strike priceOn or before the expiration dateExercise the option to buy the underlying asset if market value strike.20-The Option Contract: Puts买入期权A put option gives its holder the right to sell an asset:At the exercise or strike price（行权价格）On or before the expiration date（到期日）Exercise the option to sell the underlying asset if market value strike.◆ American vs. European Options(美式期权与欧式期权) 买权（看涨期权，call）：期权American - the option can be exercised at any time before expiration or maturityEuropean - the option can only be exercised on the expiration or maturity dateIn the U.S., most options are American style, except for currency and stock index options.◆ 按照期权权利行使时间不同欧式期权：只有在到期日才能履约；美式期权：在期权的有效期内任何营业日均可行使权利。◆ 按照期权交易的对象