期权基本知识.pptVIP

期权基本知识 第一页，编辑于星期六：三点 五十六分。 期权的基本概念 　Option：A financial derivative?that represents?a?contract sold by one party (option writer)?to another party (option holder). The contract offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset?at an agreed-upon price (the strike price)?during a certain period of time or on a specific date (excercise date). 第二页，编辑于星期六：三点 五十六分。 期权的基本概念 期权的买方和卖方 Holder Writer Option fee Option Right 第三页，编辑于星期六：三点 五十六分。 期权的基本概念 ? 看涨期权：A call option is an agreement that gives the holder the right to buy an asset by a certain date for a certain price ? 看跌期权：A put option is an agreement that gives the holder the right to sell … ? 期权期限：The date specified in the contract is the expiration date (maturity). ? 执行价格：The price specified in the contract is the exercise price or strike price. 第四页，编辑于星期六：三点 五十六分。 期权的基本概念 ? A European option can be exercised only at the end of its life ? An American option can be exercised at any time 第五页，编辑于星期六：三点 五十六分。 期权的基本概念 There are two sides to every option contract: 多头（the long position） 空头（the short position，sold or written the option) 第六页，编辑于星期六：三点 五十六分。 The combination of two sides and two types of options gives – 多头买权（Long call） – 多头卖权（Long put） – 空头买权（Short call） – 空头卖权（Short put） 第七页，编辑于星期六：三点 五十六分。 一张微软多头买权（Long Call on Microsoft） Profit from buying a Microsoft European call option: option price = $5,strike price = $100, option life = 2 months 第八页，编辑于星期六：三点 五十六分。 一张微软空头买权（Short Call on Microsoft） Profit from writing a Microsoft European call option: option price = $5,strike price = $100 第九页，编辑于星期六：三点 五十六分。 一张甲骨文多头卖权（Long Put on Oracle） Profit from buying an Oracle European put option: option price = $7, strike price = $70 第十页，编辑于星期六：三点 五十六分。