期权导论：类型、价值与支付图解.pptx

11/02/2026CopyrightLaurenceCopelandTopic9Page1/16Topic9

INTRODUCTIONTODERIVATIVES2:

Options

TypesofoptionIntrinsicvaluevstimevaluePayoffdiagrams

11/02/2026CopyrightLaurenceCopelandTopic9Page2/16TYPESOFOPTIONCall(Put)buyergetsright(notobligationcf.future/forward)tobuy(sell)fixedamountofunderlyingatprespecifiedexercise(orstrike)priceonthematuritydate(Europeanoption)oratanytimeuptothematuritydate,T(Americanoption).Seller(writer)iscounterparty.

11/02/2026CopyrightLaurenceCopelandTopic9Page3/16OPTIONJARGONOptionpremiumorpriceispaymentbybuyertoseller(oroptionwriter)forcallorputcontract.(C,c,P,p)Underlying(security)issecurityonwhichoptioncontractiswritten.Contractsizeisnumberofunitsofunderlyingsecurityspecifiedincontract.Inpractice,contractsizeisstandardizedbyoptionsexchanges,butforsimplicityusuallysettooneinanalysis.Exerciseorstrikepriceispriceatwhichcall(put)buyerhasrighttobuy(sell).(X)

11/02/2026CopyrightLaurenceCopelandTopic9Page4/16Call(put)optioncontractisinthemoneytotheextentcurrentspotprice(St)isabove(below)theexerciseprice:thedifference,(St-X)foracallor(X-St)foraput,istheoption’sintrinsicvalue.Out-of-the-moneyandat-the-moneyoptions,forwhich(St-X)?0forcallsor(St-X)?0forputs,haveanintrinsicvalueofzero.i.e.intrinsicvalueattimetisthevaluetheoptionwouldhaveifitwereexercisedimmediatelyatt.Excessofoptionpriceoverintrinsicvalueisoption’stimevalue.

11/02/2026CopyrightLaurenceCopelandTopic9Page5/16Bydefault,inthiscoursewemean(exchange)-tradedoptions.Specially-createdtailor-madeoptionsareover-the-counter(O-T-C)options.MostcurrencyoptionsvolumeinO-T-C’s.

11/02/2026CopyrightLaurenceCopelandTopic9Page6/16TradedoptionsShareOptionsGiverighttobuy/sellsharesatexercisepriceon