《期权基本知识》PPT课件.ppt

期权基本知识,期权的基本概念,Option：A financial derivativethat representsacontract 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 assetat an agreed-upon price(the strike price)during a certain period of time or on a specific date(excercise date).,期权的基本概念,期权的买方和卖方,Holder,Writer,Option fee,Option Right,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 givesthe 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.,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,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),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）,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,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=$100,一张甲骨文多头卖权（Long Put on Oracle）Profit from buying an Oracle European put option:option price=$7,strike price=$70,一张甲骨文空头卖权（Short Put on Oracle）Profit from writing an Oracle European put option:option price=$7,strike price=$70,Options Strategy（Protecting）：Long asset+Long putShort asset+Long call,期权与资产的组合（期权+资产=另一种期权）asset+put=call(protective put)asset call=-put(covered call)-asset+call=put-asset put=-call,