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什麼是股票選擇權 Call and Put

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什麼是股票選擇權 Call and Put

買買權(long call): 看大漲;買賣權(long put): 看大跌。

賣買權(short call): 看小跌;賣賣權(short put): 看小漲。

  • a. 享受權利者即為選擇權之買方,或稱作持有人。有權利但無義務履約,所以必定在履約可獲利時執行權利。
  • b. 負擔或有義務者即為賣方,先收取買方所支付之權利金,當買方要求履約時,有義務依約履行。為防止有違約之虞,故賣方需繳交保證金。
  • 選擇權的一大特色即為權利和義務的不對稱職務。

權利金代表選擇權的價格,影響選擇權價格的因素包括了標的市價S、履約價格K、無風險利率i、權利期限t、標的波動性 σ ;而選擇權的價值可以分為兩部分:一是內含價值(INTRINSIC VALUE),二是時間價值(TIME VALUE)。內含價值係指立即履約可獲得的利潤,時間價值則是隱含的期望價值,隨時間縮短遞減。買方在進場時即支付權利金予賣方以取得權利。

買權 (Call)賣權 (Put)
價內(獲利)S>KS
價平S=KS=K
價外(損失)SS>K
內含價值時間價值
價內選擇權立即履約所獲得之利潤。時間價值說明說明內含價值,需要將買權與賣權分開來說。對買權而言,內含價值是指「現貨指數高於履約價的部份」,若用數學式表示即"MAX(大盤-履約價,0)",上式是指取「大盤-履約價」與「0」之間較大值的意思;對賣權而言,剛好相反,即「履約價高於現貨指數的部份」,用數學式 Max(S-K,0) 及 Max(K-S,0), 表示即"MAX(履約價-大盤,0)"。選擇權的價值可分為兩部分:一是內含價值;二是時間價值。
所謂的內含價值,就是價內選擇權立即履約所獲得之利潤。
而時間價值就是買方對價平或價外選擇權進入價內或已為價內但更深入價內的一種期望,所願意支付的權利金,這種期望會隨著時間的消逝而機會愈來愈少,直至到期日為零,所以稱作時間價值。
影響因素1目前價格S2履約價格K3無風險利率R+4權利期限T5波動性σ
買權CALL+-+++
賣權PUT-+-++
    a. 獲利無限,風險有限
看大漲: Buy Call看大跌: Buy Put
盤整看漲: Sell Put價差: Bull Call(Put) spread、Bear Call(Put) Spread
盤整: Straddles、Strangles避險: Buy Protective Put、Buy 什麼是股票選擇權 Call and Put Protective Call
盤整看跌: Sell Call其他組合運用
  • (1) 若以買權來組合,則買入履約價較低之Call,並賣出履約價較高之Call
  • (2) 若以賣權來組合,則買入履約價較低之Put,並賣出履約價較高之Put
  • (1) 若以買權來組合,則買入履約價較高之Call,並賣出履約價較低之Call
  • (2) 若以賣權來組合,則買入履約價較高低之Put,並賣出履約價較低之Put

混合部位指的是同時買進或賣出權利期間相同的Call或 Put,若履約價相同,則形成跨式(Straddle) ,若履約價不同則組合成垂直混合式(Strangle)。

  • a. 買進履約價相同的Call 和Put,形成下跨式,當期貨大漲或大跌時獲利。
  • b. 賣出履約價相同的Call 和Put,形成上跨式,當期貨在損益兩平區間盤整時獲利。

在預期行情沒有明顯趨勢情況下, 可於選擇權到期前四週進場,同時賣出相同或不同strike price的買權及賣權。而交易商品的篩選條件首要符合風險報酬比,且當時價位未在新高或新低。

是計算指數現貨在過去一段時間(通常為一個月)內的歷史波動率,依這個歷史波動率,計算出選擇權在理論上的價格,做為評斷選擇權實際在市場成的現價是否合理的基準,這種評價如同無視市場波動程度的現況,一味照事先的認定作出評斷,其結論較不適合做為主要的參考依據;則是計算選擇權的隱含波動率。所謂的隱含波動率,是依選擇權實際在市場上成交的價格,取得該價格所反映出的指數波動程度,也可以解釋為市場對指數未來波動程度的看法;一般認為,追蹤隱含波動率的改變,較能合理地解釋選擇權價格的變化。故我們皆以隱含波動率代表指數波動率,來解釋選擇權價格,另以歷史波動率為輔。

用賣權除以買權之比例;"Ratio":中文為「比例」的意思,我們在使用Put/Call Ratio的時,都會指出是哪一種Put/Call Ratio;例如成交量的Put/Call Ratio、未平倉量的Put/Call Ratio…等等。若是指「成交量的Put/Call Ratio」,用整句用中文表達即「用Put的成交量除以Call的成交量之比例」,若是指「未平倉量的Put/Call Ratio」,即「用Put的未平倉量除以Call的未平倉量之比例」的意思。上述兩者也是最常用的Put/Call Ratio。另外,所謂的「Put的成交量」或「Put的未平倉量」皆是指Put的所有履約價之總合量,在Call的方面亦然,若另有所指,則會另加註明。

在成交量的Put/Call Ratio方面,若成交量的Put/Call Ratio越大,代表Put的交易越較Call的交易活絡,市場偏空的氣氛越濃;反之亦然。在未平倉量的Put/Call Ratio方面,若未平倉量的Put/Call Ratio越大,代表Put的未平倉量越大於Call的未平倉量,亦代表市場偏空的氣氛越濃,反之亦然。三、範例91/6/10成交量的Put/Call Ratio約為0.4,直至91/6/26約上升至0.6,亦即選擇擇市場透露出偏空的預期,而此期間大盤指數也由5499點跌至5123點,印證了這個看法。

p = f ( v . t . i . p .s. ….)

p = Time Value + Intrinsic Value

pc= TV+IVc pp= TV+IVp

選擇權權利金損益範例圖

假設在市場上同時買進或賣出Call Option & Put Option 各一口,接近到期日時, 損益變化如下:

View your call history in Teams

Your call history is located in the center of the calls experience and shows a 什麼是股票選擇權 Call and Put list of past calls (including missed calls).

Go to Calls > History. From 什麼是股票選擇權 Call and Put any call in the list, select More actions > Call back to begin a call automatically.

more actions button-duplicate

You can also chat with that contact, add them to 什麼是股票選擇權 Call and Put speed dial, and add them to your contacts—all from the More actions menu.

Remove a call from call history

To remove a call from your history:

Calls button

Go to Calls > History.

more actions button-duplicate

Hover over the call you'd like to remove and select More actions > Remove from view.

Removing a call from your call history removes it from view on all your devices. Admins can still retrieve call data from removed calls.

Your call history is available 什麼是股票選擇權 Call and Put if you have an Enterprise Voice or Business Voice license as part of your Microsoft 365 subscription.

Teams-History screen-general-border

Calls button

Tap Calls to see your call history and to access the Teams dial pad and the contacts from your mobile device. Call history includes outgoing, incoming, and missed calls associated with Teams and your Enterprise Voice phone number.

Remove a call from call history

To remove a call from your call history:

Go to Calls >History.

Info icon

Find the call you'd like to remove and tap Info .

Delete team trash can button

Tap Remove .

Removing a call from your call history removes it from view on all your devices. Admins can still retrieve call data from removed calls.

The dial pad and your contacts are available when you have an Enterprise Voice or Business Voice license.

Add someone to a call in Teams

When you're already on a call, you might want to add someone new and create a group call.

Add team icon.

To add someone new to a group call, select Show participants in your call controls, then type their name or phone number in the search box.

Video on Stock Calls And Puts

Youtube

Options are contracts on an underlying trading instrument 什麼是股票選擇權 Call and Put such as shares of stock, bonds, a commodity, a mortgage loan and many others. However, there are common features among all options. It does not 什麼是股票選擇權 Call and Put matter if it is a share of stock or a mortgage loan; they all have certain things in common. One such commonality is the contract feature 什麼是股票選擇權 Call and Put that specifies what the option owner has actually contracted.

Options traders have two situations that may influence their buying and selling: calls and puts. There terms are used to indicate specific behaviors of options at various points of the option's life.

A call bestows on the contract holder the right to purchase an asset at a particular price on or before the option's expiration date. This is only a right to buy, it is not an obligation. The call owner always has the choice to allow the 什麼是股票選擇權 Call and Put 什麼是股票選擇權 Call and Put 什麼是股票選擇權 Call and Put option to expire. This does mean that all the initial money that was invested in purchasing the contract is lost, but the choice still stands.

Call 什麼是股票選擇權 Call and Put 什麼是股票選擇權 Call and Put buyers are gambling on the underlying asset's behavior; that it will 什麼是股票選擇權 Call and Put increase in price before it reaches its expiration date. Also that it will not only rise, but will rise significantly enough to show a profit.

In order to show a profit, the price must rise enough to cover the difference between the market price and the strike price. The strike price is that price at which the stock must be bought. But, because the option has a cost attached to it, the price must exceed that amount enough to cover the additional amount. This cost is referred to as the premium.

The premium of an option, whether call or put, is determined by a variety of elements. These include, but are not limited to, the price of the underlying asset, the strike price and the time remaining on the option.

The time remaining on an option is vital. The shorter the 什麼是股票選擇權 Call and Put time remaining, the greater the risk and vice versa. For example, if 什麼是股票選擇權 Call and Put there are 90 days left to exercise an option, the risk is somewhat lower than if there was only 1 day left. This is because within that 90 day period the price could rise enough to show a profit. With just 1 day remaining, however, the odds are considerably lower.

For example, on April 1, MSFT (Microsoft) has a market price of $27. Call options for June 30 are selling for $3 with a strike price of $30. One contract for 100 shares is purchased.

If the contract is held until the expiration date, the trader either loses $300 ($3 X 100, the initial price of the contract not including commission) or the trader can purchase the underlying stock at $30. If the current market price was $35, then the trader has profited by $200 ($35 - ($30 + $3) = $2 per share X 100 shares, sans commission).

When the market price of a share rises above the strike price, the option holder is "in 什麼是股票選擇權 Call and Put the money." If the market price drops, then the holder is "out of the money."

A put gives the option buyer the right to sell an asset at a particular price by a specified date. Again, like a call, this is a right, not an obligation.

Put buyers are anticipating the 什麼是股票選擇權 Call and Put stock prices to fall before the option's expiration date. Therefore, in such cases, the market price must drop below the strike price in order to 什麼是股票選擇權 Call and Put show a profit from exercising the option. For simplicity purposes, the cost of 什麼是股票選擇權 Call and Put 什麼是股票選擇權 Call and Put the put is ignored. Under those circumstances the option holder is in the money.

Still using the previous example, maintain the same situation, but this time the option is a put. If the market price falls to $25, the profit would be as follows:

Purchase 100 shares at $25 per share 什麼是股票選擇權 Call and Put = $2,500 this is to repay the broker 'loan' (this broker loan is a part of shorting stock which is borrowing shares you don't own, then repaying later).

It is the broker who handles the underlying 什麼是股票選擇權 Call and Put mechanics. All the investor has to do is order the trades at a 什麼是股票選擇權 Call and Put given time and date.

Wise investors do their homework and research their strategies, no matter if they are investing in calls or puts. Options trading does present risks and is rather complicated when compared to simple stock trading, although all trading contains an element of complication and risk. But investors in this line should study the history, volatility and other vital factors of both the option contract and the underlying asset.

A trader should never enter the market blindly and trade without doing the proper research first. The failure 什麼是股票選擇權 Call and Put to do adequate research and go into the trade informed puts the trader at a must greater risk of losing money and not showing a profit.