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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
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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
期权基本知识
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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).
option)
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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）
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一张微软多头买权（Long Call on Microsoft） Profit from buying a Microsoft European call option: option price =
price = $7, strike price = $70
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Options Strategy（Protecting）： Long asset + Long put Short asset + Long call
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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
$5,strike price = $100
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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
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一张甲骨文空头卖权（Short Put on Oracle） Profit from writing an Oracle European put option: option
$5,strike price = $100, option life = 2 months
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一张微软空头买权（Short Call on Microsoft） Profit from writing a Microsoft European call option: option price =
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期权的基本概念
期权的买方和卖方
Holder
Option fee O
• 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.