Call Option Tutorial - Bull Spread

看涨期权策略 - 价差期权

Spread options refer to buying and selling options on the same expiration date. Bull market spread options are usually used in conservative and bullish situations to reduce costs

There are two strategies for bull spread options:

  • Debit spread: Buy a low-priced call option and sell high-priced call options on the same expiration date. When the stock price exceeds the exercise price of the high-priced option, the maximum profit can be achieved; the maximum profit is the difference between the two options exercise price multiplied by 100 Subtract the premium paid for purchasing this strategy.
  • Credit spread: buying a low-priced put option and selling high-priced put options on the same expiration date. When the stock price closes at the exercise price of the high-priced option, the maximum return can be reached; the maximum return is the income from trading the spread option (Credit). 

Examples of advanced usage scenarios:

  • The buyer holds a call option with an exercise price of $20 for X stock that expires in January. When the stock price is $22, the buyer buys this option with $300 ($3 per stock value). But now the stock price drops to $18, this option only worths $150 ($1.5 per stock value). As a remedy of losses, the buyer then sells two call options for X stocks that expire in January with an exercise price of $20, and at the same time purchases an option for X stock that expires in January with an exercise price of $15. At this time, the buyer’s holding position is a long call option of $15 in January and a short call option of $20 in January. This combination is called a bull market spread option.
  • The original strategy (one naked call  option with an exercise price of $20) will require the stock price reaching $23 to maintain a breakeven at maturity date. Under the bull spread strategy, the stock price only needs to reach 18 yuan on the maturity date to be able to balance the cost.

价差期权是指在同样的到期日下买入并卖出期权,牛市价差期权通常使用于保守看多的情况,降低成本

牛市价差期权有两种策略:

  • Debit spread:买入一个低价看涨期权同时卖出同一到期日的高价看涨期权,当股价超过高价期权行权价可以达到最大收益;最大盈利为两张期权行权价差额乘以100减去购买此策略支付的权利金
  • Credit spread:买入一个低价看跌期权同时卖出同一到期日的高价看跌期权,当股价收于高价期权行权价时可以达到最大收益;最大收益为交易该价差期权所得到的收入(credit)

进阶使用场景示例:

  1. 目前买家持有一手1月到期的X股票20元行权价的看涨期权,在股价22元的时候由300元购入这张期权,但是由于股价下跌至18元此时这张期权只剩下150元的价值。作为期权亏损时补救措施,此时买家卖出两张1月到期的X股票20元行权价的看涨期权,并同时买入一张1月到期的X股票15元行权价看涨期权。此时买家手上持有的头寸为,一张1月15元看涨期权多头,1张1月20元看涨期权空头——即为牛市价差期权
  2. 原本到期日需要达到23元才能保持盈亏平衡,在此策略下,股价只需要在到期日达到18元就能够持平成本
[[en]]Back
[[zh]]返回