Call Option Tutorial - Covered Call

看涨期权策略 - 卖出期权

Sell ​​a call option (Covered call)

When investors hold 100 shares or more of a specific stock, they can sell call options on that stock.

The maximum profit is the difference between the stock's exercise price and the stock price plus the premium for selling call options.

Risk

  • When the stock price rises above the exercise price, it will be automatically exercised, and the part of the stock price that exceeds the exercise price cannot be obtained.
  • When the stock price continues to fall, selling the call option will cause the corresponding stock of the option to be locked and the stop loss cannot be sold before the expiry date. The maximum loss is the stock price minus the premium received by selling the option.

For long-term stockholders, when the stock price drops, the option premium can make up for part of the loss of the decline, and can also increase the income of stockholders.

When the stock price rises significantly, the profit of selling call options will be smaller than holding stocks. Therefore, it is not recommended to participate in selling call options when the stock is in a sharp upward trend.

当投资者持有100股及以上特定股票,可以卖出该股票的看涨期权

最大盈利为股票行权价与股价的差额加上卖出看涨期权的权利金

风险

  1. 当股价涨超行权价会被自动行权,股价超过行权价格的部分无法获得
  2. 当股价持续下行的时候,卖出看涨期权会导致期权对应股票被锁定无法在到期日之前进行卖出止损,最大亏损为股价减去卖出期权收到的权利金

对于长线持股者,当股价下跌的时候,期权权利金可以弥补部分下跌的损失,也可以增加股票持有者的收入

当股价出现显著的上涨,卖出看涨期权的收益将会比持有股票小,因此不建议在股票处于大幅上涨趋势中参与卖出看涨期权

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