Put Option Tutorial - Bear Spread

看跌期权策略 - 价差期权

Two strategies for bear market spread options

Credit Spread:

  • Buy a higher priced call option and sell a call option with the same expiration date at a lower exercise price.
  • The maximum profit can be achieved when the stock price is lower than the exercise price of the low-priced option, and you can get the premium of the bear market spread.

Debit Spread:

  • Buy a lower priced put option and sell a put option on the same expiration date at a higher exercise price.
  • The maximum profit can be obtained when the stock price falls below the exercise price of the lower priced option.
  • The maximum profit is the strike price difference between two options multiplied by 100 minus the premium paid to purchase this strategy.

熊市价差期权的两种策略

Credit Spread:

  • 买入一手高价看涨期权,同时以较低行权价卖出一手同一到期日的看涨期权
  • 最大盈利为股价低于低价期权行权价,可以得到熊市价差的权利金收入(credit)

Debit Spread:

  • 买入一手低价看跌期权,同时以较高行权价卖出一手同一到期日看跌期权,当股价收低于低价期权行权价可得最大盈利;
  • 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
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