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