Put option strategy
Naked put option
- When investors are certain of the downward trend of stock prices in a certain period of time in the future, they can buy put options to obtain greater returns. The following describes the options for different time levels.
- Day trading
- 1.Intraday traders make use of small-level fluctuations in stock prices to earn profits, and should choose options with high delta values; if the delta value is too low, stock price fluctuations cannot bring profit to day traders.
- 2. Usually short-term (1-2 week expiry date) in-the-money options have high delta values. When the delta value is higher than 0.6, it can respond quickly to small stock price fluctuations.
- Short-term trading
- 1. When investors determine the trend of the underlying object in the short term (1-2 weeks), usually in this case, they will also choose the high delta option used by day traders, but the expiration date can be appropriately extended to reduce risk.
- Midline trading
- 1. Extending the trading cycle, in mid-line trading, options with low delta values should be used, that is, options with a longer expiration date.
- 2. When Investors speculate that the stock price will fall sharply in a few weeks and months. At this time, buying at-the-money low-delta-value options can achieve better returns.
- Long-term trading
- 1. Under normal circumstances, buying out-of-the-money options is risky, but when the time period is very long (greater than 9 months or more), you can consider options with slightly out-of-the-money value, in exchange for a lower premium
Sell put
- When the investor holds the cash to buy 100 shares of a specific stock at the put option exercise price, he can sell the put option of the stock to obtain the premium
- The maximum profit is the premium for selling put options
- Risk
- 1. When the stock price falls below the exercise price, it will be automatically exercised.
- 2. When the stock price continues to fall, selling call options will result in the assignment of stocks at a higher price than the current stock price.
- For investors who want to buy a stock, selling put options to receive shares can appropriately reduce the cost of holding shares
- When the stock price drops significantly, the risk of selling put options is greater. Therefore, it is not recommended to participate in selling put options when the stock is in a sharp downward trend.
Bear spread option
- Two strategies for bear market spread options
- 1. 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.
- 2. 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.
看跌期权策略
买入看涨期权(Naked put option)
- 投资者对股价在未来特定时间内的下降趋势有一定把握时,可以通过买入看跌期权来获取更大收益,以下介绍对于不同时间级别的期权选择
- 日内交易
- 日内交易者利用股价在小级别的波动来赚取收益,应当选择delta值高的期权;如果delta值过低,股价的波动无法给日内交易者带来盈利空间
- 通常短期(1-2周到期日)价内实值期权delta值高,当delta值高于0.6对小幅度的股价波动也能有迅速的反应
- 短线交易
- 当投资者对标的物在短期内(1-2周)的趋势确定,通常这种情况下,也会选择与日内交易者使用的高delta值期权,但是可适当延长到期日,以降低股价上涨的风险
- 中线交易
- 当投资者将交易周期拉长,在中线交易中,应当使用低delta值的期权,即为到期日较远的期权
- 投资者推测股价在几周几月有较大跌幅,此时买入平值低delta值期权能达到较好收益
- 长线交易
- 通常情况下买入虚值期权风险大,但在时间周期很长(大于9个月及以上)的情况下,可以考虑略微价外虚值的期权,以更低的权利金换取较大收益
卖出看跌期权(Sell put)
- 当投资者持有以看跌期权行权价购买100股特定股票的现金时,可以卖出该股票的看跌期权来获得权利金,最大盈利为卖出看跌期权的权利金
- 风险
- 当股价跌破行权价会被自动行权
- 当股价持续下行的时候,卖出看涨期权会导致以比当前股价高的价格派发股票
- 对于想要买入一支股票的投资者,通过卖出看跌期权来接股可以适当降低持股成本
- 当股价出现明显的下跌,卖出看跌期权的风险较大,因此不建议在股票处于大幅下跌趋势中参与卖出看跌期权
熊市价差期权(Bear spread)
- 熊市价差期权的两种策略
- 1. 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)
- 2. 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