The risk is that the market value of the stock will not increase, or even if it does, its growth rate is not enough to offset the cost of time value and fully affirm the correctness of the investment. There is a solution to reduce the cost of buying long-term call options by selling call options of the same stock, as long as the sold call options expire before the bought call options. In other words, as long as the strike price of the sold call option is higher than the strike price of the bought call option, there will be no market risk. For example, you buy a call option with a strike price of $50 and a maturity of 30 months, and then you sell a call option with a strike price of $55 and a maturity of 2 1 month. If the market value of the stock market rises, the put call option with the strike price of $55 will be executed, and you will be satisfied with the long-term performance of your call option, with a trading profit of $500 (selling $55 and buying $50).
Alternatively, if the sold call option expires, it can be replaced by call options in other months. In this "protected option" position, it is possible that the time value of selling a call option is reduced, and it is profitable to close the position and change hands with another option. Just remember the rules-higher final price, earlier expiration date. At the same time, if the number of short positions does not exceed the number of long positions, you can sell protected short positions at will. Based on the ideal price change of the subject matter, it is entirely possible to repay the cost of the whole long-term stock option position by selling the call option. There is no certainty here, but it is possible.
An import company in China is expected to pay $500,000 within four months. At present, the foreign exchange is Swiss francs, with spot exchange rate 1=SF 1.3220 and four-month forward exchange rate 1=SF 1.3050. If the Swiss franc appreciates, the company can buy dollars directly in the spot market after 4 months; If the dollar appreciates, the company will have the risk of losing money without hedging measures. Finally, the company bought a call option to deal with an emergency. The total amount is USD 500,000, the agreed exchange rate is1= USD SF1.3000, the maturity date is set at September 4th, and the option price is1= USD SF 0.02. Assuming the spot exchange rate on the maturity date is represented by X, the company's net expenditure cost including option fee is expressed in Swiss francs as follows: (/kloc) (2) C = 500,000 x+500,000 x 0.02 = 500,000 x+65,438+00,000. When x ≤ 65,438+0.3000, it means that the Swiss franc appreciates, and the company gives up exercising the option and buys US dollars directly from the market, thus obtaining a favorable exchange rate.
It can be seen that by paying a certain option fee, the company can avoid large losses when the exchange rate is unfavorable (the dollar rises), achieve the purpose of maintaining the value of RMB foreign exchange, and fix the foreign exchange cost; When the exchange rate is favorable, the limitation of long-term foreign exchange preservation can be overcome, and greater market gains can be obtained with the changes of market conditions.
At the end of 2004, most global stock markets rose. The US Standard & Poor's 500 Index rose by 9%, and the Nikkei average index also rose by 7.6%. The Hang Seng Index was the big winner, rising by 13% for the whole year. However, in 2005, the Hang Seng Index performed poorly, falling nearly 550 points in the first week. At present, the market fluctuates within a narrow range, with the futures index closing down by 2 1 point, with a full-day fluctuation of only 95 points; Spot transactions still exceed HK$ 23 billion. Don't hesitate when you turn around.
From the technical trend, this week's plunge confirmed the formation of a double top. The level of 14375 will be an important resistance area, but the neckline of 13780 has fallen, and the market will rebound at this level first. Although there is a chance to rebound and try to break through the level of 13970, it is still considered that the chance of recovering 14000 in the market is low, but it will be at 138.
Judging from the medium-term upward trajectory, the support level this month is about 13500 points, which is estimated to be strong. For the time being, it is not recommended to lighten the position when the HSI falls near this level, but attention should be paid to establishing a support platform at this level. Analyze the real purpose of mainstream funds and find the best profit opportunities! )。
At present, 50 antennas are lost, and the short-term strategy should be based on lightening positions. Short neckline 13780 can be used as a reference, and lighten the position below; Take 50 antennas as stop loss reference. If it meets the technical dimming signal, you can consider short-term entry to lighten the position, with the target of 13500/550.
In terms of option strategy, it can also be done with the mid-term upward track 13500 level. As the option is a medium-term investment tool, its application is not affected by short-term fluctuations, and the Hang Seng Index is still running in the medium-term rising channel. As long as it does not fall below the medium-term upward track, it should not deploy the option strategy to lighten the position. On the contrary, when the market is close to the rising track, the medium-term good position can be configured.
The operation method is to buy some call options with a term of more than 3 months. If the Hang Seng Index falls below 13600, it is suggested to buy the March 14400 call option, and the estimated premium is about 120. If this short-term adjustment is completed, the HSI will continue to run in the medium-term uptrend channel. If the index rebounds to 14800, you can even out this option and make a profit. However, if the estimation is wrong, the maximum loss is only 120 option fee plus handling fee, and there is no other risk. Therefore, option is a very effective speculative tool, which can catch a wave of mid-term rise or fall. I hope everyone will use it more.