The term in the option refers to "future" and the right refers to "right", that is, the right that can be exercised in the future.
For example:
I paid a deposit of 0.2 million/200 thousand to buy a house, and the total price of the house was 5 million Pay the final payment of 4.8 million yuan after 1 year.
1 year later:
Situation 1 The house price rose to 8 million.
Select 1? Pay the final payment of 4.8 million yuan, buy a house worth 8 million yuan at the price of 5 million yuan, and complete the transaction.
Option 2? This kind of purchase contract can be traded before the delivery date, or it can be sold to others to earn the difference directly. Then as long as the price is below 3.2 million, it can be sold.
In other words, the contract of 200,000 yuan rose to 3.2 million yuan a year later, with an increase of 1.500%.
Situation 2: the price of the house has dropped to 3 million.
Give up the deposit of 0.2 million/200 thousand and spend 3 million directly to buy a set in the market.
The total cost is 3.2 million, which is 5 million less than the agreed price.
This is the right to choose, with rights and no obligations. The biggest loss of the buyer of the option is the option fee, and the income is infinite.
Second, Hong Kong stocks nest wheel
Wolun, the transliteration of warrior, is also called warrant. We are bullish/bearish on a stock (ETF, index, etc.). ) and can buy/sell a certain stock at the agreed exercise price on its specified maturity date to obtain income. It can benefit from tracking the trends of individual stocks, indexes, foreign exchange, etc. The amount of funds is small, and it can also be used as a configuration tool to hedge the losses of stocks.
Classification: bullish (bullish), bearish (bearish)
Advantages: T+0, cash settlement, simple transaction and real-time transaction.
Transaction: you can buy and sell in advance, or you can exercise the right to settle accounts at maturity.
Take Xiaomi Warren as an example.
Exercise price: buy Morgan's Xiaomi stock on the expiration date of 2 1.93/ share;
Maturity date: the time when the carrier exercises its rights.
Last trading day: earlier than maturity date
Share conversion ratio: to convert 1 share of millet, 10 share of worm gear is required.
Matching point: Xiaomi's share price rose to 22.97, and this round achieved breakeven 0.104 *10+21.93 = 22.97.
Premium: Xiaomi's share price needs to rise by 19.26% to reach the leveling point (22.97-19.26)/19.26 =19.26%.
Hedge value: The lower the hedge value, the less likely it is to be realized, the greater the investment risk and the greater the potential income.
Leverage ratio: it takes 1 yuan to buy a worm gear, which is equivalent to spending 18438+09 to buy Xiaomi stock.
Effective leverage: Xiaomi's share price rose 1%, and Warren's share price rose by 8.398%.
The higher the leverage, the higher the potential return, but the higher the risk.
Street-to-goods ratio: The proportion of market investors (except issuers) holding Wolun is 0. 14%. The higher the ratio, the more active the transaction.
Extended volatility: 4 1.363, the market's expectation of future fluctuations in Xiaomi's share price. The lower the extended volatility, the cheaper the price, but the particularly low price means that the positive stocks are sideways and the profit probability is small.
Third, the bull-bear syndrome.
Similar to the nest wheel, the bull card is bullish and the bear card is bearish. However, the Bull Bear Certificate has a compulsory recovery mechanism. When the relevant asset price touches the recovery price of the Bull Bear Certificate, it will be recovered.
Investors don't need to cover their positions, and the upper limit of losses is the cost of buying securities.
The risk is greater than the nest wheel.
Recovery price (subscription price):17.6 > Exercise price 17.2
If Xiaomi's share price falls to 17.6, the bull certificate will be withdrawn and its value will be invalid.
If the stock price is always higher than 17.6, the settlement will be at 17.2.
Judging from the recycling price, the current market price of millet is still 1 1.02% away from the recycling price.
Fourth, options (such as Tesla)
Implied volatility: future stock price volatility that reflects market expectations. The higher it is, the more violent the expected stock price fluctuation will be.
Historical volatility: the fluctuation of stock price in the past 20 transactions.
Delta:？ Reflecting the influence of Tesla's share price change on the option price change, the option price changes by about 0.402 per 65,438+0 yuan.
Gamma: It reflects the influence of Tesla's share price change on Damei. Every time the stock price changes 1 yuan, the Delta changes by 0.002.
θ: Reflects the influence of time change on option price change. The option price will decrease by 1. 152 yuan for every day that the time decreases.
Vega: Reflect the impact of volatility on option price changes. Every time the volatility increases by 1%, the option price increases by about 1.404.
Premium rate: the stock price still needs to rise 12.78%, and the option breaks even.
Buying profit probability: the profit probability of buying options and holding them at maturity when the market has no direction.
Intrinsic value:
Option price = intrinsic value+extrinsic value (time value)
Bullish intrinsic value = share price-exercise price =116-1200
Verb (abbreviation of verb) abstract
1, spread of put options
2. In actual operation, there are still more details to pay attention to, which is very professional;
3. The risks of the three investment varieties are very high. If it is not for the purpose of hedging risks, it is not recommended for individual investors to participate;
4. Combined configuration can reduce the overall risk.