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 投资工具：期权投资 |
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crystal
[博客]
[个人文集]
游客
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作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
HOW TO INVEST USING OPTIONS
TABLE OF CONTENTS
1: WHAT ARE OPTIONS? WHAT GIVES THEM VALUE?
2: HOW MUCH SHOULD I INVEST IN OPTIONS?
3: HOW DO I FIND THE MOST ATTRACTIVE OPTIONS?
4: HOW WILL I KNOW WHEN TO CLOSE AN OPTION POSITION?
5: HOW SHOULD I MANAGE MY PORTFOLIO?
6: MANAGING THE LONG/SHORT HEDGE
7: MANAGING A COVERED CALL PORTFOLIO
8: COVERED PORTFOLIO WRITING
Chapter 1
WHAT ARE OPTIONS? WHAT GIVES THEM VALUE?
If you are thoroughly familiar with options, what they are, what gives them value, the
terms used to describe them, and how they are traded, you will probably not want to
read this chapter. However, if certain aspects are fuzzy, the following information
may help clear them up.
What is an option? There are two types of options, calls and puts. A call gives you the
privilege to buy 100 shares of a common stock within a period of time at a specific price.
(For example, if you bought a 6-month call on Exxon at a strike price of $30, at any time
within 6 months you could exercise that call and buy 100 shares of Exxon at $30 a share.)
What makes options so attractive is that you don’t have to exercise them to realize your
profit: You can simply resell them, for their value will rise along with the change in the price of the stock.
Whereas a call gives you the right to buy 100 shares of a stock at a specified price, a
put gives you the right to sell 100 shares at a specified price. You would buy a call if you expected the price of a stock to rise; you would buy a put if you expected its price to fall.
In either case, if you were right, you’d sell your option later at a profit. If you were wrong, however, you could sell it at a loss, or simply let your option expire unused.
Can I sell options as well as buy them? Yes, you may do either. You will be required to
meet certain financial requirements by your broker to open an option account and, of
course, there must be a buyer for each seller. If you do sell an option, you must stand
ready to fulfill your side of the agreement. That is, if you sell a call you must stand ready to sell to the buyer of that call 100 shares of the designated stock at the agreed upon price during the life of the option. If you sell a put, you must stand ready to buy100 shares of stock at the designated price even if the price of the stock is much lower.
What other terms must I know to trade options? There are a few terms option traders
use that you should become familiar with.
Option Writer -- The seller of the option.
Option Premium -- The price of the option.
Exercise or Strike Price - The price the call owner pays the writer to buy his stock
if he exercises his option, the price a put owner receives if he exercises his option and sells his stock to the option writer.
Covered Writing -- Also called Covered Call Writing. The sale of one call against each 100 shares of a stock owned. The position is said to be "covered" because if the option is exercised, the writer can deliver the stock he owns.
Naked buying or writing -- Buying or writing options without an offsetting position in
the underlying stock. (E.g., a call writer would be naked - i.e., exposed - if he didn’t have a long position in the stock; a call buyer would be naked if he didn’t have a
short position in the stock.)
At the money -- When the stock price and striking price are equal.
In the money -- An option that has a tangible value (see below).
Out of the money -- An option with zero tangible value (see below).
Tangible Value - Also called "Intrinsic Value", the amount realizable by exercis
ing an option. (For example, a call struck at 10 on a stock at 15 would be $5 in the money. If exercised, the call owner would pay $10 a share for stock worth $15.)
A brief history of options
Trading in stock options was cumbersome and awkward until
1973 when the Chicago Board Options Exchange (CBOE) set up systematic procedures
for trading. Until then it was necessary for an investor or his broker to place
advertisements in newspapers or hunt from brokerage house to brokerage house to find someone willing to complete the other half of his order. But the CBOE did far more than just provide a meeting place for option traders. By setting standard prices at which listed options had to be exercised, and by designating the dates those options had to expire, the CBOE made it easy for investors to compare one option against another. In addition, the CBOE also set up a mechanism that made it easy for a buyer or seller to find a third party to take over his position at any time during the life of the option. This meant that a buyer could sell his options and realize his profits without exercising the option (that is, without calling in the stock and selling it) or without persuading the original writer of the option to buy it back from him, as he once had to do. Similarly, a seller who wished to close out his position could do so immediately rather than wait for the original buyer of the option to act. This quickly attracted
more and more investors to the option market and so trading became more liquid. The
number of stocks against which exchange-listed options are traded has increased
substantially since the CBOE came into existence, as has the number of exchanges on
which listed options trade.
Why buy an option?
The buyer or owner of an option can make many times his cost if the
price of the stock moves only modestly. Thus, in options, one dollar can do the work of
many. It is the potential to make really huge profits on only a small investment that makes options so attractive. For example, consider a 3-month call on Paramount at a strike of 40. That call might cost the buyer $1 a share ($100 for the option, which is for 100 shares) when Paramount’s price is $40. If later that same day Paramount’s price rose 1 point to 41, the price of that call would probably rise by about 1 point, too. That would make the call worth $200 - a 100% rise in one day. (Notice, too, that the buyer of that call would have a $100 profit, as much profit as if he had laid out $4,000 to buy 100 shares of the stock.)
Of course, rather than sell the call the same day, the owner might want to hold it. After all, the option would still have almost a full 3 months to run, and the stock could climb a lot higher during that time. If it were held, let’s see what it might be worth just before it expired. If Paramount were at 50, that call would be worth $10 a share ($1,000 for the call, which is for 100 shares).* That’s a gain of $900 on a $100 investment ... a 900% profit in three months. On the other hand, if Paramount’s price was 40 or less, that call would be worthless ... the buyer’s entire investment would have been lost.
*The price of an option reflects the price of the stock for which it can be exchanged. In
addition, it also reflects other factors such as the number of months the option has to run.
The longer the remaining life, the greater its value. As expiration approaches, this "time
privilege" diminishes in value until just before the option expires when it becomes
worthless. At that point, whatever value an option has will be due entirely to the difference between the market value of the stock and the price at which the stock can be bought by exercising a call or sold by exercising a put. That difference represents the intrinsic or "tangible" value of the option. For example, with Paramount selling at 50, the tangible value of a call which allows you to buy the stock at 40 is $10 a share.
Why sell an option? Whereas the buyer of an option hopes to multiply the value of his
investment many times, the seller knows his potential profit is limited. Sellers of options fall into two categories, "covered" option writers and "naked" option writers. We’ll begin by considering the covered writer.
What is the covered writer’s objective? The covered writer’s objective is to earn a
consistently high return on his investment at minimum risk. He seeks to do this by selecting stocks that he thinks will perform well and then writes calls against those stocks. The calls he writes limit his profit potential if the stocks rise, but enhance his returns if they don’t rise, and reduce - or even eliminate - his loss if they drop.
Let’s see how this works. Suppose that you bought 100 shares when Disney was $100 a
share and sold a 6-month call against it, exercisable at 100, for which you received $7.50
a share. Your outlay (or cost basis of the position) would have been $9,250, the cost of
the stock less the $750 premium you received for selling the option. (If you had bought the stock alone, your outlay would have been $10,000.) Now consider what would happen if the stock rose, fell, or remained level in price.
Stock
-----
Price in 6 months $ 90 $95 $100 $105 $110
Percent change -10% -5% 0% +5% +10%
Covered Position
Gain/Loss on Stock -$1000 -$500 0 +$500 +$1000
Loss on Option- -$500 -$1,000
$9,000 $9,500 $10,000 $10,000 $10,000
Return On Investment:-2.7% +2.7% +8.1% +8.1% +8.1%
Notice that if you had written the call against your Disney stock, you’d have made a profit even if the price of Disney dropped more than 5%. If its price dropped further, any loss you’d suffer would be far less than if you had just held the stock. Similarly, if Disney rose, you’d have been ahead, except if the stock made a large rise. Also notice that you could sell another call in 6 months when the original call expired, so even if the stock failed to rise at all, you’d earn a return of over 16% a year - plus dividends.
Summing up, covered call writing is a method of investing that makes it possible to earn
fair-sized returns even if your stocks don’t move as expected. It is an approach that many large, sophisticated investors follow almost exclusively. It deals with the reality that, though investors buy stocks expecting large gains, few consistently earn big profits
year-after-year.
The seller of covered calls may not realize the really wide profits that are possible if
stocks rise substantially, but he does expect moderately large, consistent returns with far less risk.
Why sell naked options?
Whereas the writer of a covered call does best if the stock remains level or rises, the writer of a naked call looks for the stock to drop below the exercise price of the option so the option expires worthless, allowing him to pocket the entire premium.
However, the naked writer takes large risks. If the stock moves the wrong way, he can
lose many times the value of the premium he received for writing the call. The odds actually favor the option writer keeping all or part of his premium, so that on balance, naked writers can do very well. Of course, by selecting overpriced call options (those Value Line recommends for naked selling), the odds are tilted still further in his favor. (Similarly selecting overpriced puts on stocks that are expected to do well also tilts the odds in the investors favor, since if the stock rises, the writer gets to keep the premium.)
Which strategy is best?
You’ll find professional investors who write covered calls, buy naked calls, sell naked calls, buy naked puts and sell naked puts. Each strategy has its place. The additional information you need to choose the strategy or strategies that best meet your objectives will be found in the following chapters. In general, as profit potential rises, risk does, too.
作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 投资工具：期权投资 -- crystal - (23038 Byte) 2004-1-31 周六, 07:23 (640 reads) - 大作来了。加油！ -- ee - (0 Byte) 2004-1-31 周六, 23:52 (91 reads)
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