期权(Option) -- 策略：简介

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期权策略：简介

在此部分
期权策略
多头看涨期权
多头看跌期权
配对看跌期权
保护性看跌期权
持保看涨期权


期权策略

我们网站的这个部分向期权和股票投资者们介绍部分基本的普通股期权策略。

你可以检索我们的策略索引章节来学习大部份经常使用的期权策略的基础知识。

对采用这些策略的购买者来说， 交易所挂牌交易的期权有许多好处。 这些好处包括灵活性，杠杆力，有限的风险和受到期权清算公司保证的合同有效性。

期权能使你在不投入大量资金直接购买 股票的情况下参预股票价格的运动。
期权还可以被用来对现有的股票头寸进行套期保值，以比现有市场价格更有利的价格来购买或卖出股票。如果是立权（即是卖出）期权的话， 期权还可被用来赚取权利金收益。
期权为你提供选择性。你不只是限于买进，卖出，或是居于市场之外。
你可以根据你自己的金融状况，对股市前景的展望和风险承受能力，利用期权制定自己的头寸。

概括

不管你是保守型的还是增长型的投资者，甚至是短期的攻击型的交易者，你的经济人都会帮助你选择适当的期权策略。

在此策略概览部分中介绍的策略并不是所有的， 甚至不是大多数利用期权的策略。

但这些策略是最基本的。它们是更复杂策略的良好的组成部份。

尽管期权有很多好处， 但它并不适用于所有的投资者。

《标准期权的特征和风险》 一文列举了期权的用途及其风险。 个体投资者在阅读并理解这篇揭示期权风险的文件之前，不应进行期权交易。

另外，如果你只有有限的或者是没有期权的经验，或者是对期权合同和基本的期权定价理论只有有限的理解，你应仔细阅读另一篇行业文件《理解股票期权》。

希望利用期权的投资者应有明确的投资目标， 还应有实现此目标计划。这个投资目标应适合于他自己具体的金融情况。

税务影响

买卖期权有税务方面的影响。在从事期权交易之前， 投资者应与其经济人或税务顾问详细讨论此影响。 期权清算公司的另一份出版物《税务和投资》可以帮助你和你的税务顾问了解期权策略和税务问题。《税务和投资》可以在期权行业协会的出版物中找到。

总体考虑

在我们网站的这个部分中的所有策略例子中，我们假设使用的期权为一般的，挂牌的，美式普通股期权。在利润和损失计算中，我们并没有考虑保证金要求，交易和佣金成本，以及税务。

你应该知道， 除了联邦保证金要求以外， 每个经济公司可能会有自己的保证金规定。这些规定会更详细，更具体并更有限制性。另外， 每一经济公司都会有自己对佣金和交易成本的指导准则。

你应详细了解你的每个经济公司的具体步骤， 条例， 手续费及佣金规定。

若想成功运用期权，就必须主动了解期权是什么，它们是怎么运作的，某种期权策略的风险是什么。在当今的市场中，希望寻求更多的投资机会的个人会发现期权交易具有挑战性，同时还是运动迅速， 并且还可能产生回报。

© 2008 The Options Industry Council. All Rights Reserved. Visit us online at www.optionseducation.org

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期权策略：多头看涨期权

自从挂牌期权最初引进以来， 购买看涨期权就一直是投资者最为青睐的策略。投资者在涉足更复杂的牛市和熊市策略之前， 应该彻底明白购买和持有看涨期权的基本概念。

市场观点？
看涨到非常看涨。

何时使用？
如果一个投资者通常关心他的初始投资的数量和多头看涨期权带来的倾斜性的金融回报，这个策略对他有吸引力。这个投资者的基本动机是从底层证券的价格上升来获取金融回报。经验和准确性是选择正确的期权（以到期日以及，或者执行价格来决定的期权）以实现最大利润的关键。一般地来说，看涨期权成为蚀价的数量越多，此策略的看涨的程度也就越高。这是因为底层股票的价格需要更多的上升以使期权达到收支相抵点。



作为股票替代品
购买看涨期权而不是底层股票的投资者将购买一个看涨期权合同同购买相应数量的股票相比，他把购买看涨期权合同所需的较小金钱数量当作某种形式的保险。没有投入的资金受到“保护”， 免于受到看涨期权的底层股票的价格下跌的影响，而且还可以投资到别的地方。这类的投资者通常更感兴趣于所购买的期权合同所控制的底层股票的数量，而不是初始投资的具体数量。一个看涨期权合同相当于他想拥有的每一百股股票。在持有看涨期权的期间，在合同到期前的任何时间，投资者有权以预先确定的执行价格购买相当数量的底层股票。

注意：普通股期权持有者并不享有股票持有者的权利。这些权利包括投票权， 定期的现金或特别股息等等。看涨期权的持有者必须执行期权并拥有底层股票才能具有这些权利的资格。

益处？
一个看涨期权合同相当于股票头寸的倾斜性的替代。当合同的利润更高时，增加杠杆力能导致更大比例的利润。这是因为购买看涨期权一般需要较小的最初资本投入，这种投入小于用于直接购买底层股票的资金。多头看涨期权合同为投资者带来的风险是事先确定的。

风险与收益?
最大利润：无限

最大损失：有限
已付过权利金净值。

到期日时上限利润：股票价格 – 执行价格 – 已付权利金
假设股票价格高於收支相抵点。

你的最大利润只取决於底层证券潜在的价格上升。理论上来说，这个利润是无限的。在到期日，一个成为溢价的看涨期权的价值通常有其内涵价值。尽管潜在的损失是预先确定并且绝对数量有限，但它可能是百分之百最初为此看涨期权支付的权利金。不管你购买看涨期权的动机是什么，权衡潜在的回报与潜在的全部权利金的损失。

收支相抵点？
收支相抵点：执行价格 +　支付的权利金

但是，在到期日之前，如果合同的市场价格有足够的时间价值，收支相抵点会低於这个价格。

波动性？
如果波动性增加：正面效应
如果波动性降低：负面效应

波动性对期权的总的权利金的影响是在时间价值部分。

时间弱化？
时间流逝：负面效应

期权持有者在买期权时已“购买”的期权权利金中的时间价值部分一般随时间的流逝而减少，或弱化。当期权合同接近到期日时，这个减少会加速。

到期日前的另外选择？
在到期日前的任何时间，看涨期权的持有者可在挂牌期权市场卖出看涨期权以平仓。这样做可以在期权的权利金上赚取利润，或是减少损失。

到期日时的另外选择？
在到期日时，大多数持有成为溢价的看涨期权的投资者会在期权的最后一个交易日的交易结束之前，选择在市场中卖出这个期权。另外一个做法是执行期权，在执行价格购买相当数量的底层股票。

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期权策略：多头看跌期权

对想从底层股票价格的向下运动中获利的投资者来说， 多头看跌期权策略是个理想的工具。投资者在涉足更复杂的熊市策略之前， 应该彻底明白购买和持有看跌期权的基本概念。

市场观点？
看跌

何时使用？
购买看跌期权但不拥有底层股票， 这是用于熊市投机的纯粹的单向策略。使用这种策略的投资者的基本动机是从底层证券的价格下跌中获利。相对于购买的合同数量，这种投资者通常更感兴趣于他的初始投资的数量和多头看跌期权所带来的倾斜性的金融回报。

经验和准确性是选择正确的期权（以到期日以及，或者执行价格来决定的期权）以实现最大利润的关键。一般地来说，所购买的看跌期权成为蚀价的数量越多，此策略的看跌的程度也就越高。这是因为底层股票的价格需要更多的下降以使期权达到收支相抵点。



益处？
多头看跌期权是看跌卖出， 又称为“空头卖出”底层股票的一个倾斜性的选择。它还为投资者提供较小的潜在风险。同多头看涨期权一样， 购买并持有多头看跌期权的投资者有预先确定的，有限的金融风险。相比之下，卖空股票有无限的上限风险。购买 看跌期权所需的初始资金投入比建立空头股票头寸所需的保证金要少。不管市场的行情怎样，多头看跌期权从不会导致补仓。当合同的利润变得更高时，增加杠杆会产生更大比例的利润。

风险与收益?
最大利润：股票跌到零时，利润达到上限。

最大损失：有限
支付的权利金

到期日时上限利润：执行价格 – 到期日时股票价格 – 支付的权利金
假设股票价格低於收支相抵点。

因为股票价格最多不会跌过零， 所以最大利润受到此限制。在到期日时，一个成为溢价的看跌期权通常含有其内涵价值。尽管潜在损失是预先确定并且数量有限，但它可能是最初为此看跌期权而支付的百分之百的权利金。不管你购买看跌期权的动机是什么，权衡潜在的回报与可能的全部的权利金的损失。

收支相抵点？
收支相抵点：执行价格 – 支付的权利金

但是，在到期日前， 如果合同的市场价格剩有足够的时间价值， 收支相抵点会高於这个价格。

波动性？
如果波动性增加：正面效应
如果波动性降低：负面效应

波动性对期权的总的权利金的影响是在时间价值部分。

时间弱化？
时间流逝：负面效应

期权持有者在买期权时已“购买”的期权权利金中的时间价值部分一般随时间的流逝而减少，或弱化。当期权合同接近到期日时，这个减少会加速。市场观察家会注意到看跌期权的时间弱化比看涨期权的速率要慢一些。

到期日前的另外选择？
在到期日前的任何时间，看跌期权的持有者可在挂牌期权市场卖出看跌期权以平仓。这样做可以在期权的权利金上赚取利润，或是减少损失。

到期日时的另外选择？
在到期日时，大多数持有成为溢价的看跌期权的投资者会在期权的最后一个交易日的交易结束之前，选择在市场中卖出这个期权。另外一个做法是在市场上购买相当数量的股票，执行多头看跌期权，然后将它们在期权的执行价格卖给看跌期权的立权人。第三个具有很大风险的选择是执行看跌期权，卖出底层股票以在一个适当的经济账户建立一个空头股票头寸。

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期权策略：配对看跌期权

购买一个看跌期权并同时购买相应数量的底层股票的投资者构成一个"配对看跌期权"头寸。这个对冲策略的名字来源于国税局的一条早期规则。

市场观点？
看涨到非常看涨。

何时使用？
使用配对看跌期权策略的投资者想拥有股票所有权所赋予的益处（股息，投票权等等），但又担心未知的短期市场的向下风险。购买看跌期权，同时又购买底层股票是单向的看涨策略。这种投资者的基本动机是保护底层证券，使之免于受到市场价格下跌的影响。他通常会购买一定数量的，相应于他所持的股票数量的看跌期权合同。



益处？
使用配对看跌期权策略的投资者保有股票所有权所赋予的所有益处。在看跌期权的有效期内，他给他的股票加上了防止价值过分下跌的“保险”。他的下限市场风险是有限的，并且是预先确定的。为看跌期权所支付的权利金相当于为保险单支付的权利金。在期权的有效期内，不管底层股票的价格如何下跌，投资者的卖出股票的价格给保证在看跌期权的执行价格。如果底层股票的市场价格有一个突然的大幅度的下跌，看跌期权的拥有者能够有时间作出反应。为达到同样目的的另外一种方法是在所购买的股票上预先设定止损有限指令。但引起这个指令的时间和价格未必能为投资者所接受。看跌期权合同赋予他一个保证的卖出价格及何时卖出他的股票。

风险与收益?
最大利润：无限

最大损失：有限
股票的购买价格　－　执行价格　＋　所支付的权利金

到期日上限利润：底层股票的价格收益　－　所支付的权利金

最大利润只取决於底层证券价格的可能的上涨。从理论上来说，这种上涨是无限的。当看跌期权到期时，如果底层股票停留在购买此股票时最初价格，投资者的损失是为此看跌期权所支付的全部的权利金。

收支相抵点？
收支相抵点：股票购买价格　＋　所支付的权利金

波动性？
如果波动性增加：正面效应
如果波动性降低：负面效应

波动性对期权的总的权利金的影响是影响在时间价值部分。

时间弱化？
时间流逝：负面效应

期权持有者在买期权时已“购买”的期权权利金中的时间价值部分一般随时间的流逝而减少，或弱化。当期权合同接近到期日时，这个减少会加速。市场观察家会注意到看跌期权的时间弱化比看涨期权的速率要慢一些。

到期日前的另外选择？
使用配对看跌期权策略的投资者可在任何时候卖出他的股票, 还可在他的多头看跌期权到期之前选择是否将它卖出。如果投资者不再关心他所对冲的底层股票的市场价值的可能的下跌，并且他的看跌期权还有市场价值的话，他可以卖掉看跌期权。

到期日时的另外选择？
如果看跌期权在到期日时没有价值，无需采取任何行动。投资者将继续持有他的股票。如果期权成为溢价，投资者可执行他的权力，在看跌期权的执行价格卖出底层股票。另外，如果期权有市场价值，投资者可在期权的最后一个交易日的市场结束之前卖出看跌期权。卖出多头期权所得的权利金能抵消底层股票价格下跌所造成的损失。

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期权策略：保护性看跌期权

投资者购买一个看跌期权， 同时持有在此之前购买的底层股票。 这个策略称为"保护性看跌期权"。

市场观点？
看涨底层股票。

何时使用？
采用保护性看跌期权策略的投资者通常拥有在此之前购买的底层股票， 并且通常在这些股票上有累积的未实现的利润。他担心短期内未知的下限市场风险，因而想为股票中的增益作些保护。在拥有底层股票的同时购买看跌期权， 这策略是单向的看涨策略。



益处？
同采用配对看跌期权策略的投资者一样，使用保护性看跌期权策略的投资者在看跌期权的有效期内，保有股票所有权所赋予所有利益（股息， 投票权等等），除非他卖掉他的股票。同时，保护性看跌期权能够限制他的底层股票自购买以来所累积的未实现的利润的下跌损失。不管底层股票在期权的有效期内下跌多少， 看跌期权保证投资者有权在期权到期之前，在期权的执行价格卖出他的股票。如果底层股票的市场价格有一个突然的大幅度的下跌，看跌期权的拥有者能够有时间作出反应。为达到同样目的的另外一种方法是在所购买的股票上预先设定止损有限指令。但引起这个指令的时间和价格未必能为投资者所接受。看跌期权合同赋予他一个保证的卖出价格及何时卖出他的股票。

风险与收益?
最大利润：无限

最大损失：有限
执行价格 – 股票购买价格 + 支付的权利金

到期日时的上限利润：自购买以来底层股票的收益 – 支付的权利金

此策略的潜在的最大利润只取决於底层证券的潜在的价格上升。从理论上来说，这个利润是无限的。如果看跌期权成为溢价，从此价值上升所获得的任何收益可以抵消底层股票的未实现利润的任何下降。但在另一方面，如果看跌期权在到期时成为平价或蚀价，那么投资者就会损失为此看跌期权所支付的全部权利金。

收支相抵点？
收支相抵点：股票购买价格 + 支付的权利金

波动性？
如果波动性增加：正面效应
如果波动性降低：负面效应

波动性对期权的总的权利金的影响是在时间价值部分。

时间弱化？
时间流逝：负面效应

期权持有者在买期权时已“购买”的期权权利金中的时间价值部分一般随时间的流逝而减少，或弱化。当期权合同接近到期日时，这个减少会加速。市场观察家会注意到看跌期权的时间弱化比看涨期权的速率要慢一些。

到期日前的另外选择？
使用保护性看跌期权策略的投资者可在任何时候卖出他的股票，并且还可在他的多头看跌期权到期之前选择是否将它卖出。举例来说，如果投资者不再关心他所对冲的底层股票的市场价值的可能的下跌，如果他的看跌期权还有市场价值的话，他可以卖掉看跌期权。

到期日时的另外选择？
如果看跌期权在到期日时没有价值，无需采取任何行动。投资者将继续持有他的股票。如果期权在到期前成为溢价，投资者可执行他的权力，在看跌期权的执行价格卖出底层股票。另外，如果期权有市场价值，投资者可在期权的最后一个交易日的市场结束之前卖出看跌期权。卖出多头期权所得的权利金能抵消底层股票价格下跌所造成的损失。

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期权策略：持保看涨期权

持保看涨期权策略是投资者立权一个看涨期权合同，同时拥有相当数量的底层股票。如果在立权看涨期权合同的同时购买股票，那么这个策略通常被称之为"购买-立权"。如果这些股票是以前已购买的， 那么这个策略通常被称为"过多立权"。在这两种情况下，所用的股票通常是存在投资者立权看涨期权合同的同一经济账户里。这些股票为所立的看涨期权合同所含的义务作全部的抵押。 这又称之为"持保"。这一策略是同时利用挂牌期权的灵活性和股票拥有权的最基本和最广为使用的策略。

市场观点？
对底层股票持中性到看涨观点。

何时使用？
尽管持保看涨期权策略在任何市场情况下都可使用，但当投资者看好底层股票，同时又认为股票价格在看涨期权合同的有效期内会有很小变化时，这种策略会使用得更多。投资者或者希望从所拥有的底层股票中获取股息以外的额外的收益，或者（同时）为防止底层股票价格的下跌提供有限的保护。



益处？
这个策略为底层股票价格的下跌提供有限的保护并从股票价格的上升中提供有限的利润机会。但它获取的收益是投资者立权看涨期权合同所获得的权利金。同时，假如这个投资者没有被指派所立权的看涨期权的履约通知，因而不得不卖掉他的股票，他还拥有底层股票所有权所赋予的全部好处如股息和投票权。因为持保看涨期权减少股票所有权的风险，这个策略被广泛地认为是保守的策略。

风险与收益?
潜在利润：有限

潜在损失：巨大

到期日时如被指派的上限利润：所获权利金＋执行价格与股票购买价格之间的差价（如果有的话）

到期日时如未被指派的上限利润：股票价值的任何收益+所获权利金

当你所拥有的底层股票价格达到或高於看涨期权的执行价格时，这个策略所产生的利润最高。这个时候或者是在到期日时，或者是在到期日前你被指派到这个看涨期权的履约通知。此策略的真正的金融损失风险来自于投资者所持有的股票。当所立权的看涨期权到期时，如果股票价格继续下跌，这种损失可能是巨大的。在看涨期权到期日，损失等於最初的股票购买价格减去当前的市场价格，减去最初卖出看涨期权合同的权利金。任何由股票价格下跌所造成的损失为看涨期权的最初销售所带来的权利金所抵消。只要底层股票没有被卖出，这种损失是未实现的损失。被指派到所立权的看涨期权的履约通知在任何时候都是可能的。拥有以低价买入的股票的投资者应咨询他的税务顾问以了解在这些股票的基础上立权看涨期权的税务后果。

收支相抵点？
收支相抵点：股票购买价格 – 所获的权利金

波动性？
如果波动性增加：负面效应
如果波动性降低：正面效应

波动性对期权的总的权利金的影响是影响在时间价值部分。

时间弱化？
时间流逝：正面效应

随著时间的流逝，期权权利金的时间价值部分通常减少 – 对拥有空头期权头寸的投资者来说，这是正面效应。

到期日前的另外选择？
在所立权的看涨期权到期之前，如果投资者对底层股票的观点有显著的改变，不管他是更加看涨还是更加看跌，他都可以在市场上购买这个看涨期权的平仓交易。这会结束所立权的看涨期权合同。投资者因而不必在期权的执行价格卖出股票。在采取此行动之前，投资者应将任何此交易所实现的利润或损失与持有的底层股票的未实现的利润或损失相比较。如果所立权的看涨期权的头寸以这种方式平仓，投资者可以决定是否作另一个期权交易以产生收益并且（或者）保护他所拥有的股票，或是持有不受期权保护的股票，或是卖出所持有的股票。

到期日时的另外选择？
当看涨期权的到期日接近时，投资者考虑三种情形，然后作出相应的决定。所立权的期权合同成为溢价，或平价， 或蚀价。如果投资者认为这个看涨期权在到期时会成为溢价，他可以选择在此合同上被指派到履约通知，在此期权的执行价格上卖出相应数量的股票。他的另外选择是用平仓购买交易结束所立权的看涨期权，解除他在此期权的执行价格上卖出股票的义务并保有其所持的股票。在采取此行动之前，投资者应将任何此交易所实现的利润或损失与持有的底层股票的未实现的利润或损失相比较。如果投资者认为所立权的看涨期权会在到期时成为蚀价，那么他无须采取任何行动。他可以让此看涨期权在到期时无价值地作废，保有此期权最初销售时所得的全部的权利金。如果所立权的看涨期权在到期时正好成为平价，那么投资者应该知道在这样的合同上的履约指派是可能的，但不应假设肯定会发生。向你的经济公司或金融顾问咨询，了解在这种情况下采取什么行动。

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Options Strategies: Cash Secured Put
According to the terms of a put contract, a put writer is obligated to purchase an equivalent number of underlying shares at the put's strike price if assigned an exercise notice on the written contract. Many investors write puts because they are willing to be assigned and acquire shares of the underlying stock in exchange for the premium received from the put's sale. For this discussion, a put writer's position will be considered as "cash-secured" if he has on deposit with his brokerage firm a cash amount (or equivalent) sufficient to cover such a purchase.

Market Opinion?
Neutral to Slightly Bullish

When to Use?
There are two key motivations for employing this strategy: either as an attempt to purchase underlying shares below current market price, or to collect and keep premium from the sale of puts which expire out-of-the-money and with no value. An investor should write a cash secured put only when he would be comfortable owning underlying shares, because assignment is always possible at any time before the put expires. In addition, he should be satisfied that the net cost for the shares will be at a satisfactory entry point if he is assigned an exercise. The number of put contracts written should correspond to the number of shares the investor is comfortable and financially capable of purchasing. While assignment may not be the objective at times, it should not be a financial burden. This strategy can become speculative when more puts are written than the equivalent number of shares desired to own.



Benefit
The put writer collects and keeps the premium from the put's sale, no matter how much the stock increases or decreases in price. If the writer is assigned, he is then obligated to purchase an equivalent amount of underlying shares at the put's strike price. The premium received from the put's sale will partially offset the purchase price for the stock, and can result in a purchase of shares below the current market price. If the underlying stock price declines significantly and the put writer is assigned, the purchase price for the shares can be above current market price. In this case, the put writer will have an unrealized loss due to the high stock purchase price, but will have upside profit potential if retaining the purchased shares.

Risk vs. Reward
Maximum Profit: Limited
Premium Received

Maximum Loss: Substantial
Strike Amount - Premium Received

Upside Profit at Expiration: Premium Received from Put Sale

Net Stock Purchase Price if Assigned: Strike Price - Premium Received from Put Sale

If the underlying stock increases in price and the put expires with no value, the profit is limited to the premium received from the put's initial sale. On the other hand, an outright purchase of underlying stock would offer the investor unlimited upside profit potential. If the underlying stock declines below the strike price of the put, the investor might be assigned an exercise notice and be obligated to purchase an equivalent number of shares. The net stock purchase price would be the put's strike price less the premium received from the put's sale. This price can be less than current market price for the stock when assignment is made.

The loss potential for this strategy is similar to owning an equivalent number of underlying shares. Theoretically, the stock price can decline to zero. If assignment results in the purchase of stock at a net price greater than the current market price, the investor would incur a loss - unrealized as long as ownership of the shares is retained.

Break-Even-Point (BEP)?
BEP: Strike Price - Premium Received from Sale of Put

Volatility
If Volatility Increases: Negative Effect
If Volatility Decreases: Positive Effect

Any effect of volatility on the option's total premium is on the time value portion.

Time Decay?
Passage of Time: Positive Effect

With the passage of time, the time value portion of the option's premium generally decreases - a positive effect for an investor with a short option position.

Alternatives before expiration?
If the investor's opinion about the underlying stock changes before the put expires, the investor can buy back the same contract in the marketplace to "close out" his position,thereby realizing a gain or loss. After this is done, no assignment is possible. The investor is relieved from any obligation to purchase underlying stock.

Alternatives at expiration?
If the short option has any value when it expires, the investor will most likely be assigned an exercise notice and be obligated to purchase an equivalent number of shares. If owning the underlying shares is not desired, the investor can close out the written put by buying a contract with the same terms in the marketplace. Such a purchase would have to occur before the end of market hours on the option's last trading day, and could result in a realized loss. On the other hand, the investor is obliged to take delivery of the underlying shares at a possible unrealized loss, in the event of assignment.

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Options Strategies: Bull Call Spread
Establishing a bull call spread involves the purchase of a call option on a particular underlying stock, while simultaneously writing a call option on the same underlying stock with the same expiration month, at a higher strike price. Both the buy and the sell sides of this spread are opening transactions, and are always the same number of contracts. This spread is sometimes more broadly categorized as a "vertical spread": a family of spreads involving options of the same stock, same expiration month, but different strike prices. They can be created with either all calls or all puts, and be bullish or bearish. The bull call spread, as any spread, can be executed as a"unit" in one single transaction, not as separate buy and sell transactions. For this bullish vertical spread, a bid and offer for the whole package can be requested through your brokerage firm from an exchange where the options are listed and traded.

Market Opinion?
Moderately Bullish to Bullish

When to Use?
Moderately Bullish
An investor often employs the bull call spread in moderately bullish market environments, and wants to capitalize on a modest advance in price of the underlying stock. If the investor's opinion is very bullish on a stock it will generally prove more profitable to make a simple call purchase.

Risk Reduction
An investor will also turn to this spread when there is discomfort with either the cost of purchasing and holding the long call alone, or with the conviction of his bullish market opinion.



Benefit
The bull call spread can be considered a doubly hedged strategy. The price paid for the call with the lower strike price is partially offset by the premium received from writing the call with a higher strike price. Thus, the investor's investment in the long call, and the risk of losing the entire premium paid for it, is reduced or hedged.

On the other hand, the long call with the lower strike price caps or hedges the financial risk of the written call with the higher strike price. If the investor is assigned an exercise notice on the written call and must sell an equivalent number of underlying shares at the strike price, those shares can be purchased at a predetermined price by exercising the purchased call with the lower strike price. As a trade-off for the hedge it offers, this written call limits the potential maximum profit for the strategy.

Risk vs. Reward
Upside Maximum Profit: Limited
Difference Between Strike Prices - Net Debit Paid

Maximum Loss: Limited
Net Debit Paid

A bull call spread tends to be profitable when the underlying stock increases in price. It can be established in one transaction, but always at a debit (net cash outflow). The call with the lower strike price will always be purchased at a price greater than the offsetting premium received from writing the call with the higher strike price. Maximum loss for this spread will generally occur as the underlying stock price declines below the lower strike price. If both options expire out-of-the-money with no value, the entire net debit paid for the spread will be lost.

The maximum profit for this spread will generally occur as the underlying stock price rises above the higher strike price, and both options expire in-the-money. The investor can exercise the long call, buy stock at its lower strike price, and sell that stock at the written call's higher strike price if assigned an exercise notice. This will be the case no matter how high the underlying stock has risen in price. If the underlying stock price is in between the strike prices when the calls expire, the long call will be in-the-money and worth its intrinsic value. The written call will be out-of-the-money, and have no value.

Break-Even-Point (BEP)?
BEP: Strike Price of Purchased Call + Net Debit Paid

Volatility
If Volatility Increases: Effect Varies
If Volatility Decreases: Effect Varies

The effect of an increase or decrease in the volatility of the underlying stock may be noticed in the time value portion of the options' premiums. The net effect on the strategy will depend on whether the long and/or short options are in-the-money or out-of-the-money, and the time remaining until expiration.

Time Decay?
Passage of Time: Effect Varies

The effect of time decay on this strategy varies with the underlying stock's price level in relation to the strike prices of the long and short options. If the stock price is midway between the strike prices, the effect can be minimal. If the stock price is closer to the lower strike price of the long call, losses generally increase at a faster rate as time passes. Alternatively, if the underlying stock price is closer to the higher strike price of the written call, profits generally increase at a faster rate as time passes.

Alternatives before expiration?
A bull call spread purchased as a unit for a net debit in one transaction can be sold as a unit in one transaction in the options marketplace for a credit, if it has value. This is generally the manner in which investors close out a spread before its options expire, in order to cut a loss or realize profit.

Alternatives at expiration?
If both options have value, investors will generally close out a spread in the marketplace as the options expire. This will be less expensive than incurring the commissions and transaction costs from a transfer of stock resulting from either an exercise of and/or an assignment on the calls. If only the purchased call is in-the-money as it expires, the investor can either sell it in the marketplace if it has value or exercise the call and purchase an equivalent number of shares. In either of these cases, the transaction(s) must occur before the close of the market on the options' last trading day.

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Options Strategies: Bear Put Spread
Establishing a bear put spread involves the purchase of a put option on a particular underlying stock, while simultaneously writing a put option on the same underlying stock with the same expiration month, but with a lower strike price. Both the buy and the sell sides of this spread are opening transactions, and are always the same number of contracts. This spread is sometimes more broadly categorized as a "vertical spread": a family of spreads involving options of the same stock, same expiration month, but different strike prices. They can be created with either all calls or all puts, and be bullish or bearish. The bear put spread, as any spread, can be executed as a "package" in one single transaction, not as separate buy and sell transactions. For this bearish vertical spread, a bid and offer for the whole package can be requested through your brokerage firm from an exchange where the options are listed and traded.

Market Opinion?
Moderately Bearish to Bearish

When to Use?
Moderately Bearish
An investor often employs the bear put spread in moderately bearish market environments, and wants to capitalize on a modest decrease in price of the underlying stock. If the investor's opinion is very bearish on a stock it will generally prove more profitable to make a simple put purchase.

Risk Reduction
An investor will also turn to this spread when there is discomfort with either the cost of purchasing and holding the long put alone, or with the conviction of his bearish market opinion.



Benefit
The bear put spread can be considered a doubly hedged strategy. The price paid for the put with the higher strike price is partially offset by the premium received from writing the put with a lower strike price. Thus, the investor's investment in the long put and the risk of losing the entire premium paid for it, is reduced or hedged.

On the other hand, the long put with the higher strike price caps or hedges the financial risk of the written put with the lower strike price. If the investor is assigned an exercise notice on the written put, and must purchase an equivalent number of underlying shares at its strike price, he can sell the purchased put with the higher strike price in the marketplace. The premium received from the put's sale can partially offset the cost of purchasing the shares from the assignment. The net cost to the investor will generally be a price less than current market prices. As a trade-off for the hedge it offers, this written put limits the potential maximum profit for the strategy.

Risk vs. Reward
Downside Maximum Profit: Limited
Difference Between Strike Prices - Net Debit Paid

Maximum Loss: Limited
Net Debit Paid

A bear put spread tends to be profitable if the underlying stock decreases in price. It can be established in one transaction, but always at a debit (net cash outflow). The put with the higher strike price will always be purchased at a price greater than the offsetting premium received from writing the put with the lower strike price.

Maximum loss for this spread will generally occur as underlying stock price rises above the higher strike price. If both options expire out-of-the-money with no value, the entire net debit paid for the spread will be lost.

The maximum profit for this spread will generally occur as the underlying stock price declines below the lower strike price, and both options expire in-the-money. This will be the case no matter how low the underlying stock has declined in price. If the underlying stock is in between the strike prices when the puts expire, the purchased put will be in-the-money, and be worth its intrinsic value. The written put will be out-of-the-money, and have no value.

Break-Even-Point (BEP)?
BEP: Strike Price of Purchased Put - Net Debit Paid

Volatility
If Volatility Increases: Effect Varies
If Volatility Decreases: Effect Varies

The effect of an increase or decrease in either the volatility of the underlying stock may be noticed in the time value portion of the options' premiums. The net effect on the strategy will depend on whether the long and/or short options are in-the-money or out-of-the-money, and the time remaining until expiration.

Time Decay?
Passage of Time: Effect Varies

The effect of time decay on this strategy varies with the underlying stock's price level in relation to the strike prices of the long and short options. If the stock price is midway between the strike prices, the effect can be minimal. If the stock price is closer to the higher strike price of the purchased put, losses generally increase at a faster rate as time passes. Alternatively, if the underlying stock price is closer to the lower strike price of the written put, profits generally increase at a faster rate as time passes.

Alternatives before expiration?
A bear put spread purchased as a unit for a net debit in one transaction can be sold as a unit in one transaction in the options marketplace for a credit, if it has value. This is generally the manner in which investors close out a spread before its options expire, in order to cut a loss or realize profit.

Alternatives at expiration?
If both options have value, investors will generally close out a spread in the marketplace as the options expire. This will be less expensive than incurring the commissions and transaction costs from a transfer of stock resulting from either an exercise of and/or an assignment on the puts.

If only the purchased put is in-the-money and has value as it expires, the investor can sell it in the market place before the close of the market on the option's last trading day. On the other hand, the investor can exercise the put and either sell an equivalent number of shares that he owns or establish a short stock position.

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Options Strategies: Collar
A collar can be established by holding shares of an underlying stock, purchasing a protective put and writing a covered call on that stock. The option portions of this strategy are referred to as a combination. Generally, the put and the call are both out-of-the-money when this combination is established, and have the same expiration month. Both the buy and the sell sides of this spread are opening transactions, and are always the same number of contracts. In other words, one collar equals one long put and one written call along with owning 100 shares of the underlying stock. The primary concern in employing a collar is protection of profits accrued from underlying shares rather than increasing returns on the upside.

Market Opinion?
Neutral, following a period of appreciation

When to Use?
An investor will employ this strategy after accruing unrealized profits from the underlying shares, and wants to protect these gains with the purchase of a protective put. At the same time, the investor is willing to sell his stock at a price higher than current market price so an out-of-the-money call contract is written, covered in this case by the underlying stock.



Benefit
This strategy offers the stock protection of a put. However, in return for accepting a limited upside profit potential on his underlying shares (to the call's strike price), the investor writes a call contract. Because the premium received from writing the call can offset the cost of the put, the investor is obtaining downside put protection at a smaller net cost than the cost of the put alone. In some cases, depending on the strike prices and the expiration month chosen, the premium received from writing the call will be more than the cost of the put. In other words, the combination can sometimes be established for a net credit - the investor receives cash for establishing the position. The investor keeps the cash credit, regardless of the price of the underlying stock when the options expire. Until the investor either exercises his put and sells the underlying stock, or is assigned an exercise notice on the written call and is obligated to sell his stock, all rights of stock ownership are retained. See both Protective Put and Covered Call strategies presented earlier in this section of the site.

Risk vs. Reward
This example assumes an accrued profit from the investor's underlying shares at the time the call and put positions are established, and that this unrealized profit is being protected on the downside by the long put. Therefore, discussion of maximum loss does not apply. Rather, in evaluating profit and/or loss below, bear in mind the underlying stock's purchase price (or cost basis). Compare that to the net price received at expiration on the downside from exercising the put and selling the underlying shares, or the net sale price of the stock on the upside if assigned on the written call option. This example also assumes that when the combined position is established, both the written call and purchased put are out-of-the-money.

Net Upside Stock Sale Price if
Assigned on the Written Call:  
Call's Strike Price + Net Credit Received for Combination
or
Call's Strike Price - Net Debit Paid for Combination

Net Downside Stock Sale Price
if Exercising the Long Put:  
Put's Strike Price + Net Credit Received for Combination
or
Put's Strike Price - Net Debit Paid for Combination

If the underlying stock price is between the strike prices of the call and put when the options expire, both options will generally expire with no value. In this case, the investor will lose the entire net premium paid when establishing the combination, or keep the entire net cash credit received when establishing the combination. Balance either result with the underlying stock profits accrued when the spread was established.

Break-Even-Point (BEP)?
In this example, the investor is protecting his accrued profits from the underlying stock with a sale price for the shares guaranteed at the long put's strike price. In this case, consideration of BEP does not apply.

Volatility
If Volatility Increases: Effect Varies
If Volatility Decreases: Effect Varies

The effect of an increase or decrease in the volatility of the underlying stock may be noticed in the time value portion of the options' premiums. The net effect on the strategy will depend on whether the long and/or short options are in-the-money or out-of-the-money, and the time remaining until expiration.

Time Decay?
Passage of Time: Effect Varies

The effect of time decay on this strategy varies with the underlying stock's price level in relation to the strike prices of the long and short options. If the stock price is midway between the strike prices, the effect can be minimal. If the stock price is closer to the lower strike price of the long put, losses generally increase at a faster rate as time passes. Alternatively, if the underlying stock price is closer to the higher strike price of the written call, profits generally increase at a faster rate as time passes.

Alternatives before expiration?
The combination may be closed out as a unit just as it was established as a unit. To do this, the investor enters a combination order to buy a call with the same contract and sell a put with the same contract terms, paying a net debit or receiving a net cash credit as determined by current option prices in the marketplace.

Alternatives at expiration?
If the underlying stock price is between the put and call strike prices when the options expire, the options will generally expire with no value. The investor will retain ownership of the underlying shares and can either sell them or hedge them again with new option contracts. If the stock price
is below the put's strike price as the options expire, the put will be in-the-money and have value. The investor can elect to either sell the put before the close of the market on the option's last trading day and receive cash, or exercise the put and sell the underlying shares at the put's strike price. Alternatively, if the stock price is above the call's strike price as the options expire, the short call will be in-the-money and the investor can expect assignment to sell the underlying shares at the strike price. Or, if retaining ownership of the shares is now desired, the investor can close out the short call position by purchasing a call with the same contract terms before the close of trading.

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