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The Options Course High Profit & Low Stress Trading Methods Second Edition phần 5

vì các cuộc gọi được bảo hiểm không cung cấp bảo vệ toàn diện nhược điểm. Tuy nhiên, trong nhiều trường hợp cổ phiếu tốt sẽ phục hồi. Nếu bạn chọn để viết các cuộc gọi được bảo hiểm, làm như vậy chỉ có trong cổ phiếu cao cấp có được trong một xu hướng tăng giá phù hợp và có biểu hiện tăng trưởng mạnh mẽ | Straddles Strangles and Synthetics 221 Long Synthetic Straddle with Puts Case Study Market Opportunity Look for a market with low volatility where you anticipate a volatility increase resulting in stock price movement in either direction beyond the breakevens. Long Stock and Long Puts Strategy Buy 100 shares of Semiconductor HOLDRS for 26.50 and sell 2 SMH January 25 puts @ 3.20. Entry debit equals 3 290. Maximum Risk Net debit of options price of underlying stock at initiation - option strike price X number of shares. In this case the max risk is 790 6.40 26.50 - 25 X 100. Maximum Profit Unlimited to the upside and limited to the downside as the underlying can only fall to zero . In this example 810. Upside Breakeven Price of underlying at trade initiation net debit of options. In this case the UB is 32.90 26.50 6.40 . Downside Breakeven 2 X option strike price - price of underlying at trade initiation - net debit of options. In this case the DB is 17.10 2 X 25 - 26.50 - 6.40. Let s examine a long synthetic straddle by shorting the stock and buying two September XYZ 50 calls @ 2.50 against XYZ trading at 50 per share. The maximum risk is limited to the net cost of the calls plus the difference in the call strike price minus the price of the stock at trade initiation. In this example the maximum loss is limited to 500 2 X 2.50 50 - 50 X 100 500. The reward is unlimited above the upside and below the downside breakevens. The downside breakeven is calculated by subtracting the net debit of the options from the stock price at trade initiation. In this example the downside breakeven is 45 50 - 5 45 . The upside breakeven is calculated by adding net debit of the options to two times the strike price minus the initial stock price. In this example the upside breakeven is 55 2 X 50 - 50 5 55. So the trade theoretically will make a profit if the underlying rises above the upside breakeven 55 or falls below the downside breakeven 45 . The risk profile of this trade is shown