tailieunhanh - Profit Making Techniques for Commodity Options 2nd Edition_3

Một trong những lợi thế của cuộc gọi được bảo hiểm bằng văn bản nhiều hơn đầu tư là nó có thể giảm điểm break-thậm chí xuống dưới cấp lần đầu tiên nhập. Công thức cho điểm break-thậm chí đơn giản là: Break-điểm = UI giá phí bảo hiểm cuộc gọi | 126 OPTION STRATEGIES On the other hand covered call writing does have limited profit potential. Figure shows how the total profit is limited when the UI price rises above the maximum gain level. At that point gains in the UI are matched dollar for dollar with the losses in the short call at expiration. The break-even point is critical for evaluating potential investments. The break-even point shows the amount of downside protection that the covered call position provides. One advantage of covered call writing over many investments is that it is possible to reduce the break-even point to below the initial entry level. The formula for the simple break-even point is Break-even point UI price call premium For example using the assumptions given in the previous section the stock index price minus the call premium is 149 4 or 145 which is the break-even point. Figure shows the break-even point for this example. Note that you bought the stock index at 149 but you will not lose money unless the index is below 145 at the expiration of the option. For example suppose the stock index is at 148 at expiration. This means that the call options will be worthless but you will have the 4 that you received when you sold the option. However you will have to pay the owner the difference between the current value of the stock index and the strike price in this case 2. This leaves you with a 2 profit from the sale of the option minus the 1 loss on the purchase of the stock index for a total profit of 1. You can lose money before the expiration of the contract if the price of the stock index declines. For example suppose the stock index went to 145 the first day after initiating a covered call position. The value of the Covered Call Writing 127 call will have dropped below its initial 4 price but not enough to offset the decline in value of the stock increase because the delta is less than . This occurs because the value of the call is composed mainly of time value rather