tailieunhanh - The option trader s guide to probability volatility and timing phần 9

Cổ phiếu sẽ cần phải di chuyển khoảng $ 72 cho các tùy chọn cuộc gọi của chúng tôi để tăng gấp đôi trong giá cả. Một công cụ chúng ta có thể sử dụng để đánh giá thương mại là biểu đồ biến động ngụ ý. Các biểu đồ IV thể hiện trong hình 18,8 chi tiết lợi nhuận, chúng ta sẽ đạt được trên một di chuyển một mình IV. | Tools of the Trade 463 ehman Brothers Holdings Inc LEH ption Trade Log Date Position Num OptSym Expire Strike Type Entry Bid Ask Model IV Vol 01 Days 2003-05-20 Bought LJ LEHIN OCT03 70 Call 0 2569 150 Entry DB Profit Max Profit Max Risk Delta Shares Gamma Vega Theta Unlimited Downside Breakeven Upside Breakeven Max Profit Max Risk Max Profit Debit Unlimited Unlimited FIGURE Trade Data for LEH Call Source Optionetics Platinum 2004 the stock would need to move to approximately 72 for our call option to double in price. Another tool we can use to assess the trade is the implied volatility chart. The IV chart shown in Figure details the profits we would achieve on a move in IV alone. This graph assumes the stock stays at the same price. We can see that a rise in IV can affect the trade drastically and that is why we want IV in our favor. Before we enter the trade we should have already decided on our exit points. The price we decide to sell at should be based on our outlook and money management. Remember that it s always important to have a set exit point before entering a trade to take the emotion out of it. An oft-used FIGURE Risk Graph for LEH Call Source Optionetics Platinum 2004 464 THE OPTIONS COURSE FIGURE IV Chart for LEH Trade Source Optionetics Platinum 2004 exit strategy for a long call is to sell if the option loses half its value to the downside or when the option doubles in price to the upside. Of course we can always set stops once our price target is achieved to let our profits run but the last thing we want to do is see a profitable trade turn into a loser. This trade did indeed work out well with LEH shares moving up following this bullish sign. As originally expected the stock went higher and our option was at a double on June 2 with the stock trading near . At this point either the option could be closed or the trader could set a stop to make