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Lợi nhuận và thua lỗ từ chiến lược sẽ phụ thuộc vào giá của X tài sản tại thời điểm hết hạn. Một số kết quả là có thể. 1. Nếu giá của X tài sản tại thời điểm hết hạn là ít hơn $ 60 (giá tùy chọn), sau đó các nhà đầu tư sẽ không thực hiện tùy chọn. | 90 FOUNDATIONS At any time up to and including the expiration date Patricia can decide to buy from the writer of this option one unit of Asset X for which she will pay a price of 60. If it is not benecial for Patricia to exercise the option she will not. Whether Patricia exercises the option or not the 2 she paid for the option will be kept by the option writer. If Patricia buys a put option rather than a call option then she would be able to sell Asset X to the option writer for a price of 60. The maximum amount that an option buyer can lose is the option price. The maximum prot that the option writer can realize is the option price. The option buyer has substantial upside return potential while the option writer has substantial downside risk. The risk reward relationship for option positions will be discussed later. There are no margin requirements for the buyer of an option once the option price has been paid in full. Because the option price is the maximum amount that the investor can lose no matter how adverse the price movement of the underlying there is no need for margin. Because the writer of an option has agreed to accept all of the risk and none of the reward of the position in the underlying the writer is generally required to put up the option price received as margin. In addition as price changes occur that adversely affect the writers position the writer is required to deposit additional margin with some exceptions as the position is marked to market. Exchange-Traded versus Over-the-Counter Options Options like other nancial instruments may be traded either on an organized exchange or in the over-the-counter OTC market. The advantages of an exchange-traded option are as follows. First the exercise price and expiration date of the contract are standardized. Second as in the case of futures contracts the direct link between buyer and seller is severed after the order is executed because of the interchangeability of exchange-traded options. The .
