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Tham khảo tài liệu 'how i trade options_5', tài chính - ngân hàng, tài chính doanh nghiệp phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | chapter 5 from the short side The spread strategies we ve discussed thus far focus on the long side of the market. But it s also possible to use spreads to play the short side when you re bearish on a stock betting that the market will decline or simply to protect your holdings whether they are individual stocks or mutual funds. The next strategy we ll discuss is the put spread. Let s say you ve selected a stock after doing your homework and you decide that the odds of the stock trading lower are greater than the odds of it trading higher. One way to play your hunch would be to buy a put spread. When buying a put spread I lock both the maximum loss and the profit potential. For example on a 10-point put spread the most I can lose is the amount I paid for the put spread but the profit potential just as in the bull call spread is the amount I paid subtracted from the strike price differential. For instance if I paid 2.75 a share for a 10-point put spread my maximum profit would be 10 minus 2.75 or 7.25 per spread. Ideally I want to have at least a 2-to-l ratio. That means for the times that I m right I m going to be rewarded at least twice as much as the amount I ll lose when I m wrong. Adhering to this kind of ratio is the essence of risk control and money management. Here s an example of how a put spread works Let s say eBay is trading at 150 a share. I decide to buy the 150 put and sell the 140 put for a 10 spread. If I pay 9 for the 150 put and sell the 140 put for 6.50 I ll pay a net of 2.50 for a 10-point spread. 90 how I trade options For one contract equivalent to 100 shares you would pay 250 per spread which is also the maximum loss and stand to reap a maximum profit of 750 per spread Figure 5.1 . Now even if eBay went to 200 a share the exact opposite of what I wanted to happen 1 would still lose only 250. Overall I m risking 250 to make 750 per spread a three-to-one reward risk ratio which I consider to be great odds in my favor. And I m controlling the .
