TAILIEUCHUNG - The Options Course High Profit & Low Stress Trading Methods Second Edition phần 6

trong thu nhập trên mỗi cổ phiếu. Để tự bảo vệ mình từ di chuyển xuống nghiêm trọng, bạn có thể kết hợp các cuộc gọi được với việc mua đặt để bảo vệ. Nếu bạn mua đặt dài hạn (trên sáu tháng), bạn có thể tiếp tục viết các cuộc gọi tháng | 280 THE OPTIONS COURSE 1 000 which is also the maximum reward. The maximum risk is calculated by subtracting the net credit 200 from the difference in strikes 95 - 90 5 . This creates a maximum risk of 300 5 - 2 X 100 300. If IBM were to close anywhere between 85 and 90 on expiration the maximum profit of 200 per contract or 1 000 for five contracts could be kept. The breakeven points were at 83 and 92 and are found by taking the net credit of 2 and subtracting it from the lower sold strike for the lower breakeven. The upper breakeven is found by adding the 2 credit to the higher sold option strike. Notice how the risk graph see Figure shows limited reward and limited risk. The risk graph also points out that the maximum profit is impossible to achieve until expiration. This strategy rarely sees a FIGURE Risk Graph of Long Iron Butterfly on IBM Source Optionetics Platinum 2004 Trading Techniques for Range-Bound Markets 281 Long Iron Butterfly Case Study Strategy With the security trading at a share on October 16 2003 Long 5 November IBM 80 Puts @ Short 5 November IBM 85 Puts @ Short 5 November IBM 90 Calls @ 2 and Long 5 November IBM 95 Calls @ . Market Opportunity Expect stock to stay in narrow range through November expiration. Maximum Profit Limited to the net credit. In this case 1 000 5 X .95 - .35 .60 X 100. Maximum Risk Limited to difference in strikes minus the net credit. In this case 1 500 5 X 5 - 2 X 100 . Lower Breakeven Lower short strike minus the net credit. In this case 83 85 - 2 . Upper Breakeven Higher short strike plus the net credit. In this case 92 90 2 . Margin Minimal just enough to cover the broker s risk. trader get out with a profit at the beginning of the trade. This is because an iron butterfly benefits from time erosion. We aren t going to see as high a reward-to-risk ratio trading an iron butterfly but our maximum profit is more likely to be achieved because of the wider maximum profit range. IBM .

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