TAILIEUCHUNG - Trading Strategies Profit Making Techniques For Stock_3

Tham khảo tài liệu 'trading strategies profit making techniques for stock_3', tài chính - ngân hàng, đầu tư chứng khoán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 80 OPTION STRATEGIES FIGURE IBM HV-IV The most obvious first strategy to look at would be a covered call write. Let s start with the idea of buying 100 shares and selling one contract of the Oct 115 calls. We would be receiving a premium of and our greeks would be Option Premium Imp Vol Delta Gamma Theta Vega Oct 115 C .57 .0748 .0919 Let s now combine that with the underlying instrument to see what our net position is Option Premium Imp Vol Delta Gamma Theta Vega Oct 115 C .0789 IBM Net Position 9 055 .43 .0789 Selecting a Strategy 81 FIGURE October Calls We would pay 11 555 for the 100 shares and receive 2 500 for our short call for a net investment of 9 055. However the position is not acceptable. We wanted to own the equivalent of 100 shares but we are only long 43 shares using this strategy. On the other hand we like the theta and the vega. We always like the time decay working in our favor. And we have decided that we want to be short options because we think that the implied volatility is going to drop. The simple solution is to simply buy an additional 57 shares of the underlying IBM shares. This would give us a net position of Option Premium Imp Vol Delta Gamma Theta Vega Oct 115 C .0789 IBM 18 141 Net Position 15 641 .0789 Now we have exactly what we were looking for a position that is long the stock in the correct amount but also short implied volatility and will 82 OPTION STRATEGIES receive positive time decay every day However we had to come up with an additional 6 586 to accomplish it. Let s take another look at this same situation but let s only focus on using options to see what we come up with. Still we want to be long about 100 shares of the stock and be short implied volatility. This time let s try going long an in-the-money option instead of being long the stock. Let s start with buying the 105 call. .

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