TAILIEUCHUNG - Learning Techniques for Stock and Commodity Options_1

Được viết bằng ngôn ngữ rõ ràng, nontechnical, hướng dẫn toàn diện này làm cho thế giới phức tạp của các tùy chọn dễ dàng hơn để nắm bắt. Đối với thương nhân và hedgers cả người mới và chuyên nghiệp, đây là cuốn sách duy nhất để có nhận được để dưới cùng của tùy chọn, và ở trên đầu trang của các chiến lược mới nhất. | 34 WHY AND HOW OPTION PRICES MOVE However you should use the annualized yields to compare two similar strategies not to compare one strategy with other types of investments. For example you make 9 percent for a one-month investment but you do not know what your return will be for the remaining 11 months of the year. You might be able to reinvest at only 5 percent and would have been better off investing in a certificate of deposit at 8 percent for a year. All discussions of return should also be tempered with the risk. One strategy might make 10 percent while another strategy makes 9 percent. It might be that the second strategy is still the best strategy because the risk is significantly lower. Think in terms of the amount of risk you are taking for each unit of profit. Return-if-Exercised The return-if-exercised is the return that the strategy will earn if one or all of the short or written options are exercised. The return-if-exercised is not used if you have not sold short or written any options. The return is calculated by making the assumptions that the option is exercised and no other factor changes. The return is also affected by the type of transaction and account which affect the carrying costs and the final position that the investor owns after the option is exercised. For example in a covered call position the return-if-exercised is the return on the investment if the underlying stock was called away. Suppose you are long 100 General Widget stock at 50 and short one General Widget 45 call options at 7. The option expires in three months. The return if exercised would be the 2 profit on the option divided by the 50 price of the stock. The annualized return would be 2 50 X 12 3 or 1 25 X 4 or 16 percent. Note that the initial investment was assumed to be 50 for the stock. The return-if-exercised would be significantly different if the stock had been bought on margin. The cost of borrowing the money would then have to be taken into account. Also note that

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