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LP vs BPS vs SC vs BCS

2013/09/14

 哩幾日收到好多人既問題, 大致上都係問如果覺得個市會回調, 除咗可以Short Call之外, 我可唔可以咁樣咁樣咁樣咁樣咁樣...... 梗係得啦! d錢係你架嘛, 你鍾意俾哂我仲好^^y

 

不過係你地做唔同既期權操作之前, 你必需要明白每一個操作or組合策略都有佢自己既優點同缺點, 當你全完了解後就可以揀你認為最適合你自己既選擇.

 

睇淡後市, 我地大致上可分為兩種:
1) 睇淡; 2) 唔睇升

 

如果係1)的話, 我地又可以有兩種做法:
1.1) Long Put
1.2) Bear Put Spread

 

如果係2)的話, 我地又可以有兩種做法:
2.1) Short Call
2.2) Bear Call Spread

 

以下係哩幾種做法既比較表, 而為咗令大家更加容易理解, 我會用星期五個收市價, 再特登砌返差唔多既期權金黎選擇個行使價, 詳情可以參照附圖:

 

Long Put 22000:
成本: 45點, 打和點: 21955, 最大利潤: 無限, 最大虧損: 45點, 時間值: 輸


Bear Put Spread(Long Put 22600 俾139點 + Short Put 22400 收96點):
成本: 43點, 打和點: 22557, 最大利潤: 157點, 最大虧損: 43點, 時間值: 輸


Short Call 23600:
收入: 44點, 打和點: 23644, 最大利潤: 44點, 最大虧損: 無限, 時間值: 賺


Bear Call Spread(Long Call 23400 俾80點 + Short Call 23200 收138點):
收入: 58點, 打和點: 23258, 最大利潤: 58點, 最大虧損: 142點, 時間值: 賺

 

從以上得出既數字, 我地可以睇到每一種做法都有佢各自既優點同缺點, 所以邊種做法最好, 其實真係無一定既答案...
但我如果俾我揀, 我會選擇做 Short Call 23600, 因為佢既大和點最高, 即係話最易賺錢, 而且可以賺時間值; 為因星期一返黎已經進入下半月, 時間值對期權金既損耗會越黎越大, 意思即係就算黎梗個市升, 我都分分鐘有賺錢

 

但可能有人會問, 齋 Short Call 23600 會輸無限喎! 好似做 Bear Call Spread 會安全d... 其實所謂既輸無限只係一個理論, 我地見唔對路係可以隨時止蝕的. 以以上 Bear Call Spread 既最大虧損為例, 最大虧損為142點, 咁只要我地將個止蝕盤Set做142點, 咪可以做到輸有限既效果, 同時又可以賺多382(23644-23258)點打和點既距離~ (***哩個做法只適用於Short Call, 因為個市係唔會一日一二千點咁升的, 但要跌起上黎就真係唔係人咁品! 到時even你set咗個止蝕盤, 都可能已經入哂...)

 

雖然唔係包生仔, 但我地可以利用唔同既做法, 去承擔最少既風險而賺取最大既利潤~ 所以話識期權的確係醒! 係冇得頂!

 

(P.S. 其實由12/9開始, 我既睇法已經由升有限轉為睇升, 唔好為因以上既文字而星期一返黎做張 Short Call 23600... 到時輸錢唔好話我呀^^")

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