Let me make it clear :) -jianghongca(慎独) @休斯顿华人论坛:休斯顿枫下论坛 The Rolia Forum of Houston

Let me make it clear :)

jianghongca(慎独)

本文发表在 rolia.net 枫下论坛1.Suppose Buy stock ABC @ 10.00/share, total 600 share. Now price is down.Your cost of ABC share is 6,000
2,To protect your position. you should buy put option.
Suppose 3 month put option @10.00 of ABC is now @1/share. You buy
6 unit ( 100share per unit), cost is 600.

Result is:
A:If in 3 month, the price of ABC fall to below 9, suppose it is 8, maybe you will choose to execute the put option . you can sell 600 ABC @10, It is 6,000, minus 600 cost of option, your result is 5,400. you lose 600. ( omit any commissions). But, it is better than you sell ABC @8 without protection from put option ( it will be lost 1200)
Actually, you have another choice, due to price down of underlining ABC,
the price of your Put option will up, you can sell it as well, the profit of selling put option can oppsite some money from lose on the ABC stock.
B:If the price of ABC up, above 10, you will never execute the put option.
C; If the Price of ABC is swing between 9 and 10, you will wait, till the expire day of option . At expire day, if the Price of ABC is still below 10, probably you will choose to excute the option, or sell the option

Hopefully it will be helpful to you.更多精彩文章及讨论，请光临枫下论坛 rolia.net

(#721781@0)
Last Updated: 2002-8-30

想买手里没有的Option就buy to open，想卖手里有的，就sell to close。想卖手里没有的就sell to open, 想买回已经卖空的，就buy to close。先open，才有close。如你想卖Options给别人, 应该选择sell to open。风险很大的说。 -myexpert(我的保险专家); 2002-8-30 (#721492@0)

终于等到专家了...举个例子, 我$10买进600股ABC, 认为两个月内其股值不会超过$13,便卖6个$13,倆月的Contract, 应该没有任何风险吧? 非常感谢刚才的回答.... -decentboy(黄金重装甲骑士); 2002-8-30 (#721504@0)

你写的看不懂啊，我对这里的股票市场一点也不懂，看了上面说的，我想是不是这样 -oceandeep(我想看看北极熊); 2002-8-30 {275} (#721522@0)
buy to open ===> sell to close
这是正常的国内用的，必须有才能卖，这种买入，是看好这只股票的未来

sell to open ====> buy to close
卖空，也就是看淡这股票的未来，这股票跌得越厉害，赚得越多，911时航空股票被人卖空，就是这样的

只有这两种基本情况

不知道对不对，谢谢赐教

他问的是option，不是股票。如果不懂股票，建议千万不要碰option，否则有多少钱也是有去无回。实在手痒，也要先玩股票在说。 -myexpert(我的保险专家); 2002-8-30 (#721535@0)

我真的很无知，什么是options，和股票有什么区别吗？ -oceandeep(我想看看北极熊); 2002-8-30 (#721539@0)

中文可能是期权. -myexpert(我的保险专家); 2002-8-30 (#721545@0)

你卖什么呢？要先想好是卖call还是put？估计你是想卖两个月的call@13。如果股值真的没超过$13，这6个call到时自然不值分文。但是如果真的这么有把握，恐怕也卖不出去，卖出去也卖不出价钱。 -myexpert(我的保险专家); 2002-8-30 (#721525@0)

我刚查过, $12 一个Contract 120, 6个720.....本来不想这么干的,但在高点时没出手,被套住了, 所以才想个弥补的办法...这只股票波动挺大的,日交易量也很大...不想割肉...哎..第一次做Options. 所以想打听细点...谢谢 -decentboy(黄金重装甲骑士); 2002-8-30 (#721542@0)

看错了, 2个月的call@12 是0.35, 6个才是$210... -decentboy(黄金重装甲骑士); 2002-8-30 (#721560@0)
既然波动挺大，那你的风险也就大。先算算最多能赚多少，再算算最多能亏多少，然后根据风险自己做决定吧。别人也帮不上忙。是哪只股票呢，如果不介意的话？ -myexpert(我的保险专家); 2002-8-30 (#721564@0)

ATI... Code: ATY....正在下跌, 想做些保护.... -decentboy(黄金重装甲骑士); 2002-8-30 (#721599@0)

想作保护的话，你应该买入“卖出期权”。It is Buy a put option. -jianghongca(慎独); 2002-8-30 (#721617@0)

噢...我相信还会涨回来的,只是时间可能长点,所以才想到卖call options, 别让这两个月闲着,要是两个月内涨过12了, 也不算亏....有这么干的吗? :-P -decentboy(黄金重装甲骑士); 2002-8-30 (#721688@0)

你手里有stock,按照手里股票的数量sell (put option) to open at strick price which is higher than current market price.风险不大。 -jianghongca(慎独); 2002-8-30 (#721586@0)

sorry, 是sell call option -jianghongca(慎独); 2002-8-30 (#721595@0)

谢谢..... -decentboy(黄金重装甲骑士); 2002-8-30 (#721601@0)

buy是指买入一个option。sel是指卖出一个option。open是指保持一个多头或空头的position(开多仓，开空仓)。close是指通过买入一个反向的option或卖出原来的option来抵消原来的(平多仓，平空仓)。 -jianghongca(慎独); 2002-8-30 {223} (#721574@0)

所以：
Buy to open是指买入一个option(可能是call或put)
Sell to open是指卖出一个option(可能是call或put)
buy to close是指在原来sell to open的基础上，反向买入。
sell to close是指在原来buy to open的基础上，卖出原来的option。

什么是call 什么是put? -oceandeep(我想看看北极熊); 2002-8-30 (#721582@0)

call是买入期权，put是卖出期权。简单说：call是在未来一段时间，以某一个事先约定的价格买某一股票的权利。put相反。注意：是权利，没有任何义务的。 -jianghongca(慎独); 2002-8-30 (#721608@0)

这样更加看不懂了，上面的武士买的时候才10快，现在股票在跌（假设），他应该怎么办？他那个13块的是什么东西？ -oceandeep(我想看看北极熊); 2002-8-30 (#721629@0)

他看错了，那是call option 。If he want to protect the position right now, he should buy some put option. -jianghongca(慎独); 2002-8-30 (#721653@0)

教比较笨的熊是比较麻烦，再问一次 -oceandeep(我想看看北极熊); 2002-8-30 {609} (#721705@0)
武士的股票现在10块，正在下跌过程中（假设）
那他现在不想割肉，想长期持有这股票，所以想买一点所谓的“options"来冲消这段时间内的下跌。
所以你建议他 buy some put option@12
意思是让他在未来两个月内如果有机会卖12/股的相同股数的期权，

这样的操作是武士认定在2个月后股票的价格肯定比10/股（即现在价格小），而且期间可能会反弹到12/股

预测：
1、如果股票一直下跌，没有反弹，武士买options的钱是扔海里了
2、如果股票一直上涨，超过12，那武士是不赚不赔（这2个月内，包括他原来的股票，事实上也是赔钱）
3、如果确实如武士所料，则武士就只赚了2/股

不知道我想的对不对，谢谢

Let me make it clear :) -jianghongca(慎独); 2002-8-30 {1189} (#721781@0)
本文发表在 rolia.net 枫下论坛1.Suppose Buy stock ABC @ 10.00/share, total 600 share. Now price is down.Your cost of ABC share is 6,000
2,To protect your position. you should buy put option.
Suppose 3 month put option @10.00 of ABC is now @1/share. You buy
6 unit ( 100share per unit), cost is 600.

Result is:
A:If in 3 month, the price of ABC fall to below 9, suppose it is 8, maybe you will choose to execute the put option . you can sell 600 ABC @10, It is 6,000, minus 600 cost of option, your result is 5,400. you lose 600. ( omit any commissions). But, it is better than you sell ABC @8 without protection from put option ( it will be lost 1200)
Actually, you have another choice, due to price down of underlining ABC,
the price of your Put option will up, you can sell it as well, the profit of selling put option can oppsite some money from lose on the ABC stock.
B:If the price of ABC up, above 10, you will never execute the put option.
C; If the Price of ABC is swing between 9 and 10, you will wait, till the expire day of option . At expire day, if the Price of ABC is still below 10, probably you will choose to excute the option, or sell the option

Hopefully it will be helpful to you.更多精彩文章及讨论，请光临枫下论坛 rolia.net

有点懂了，是不是options也可以买卖，买了put以后，股票跌，options的价格就涨，谢谢指点 -oceandeep(我想看看北极熊); 2002-8-30 (#721807@0)

You got it! -jianghongca(慎独); 2002-8-30 (#721821@0)

帮我看看#721688, 是否可行? 谢了. :-) -decentboy(黄金重装甲骑士); 2002-8-30 (#721832@0)
多谢！ -oceandeep(我想看看北极熊); 2002-8-30 (#721838@0)

是这样的.... -decentboy(黄金重装甲骑士); 2002-8-30 (#721826@0)

可以的，你的最大利润是：2+price of call option。 -jianghongca(慎独); 2002-8-30 {269} (#721859@0)
假设你在10买股票，option的价格是0.3,option的执行价格是12
那么在股票价格超过11.7后，可能被执行option
问题是，由于你是sell call option,如果股票价格下跌，一定没有人执行option,实际上你的股票是没有protect的。即：你赚0.3*600=180所要付出的代价是股票价格高于12.00之后的部分。

got it. Thanks!! :-) -decentboy(黄金重装甲骑士); 2002-8-30 (#721863@0)

You are welcome. -jianghongca(慎独); 2002-8-30 {45} (#721883@0)
by the way, you need option account to do it.

My account is margin (options, short) account. :-) -decentboy(黄金重装甲骑士); 2002-8-30 (#721929@0)

我的account连short都没有。怕自己手痒。 -jianghongca(慎独); 2002-8-30 (#722061@0)

我记得从前香港人总是说扎（买入），沽（卖出）。连市场里面经纪人用的机器都叫做扎沽机－－就是那种上面有很多排代表用户的按钮的象电话一样的东东 -rococo(洛可可); 2002-9-1 (#724416@0)

买option其实是一种conservative的方法，可以protect your position.但是卖option就比较投机了。 -jianghongca(慎独); 2002-8-30 (#721659@0)

@Houston

Let me make it clear :)

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