《国际期货市场运作》课程教学课件（PPT讲稿）Chapter 8 How to Trade the Futures Options

Chapter 8 How to Trade the Futures Options

Chapter 8 How to Trade the Futures Options

FUTURES OPTIONS TRADING A futures option gives the buyer of the option the right to buy or sell the underlying futures contract at a given price at some time in the future, regardless of what the actual price may be at that time

FUTURES OPTIONS TRADING A futures option gives the buyer of the option the right to buy or sell the underlying futures contract at a given price at some time in the future, regardless of what the actual price may be at that time

FUTURES OPTIONS TRADING a put option conveys the right to sell the underlying option. call option conveys the right to buy the underlying option

FUTURES OPTIONS TRADING ◼ A put option conveys the right to sell the underlying option. ◼ call option conveys the right to buy the underlying option

LME铜期权行情 月份敲定价 波动率 看涨期权 看跌期权 9 1475 18.65 5.02 6.52 10 1475 18.32 6.52 28.18 111475 18.20 32.67 39.57

月份 敲定价 波动率 看涨期权 看跌期权 9 1475 18.65 5.02 6.52 10 1475 18.32 6.52 28.18 11 1475 18.20 32.67 39.57 LME铜期权行情

FUTURES OPTIONS TRADING The seller of the option (also known as the option writer期权签发者)sells the option to the buyer

The seller of the option (also known as the option writer期权签发者) sells the option to the buyer. FUTURES OPTIONS TRADING

FUTURES OPTIONS TRADING An out-of-the-money option has no intrinsic value. A second factor that adds value to an option is time. A third factor contributing to the value of an option is the volatility of the market

An out-of-the-money option has no intrinsic value. A second factor that adds value to an option is time. A third factor contributing to the value of an option is the volatility of the market. FUTURES OPTIONS TRADING

Margin in Options Trading For an option buyer,there is no margin cost per se;there is only the cost of the premium plus commission costs

For an option buyer, there is no margin cost per se; there is only the cost of the premium plus commission costs. Margin in Options Trading

Exit Alternatives The option seller,or writer,has no discretionary choices available once the option is sold and the premium has been received. All of the decision-making power lies with the buyer,who has three choices

The option seller, or writer, has no discretionary choices available once the option is sold and the premium has been received. All of the decision-making power lies with the buyer, who has three choices. Exit Alternatives

Advantages of Options Trading The most popular and popularized advantage is that an option has limited and known risk. A second advantage of options trading offers is leverage. A third advantage of options trading is staying power

The most popular and popularized advantage is that an option has limited and known risk. A second advantage of options trading offers is leverage. A third advantage of options trading is staying power. Advantages of Options Trading

Disadvantages of Options Trading Although the loss exposure is limited and known,a loss is still a loss,and several limited losses in a row add up to a large loss

Although the loss exposure is limited and known, a loss is still a loss, and several limited losses in a row add up to a large loss. Disadvantages of Options Trading