《金融期货与期权》（英文版） Chapter 9 Trading Strategies Involving Options

9.1 rading Strategies Involving options Chapter g Options, Futures, and other Derivatives, 5th edition 2002 by John C. Hull

Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull 9.1 Trading Strategies Involving Options Chapter 9

92 Three alternative strategies Take a position in the option and the underlying Take a position in 2 or more options of the same type(A spread Combination Take a position in a mixture of calls puts(A combination) Options, Futures, and other Derivatives, 5th edition 2002 by John C. Hull

Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull 9.2 Three Alternative Strategies • Take a position in the option and the underlying • Take a position in 2 or more options of the same type (A spread) • Combination: Take a position in a mixture of calls & puts (A combination)

Positions in an Option the93 Underlying (Figure 9. 1, page 186) Profit Profit K K T T Profit Profit K T K T Options, Futures, and other Derivatives, 5th edition 2002 by John C. Hull

Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull Positions in an Option & the 9.3 Underlying (Figure 9.1, page 186) Profit K ST Profit ST K Profit ST K Profit K ST (a) (b) (c) (d)

94 Bull Spread Using Calls (Figure 9.2, page 187) Profit K Options, Futures, and other Derivatives, 5th edition 2002 by John C. Hull

Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull 9.4 Bull Spread Using Calls (Figure 9.2, page 187) K1 K2 Profit ST

9.5 Bull Spread Using Puts Figure 9.3, page 189 Profit K K T Options, Futures, and other Derivatives, 5th edition 2002 by John C. Hull

Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull 9.5 Bull Spread Using Puts Figure 9.3, page 189 K1 K2 Profit ST

9.6 Bear Spread using calls Figure 9.4. page 189 Profi K K 2ST Options, Futures, and other Derivatives, 5th edition 2002 by John C. Hull

Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull 9.6 Bear Spread Using Calls Figure 9.4, page 189 K1 K2 Profi t ST

97 Bear Spread Using Puts Figure 9.5, page 190 Profit K K 2 T Options, Futures, and other Derivatives, 5th edition 2002 by John C. Hull

Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull 9.7 Bear Spread Using Puts Figure 9.5, page 190 K1 K2 Profit ST

98 Butterfly Spread Using Calls Figure 9.6, page 191 Profit Options, Futures, and other Derivatives, 5th edition 2002 by John C. Hull

Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull 9.8 Butterfly Spread Using Calls Figure 9.6, page 191 K1 K3 Profit K2 ST

Butterfly Spread sing Put Figure 9.7, page 192 Profit 1- Options, Futures, and other Derivatives, 5th edition 2002 by John C. Hull

Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull 9.9 Butterfly Spread Using Puts Figure 9.7, page 192 K1 K3 Profit K2 ST

Calendar Spread Using Calg oI Figure 9.8, page 193 Profit K Options, Futures, and other Derivatives, 5th edition 2002 by John C. Hull

Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull 9.10 Calendar Spread Using Calls Figure 9.8, page 193 Profit ST K