分类
外汇交易策略

一次搞懂Put和Call Options

  • call:当底层资产价格高于X,那么义务提供方将给出合约上列明的特定资产。这个资产就是底层资产。
    • 如果行权,底层资产价值越来越高,那么这个asset交付出来价值也越来越高。
    • 图像在X点后,是一条45度斜向上的直线。
    • 底层资产价值越来越低,随横轴越来越往左去,资产价格最终会归零。

    403 ERROR

    Request blocked. We can't connect to the server for this app or website at this time. There might be too much traffic or a configuration error. Try again later, or 一次搞懂Put和Call Options 一次搞懂Put和Call Options contact the app or website owner.
    If you provide content to customers through CloudFront, you can find steps to troubleshoot and help prevent this error by reviewing the CloudFront documentation.

    Zac Stewart

    The HTTP OPTIONS method and potential for self-describing RESTful APIs

    The OPTIONS method is a somewhat obscure part of the HTTP standard that could be used today with a strong impact on the interconnectedness of the interwebs while requiring minimal effort. It’s role is well defined in RFC2616, yet no web services that I can find are taking advantage of it.

    What is the HTTP OPTIONS method?

    To quote the spec:

    This method allows the client to determine the options and/or requirements associated with a resource, or the capabilities of a server, without implying a resource action or initiating a resource retrieval.

    Minimally, the response should be a 200 OK and have an Allow header with a list of HTTP methods that may be used on this resource. As an authorized user on an API, if you were to request OPTIONS /users/me , you should receive something like…

    (Almost) no one uses it

    I’ve tested quite a few sites and APIs and so far, the only resources I’ve found that respond properly are default Apache pages. Specifically, directory indices. If you try it on apache.org/dist/httpd, for example, you’ll get a response like this:

    GitHub responds with a 500, Reddit with 501 Not Implemented , Google maps with 405 一次搞懂Put和Call Options Method Not Allowed . You get the idea. I’ve tried many 一次搞懂Put和Call Options 一次搞懂Put和Call Options others, and the results are usually similar. Sometimes it yields something identical to a GET response. None of these are right.

    GitHub (to pick on someone specific. Not because I don’t love you!) could be using this to tell me what I am allowed to do with each resource exposed by their endpoints. And before you tell me “meh, 一次搞懂Put和Call Options it’s just a list of HTTP verbs you can use on a resource. Who cares?” let me throw some more of the RFC your way.

    The response body and API documentation

    The response body, if any, SHOULD also include information about the communication options. The format for such a body is not defined by this specification, but might be defined by future extensions to HTTP.

    It could be an HTML page with documentation, but that’s sort of unpractical because users don’t click the “get options” button in their browsers before visiting a page. Machines may though.

    APIs should be taking advantage of this. There are many benefits to be gained from producing machine readable docs at every endpoint. It would be a boon for automatic client generation for web services. Communication between web services could be much more resilient if 一次搞懂Put和Call Options they had a codified way to check their abilities against each other.

    At the very least, services should be responding with a 200 and the Allow header. That’s just correct web server behavior. But there’s really no excuse for JSON APIs not to be returning a documentation object. To 一次搞懂Put和Call Options use GitHub as example again, on the issues endpoint, a request like OPTIONS /repos/:user/:repo/issues should respond with a 一次搞懂Put和Call Options body like…

    Of course, it’d show more than just the paramters for the POST method. I’d like to see a standardized format for documentation like this, but developing that is not the point of this post.

    Advancing our tools

    I’m currently working 一次搞懂Put和Call Options on a small, one page Sinatra, MongoDB, Backbone.js app. Every endpoint will respond to the OPTIONS method. As I 一次搞懂Put和Call Options go, I’m extracting it into a gem to make self-explaining Sinatra APIs easy. I’d like to participate in disucssion about 一次搞懂Put和Call Options this being added to Rails routing. At least responding with a proper Allow header would be a start. I’m also 一次搞懂Put和Call Options interested in exploring the automatically generated client idea via Backbone apps.

    In the mean time, I just want to get the discussion started because I think there’s a lot 一次搞懂Put和Call Options of potential here and I’m surprised that no one has tapped into it yet. As RESTful Web Services puts it, “OPTIONS is a promising idea that nobody uses.”

    I'm a software engineer interested in machine learning, web backends, system software, realtime systems, and much more. I'm looking for consulting work.

    一次搞懂Put和Call Options

    1.put option[put pn] 卖出选择权,售卖选择权

    the option to sell a given stock (or stock index or commodity future) at a given price before a given date在给定日期之前以一定价格出售某一特定股票(或股票指数或商品期货)的期权。同义词:put放

    an option to 一次搞懂Put和Call Options 一次搞懂Put和Call Options sell卖出期权

    2.call option[k:l pn]购买选择权the option to buy a given stock (or stock index or commodity future) at a given price before a given date在给定日期之前以一定价格购买给定股票(或股票指数或商品期货)的期权

    an option to buy购买期权

    3.call option是在标的资产价格上升时行权,put option是在标的资产价格下降时行权。

    A call option is the right to buy.注重的是买

    A put 一次搞懂Put和Call Options option is the right to sell.注重的是卖

    这两个option是归类在options contracts里面的,和futures contracts 和forward contracts是并列的概念也就是说是与这两个没有联系。

    FRM中文笔记| 3. 金融市场与产品|Exotic Options奇异期权(一)

    Trance_Fu63 于 2021-01-29 01:53:57 发布 3286 收藏 11

    奇异期权 Exotic Options

    Single Asset Exotic

    奇异期权的定义

    1. 普通香草型期权(Plain Vanilla Options):标准化的场内交易所期权;主要种类有有欧式期权,美式期权;交易形式主要分买入和卖出两种
    2. 奇异期权:合约条款和合约属性不那么标准化的期权(non-standard);主要体现在期权费的缴纳,期权的到期时间和损益计算方式等。这些产品主要由场外衍生品的交易商进行设计并交易。
    3. 因为场外交易(OTC market),所以流动性和交易规模相对没那么大,交易商通常会设置更大的买卖价格利差(larger bid-offer spread)

    期权的打包组合(Packages)

    一个期权组合里包含很多标准化的欧式买权(standard European calls)或者欧式卖权(… puts),远期合约(forward contract),现金和现金等价物(cash)以及风险资产(underling asset)。

    • eg, bull, bear, butterfly, …
      买卖期权评价就是一个很好的packages的例子(P + S = C + pv of x)。

    Zero-Cost Products

    权利金不在期初支付, 而是递延到最后和损益一起结算(to 一次搞懂Put和Call Options be paid for in arrears),因此称为零成本的期权产品。但因现金流在时间轴上是有时间价值的, 因此在最后支付时,要对权利金f 进行复利,pay f(1 + R) T at maturity

    这种产品也被称为 future style option

    Transformation of American Options

    标准美式期权:有灵活的选择以之前约定好的固定价格(a fixed exercise price)提前行权的权利(can be exercised at any time during option’s life),因此权利溢价更高

    1. 百慕大期权(Bermyda Option):在期权剩余到期时间中,给期权所有者在 几个时间点上提前兴权的权利。常在含权债券中作为内嵌期权存在(callable/putable bond)
    2. 带有初始锁定期的提前行权期权(initial lockout period):只有在锁定期后可以选择是否提前行权
    3. 公司发行的认股权证(warrant):期权持有期中,成交价(strike price)可能会改变

    远期生效期权(Forward Start Options)

    普通美式期权在我们购买的当下即拥有行权权利,而远期生效期权的行权开始在未来,到期是在更未来。
    |- -|- -|
    0 t T
    即在0点签订,t点开始生效,T 点进行交割。

    该期权适用场景为员工股票期权(employee stock options),雇主承诺雇员在未来某个时点可以购买 公司股票的权利。

    缺口期权(Gap Options)🌟🌟🌟

    缺口期权是一种有两个执行价格X2(触发行权的价格 payoff-triggering price)和X1(计算损益时使用的值 payoff-calculating price)的欧式期权。常运用于保险合约(insurance contracts)中。

    损益图

    因为X1, X2的不同,有可能出现负损益的情况(probability of a negative payoff)。以下是两种gap call的情况(put情况相反),

    棘轮/分阶段期权(Cliquet Options)

    例如,有五个一年期的期权,分别从现在,一年后,两年后,三年后,四年后开始。
    我们除了要确定生效点外,还要确定生效时的执行价格

    具体而言,执行价格应该和生效时刻对标的即期价格等价,所以是一个平值的状态(at the money)进行远期的生效。

    任选期权(Chooser Options)

    • 因此,如果未来底层资产价格S往上涨,他会选call,因为call是随着底层资产价格上涨变得更富有价值的;反之会选择put。
    • 因此,任选期权的拥有者在未来是只赚不亏的,所以在期初时,他也需要支付一个更高昂的兑价,权利金由 MAX(c,p) 给出, 即某个时间点到起始点的call和put的价值,选择大的那个进行兑价的支付。

    两值期权(Binary Options)🌟🌟🌟

    cash-or-nothing

    在这里插入图片描述

    • 当底层资产价格高过事先约定好的执行价格,call会被行权,call义务方会给出特定的价格,即图中cash点。
    • 底层资产价格如果跌破了执行价格,put义务提供方会给出特定的资金cash。
    • 因此是一个完全无风险,没有任何不确定性的特定现金。资产价格无论如何变化,cash都是这样一个固定的值。

    asset-or-nothing

    在这里插入图片描述

    • call:当底层资产价格高于X,那么义务提供方将给出合约上列明的特定资产。这个资产就是底层资产。
      • 如果行权,底层资产价值越来越高,那么这个asset交付出来价值也越来越高。
      • 图像在X点后,是一条45度斜向上的直线。
      • 底层资产价值越来越低,随横轴越来越往左去,资产价格最终会归零。

      亚式期权(Asian Options)

      • Average price calls: payoff = Max(Save - K, 0)
        • 底层资产价格不再是某一时点的ST, 而是一段时间里的Save
        • 行权点底层资产价格仍用ST,
        • 但执行价格产生随行就市的变化,不再是X,而是一段时间里的平均价格Save

        🌟 亚式期权最终差值往往比标准化期权更小, 一次搞懂Put和Call Options 因此通常只需要花费更少的价格来获得相对应的权利。(less expensive than a regular option)

        回望期权(Lookback Options)

        回望期权和亚式期权相反,更为极端,使用期权存续期中最大或最小的资产值(maximum or minimum asset price)来确定期末的损益。