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1、THEEQUITYOPTIONSSTRATEGYGUIDEJANUARY2001TableofContentsIntroduction2OptionTermsandConcepts4■WhatisanOption?4■Long4■Short4■Open4■Close5■LeverageandRisk5■In-the-money,At-the-money,Out-of-the-money5■TimeDecay6■ExpirationDay6■Exercise6■Assignment6■What’stheNet?7■Earl
2、yExercise/Assignment7■Volatility7Strategies8■LongCall8■LongPut10■MarriedPut12■ProtectivePut14■CoveredCall16■CoveredPut18■BullCallSpread20■BearPutSpread22■Collar24Glossary26ForMoreInformation281IntroductionThepurposeofthisbookletistoprovideanintroductiontothatther
3、earematchingordersfromabuyerandaseller,itsomeofthebasicequityoptionstrategiesavailabletooptionseversthelinkbetweentheparties.Ineffect,OCCbecomesand/orstockinvestors.Exchange-tradedoptionshavethebuyertothesellerandthesellertothebuyer.Asaresult,manybenefitsincludin
4、gflexibility,leverage,limitedriskforthesellercanbuybackthesameoptionhehaswritten,clos-buyersemployingthesestrategies,andcontractperformanceingouttheinitialtransactionandterminatinghisobligationguaranteedbyTheOptionsClearingCorporation(OCC).todelivertheunderlyings
5、tockorexercisevalueoftheoptionOptionsallowyoutoparticipateinpricemovementswith-toOCC;thiswillinnowayaffecttherightoftheoriginaloutcommittingthelargeamountoffundsneededtobuybuyertosell,holdorexercisehisoption.Allpremiumandstockoutright.Optionscanalsobeusedtohedgea
6、stocksettlementpaymentsaremadetoandpaidbyOCC.position,toacquireorsellstockatapurchasepricemoreWhetheryouareaconservativeorgrowth-orientedfavorablethanthecurrentmarketprice,or,inthecaseofinvestor,orevenashort-term,aggressivetrader,yourbrokerwriting(selling)options
7、,toearnpremiumincome.Optionscanhelpyouselectanappropriateoptionsstrategy.Thegiveyouoptions.You’renotjustlimitedtobuying,sellingstrategiespresentedinthisbookletdonotcoverall,orevenorstayingoutofthemarket.Withoptions,youcantailorasignificantnumber,ofthepossiblestra
8、tegiesutilizingyourpositiontoyourownfinancialsituation,stockmarketoptions.Thesearethemostbasicstrategies,however,andoutlookandrisktolerance.willservewellasbuil
