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Covered calls:定義 開倉日同時買股票且賣股票的買權. 掩護性買權淨利方程式 ( Short K2 Call + Long S net payoff equation)

apple掩護性買權(Covered Call)

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Covered calls 買到股票價格為43.50 賣出的買權履約價為45,權利金2.30, , 台積電買權12月

履約價45內含價值(intrinsic value )=0, time value=2.30,

求最大利潤 maximum profit would be $3.80.

求損益平衡點=$41.20 My breakeven though and this is a key reason why I would do covered calls is because I want to lower my breakeven. So if I own the

shares, my breakeven is going to be whatever I paid for the shares but in this case, I'm going to lower my breakeven by selling the call option for $2.30 so now my breakeven is going to go down to 41.20 because again, I paid 43.50 but I sold a call option for $2.30. Again, this does not include commissions.

1買到 股票價格為96.7(St)賣出的買權履約價為100(K),權利金為2.3(Ct) 求(1.1)最大利潤 (hint:When St=台幣200, Ct+K=Pt+St) (1.2)損益平衡點 (hint:St-Ct+K=Pt+St)

2買到 股票價格為96.7賣出的買權履約價為95,權利金為0.3 求(2.1)最大利潤 (2.2)損益平衡點

避險部位 : 保護性賣權(Protected Put) 3某甲以52元買進A股票後，又買進同量的A股賣權，其履約價格為50元

，權利金為1.2元，則某甲在權利期間結束時之每單位，最大可能虧損為

(3.1)求損益平衡點=：

(hint:When St=台幣20, Ct+K=Pt+St) 最大可能虧損=Pt+St-K

(3.2)求損益平衡點= If you buy 1,000 shares of CAO(南亞) stock and sell 1 call option contracts on the stock. The strike price is $50 and the option price is $7. Assume zero margin and transaction costs. The current price of the stock is $56. (1) Calculate investment cost of this portfolio?【20 分】 (2) What are intrinsic value and time value of this option?【20 分】 (3) What will be the profit or loss of this portfolio if stock price goes up to $60 and thecall is exercised?【20 分】 (4) Is there an appropriate reason that you use this sell call strategy in this case?【20 分】 (5) In general, when will be the time for you to apply the buy call or buy put strategy of a stock option?【20分】