chapter7无文字金融工程专业new.ppt

*Chapter7Options*-&*:Theright,butnottheobligation,tobuy(foracalloption)orsell(foraputoption)modity,currency,index,ordebt,ataspecifiedprice(thestrikeprice)’spriceTherighttobuyorsell*,theexpirationdate,orthematuritydate.*:.*:-TradedOptionsOptionsaretradedveryactivelyintheover-the--the-counteroptionisthatitcanbetailoredbyafinancialinstitutiontomeettheneedsofaclient.*anizedexchangesfilledtheneedforstandardizedoptioncontractswhereintheexchangewouldspecifythecontracts’termsandconditions.*&payoffsAcalloptionisanoptiontobuyacertainassetbyacertaindateforacertainprice(thestrikeprice)Aputisanoptiontosellacertainassetbyacertaindateforacertainprice(thestrikeprice)Youcanexerciseanoptionifyouwish,butyoudonothavetodosoCalloption&putoption*premiumOnecontractisforthepurchaseorsaleof100shares*calloptionexampleAtraderbuysoneEuropeancalloptioncontractonIBMstock(100shares).strikeprice=$100/shareCurrentstockprice=$98/shareOptionprice=$5/$5003020100-5708090100110120130Profit($)Terminalstockprice($)LongCallonIBM