美式期权与欧式期权 American vs European Options 美式期权-期权可以在到期日及到期日之前任 何时候执行 American- the option can be exercised at any time before expiration or maturity 欧式期权-期权只可以在到期日执行 European-the option can only be exercised on the expiration or maturity date 206
20-6 美式期权与欧式期权 American vs European Options 美式期权 -期权可以在到期日及到期日之前任 何时候执行 American - the option can be exercised at any time before expiration or maturity 欧式期权 -期权只可以在到期日执行 European - the option can only be exercised on the expiration or maturity date
期权的不同类型 Different Types of Options ■股票期权 Stock Options ■指数期权 Index Options ■期货期权 Futures Options ■外汇期权 Foreign Currency Options ■利率期权 Interest Rate Options
20-7 期权的不同类型 Different Types of Options 股票期权 Stock Options 指数期权 Index Options 期货期权 Futures Options 外汇期权 Foreign Currency Options 利率期权 Interest Rate Options
看涨期权在到期日的收入和利润 Payoffs and profits on Options at Expiration-Calls 注释 Notation 股票价格 Stock Price=Sr 执行价格 Exercise Price=Ⅹ 到期日看涨期权买方收入 Payoff to Call Holder (ST-X)if ST >X 0iST<Ⅹ 到期日期权买方利润 Profit to call holder 收入一购买价 Payoff -Purchase Price 20-8
20-8 看涨期权在到期日的收入和利润 Payoffs and Profits on Options at Expiration - Calls 注释 Notation 股票价格Stock Price = ST 执行价格Exercise Price = X 到期日看涨期权买方收入 Payoff to Call Holder (ST - X) if ST >X 0 if ST < X 到期日期权买方利润 Profit to Call Holder 收入－购买价 Payoff - Purchase Price
看涨期权在到期日的收入和利润 Payoffs and profits on Options at Expiration-Calls 价格为70元的某公司股票的看涨期权在到 期日的价值 某公司股票价值60708090100 期权价值 00102030 Stock price is 70 and its call value at the expire data is Stock price 60708090100 Call value 00102030 20-9
20-9 看涨期权在到期日的收入和利润 Payoffs and Profits on Options at Expiration - Calls 价格为70元的某公司股票的看涨期权在到 期日的价值 某公司股票价值 60 70 80 90 100 期权价值 0 0 10 20 30 Stock price is 70 and its call value at the expire data is: Stock price 60 70 80 90 100 Call value 0 0 10 20 30
看涨期权在到期日的收入和利润 Payoffs and Profits on Options at Expiration-Calls 看涨期权出售者收入 Payoff to Call Writer (ST-X) if S 0 If st<x 看涨期权出售者利润 Profit to call writer 收入十期权费 Payoff+ Premium
20-10 看涨期权在到期日的收入和利润 Payoffs and Profits on Options at Expiration - Calls 看涨期权出售者收入 Payoff to Call Writer - (ST - X) if ST >X 0 if ST < X 看涨期权出售者利润 Profit to Call Writer 收入＋期权费 Payoff + Premium