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The options course high profit and low stress trading methods phần 5

Thương nhân lựa chọn những người biết làm thế nào để vận dụng sức mạnh của đồng bằng kinh doanh trung tính tăng cơ hội thành công của họ bằng cách san lấp mặt bằng sân chơi. Chương này được dành để cung cấp một sự hiểu biết vững chắc về khái niệm này cũng như các cơ chế của phương pháp kinh doanh sáng tạo. | 224 THE OPTIONS COURSE FIGURE 8.15 OIH Synthetic Straddle with Two Calls Source Optionetics Platinum 2004 a contract. So the stock position resulted in a 4 per share loss or 400 and the options moved only modestly higher. The strategist could book a 60 profit by closing out the long calls. So time decay hurt this position. In the end the trade lost 360. It needed a larger move in the underlying asset and perhaps more time to work in the strategist s favor. Rather than closing the position entirely the strategist could roll the position forward using longer-term options. Straddles Strangles and Synthetics 225 Long Synthetic Straddle with Calls Case Study Market Opportunity Look for a market with low volatility where you anticipate a volatility increase resulting in stock price movement in either direction beyond the breakevens. Short Stock and Long Calls Strategy Sell 100 shares of OIH for 56 and buy 2 long October 2003 55 calls for 5.70 a contract. Maximum Risk Net debit of options option strike price - price of underlying at trade initiation X 100. In this case the max risk is 1 040 11.40 55 - 56 X 100. Maximum Profit Unlimited to the upside and limited to the downside as the underlying can only fall to zero beyond the breakevens. In this example 60. Upside Breakeven 2 X option strike price - price of underlying at initiation net debit of the options. In this case 65.40 2 X 55 - 56 11.40. Downside Breakeven Price of the underlying at trade initiation - net debit of options. In this case 44.60 56 - 11.40 . STRATEGY ROAD MAPS Long Straddle Road Map In order to place a long straddle the following 14 guidelines should be observed 1. Look for a market with low volatility about to experience a sharp increase in volatility that moves the stock price in either direction beyond one of the breakevens. The best long straddle opportunities are in markets that are experiencing price consolidation as they are often followed by