. Cho dù một thương nhân người mới, chuyên nghiệp, hoặc một nơi nào đó ở giữa, những cuốn sách này sẽ cung cấp những lời khuyên và chiến lược cần thiết để phát triển thịnh vượng ngày nay và trong tương lai. Đối với một danh sách các tiêu đề có sẵn | 104 THE OPTIONS COURSE Covered Call Strategy Buy the underlying security and sell an OTM call option. Market Opportunity Look for a bullish to neutral market where a slow rise in the price of the underlying is anticipated with little risk of decline. Maximum Risk Limited to the downside below the breakeven as the stock falls to zero. Maximum Profit Limited to the credit received from the short call option short call strike price - price of long underlying asset X 100. Breakeven Price of the underlying asset at trade initiation - short call premium. Margin Amount subject to broker s discretion. position you can sell a slightly OTM call every month. The risk lies in the strategy s limited ability to protect the underlying stock from major moves down and the potential loss of future profits on the stock above the strike price. Covered calls can also be combined with a number of bearish options strategies to create additional downside protection. Covered Call Case Study Covered calls are often used as an income strategy on stocks that we are holding long-term. They also can be used as a short-term profit maker by purchasing the stock and selling the call at the same time. The idea is to sell a call against stock that is already owned. If we do not want to give up the stock we must be willing to buy the option back if it moves in-the-money. However if we feel the stock will not rise above our strike price we would benefit by selling the call. On December 1 2003 shares of Rambus RMBS were falling back after an attempt to break through resistance at 30. The stock rose to a high of but ultimately ended flat on the session right at 30 a share. Viewing the chart we might have decided that 30 would hold and that entering a covered call strategy might work well. By entering a short call we have unlimited risk to the upside. However by owning the stock we mitigate this risk because we could use the stock to cover the short call. Let s assume we didn t already own Rambus .
