Nói chung, nó là vô cùng khó khăn để thực hiện bất kỳ tiền cạnh tranh với thương nhân sàn. Hãy nhớ rằng đồng bằng kinh doanh trung tính đã được sử dụng trên các sàn chứng khoán trong nhiều năm | 284 THE OPTIONS COURSE Calendar Spread Strategy Sell a short-term option and buy a long-term option using ATM options with as small a net debit as possible all calls or all puts . Calls can be used for a more bullish bias and puts can be used for a more bearish bias. Market Opportunity Look for a range-bound market that is expected to stay between the breakeven points for an extended period of time. Maximum Risk Limited to the net debit paid. Long premium - short premium X 100. Maximum Profit Limited. Use software for accurate calculation. Breakeven Use software for accurate calculation. Margin Amount subject to broker s discretion. Calendar Spread Case Study Shares of Johnson Johnson JNJ are trading for during the month of February and the strategist expects the shares to make a move higher. A bullish calendar spread is created by purchasing a JNJ January 2005 60 call for 4 and selling an April 2003 60 call for 1. The trade costs 300 4 - 1 X 100 300. Therefore the initial debit in the account is equal to 300. The debit is also the maximum risk associated with this trade. As the price of the shares rises the trade makes money. As we can see from the risk graph in Figure the maximum profit occurs when the shares reach 60 at April expiration and is equal to roughly 570. At that point the short call expires worthless but the long Calendar Spread Case Study Market Opportunity JNJ is expected to trade moderately higher. With shares near in February the strategist sells an April 60 call for 1 and buys a January 2005 60 call for 4. Maximum Risk Limited to the net debit. In this case 300 4 - 1 X 100. Maximum Profit Limited due to the fact that the short call is subject to assignment risk if shares rise above 60. Upside Breakeven Use options software to calculate. In this case roughly 47. Downside Breakeven Use options software to calculate. In this case same as upside breakeven. Margin Theoretically zero. The short call is covered by the long call. Check .
