The option trader s guide to probability volatility and timing phần 10

Biểu đồ này giả định cổ phiếu vẫn ở mức giá tương tự. Chúng ta có thể thấy rằng sự gia tăng trong IV có thể ảnh hưởng đến thương mại mạnh mẽ, và đó là lý do tại sao chúng tôi muốn IV ủng hộ của chúng tôi. Trước khi chúng tôi nhập vào | Strategy Reviews 523 Call Ratio Backspread Strategy Sell lower strike calls and buy a greater number of higher strike calls the ratio must be less than .67 . Market Opportunity Look for a market where you anticipate a sharp rise with increasing volatility place as a credit or at even. Maximum Risk Limited. Number of short calls X difference in strikes X 100 - net credit or net debit . FIGURE Call Ratio Backspread Maximum Profit Unlimited to the upside above the upside breakeven. Upside Breakeven Higher strike difference in strikes X number of short calls number of long calls - number of short calls - net credit or net debit . Downside Breakeven Lower strike net credit number of short calls . No downside breakeven exists if the trade is entered with a net debit. Put Ratio Backspread FIGURE Put Ratio Backspread Strategy Sell higher strike puts and buy a greater number of lower strike puts the ratio must be less than .67 . Market Opportunity Look for a market where you anticipate a sharp decline with increased volatility place as a credit or at even. Maximum Risk Limited. Number of short puts X difference in strikes X 100 - net credit or net debit . Maximum Profit Limited to the downside as the underlying can only fall to zero below the breakeven. Upside Breakeven Higher strike - net credit number of short puts . No upside breakeven exists if the trade is entered with a new debit. Downside Breakeven Lower strike - number of short puts X difference in strikes number of long puts - number of short puts net credit or - net debit . 524 THE OPTIONS COURSE Long Butterfly Strategy Buy lower strike option sell 2 higher strike options and buy a higher strike option with the same expiration date all calls or all puts . Market Opportunity Look for a range-bound market that is expected to stay between the breakeven points. Maximum Risk Limited to the net debit paid. FIGURE Long Butterfly Spread Maximum Profit Limited. Difference between strikes - net debit X 100. .