由 jpichiban Thu, 06 Feb 2025 15:39:24 GMT
判断一只股票何时上涨或下跌并非易事。即便是经验丰富的专业投资者，拥有大量数据和模型，也常常难以解答这些问题。因此，缺乏同等资源的自主交易者可能会怀疑自己是否具备找到优势的方法。然而，是否存在无需方向判断的投资策略呢？逢低买入，逢高卖出。卖出看跌期权是一种投资策略，卖方收取权利金，同时承担可能被迫以执行价（通常低于市价）买入标的股票的风险。因此，看跌期权的卖方因承担被迫“抄底”的风险而获得报酬，其风险类似于直接买入标的股票。卖出看涨期权则是另一种策略，卖方收取权利金，并承担可能被迫以执行价（通常高于市价）卖出标的股票的风险。看涨期权的卖方因承担被迫“逃顶”的风险而获得报酬。需注意，若投资者不持有标的股票，则面临被迫卖空的风险，其风险类似于直接卖出标的股票。尽管买卖股票本身蕴含风险，这是每位股票投资者都在承担的风险。那么，一种让你低买高卖并从中获利的策略，其潜在弊端是什么？能否同时进行这两种操作？答案是肯定的，这种策略被称为卖出宽跨式期权（卖出勒式期权）。其优点包括：与购买期权不同，期权买方需在特定时间内期待某种结果发生，而期权卖方则从时间衰减中获利。期权权利金以可测量的速度衰减，只要标的资产保持在一定区间内波动，卖方就能锁定利润。通过卖出虚值看涨期权和虚值看跌期权，卖方可以收取两份权利金，若波动率下降或保持低位，收益可观。然而，其缺点也不容忽视：无限下行风险：单只股票波动性极大，任一方向的重大变动都可能导致巨额损失，尤其是在单只股票更容易受到如盈利意外等特定因素影响时，大幅波动的风险更高。保证金要求与流动性：卖方需对保证金要求及可能的行权风险（特别是在流动性较差的股票中）有所准备。总结来说，当投资者确信某只股票将在特定区间内交易，并严格执行风险管理时，卖出宽跨式期权可能带来盈利。然而，这并非适合所有人，尤其是对于那些对可能被迫买入或卖出标的资产感到不安的投资者。如何选择卖出期权的执行价和到期日？好消息是，期权delta的绝对值近似反映了期权到期时处于实值状态的概率。例如，20 delta的看涨期权或-20 delta的看跌期权有20%的概率在到期时处于实值状态（即被行权）。由于卖出宽跨式期权的目标是收取权利金而不被行权，且若同时卖出看涨和看跌期权，两者的概率需相加，因此最好选择delta值在20或以下的期权。当delta值低于10时，期权通常价值不大，尽管保留权利金的概率高，但收益率较低。15-20 delta可能是理想的起点。至于到期日，权利金卖方需在风险与收益间寻求平衡。短期期权价值衰减速度较快，但权利金较少，意味着承担较大风险以获取较少收益。长期期权权利金较多，但衰减较慢。潜在催化剂也需考虑，但未来30-60天到期的期权是一个合适的起点。超过90天到期的期权衰减较慢，可能涵盖不止一次季度盈利发布，频繁挑战命运并非明智之举。 w and when should one manage risk if the underlying starts to move? The most obvious instance is if the stock touches or breaches a short strike. Closely reevaluate your views on the underlying stock and any news/information in that instance, and cover short legs that have lost 80% or more of their premium. Most of the money that can be made has been. Selling strangles is a more advanced strategy than buy-writes/covered calls/cash-covered puts because there is a risk on both sides. It can have significantly higher margin requirements than buying a call, a put, or a spread. Still, it can also yield a higher probability of profit and doesn’t require a decisive view of the direction of the underlying stock. If you’re new to options, get comfortable with more straightforward strategies first, but once you’ve familiarized yourself with those, selling both upside and downside, done correctly, can yield attractive risk-adjusted returns. Alphabet has already announced earnings, not particularly well received, but that’s water under the bridge. I think the move lower is a bit overdone and am still bullish, but a strangle seller tends to be more agnostic on direction. I’ve provided an example of a short strangle on the name here . DISCLOSURES: None. All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.
原文链接：https://www.cnbc.com/2025/02/06/an-options-strategy-to-capitalize-on-volatile-stock-swings-in-either-direction.html