什么是期权组合策略

Group 1 - The core idea of the article is to explain the option combination strategy introduced by the Shanghai Stock Exchange in 2019, aimed at improving capital efficiency for investors and reducing trading costs [1] - The article outlines six types of combination strategies supported by the exchange: call bull spread, call bear spread, put bull spread, put bear spread, straddle short, and wide strangle short [1] - Investors can convert ordinary positions into covered positions if they hold sufficient underlying securities, allowing for margin release [1] Group 2 - The article specifies that investors can construct combination strategies during trading hours from 9:30 to 11:30 and 13:00 to 15:15 within the same derivative account [1] - It provides a table for margin calculation based on different strategies, indicating that the margin for a call bull spread is calculated as the difference in strike prices multiplied by the contract unit [3] - The margin for a straddle short is determined by the maximum of the call option opening margin and the put option opening margin, plus the margin for the lower-priced contract [3]