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当碳酸锂再次遇上末日轮期权,会擦出怎样的火花?
对冲研投· 2025-08-07 12:06
Core Viewpoint - The article discusses the concept of "Doomsday Wheel" in options trading, focusing on the Gamma effect and the strategies for both buyers and sellers in the context of options expiration [6][7][10]. Group 1: Understanding "Doomsday Wheel" - "Doomsday Wheel" refers to the phenomenon where options can dramatically increase in value on expiration day, particularly for at-the-money options due to their high Gamma values [7][10]. - The Gamma effect leads to significant price fluctuations in options as they approach expiration, making them nonlinear derivatives [7][10]. Group 2: Buyer Strategies - Buyers can employ a laddered partial profit-taking strategy, where positions are liquidated in stages (e.g., 50%, 30%, 20%) upon reaching preset profit targets [3][12]. - Another strategy is rolling positions, where as options approach the money, they are closed and new positions are opened at higher strike prices [4][14]. - A spread strategy can also be used, where part of the position is closed and higher strike call options are sold to hedge against potential downturns [5][17]. Group 3: Seller Risk Management - Sellers should focus on timely liquidation of positions once a significant portion of premium has been realized [5][19]. - Position rolling to next month’s deeper out-of-the-money options can help manage risk [5][25]. - Tail risk protection can be achieved by using profits to buy out-of-the-money options to hedge against extreme market movements [5][25]. Group 4: Market Context and Implications - The article highlights the recent focus on carbon lithium options, particularly in the context of the upcoming September expiration and the significant price movements observed [6][20]. - The December 2023 carbon lithium options expiration is noted for its dramatic price increases, emphasizing the importance of risk management for sellers during such volatile periods [21][24].
期货和期权,谁在行情上涨时赚得多?
Sou Hu Cai Jing· 2025-05-19 09:10
很多新手在刚接触金融交易的时候,都会问一个问题:"同样是投资一手,期货和期权哪个能赚得多?"这个问题其实挺复杂的,因为期货和期权的玩法不一 样,而且期权本身比期货更复杂一些。今天我们就用大白话来聊聊这个话题。 一、先搞清楚期货和期权的区别 (一)期货 期货交易就像是一场"赌涨跌"的游戏。你有两种选择: 做多(买方):你觉得价格会涨,就买进期货合约。如果价格真的涨了,你就能赚钱。 做空(卖方):你觉得价格会跌,就卖出期货合约。如果价格真的跌了,你也能赚钱。 (二)期权 期权就更复杂一些,因为它有四种玩法: 买入看跌期权:你觉得价格会跌,就买一个看跌期权。如果价格真的跌了,你就能赚钱。 卖出看跌期权:你觉得价格不会跌,就卖一个看跌期权。如果价格没跌,你也能赚钱。 二、设定一个简单场景来比较 为了方便比较,我们设定一个场景:假设行情上涨,我们同时持有期货多头(做多)和该期货合约对应的看涨期权多头(买入看涨期权)。这样就能直接比 较它们的收益情况。 文章来源:期权酱 三、从Delta说起:期权涨幅永远小于期货涨幅? 买入看涨期权:你觉得价格会涨,就买一个看涨期权。如果价格真的涨了,你就能赚钱。 卖出看涨期权:你觉得价 ...