回歸到BAC股票, 如果你認為BAC股票一年後最少值$25, 你可以做所謂的買權Call多頭價差交易 (Bull Call Debit Spread), 也就是花$3.55/share買進BAC Jan 2011 Calls (1張選擇權代表100股, 所以1張成本為$355), 因為你手上有這BAC Jan 2011 $20 Calls , 你可以賣 $20以上的Call選擇權, 不管是BAC Jan 2011 的 $22.50或$25或$30 Call Options來收權利金, 降低你的成本. 在這裡, 我們選擇賣 BAC Jan 2011 $25 Calls, 收$1.91/share, 將成本降到$1.64/share.
其實這個選擇權操作策略很划的來, 如果你是以$18.59/share 買進1000股的BAC, 你必須花$18590成本, 10%的跌損也要$1859. 相反, 如果你做所謂的買權Call多頭價差交易 (Bull Call Debit Spread):
買進 10張 BAC Jan 2011 $20 Calls, 你花 $3.55/share x 10 contracts (1000股) = $3,550
但你又賣出 10張 BAC Jan 2011 $20 Calls, 收 $1.91/share x 10 contracts (1000股) $1910
你的真正成本為 $3,550-$1910 = $1640, 卻有機會賺$3,360, 也就是200%獲利
就算BAC沒有漲到$25, 你賠掉$1,640, 都比$1859的停損金少, 不是嗎?
ps. 有問題可以留言, ok?
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回覆刪除版主回覆：(01/26/2012 05:39:38 PM)
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John,
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So this will be a longer term of investment, but comparatively safe if you believe stock price will be higher than $25.00 in Jan 2011. Is it comparatively safer play because stock is still so low at this moment?
Pls see if my understanding is correct. First time hearing about debit spread.
10/15/2009 price: around $18.00
Entry: any time
Target: hold until expiration
BAC JAN 2011 20/25 Bull Call Debit Spread, 10 contracts
Net cost: 3.20 (buy 20 call) – 1.67 (sell 25 call) = 1.53 (max loss: $1,530)
Net gain: 5-1.53=3.47 (max gain: $3,470)
Return: 227%
Target: price >= $25.00
*another choice, if I am more pessimistic? But I think $25 seems to be a better strike price from Open Interest.
BAC JAN 2011 20/22.5 Bull Call Debit Spread, 10 contracts
Net cost: 3.20 (buy 20 call) – 2.32 (sell 22.5 call) = 0.88 (max loss: $880)
Net gain: 2.50-0.88=1.62 (max gain: $1,620)
Return: 184%
Target: price >= $22.50
版主回覆：(01/26/2012 05:39:40 PM)
Angela, 你的算法是對的! 其實你應該延伸問我what's the break even price? 如果是20/25 Bull Call Debit Spread, your cost will be $1.53, 也就是說BAC只要在 Jan 2011到期前,BAC股價為 $20+$1.53= $21.53以上, 你都是打平與賺錢的. 對於 20/22.50 Bull Call Debit Spread, 你的cost更少,為 $20+$0.88=$20.88. 這樣的setup是不是可以玩很久ㄌㄟ? 投資少但回報可以很多, 最重要, 一年就這麼一次setup, 很ok的啦!
John, you are right. Actually my mindset was a little bit messed ^^ I kept thinking as long as it expires more than $25 then I will NOT lose money. I forgot actually I am selling $25 call so I shouldn't worry about hitting $25 or not. What I should concern is that the price hits $20, plus my cost of $1.53.
回覆刪除I think this set-up's risk is very low. BETTER than ONLY OKAY la! Thanks very much for sharing this new (to me) method with us.
版主回覆：(01/26/2012 05:39:40 PM)
很開心你喜歡這新的策略 如果BAC3個月後飆上去, 你也可以獲利關掉ㄛ, 不一定要等到2011年
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