Jul 3rd, 2009, 13:08 | 只看该作者 #21 |
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YES,这是与裸CALL(NAKED CALL)的重要区别,NAKED CALL理论上风险是无穷大。 老姚是没房,但他有买卖房子的能力,这个能力相当于股票,这个股票相当稳定,不会大起大落,所以特别适合于做COVERED CALL. 假如,我是说假如,将来老姚买卖房子的能力有了大的变化,一种可能是他成为加拿大顶级白金加黄金大经纪,你保留找他买卖房的这个权利,你这个CALL就升值了。 一种是他跑回中国安度晚年,你这个CALL就废了。 |
无限风光在险峰!
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Jul 3rd, 2009, 13:20 | 只看该作者 #26 | |
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引用:
东山兄讲课,没有讲义怎么行。 Covered Call Components Long the underlying asset and short call options. Risk / Reward Maximum Loss: Unlimited on the downside. Maximum Gain: Limited to the premium received from the sold call option. Characteristics When to use: When you own the underlying stock (or futures contract) and wish to lock in profits. This strategy is used by many investors who hold stock. It is also used by many large funds as a method of generating consistent income from the sold options. The idea behind a Covered Call (also called Covered Write) is to hold stock over a long period of time and every month or so sell out-of-the-money call options. Even though the payoff diagram shows an unlimited loss potential, you must remember that many investors implementing this type of strategy have bought the stock long ago and hence the call option's strike price may be a long way from the purchase price of the stock. For example, say you bought IBM last year at $25 and today it is trading at $40. You might decide write a $45 call option. Even if the market sells off temporarily it will have a long way to go before you start seeing losses on the underlying. Meanwhile, the call option expires worthless and you pocket the premium received from the spread. Protected Covered Call A "protected" covered call involves buying a downside (out-of-the-money) put together with the covered call i.e: Buy Stock, Sell Call Option and Buy Put Option. The profile of a protected covered call looks like call spread and has the benefit of limiting your downside risk in the event of a large sell off in the underlying stock/future. Call Writer promotes this strategy as a Super Put. Monthly Income Covered and protected covered calls are usually the strategies used by advisory services that promote option strategies for "generating monthly income" while "protecting capital". Services like Call Writerwill provide you with real time lists and a trade management calculator where you will learn how to select, plan and manage covered call trades for consistent monthly cash flow. Their method shows you how to limit your risk to a small percentage of your total account. |
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Jul 3rd, 2009, 13:21 | 只看该作者 #27 |
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He can buy these stocks, or sell the options to somebody else. What you can do is the same thing buy back what you sold (10 call options). You still get dividend while you have the stocks. But he can exercise his right to buy your stocks before the distribution day, then you loss the right to get dividend.
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