Put-Call Parity

炒熬破心必须懂这个名堂:

Price of Underlying Stock + Price of Put = Price of Call + Present Value of the Exercise Price

简称:S + p = c + X/(1 + r), r是risk-free interest rate



Covered Call是什么呢,就是 S - c = -p + X/(1 + r),也就是卖naked put加上你的现金!卖naked put远远好于covered call,因为你手头上还有资金,还可以拿利息,还有活动的余地,而且只需要付一比交易费。

如果你不像大基金那样进出困难,搞covered call是大大的愚蠢!
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