[金融市場與衍生性商品] Lecture6 An Introduction to Options
- Eddie Yi
- 2018年10月31日
- 讀畢需時 1 分鐘
A European (American) call option buyer: has the right, but not the obligation, to buy a given amount of a given asset at the exercise price on a given date (on or before a given date).
Payoff to a call buyer= max[0, ST-K]
Profit to a call buyer= max[0, ST-K]-c (C)
A European (American) call option seller: has the obligation to sell if exercised by the buyer.
Payoff to a call seller= -max[0, ST-K]
Profit to a call seller= -max[0, ST-K]+c (C)
A European (American) put option buyer: has the right, but not the obligation, to sell a given amount of a given asset at the exercise price on a given date (on or before a given date).
Payoff to a put buyer= max[0, K-ST]
Profit to a put buyer= max[0, K-ST]-p (P)
A European (American) put option seller: has the obligation to buy if exercised by the buyer.
Payoff to a put seller= -max[0, K-ST]
Profit to a put seller= -max[0, K-ST]+p (P)
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