主管单位江苏省昆山市千灯镇人民.ppt

GloTrader and Futures Options,Trading Futures Options 期货期权交易,Trading options involves substantial risks of loss and is not appropriate for everyone. Therefore, ONLY RISK CAPITAL SHOULD BE USED FOR TRADING. Risk capital is defined as the money that a person can afford to lose. We cannot guarantee performance and do not guarantee against any loss of principle or capital. You assume the entire cost and risk of any trading you choose to undertake. You are solely responsible for making your own investment decisions. 期权交易涉及重大损失风险，不适合所有人。适合用风险资本来做期权交易。风险资本定义是“您能全部输得起的钱”。我们不能保证您将总是盈利，也不能保证您没有资本损失。假设您选择采用全部资本的风险交易。你将为使自己的投资决定负全部负责。,Jason Mather, CTA Arx Asset Management, LLC,2,Arx Asset Management , LLC Copyright 2012, All rights reserved,Only Source / Footnotes below this line,Guide 2.68,Guide 1.64,Guide 1.95,Subtitle Guide 2.64,Guide 2.80,Only Source / Footnotes below this line,Guide 0.22,Guide 4.69,Only Source / Footnotes below this line,DISCLAIMER,Futures and options trading involves substantial risk of loss and is not suitable for every investor. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. The impact of seasonal and geopolitical events is already factored into market prices. The highly leveraged nature of futures trading means that small market movements will have a great impact on your trading account and this can work against you, leading to large losses or can work for you, leading to large gains. If the market moves against you, you may sustain a total loss greater than the amount you deposited into your account. You are responsible for all the risks and financial resources you use and for the chosen trading system. You should not engage in trading unless you fully understand the nature of the transactions you are entering into and the extent of your exposure to loss. If you do not fully understand these risks you must seek independent advice from your financial advisor. All trading strategies are used at your own risk. This software should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to confirm and decide which trades to make. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations. Past results are no indication of future performance. In no event should the content of this correspondence be construed as an express or implied promise, guarantee or implication from Traders Education LLC that you will profit or that losses can or will be limited in any manner whatsoever. Traders Education LLC is not responsible for any losses incurred as a result of using any of our trading strategies and software. The AutoTrader should never be left unattended due to the possibility of events out of your control, such as computer or data failure, power outages, position mismatches, and/or network problems. Loss-limiting strategies such as stop loss orders may not be effective because market conditions or technological issues may make it impossible to execute such orders. Likewise, strategies using combinations of options and/or futures positions such as “spread“ or “straddle“ trades may be just as risky as simple long and short positions. Information provided in this correspondence is intended solely for informational purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.,3,Only Source / Footnotes below this line,Guide 2.68,Guide 1.64,Guide 1.95,Subtitle Guide 2.64,Guide 2.80,Only Source / Footnotes below this line,Guide 0.22,Guide 4.69,Only Source / Footnotes below this line,Arx Asset Management , LLC Copyright 2012, All rights reserved,Jason Mather, 杰胜 美瑟 CTA, Managing Partner of Arx Asset Management,Member of Philadelphia Stock Exchange 滨州股票交易所成员,U Penn, BS Economics 2000 美国长春藤滨州大学，经济学毕业,Member of New York Mercantile Exchange Comex Division, 2004, trading metal futures and options 2004年纽约商品交易所，交易金属期货期权,Member of New York Board of Trade, ICE, FINEX, and CBOE 交易所成员,Sr. Options Analyst and trainer for Managed Capital Advisory Group and O members 美国资产管理顾问集团高级期权分析师,CTA of Arx Asset Management，CTA, Managing Principal 爱思资产管理商品交易经理，项目主持人，董事长,4,Arx Asset Management , LLC Copyright 2012, All rights reserved,GloTrader and RMMSoft,北京风软产品的主要技术优势包括： 可以实现境内、外主要交易所的直连、双向交易（重点是外盘） 中国境内目前唯一可实现直连CME集团Globex交易系统 期权风险的深度分析与期权交易的完整实现 符合国际市场标准的实时风险管理与监控 提供内、外盘同步交易、风控、结算、监控的一揽子解决方案 同时适应境内、外交易的中、英文用户界面及技术说明 与商品交易经理CTA联合的期权培训项目， 受商品交易经理，直接指导CTA理财项目操作国际化直接接轨,RMMSoft platforms advantage Simultaneously trade both China markets and International markets directly The Only platform that directly connects to CME Globex platform Complete Options pricing analysis and risk management Real time international standard backend risk management and monitoring system Provides the ultimate platform solution for both China markets and International markets for simultaneous trading, risk management, clearing and monitoring CTA instructed options training programs Direct consultation from CTA/traders who are former NYMEX, COMEX, and CBOE floor traders and market makers.,5,Arx Asset Management , LLC Copyright 2012, All rights reserved,Only Source / Footnotes below this line,Guide 2.68,Guide 1.64,Guide 1.95,Subtitle Guide 2.64,Guide 2.80,Only Source / Footnotes below this line,Guide 0.22,Guide 4.69,Only Source / Footnotes below this line,Slide Presentation 3 Parts 分3部分讲解,Options Essentials Trading Options - Risk/Reward Options Trading Basic Strategies,构成期权的基本原素 期权交易 风险/回报 期权基本交易策略,6,Arx Asset Management , LLC Copyright 2012, All rights reserved,Only Source / Footnotes below this line,Guide 2.68,Guide 1.64,Guide 1.95,Subtitle Guide 2.64,Guide 2.80,Only Source / Footnotes below this line,Guide 0.22,Guide 4.69,Only Source / Footnotes below this line,Slide Presentation Overview Part 1 第一部分,Options Essentials What are options? How Are Options Traded? Why Trade Options? The Rights of Options Buyers The Obligations of Options Sellers What Is The Strike Price? In the Money vs. Out of the Money, At the Money （ITM, OTM, ATM) What Is Assignment? How Are Options Valued? Intrinsic vs. Extrinsic Value,期权基本原素 什么是期权 如何交易期权？ 为什么交易期权？ 期权认购方的权益？ 期权认沽方的责任？ 什么是期权执行价？ 价内期权, 价外期权, 平价期权 如何执行期权权益？ 期权是如何定价的？ 内价和溢价,7,Arx Asset Management , LLC Copyright 2012, All rights reserved,Only Source / Footnotes below this line,Guide 2.68,Guide 1.64,Guide 1.95,Subtitle Guide 2.64,Guide 2.80,Only Source / Footnotes below this line,Guide 0.22,Guide 4.69,Only Source / Footnotes below this line,What Are Options? 什么是期权？,Binding Contracts That Trade On An Underlying Asset 是一个针对有标价的，可以交易商品或资产的合同 Options Are Bought and Sold in Public Markets 这类合同在公开市场有标价出售，可以买，可以卖 Stock options, 股票权证 futures options, 期货期权 index options, 股指期权 ETFs 集合基金期权 Options Come With Certain Obligations & Rights Rights to buy & obligation to sell underlying stock or futures 履行期权合同协议确定的价格标的权益和责任 Options created out of thin air 期权不是个实体 Zero sum profit and loss, for every dollar made, someone has to lose one dollar 期权为零总数，有买家和卖家，有赢家就有输家，,8,Arx Asset Management , LLC Copyright 2012, All rights reserved,Only Source / Footnotes below this line,Guide 2.68,Guide 1.64,Guide 1.95,Subtitle Guide 2.64,Guide 2.80,Only Source / Footnotes below this line,Guide 0.22,Guide 4.69,Only Source / Footnotes below this line,April Housing Price Example 四月房价举例,Give you the right to buy the house in October for $200K 权益合同允许你在十月分（6个月后）付相同的价格($200K )买这个房子,9,Arx Asset Management , LLC Copyright 2012, All rights reserved,Only Source / Footnotes below this line,Guide 2.68,Guide 1.64,Guide 1.95,Subtitle Guide 2.64,Guide 2.80,Only Source / Footnotes below this line,Guide 0.22,Guide 4.69,Only Source / Footnotes below this line,Real World Example October 十月房价情况分析,Purchase Price卖价: $200,000 Option Price: 期权价 $ 5,000 Total Cost:总计 $205,000 House Value 现价: $300,000 Total Cost: 总计 $205,000 Total Equity (Profit) $ 95,000 盈利,Purchase Price: $200,000 Option Price: $ 5,000 Total Cost: $205,000 House Value: $200,000 Total Cost: $205,000 Total Equity (Profit) -$ 5,000,Purchase Price: $200,000 Option Price: $ 5,000 Total Cost: $205,000 House Value: $150,000 Total Cost: $205,000 Total Equity (Profit) -$ 55,000,10,Arx Asset Management , LLC Copyright 2012, All rights reserved,Only Source / Footnotes below this line,Guide 2.68,Guide 1.64,Guide 1.95,Subtitle Guide 2.64,Guide 2.80,Only Source / Footnotes below this line,Guide 0.22,Guide 4.69,Only Source / Footnotes below this line,How Are Options Traded? 期权是如何买卖的？,Options Trading is Similar to Stock or Futures Quoted like stocks or futures with bid-ask prices Most traded electronically by retail traders Premium is price paid (buying) or received (selling) Typically buyers pay the ask price and sellers receive the bid price,期权交易与股票或期权相似 报价与股票或期货一样买方出价和卖方报价 现代交易方式绝大部分为电子交易 溢价为买方付出的价和卖方获取的价 买方付出卖方的价（ask), 卖方获取买方的出价（bid),11,Arx Asset Management , LLC Copyright 2012, All rights reserved,Only Source / Footnotes below this line,Guide 2.68,Guide 1.64,Guide 1.95,Subtitle Guide 2.64,Guide 2.80,Only Source / Footnotes below this line,Guide 0.22,Guide 4.69,Only Source / Footnotes below this line,Real world example 2 举例,XYZ is trading $94 a share We buy an XYZ Nov 100 call in September and pay $2.00 a share for this option Our option expires in 45 days The Call gives us the right but not the obligation in November to buy XYZ for $100 November Scenario Scenario 1: XYZ goes to $120 a share Scenario 2: XYZ goes to $80 a share Scenario 3: XYZ stays at $100 a share,XYZ股票或期货价位$94，在9月分时 我们认购1个合同XYZ, 11月看涨期权 出价$2美元 这个期权在45天后过期 给我们的权利（没有责任和义务） 在11月以$100美元买XYZ 实际情况在11月时的分析： 1. XYZ涨价到$120美元 2. XYZ跌价到$80美元 3. XYZ停留在$100美元,12,Arx Asset Management , LLC Copyright 2012, All rights reserved,Scenario 1 Analysis 实际情况1分析,XYZ goes to 120 Buy XYZ for $100.00 Cost of Option $ 2.00 Total Purchase Price $102.00 Sell XYZ $120.00 Buy XYZ for $102.00 Total Profit $18.00,Obvious Exercise 行使权益购买,XYZ 涨价到$120 买 XYZ $100.00 期权溢价 $ 2.00 总费用 $102.00 卖掉 XYZ $120.00 买 XYZ for $102.00 总利润 $18.00,13,Arx Asset Management , LLC Copyright 2012, All rights reserved,Scenario 2 Analysis 实际情况2分析,XYZ goes to $80 Buy XYZ for $100.00 Cost of Option $ 2.00 Total Purchase Price $102.00 Sell XYZ $ 80.00 Buy XYZ for $102.00 Total Loss $22.00,Do not want to exercise our option 绝对不行使权益,XYZ 跌价到 $80 买 XYZ 花费 $100.00 期权溢价 $ 2.00 总花费 $102.00 卖掉 XYZ $ 80.00 买XYZ 花费 $102.00 总损失 $22.00,Do not exercise the option, we are able to buy XYZ at $80, you lose only $2, price of the optionYou only lose $2.00,不行使权益购买$100元XYZ 你可以买 $80 XYZ 。你只损失$2美元期权溢价费用,14,Arx Asset Management , LLC Copyright 2012, All rights reserved,Scenario 3 Analysis 实际情况3分析,XYZ stays at $100 Buy XYZ for $100.00 Cost of Option $ 2.00 Total Purchase Price $102.00 Sell XYZ $100.00 Buy XYZ for $102.00 Total Loss $ 2.00,It is the coin flip situation. 行使权益买或不买都是损失$2美元,Exercise of not, you lose only $2,XYZ 停留在 $100 Buy XYZ for $100.00 Cost of Option $ 2.00 Total Purchase Price $102.00 Sell XYZ $100.00 Buy XYZ for $102.00 Total Loss $ 2.00,15,Arx Asset Management , LLC Copyright 2012, All rights reserved,Only Source / Footnotes below this line,Guide 2.68,Guide 1.64,Guide 1.95,Subtitle Guide 2.64,Guide 2.80,Only Source / Footnotes below this line,Guide 0.22,Guide 4.69,Only Source / Footnotes below this line,What Rights Do Options Buyers Acquire ? 期权买者获取什么权益？,Call Options Gives the buyer the right to buy stock or futures at a specified price (strike price) The right to buy stock or futures is limited to the life of the option contract (expiration),Put Options Gives the buyer the right to sell stock or futures at a specified price (strike price) The right to sell stock or futures is limited to the life of the option contract (expiration),看涨期权 期权合同认购方有权利在特定价格（执行价）购买标的股票或期货 认购方购买股票或期货期限被限定在期权过期之前,看跌期权 认购方有权利在特定价格看跌标的股票或期货 认购方看跌股票或期货期限被限定在期权过期之前,16,Buy Call Scenario 认购范例,17,Buy Put Scenario 认沽范例,18,Arx Asset Management , LLC Copyright 2012, All rights reserved,Only Source / Footnotes below this line,Guide 2.68,Guide 1.64,Guide 1.95,Subtitle Guide 2.64,Guide 2.80,Only Source / Footnotes below this line,Guide 0.22,Guide 4.69,Only Source / Footnotes below this line,What Obligations Do Options Sellers Face? 期权做空者面对什么责任？,Call Options Seller must sell stock or futures at a specified price (strike price) if assigned. Obligation remains for the life of the option contract.,Put Options Seller must buy stock or futures at a specified price (strike price) if assigned. Obligation remains for the life of the option contract.,看涨期权 如果认购方决定认购看涨期权，卖主必须以执行价格出售期货或期权 这项责任在期权过期前有效,看跌期权 如果买方决定认购看跌期权，做空方必须按执行价买回股票或期货 这项义务在期权过期前有效,19,Only Source / Footnotes below this line,Guide 2.68,Guide 1.64,Guide 1.95,Subtitle Guide 2.64,Guide 2.80,Only Source / Footnotes below this line,Guide 0.22,Guide 4.69,Only Source / Footnotes below this line,Sell a Call 认沽看涨期权,20,Sell a Put 认沽看跌期权,21,Arx Asset Management , LLC Copyright 2012, All rights reserved,Only Source / Footnotes below this line,Guide 2.68,Guide 1.64,Guide 1.95,Subtitle Guide 2.64,Guide 2.80,Only Source / Footnotes below this line,Guide 0.22,Guide 4.69,Only Source / Footnotes below this line,What Is Assignment? 期权到期分配？,Call Options Call option sellers must sell stock or futures at a specified price (strike price) when assigned. Example: If strike price is $100, and stock price is $105, must sell stock at $100.,Put Options Put option seller must buy stock or futures at a specified price (strike price) when assigned. Example: If strike price is $100, and stock price is $95, must buy stock at $100.,看涨期权 执行期权权益时，看涨期权认沽方必须以执行价看（Strike) 跌股票或期货 例如：协议价为100元，股票现价为105元，则必须以100元看跌价卖出,看跌期权 执行期权权益时，看跌期权认沽方必须以执行价看（Strike) 看涨股票或期货 例如：协议价为100元，股票现价为95元，则必须以100元看涨股票,22,Arx Asset Management , LLC Copyright 2012, All rights reserved,Only Source / Footnotes below this line,Guide 2.68,Guide 1.64,Guide 1.95,Subtitle Guide 2.64,Guide 2.80,Only Source / Footnotes below this line,Guide 0.22,Guide 4.69,Only Source / Footnotes below this line,Why Trade Options(1)? 为什么交易期权？,Speculation: Using options to benefit on price movements 市场投机者盈利机会 利用期权通过价格涨和跌来盈利 Hedging（protection): Insurance policy (preservation of assets) 对冲（保护） 期权作为保险合同（财产保护）,23,Arx Asset Management , LLC Copyright 2012, All rights reserved,Only Source / Footnotes below this line,Guide 2.68,Guide 1.64,Guide 1.95,Subtitle Guide 2.64,Guide 2.80,Only Source / Footnotes below this line,Guide 0.22,Guide 4.69,Only Source / Footnotes below this line,Why Trade Options (2) ? 为什么交易期权？,Leverage (Buyers) Can control the Underlying With Much Less Capital Calls (Long Futures) Puts (Short Futures) Limited Risk (Buyers) Can Define and Limit Risk Risk is limited to the price paid for option (premium),利用杠杆（认购方） 利用杠杆对于买方来说可以利用少量资金控制期货 看涨期权合约替代看涨期货 看跌期权合约替代看跌期货 控制风险（认购方） 可以量化和限制风险 风险可以被限制在付出的溢价范围内,24,Arx Asset Management , LLC Copyright 2012, All rights reserved,Only Source / Footnotes below this line,Guide 2.68,Guide 1.64,Guide 1.95,Subtitle Guide 2.64,Guide 2.80,Only Source / Footnotes below this line,Guide 0.22,Guide 4.69,Only Source / Footnotes below this line,Why Trade Options(3)? 为什么交易期权？,Unlimited Profit Potential (Call Buyers) Limited Risk with Unlimited Profit Potential Calls: Unlimited upside potential (no limit on price rise) Profit at expiration (If in the money) = Price paid for option (ex. $500)* - Amount in the money (ex. $1,500) = +$1,000 ($1,500 - $500) = 200% Profit,无上限的获利可能性（认购看涨期权） 可控风险和无限的获利可能性 看涨期权:无上限获利可能性的原因在于价格提升没有上限 期权合约过期前的价格(价内期权) 看涨期权合约价格(ex. $500)* - 价内价差(ex. $1,500) = +$1,000 ($1,500 - $500) + 200%,Text,25,Arx Asset Management , LLC Copyright 2012, All rights reserved,Only Source / Footnotes below this line,Guide 2.68,Guide 1.64,Guide 1.95,Subtitle Guide 2.64,Guide 2.80,Only Source / Footnotes below this line,Guide 0.22,Guide 4.69,Only Source / Footnotes below this line,Why Trade Options (4)? 为什么交易期权？,Unlimited Profit Potential (Put Buyers) Limited Risk with Unlimited Profit Potential Puts: Unlimited downside potential (no limit on price decline) Profit at expiration (If in the money) = Price paid for option (ex. $500)* - Amount in the money (ex. $1,500) = +$1,000 ($1,500 - $500) = 200% Profit,无上限的获利可能性（认购看跌期权） 可控风险和无限的获利可能性 看跌期权:无上限获利可能性（价格下降没有下限） 期权合约过期前的价格(价内期权) 看涨期权合约价格(ex. $500)* - 价内价差(ex. $1,500) = +$1,000 ($1,500 - $500) + 200%,26,Only Source / Footnotes below this line,Guide 2.68,Guide 1.64,Guide 1.95,Subtitle Guide 2.64,Guide 2.80,Only Source / Footnotes below this line,Guide 0.22,Guide 4.69,Only Source / Footnotes below this line,Why Trade Options? 为什么交易期权？,增加收入 减小风险 减少资本和保证金 保护已或利润 分散持有股份 分散控制涉及市场范围 跟踪买入或卖出标的价,Increase Income Reduce Risk Reduce Cost and Margin Protect Profit Diversify Holdings Customize Market Exposure Target Buy or Sell Prices,期权作为商品的保险工具的潜在好处 Potential Benefits of Using Options as Insurance of Futures,27,Arx Asset Management , LLC Copyright 2012, All rights reserved,Only Source / Footnotes below this line,Guide 2.68,Guide 1.64,Guide 1.95,Subtitle Guide 2.64,Guide 2.80,Only Source / Footnotes below this line,Guide 0.22,Guide 4.69,Only Source / Footnotes below this line,What is The Strike Price？ 什么期权执行价？,Strike Price Price Specified By Options Contract Also known as exercise price Price at which options buyers can sell (puts) futures Price at which options buyers can buy (calls) f