期权管理知识讲解-英文版(ppt 46页)

 期权管理知识讲解-英文版内容简介：
   Futures contracts are contracts which cost nothing to enter. This is because if you are in the long position you gain when the spot price of the underlying asset, S, rises, you also lose when the price goes down (and vice versa with the short position).
    An option is similar in many ways to a futures contract in that you have the right to buy (or sell) at a certain price in the future (this time it is called the exercise price). However, the principal difference is that you don’t have the obligation to buy at this price – you have the option as whether or not you choose to buy (or sell) at this price.
Clearly you will have to pay some premium for this privilege. How much?
    An option enables you to hedge against adverse market movements (e.g. price of oil, price of corn, stock market value, interest rate changes) without, necessarily, limiting your potential gain should the market actually move in your favour.
    Just like with a futures contract an option enables you to leverage your position and hence make it easier to speculate on market movements.

 

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