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回复 wzleegee 25# 帖子
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Hope to help, I copy straight from online learning
1. To fully understand this, you need to first understand the upside and downside risk associated with a bought / sold option position. When you buy an option, the most you can ever lose is the premium paid for the option, but you have unlimited gains. However, when you sell an option, all you could gain is the premium charged, but you are open to unlimited downside.
Let's look at a simple call option you purchased:
You paid premium upfront on purchase.
But at maturity, you either exercise the option or you can't exercise it. In theory, at maturity the underlying could range from 0 to infinity, thus your upside is unlimited, and all you could lose is the premium paid.
The logic is flipped if you sold the option;
Typically, when you sell an option, you get paid a premium.
But at maturity, the underlying price could range from 0 to infinity, thus leaving you open to unlimited downside.
Thus, as you can see above; the nature is different for bought/sold options.
2. Net written option refers to a collar arrangement (that is, in a single arrangement, you sell an option but offset it with a corresponding purchased option). So, very simply, you Buy and Sell an option so that the unlimited upside/downside that I spoke about in (1) offsets each other.
2 (b) 'No net premium is received' is a easy and common sign / indicator to whether an arrangement is a bought/written option position. Because, the risk taker is typically paid a premium for taking on risk.
So in a collar arrangement, you Bought an option (so you paid a premium) and sold an option (so you receive a premium). If the premium you receive > premium you paid, then it is typically an indicator that you have taken on risk and the overall collar is in a 'sold position'. |
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面包会有的，工作也会有的（拿到offer了，谢谢大家的加油和鼓励） (2009-6-26) hellochina 
发表于 2011-10-2 22:34
