Investors Trading Academy2015.11.18---蝶式套利

Investors Trading Academy2015.11.18---蝶式套利
發佈日期：2015年11月18日
Welcome to the Investors Trading Academy talking glossary of financial terms and events. Our word of the day is “Butterfly Spread”
A butterfly strategy involves four options with three strike prices. For a call strategy, an investor can buy one call at the lowest price, sell two calls at the middle strike price and buy one call at the highest strike price. A butterfly spread put strategy can be developed by buying one put at the highest price, selling two at the middle price and buying one put at the lowest price. Confused yet?
Because of the different positions, both risk and return are somewhat limited. What's not limited is the amount of commissions you'll pay your broker on eight options transactions, making butterfly spreads a strategy that should be avoided by most individual investors.
The butterfly spread is a neutral strategy that is a combination of a bull spread and a bear spread. It is a limited profit, limited risk options strategy. There are 3 striking prices involved in a butterfly spread and it can be constructed using calls or puts.
By Barry Norman, Investors Trading Academy - ITA
欢迎来到财务条款和事件的投资者交易学院讲词汇。 我们当天的词是“蝶式套利”
蝴蝶策略包括四个选项中有三个执行价格。对于呼叫策略，投资者可以在中间行使价以最低的价格买了一个电话，卖两个通话买一个呼叫最高行使价。 蝴蝶传播投入策略可以通过购买看跌的最高价，卖二的中间价格，买一个看跌期权以最低的价格来制定。 困惑了吗？
由于位置不同，风险和收益都比较有限。有什么理由不局限于是佣金，你将支付你的经纪人在八个期权交易，使得蝴蝶传播，应避免大多数个人投资者的策略的数量。
该蝶式套利是一种中性策略，是一个牛市套利和熊市套利组合。这是一个利润有限，风险有限的期权战略。有参与蝶式套利3惊人的价格，它可以使用电话或看跌期权构成。
巴里·诺曼，投资者交易学院 - ITA