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期权里sell to open, sell to close, buy to open, buy to close 怎么区分？ 怎么理解position这个词的意思？
那期权中的“期”，意思是未来某个时间，“权”，就是权利。所谓“买权”，是期权的一种，意思是“未来某个时间” 可以来 “买” 某个标的 的“权利”。 注：”标的“的意思是，投资的目标，比如某只股票，大盘指数，某个期货等等。以下用“某只股票”做例子。 那，买了一个买权，意思是，你买进了一个可以在某个时间点，以某个约定的价格，购买某只股票的权利。对于买方来说，这是权利，当时把这个买权卖给你的那个人，就是义务了。 看到这儿，相信你大概明白了，对于买权的买方来说，是权利，对于卖方来说，是义务。 而对于卖权也是一样，我买了一个卖权，也就是说，在未来某个时间点，我可以以某个约定的价格，来卖掉某只股票的权利，对于买了我那个卖权的那个人来说，到时候我想卖给他，他就一定得买下来，对于他来说，是义务。
- 期权本身自己有价格，比如某个期权2块钱一个。
- 期权有一个执行时间，比如三个月后
- 期权有一个执行价格和一个标的，比如以“某个价格”买“某个股票”
【为什么要有期权】 举个简单的例子，忽略佣金、折现率等的问题，某只股票现在价格是50块，你觉得一个月后这只股票会涨到100块，可是你现在只有10块钱，那你一股都买不起，但是这个股票一个月后执行价格为70块的买权只有2块钱一个，那你就可以买5个期权，到时候你就可以用70块的价格买5股已经价值为100块的股票，你买到的同时，立刻卖掉这些股票，你就净赚（100-70）*5=150块。 你用10块钱，赚了150块你敢信吗！
【Sell to Open，Sell to Close, Buy to Open, Buy to Close】 我们刚刚讲了，所谓期权，到时候就会执行的。其实就类似于单方面的“契约”。所以这个“Open”或者“Close”就是建立，或者关闭，这个“契约”的意思。 在这个“契约”建立（Open）之后，到那个执行日期之前任何时候，都可以主动结束（Close）它。 如何操作呢？ 跟之前建立的时候的动作相反即可，比如你之前是Buy to Open，也就以“买（Buy）”期权做“建立（Open）”合约的动作，就用Sell to Close来做结束。那相应的，Sell to Open，就要用Buy to Close做结束。 举个栗子（我不贴栗子图！）。 期权基础知识之 Long Call 看涨期权 我买了5个某个股票的一个月后执行的买权，在这个一个月后的到期日来临之前，我都可以再卖5个这个股票的买权（也就是卖来的买权都卖掉），这样我手上就没有关于这个股票的任何期权了，这样就被Close掉了。
【关于Position】 我理解，Position简单来讲就是仓位，类似于你现在持有中石化1000股，这个就是你的仓位，而Option的仓位就是你持有的期权有多少。 再举个栗子，你现在户头上有5000个中石油的买权，那这个就是你的Position。当你把这些买权给卖掉，或者执行掉，就相当于把你的Option的仓位给平了。
期权基础知识之 Long Call 看涨期权
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什么是「看涨期权」？
假设一位投资者（多方，long）买入了一份3个月到期执行价格K=50的看涨期权，如果3个月后标的物的市场价格是S1=60，那么该投资者就可以行使期权，以50买入标的，反手以市价卖掉，这样他就挣到了10块钱；如果3个月后标的物的市场价格是S2=30，同样他也有以50买入的权利，但行使这个权利对他是不利的，那么理性的他就应该放弃这个权利，即不行权。这样他就不必承担标的物价格下降带来的损失，这看上去简直稳赚不赔啊……但天下没有免费的午餐，多方（long）为了享受这个权利需要向空方（short）支付一笔期权费（premium）。
- 欧式期权：行权时间只能在合约规定的期限当天；
- 美式期权：行权时间可以合约规定的期限之前的任意某天。
期权的交易市场主要有交易所（EXCHANGE）和场外市场（Over the Counter），前者是标准化和集中化的合约，清算所承担信用风险，所有人都是跟清算所做交易；后者是交易双方私人订制的非标准化合约，更具灵活性，但同时交易方也承担了交易对手的违约风险。
【1】Risk Management and Financial Institutions, 4th Edition, by John Hull.
【2】Options, Futures, and Other Derivatives, Tenth Edition, by John C. Hull.
Long Calls
Now that we’ve explained the differences between calls and puts here, let’s take a closer look at long calls.
Going “long” on a call means you are on the buying side of the option contract. Essentially, you are the buyer of the call and there is a seller on the other side of the trade who is writing the call.
As the buyer, you are betting that the price of the underlying stock will go up while the seller is simultaneously betting that the price of that same stock will go down.
After buying the call, your maximum profit on that particular contract is unlimited. Your best case scenario would be for the stock to continue to rise as much as possible before it expires.
As your contract gets closer to its expiration date (which can either be at the end of each week or on the third Friday of the expiration month), it will be up to you whether you want to sell out of your call and take your profits/losses or exercise the call upon expiration. Exercising the call means that you will be delivered the underlying shares of the stock from the seller at the agreed upon strike price that was set at the time of the trade.
If the trade doesn’t go your way, your maximum loss will be what you initially paid to the seller to buy the contract.
Long calls 期权基础知识之 Long Call 看涨期权 are the simplest form of options trading and the best way to get your feet wet when you first start trading options.
Buy your first call today by downloading the Jellifin app at launch. Sign 期权基础知识之 Long Call 看涨期权 up for early access here.
Jellifin is an options trading platform. Customers can trade U.S. equity options commission free. To learn more visit Jellifin.com or download the app directly from the Apple App Store.
Financial market data and brokerage services provided by Third Party Trade LLC, Member FINRA & SIPC. Third Party Trade LLC is a subsidiary of Third Party Technologies Inc. Check the background of Third Party Trade LLC on FINRA’s BrokerCheck. Jellifin Financial, Inc. is NOT a broker-dealer or investment advisor.
Jellifin does not provide investment, tax, or legal advice. Electronic trading 期权基础知识之 Long Call 看涨期权 poses unique risk to investors. System response and access times may vary due to market conditions, system performance and other factors. Options involve risk and are not suitable for all investors as the special risks inherent to options trading may expose 期权基础知识之 Long Call 看涨期权 investors to potentially significant losses. Please read Characteristics and Risks of Standardized Options before deciding to invest in options. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. An investor should understand these and additional risks before trading. For additional questions, please contact our customer service department at [email protected] For all brokerage related questions, please contact Third Party Trade LLC at [email protected]