???

1
???????? 2006?5?6?

• ??????
• ?
• ??????

2
???

• ???????????????
• ????????????????
• ?(PUT), ?(CALL)

3
(No Transcript)
4

• ????????????.
• ????????????????.
• ?????? (CALLPUT)??????????????????.
• ?????????????CALL??CALL??PUT??PUT (????
  BUY/SELL-TO-OPEN CALL/PUT)?
• ????????????(MONTH) ????(STRIKE PRICE).
• ??????????????????????????????????????.

5

• ?????(OPEN)???????????????????????(CLOSE)??
  ??????????????---??BUY-TO-OPEN??????SELL-TO-CLO
  SE??????SELL-TO-OPEN??????BUY-TO-CLOSE???
• ????100???????10??? 1000???????a0?
  a,000????
• ?????????????????? (BUY/SELL)??????(OPEN/CLOSE)?
  ????(MONTH) ??????(STRIKE PRICE)????????(CON
  TRACT)?

6
CALL/PUT????????

• ??????CALL??????????? (????)??PUT??????????? --
  ???, CALL??, PUT?????, CALL??,PUT??.
• (See Page 3 SNDK Example)
• ???, ?CALL?????, ?PUT ????????, ?CALL?????, ?PUT
  ?????.

7
??????????

• (1) ?CALL(BUY-TO-OPEN CALL) -- ??????????(?????,??
  ????)
• (2) ?PUT(BUY-TO-OPEN PUT) -- ??????????(???SELL/?S
  HORT????????)
• (3) ?CALL(SELL-TO-OPEN CALL) -- ?????????
  (???????????????) ???????????????? CALL
  ???? ?
• (4) ?PUT(SELL-TO-OPEN PUT) -- ?????????
  (???????????????) ????????????????PUT????
  ?

8
????????????

• (1) ??????? (?????) -- ?CALL ?????????????CALL
  ????PUT??PREMIUM ?????????PUT???????????
• (2) ??????? (?????) -- ?PUT ????????????PUT???
  ?????CALL??PREMIUM?????????CALL???????????

9
????

• ??????? ???, ?CALL, ?PUT ???????????, ?PUT,
  ?CALL. ??????????????
• ??(???)?????? ??PUT, ???????????????????
  ????????CALL???????????????????.
• SELL-TO-OPEN (?PUT??,?CALL??)
  ??????,???(?ASSIGNED)????????

10
????(Continued)

• ??(???)??????BUY-TO-OPEN (?CALL??,?PUT??).
  ?????????????,????,??????????????(
  ???????,????,????)?
• ????????????????????????????CALL???????PUT (CALL
  ? PUT ???? ?????)?????????????????????????????
  ??????????.

11
XSTRIKE PRICE?Y??? Z??
???? ???? ?? ??
?PUT (???) ??Y? ???(??X-Y) ?????????????????? ??????????????Y
??? ???????? ??????????????CALL ????????????
?CALL (???) ??????(??XZ) ?????Z ??????????????? ??????????,??????Z
12
XSTRIKE PRICE?Y??? Z??
???? ???? ?? ??
?CALL (???) ??Y? ???(??XY) ?????????????????? ??????????????Y
?(?)?? ???????? ?????????? ?????!!
?PUT (???) ??????(??X-Z) ?????Z ??????????????? ??????????,??????Z
13
????????

• ??MARGIN/OPTION ??
• ??(?????,??, PE, PEG..)
• ??????(?????/??????,???,??/???,BOTTOM OUT,
  BREAKOUT) http//stockcharts.com/h-sc/ui
• ??????(?PUT??????CALL?)
• ??????(????????????????)
• ??????(???????????????????CALL?????PUT???)
• ???????(???????????????)
• ????????????????????????(??????)

14
????(MVK CRDN?STEVE???)

• 4?27?,STEVE?MVKCRDN SAFE TO BUY,
  MVK???(1.8)??????10?CRDN???(0.9)??????
• ???CRDN 5?55PUT,??1.50 (???53.5??,?STEVE???,??
  ???),(??????56.9)??MVK 5?55PUT,??2.8(???52.2
  ??),(??????53.7)
• MVK?????,????54 CRDN????50.3???
• 5?1?,??CRDN??(50.88) 5?3??????5?50PUT,??1.55
  ,(??????50.7)
• ????MVK??56.96, 5?55PUT??0.7BUY-TO-CLOSE,??2.
  1 CRDN??53.30, 5?55/50PUT?2.75/0.7
  BUY-TO-CLOSE, ??(?2.42)??PUT?0.40
• ?????????

15
????(MRVL?SNDK?AAPL)

• MRVL3?????73??59.9,??3?60PUT??1.65??,???ASSI
  GN???(??58.35)
• 4?????58.9??4?57.5CALL(??2.9),???57.1??4?60PU
  T(??3.5)
• 4????????57.59, 60PUT/57.5CALL??ASSIGN(60????
  57.5???),??????????,??2.5,?CALL/PUT??2.93.5-2
  .53.9???????,????58.35-3.954.45
• ??????55.83??5?60PUT(??5.2)????54.66??5?57.5P
  UT(??4.3). ????57.91,????CALL?
• SNDK/AAPL????--?PUT/?????,?CALL/?????
  ????,??FAT PREMIUM??????????????