u********s
发帖数: 1047 | |
E***r
发帖数: 1037 | 2
中概我一般赌大
【在 u********s 的大作中提到】
: 都没人关注了
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j**s
发帖数: 1518 | 3 我也堵了点，希望明天别被大盘干死
【在 E***r 的大作中提到】
:
: 中概我一般赌大
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J*******t
发帖数: 148 | 4 E 神， 如果没有百度正股， 买了180 call， 卖出200的call， 假设baidu 股价在210
， 那么自己卖出的call 会被exercised吗？ 如果被exercised, 怎么办？ 谢谢
【在 E***r 的大作中提到】
:
: 中概我一般赌大
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E***r
发帖数: 1037 | 5
个人理解：券商不认组合，每条腿是单独处理的。
ITM 期权拿过过期日会被券商自动行权，并收取行权费。
假设你 long 一个 180 call，short 一个 200 call：
如果股价停在 170，两个 call 都 OTM 而作废，不会行权。
如果股价停在 190，short call 作废，long call 自动行权，
券商会帮你以 180 的价格买进 100 股，并收取行权费。
如果股价停在 210，两个 call 都 ITM，都会自动行权：
1. 券商帮你自动以 180 买进 100 股，收一次行权费；
2. 自动以 200 卖出 100 股，又收一次（被）行权费。
1和2谁先谁后不重要，重点是你最后收益是 200-180 = 20、
减去当初这个 debit vertical 的价格（肯定小于20）、
再减去两次行权费。
【在 J*******t 的大作中提到】
: E 神， 如果没有百度正股， 买了180 call， 卖出200的call， 假设baidu 股价在210
: ， 那么自己卖出的call 会被exercised吗？ 如果被exercised, 怎么办？ 谢谢
|
t***3
发帖数: 936 | 6 不全对。卖的leg你不知道会不会被assign。
：
：【 在 JasonBest (Qwert212) 的大作中提到: 】 |
E***r
发帖数: 1037 | 7 展开说说？
我查到的文章好像都支持自动行权。
你说的是一分钱的 threshold 问题吗？（楼主的例子已经 ITM 十块钱了）
https://www.fidelity.com/options-trading/options-auto-exercise-rules
Stock options that are in-the-money at the time of expiration will be
automatically exercised.
http://www.nasdaq.com/article/automatic-exercise-afterhours-risk-and-other-options-expiration-issues-cm45720
Options Clearing Corporation (OCC) automatically exercises options whose
official close is one penny or more in-the-money.
http://www.cboe.com/education/getting-started/quick-facts/expiration-exercise-assignment
The Options Clearing Corporation has provisions for the automatic exercise
of certain in-the-money options at expiration, a procedure also referred to
as "exercise by exception." Generally, OCC will automatically exercise any
expiring equity call or put in a customer account that is $0.01 or more in-
the-money, and an index option that is $.01 or more in-the-money. However, a
specific brokerage firm's threshold for such automatic exercise may or may
not be the same as OCC's.
http://www.schaeffersresearch.com/education/options-basics/options-trading-mechanics/options-expiration-assignment-and-exercise
Option buyers should be aware that all in-the-money options will be
automatically exercised by the close of trading on expiration Friday if no
other action is taken to close out the trade.
https://www.optionseducation.org/tools/faq/options_exercise.html/
Will my broker automatically exercise options that expire in-the-money?
Each brokerage firm has a procedure outlined in your account agreement forms
. Customers should be familiar with these procedures. The option holder can
always submit instructions to their broker regarding whether to exercise or
not to exercise. A customer may decide not to exercise an in-the-money
option in some cases. It is best to have an understanding with your broker
on actual procedure. They may have a threshold imposed for automatically
exercising customer orders. OCC uses the $.01 threshold for the positions of
its clearing members as an administrative convenience, but your firm may
have a different threshold. Here is a description of the procedure:
EXERCISE BY EXCEPTION
"Exercise by exception" is an administrative procedure used by OCC to
expedite the exercise of expiring options by clearing members. In this
procedure, OCC exercises options that are in-the-money by specified
threshold amounts unless the clearing member submits instructions not to
exercise these options. "Exercise by exception" is a procedural convenience
extended to OCC clearing members, which relieves them of the operational
burden of entering individual exercise instructions for every option
contract. It is important to note "exercise by exception” is a procedure
between OCC and its clearing members and is not intended to prevent the need
for customers to communicate exercise instructions to their brokers:
"The exercise thresholds provided for in Rule 805(d) and elsewhere in the
rules are part of the administrative procedures established by the
Corporation to expedite its processing of exercises of expiring options by
clearing members, and are not intended to dictate to clearing members which
positions in customers’ accounts should or must be exercised." (Rule 805,
Interpretation .02)
【在 t***3 的大作中提到】
: 不全对。卖的leg你不知道会不会被assign。
:
: ：
: ：【 在 JasonBest (Qwert212) 的大作中提到: 】
|
J*******t
发帖数: 148 | 8 谢谢E 神， 关于财报之前买入 180 call 和卖出 200 的call，
如果股价停在210， 我可以卖出180 的call 和 买入 200 的call 来close 吗？
我赌财报时没有正股也不想要正股，所以不想行权也不想被行权。但是卖出去的200的
call 没办法close
【在 E***r 的大作中提到】
: 展开说说？
: 我查到的文章好像都支持自动行权。
: 你说的是一分钱的 threshold 问题吗？（楼主的例子已经 ITM 十块钱了）
: https://www.fidelity.com/options-trading/options-auto-exercise-rules
: Stock options that are in-the-money at the time of expiration will be
: automatically exercised.
: http://www.nasdaq.com/article/automatic-exercise-afterhours-risk-and-other-options-expiration-issues-cm45720
: Options Clearing Corporation (OCC) automatically exercises options whose
: official close is one penny or more in-the-money.
: http://www.cboe.com/education/getting-started/quick-facts/expiration-exercise-assignment
|
E***r
发帖数: 1037 | 9 可以提前 close， 这是推荐做法。
其实临近过期时如果 short leg 比 long leg 离股价近
（比如你的 ITM debit call vertical）
time decay is in your favor
但还是推荐关掉
【在 J*******t 的大作中提到】
: 谢谢E 神， 关于财报之前买入 180 call 和卖出 200 的call，
: 如果股价停在210， 我可以卖出180 的call 和 买入 200 的call 来close 吗？
: 我赌财报时没有正股也不想要正股，所以不想行权也不想被行权。但是卖出去的200的
: call 没办法close
|
J*******t
发帖数: 148 | 10 嗯，谢谢
【在 E***r 的大作中提到】
: 可以提前 close， 这是推荐做法。
: 其实临近过期时如果 short leg 比 long leg 离股价近
: （比如你的 ITM debit call vertical）
: time decay is in your favor
: 但还是推荐关掉
|
c******t
发帖数: 2478 | |
