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    比特币期权入门 | 第二期:多样化的期权交易策略

    欢迎回到我们的期权文章系列!

    在上一篇文章里,我们简单介绍了比特币期权的定义、主要优点、基本种类以及针对两大主流的比特币衍生品交易所进行了对比。在本篇文章中,我们将继续深入挖掘这一重要的投资工具——期权。首先将通过具体事例来解释期权的收益计算方式,其次,我们将着重介绍几种在不同市场情境下的典型期权交易策略。

    收益计算方式

    虽然我们在上一篇文章中简单介绍了如何计算期权收益,但在进入更复杂的交易策略篇之前,我们认为有必要通过一个最为基本的看涨期权例子来加深理解。

    买入比特币买权意味着持有人拥有了在某一特定日期(取决于期权的形式)或该日之前的任何时间以固定价格买进或售出标的资产(比特币)的权利,但不负有必须买进或售出的义务。从本质上说,这是比特币本身的一种杠杆投资选择,因为购买一个看涨期权的成本比直接购买比特币要低。

    如表1所示,我们假设买入的看涨期权的执行价为3500美元,其基于不同比特币价格的期权价格(premium) 如表1第(2) 列所示。理论上,一般使用著名的布莱克-舒尔斯模型或其改良模型,抑或是根据不同时期的市场供求情况来确定期权价格。本文为简单起见,人为设定一个固定的期权价格。

    在表1第(3) 列中,看涨期权的收益按[0, 比特币到期价格]区间的最大值计算。此外,在第(4) 列中是减去期权价格之后的收益。从图1中可以看到,理论上收益是没有上限的,并且损失不会超过期权费用。

    在第(5) 列中,我们将向您介绍一种新的概念——价值状态。价值状态包括价内(ATM)、价平(ITM) 以及价外(OTM) 三类。请注意,这些概念对于买入和卖出看涨期权是同等适用的:

    • 价内(ATM):期权执行价= 旗下资产价值

    • 价平(ITM):期权执行价< 旗下资产价值(对于看跌期权而言则是价外)

    • 价外(OTM):期权执行价> 旗下资产价值(对于看跌期权而言则是价平)

    如果一个期权在到期日是处于价外,则会毫无价值。期权越处于价外,期权价格就会越低。这是因为它要求在特定的时期内,资产价格按照对您有利的方向变动。如果资产价格按照这种方向移动,价外期权则会最大化您的收益。

    SWKST5t0g6QXMnoqmv6e1h2DHIfeoBIE7gwhE2kU.png

    表1  看涨期权的说明示例

    *计算时不考虑手续费和利率

    AKP1kMJsPhVze3mKRHnQmijpR1yTkgWuh6faDFu1.png

    图1  投入与收益例

    比特币期权交易策略

    在彻底了解了期权的基本种类之后,我们可以继续学习几类看涨期权和看跌期权的组合策略。这些组合策略大致可以分为三类:基于投资者对旗下资产未来预期的看多,看空和中立期权。

    下面我们会用图表简单描述各个策略,然后讨论适用于该情境的可能方案以及可行的交易操作。请注意,一种策略可对应多种交易操作,在此只讨论其中一种。

    看涨预期

    VGOPpr7k0J2tTF9eRowfV29G3XGJyrYAtIIg7k2d.png

    图1  投入与收益例

    • 可能的情境

    当投资者预期比特币价格上涨时,相比买入比特币期货,他可能更倾向于止损。

    • 交易操作

    买入执行价为K1的看涨期权,卖出执行价为K2的看涨期权,K1 < K2。

    9iLl6HMiBYZxUGwAf7R1WvBh4v6m5QFSKoScLujn.png

    • 可能的情境

    投资家相信比特币价格将不会下跌,并决定基于他的预期来获得一些期权价格收益。

    • 交易操作

    买入比特币期货,并卖出执行价为K1看涨期权。请注意,这种情况下也可以卖出执行价为K1的看跌期权。

    看跌预期

    vnSIHoW3ZIy4u3yii5ZlxCb6vfCgd2Q3OMO2IQWQ.png

    • 可能的情境

    当投资者预期比特币价格将下跌时,比起卖出比特币期货,他可能更倾向于止损。

    • 交易操作

    买入执行价为K2的看跌期权,并卖出执行价为K1的看跌期权,K1 < K2。

    中立预期

    PGYgy8C5wIKA80lbFYcgTPfIZtqMbYis6Z2o9mDd.png

    • 可能的情境

    当投资者认为比特币价格将会发生非常大的波动,然而并不能确定是上涨还是下跌时,此外,投资者认为此时买入期权相对便宜。

    • 交易操作

    买入执行价为K1的看跌期权,并买入执行价为K2的看涨期权,K1 < K2。

    在实际的交易中,针对不同的期权存在多种的交易策略,以及多种组合方式。只要您了解基础原理以及上述交易组合的构建方式,您就能够设计属于自己的交易策略。

    到目前为止,我们已经介绍了一些比特币期权的基本知识和一些实际交易策略。在今后的系列文章中,我们将继续讨论期权的要点,以便让您更好地了解此类投资工具。与此同时,我们已经发布了2018加密货币市场回顾,为所有社区提供重新回顾比特币历史性的一年的机会。

    声明:本文系 SwissBorg Vivian Xu 原创稿件,版权属 SwissBorg 所有。

    本文来源: momoshui 文章作者: 佚名
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