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  • an option gives you the right but not the obligation to buy or sell an asset in the future at a specific price.

    期權賦予你在未來以特定價格購買或出售資產的權利,但不是義務。

  • Let me say that again, an option is an option is your option to but not your obligation to buy or sell an asset at a certain price in the future.

    讓我再說一遍,期權是一種選擇,是你在未來以某種價格購買或出售資產的選擇,但不是你的義務。

  • And that optionality is what makes this different than just owning a Cryptocurrency or being short of Cryptocurrency asset.

    而這種選擇性是使其不同於僅僅擁有一種加密貨幣或做空加密貨幣資產的原因。

  • There are some basic factors involved in the price of an option or what makes an option valuable.

    在期權的價格中涉及到一些基本因素,或者說是什麼使期權有價值。

  • And I want to talk about that right now.

    而我現在就想談談這個問題。

  • First of all, the time period is really important.

    首先,時間段真的很重要。

  • If I own an option that expires tomorrow, it's gonna be worth a lot less than if I owe an option that expires in 30 days or a year.

    如果我擁有一個明天到期的期權,它的價值會比我欠一個30天或一年後到期的期權少很多。

  • Just look at what's happened to Bitcoin in the last year, it's gone up by five or 10 times the amount in price in a year.

    只要看看比特幣在去年發生了什麼,它的價格在一年內上漲了五倍或十倍。

  • Now you probably would have had a hard time predicting that.

    現在你可能很難預測到這一點。

  • Which means the longer you have as an option, the more value because there's more uncertainty.

    這意味著你作為一個選項的時間越長,就越有價值,因為有更多的不確定性。

  • And since you always have the option of exercising it, your downside is always completely limited by the premium you pay upfront.

    而且,由於你總是可以選擇行使它,你的不利因素總是完全被你預先支付的保險費所限制。

  • And that's my second point that I want to talk about and that is the premium, the premium is the amount of money you pay to have that option.

    這是我想談的第二點,那就是保險費,保險費是你為擁有該選項所支付的金額。

  • It's also if you buy an option it's the maximum you're going to lose on a trade and that can help you manage your risk.

    這也是如果你買了一個期權,它是你在交易中的最大損失,這可以幫助你管理你的風險。

  • So again, the premium is the amount of money you pay to have that option to exercise in the future.

    是以,同樣地,保險費是你為在未來行使該期權而支付的金額。

  • The next thing we want to talk about is a strike price.

    我們要談的下一件事是行權價格。

  • And again I showed that document earlier about stock prices and I'll show it shortly, that's where we're gonna buy or sell that option in the future.

    再說一遍我之前展示的關於股票價格的文件,我很快就會展示,這就是我們未來要買入或賣出該期權的地方。

  • And then finally you have a call option or a put option, the call is the right to buy something.

    然後最後你有一個看漲期權或看跌期權,看漲期權是買東西的權利。

  • The put option is the right to sell and let me quickly go through those right now.

    認沽期權是賣出的權利,讓我現在快速瀏覽一下這些。

  • And I'll show a diagram on the screen.

    我將在螢幕上顯示一個圖示。

  • This is a diagram of being long a call option.

    這是一個做多看漲期權的圖示。

  • This is my right to buy something in the future.

    這是我將來買東西的權利。

  • And as you can see from this diagram when it comes to say Bitcoin.

    而從這個圖中你可以看到,當說到比特幣的時候。

  • For example, if I have the right to buy Bitcoin in the future and it goes to 100,000 double the current price.

    例如,如果我有權利在未來購買比特幣,而它的價格是目前價格的100,000倍。

  • Well, I'm gonna have a lot of upside, but if I choose not to exercise that option in the future, I'm gonna have a limited downside.

    好吧,我將有很大的上升空間,但如果我選擇在未來不行使該選項,我將有有限的下降空間。

  • And that's why that graph spikes, if the price goes up and it stays fixed as the price goes down, that's the essence of a call option.

    這就是為什麼那張圖會出現峰值,如果價格上漲,它就會隨著價格的下跌而保持固定,這就是看漲期權的本質。

  • It's a very important thing to understand in contrary is a put option and you can see that diagram on screen, a put option means that someone has the right to sell that instrument in the future.

    這是一個非常重要的事情,要明白相反的是認沽期權,你可以在螢幕上看到這個圖,認沽期權意味著有人有權在未來出售該工具。

  • So you can see that for example, if Bitcoin goes to zero, you can see from this uh this diagram here that you've got a lot of potential profit or loss, if something drops in price, but if something goes up in price, it's actually quite limited because you're only going to exercise a put option if the price drops significantly.

    所以你可以看到,例如,如果比特幣漲到零,你可以從這個呃這個圖中看到,你有很多潛在的利潤或損失,如果東西的價格下降,但如果東西的價格上升,它實際上是相當有限的,因為你只有在價格大幅下降時才會行使認沽期權。

  • So it's important to kind of understand these basics.

    是以,瞭解這些基本知識很重要。

  • Again, in my in my defy Academy in module three in week three, all of my students go ahead and if it's legal in their area, buy a call option on ethereum and I have them do that, so they can just get a feel for what it's like to trade something like that, even if it's only a very small size.

    同樣,在我的defy學院第三模塊的第三週,我所有的學生都去了,如果在他們的地區是合法的,買了一個以太坊的看漲期權,我讓他們這樣做,所以他們可以感受到交易這樣的東西是什麼樣的,即使它只是一個非常小的規模。

  • Once you actually watch that thing and see it go in and out of the money, you can really have a feel for how that instrument can change rapidly in value when the price goes up or it can go to zero when the price goes down in the form of a call option.

    一旦你真正觀察到那東西,看到它進進出出,你就能真正感受到當價格上漲時,該工具的價值會迅速變化,或者當價格下跌時,看漲期權的形式會歸零。

  • So again, the best way to do this is to trade it.

    所以還是那句話,最好的辦法是交易。

  • And that's exactly what I teach in my academy, let's talk about strike price because you've probably heard these terms of an option being at the money in the money or out of the money and there's a diagram, I'll put here up on screen, that kind of shows what that means.

    這正是我在我的學院裡教的,讓我們來談談行權價,因為你可能聽說過這些術語,即一個期權是在錢上還是在錢外,有一張圖,我會把它放在螢幕上,這有點顯示了這意味著什麼。

  • And let me give you an example Of where Bitcoin is right now about 51,000 if I have an own an option say a call option with a strike price of 51,000 that isn't at the money option.

    讓我給你舉個例子,比特幣現在大約是51,000,如果我有一個期權,比如說一個行權價為51,000的看漲期權,這不是錢的期權。

  • It means right now if I exercise it, it's not worth anything.

    這意味著現在如果我行使它,它就沒有任何價值。

  • Now if that strike price is Is lower than the current price of the option or that option is in the money it means if I exercise that right now I could exercise it and get a profit.

    現在,如果該行權價格低於期權的當前價格,或者該期權處於貨幣狀態,這意味著如果我現在行使該期權,我可以行使它並獲得利潤。

  • So say for example I owned a Bitcoin option struck at 50,000 it would be about $1,000 in the money.

    是以,舉例來說,我擁有一個以50,000元價格成交的比特幣期權,這將是大約1,000元的資金。

  • That's an in the money option and of course and out of the money option Is an option that right now would expire worthless.

    這是一個資金內的期權,當然也是一個資金外的期權,是一個現在就會到期的無價值的期權。

  • Say I owned an option right now a call option on Bitcoin at $60,000.

    假設我現在擁有一個比特幣的看漲期權,價格為60,000美元。

  • It's pretty far out of the money which means I'm only going to make money on that piece.

    這是相當遠的錢,這意味著我只能在這塊上掙錢。

  • If Bitcoin happens to rally which it could.

    如果比特幣碰巧反彈,它可能會反彈。

  • So again, typically the more out of the money the option is, the cheaper it is, the more in the money an option is the more expensive it is and the more it actually behaves like the underlying instruments.

    是以,同樣地,通常情況下,期權越是處於非貨幣狀態,它就越便宜,期權越是處於貨幣狀態,它就越貴,而且它的實際表現越像基礎工具。

  • So that should explain that a little bit more, a little bit more that I want to talk about when it comes to pricing an option is we can look at something called the option value or what we call an intrinsic value.

    所以這應該能解釋得更多一點,當涉及到期權的定價時,我想談的是我們可以看一下稱為期權價值或我們稱之為內在價值的東西。

  • So I'll stick this graph on screen here and this looks like a call option to me or an option where gains and value if you have the right to buy it in the future and we can see that there's an intrinsic value there, that hockey stick but there's actually a price of the option and that's because as long as the option still has time left it always is worth a little bit more than the underlying actual value of the option if I exercised it.

    所以我把這張圖貼在螢幕上,這對我來說就像一個看漲期權或一個期權,如果你有權利在未來購買它,就會有收益和價值,我們可以看到那裡有一個內在價值,那個曲棍球棒,但實際上有一個期權的價格,這是因為只要期權還有時間,它的價值總是比如果我行使它的相關實際價值高一點。

  • And that's the one final important lesson to understand about options.

    而這是關於期權的最後一個重要教訓,需要了解。

  • Having the time is one of the most important issues with an option.

    擁有時間是選項中最重要的問題之一。

  • You always want more time with an option.

    你總是希望有更多的時間來選擇。

  • You know I would rather have an option that expires a week from now than a day from now because anything could happen tomorrow amazon could announce its accepting Bitcoin.

    你知道我寧願有一個一週後到期的期權,而不是一天後,因為任何事情都可能發生,明天亞馬遜可能宣佈接受比特幣。

  • Apple Pay could announce that it's accepting Bitcoin and ethereum google could announce that it's accepting Bitcoin ethereum.

    蘋果支付可以宣佈接受比特幣和以太坊谷歌可以宣佈接受比特幣以太坊。

  • That press announcement could happen any day from now and let me ask you a question, would you like to be owning Bitcoin or ethereum or owning call options before that announcement or after that announcement.

    該新聞公告可能從現在開始的任何一天發生,讓我問你一個問題,你想在該公告之前或之後擁有比特幣或以太坊或擁有看漲期權。

  • It's a simple question.

    這是個簡單的問題。

  • My point is this there's a lot of volatility in these markets and the longer your option period, the more chance you have of making money off that option and since you've already paid the premium and you have a fixed downside, that's why we always want options that are longer, and we always want to understand that the more time we have for things to happen in the market, uh the more valuable our option becomes.

    我的觀點是,這些市場有很大的波動性,你的期權期限越長,你就越有機會從該期權中賺錢,因為你已經支付了保險費,而且你有固定的下跌空間,這就是為什麼我們總是希望期權更長,而且我們總是希望瞭解,我們在市場上發生事情的時間越多,呃,我們的期權就越有價值。

an option gives you the right but not the obligation to buy or sell an asset in the future at a specific price.

期權賦予你在未來以特定價格購買或出售資產的權利,但不是義務。

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A2 初級 中文 價格 特幣 價值 到期 權利 選項

看漲和看跌期權101?行使價和溢價 (Call & Put Options 101 ? Strike Prices & Premiums)

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    林宜悉 發佈於 2021 年 09 月 22 日
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