In this video and the next one, we will go through the most commonly used exotic options.

在本視頻和下一個視頻中，我們將介紹最常用的外來選項。

We will see their main characteristics and how they can be used by investors.

我們將瞭解它們的主要特點以及投資者如何使用它們。

Exotic options are more complex than simple vanilla options like European or American put or call options, with variants in terms of payment structure and features such as price, underlying assets, and so on.

與簡單的虛值期權（如歐式或美式看跌或看漲期權）相比，奇異期權更為複雜，在支付結構和價格、標的資產等特徵方面存在變數。

They are not exchange traded and are traded over the counter.

它們不在交易所交易，而是在櫃檯交易。

Exotic options can be used by investors for several purposes.

投資者可將奇異期權用於多種目的。

They can be customized in terms of features and payoff to match investors' risk management needs.

它們可以根據投資者的風險管理需求，在功能和回報方面進行定製。

Similarly to traditional vanilla options, they can be used for hedging, with the possibility for investors to customize it in order to meet their portfolio needs.

與傳統的虛值期權類似，虛值期權也可用於套期保值，投資者可對其進行定製，以滿足自己的投資組合需求。

They can be used to generate some extra returns by betting on some specific movement levels of the underlying assets.

它們可以通過押注相關資產的某些特定變動水準來獲取額外收益。

They offer a large number of possibilities in terms of products and can be used to diversify portfolios.

它們在產品方面提供了大量可能性，可用於分散投資組合。

And in some cases, they allow investors to reduce the cost compared to traditional vanilla options.

在某些情況下，與傳統的虛值期權相比，它們能讓投資者降低成本。

In this video and the next one, we will go through 13 different types of exotic options.

在本視頻和下一個視頻中，我們將介紹 13 種不同類型的異國期權。

Binary options, also known as digital options, guarantee a certain payoff based on the occurrence of a specific event.

二元期權又稱數字期權，保證在特定事件發生時獲得一定的回報。

The payoff is either a fixed amount of money or a predetermined asset on the occurrence of a specific event or nothing.

回報要麼是固定金額，要麼是發生特定事件時預先確定的資產，要麼什麼都不是。

So there are two types of binary options, cash or nothing and asset or nothing.

是以，二元期權有兩種類型，一種是現金或無，另一種是資產或無。

For the cash or nothing call, the payoff is a digital function with two possible values, zero if the underlying asset price is below the strike price when the option expires, or one fixed level if the underlying asset price exceeds the strike price no matter how high it is.

對於現金或空頭看漲期權來說，報酬是一個數字函數，有兩種可能的值，如果期權到期時標的資產價格低於執行價格，報酬為零；如果標的資產價格無論多高都超過執行價格，報酬為一個固定值。

For the asset or nothing call, the payoff is the underlying asset price if it exceeds the strike price or nothing otherwise.

對於 "有資產或無資產 "看漲期權，如果標的資產價格超過行權價，收益就是標的資產價格，否則就是無收益。

Barrier options are another type of exotic options.

障礙期權是另一種外來期權。

Their payoffs depend on whether the underlying hits a certain level, which we call the barrier, before the expiration date.

它們的回報取決於標的物是否在到期日之前達到某個水準，我們稱之為障礙。

They can be either knock-in or knock-out.

它們可以是敲入式的，也可以是敲出式的。

A knock-in option has no intrinsic value until the underlying touches the barrier price.

在標的物觸及障礙價格之前，敲入期權沒有內在價值。

If the barrier price is hit during the life of the option, it becomes a vanilla option.

如果在期權有效期內觸及障礙價格，則成為虛值期權。

A knock-out option is like a vanilla option, but if the underlying asset price hits the The activation or deactivation of the barrier can either be up when the underlying asset price goes above the threshold, or down when the underlying asset price goes below.

擊穿期權與虛值期權類似，但如果標的資產價格觸及閾值，障礙的激活或失效可以是標的資產價格高於閾值時的上漲，也可以是標的資產價格低於閾值時的下跌。

This is depending on the option.

這取決於選項。

So there are 8 different types of barrier options.

是以，有 8 種不同類型的障礙物可供選擇。

They can be up and out, or down and out, or they can be up and in, or down and in, calls or puts options.

它們可以是漲停期權，也可以是跌停期權；可以是漲入期權，也可以是跌入期權；可以是看漲期權，也可以是看跌期權。

A barrier option is an example of a path-dependent option because its value depends on the previous prices of the underlying during the life of the option.

障礙期權是路徑依賴期權的一個例子，因為它的價值取決於期權有效期內標的物之前 的價格。

A barrier option is always cheaper than an otherwise similar option without the barrier.

隔離柵方案總是比沒有隔離柵的類似方案便宜。

Typically, an up and out call is cheaper than a similar call option without the barrier because it has a chance of being knock-out if the underlying asset price exceeds the barrier level.

通常情況下，漲停看漲期權比沒有障礙的類似看漲期權便宜，因為如果標的資產價格超過障礙水準，它就有機會被賣出。

For Asian options, the payoff is determined by the average underlying price over some predetermined period of time.

對於亞洲期權來說，回報是由某個預定時間段內的標的物平均價格決定的。

There exist two kinds of Asian options.

亞洲有兩種選擇。

They can either be fixed strike or floating strike.

它們可以是固定罷工，也可以是浮動罷工。

They are fixed strike when the average price is used in place of the underlying asset price in Vanier options, while they are floating strike when the average price is used in place of the strike price.

當 Vanier 期權用平均價格代替標的資產價格時，它們是固定行權價；而當用平均價格代替行權價時，它們是浮動行權價。

The average price can be calculated either via an arithmetic or a geometric average.

平均價格可以通過算術平均或幾何平均來計算。

Look-back options are path-dependent like many other types of exotic options.

回看期權與許多其他類型的外來期權一樣，都是路徑依賴型的。

The payoff depends on the maximum or minimum underlying asset price over the life of the option.

收益取決於期權有效期內標的資產的最高或最低價格。

Look-back options can be either with fixed strike or floating strike.

回看期權可以是固定行使價，也可以是浮動行使價。

They are fixed strike when the strike price is fixed.

當行權價固定時，它們就是固定行權價。

The payoff depends on the difference between the maximum or the minimum underlying asset price over the life of the option and the strike price.

收益取決於期權有效期內標的資產的最高或最低價格與執行價格之間的差額。

It is the maximum between zero and the difference between the maximum price and the strike price for call options and the maximum between zero and the difference between the strike price and the minimum price for put options.

對於看漲期權來說，它是零和最高價與執行價之差之間的最大值；對於看跌期權來說，它是零和執行價與最低價之差之間的最大值。

Look-back options are floating strike when the strike is determined at the expiry of the option and is equal to the minimum or the maximum of the underlying asset price over the life of the option.

回溯期權是浮動執行期權，其執行價格在期權到期時確定，等於期權有效期內相關資產價格的最低或最高值。

The payoff is the difference between the underlying asset price at maturity and its minimum level for calls and the difference between the maximum level and the underlying asset price at maturity for puts.

對於看漲期權而言，報酬是到期日標的資產價格與其最低水平之間的差額；對於看跌期權而言，報酬是到期日標的資產價格與其最高水準之間的差額。

Bermuda options can be exercised at its expiration date and at predetermined dates before it expires.

百慕大期權可以在到期日或到期前的預定日期行使。

So they are different from American options which can be exercised at any time before the option expires and from European options which can be only exercised at maturity.

是以，它們不同於美式期權，美式期權可以在期權到期前的任何時間行權，而歐式期權只能在到期時行權。

We will continue the presentation of the main types of exotic options in the coming second part.

在接下來的第二部分中，我們將繼續介紹外來期權的主要類型。

Thank you for your time.

感謝您抽出寶貴時間。