图解期权Payoff

假定期权的折线与坐标轴都是以45度相交，那么期权计算payoff的问题，就可以用画图解决了，便于理解，若考场猛然忘记公式，可以迅速在草稿纸上得出答案~
一、最基本的4种期权策略
1.Long Call

Maximum Profit: unlimitedMaximum Loss: C₀Breakeven: X-C₀2.Long Put

Maximum Profit: X-C₀Maximum Loss: C₀Breakeven: X-C₀
3.Short Call

Maximum Profit: C₀Maximum Loss: unlimitedBreakeven: X+C₀
4.Short Put

Maximum Profit: C₀Maximum Loss: X-C₀Breakeven: X-C₀_{二、复杂期权策略}_{1.Covered Call}

Maximum Profit: X-(S₀-C₀)Maximum Loss: S₀-C₀Breakeven: S₀-C₀
2.Protective Put

Maximum Profit: unlimitedMaximum Loss: S₀-(X-C₀)Breakeven: S₀+C₀[sub][/sub]
3.Bull Call Spread

Maximum Profit: X_h-X_l-(C_l-C_h)Maximum Loss: C_l-C_hBreakeven: X_l+(C_l-C_h)[sub][/sub]
_注：_{l=low, h=high}_Xh指执行价格高的期权的执行价格_Xl指执行价格低的期权的执行价格_Cl指执行价格低的期权的期权费_Ch指执行价格高的期权的期权费4.Bear Call Spread

Maximum Profit: C_l-C_hMaximum Loss: X_h-X_l-(C_l-C_h)[sub][/sub]Breakeven: X_l+(C_l-C_h)
5.Bull Put Spread

Maximum Profit: C_h-C_lMaximum Loss: X_h-X_l-(C_h-C_l[sub][/sub])Breakeven: X_h-(C_h-C_l)
6.Bear Put Spread

Maximum Profit: X_h-X_l-(C_h-C_l)Maximum Loss: C_h-C_lBreakeven: X_h-(C_h-C_l)
7.Straddle

Maximum Profit: unlimitedMaximum Loss: C_p+C_cBreakeven: X-(C_p+C_c) or X+(C_p+C_c)

8.Collar

Maximum Profit: X_c-S₀-(C_p-C_c)Maximum Loss: S₀-X_p+(C_p-C_c)Breakeven: S₀+(C_p-C_c)
注：X_c为call option的行权价格X_p[sub][/sub]为put option的行权价格C_c[sub][/sub]为call option的期权费C_p为put option的期权费

图解期权Payoff

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