, . , , , , , , .
, .
"" (option call); "" (option put).
, , "" (strike price), (exercise price).
, , , (expiration date), , .
. .
(exchange-traded options) , . -' . , , (over-the-counter options).
15.1. /||
IBM (IBM) | Underlying stock | price: 120V16 | ||||||
Call | Put | |||||||
Strike | Expiration | Volume | Last | Open interest | Volume | Last | Open interest | |
115 Jim 1372 | 7 4483 756 | l3 | ||||||
115 Oct | 2584 10 | |||||||
115 Jan | 15 53 | |||||||
120 Jun 2377 | '/2 8049 873 | 27/8 | ||||||
120 Oct 121 | Ve 2561 45 | 7V8 | ||||||
120 Jan 91 | '/2 8842 | ... | ||||||
125 Jun 1564 | '/2 9764 17 | 5V4 | ||||||
125 Oct 91 | V2 2360 | .,, | ||||||
125 Jan 87 | '/2 124 | ... | ||||||
, 28 1998
The Wall Street Journal, 29 1998 . The Wall
Street Journal, 1998 Dow Jones & Company, Inc.
. 15.1. ("" "") , , "" . , , . , , , "" 100 , , . , , 2. . 15 1 IBM, .
|
|
, IBM , 28 1998 , 120 '/, . . , 115 ., , 28 "" IBM . , "Volume", , "" IBM 115 1372. , "" IBM 115 . "Volume " , , "" IBM , 7, 700 . 3. "Open interest"
LEAPS, 3 100 .
" ") 28 . , ""
IBM 115.
, ( ). (intrinsic value, tangible value). , "" IBM 115 ., ? IBM 120 '/, , 115 ., "" 5 '/, . . 7 , , 1 "/, (time value)
, . , , . 15.1 "" IBM "" 120 ., , . 7, ., 3 '/, 9 5/, 12 7 "" IBM 115.
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|
, , , (out of the money). , "" IBM 115 . . "" IBM 115 . (in the money). , "" , "" , . , , , (at the money).
"' "" . "" . , 15.1 , . "" 115 . 120 125 . "" 7 3 '/ . 1 , ., ""
1 3/ 2 Vg 5 .
15.1 |
. 15 1, "" IBM 125 . "". |