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一次搞懂Put和Call Options

What Is the Difference between Strike Price and Spot Price?

Strike price (also called exercise price) is the price at which you can 一次搞懂Put和Call Options buy the underlying security when exercising a call option, or the price at which you can sell the underlying when exercising a put option. Spot price means the current market price.

In short: spot price = now, while strike price = when exercising.

Option Spot Price vs. Underlying Spot Price

In this context, spot price can actually mean either the current 一次搞懂Put和Call Options market price of the underlying security or the current market price of the option itself, which is why the use of this term with options 一次搞懂Put和Call Options can be a bit unfortunate and it's always better to say "option's spot price" or "stock's/underlying spot price" rather than just "一次搞懂Put和Call Options spot price" to avoid any confusion, or "option's market price" and "underlying (market) price", or "option premium" and "underlying price".

Spot Price vs. Futures/Forward 一次搞懂Put和Call Options Price

The term spot price is not limited to options or stocks – you can use it when referring to the current market price of any security. It is most commonly used with securities which besides the spot market also have futures or forward markets, such as commodities, currencies 一次搞懂Put和Call Options or interest rates.

For instance, you can hear about the "gold spot price" as opposed to gold futures prices, or you can "buy euros on the spot market" as opposed to the forward market. Generally, spot price is the price for immediate delivery or settlement (in practice, immediate typically means settled within a very few, like 1-3, days), while a futures or forward price, although agreed now, is 一次搞懂Put和Call Options for settlement at a given date in the future (e.g. one month or even one year from now).

The key thing to remember is that in finance "spot" means "right now" or "immediately".

Example of Option Strike vs. Spot Price

Let's say you think that General Electric (GE) 一次搞懂Put和Call Options stock might go up in the near future and you want to buy the 30 strike call option which expires 3 months from now – an option which gives you the right (but not obligation) to buy GE shares for $30 at any time from now to the option'一次搞懂Put和Call Options s expiration. GE stock is currently trading in the stock market at 一次搞懂Put和Call Options $29.43. The 30 strike call option is currently trading at $0.75 per share in the options market.

Strike price = $30 = the price at which you would be buying GE shares if you exercise the option at some point. Whatever happens in the market, strike 一次搞懂Put和Call Options 一次搞懂Put和Call Options price with this particular option will always be $30, as it is 一次搞懂Put和Call Options fixed throughout an option's life.

Option's spot price = $0.75 = the price at which you can buy or sell the option itself (not the underlying stock) right now. Spot price only applies at 一次搞懂Put和Call Options 一次搞懂Put和Call Options this moment – tomorrow or in 5 minutes it can be different.一次搞懂Put和Call Options

Stock's spot price = $29.43 = the price at which you can buy or sell GE stock in the stock market right now. Again, it can (and most likely will) change and be very different in the future.

You can see some more examples here.

Relationship between Strike and Underlying Price

The relationship between an option's strike price 一次搞懂Put和Call Options and the underlying stock's spot price (which of them is higher) determines "一次搞懂Put和Call Options moneyness" of the option, which is another very important piece of option 一次搞懂Put和Call Options terminology: we say that an option is in the money (ITM), at the money (ATM) or out of the money (OTM). It is different for calls and puts.

For calls:

ITM: underlying price > strike price

OTM: underlying price < strike price

For puts it's the opposite:

ITM: underlying price < strike price

OTM: underlying price > strike price

For both calls and puts:

ATM: underlying price = strike price

Generally, when you are long (you own) an option, you want 一次搞懂Put和Call Options it to be in the money, as that is when the option 一次搞懂Put和Call Options is most valuable (this is also clear when you think about the above listed relationships between strike and underlying price for calls and puts).一次搞懂Put和Call Options

Payoff profiles for options – Calls and Puts

In the previous post, we discussed the payoff profile for forwards. In this post, we look at the payoff profiles for options.

Downside

Compare the payoff profile of forwards to the payoff profiles for options. Unlike a forward, there is only a 一次搞懂Put和Call Options 一次搞懂Put和Call Options limited downside with option contracts. An option gives its owner the right to exercise but not the obligation to perform if the exercise would result in a loss. For that additional protection, there is a price and it is charged upfront as a premium.

Payoff profile of a call & put option

Once again, a Call option gives it owner the right to buy the underlying at a price and time agreed upon the date of purchase of the option contract. A Put option gives it owner the right to sell the underlying at a price and time agreed upon the date of purchase of the option contract.


A Call option is a bullish instrument. You purchase it when you expect prices to rise and want to benefit from that rise. As you can see in the payoff diagram above the value of call option increases when prices rise but the downside when prices fall is limited to 一次搞懂Put和Call Options the premium lost when the option is not exercised.

Unlike the buyer 一次搞懂Put和Call Options of a call, the seller of a call is under an obligation to perform. His upside is the premium that he retains when the call option is not exercised; his downside is the direct inverse of the 一次搞懂Put和Call Options 一次搞懂Put和Call Options 一次搞懂Put和Call Options payoff profile of the buyer of the call.

The same rules hold 一次搞懂Put和Call Options true for the buyer and seller of the put option as shown in the next two diagrams.

call symput与call symputx详解

碧水幽幽泉 于 2017-09-20 23:00:00 发布 17504 收藏 31

call symput的功能是可以在data step内将值塞到一个macro变量里面。如果这个macro变量已经存在,那这个call就会更新该macro变量的值。
用法: call symput (macro变量, text);
注:不会自动去除值前后的空格
eg.将值Cookie塞入macro变量Gift里面,值必须给予单引号
call symput ('Gift','Cookie');

call symputx基本写法:
call symputx (macro变量, text);
上面提到call symput不会把值的前后空白去掉,但是call symputx会自动去点前后空格

%let 在编译时赋值,call symput 在data 步执行时才赋值,并且要过了这个data步后才能引用。

平时经常使用的宏变量定义方法有三种:
1. %let xxx=yyy; /*%let语句几乎可以在程序的任何位置上去定义宏变量*/
2. Call Symput('xxx','yyy'); /*只能在Date Step中定义*/
3. select xxx into: yyy. /*只能在Proc SQL中定义*/

三种定义方式最大的区别是在MACRO函数内定义所生成的宏变量的类型不同:
Call Symput在宏函数中定义的宏变量可以在函数外调用;而%let和 Select into则不能,
因为这2种方法在MACRO函数内生成的是局部宏变量,若要想在MACRO函数外调用,需事先用%global申明变量类型。
例子:

/*Method 1*/
data _NULL_;
call symput('Today',put(today(),date9.));
run;

/*Method 2*/
/*%let today=%sysfunc(today(),date9.);*/

/*Method 3*/
/*data todaydate;*/
/*date=today();*/
/*Proc sql noprint;*/
/*select put(date,date9.) INTO: today*/
/*from todaydate*/
/*;*/
/*quit;*/
/*%put &today;*/
%mend;
%test;

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