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Calendar spread=time spread. 为horizontal spread. 相同的执行价格，卖近买远。 call可构建两种不同的策略： neutral 或 more aggressive bullish. neutral: 基本想法是 time will erode the value of the near...
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Underlying 的价格不用 be exactly at the strike price of the options at near-term expiration for a profit ，相反价格可以在执行价格附近的一定范围内波动。 风险为：价格大跌或大涨。 但风险有限，为origin...
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Neutral CS的建立：when the underlying stock is at or near the striking price of the options used. 此策略意在selling time, 不在predicting the direction. 在近期期权到期时，价格relatively unchanged，...
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因为长期期权还有时间值，所以损失会比最大possible loss要小。 此类策略, 有limited profits 及relatively large commission costs. (^^) It is best to establish such a spread 8-12 weeks before the near-te...
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volatility的效应 volatility 增加，spread widens; volatility 减少，spread shrinks.
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Butterfly=a bull spread+a bear spread 构建逻辑：neutral, 认为价格在到期前没有大的波动。 仅需small investment 且limited risk & limited profit. 但limited profit > potential risk. Costly in commission...
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Butterfly的upside及downside的风险均被限制，即建立价差的net debit. Net investment=net debit of the spread Maximum profit=distance between strikes- net debit Downside BP=lowest strike+ net debut Upsi...
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理想上，要尽可能的用少的debit来建立butterfly, 同时希望价格在middle执行价格附近。现实中，两个条件很难同时满足。 ？？？？？？ The smallest-debit butterfly spreads are those in which the stock is some...
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The best butterfly spreads are generally found on the more expensive and/or more volatile stocks that have striking prices spaced 10 or 20 points apart. 因为maximum可以抵消commission cost.
