微积分网课代修|导数代写Derivatives theory代考|AFIN546 OPTIONS

微积分网课代修|导数代写Derivatives theory代考|AFIN546 OPTIONS

简单的说,学好微积分(数学分析)是一个毁灭自己的先天直觉然后重新塑造一个后天直觉。

转变思维永远不是简单,但是不转变,贪图一时的捷径只是饮鸩止渴罢了。高中的时候,我一个同学很背单词的时候喜欢用汉字去拼那些单词的发音,还喜欢学各种解题技巧,这个时候我和他的成绩是一样的。

国外的老师较为看重学生homework的完成情况,对于同学们来说,完成一门科目作业并获得不错的成绩是尤为重要的事情。但对于不少同学来说,在自身英语说存在局限的情况下,当数学基础较为薄弱时,微积分作业的难度一下子就提升了,很难独立完成微积分作业。Calculus-do™提供的专业微积分代写能为大家解决所有的学术困扰,我们不仅会帮大家完成作业,还提供相应的数学知识辅导课程,以此来提高同学们学习能力。

我们提供的econ代写服务范围广, 其中包括但不限于:

  • 单变量微积分
  • 多变量微积分
  • 傅里叶级数
  • 黎曼积分
  • ODE
  • 微分学
微积分网课代修|导数代写Derivatives theory代考|AFIN546 OPTIONS

微积分网课代修导数代写Derivatives theory代考|OPTIONS

Options are a little more difficult to understand than forwards and futures and here we present a quick introductory overview. While futures markets in commodities have existed since the middle of the $1800 \mathrm{~s}$, options contracts have been traded for a shorter period of time. There are two types of option, calls and puts:
The holder of a call (put) option has the right (but not an obligation) to buy (sell) the ‘underlying asset’ at some time in the future (‘maturity date’) at a known fixed price (the ‘strike price’, $K$ ) but she does not have to exercise this right.

For the moment we consider stock option contracts, so the underlying asset in the option contract is the stock of a particular company-XYZ which is traded on the NYSE. The option contract itself, we assume is traded in Chicago.

Above we noted that the holder of a long futures contract on a stock-XYZ commits herself to buy the stock at a certain price at a certain time in the future and if she does nothing before the maturity date, she will have to take delivery of stock-XYZ, at the pre-agreed futures price. In contrast, the holder of a (European) ‘call option’ on stock-XYZ can decide whether to pay the known strike price and take delivery of stock-XYZ on the maturity date of the option contract – this is called ‘exercising the option contract by taking delivery’. If it is advantageous not to exercise the option (in Chicago) then the holder of the call option will simply do nothing. For the privilege of being able to decide whether or not to take delivery of stock-XYZ (at maturity of the option contract) the buyer of the call option must pay an upfront, non-refundable fee – the option price (or premium).

微积分网课代修导数代写Derivatives theory代考|Call Options

If today you buy a European call option and pay the call premium/price, then this gives you the right (but not an obligation):

to purchase the underlying asset

at a designated delivery point

on a specified future date (known as the expiration or maturity date)

for a fixed known price (the exercise or strike price)

and in an amount (contract size) which is fixed in advance.For the moment, think of a call option as a ‘piece of paper’ that contains the contract details (e.g. strike price, maturity date, amount, delivery point, type of underlying asset). You can purchase this contract today in the options market in Chicago if you pay the quoted call premium. There are always two sides to every trade – a buyer and a seller – but we will concentrate on your trade, as a buyer of the option. Note that all transactions in the option contract

are undertaken in Chicago but the underlying asset, for example a stock, is traded on another exchange (e.g. NYSE).

Suppose the current price of stock-XYZ on the NYSE on $15 \mathrm{July}$ is $S_{0}=\$ 80$. On 15 July you can pay the call premium $C=\$ 3$ and buy (in Chicago) an October-European call option on the stock-XYZ. The strike price in the contract is $K=\$ 80,{ }^{4}$ and the expiry date $T$ is in just over 3 months’ time on 25 October. Because the maturity of the call is in October, and the strike is $K=\$ 80$, it is known as the ‘October- 80 call’ (Table 1.4). Assume each call option is for delivery of one stock of XYZ.

微积分网课代修|导数代写Derivatives theory代考|AFIN546 OPTIONS

微积分网课代修导数代写Derivatives theory代考|OPTIONS

期权比远期和期货更难理解,在这里我们提供一个快速的介绍性概述。虽然大宗商品期货市场自1800 s, 期权合约的交易时间较短。有两种类型的期权,看涨和看跌:
看涨(看跌)期权的持有人有权(但没有义务)在未来某个时间(“到期日”)购买(出售)“标的资产” )以已知的固定价格(“执行价格”,ķ) 但她不必行使这项权利。

目前我们考虑股票期权合约,因此期权合约中的标的资产是在纽约证券交易所交易的特定公司 XYZ 的股票。我们假设期权合约本身在芝加哥交易。

上面我们注意到,股票-XYZ 的多头期货合约的持有人承诺在未来的某个时间以某个价格购买该股票,如果她在到期日之前不做任何事情,她将不得不接受股票-XYZ,以预先约定的期货价格。相反,(欧洲)股票-XYZ“看涨期权”的持有人可以决定是否支付已知的行使价并在期权合约到期日接收股票-XYZ——这被称为“行使期权”收货合同”。如果不行使期权(在芝加哥)是有利的,那么看涨期权的持有者将什么也不做。为了能够决定是否接收股票-XYZ(在期权合约到期时),看涨期权的买方必须支付预付款,

微积分网课代修导数代写Derivatives theory代考|Call Options

如果今天您购买欧式看涨期权并支付看涨期权费/价格,那么这赋予您权利(但不是义务):

购买标的资产

在指定的交货点

在指定的未来日期(称为到期日或到期日)

以固定的已知价格(行使价或行使价)

并且金额(合约大小)是预先确定的。目前,将看涨期权视为包含合约详细信息(例如,行使价、到期日、金额、交割点、类型标的资产)。如果您支付报价的看涨期权费,您今天可以在芝加哥的期权市场购买该合约。每笔交易总是有两个方面——买方和卖方——但作为期权的买方,我们将专注于您的交易。注意期权合约中的所有交易

在芝加哥进行,但标的资产(例如股票)在另一个交易所(例如纽约证券交易所)进行交易。

假设纽约证券交易所股票 XYZ 的当前价格为15Ĵ在l是的是小号0=$80. 7 月 15 日,您可以支付通话保费C=$3并(在芝加哥)购买股票 XYZ 的 10 月欧洲看涨期权。合约中的执行价格为ķ=$80,4和到期日吨距离 10 月 25 日还有 3 个多月的时间。因为看涨期权的到期时间是 10 月,而罢工是ķ=$80,它被称为“10 月至 80 日电话”(表 1.4)。假设每个看涨期权用于交付一股 XYZ 股票。

微积分网课代修|导数代写Derivatives theory代考|AFIN546 OPTIONS
微积分网课代修导数代写Derivatives theory代考

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