微积分网课代修|导数代写Derivatives theory代考|GRA6535 Long Call: Speculation

微积分网课代修|导数代写Derivatives theory代考|GRA6535 Long Call: Speculation

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|GRA6535 Long Call: Speculation

微积分网课代修导数代写Derivatives theory代考|Long Call: Speculation

How might a speculator use this call option contract? As we shall see, the speculator will buy the call option if she thinks stock prices will increase (sufficiently) in the future and end up above the strike price, $K$ (on the option’s maturity date). If stock prices do increase (sufficiently) then the speculator will make a profit when she exercises the call option (on 25 October, its maturity date).

For example, if the stock price on 25 October (on the NYSE) turns out to be $S_{T}=\$ 88$, then the holder of the call option can ‘present’ (i.e. exercise) the option contract in Chicago on 25 October (the maturity date of the option), pay the strike price $K=\$ 80$ and receive one stock. This is exercising the option by taking delivery. She could then immediately sell the stock on the NYSE for $S_{T}=\$ 88$, making a cash profit on 25 October equal to $S_{T}-K=\$ 88-\$ 80=\$ 8$. Alternatively, the long call option can be ‘cash settled’ for $S_{T}-K=\$ 8$ which is paid via the clearing house in Chicago (and no stock is delivered). In either of these scenarios (i.e. delivery or cash settlement) the option’s speculator has made $\$ 8$ on an initial outlay of ‘own funds’ of $C=\$ 3$, which is a percentage return of $[(8-3) / 3 \times 100 \%]=167 \%$ (over a 3-month period).
Had the speculator bought the stock itself (with her ‘own funds’) for $\$ 80$ and then sold at $S_{T}=\$ 88$, she would have made a percentage return of $10 \%$ (i.e. $\$ 8$ on an initial outlay of $\$ 80$ ).

The much larger percentage return when using the call option arises because you can purchase the option for the relatively small payment of $\$ 3$, whereas the stock costs you $\$ 80$. The higher percentage return from the option (relative to the percentage return from buying the stock with your ‘own funds’) is called leverage – here, a $10 \%$ increase in the stock price gives rise to a $167 \%$ return on the option strategy.

If the stock price on 25 October turns out to be $S_{T}=\$ 75$ which is less than the strike price $K=\$ 80$ then the option is not worth exercising – after all, why pay $K=\$ 80$ for delivery of stock-XYZ in Chicago, when XYZ is only worth $S_{T}=\$ 75$ on the NYSE. In this case the option on 25 October is worth zero and the speculator ‘throws it away’ (i.e. does not present/exercise the option in Chicago). Note, however, that no matter how low the stock price turns out to be on 25 October, the maximum amount the option’s speculator can lose is known in advance and is equal to the call premium $C=\$ 3$.

So a speculator who buys a call option has some rather nice advantages – she can benefit substantially from any upside in the stock market but can never lose more than the (rather small) option premium of $\$ 3$ she initially paid, even if stock prices fall to zero. Contrast this with buying the stock on 15 July for $S_{0}=\$ 80$ on the NYSE – this might lead to a maximum loss of $\$ 80$, if company-XYZ entered bankruptcy before 25 October.

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

When a speculator buys a call option she can make a profit if the stock price increases at any time before the maturity date of the option. She does this by selling (shorting) the call option to another options trader, after the stock price has increased – this is called ‘closing out’ (or ‘reversing’) her initial long position in the option. The speculator is able to make a profit because when stock-XYZ increases in price on the NYSE then this results in a rise in the call premium (on XYZ) in Chicago. For example, if stock-XYZ increases in price by $\$ 2$ over one day then the price of the call option (quoted in Chicago) may increase from say $\$ 3$ to $C_{1}=\$ 4$, over one day. Hence the speculator who purchased the October-call for $\$ 3$ on $15 \mathrm{July}$, can now sell the call in Chicago on 16 July (to another options trader) for $\$ 4$. The speculator actually receives her $\$ 4$ from closing out the contract, via the options clearing house in Chicago. She therefore makes a speculative profit of $\$ 1(=\$ 4-\$ 3)$, the difference between the buying and selling price of the call – a return of $33 \%(=\$ 1 / \$ 3)$ over one day.

Conversely, after the speculator purchased the October-call for $C_{0}=\$ 3$, on 15 July, if the stock price falls by $\$ 1$ (say) on the NYSE, then the October-call premium will fall to $\$ 2.2$ (say) and when she sells it to another trader (i.e. closes out) in Chicago, the options speculator will make a loss of $\$ 0.8$ on the deal (but she will never lose more than the initial option premium of \$3). Thus a naked (or open) position in a long call is risky.

微积分网课代修|导数代写Derivatives theory代考|GRA6535 Long Call: Speculation

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|GRA6535 Long Call: Speculation
微积分网课代修导数代写Derivatives theory代考

微积分网课代修导数代写Derivatives theory代考 请认准UprivateTA™. UprivateTA™为您的留学生涯保驾护航。

抽象代数Galois理论代写

偏微分方程代写成功案例

代数数论代考

组合数学代考

统计作业代写

集合论数理逻辑代写案例

凸优化代写

统计exam代考