Types of options
Types of options
Key takeaways
主要外賣
There are many types of options: call options and put options, American options and European options,exchange-traded options and over-the-counter options… They are categorized based on different ways.
期權的類型很多：看漲期權和看跌期權，美式期權和歐式期權，交易所交易期權和場外期權…它們是根據不同的方式進行分類的。
Understanding types of options
瞭解選項類型
There are many different types of options and these can be categorized in several ways:
有許多不同類型的選項，這些選項可以按以下幾種方式進行分類：
1. Based on the right they provide the holder, options can be classified into two categories: call options and put options, as known as 'calls' and 'puts'. Calls are contracts that give the owner the right to buy the underlying asset in the future at an agreed price. On the other hand, the owner of puts has the right to sell the underlying asset in the future at an agreed price.
1.根據期權提供給持有者的權利，期權可以分為兩類：看漲期權和看跌期權，又稱看漲期權和看跌期權。看漲期權是一種合同，賦予所有者在未來以商定的價格購買標的資產的權利。另一方面，看跌期權的所有者有權在未來以商定的價格出售標的資產。
2. Options also can be typed by different underlying assets. The most common type is stock options, in which the underlying asset is shares of a publically listed company. In addition, there are index options, ETF options, currency options, futures options, commodity options, basket options, and other types.
2.期權也可以按不同的標的資產分類。最常見的類型是股票期權，其標的資產是上市公司的股票。此外，還有指數期權、ETF期權、貨幣期權、期貨期權、商品期權、籃子期權等類型。
3. Based on whether an option can be exercised before the expiration date, there are two types of options: American options and European options. American options can be exercised at any time before the expiration date, while European options can only be exercised on the expiration date.
3.根據期權是否可以在到期日之前行使，期權分為美式期權和歐式期權。美式期權可以在到期日之前的任何時間行使，而歐式期權只能在到期日行使。
4. Based on whether they are listed on exchanges, options can be classified into two categories: exchange-traded options and over-the-counter (OTC) options. Exchange-traded options contracts, also known as 'listed options', are listed on exchanges such as the Chicago Board Options Exchange. OTC options also called 'dealer options' are traded between two private parties, and are not listed on an exchange. An exchange-traded option is a standardized derivative contract, whereas an OTC optionmay be individually tailored to meet any business need.
4.根據是否在交易所上市，期權可以分為兩類：交易所交易期權和場外交易(OTC)期權。交易所交易的期權合約，也被稱為“上市期權”，在芝加哥期權交易所(Chicago Board Options Exchange)等交易所上市。場外期權(OTC Options)也被稱為“交易商期權”，在兩個私人交易方之間交易，並不在交易所上市。交易所交易期權是一種標準化的衍生品合約，而場外期權可以單獨定製以滿足任何業務需求。
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