Bull strategies: Call spreads
Bull strategies: Call spreads
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The bull call spread is one of the most popular forms of spreading. In this type of spread, one buys a call at a certain striking price and sells a call at a higher striking price.
看漲期權傳播是最流行的傳播形式之一。在這種價差中，一個人以一定的顯着價格買入看漲期權，然後以更高的顯着價格賣出看漲期權。
Generally, both options have the same expiration date. This is a vertical spread. A bull call spread tends to be profitable if the underlying stock moves up in price, hence, it is a bullish position. The spread has both limited profit potential and limited risk. Although both can be substantial percentagewise, the risk can never exceed the net investment. In fact, a bull call spread requires a smaller cost and therefore has a smaller maximum loss potential than does an outright call purchase of a similar call.
一般來説，這兩種期權的到期日都相同。這是一種垂直分佈。如果標的股票價格上漲，看漲期權價差往往是有利可圖的，因此，這是一個看漲頭寸。這種利差既有有限的盈利潛力，也有有限的風險。儘管兩者都可以是相當大的百分比，但風險永遠不能超過淨投資。事實上，看漲看漲價差需要更小的成本，因此與直接買入類似看漲期權相比，最大損失潛力更小。
Example
示例
If an underlying stock is currently trading at $32. A bull spread could be established by buying the July 30 call with a debit premium of $3 and simultaneously selling the July 35 call with a credit premium of $1. Assume that this could be done at the indicated $2 debit. ($3-$1=$2 debit, a call bull spread is always a debit transaction, since the call with the lower striking price must always trade for more than a call with a higher price).
如果標的股票目前的交易價格為32美元。通過以3美元的借記溢價買入7月30日的看漲期權，同時以1美元的信貸溢價賣出7月35的看漲期權，就可以建立牛市價差。假設這可以在指定的2美元借方完成。(3美元-1美元=2美元借方，看漲價差始終是借方交易，因為執行價較低的看漲期權必須總是交易多於價格較高的看漲期權)。
Maximum profit and loss
最大損益
The spread will have a maximum profit and this profit is realized if the stock is anywhere above the higher price at expiration ($35-$30-$2 debit paid in front=$3). The maximum loss is realized if the stock anywhere below the lower strike at expiration, and is equal to the net investment, $2 in this example. Moreover, there is a break-even point that always lies between the two striking prices at expiartion. In this example, the break-even point is $32 ($32-$30-$2 debit paid in front=0).
價差將具有最大利潤，如果股票在到期時高於較高價格(預先支付的35-30-2美元借方=3美元)，則實現這一利潤。如果股票在到期時低於較低的罷工，則實現最大損失，並等於淨投資，在本例中為2美元。此外，在到期時，兩個驚人的價格之間總是存在一個盈虧平衡點。在本例中，盈虧平衡點是$32($32-$30-$2預先支付的借方=0)。
The investor who establishes this position is bullish on the underlying stock, but is generally looking for a way to hedge himself. If he were aggresively bullish, he would buy the July 30 call outright. Howeverm the sale of July 35 call against the purchase of the July 30 call allows him to take a position that will outperform the outright purchase of the July 30 call, as long as the stock does not rise above $36 by expiration.
建立這一頭寸的投資者看好標的股票，但通常是在尋找一種方法來對衝自己。如果他真的看漲，他會直接買入7月30日的看漲期權。然而，賣出7月35日的看漲期權而不是買入7月30日的看漲期權，使他能夠建立一個表現優於7月30日看漲期權的直接買入的頭寸，只要股票在到期時不超過36美元。
Therefore, the strategist establishing the bull spread is bullish, but not overly so.
因此，建立牛市價差的策略師是看漲的，但不是過度看漲。
Editor: Eli
編輯：Eli