Speculation on call buying
Speculation on call buying
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--moomoo新闻组
The success of a call buying strategy depends primarily on one's ability to select stocks that will go up and to time the selection reasonably well. Thus, call buying is not a strategy in the same sense of the word as most of the other options strategies.
看涨买入策略的成功主要取决于一个人选择上涨股票的能力，以及合理把握时机的能力。因此，看涨买入并不是一种与大多数其他期权策略意义相同的策略。
Most other strategies are designed to remove some of the exactness of stock picking, allowing one to be neutral or at least to have some room for error and still make a profit. Techniques of call buying are important, though, because it is necessary to understand the long side of calls in order to understand more complex strategies correctly.
大多数其他策略都是为了消除一些选股的精确性，允许一个人保持中立，或者至少有一些出错的空间，但仍然可以盈利。然而，看涨买入的技巧很重要，因为为了正确理解更复杂的策略，有必要理解看涨期权的长边。
Call buying is the simplest form of options investment, and therefore is the most frequently used option "strategy" by the public investor.
看涨买入是最简单的期权投资形式，因此也是公众投资者最常使用的期权“策略”。
The main attraction in buying calls is that they provide the speculator with a great deal of leverage. One could potentially realize large percentage profits from only a modest rise in price by the underlying stock. Moreover, even though they may be a large percentage-wise, the risks cannot exceed a fixed dollar amount - the price originally paid for the call. Calls must be paid for in full; they have no margin value and do not constitute equity for margin purposes.
买入看涨期权的主要吸引力在于，它们为投机者提供了巨大的杠杆。人们可能会从标的股票价格的小幅上涨中获得巨大的百分比利润。此外，即使按百分比计算，风险可能很大，但风险不能超过固定的美元金额-最初为电话会议支付的价格。看涨期权必须全额支付；它们没有保证金价值，也不构成保证金目的的股权。
Example: Assume that XYZ is at $48 and the 6-month call, the July $50 is selling for $3, thus with an investment of $300, the call buyer may participate, for 6 months, in a move upward in the price of XYZ. If XYZ should rise in price by 10 pints(just over 20%), the July $50 call will be worth at least $800 and the call buyer would have a 167% profit on a move in the stock of just over 20%. This is the leverage that attracts speculators to call buying. At expiration, if XYZ is below $50, the buyer's loss is total but is limited to his initial $300 investment, even if XYZ declines in price substantially.
例如：假设XYZ的价格是48美元，6个月的看涨期权，7月份的50美元是3美元，因此投资300美元，看涨期权买家可能会在6个月内参与XYZ价格的上涨。如果XYZ股价上涨10品脱(略高于20%)，7月份50美元的看涨期权将至少价值800美元，看涨期权买家的股票涨幅略高于20%，将获得167%的利润。这是吸引投机者打电话买入的杠杆。在到期时，如果XYZ的价格低于50美元，买家的损失是完全的，但仅限于他最初300美元的投资，即使XYZ的价格大幅下降。
Although this risk is equal to 100% of his initial investment, it is still a small amount relatively. One should normally not invest more than 15% of his risk capital in call buying, because of the relatively large percentage of risks involved.
虽然这个风险相当于他初始投资的100%，但仍然是一个相对较小的数额。一般情况下，买入看涨期权的投资不应超过风险资本的15%，因为所涉及的风险百分比相对较大。
Some investors participate in call buying on a limited basis to add some upside potential to their portfolios while keeping the risk to a fixed amount. For example, if an investor normally only purchased low-volatility, conservative stocks because he wanted to limit his downside risk, he might consider putting a small percentage of his cash into calls on more volatile stocks. In this manner, he could trade higher-risk stocks than he might normally do. If these volatile stocks increase in price, the investor will profit significantly. However, if they decline substantially - as well they might, being volatile - the investor has limited his dollar risk by owning the calls rather than the stock.
一些投资者在有限的基础上参与看涨买入，以便在将风险保持在固定金额的同时，为他们的投资组合增加一些上行潜力。例如，如果一位投资者通常只购买低波动性、保守的股票，因为他想限制自己的下行风险，他可能会考虑将一小部分现金投入波动性更大的股票的看涨期权。通过这种方式，他可以交易比通常情况下风险更高的股票。如果这些波动较大的股票涨价，投资者将获利颇丰。然而，如果股价大幅下跌-也有可能出现波动-投资者通过持有看涨期权而不是股票来限制自己的美元风险。
Editor: Eli
编辑：Eli
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