今天看CFA的道德，快看到最后了，又觉得期权的地方很搞，都看不出来例子中的人物到底犯了什么错误，昏头昏脑坚持了一段时间，终于被一句"Closes out a long call position in the stock"打倒了，全都是初中单词，连起来愣是没看懂。实在不忍，上网把相关的词汇重新搜集了一下，整理如下：
先是两种期权的简单介绍：
| Call Position | Put Position | |
| Holder(Buyer) | Right to buy | Right to sell |
| Writer(Seller) | Obligation to sell | Obligation to buy |
然后是一堆单词的含义和用法：
| Long | With respect to this section's usage of the word, long describes a position (in stock and/or options) in which you have purchased and own that security in your brokerage account. For example, if you have purchased the right to buy 100 shares of a stock, and are holding that right in your account, you are long a call contract. If you have purchased the right to sell 100 shares of a stock, and are holding that right in your brokerage account, you are long a put contract. If you have purchased 1,000 shares of stock and are holding that stock in your brokerage account, or elsewhere, you are long 1,000 shares of stock. When you are long an equity option contract: * You have the right to exercise that option at any time prior to its expiration. * Your potential loss is limited to the amount you paid for the option contract. |
| Short | With respect to this section's usage of the word, short describes a position in options in which you have written a contract (sold one that you did not own). In return, you now have the obligations inherent in the terms of that option contract. If the owner exercises the option, you have an obligation to meet. If you have sold the right to buy 100 shares of a stock to someone else, you are short a call contract. If you have sold the right to sell 100 shares of a stock to someone else, you are short a put contract. When you write an option contract you are, in a sense, creating it. The writer of an option collects and keeps the premium received from its initial sale. When you are short (i.e., the writer of) an equity option contract: * You can be assigned an exercise notice at any time during the life of the option contract. All option writers should be aware that assignment prior to expiration is a distinct possibility. * Your potential loss on a short call is theoretically unlimited. For a put, the risk of loss is limited by the fact that the stock cannot fall below zero in price. Although technically limited, this potential loss could still be quite large if the underlying stock declines significantly in price. |
| Open | An opening transaction is one that adds to, or creates a new trading position. It can be either a purchase or a sale. With respect to an option transaction, consider both: * Opening purchase -- a transaction in which the purchaser's intention is to create or increase a long position in a given series of options. * Opening sale -- a transaction in which the seller's intention is to create or increase a short position in a given series of options. |
| Close | Note: An investor does not close out a long call position by purchasing a put, or vice versa. A closing transaction for an option involves the purchase or sale of an option contract with the same terms, and on any exchange where the option may be traded. An investor intending to close out an option position must do so by the end of trading hours on the option's last trading day. * Closing purchase -- a transaction in which the purchaser's intention is to reduce or eliminate a short position in a given series of options. This transaction is frequently referred to as "covering" a short position. * Closing sale -- a transaction in which the seller's intention is to reduce or eliminate a long position in a given series of options. |
再然后是把这些词串起来：
如果你看多某个股票，可以以一定Strike Price（履约价格）Purchase一个Call（看涨期权），称为Opening Purchase.这时候你就处在Long Call Position，就是处在一个权利方，付出的是期权的Premium(总成本)。在Expiration之前你有权exercise. 这时候如果你有看空这个股票或者想提前获利，就需要进行Closing sale,需要把手里的期权评残，方法是卖出同样属性的期权，全部卖掉就是Close out a long call.
如果你继续看空这个股票，还可以Write一个Call，称为Opening sale.这时候你就处在Short Call position. 这时候你处在一个义务方，随时破产。这是如果不放心，仍可以进行平仓，进行Closing Buy，即买入相同的Call。
看空的时候还可以买入Put，看多的时候还可以卖出Put
博文
