教你低風險用期權賺錢2｜買方跨式策略（Long Straddle）介紹
買方跨式策略（Long Straddle）是一種期權交易策略，投資者同時購買看漲和看跌期權，這兩種期權具有相同的到期日和執行價格。該策略適用於投資者預期某資產價格會大幅波動，但無法確定價格走勢的情況下。以下將詳細介紹買方跨式策略的原理、操作方式，並通過一個實際案例來示範其應用，希望讀者能輕松理解買方跨式策略如何運作。
買方跨式策略概述：買方跨式策略涉及同時購買相同數量、相同執行價格和到期日的看漲期權和看跌期權。這種策略的核心是利用市場波動性。投資者購買看漲期權，預計價格上漲；同時購買看跌期權，預計價格下跌。只要市場出現足夠大的波動，無論價格上漲或下跌，至少一邊的選擇將帶來盈利。因此，市場波動越大，策略的效用也越大。
盈虧特點：最大收益理論上無限，取決於股票價格的波動幅度；最大虧損則限於兩個期權的總權利金；盈虧平衡點為執行價格加上或減去兩個期權的總權利金。
具體操作：假設某股票的當前市價為$100。投資者同時購買執行價格為$100的看漲期權，支付權利金$5，以及購買執行價格為$100的看跌期權，支付權利金$5。因此，投資者的總投入為兩個期權的權利金總和，即$10。要獲利，股票的價格在期權到期時需要有顯著波動。上方盈虧平衡點為執行價格加上兩個期權的總權利金，即$100 + $10 = $110。下方盈虧平衡點則為執行價格減去兩個期權的總權利金，即$100 - $10 = $90。
投資人在采取買方跨式策略之前，需要判斷該股票是否有可能在到期日前達到或超過上述兩個盈虧平衡點之一。換句話說，股票需要在到期日前上漲超過$110或下跌低於$90，投資者才能獲利。此策略適用於預期將出現重大新聞公告、財報發布或其他可能導致股價大幅波動的事件。如果投資者認為股票不太可能經歷這種大幅波動，那麽采取買方跨式策略並非最好的選擇，通過同時購買看漲和看跌期權可能會為投資者帶來虧損。
若你預測某資產價格會大幅波動，但無法確定價格走勢，那麼就用買方跨式策略大展拳腳吧！
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