NO.PZ201601050100001605
问题如下:
Based on Exhibit 1, the breakeven price per share of Ngoc’s recommended
PSÔL bull call spread is:
选项:
A.$42.25.
$47.75.
$52.25.
解释:
A is correct.
Ngoc recommends a $40/$50 bull call spread using December
options. To construct this spread, Ahlim would buy the $40 call, paying a $6.50
premium, and simultaneously sell the $50 call, receiving a $4.25 premium. The
breakeven price per share of a bull call spread is calculated as
Breakeven price per share of bull call spread
= XL + (cL – cH )
= $40 + ($6.50 – $4.25)
= $42.25.
In summary, in order to break even, the PSÔL stock price must rise above $40 by the amount of the net premium paid of $2.25 to enter into the bull call spread. At the price of $42.25, the lower $40 call option would have an exercise value of $2.25, exactly offsetting the $2.25 cost of entering the trade.
中文解析:
本题考察的是bull call策略。
bull call = long call(XL )+ short call(XH )
根据表1可知,应该买入行权价格为40的call,卖出行权价格为50的call。其中行权价位40的call,期权费是6.5;行权价位50的call,期权费是4.25.
计算均衡点带入公式:Breakeven price per share = XL + (cL – cH )= $40 + ($6.50 – $4.25)= $42.25.
总是记不住这个breakeven怎么算 求讲解