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hyi725 · 2023年08月12日

breakeven

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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.

B.

$47.75.

C.

$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

1 个答案

pzqa31 · 2023年08月13日

嗨,爱思考的PZer你好:


breakeven point其实就是算一下profit=0时的股价是多少,建议同学可以根据图形来记忆,这样就不用死机公式了。


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