问题如下：
Aline Nuñes, a junior analyst, works in the derivatives research division of an international securities firm. Nuñes’s supervisor, Cátia Pereira, asks her to conduct an analysis of various option trading strategies relating to shares of three companies: IZD, QWY, and XDF. On 1 February, Nuñes gathers selected option premium data on the companies, presented in Exhibit 1.
Nuñes reviews the following option strategies relating to QWY:
Strategy 4: Implementing a protective put position in QWY using the April €25.00 strike option
Strategy 5: Buying 100 shares of QWY, buying the April €24.00 strike put option, and writing the April €31.00 strike call option
Strategy 6: Implementing a bear spread in QWY using the April €25.00 and April €31.00 strike options
Based on Exhibit 1, the breakeven share price for Strategy 6 is closest to:
选项：
A.€22.50.
B.€28.50.
C.€33.50.
解释：
B is correct.
Strategy 6 is a bear spread, which is a combination of a long put option and a short put option on the same underlying, where the long put has a higher strike price than the short put. In the case of Strategy 6, the April €31.00 put option would be purchased and the April €25.00 put option would be sold. The long put premium is €3.00 and the short put premium is €0.50, for a net cost of €2.50. The breakeven share price is €28.50, calculated as XH – (pH – pL) = €31.00 – (€3.00 – €0.50) = €28.50.
怎么判断用的是PH-PL，而不是CH-CL？两个都算一遍吗？
