Wuyuan Futures Chongqing Sales Department
The option is one of the four basic derivatives, which has been widely used worldwide. The stock index option is a derivative tool in the stock market, which can help investors achieve more fine multi-diverse investment objectives. The option world is rich and wonderful, we will introduce the use of stock index options from insurance, copy, enhanced income, and respond to the slower perspective.
Risk management is the most basic economic function of the option product, which is also the fundamental driving force for birth and development – avoid price Uncertainty, achieving risk transfer. The stock index option is such a risk management tool that provides the stock market to the stock market.
It is benefited from the characteristics of option rights and obligations, and insurance is performed by buying stock index options. The risk of the hedging stock market will not give up the profits of the stock market. This feature and the purchase of insurance shackles: obtaining the right to \”claim\” by paying the right money, when there is no incident, \”premium\” is lost, and \”pay\” is obtained when risk is happened.
Unlike futures, there are three unique advantages of using stock index options: First, the buyer of stock index options can be shaped with smaller rights. \” Insurance scale, four two dials. Second, the buyer of stock index option does not need to pay a deposit, no pursuit of insurance and fund management pressure, \”Insurance\” is more simple and easy. Third, stock index rights have multiple travel prices to choose from, \”Insurance\” is more flexible.
Use stock index option for insurance, the principle is \”compensation\” when the stock market fell, to make up There is a loss of stock. Protective bearish strategies are the most common strategies. Protective Location Strategy refers to the purchase of stock indexes on the basis of holding stock portfolio, and achieves the \”insurance\” function by locking the biggest loss of overall portfolio. Protective Lookup strategies are the most direct and easiest way to manage stock markets. 2018 Greenwich Research Report shows that in the use of options, the proportion of protected bearish strategies reached 24%, which is the most widely used insurance policy.
Shanghai and Shenzhen 300 stock index product history resonance results show that the protection of protection and decline strategy is better in the market. For example, during the 2020 new crown epidemic, the first trading day after the holiday 3The 00 index fell 7.88%, while the protective look decline was only 1.09%, and it did play a good insurance role. However, it is worth noting that in a long time, the protective lookout strategy is due to the non-fixed \”premium\” expenditure, investors need investors in combination with the stock market, and the cost and benefits of \”insurance\”, flexible choice Right Price and Executive Plan.
[ 123] Shanghai Dead 300 Index
Annualization Wave rate
Maximum retransmission [ 123] – 143.08%
Note: Reconstruction Select Shanghai and Shenzhen 300 Index 95% of the horizontal power price of Shanghai and Shenzhen 300 stock index to fall, monthly rolling Buy.
Option product is a tool that can perform directional transactions. After the stock market has a sharp callback, investors can use options to carry out the bottom, and the stock index is a very good tool.
The biggest advantage of using the optional right to copy the bottom of the case is that the investors don’t have to worry about copying themselves on \”half mountain waist\”. Investors buy stock index to see the right option, by paying certain rights funds, while caught in the stock market, it is not necessary to worry about the decline of the decline due to the determination of the wrong stock market. This is the use of stocks, futures equivalent linear products that cannot be implemented.
With the right to copy the right, the principle is \”stepping insurance\” to buy the stock market, gaining the income during the stock market In the stock market, only the money is lost. The most commonly used strategy is to use small partial funds to purchase stock index to see the right time, hold the remaining funds in the form of cash or fixed income products.
Buying a binding strategy expiration profit and loss chart
ShanghaiDeep 300 stock ingredient option product historical return results show that after the target index has fallen sharply, it is purchased to see the price of the price. Although it will sacrifice part of the revenue due to the expenditure of the money, it can effectively control the loss during the bottom failure. Plays the role of \”steering insurance\”. For example, during the 2020 new crown epidemic, the first trading day, the first trading day, the Shanghai-Shenzhen 300 index fell 7.88%, using the option to carry out the bottom, the funds occupied by 1.92%, the income earnings 10.51%, although it is slightly lower than the Shanghai and Shenzhen 300 index, 12.5 % Income, but also successfully realized the goal of the bottom bottom. During January 202, January 2021, the maximum loss of the Shanghai and Shenzhen 300 stock index is only 2.21%, compared to the largest 10.55% loss in the same period of the Shanghai-Shenzhen 300 index. \”Insurance\” role in the bottom. However, it is worth noting that as people will not use all funds to purchase insurance, using the optional rights to carry out the bottom, it also requires reasonable control positions, and investors need investors to combine the stock market status and the future expectations, rational bottom.
Shanghai and Shenzhen 300 looks down the bottom strategy return result
Copying the bottom
[123 ] Option contract
[123 ] Shanghai and Shenzhen 300 index expired income
-3.53% [ 123]
2020-03-09 [ 123] – 3.42%
2020 -03-23 \u200b\u200b
[123 ] 2021-07-26
[ 123] – 5.18%
[ 123] 1.05%
Note: Reconstruction Select buy the value of the value of the month, the Shanghai-Shenzhen 300 stock index is related to the right time, and the cash part is 3% year-on-year Rate interest.
Except for the most basic insurance function, it can also enhance the important role of income, bringing funds managed by investors. Incremental income. Stock index option is thisOne tool that can provide additional benefits for stock market investors.
Unlike the futures equivalent linear products, the option products have successfully separated the rights and obligations, and the option seller will bear the obligation It can charge a certain amount of money and play the role of \”insurance company\”. Just like insurance companies can get premium income when nothing, the seller of stock index option will receive the right to revenue when the stock market is calm, which is the stock, futures and other directional products that cannot be realized.
Using option enhancement benefits, the principle is to improve the integral portfolio by selling options. income. The preparation of the bullish strategy is the most common strategy. The preparation of the bullish strategy refers to the sale of stock index at the stock index to improve the benefits of the overall portfolio in a certain price range through some profits of the stock market. In 2018, the Greenwich Research Report shows that in the use of options, the proportion of the use of the bullish strategy has reached 29%, which is a strategy that is most popular.
The history of Shanghai and Shenzhen 300 stock index product has shown that the preparation of the bullish strategy is best in the stable market in the market. For example, in mid-November to mid-November, the Shanghai and Shenzhen 300 index rose 4.36%, while the preparation of the bullish strategy rose 17.32%, and the income has been greatly enhanced. However, it is worth noting that the preparation of the daily strategy is not suitable for large fluctuations: When the market has risen sharply, the profit space will be restricted; when the market fell sharply, there will still be a large retreat. Therefore, investors need to combine the status quo of stock markets and the future expectations, trade-off risks and benefits, and flexibly select the right price and implementation plan.
[ 123] Shanghai and Shenzhen 300 index
Note: Reconstruction Select 30% Delta horizontal price of Shanghai and Shenzhen 300 stock index to see the price, monthly rolling .
A linear product such as slow cow
and futures, the option product can also perform directional transactions. For investors who want to use options, it is not only a choice to see the right. In the Slown Quotes, stock indexes can also express optimistic attitudes to the stock market, perhaps a better choice.
How the biggest advantage to use the decline is that the investors can be \”Buddha\” – not fear, Waiting for the market start. Investors can obtain certain rights revenues in the market in the market, this is the stock, futures equality linear products cannot be achieved.
Use the decline to do more, the principle is sold to the decline, and the expected decline will not happen, thereby achieving \”premium\” income. . Cash guarantees and decline strategies are the most common strategies. Cash guarantees and decline strategy refers to the sale of stock indexes, and holds certain cash or fixed-income products as protection. In 2018, the Greenwich Research Report shows that in the use of options, the use ratio of cash guarantees and decline strategies reached 22%, which is a more popular strategy.
Shanghai and Shenzhen 300 stock index product history recovery results show that cash guarantees are optimum in the market temperature rise in the market. For example, from 4 to May, 2020 and 9 to December, the Shanghai and Shenzhen 300 index rose 5.22% and 7.62% respectively, and the cash guarantee and decline strategy corresponding to 5.57% and 8.39% respectively, gains and Shanghai 300 index. Quite rising revenue, achieving more purposes. However, it is worth noting that cash guarantees and decline strategies are not suitable for large fluctuations: When the market has risen sharply, the profit space will be restricted; when the market has fallen sharply, the sales option will produce a large loss, will drag overall investment Combined earnings. Therefore, investors need to combine the status quo of stock markets and the future expectations, trade-off risks and benefits, and flexibly select the right price and implementation plan.
Shanghai and Shenzhen 300 cash guaranteed decline strategy recovery
Cash Guaranteed Decline Strategy
Note: Reconstruction Selection Selection of Shanghai and Shenzhen 300 stocks in the month will look at the fall, monthly rolling; cashPartial consolidation rate is based on the national debt.
The above article is derived from the National Gala, the author of the Division Division
Disclaimer: This report is from public information or field investigation, our company andResearchers do not make any guarantees for information, information and views in this report reflect the judgment of the initial public release of the report, and may be adjusted at any time; the information and views in the report do not constitute investment requirements or sales recommendations,The investment decisions and results made by investors have nothing to do with the Company and the author.Investment is risky and need to be cautious in the market.