Toplam 3 adet sonuctan sayfa basi 1 ile 3 arasi kadar sonuc gösteriliyor

Konu: Futures and Options Trading

  1. #1
    Üyelik tarihi
    28.Temmuz.2008
    Mesajlar
    4,807
    Teşekkür / Beğeni

    Standart Futures and Options Trading

    Futures and options trading are two of the best known derivatives used on the financial markets today. But each of them have their own peculiar set of characteristics, which must be clearly understood before an aspiring trader risks precious funds on them.

    If we were to highlight the essential difference, conceptually speaking, between a futures and options trading contract, we would explain it this way:- An option contract gives the buyer the right but NOT the obligation, to purchase an underlying asset at an agreed price, up to an agreed expiration date. A futures contract on the other hand, creates only an obligation to make, or take, delivery of the underlying asset at an agreed future date.


    So let's see how futures and options trading works in practice.


    How an Options Contract Works
    Imagine you're about to buy an options contract for an underlying stock. The current market price of the shares is $30 and you believe it could rise to $35 within the next month. So you purchase an at-the-money $30 call option with an expiration date two months away. This gives you the right, but not the obligation, to "call" on the market to sell you the shares at $30 any time you choose to exercise it, up to the expiration date.


    The price of the option contract is quite complex, but one of its main features is this thing called the "delta". The delta is the rate at which your option contract will increase or decrease in value in proportion to a change in the value of the underlying stock. For at-the-money contracts, the delta is usually 0.50 which means that for every dollar move in the underlying, the option contract changes by 50 cents. As the call option becomes further in-the-money, the delta increases to a maximum of 1, at which time it is changing dollar for dollar with the underlying.


    If the option contract goes out-of-the-money, i.e. no intrinsic value, the delta decreases, leaving "time value" as the only component of the option contract. This "time value" is an expression in financial terms of the probability that the contract will be in-the-money by expiration date.


    When you buy an option contact, the maximum amount you can ever lose is the amount you originally paid for the option premium. This is one reason they are so popular - the perceived limited risk.

  2. #2
    Üyelik tarihi
    28.Temmuz.2008
    Mesajlar
    4,807
    Teşekkür / Beğeni

    Standart

    How a Futures Contract Works
    Futures are more commonly traded on commodities than stocks, but to highlight the differences, let's assume the same $30 stock scenario in our example above - only this time we're going to purchase a $30 futures contract, to be settled two months out.


    Our futures contract obligates us to purchase the stock at $30 in two months time. If the stock is then trading at $40 we have made a $10 profit per share. But if it has dropped to $20 by that time, we must still purchase it at $30, effectively losing $10 per share.


    If we believe the stock is about to fall, we could sell at $30 futures contract under the same terms. This means that if the stock has fallen to $20 by settlement date, we still have the right to sell it to the clearing house for $30, thus making a $10 profit. The reverse applies if the stock should be above $30 at settlement date.


    To accept this obligation, we put up some money and this is called a 'margin'. The margin is usually between 5 and 15 percent of the value of the underlying asset, so let's take 10 percent for our example. We buy a futures contract for 1,000 x $30 shares. The value of these shares would be $30,000 but we only put up $3,000 or 10 percent, for the contract.

  3. #3
    Üyelik tarihi
    28.Temmuz.2008
    Mesajlar
    4,807
    Teşekkür / Beğeni

    Standart

    Futures and Options Trading - Differences in Risk

    Unlike an option contract, whichever way the underlying stock price moves from now on, our futures contract will either increase or decrease in value, dollar-for-dollar, based on the value of the assets covered by the contract.


    So should the stock price drop by $5 tomorrow, our $30,000 asset is now only worth $25,000. This $5,000 loss will be reflected in the futures contract and you'll notice that the loss exceeds our initial margin of $3,000. Our broker will then contact us and want an additional $2,000 from us to cover the difference, if we don't have it in our account already. This is called a "margin call". If our initial margin had only been 5 percent, or $1,500 then our broker would be asking for the $3,500 difference.


    So you can see that, unlike options where our risk is limited, a futures contract can hurt us badly. Why? Because we have purchased an obligation but not a right. An option buyer is never subject to margin calls.


    If a futures contract is hurting you, you can exit the obligation before settlement date by offsetting your position. You can do this by either buying back the contract for a loss, or if you want to limit your risk, sell (go short) another one for a different settlement value, e.g. $27 in our example. You would then hold a 'buy' and a 'sell' position with a $3 difference. For this reason, futures speculators often take out 'spread' positions - a combination of long (buy) and short (sell) positions, to limit their risk and avoid margin calls.


    Options prices include a "time value" to expiration component, whereas futures contracts simply reflect the changing obligation based on the value of the underlying asset.

    Quoted

Konu Bilgileri

Bu Konuya Gözatan Kullanıcılar

Şu anda 1 kullanıcı bu konuyu görüntülüyor. (0 kayıtlı ve 1 misafir)

Benzer Konular

  1. Advanced Futures
    Konu Sahibi stockbroker Forum AAAFX - AXITRADER
    Cevap: 1
    Son Mesaj : 02.Şubat.2012, 00:26
  2. Futures Contract
    Konu Sahibi stockbroker Forum Financial Instruments
    Cevap: 0
    Son Mesaj : 28.Kasım.2011, 23:41
  3. What is an Options Delta?
    Konu Sahibi stockbroker Forum Option Trading
    Cevap: 1
    Son Mesaj : 27.Kasım.2011, 13:35
  4. Apex Futures
    Konu Sahibi stockbroker Forum AAAFX - AXITRADER
    Cevap: 0
    Son Mesaj : 17.Kasım.2011, 23:45
  5. Risks of Options Trading
    Konu Sahibi stockbroker Forum Option Trading
    Cevap: 1
    Son Mesaj : 16.Kasım.2011, 01:22

Bu Konu için Etiketler

Yetkileriniz

  • Konu Acma Yetkiniz Yok
  • Cevap Yazma Yetkiniz Yok
  • Eklenti Yükleme Yetkiniz Yok
  • Mesajınızı Değiştirme Yetkiniz Yok
  •  
YASAL UYARI
Ekonomi, Borsa ve Para piyasaları" bölümünde yer alan yatırım bilgi, yorum ve tavsiyeleri yatırım danışmanlığı kapsamında değildir. Yatırım danışmanlığı hizmeti Sermaye Piyasası Kurulu tarafından yayımlanan Seri:V, No:52 Sayılı "Yatırım Danışmanlığı Faaliyetine ve Bu Faaliyette Bulunacak Kurumlara İlişkin Esaslar Hakkında Tebliğ" çerçevesinde aracı kurumlar, portföy yönetim şirketleri, mevduat kabul etmeyen bankalar ile müşteri arasında imzalanacak yatırım danışmanlığı sözleşmesi çevresinde sunulmaktadır. Burada ulaşılan sonuçlar tercih edilen hesaplama yöntemi ve/veya yorum ve tavsiyede bulunanların kişisel görüşlerine dayanmakta olup, mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabileceğinden sadece burada yer alan bilgilere dayanılarak yatırım kararı verilmesi sağlıklı sonuçlar doğurmayabilir.Yatırımcıların verecekleri yatırım kararları ile bu sitede bulunan veriler, görüş ve bilgi arasında bir bağlantı kurulamayacağı gibi, söz konusu yorum/görüş/bilgilere dayanılarak alınacak kararların neticesinde oluşabilecek yanlışlık veya zararlardan www.keyborsa.com web sitesi ve/veya yöneticileri sorumlu tutulmaz.
Google Privacy Policy
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193