fatpat

LP22 / SC22 = Selling

Good hedge

fatpat

引用:

原帖由 optionbaby 於 2014-11-13 22:01 發表
ni招fatpat兄应该好擅長囖！

Me

CSA8.00C5    02822.CSA 2015-03 8.00 Call    10@1.2800                                                                   10@1.2800    0    1.72    22,000.00 HKD
CSA9.25K4    02822.CSA 2014-11 9.25 Call    -10@0.1500    5@0.4300                         5@0.4300    -5@-0.1300    0    0.45    -14,500.00 HKD
CSA9.25L4    02822.CSA 2014-12 9.25 Call                                                -5@0.5300   -5@0.5300    -5@0.5300     0    0.53    0.00 HKD


HEX170.00W4    00388.HEX 2014-11 170.00 Put    -8@1.2500                -8@1.2500    0    0.24    808.00 HKD
HEX180.00K4    00388.HEX 2014-11 180.00 Call    8@3.6000                  8@3.6000    0    9.50    4,720.00 HKD
HEX182.50K4    00388.HEX 2014-11 182.50 Call    -8@2.8800                -8@2.8800    0    7.58    -3,760.00 HKD

fatpat

Me newbie, still learning

fatpat

Let me get some margin and post the losing case later

fatpat

700 ~@125 yesterday and if think big support
If think HSF goes up to 248 month close

DEC SP125 @2.6 (or SP120 @1.23)

NOV LC132.5 @2.82
NOV SC137.5 @1.25

Worst case buy stock @125 and do covered call

Let's paper trade here

fatpat

CSA9.25K4        02822.CSA 2014-11 9.25 Call        -10@0.1500        10@0.4300                10@0.4300        0@2.8000        0        0.43        -14,000.00 HKD
CSA9.75K4        02822.CSA 2014-11 9.75 Call                        -5@0.1400        -5@0.1400        -5@0.1400        0        0.14        0.00 HKD
CSA9.25L4        02822.CSA 2014-12 9.25 Call                        -5@0.5300        -5@0.5300        -5@0.5300        0        0.54        -250.00 HKD
CSA8.00C5        02822.CSA 2015-03 8.00 Call        10@1.2800                                10@1.2800        0        1.72        22,000.00 HKD

fatpat

引用:

原帖由 goldwater 於 2014-11-14 13:50 發表
個人覺得草船借箭，點解唔直接玩期指？都係要一張期指按金，就似玩百家樂一樣，有莊、有閒、有和！

Options margin is cheaper and for someone that's not very good,
more buffer for wrong direction.

e.g @24000 think up and buy HSIF (IM 87750), gap down 100pts and you lose 100pts
      e.g. SP234 @100 x 1 (IM 68790)
             LC242 @215 x 1
             SC246 @110 x 1
     loss nothing if close within 234 - 242
     although not earning as much as index, but feel more comfortable

P.S. and yes I will move to index if I feel more comfortable on it .

fatpat

上证综合指数 @2468
Assume next month drop 10% to 2222

2822 A50 @9.63 drop 10% to 8.67

Assume quite confidence at least close below $9
DEC SC9.00 @0.72 x 1
DEC LP9.00 @0.08 x 9

Close @8.67
9.00P @0.33
Win 0.33 x 9 = 2.97

Sell stock 9. 63 - 8.67 = 0.96

Close @9
9.00P @0

Sell stock 9. 63 - 9.0 = 0.63

Difference strategy difference choice, also easier to SC+LP than to short stock

Case - 941 / 388

fatpat

引用:

原帖由 goldwater 於 2014-11-14 14:18 發表
唔月份唔同價錢，未玩過，今日見上証個圖似完成反彈可能要試2000！

Use far month LC to replace buying real stock (This case is Covered Call Strategy)

02822.CSA 2015-03 8.00 Call @1.28 Cost = $1.28
02822.CSA 2014-11 9.25 Call @0.15  Cost = $-0.15
Total cost $1.13

Use less margin.

1 contract = 5000 shares, for a $100K account
2 contract       @$1.28 x 10000 = $12,800
10000 shares @$9.2   x 10000 = $92,000

P.S. Side effect, if black swan, stock price drop 50% to $4.6
       Hold stock lose $4.6, option lose $1.28 or $2.56 if 2 contracts
       Even worst, black swan is fat finger , you cut loss at $4.6 but then rebound back to $9......

Case 700 in the past @600+, assume 1 lot = 100 shares, small $100K account can only buy 1 lot
Maybe using this strategy you can leverage to play 2 option contract (or more)