ChawKW
2021-06-03
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Want To Invest In Gaming? Consider A ‘Poor Person’s Covered Call’ On Roblox<blockquote>想投资游戏吗？考虑Roblox上的“穷人承保看涨期权”</blockquote>
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Consider A ‘Poor Person’s Covered Call’ On Roblox<blockquote>想投资游戏吗？考虑Roblox上的“穷人承保看涨期权”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116680979","media":"英为财情Investing","summary":"Roblox(NYSE:RBLX) stock has been getting increased attention in recent days. Shares of the company, ","content":"<p><b>Roblox</b>(NYSE:RBLX) stock has been getting increased attention in recent days. Shares of the company, which is behind the gaming app of the same name, made their Wall Street debut on Mar. 10, opening just shy of $65. Roblox is currently hovering at $95.74.</p><p><blockquote><b>Roblox</b>（纽约证券交易所股票代码：RBLX）股票最近几天受到越来越多的关注。该公司是同名游戏应用程序背后的公司，其股价于3月10日在华尔街首次亮相，开盘价略低于65美元。Roblox目前徘徊在95.74美元。</blockquote></p><p> The gaming platform depends on individual developers to create content. Analysts highlight that as a social media and gaming platform, Roblox could see considerable growth in the coming quarters.</p><p><blockquote>游戏平台依赖于个人开发者来创建内容。分析师强调，作为社交媒体和游戏平台，Roblox在未来几个季度可能会出现可观的增长。</blockquote></p><p> Therefore, potential investors might want to include the stock in their growth portfolio. However, buying 100 shares of RBLX stock would cost around $9,560, a considerable investment for many people.</p><p><blockquote>因此，潜在投资者可能希望将该股票纳入其增长投资组合。然而，购买100股RBLX股票的成本约为9,560美元，这对许多人来说是一项相当大的投资。</blockquote></p><p> Some investors prefer to put together a \"poor person's covered call\" on the stock instead. Therefore, today we introduce a diagonal debit spread on RBLX by using LEAPS options. Such a strategy is sometimes used to replicate a covered call position at a considerably lower cost.</p><p><blockquote>一些投资者更愿意在该股票上设立“穷人承保看涨期权”。因此，今天我们通过使用LEAPS期权在RBLX上引入对角线借方利差。这种策略有时用于以低得多的成本复制被覆盖的看涨期权头寸。</blockquote></p><p> Investors who are new to options might want to-revisit our previous articles on LEAPS options (for example,hereandhere) first, before reading further.</p><p><blockquote>不熟悉期权的投资者可能需要在进一步阅读之前先重温我们之前关于LEAPS期权的文章（例如，hereandhere）。</blockquote></p><p> <b>A Diagonal Debit Spread On RBLX Stock</b></p><p><blockquote><b>RBLX股票的对角线借方利差</b></blockquote></p><p> <b>Current Price:</b>$95.74</p><p><blockquote><b>当前价格：</b>$95.74</blockquote></p><p> <b>52-Week Range:</b>$60.50 - $98.95</p><p><blockquote><b>52周范围：</b>$60.50-$98.95</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/29fd3d4c61c948a2d2723da571214088\" tg-width=\"2542\" tg-height=\"1164\"><span>Roblox Weekly Chart</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roblox周线图</span></p></blockquote></p><p> LEAPS stands for \"Long-Term Equity Anticipation Securities.” Readers might also see websites referring to them as LEAP options or LEAPs.</p><p><blockquote>LEAPS代表“长期股权预期证券”。读者可能还会看到网站将它们称为LEAP选项或LEAPS。</blockquote></p><p> Investors who believe in the long-run growth potential of underlying assets, such as Roblox stock, could consider using LEAPS options, which are long-dated, usually one to two years till expiration.</p><p><blockquote>相信Roblox股票等基础资产长期增长潜力的投资者可以考虑使用LEAPS期权，这些期权是长期的，通常距离到期还有一到两年。</blockquote></p><p> Investors like LEAPS as they “cost less” than stocks, as they are offered at option contract prices.</p><p><blockquote>投资者喜欢LEAPS，因为它们比股票“成本更低”，因为它们以期权合约价格提供。</blockquote></p><p> A trader first buys a “longer-term” call with a lower strike price. At the same time, the trader sells a “shorter-term” call with a higher strike price, creating a long diagonal spread.</p><p><blockquote>交易者首先购买执行价格较低的“长期”看涨期权。与此同时，交易者卖出执行价格较高的“短期”看涨期权，产生多头对角线价差。</blockquote></p><p> In other words, the call options for the underlying stock have different strikes and different expiration dates. The trader goes long one option and shorts the other to make a diagonal spread.</p><p><blockquote>换句话说，标的股票的看涨期权期权有不同的行权和不同的到期日。交易者做多一个期权，做空另一个期权，形成对角线价差。</blockquote></p><p> In this LEAPS covered call strategy, both the profit potential and risk are limited. The trader establishes the position for a net debit (or cost). The net debit represents the maximum loss.</p><p><blockquote>在这种LEAPS覆盖的看涨期权策略中，利润潜力和风险都是有限的。交易者建立净借方（或成本）头寸。净借方代表最大损失。</blockquote></p><p> Most traders entering such a strategy would be mildly bullish on the underlying security—here, Roblox.</p><p><blockquote>大多数采用此类策略的交易者都会温和看好基础证券——这里是Roblox。</blockquote></p><p> Instead of buying 100 shares of Roblox, the trader would buy a deep-in-the-money LEAPS call option, where that LEAPS call acts as a “surrogate” for owning the Roblox stock.</p><p><blockquote>交易员不会购买100股Roblox股票，而是会购买深度入股的LEAPS看涨期权期权，LEAPS看涨期权充当拥有Roblox股票的“代理人”。</blockquote></p><p> As we write on Tuesday afternoon, Roblox stock is $95.60. Therefore, for this post, we'll use this price.</p><p><blockquote>正如我们周二下午撰写的那样，Roblox股价为95.60美元。因此，在这篇文章中，我们将使用这个价格。</blockquote></p><p> For the first leg of this strategy, the trader might buy a deep in-the-money (ITM) LEAPS call, such as the RBLX Jan. 20, 2023, 65-strike call option. This option is currently offered at $44.90 (mid-point of the current bid and ask spread). In other words, it would cost the trader $4,490 instead of $9,560 to own this call option that expires in over one and a half years.</p><p><blockquote>对于该策略的第一步，交易者可能会购买深度价内(ITM)LEAPS看涨期权，例如RBLX 2023年1月20日65次行使的看涨期权期权。该期权目前的报价为44.90美元（当前买卖价差的中点）。换句话说，交易者需要花费4,490美元，而不是9,560美元才能拥有这个在一年半以上到期的看涨期权期权。</blockquote></p><p> The delta of this option is about 0.80. Delta shows the amount an option’s price is expected to move based on a $1 change in the underlying security.</p><p><blockquote>该选项的delta约为0.80。Delta显示了基于标的证券1美元变化的期权价格预期变动的金额。</blockquote></p><p> In this example, if Roblox stock goes up $1, to $96.60, the current option price of $44.90 would be expected to increase by approximately 80 cents, based on a delta of 0.80. However, the actual change might be slightly more or less depending on several other factors that are beyond the scope of this article.</p><p><blockquote>在此示例中，如果Roblox股票上涨1美元至96.60美元，则基于0.80的delta，当前44.90美元的期权价格预计将上涨约80美分。然而，实际的变化可能会稍微多一点或少一点，这取决于本文范围之外的其他几个因素。</blockquote></p><p> So an option’s delta increases as one goes deeper into the money. Traders would use deep ITM LEAPS strikes because as delta approaches 1, a LEAPS option's price moves begin to mirror that of the underlying stock. In simple terms, a delta of 0.80 would be like owning 80 shares of RBLX in this example (as opposed to 100 in a regular covered call).</p><p><blockquote>因此，期权的delta随着资金的深入而增加。交易者会使用深度ITM LEAPS罢工，因为当delta接近1时，LEAPS期权的价格变动开始反映标的股票的价格变动。简单来说，在本例中，0.80的delta就像拥有80股RBLX股票（与常规备兑看涨期权中的100股相反）。</blockquote></p><p> For the second leg of this strategy, the trader sells an out-of-the-money (OTM) short-term call, like the RBLX Aug. 20, 2021, 100-strike call option. This option’s current premium is $12.83. In other words, the option seller would receive $1,283, excluding trading commissions.</p><p><blockquote>对于该策略的第二步，交易者出售价外(OTM)短期看涨期权，例如RBLX 2021年8月20日100次行使的看涨期权期权。该期权目前的权利金为12.83美元。换句话说，期权卖方将获得1283美元，不包括交易佣金。</blockquote></p><p> There are two expiration dates in the strategy, making it quite difficult to give an exact formula for a break-even point in this trade.</p><p><blockquote>该策略有两个到期日，因此很难给出该交易盈亏平衡点的准确公式。</blockquote></p><p> Different brokers or online websites might offer “profit and loss calculators” for such a trade setup. Calculating the value of back-month (i.e., LEAPS call) when the front-month (i.e., the shorter-dated) call option expires requires a pricing model to get a “guesstimate” for a break-even point.</p><p><blockquote>不同的经纪人或在线网站可能会为这种交易设置提供“损益计算器”。当前月（即较短日期）看涨期权期权到期时，计算后月（即跳跃看涨期权）的价值需要定价模型来获得盈亏平衡点的“猜测”。</blockquote></p><p> <b>Maximum Profit Potential</b></p><p><blockquote><b>最大利润潜力</b></blockquote></p><p> The maximum potential is realized if the stock price is equal to the strike price of the short call on the expiration date of the short call.</p><p><blockquote>如果在空头看涨期权到期日股价等于空头看涨期权的执行价格，则实现最大潜力。</blockquote></p><p></p><p> In other words, the trader wants the RBLX stock price to remain as close to the strike price of the short option (i.e., $100 here) as possible at expiration (on Aug. 20, 2021), without going above it.</p><p><blockquote>换句话说，交易者希望RBLX股价在到期时（2021年8月20日）尽可能接近空头期权的执行价格（即此处为100美元），而不高于该价格。</blockquote></p><p> In our example, the maximum return, in theory, would be about $1,553 at a price of $100.00 at expiry, excluding trading commissions and costs. (We arrived at this value using a profit and loss calculator online).</p><p><blockquote>在我们的示例中，理论上，到期时价格为100.00美元，最大回报约为1,553美元，不包括交易佣金和成本。（我们使用在线损益计算器得出了这个值）。</blockquote></p><p> Without the use of such a calculator, we could also arrive at an approximate dollar value. Let’s take a look:</p><p><blockquote>如果不使用这样的计算器，我们也可以得出一个大概的美元价值。一起来看看：</blockquote></p><p> The option seller (i.e., the trader) received $1,283 for the sold option.</p><p><blockquote>期权卖方（即交易者）从卖出的期权中获得了1,283美元。</blockquote></p><p> Meanwhile, the underlying RBLX stock increased from $95.60 to $100. This is a difference of $4.40 per share of RBLX, or $440 for 100 shares.</p><p><blockquote>与此同时，RBLX标的股票从95.60美元上涨至100美元。RBLX每股差价为4.40美元，即100股差价为440美元。</blockquote></p><p> Because the delta of the long LEAPS option is taken as 0.8, the value of the long option will in theory increase by $440X 0.8 = $352 (However, in practice, it might be more or less than this value.)</p><p><blockquote>由于long LEAPS期权的delta取为0.8，因此long期权的价值理论上将增加440美元x 0.8=352美元（但在实践中，它可能大于或小于该值。）</blockquote></p><p> The total of $1,283 and $352 comes to $1,635. Although it is not the same as $1,553, we can regard it as a good approximate value.</p><p><blockquote>1283美元和352美元加起来就是1635美元。虽然和1553美元不一样，但我们可以把它看作一个很好的近似值。</blockquote></p><p> Understandably, if the strike price of our long option had been different (i.e., not $65.00), its delta would have been different, too. Then we need to use that delta value to arrive at the approximate final profit or loss value.</p><p><blockquote>可以理解的是，如果我们的多头期权的执行价格不同（即不是65.00美元），其delta也会不同。然后，我们需要使用该delta值来得出大致的最终利润或损失值。</blockquote></p><p> Therefore, by not investing $9,560 initially in 100 shares of RBLX, the trader’s potential return is leveraged.</p><p><blockquote>因此，通过最初不投资9,560美元购买100股RBLX，交易者的潜在回报就被利用了。</blockquote></p><p> Put another way, the premium the trader initially receives for selling the shorter-dated call option (i.e., $1,283) represents a higher percentage of the initial investment of $4,490 than if the trader bought 100 shares of RBLX outright at $9,560.</p><p><blockquote>换句话说，交易者最初因出售短期看涨期权期权而获得的权利金（即1,283美元）占初始投资4,490美元的百分比高于交易者以9,560美元直接购买100股RBLX股票的百分比。</blockquote></p><p> Ideally, the trader hopes the short call will expire out-of-the money (worthless). Then, the trader can sell one call after the other, until the long LEAPS call expires in about a year and half.</p><p><blockquote>理想情况下，交易者希望空头看涨期权到期时价外（一文不值）。然后，交易者可以一个接一个地卖出看涨期权，直到跳远看涨期权在大约一年半后到期。</blockquote></p><p> <b>Position Management</b></p><p><blockquote><b>职位管理</b></blockquote></p><p> Active position management in a diagonal debit spread is typically more difficult for novice traders.</p><p><blockquote>对于新手交易者来说，对角线借方价差中的主动头寸管理通常更加困难。</blockquote></p><p> If RBLX is above $100 on Aug. 20, the position will make less than the potential maximum return as the short-dated option will start losing money.</p><p><blockquote>如果RBLX在8月20日高于100美元，该头寸的收益将低于潜在的最大回报，因为短期期权将开始亏损。</blockquote></p><p> Then, the trader might feel the need to close the trade early if the RBLX price shoots up and the short call gets caught deep ITM. In that case, the trader might need to close the entire trade and start over, or put together alternative option strategies.</p><p><blockquote>然后，如果RBLX价格飙升并且空头看涨期权陷入深度ITM，交易者可能会觉得有必要提前平仓交易。在这种情况下，交易者可能需要关闭整个交易并重新开始，或者整合替代期权策略。</blockquote></p><p> In a regular covered call, the trader might not necessarily mind being assigned the short option as s/he owns 100 shares of RBLX as well. However, in a poor person’s covered call, the trader would not necessarily want to be assigned the short call as s/he does not actually own those RBLX shares yet.</p><p><blockquote>在常规备兑看涨期权中，交易者可能不一定介意被分配空头期权，因为他/她也拥有100股RBLX股票。然而，在穷人的覆盖看涨期权中，交易者不一定希望被分配空头看涨期权，因为他/她实际上还没有拥有这些RBLX股票。</blockquote></p><p> On Aug. 20, this LEAPS covered call trade would, in theory, also start losing money if the RBLX stock price falls to about $81 or below. However, the actual break-even point could be different as there are different variables that affect the price of an option. Understandably, a stock's price could drop to $0, decreasing the value of the long call with it.</p><p><blockquote>8月20日，理论上，如果RBLX股价跌至约81美元或以下，看涨期权交易也将开始亏损。然而，实际的盈亏平衡点可能会有所不同，因为影响期权价格的变量不同。可以理解的是，股票价格可能会跌至0美元，从而降低多头看涨期权的价值。</blockquote></p><p> Finally, we must also remind readers that deep ITM LEAPS options tend to have high bid/ask spreads. Therefore, every time the trader buys or sells a LEAPS option, there could be a significant transaction cost.</p><p><blockquote>最后，我们还必须提醒读者，深度ITM LEAPS期权往往有很高的买卖价差。因此，每次交易者买入或卖出LEAPS期权时，都可能产生巨大的交易成本。</blockquote></p><p> In future weeks, we’ll continue our discussion with different examples of options strategies.</p><p><blockquote>在接下来的几周里，我们将继续讨论期权策略的不同例子。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Want To Invest In Gaming? Consider A ‘Poor Person’s Covered Call’ On Roblox<blockquote>想投资游戏吗？考虑Roblox上的“穷人承保看涨期权”</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWant To Invest In Gaming? Consider A ‘Poor Person’s Covered Call’ On Roblox<blockquote>想投资游戏吗？考虑Roblox上的“穷人承保看涨期权”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/92\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">英为财情Investing </p>\n<p class=\"h-time smaller\">2021-06-02 22:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Roblox</b>(NYSE:RBLX) stock has been getting increased attention in recent days. Shares of the company, which is behind the gaming app of the same name, made their Wall Street debut on Mar. 10, opening just shy of $65. Roblox is currently hovering at $95.74.</p><p><blockquote><b>Roblox</b>（纽约证券交易所股票代码：RBLX）股票最近几天受到越来越多的关注。该公司是同名游戏应用程序背后的公司，其股价于3月10日在华尔街首次亮相，开盘价略低于65美元。Roblox目前徘徊在95.74美元。</blockquote></p><p> The gaming platform depends on individual developers to create content. Analysts highlight that as a social media and gaming platform, Roblox could see considerable growth in the coming quarters.</p><p><blockquote>游戏平台依赖于个人开发者来创建内容。分析师强调，作为社交媒体和游戏平台，Roblox在未来几个季度可能会出现可观的增长。</blockquote></p><p> Therefore, potential investors might want to include the stock in their growth portfolio. However, buying 100 shares of RBLX stock would cost around $9,560, a considerable investment for many people.</p><p><blockquote>因此，潜在投资者可能希望将该股票纳入其增长投资组合。然而，购买100股RBLX股票的成本约为9,560美元，这对许多人来说是一项相当大的投资。</blockquote></p><p> Some investors prefer to put together a \"poor person's covered call\" on the stock instead. Therefore, today we introduce a diagonal debit spread on RBLX by using LEAPS options. Such a strategy is sometimes used to replicate a covered call position at a considerably lower cost.</p><p><blockquote>一些投资者更愿意在该股票上设立“穷人承保看涨期权”。因此，今天我们通过使用LEAPS期权在RBLX上引入对角线借方利差。这种策略有时用于以低得多的成本复制被覆盖的看涨期权头寸。</blockquote></p><p> Investors who are new to options might want to-revisit our previous articles on LEAPS options (for example,hereandhere) first, before reading further.</p><p><blockquote>不熟悉期权的投资者可能需要在进一步阅读之前先重温我们之前关于LEAPS期权的文章（例如，hereandhere）。</blockquote></p><p> <b>A Diagonal Debit Spread On RBLX Stock</b></p><p><blockquote><b>RBLX股票的对角线借方利差</b></blockquote></p><p> <b>Current Price:</b>$95.74</p><p><blockquote><b>当前价格：</b>$95.74</blockquote></p><p> <b>52-Week Range:</b>$60.50 - $98.95</p><p><blockquote><b>52周范围：</b>$60.50-$98.95</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/29fd3d4c61c948a2d2723da571214088\" tg-width=\"2542\" tg-height=\"1164\"><span>Roblox Weekly Chart</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roblox周线图</span></p></blockquote></p><p> LEAPS stands for \"Long-Term Equity Anticipation Securities.” Readers might also see websites referring to them as LEAP options or LEAPs.</p><p><blockquote>LEAPS代表“长期股权预期证券”。读者可能还会看到网站将它们称为LEAP选项或LEAPS。</blockquote></p><p> Investors who believe in the long-run growth potential of underlying assets, such as Roblox stock, could consider using LEAPS options, which are long-dated, usually one to two years till expiration.</p><p><blockquote>相信Roblox股票等基础资产长期增长潜力的投资者可以考虑使用LEAPS期权，这些期权是长期的，通常距离到期还有一到两年。</blockquote></p><p> Investors like LEAPS as they “cost less” than stocks, as they are offered at option contract prices.</p><p><blockquote>投资者喜欢LEAPS，因为它们比股票“成本更低”，因为它们以期权合约价格提供。</blockquote></p><p> A trader first buys a “longer-term” call with a lower strike price. At the same time, the trader sells a “shorter-term” call with a higher strike price, creating a long diagonal spread.</p><p><blockquote>交易者首先购买执行价格较低的“长期”看涨期权。与此同时，交易者卖出执行价格较高的“短期”看涨期权，产生多头对角线价差。</blockquote></p><p> In other words, the call options for the underlying stock have different strikes and different expiration dates. The trader goes long one option and shorts the other to make a diagonal spread.</p><p><blockquote>换句话说，标的股票的看涨期权期权有不同的行权和不同的到期日。交易者做多一个期权，做空另一个期权，形成对角线价差。</blockquote></p><p> In this LEAPS covered call strategy, both the profit potential and risk are limited. The trader establishes the position for a net debit (or cost). The net debit represents the maximum loss.</p><p><blockquote>在这种LEAPS覆盖的看涨期权策略中，利润潜力和风险都是有限的。交易者建立净借方（或成本）头寸。净借方代表最大损失。</blockquote></p><p> Most traders entering such a strategy would be mildly bullish on the underlying security—here, Roblox.</p><p><blockquote>大多数采用此类策略的交易者都会温和看好基础证券——这里是Roblox。</blockquote></p><p> Instead of buying 100 shares of Roblox, the trader would buy a deep-in-the-money LEAPS call option, where that LEAPS call acts as a “surrogate” for owning the Roblox stock.</p><p><blockquote>交易员不会购买100股Roblox股票，而是会购买深度入股的LEAPS看涨期权期权，LEAPS看涨期权充当拥有Roblox股票的“代理人”。</blockquote></p><p> As we write on Tuesday afternoon, Roblox stock is $95.60. Therefore, for this post, we'll use this price.</p><p><blockquote>正如我们周二下午撰写的那样，Roblox股价为95.60美元。因此，在这篇文章中，我们将使用这个价格。</blockquote></p><p> For the first leg of this strategy, the trader might buy a deep in-the-money (ITM) LEAPS call, such as the RBLX Jan. 20, 2023, 65-strike call option. This option is currently offered at $44.90 (mid-point of the current bid and ask spread). In other words, it would cost the trader $4,490 instead of $9,560 to own this call option that expires in over one and a half years.</p><p><blockquote>对于该策略的第一步，交易者可能会购买深度价内(ITM)LEAPS看涨期权，例如RBLX 2023年1月20日65次行使的看涨期权期权。该期权目前的报价为44.90美元（当前买卖价差的中点）。换句话说，交易者需要花费4,490美元，而不是9,560美元才能拥有这个在一年半以上到期的看涨期权期权。</blockquote></p><p> The delta of this option is about 0.80. Delta shows the amount an option’s price is expected to move based on a $1 change in the underlying security.</p><p><blockquote>该选项的delta约为0.80。Delta显示了基于标的证券1美元变化的期权价格预期变动的金额。</blockquote></p><p> In this example, if Roblox stock goes up $1, to $96.60, the current option price of $44.90 would be expected to increase by approximately 80 cents, based on a delta of 0.80. However, the actual change might be slightly more or less depending on several other factors that are beyond the scope of this article.</p><p><blockquote>在此示例中，如果Roblox股票上涨1美元至96.60美元，则基于0.80的delta，当前44.90美元的期权价格预计将上涨约80美分。然而，实际的变化可能会稍微多一点或少一点，这取决于本文范围之外的其他几个因素。</blockquote></p><p> So an option’s delta increases as one goes deeper into the money. Traders would use deep ITM LEAPS strikes because as delta approaches 1, a LEAPS option's price moves begin to mirror that of the underlying stock. In simple terms, a delta of 0.80 would be like owning 80 shares of RBLX in this example (as opposed to 100 in a regular covered call).</p><p><blockquote>因此，期权的delta随着资金的深入而增加。交易者会使用深度ITM LEAPS罢工，因为当delta接近1时，LEAPS期权的价格变动开始反映标的股票的价格变动。简单来说，在本例中，0.80的delta就像拥有80股RBLX股票（与常规备兑看涨期权中的100股相反）。</blockquote></p><p> For the second leg of this strategy, the trader sells an out-of-the-money (OTM) short-term call, like the RBLX Aug. 20, 2021, 100-strike call option. This option’s current premium is $12.83. In other words, the option seller would receive $1,283, excluding trading commissions.</p><p><blockquote>对于该策略的第二步，交易者出售价外(OTM)短期看涨期权，例如RBLX 2021年8月20日100次行使的看涨期权期权。该期权目前的权利金为12.83美元。换句话说，期权卖方将获得1283美元，不包括交易佣金。</blockquote></p><p> There are two expiration dates in the strategy, making it quite difficult to give an exact formula for a break-even point in this trade.</p><p><blockquote>该策略有两个到期日，因此很难给出该交易盈亏平衡点的准确公式。</blockquote></p><p> Different brokers or online websites might offer “profit and loss calculators” for such a trade setup. Calculating the value of back-month (i.e., LEAPS call) when the front-month (i.e., the shorter-dated) call option expires requires a pricing model to get a “guesstimate” for a break-even point.</p><p><blockquote>不同的经纪人或在线网站可能会为这种交易设置提供“损益计算器”。当前月（即较短日期）看涨期权期权到期时，计算后月（即跳跃看涨期权）的价值需要定价模型来获得盈亏平衡点的“猜测”。</blockquote></p><p> <b>Maximum Profit Potential</b></p><p><blockquote><b>最大利润潜力</b></blockquote></p><p> The maximum potential is realized if the stock price is equal to the strike price of the short call on the expiration date of the short call.</p><p><blockquote>如果在空头看涨期权到期日股价等于空头看涨期权的执行价格，则实现最大潜力。</blockquote></p><p></p><p> In other words, the trader wants the RBLX stock price to remain as close to the strike price of the short option (i.e., $100 here) as possible at expiration (on Aug. 20, 2021), without going above it.</p><p><blockquote>换句话说，交易者希望RBLX股价在到期时（2021年8月20日）尽可能接近空头期权的执行价格（即此处为100美元），而不高于该价格。</blockquote></p><p> In our example, the maximum return, in theory, would be about $1,553 at a price of $100.00 at expiry, excluding trading commissions and costs. (We arrived at this value using a profit and loss calculator online).</p><p><blockquote>在我们的示例中，理论上，到期时价格为100.00美元，最大回报约为1,553美元，不包括交易佣金和成本。（我们使用在线损益计算器得出了这个值）。</blockquote></p><p> Without the use of such a calculator, we could also arrive at an approximate dollar value. Let’s take a look:</p><p><blockquote>如果不使用这样的计算器，我们也可以得出一个大概的美元价值。一起来看看：</blockquote></p><p> The option seller (i.e., the trader) received $1,283 for the sold option.</p><p><blockquote>期权卖方（即交易者）从卖出的期权中获得了1,283美元。</blockquote></p><p> Meanwhile, the underlying RBLX stock increased from $95.60 to $100. This is a difference of $4.40 per share of RBLX, or $440 for 100 shares.</p><p><blockquote>与此同时，RBLX标的股票从95.60美元上涨至100美元。RBLX每股差价为4.40美元，即100股差价为440美元。</blockquote></p><p> Because the delta of the long LEAPS option is taken as 0.8, the value of the long option will in theory increase by $440X 0.8 = $352 (However, in practice, it might be more or less than this value.)</p><p><blockquote>由于long LEAPS期权的delta取为0.8，因此long期权的价值理论上将增加440美元x 0.8=352美元（但在实践中，它可能大于或小于该值。）</blockquote></p><p> The total of $1,283 and $352 comes to $1,635. Although it is not the same as $1,553, we can regard it as a good approximate value.</p><p><blockquote>1283美元和352美元加起来就是1635美元。虽然和1553美元不一样，但我们可以把它看作一个很好的近似值。</blockquote></p><p> Understandably, if the strike price of our long option had been different (i.e., not $65.00), its delta would have been different, too. Then we need to use that delta value to arrive at the approximate final profit or loss value.</p><p><blockquote>可以理解的是，如果我们的多头期权的执行价格不同（即不是65.00美元），其delta也会不同。然后，我们需要使用该delta值来得出大致的最终利润或损失值。</blockquote></p><p> Therefore, by not investing $9,560 initially in 100 shares of RBLX, the trader’s potential return is leveraged.</p><p><blockquote>因此，通过最初不投资9,560美元购买100股RBLX，交易者的潜在回报就被利用了。</blockquote></p><p> Put another way, the premium the trader initially receives for selling the shorter-dated call option (i.e., $1,283) represents a higher percentage of the initial investment of $4,490 than if the trader bought 100 shares of RBLX outright at $9,560.</p><p><blockquote>换句话说，交易者最初因出售短期看涨期权期权而获得的权利金（即1,283美元）占初始投资4,490美元的百分比高于交易者以9,560美元直接购买100股RBLX股票的百分比。</blockquote></p><p> Ideally, the trader hopes the short call will expire out-of-the money (worthless). Then, the trader can sell one call after the other, until the long LEAPS call expires in about a year and half.</p><p><blockquote>理想情况下，交易者希望空头看涨期权到期时价外（一文不值）。然后，交易者可以一个接一个地卖出看涨期权，直到跳远看涨期权在大约一年半后到期。</blockquote></p><p> <b>Position Management</b></p><p><blockquote><b>职位管理</b></blockquote></p><p> Active position management in a diagonal debit spread is typically more difficult for novice traders.</p><p><blockquote>对于新手交易者来说，对角线借方价差中的主动头寸管理通常更加困难。</blockquote></p><p> If RBLX is above $100 on Aug. 20, the position will make less than the potential maximum return as the short-dated option will start losing money.</p><p><blockquote>如果RBLX在8月20日高于100美元，该头寸的收益将低于潜在的最大回报，因为短期期权将开始亏损。</blockquote></p><p> Then, the trader might feel the need to close the trade early if the RBLX price shoots up and the short call gets caught deep ITM. In that case, the trader might need to close the entire trade and start over, or put together alternative option strategies.</p><p><blockquote>然后，如果RBLX价格飙升并且空头看涨期权陷入深度ITM，交易者可能会觉得有必要提前平仓交易。在这种情况下，交易者可能需要关闭整个交易并重新开始，或者整合替代期权策略。</blockquote></p><p> In a regular covered call, the trader might not necessarily mind being assigned the short option as s/he owns 100 shares of RBLX as well. However, in a poor person’s covered call, the trader would not necessarily want to be assigned the short call as s/he does not actually own those RBLX shares yet.</p><p><blockquote>在常规备兑看涨期权中，交易者可能不一定介意被分配空头期权，因为他/她也拥有100股RBLX股票。然而，在穷人的覆盖看涨期权中，交易者不一定希望被分配空头看涨期权，因为他/她实际上还没有拥有这些RBLX股票。</blockquote></p><p> On Aug. 20, this LEAPS covered call trade would, in theory, also start losing money if the RBLX stock price falls to about $81 or below. However, the actual break-even point could be different as there are different variables that affect the price of an option. Understandably, a stock's price could drop to $0, decreasing the value of the long call with it.</p><p><blockquote>8月20日，理论上，如果RBLX股价跌至约81美元或以下，看涨期权交易也将开始亏损。然而，实际的盈亏平衡点可能会有所不同，因为影响期权价格的变量不同。可以理解的是，股票价格可能会跌至0美元，从而降低多头看涨期权的价值。</blockquote></p><p> Finally, we must also remind readers that deep ITM LEAPS options tend to have high bid/ask spreads. Therefore, every time the trader buys or sells a LEAPS option, there could be a significant transaction cost.</p><p><blockquote>最后，我们还必须提醒读者，深度ITM LEAPS期权往往有很高的买卖价差。因此，每次交易者买入或卖出LEAPS期权时，都可能产生巨大的交易成本。</blockquote></p><p> In future weeks, we’ll continue our discussion with different examples of options strategies.</p><p><blockquote>在接下来的几周里，我们将继续讨论期权策略的不同例子。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RBLX":"Roblox Corporation"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116680979","content_text":"Roblox(NYSE:RBLX) stock has been getting increased attention in recent days. Shares of the company, which is behind the gaming app of the same name, made their Wall Street debut on Mar. 10, opening just shy of $65. Roblox is currently hovering at $95.74.\nThe gaming platform depends on individual developers to create content. Analysts highlight that as a social media and gaming platform, Roblox could see considerable growth in the coming quarters.\nTherefore, potential investors might want to include the stock in their growth portfolio. However, buying 100 shares of RBLX stock would cost around $9,560, a considerable investment for many people.\nSome investors prefer to put together a \"poor person's covered call\" on the stock instead. Therefore, today we introduce a diagonal debit spread on RBLX by using LEAPS options. Such a strategy is sometimes used to replicate a covered call position at a considerably lower cost.\nInvestors who are new to options might want to-revisit our previous articles on LEAPS options (for example,hereandhere) first, before reading further.\nA Diagonal Debit Spread On RBLX Stock\nCurrent Price:$95.74\n52-Week Range:$60.50 - $98.95\nRoblox Weekly Chart\nLEAPS stands for \"Long-Term Equity Anticipation Securities.” Readers might also see websites referring to them as LEAP options or LEAPs.\nInvestors who believe in the long-run growth potential of underlying assets, such as Roblox stock, could consider using LEAPS options, which are long-dated, usually one to two years till expiration.\nInvestors like LEAPS as they “cost less” than stocks, as they are offered at option contract prices.\nA trader first buys a “longer-term” call with a lower strike price. At the same time, the trader sells a “shorter-term” call with a higher strike price, creating a long diagonal spread.\nIn other words, the call options for the underlying stock have different strikes and different expiration dates. The trader goes long one option and shorts the other to make a diagonal spread.\nIn this LEAPS covered call strategy, both the profit potential and risk are limited. The trader establishes the position for a net debit (or cost). The net debit represents the maximum loss.\nMost traders entering such a strategy would be mildly bullish on the underlying security—here, Roblox.\nInstead of buying 100 shares of Roblox, the trader would buy a deep-in-the-money LEAPS call option, where that LEAPS call acts as a “surrogate” for owning the Roblox stock.\nAs we write on Tuesday afternoon, Roblox stock is $95.60. Therefore, for this post, we'll use this price.\nFor the first leg of this strategy, the trader might buy a deep in-the-money (ITM) LEAPS call, such as the RBLX Jan. 20, 2023, 65-strike call option. This option is currently offered at $44.90 (mid-point of the current bid and ask spread). In other words, it would cost the trader $4,490 instead of $9,560 to own this call option that expires in over one and a half years.\nThe delta of this option is about 0.80. Delta shows the amount an option’s price is expected to move based on a $1 change in the underlying security.\nIn this example, if Roblox stock goes up $1, to $96.60, the current option price of $44.90 would be expected to increase by approximately 80 cents, based on a delta of 0.80. However, the actual change might be slightly more or less depending on several other factors that are beyond the scope of this article.\nSo an option’s delta increases as one goes deeper into the money. Traders would use deep ITM LEAPS strikes because as delta approaches 1, a LEAPS option's price moves begin to mirror that of the underlying stock. In simple terms, a delta of 0.80 would be like owning 80 shares of RBLX in this example (as opposed to 100 in a regular covered call).\nFor the second leg of this strategy, the trader sells an out-of-the-money (OTM) short-term call, like the RBLX Aug. 20, 2021, 100-strike call option. This option’s current premium is $12.83. In other words, the option seller would receive $1,283, excluding trading commissions.\nThere are two expiration dates in the strategy, making it quite difficult to give an exact formula for a break-even point in this trade.\nDifferent brokers or online websites might offer “profit and loss calculators” for such a trade setup. Calculating the value of back-month (i.e., LEAPS call) when the front-month (i.e., the shorter-dated) call option expires requires a pricing model to get a “guesstimate” for a break-even point.\nMaximum Profit Potential\nThe maximum potential is realized if the stock price is equal to the strike price of the short call on the expiration date of the short call.\nIn other words, the trader wants the RBLX stock price to remain as close to the strike price of the short option (i.e., $100 here) as possible at expiration (on Aug. 20, 2021), without going above it.\nIn our example, the maximum return, in theory, would be about $1,553 at a price of $100.00 at expiry, excluding trading commissions and costs. (We arrived at this value using a profit and loss calculator online).\nWithout the use of such a calculator, we could also arrive at an approximate dollar value. Let’s take a look:\nThe option seller (i.e., the trader) received $1,283 for the sold option.\nMeanwhile, the underlying RBLX stock increased from $95.60 to $100. This is a difference of $4.40 per share of RBLX, or $440 for 100 shares.\nBecause the delta of the long LEAPS option is taken as 0.8, the value of the long option will in theory increase by $440X 0.8 = $352 (However, in practice, it might be more or less than this value.)\nThe total of $1,283 and $352 comes to $1,635. Although it is not the same as $1,553, we can regard it as a good approximate value.\nUnderstandably, if the strike price of our long option had been different (i.e., not $65.00), its delta would have been different, too. Then we need to use that delta value to arrive at the approximate final profit or loss value.\nTherefore, by not investing $9,560 initially in 100 shares of RBLX, the trader’s potential return is leveraged.\nPut another way, the premium the trader initially receives for selling the shorter-dated call option (i.e., $1,283) represents a higher percentage of the initial investment of $4,490 than if the trader bought 100 shares of RBLX outright at $9,560.\nIdeally, the trader hopes the short call will expire out-of-the money (worthless). Then, the trader can sell one call after the other, until the long LEAPS call expires in about a year and half.\nPosition Management\nActive position management in a diagonal debit spread is typically more difficult for novice traders.\nIf RBLX is above $100 on Aug. 20, the position will make less than the potential maximum return as the short-dated option will start losing money.\nThen, the trader might feel the need to close the trade early if the RBLX price shoots up and the short call gets caught deep ITM. In that case, the trader might need to close the entire trade and start over, or put together alternative option strategies.\nIn a regular covered call, the trader might not necessarily mind being assigned the short option as s/he owns 100 shares of RBLX as well. However, in a poor person’s covered call, the trader would not necessarily want to be assigned the short call as s/he does not actually own those RBLX shares yet.\nOn Aug. 20, this LEAPS covered call trade would, in theory, also start losing money if the RBLX stock price falls to about $81 or below. However, the actual break-even point could be different as there are different variables that affect the price of an option. Understandably, a stock's price could drop to $0, decreasing the value of the long call with it.\nFinally, we must also remind readers that deep ITM LEAPS options tend to have high bid/ask spreads. Therefore, every time the trader buys or sells a LEAPS option, there could be a significant transaction cost.\nIn future weeks, we’ll continue our discussion with different examples of options strategies.","news_type":1,"symbols_score_info":{"RBLX":0.9}},"isVote":1,"tweetType":1,"viewCount":427,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/111940160"}
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