option price is larger, then show.
For the putoptions,
=IF((EXP(-$D$5*옵션가격!$K$2)*(B13*$I$5+B15*$J$5))option value.
Part 5. Implied volatility
Put options at 10 Stock Prices respectively>
Call Put
K
putoption )
- 유로피안 옵션 ( European option ) vs 아메리칸 옵션 ( Americanoption )
- exotic option
2.1 Call Option
- 미리 정한 가격으로 자산을 미래에 살 수 있는 권리를 부여한 계약
- 옵션 소유자의 미래 현금흐름 :
2.2 PutOption
- 미리 정한 가격으로 자산을 미래에 팔 수 있는 권리를 부여한 계약
-
option is a contract that gives the right, but does not impose the obligation, to buy or sell a set quantity of a particular asset at a set price on, or up to, a given future date. If the contract is an option to buy, it is referred to as a “call” option; an option to sell is a “put” option. If the option can be used at any point up to its expiration, it is called an “American” option
가져옴
Strike Price
- 행사가격의 상승은 Call 가격 하락을 가져옴
- 행사가격의 상승은 Put 가격 상승을 가져옴
Volatility
- 변동성의 증가는 Option 가격 상승을 가져옴
Factors to Price 3
Time To Maturity
- 만기의 증가는 Option의 Time Value 상승을 가져옴
- European에 비해 American이 상승폭이 커짐 (why?)
Risk free Rate
Options, next slide
These options are more complex than options that trade on an exchange, and generally trade over the counter.
2. Features of Exotic Options
Exotic Options...
The payoff at maturity depends on as its value at several times.
Could depend on more than one index.
could be call ability and put ability rights.
could involve foreign exchange rates in various