ZYX is currently trading at 50-1/2 and a ZYX LEAPS call option, with a two-year expiration and a strike price of 50, is trading for a premium of 8 1/2, or $850 per contract. The investor buys five contracts for a total cost of $4250. The calls give the investor the right to buy 500 shares of ZYX between now and expiration at $50 per share regardless of how high the price of the stock rises. To be profitable, though, at expiration at $50 per share regardless of how high the price of the stock rises. To be profitable, though, at expiration, the stock must be trading for more than 58, the total of the option premium (8 1/2) and the strike price of 50. This is known as the breakeven point. The buyer's maximum loss for this strategy is equal to the total cost of the options, or $4250. The following are possible outcomes of this strategy at expiration.
ZYX is trading above the breakeven point. If ZYX advances to 65 at expiration, the LEAPS will have a value of approximately 15 (the stock price of 65 less the strike price of 50). The investor may choose to exercise the calls and take delivery of the stock at a price of 50, or may sell the LEAPS calls for a profit.
ZYX股票目前的交易價格是50-1/2，兩年到期，議定價格為50的ZYX LEAPS看漲期權(quán)交易溢價為8-1/2，或者說是每份合約$850。該投資人總共花了$4,250購買5份合約。該看漲期權(quán)授權(quán)該投資人從現(xiàn)在開始到期權(quán)之前以每股50元的價格購買500股ZYX股票，不管該股票的價格上升到多少。當(dāng)然，要想在到期前真正有利可圖，該股票的交易價格必須高于58 1/2，也就是期權(quán)溢價（8-1/2）加上商定價格50。這稱做盈虧平衡點。買家在此項策略中虧損等于購買期權(quán)的總成本，或者說$4,250。以下說明一下到期時本項策略可能的收益。
ZYX交易價高于盈虧平衡點。如果ZYX在到期時漲到65，LEAPS則有大約15遠(yuǎn)的價值（股票價格65減去商定價格50）。投資者可選擇行使期權(quán)，以每股50元的價格買進(jìn)股票，或者賣掉LEAPS看漲期權(quán)獲取利潤。
ZYX is trading above the breakeven point. If ZYX advances to 65 at expiration, the LEAPS will have a value of approximately 15 (the stock price of 65 less the strike price of 50). The investor may choose to exercise the calls and take delivery of the stock at a price of 50, or may sell the LEAPS calls for a profit.
ZYX股票目前的交易價格是50-1/2，兩年到期，議定價格為50的ZYX LEAPS看漲期權(quán)交易溢價為8-1/2，或者說是每份合約$850。該投資人總共花了$4,250購買5份合約。該看漲期權(quán)授權(quán)該投資人從現(xiàn)在開始到期權(quán)之前以每股50元的價格購買500股ZYX股票，不管該股票的價格上升到多少。當(dāng)然，要想在到期前真正有利可圖，該股票的交易價格必須高于58 1/2，也就是期權(quán)溢價（8-1/2）加上商定價格50。這稱做盈虧平衡點。買家在此項策略中虧損等于購買期權(quán)的總成本，或者說$4,250。以下說明一下到期時本項策略可能的收益。
ZYX交易價高于盈虧平衡點。如果ZYX在到期時漲到65，LEAPS則有大約15遠(yuǎn)的價值（股票價格65減去商定價格50）。投資者可選擇行使期權(quán)，以每股50元的價格買進(jìn)股票，或者賣掉LEAPS看漲期權(quán)獲取利潤。