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A put option (or "put") is a contract that gives the option buyer the right to sell (or short) a certain amount of an underlying security at a predetermined price within a specified period of time, but does not obligate performance.
A put option (or "put") is a contract that gives the option buyer the right to sell (or short) a certain amount of an underlying security at a predetermined price within a specified period of time, but does not obligate performance. This predetermined price is called the execution price.
Put options can be traded on a variety of underlying assets including stocks, currencies, bonds, commodities, futures and indices. A put option contrasts with a call option, which gives the holder the right to purchase the underlying security at a specified price on or before the expiration date of the option contract.
The value of a put option increases when the price of the underlying stock or security decreases, and conversely, the value of a put option decreases when the price of the underlying stock or security increases. Therefore, selling options is often used to hedge or speculate on downside risk.
Investors often use put options in a risk management strategy called a protective put, which is a form of investment insurance or hedging designed to ensure that losses on the underlying asset do not exceed a certain amount. In this strategy, investors purchase put options to hedge the downside risk of stocks in their portfolio. If the option is exercised, the investor will sell the stock at the strike price of the put. If an investor exercises a put option without owning the underlying stock, a short position in the stock results.
Generally speaking, the value of a put option decreases as expiration approaches, primarily due to the effects of time decay. As option expiration shortens, time decay accelerates because there is less time to profit from the trade. When an option loses time value, what remains is intrinsic value. The intrinsic value of an option is equal to the difference between the strike price and the underlying stock price. If an option has intrinsic value, it is said to be "in the money" (ITM).
Important Note: The intrinsic value of an option = the difference between the market price of the underlying security and the strike price of the option (for a put option, intrinsic value = strike price minus the market price of the underlying security; for a call option, intrinsic value = the market price of the underlying security minus the strike price)
"Out of the money" (OTM) and "at the money" (ATM) put options have no intrinsic value because there is no benefit to exercising the option. Rather than exercising an out-of-the-money put option at an undesirable strike price, investors can choose to go short at the current higher market price. However, in non-bear markets, shorting is generally riskier than buying put options.
Time value, or extrinsic value, is reflected in the premium of an option. If the put option has a strike price of 19, the option has an intrinsic value of 1.35. The additional $0.35 is time value because the underlying stock price may change before the option expires. Different put options can be combined to form put spreads.
There are several factors to keep in mind when selling put options. When considering a trade, it's crucial to understand the value and profitability of an options contract, otherwise you could risk the stock falling below its profitability point.
The profit from selling options at expiration is shown below:
Put options, as well as many other types of options, are traded through brokerage firms. Some brokers offer professional features and benefits to options traders. For those interested in options trading, there are many brokers that specialize in options trading. It is important to choose a broker that matches your investment needs.
The buyer of a put option is not required to hold the option to expiration. As the underlying stock price fluctuates, the option's premium will change to reflect the latest underlying price movement. Option buyers can sell their options, thereby cutting their losses or realizing a profit based on the change in price since they purchased the option.
Likewise, option sellers can do this. If the underlying price is higher than the strike price, they may take no action. This is because the option may expire void, recouping the entire premium. But if the underlying price is close to or below the strike price, to avoid a huge loss, the option seller may choose to buy back the option (so they can exit the position). The gain or loss is the difference between the premium charged and the premium paid to buy back the position.
Assume an investor purchases a put option on the SPDR S&P 500 ETF (SPY), which trades at 425, and the option expires one month later. The premium for this option is 280 ($2.80 × 100 shares).
If the unit price of SPY drops to 425 put option will be "in the money" and trade for at least 425 - 425 put trades at $10.50.
Since the put option is now "in the money," the investor must decide to (a) exercise the option, which would give him the right to sell 100 shares of SPY at the $425 strike price, or (b) sell the put option at a profit. We consider two scenarios: (i) the investor already holds 100 shares of SPY; (ii) the investor does not hold any SPY units. (The following calculations ignore handling fees to simplify the explanation.)
Suppose an investor exercises a put option. If an investor already holds 100 units of SPY in their portfolio (assuming they purchased it at 425.
The net profit of this transaction can be calculated as:
[(SPY sell price - SPY buy price) - (put option buy price)] × Number of shares or units
Profit = [(
<!-- @@@ -->2,220
If the investor does not hold units of SPY but purchases the put option purely as a speculative trade, then exercising the put option would result in shorting 100 shares of SPY at a strike price of 415.
The net profit of this transaction can be calculated as:
[(SPY short sell price - SPY buy price) - (sell option buy price)] × Number of shares or units
Profit = [(
<!-- @@@ -->720
Exercising an option, selling the stock (short) and then repurchasing it sounds like a pretty complicated undertaking, not to mention the additional costs of multiple trades such as commissions and margin interest (shorting typically requires a margin account). However, investors actually have an easier "option": simply sell the put option at the current price and make a handsome profit. In this case, the profit is calculated as:
[Sell price of put option - Purchase price of put option] × Number of shares or units = [10.50 -
<!-- @@@ -->770
There is a key point to note here. Selling the option rather than going through the relatively tedious exercise process could actually realize a profit of 50 more than the 0.50 per share (50) to be realized. Therefore, most long-term option positions that have value before expiration are sold, not exercised.
For the buyer of a sold option, the maximum loss on an option position is limited to the premium paid. If the underlying stock price drops to zero, the maximum gain from the options position would be in the scenario described above.
Selling vs. Exercising Options: Most long-term option positions are closed prior to expiration by selling rather than exercising because exercising an option will result in a loss of time value, higher transaction costs, and additional margin requirements.
In the previous section, we discussed put options from the perspective of the buyer, or the investor who owns a put position. Now we'll focus on the other side of the options trade: the option seller, or option writer, who holds the short put.
In contrast to long-term put options, short-term or written put options require the investor to receive or purchase the underlying stock at the strike price specified in the options contract.
Let's say an investor is bullish on SPY and it's currently trading at 430 in the next month. The investor could collect a premium of 345) by writing a put option with a strike price of $430.
If SPY remains above the 345) because the option will expire out-of-the-money and worthless. This is the maximum profit on the deal: $345, the premium received.
On the contrary, if SPY falls below 430, not to mention that SPY may drop to 350, or even lower at this time. Regardless of how far the stock falls, the writer of the put option must buy the stock at the 430 per share, or 430 × 100 shares).
For the writer of a put option, the maximum gain is limited to the premium received, while the maximum loss occurs when the underlying stock price drops to zero. The gain/loss characteristics of put option buyers and writers are therefore diametrically opposed.
Buying puts and shorting are both bearish strategies, but there are some important differences between the two. The maximum loss for a put option buyer is limited to the premium paid, while buying a put option does not require a margin account and can be done with limited capital. In contrast, the risk of shorting is theoretically unlimited and is significantly more expensive than buying put options due to costs such as borrowing fees and margin interest. Therefore, shorting is considered riskier than buying put options.
It really depends on your trading objectives, risk tolerance, capital amount, etc. In-the-money (ITM) put options have higher dollar payouts than out-of-the-money (OTM) put options because they give you the right to sell the underlying security at a higher price. But the lower price of out-of-the-money put options is offset by their lower probability of profit. If you don't want to spend too much for protective put options and are willing to accept moderate downside risk in your portfolio, OTM put options may be a good option.
Yes, you may lose the entire premium you paid for the put option if the underlying security price is not below the strike price when the option expires.
Putting options is an advanced options strategy suitable for experienced traders and investors; strategies such as cash-protected putting also require a significant amount of capital. If you are new to options and have limited funds, writing put options is a risky move and is not recommended.
A put option enables the holder to sell a security at a guaranteed price, even if the market price of the security has fallen. This makes it an effective tool for hedging strategies and speculative traders. Like call options, put options are one of the most basic derivative contracts.
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卖出期权（或称“卖权”）是一种合约，赋予期权买方在指定时间内以预定价格出售（或做空）一定数量的基础证券的权利，但并不强制其履行。这一预定价格被称为执行价格。
卖出期权可在股票、货币、债券、商品、期货和指数等多种基础资产上进行交易。卖出期权与买入期权形成对比，后者赋予持有人在期权合约到期日或之前，按照指定价格购买基础证券的权利。
当基础股票或证券价格下降时，卖出期权的价值会增加；反之，当基础股票价格上升时，卖出期权的价值会降低。因此，卖出期权通常用于对冲或投机下行风险。
投资者通常在一种被称为保护性卖权的风险管理策略中使用卖出期权，这是一种投资保险或对冲的形式，旨在确保基础资产的损失不超过某一数额。在此策略中，投资者购买卖出期权以对冲其投资组合中股票的下行风险。若期权被行使，投资者将以卖权的执行价格出售股票。如果投资者未持有基础股票而行使卖出期权，则会形成股票的空头头寸。
一般来说，卖出期权的价值随着到期时间的临近而下降，主要是因为时间衰减的影响。随着期权到期时间的缩短，时间衰减加速，因为利用交易获利的时间减少。当期权失去时间价值时，剩余的则是内在价值。期权的内在价值等同于执行价格与基础股票价格之间的差额。如果期权具有内在价值，则称其为“实值”（ITM）。
**重要提示：**期权的内在价值 = 基础证券市场价格与期权执行价格之间的差额（对于卖出期权，内在价值 = 执行价格减去基础证券市场价格；对于买入期权，内在价值 = 基础证券市场价格减去执行价格）
“虚值”（OTM）和“平值”（ATM）卖出期权没有内在价值，因行使期权没有好处。投资者可以选择在当前较高的市场价格上做空，而不是在不心仪的执行价格行使一个虚值的卖出期权。然而，在非熊市中，做空通常比购买卖出期权更具风险。
时间价值或外在价值体现在期权的溢价中。如果卖出期权的执行价格为20美元，而基础股票的当前交易价格为19美元，则期权的内在价值为1美元。但该卖出期权可能以1.35美元交易。额外的0.35美元是时间价值，因为在期权到期之前，基础股票价格可能发生变化。不同的卖出期权可以结合形成卖出价差。
在出售卖出期权时，有几个因素需要记住。在考虑交易时，了解期权合约的价值和盈利能力至关重要，否则您可能面临股票跌破盈利点的风险。
到期时卖出期权的收益如下图所示：
卖出期权以及许多其他类型的期权通过经纪公司进行交易。一些经纪人对期权交易者提供专业功能和福利。对于对期权交易感兴趣的人，有许多专门从事期权交易的经纪商。选择一个与您的投资需求相匹配的经纪商非常重要。
卖出期权的买方并不需要持有期权至到期。随着基础股票价格的波动，期权的溢价将会变化，以反映最新的基础价格变动。期权买方可以出售他们的期权，从而根据他们购买期权后的价格变化来减少损失或实现盈利。
同样，期权卖方也可以做到这一点。如果基础价格高于执行价格，他们可能不采取任何行动。这是因为期权可能会无效到期，从而收回全部溢价。但如果基础价格接近或低于执行价格，为避免巨额损失，期权卖方可能会选择回购期权（这样他们就能退出该头寸）。收益或损失是收取的溢价与回购该头寸所支付的溢价之间的差额。
假设投资者在SPDR S&P 500 ETF（SPY）上购买一个卖出期权，该基金在2022年1月的交易价格为445美元，执行价格为425美元，期权将在一个月后到期。该期权的溢价为2.80美元，即280美元（2.80美元×100股）。
如果SPY的单位价格在到期前降至415美元，425美元的卖出期权将“实值”，并以至少10美元交易，这就是该卖出期权的内在价值（即425美元 - 415美元）。该卖出期权的具体价格将取决于多个因素，其中最重要的是剩余到期时间。假设425美元的卖出期权以10.50美元交易。
由于卖出期权现在是“实值”，投资者必须决定（a）行使期权，这将赋予其以425美元的执行价格出售100股SPY的权利；或（b）出售该卖出期权，获取利润。我们考虑两种情况：（i）投资者已经持有100股SPY；（ii）投资者未持有任何SPY单位。（以下计算忽略手续费，以简化说明。）
假设投资者行使了卖出期权。如果投资者已经在其投资组合中持有100单位SPY（假设其以400美元的价格购入），并且该卖出期权是为了对冲下行风险（即这是一个保护性卖权），那么投资者的经纪人将以425美元的执行价格出售100股SPY。
此交易的净利润可计算为：
[(SPY出售价格 - SPY购买价格) - (卖出期权购买价格)] × 股数或单位
利润 = [(415) - 400) - 770
在这里有一个关键点需要注意。出售期权而不是通过相对繁琐的行使过程，实际上可以实现770美元的利润，比行使期权获得的720美元多50美元。为何会有这种差异？因为出售期权使得每股0.50美元的时间价值（0.50美元×100股=50美元）得以实现。因此，大多数在到期前具有价值的长期期权头寸都是出售，而不是行使。
对于卖出期权的买方，期权头寸的最大损失限于已支付的溢价。如果基础股票价格降至零，则期权头寸的最大收益将在于上述情况。
出售与行使期权：在到期前大多数长期期权头寸都是通过出售而非行使来关闭，因为行使期权将导致时间价值损失、较高的交易成本和额外的保证金要求。
在前一部分中，我们从买方的角度讨论了卖出期权，或者说拥有卖出头寸的投资者。现在我们将关注期权交易的另一方：卖出期权的卖方或期权写出者，他们持有短期卖权。
与长期卖出期权相反，短期或书面卖出期权要求投资者在期权合约中规定的执行价格处接收或购买基础股票。
假设一个投资者对SPY持看涨态度，且当前交易价格为445美元，并不认为其在下个月会低于430美元。该投资者可以通过撰写一个执行价格为430美元的卖出期权收取每股3.45美元的溢价（× 100股，合345美元）。
如果SPY在未来一个月内保持在430美元执行价格之上，则投资者将保留所收取的溢价（345美元），因为期权将以虚值到期，毫无价值。这是该交易的最大利润：345美元，即所收溢价。
相反，如果SPY在一个月的期权到期之前跌破430美元，投资者就必须以430美元的价格购买100股，更何况此时SPY可能降至400美元、350美元，甚至更低。无论股票跌至何种程度，卖出期权的写出者都必须以430美元的执行价格购买股票，这意味着一旦基础股票价格降至零，他们面临的理论风险为每股430美元，或每份合约43,000美元（430美元×100股）。
对于卖出期权的写出者，其最大收益限于所收溢价，而最大损失则发生在基础股票价格降至零。卖出期权买方和写出者的收益/损失特征因此截然相反。
购买卖出期权和做空都是看跌策略，但二者之间存在一些重要差异。卖出期权买方的最大损失限于已支付的溢价，而购买卖出期权不需要保证金账户，且可以用有限的资本完成。相比之下，做空的风险理论上是无限的，并且由于借股费用和保证金利息等成本，比购买卖出期权显著昂贵。因此，做空被认为比购买卖出期权冒更大的风险。
这确实取决于您的交易目标、风险承受能力、资本金额等因素。实值（ITM）卖出期权的美元支出高于虚值（OTM）卖出期权，因为它们赋予您以更高价格出售基础证券的权利。但虚值卖出期权的较低价格被其盈利概率较低所抵消。如果您不想为保护性卖出期权花费太多，并愿意接受投资组合的适度下降风险，那么OTM卖出期权可能是一个不错的选择。
是的，如果在期权到期时基础证券价格没有低于执行价格，您可能会失去所支付的全部卖出期权溢价。
卖出期权是一种高级期权策略，适合经验丰富的交易者和投资者；如现金保障的卖出期权等策略也需要相当数量的资本。如果您是期权新手且资金有限，写出卖出期权将是一项冒险的行为，并不推荐。
卖出期权使持有人能够以保证价格出售证券，即使该证券的市场价格已下跌。这使其成为对冲策略和投机交易者的一种有效工具。与买入期权一样，卖出期权是最基本的衍生合约之一。
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