Divide by rights
According to the rights of options, there are two kinds: call options and put options.
According to the types of options, it can be divided into European options and American options.
According to the exercise time, it is divided into three types: European option, American option and Bermuda option.
Divided by delivery time
According to the delivery time of options, they are divided into American options and European options. American option means that you can exercise your rights at any time within the validity period stipulated by option contracts.
European option refers to the right that the Japanese can exercise on the expiration date stipulated by option contracts, but the buyer of the option cannot exercise this right before the expiration date of the contract. Upon expiration, the contract will automatically become invalid.
China's emerging foreign exchange options business is similar to European options, but different. We will explain it in detail in the lecture on foreign exchange options business in China.
According to the subject matter of the contract
There are stock options, stock index options, interest rate options, commodity options and foreign exchange options.
Special type
The final return of standard European options depends only on the original asset price on the maturity date. Path-dependent option is a special option, and its final income is related to the change of the original asset price within the validity period of the option. Path-related options can be divided into two categories according to the dependence of their final income on the original asset price path:
One is that its final income is related to whether the price of primary assets reaches a certain or several agreed levels within the validity period, which is called weak path-related option;
The final return of another option depends on the price information of the original asset during the whole option validity period, which is called strong path-related option. One of the most typical weak path-related options is the obstacle option. Strictly speaking, American option is also a weak path-related option.
There are two kinds of strong path-related options: Asian option and look-back option. The return of Asian options on the maturity date depends on the average price experienced by the original assets during the validity period of the options.
Because of the different meanings of average, it can be divided into arithmetic average Asian option and geometric average Asian option. The final income of the put option depends on the maximum (minimum) value of the original asset price within the validity period, and the holder can "look back" the whole price evolution process and choose its maximum (minimum) value as the final price.
Extended data:
Settlement type
1, stock settlement method
In stock trading, if investors want to buy a certain number of shares, they must pay all the fees immediately to get the shares. Once the stock price rises after buying the stock, investors must also sell the stock to get the spread profit.
Therefore, the settlement requirement is that the transaction must be paid in cash immediately, and the profit and loss can only be realized if the subject matter is no longer held after the transaction. In the option market, the settlement method of stocks is very similar. ?
The basic requirement of stock settlement method is that the option fee must be paid in cash immediately. As long as the position is not hedged, the profit and loss cannot be realized. This settlement method is mainly used in the trading of stock options and stock index options, and the settlement procedures of option contracts are basically the same as those of basic assets. ?
2. Futures settlement method
The settlement method of futures is very similar to the settlement method of futures market, and it also adopts the daily settlement system. The futures market usually adopts this settlement method. ?
However, due to the high risk of adopting futures settlement, many exchanges only adopt futures settlement in futures option trading.
However, stock options and stock index options are still traded by stock settlement. In this way, the settlement procedures of option transactions can be greatly simplified, because the settlement procedures of options and their underlying assets are the same.
Baidu Encyclopedia-Options