I. Types of Option Portfolio Strategies
The combined strategies that can reduce or exempt the margin are divided into spread strategy, span strategy and reserve strategy, as follows:
Second, the spread strategy (no margin)
1, subscribe to the bull market spread strategy
Buy a call option with a lower exercise price and sell a call option with the same target and the same expiration date but a higher exercise price.
2. Put the bear market spread strategy.
Buy a put option with a higher exercise price and sell a put option with the same target and the same expiration date but a lower exercise price.
Third, the price difference strategy (collecting the margin of price difference)
1, subscribe to bear market spread strategy
Buy a call option with a higher exercise price and sell a call option with the same target and the same expiration date but a lower exercise price.
The calculation method of strategic margin is: (exercise price of call option right warehouse-exercise price of call option obligation warehouse) × contract unit.
2. Put the bull market spread strategy.
Buy a put option with a lower exercise price and sell a put option with the same target and the same expiration date but a higher exercise price.
The calculation method of strategic margin is: (exercise price of put option obligation warehouse-exercise price of put option right warehouse) × contract unit.
Fourth, the leaping strategy.
1, crossing short strategy
Selling a call option and selling a put option have the same target, the same maturity date and the same exercise price.
Because this strategy is an obligation warehouse, but there will be no default risk caused by simultaneous performance of obligations, the calculation method of the margin of this strategy is: the margin of the higher margin party+the commission of the lower margin party.
2. Long-span short selling strategy
Sell a call option with a higher exercise price and a put option with the same subject matter and the same expiration date but a lower exercise price.
The margin calculation method of wide-span short strategy is the same as that of cross-span short strategy, which is the margin of higher margin plus the commission of lower margin.
Verb (abbreviation of verb) reserve strategy
It refers to the strategy of selling the corresponding call option while owning the underlying securities and using the underlying securities as the option collateral.
After investors subscribe for option margin and open positions, if they buy the same amount of underlying securities, they can build a hedging strategy, turn ordinary positions into hedging positions, and the system will lock the corresponding amount of underlying securities and release the margin.
This strategy does not charge a maintenance deposit after the session.
After the investor subscribes for the option reserve fund to open the position, the reserve fund can be transferred to the general position by canceling the reserve fund strategy, and the system will deduct the contract opening margin and release the securities.