Break-even position-buy bearish position:10100; Sell bearish breakeven at 9880.

When the settlement price is lower than 10000, the exercise effect is equivalent to that the investor obtains the Hang Seng Index short order at the cost of 10200, closes the position at 10000, and gets the commission (120- 100), with total income =/kloc.

49——

Position-the breakeven point of buying bullish is 295, and the breakeven point of selling bullish is 30 1.

Breakeven of total positions =295- 1 1=284.