Virtual option, also known as out-of-price option, refers to an option with no intrinsic value, that is, a call option with an exercise price higher than the current futures price or a put option with an exercise price lower than the current futures price. If the equity capital of an enterprise is regarded as a buyer's option and the underlying assets are all assets of the enterprise, the debt value of the enterprise can be regarded as the agreed price in the option contract. The term of validity of options is the same as that of liabilities.
Because the equity of an enterprise is a right to claim surplus value, that is, the equity holder must meet the requirements of the creditor's rights and preferred shares of the enterprise before he can claim surplus value. When the company's value is lower than the debt value, the biggest loss for equity investors is the equity investment in the company. This is the principle of limited liability. Just as the biggest loss of option holders when they don't exercise options is the option fee for purchasing options. According to the above keywords, the option at this time is a virtual option. The trading volume of virtual options is much larger than that of real options, which is also a feature of derivatives trading. When the price of option premium is above 3, the minimum change range of premium is 0.05 point, and the multiplier is 654.38+ million, so every change of 0.05 point is equivalent to 5000; When the royalty quotation is less than 3, the minimum change range is 0.0 1 point, so the change of 0.0 1 point (multiplier 10) is equivalent to 1000.
Judging from the trading situation of exchange options, the price of virtual options is low, generally lower than 3. The farther the exercise price is from the spot price, the lower the premium, and the lowest price is 0.0 1. Although it is virtual value, the trading volume is much higher than that of real options. It is the main driving force for investors to buy and sell virtual options in the market and win the future profit of 1% at a lower cost. Investors have a basic understanding of the characteristics of financial derivatives such as options. Retail investors are generally buyers of low-priced options, but if they can make a profit in the future, the income will be very considerable relative to the cost. The possibility of option profit may be higher than the winning rate of lottery, so the trading volume is guaranteed.