First of all, we must understand the concept of maturity value. Maturity value is the net income that can be obtained at maturity.

To put it simply, real-valued options and out-of-the-money options assume that the current expiration date is the option, and see the relationship between the expiry date value and 0.

For example, if a stock currently has a market price of 10 yuan, and you have a call option with an exercise price of 12, which means you have the right to buy the stock at 12 yuan, assuming it expires now, you will definitely not be able to exercise it. Right, because the market price is 10 yuan, if you buy it, your income is 10-12=-2 yuan, so it is a virtual value state at this time. If the execution price is 8 yuan, you will exercise the option, so you can earn two yuan (regardless of cost), and this is the real value state.

It’s the same as being bearish

In fact, it’s about whether you can get money