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Options trading can provide a meaningful addition to one’s portfolio when used in a disciplined manner. When used as a component of an overall portfolio approach, generating consistent monthly income while defining risk, leveraging a minimal amount of capital, and maximizing return on capital can be achieved. Options can enable smooth and consistent portfolio appreciation without guessing which way the market will move. An options-based portfolio can provide durability and resiliency to drive portfolio results with substantially less risk via a holistic beta-controlled manner. When engaging in options trading, specific rules must be followed, and one of the most important rules is to structure every option trade in a risk-defined (put spreads, call spreads, iron condors, etc.) manner.

페이팔 (PYPL) was a recent example where the stock witnessed a massive meltdown from an ill-advised acquisition target (Pinterest) coupled with quarterly earnings that were deemed dismal. These two events culminated into a 35% slide from a 52-week high of $310 down to ~$200 post-earnings. Hence the importance of risk-defining all options trades to limit any downward stock movement beyond your protection strike. Risk-defined options trading prevents any losses beyond a specific strike price, avoids the assignment of shares, does not require a significant amount of capital, and does not potentially result in unrealized losses while soaking up capital with any share assignments.

Risk-Defined Options Trading

Risk-defined option trades are straightforward. Below is a theoretical example deploying a put spread on a stock that currently trades at $100 per share.

In the above put spread scenario, premium income was $60 per contract ($1.00 – $0.40) and the maximum risk was $440 ($95 – $90 = $500 – $60 of net premium income). If the shares remain above $95 by the expiration date, then the option expires worthless, and the seller of the put spread locks in a realized gain of $60 or a return on investment of 13.6% ($60/$440). This is the essence of risk-defined options trading, where a minimal amount of capital is leveraged and return on investment is maximized.

No matter where the stock moves, losses are capped at $440 per contract even if the underlying stock falls to zero. This is the case due to the protection put leg that was purchased at the $90 strike. Therefore, in the worst-case scenario, if the stock were to fall to zero, you would be assigned shares at $95 and then sell the shares for $90 for a max loss of $5 per share less the $0.60 in premium, thus max loss of $440 per contract.

PayPal Case Study

페이팔 (PYPL) experienced a dramatic fall from $296 on September 8th to ~$200 on November 10th after a two-step debacle of a mishandled acquisition target and a big earnings miss. This 32% downslide happened over the course of 8 weeks. A put spread of $245/$240 was sold on PayPal, and a near max loss was suffered. However, the $40 additional dollars per share in unrealized losses were avoided with the $240 protection strike. In a cash-covered put situation, shares would’ve been assigned at $245, and a subsequent ~20% loss would’ve been incurred. Cash-covered puts can not only be dangerous in situations like this but can also tie up substantial amounts of capital with unrealized losses. Therefore, a risk-defined put spread was essential in order to protect downside risk and avoid any capital-intensive assignment of shares.

Figure 1 – The importance of risk-defined options trades such as put spreads, call spreads, and iron condors which is the foundation of options trading – 거래알림 서비스 과 옵션 심사 도구

민첩한 옵션 전략을 위한 10가지 규칙

민첩한 옵션 기반 포트폴리오에 대한 체계적인 접근 방식은 변동성을 탐색하고 시장 하락을 피하는 데 필수적입니다. 포트폴리오 결과를 도출하기 위해 옵션을 사용하는 경우 다양한 보호 조치를 취해야 합니다. 옵션을 판매하고 옵션 기반 포트폴리오를 관리할 때 다음 지침이 필수적입니다(그림 3).

결론

An options-based portfolio can provide durability and resiliency to drive portfolio results with substantially less risk via a holistic beta-controlled manner. When engaging in options trading, specific rules must be followed, and one of the most important rules is to structure every option trade in a risk-defined (put spreads, call spreads, iron condors, etc.) manner. Therefore, a beta-controlled, options-based strategy is key, and the market meltdown in September reinforces why appropriate risk management is essential. An options-based approach provides a margin of safety while circumventing drastic market moves while containing portfolio volatility.

페이팔 (PYPL) was a recent example where the stock witnessed a massive meltdown from an ill-advised acquisition target coupled with poor quarterly earnings. These two events culminated into a 35% slide from a 52-week high of $310 down to ~$200 post-earnings. Hence the importance of risk-defining all options trades to limit any downward stock movement beyond your protection strike. Risk-defined options trading prevents any losses beyond a specific strike price, avoids the assignment of shares, does not require a significant amount of capital, and does not potentially result in unrealized losses while tying up large sums of capital with share assignments.

노아 키드 로프 스키
INO.com 기여자

공개: 스톡 옵션 Dad LLC는 옵션 기반 서비스 및 교육을 전문으로 하는 등록된 투자 자문(RIA) 회사입니다. 본 글에 언급된 어떠한 회사와도 비즈니스 관계가 없습니다. 이 글은 RIA의 의견을 반영한 것입니다. 이 기사는 언급된 주식이나 ETF를 매수 또는 매도하도록 권장하기 위한 것이 아닙니다. 저자는 모든 투자자가 옵션 거래에 투자하거나 조치를 취하기 전에 자체 조사와 실사를 수행할 것을 권장합니다. 자유롭게 의견을 제시하고 피드백을 제공해 주세요. 저자는 모든 응답을 중요하게 생각합니다. 저자는 등록된 투자 자문(RIA) 회사인 Stock Options Dad LLC의 창립자이자 관리 회원입니다. www.stockoptionsdad.com 위험을 정의하고 최소한의 자본을 활용하며 투자 수익을 극대화합니다. 보다 매력적인 단기 옵션 기반 콘텐츠를 보려면 Stock Options Dad LLC를 방문하십시오. 유튜브 채널. 모든 문의는 다이렉트 해주세요 [이메일 보호]. 저자는 AAPL, AMZN, DIA, GOOGL, JPM, MSFT, QQQ, SPY 및 USO의 주식을 보유하고 있습니다.

Source: https://www.ino.com/blog/2021/11/paypal-importance-of-risk-defined-option-trading/

타임 스탬프 : 2021 년 11 월 13 일