十年1362
2022-09-10
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@OptionS：
期权感悟16：sell put仓位两种不同布局思路的比较
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<strong>如果觉得现在大盘在中位或者高位，千万别用思路B，思路A更好</strong>。</p> \n<p><strong>如果觉得现在大盘已经比较谷底了，下行空间相对有限，思路B更好</strong>。</p> \n<p>目前环境下，我布局<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$腾讯控股(00700)$</a> ，<a target=\"_blank\" href=\"https://laohu8.com/S/03690\">$美团-W(03690)$</a> ，tesla的sell put用的是思路B。</p> \n<p>注意：无论哪种思路，一定要确保cash-secured。</p> \n<p>附：<a href=\"https://www.laohu8.com/post/682657768\" target=\"_blank\">期权感悟：Tesla Sell Put</a></p> \n<p><a href=\"https://www.laohu8.com/post/686590477\" target=\"_blank\"><span>期权感悟3：Cash-secured</span></a></p></body></html>","htmlText":"<html><head></head><body><p>sell put 仓位布局过去我大致有两种思路：</p> \n<p>思路A：</p> \n<p><strong>布局下一周，下个月sell put，等到期后，再继续</strong>。</p> \n<p>思路B：</p> \n<p>一次性布局好未来数个月，数周的sell put，越远期的行权价越低。<strong>窗口式平移滑动。窗口期长度一般是3个月左右。</strong></p> \n<p>思路A的优点是：</p> \n<p>当大盘逐渐下行的时候，这一布局可以逐渐下移行权价，获得更好的安全边际。</p> \n<p><strong>万一暴跌，接盘的规模常常会比思路B少一些</strong>。</p> \n<p>思路B的优点是：</p> \n<p>1、比思路A<strong>用了更多的远期期权</strong>，很多远期的行权价可以选择非常低，比如我sell 明年<a target=\"_blank\" href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a> 100的put。提供很好的安全边际。</p> \n<p>2、如果大盘未来逐渐上行，思路A下一周期的行权价很难选择，总会嫌行权价太高了，无法下手。思路B因为提前布局好了，同时享受正股价格上行+时间价值衰减的红利，即delta和theta的红利。</p> \n<p>缺点是：</p> \n<p>1、这个<strong>排兵布阵，容易引入高杠杆</strong>，一不注意，没计算好，就容易下单下多了。再赶上暴跌，接不动盘，下场很惨。</p> \n<p>2、如果大盘未来下行速度很快，本来看起来安全垫挺厚的远期期权都亏成狗。</p> \n<p>小结：最简单的记忆是 <strong>如果觉得现在大盘在中位或者高位，千万别用思路B，思路A更好</strong>。</p> \n<p><strong>如果觉得现在大盘已经比较谷底了，下行空间相对有限，思路B更好</strong>。</p> \n<p>目前环境下，我布局<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$腾讯控股(00700)$</a> ，<a target=\"_blank\" href=\"https://laohu8.com/S/03690\">$美团-W(03690)$</a> ，tesla的sell put用的是思路B。</p> \n<p>注意：无论哪种思路，一定要确保cash-secured。</p> \n<p>附：<a href=\"https://www.laohu8.com/post/682657768\" target=\"_blank\">期权感悟：Tesla Sell Put</a></p> \n<p><a href=\"https://www.laohu8.com/post/686590477\" target=\"_blank\"><span>期权感悟3：Cash-secured</span></a></p></body></html>","text":"sell put 仓位布局过去我大致有两种思路： 思路A： 布局下一周，下个月sell put，等到期后，再继续。 思路B： 一次性布局好未来数个月，数周的sell put，越远期的行权价越低。窗口式平移滑动。窗口期长度一般是3个月左右。 思路A的优点是： 当大盘逐渐下行的时候，这一布局可以逐渐下移行权价，获得更好的安全边际。 万一暴跌，接盘的规模常常会比思路B少一些。 思路B的优点是： 1、比思路A用了更多的远期期权，很多远期的行权价可以选择非常低，比如我sell 明年$特斯拉(TSLA)$ 100的put。提供很好的安全边际。 2、如果大盘未来逐渐上行，思路A下一周期的行权价很难选择，总会嫌行权价太高了，无法下手。思路B因为提前布局好了，同时享受正股价格上行+时间价值衰减的红利，即delta和theta的红利。 缺点是： 1、这个排兵布阵，容易引入高杠杆，一不注意，没计算好，就容易下单下多了。再赶上暴跌，接不动盘，下场很惨。 2、如果大盘未来下行速度很快，本来看起来安全垫挺厚的远期期权都亏成狗。 小结：最简单的记忆是 如果觉得现在大盘在中位或者高位，千万别用思路B，思路A更好。 如果觉得现在大盘已经比较谷底了，下行空间相对有限，思路B更好。 目前环境下，我布局$腾讯控股(00700)$ ，$美团-W(03690)$ ，tesla的sell put用的是思路B。 注意：无论哪种思路，一定要确保cash-secured。 附：期权感悟：Tesla Sell Put 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