Fidelityのオンラインセミナー「Options 101: Session 4 – Options Trade Management 」の受講メモです。
目次
0. 受講したセミナー
主催：Fidelity Investments
タイトル：Session 4: Options Trade Management
オンラインセミナーのアドレス：https://www.fidelity.com/learning-center/investment-products/options/options-101-webinar-series-recording
1. Manage Options Prior to Expiration
1.1 Manage Options Prior to Expiration
| Manage Your Outlook | Trader’s View: |
| • Do you still have the same outlook on the security? • Has that outlook changed? • Were you bullish and are now neutral? Bearish? • Has your time horizon changed? | • Be honest with yourself when reevaluating an existing trade and manage accordingly. • Don’t fall into the trap of makingadjustments without considering the end objective of the trade. |
1.2 What Factors Affect the Premium?
| Money-ness of the Option Being Sold (Strike Selection) | Time to Expiration (Expiration Selection) | Expected Movement from the Underlying (Implied Volatility) |
| • Out-of-the-money options offer lower premiums, lower probability • At-the-money options have the most time value | • Nearer term expirations offer the potential for the highest annualized return but a lowerup-front premium • Longer-dated expirations decay at a slower rate, but have higher premiums | • Higher implied volatility (expected price movement) results in higher premiums • Lower implied volatility results in lower premiums |
1.3 There are three ways to manage any strategy
| (1) Leave the Strategy Alone | (2) Close the Strategy | (3) Adjust the Strategy |
| Makes Sense When: • You would put the same trade on today • Allow exercise/assignment • Continue to stay in the trade | Makes Sense When: • The strategy no longer aligns with the outlook • Trade out of the strategy | Makes Sense When: • The existing strategy can be altered to better align with the outlook • Reducing position size • Rolling up, down, or out? |
1.4 Manage Long Positions Prior to Expiration
Early Exercise
Makes Sense When:
You cannot sell the option in the open market for at least intrinsic (exercise) value.
• Typically, the option is either very deep in the money, close to expiration, or both
Example
You are long (own) one ABC Call expiring this Friday with a strike of 100. ABC is at 105.
Your ABC contract is currently trading at 4.50 x 5.50 and you wish to close the position.
If you sold your contract to the bid, you would only receive $4.50. But, if you exercise your option to buy ABC at $100 and then sell the stock on the open market for $105, you’d receive the $5.00 difference.
1.5 Manage Short Position Obligations
Early Assignment
• The less time until expiration, the greater the risk
• The deeper in the money the option, the greater the risk
• Early assignment also frequently occurs around dividends, so pay special attention
Example
When the underlying pays a dividend, calls have a higher assignment risk.
Why? The option may be at or slightly in the money and only trading for $0.20 of time premium when the underlying is paying a $0.50 dividend.
If you are planning on owning the stock, it would make more sense to exercise the option just prior to the ex-dividend date so that you receive the $0.50 dividend.
1.6 Manage Options Prior to Expiration
What Is Rolling?
Rolling is placing one trade to simultaneously close out a current position and open up a new one with either a different expiration date, strike price, or both.
Reasons Why You Might Want to Roll
• Give your outlook more time to play out
• Change strike price to lock in gains
• Lower potential of assignment
1.7 Manage Prior to Expiration
1.7.1 Rolling Out
“Rolling out” is placing a trade to push the expiration to a date further out.
An investor would consider rolling out a short option if their outlook has not changed and they want to take advantage of additional time.
It’s important to realize that by rolling out a trade, you are closing one trade and opening a new one. Be sure that the new trade makes sense on its own merit.
• For example, closing one call at $0.91 and selling a new one for $2.50
• This is usually done at a net credit
1.7.2 Rolling Up/Down
“Rolling up/down” is placing a trade to either increase or decrease the strike price.
An investor would consider rolling up a short option if their outlook has changed and they want to take advantage of additional stock price movement.
• For example, closing one call at $4.00 and selling a new one for $0.87
• This is frequently done at a net debit
2. Manage Options at Expiration
2.1 At expiration, there are three possibilities
(1) Close the trade
(2) Exercise/Assignment
(3) Expire worthless
Remember
If your option is $0.01 in the money or more, it will automatically be exercised.
Only allow an option to be auto-exercised if it is commensurate with the amount of shares you would want to own/sell.
2.2 How do you close a trade?
• Long option holders simply “sell to close.” This sells your right to exercise the option.
• Short option writers simply “buy to close.” This closes your obligation.
Remember
Some option writers will let their contracts simply expire worthless rather than closing out their contracts.
While this enables the trader to pick up additional potential profit, it’s frequently referred to as “picking up pennies in front of a steamroller.”
If the trade suddenly moves against you, you could be flattened!
3. Position Management
Have a plan!
Minimize emotional decisions through risk and position size management
• Reduce concentrations in individual positions and sectors
• Keep it small and in proportion to your portfolio
• Go into each trade knowing what you can and are willing to lose
• Be flexible; if your opinion has changed, then adjust
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