【Fidelityセミナー受講メモ】Options 101: Session 2 – Buying Options

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Fidelityのオンラインセミナー「Options 101: Session 2 – Buying Options 」の受講メモです。

0. 受講したセミナー

主催：Fidelity Investments

タイトル：Session 2: Buying Options

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. Buy a Call

1.1 But a Call

Situation	Market Forecast	Action
XYZ is trading at $42 a share	Bullish on the stock, but want limited downside risk	Buy one XYZ APR 42.50 call for $2.10 (pay $210)

1.2 Profit and Loss Table

Buy One XYZ APR 42.50 Call @ 2.10

Price at Exp	Option Cost	Value at Exp	Profit/(Loss)
50.00	2.10	7.50	5.40
45.00	2.10	2.50	0.40
44.60	2.10	2.10	0 (Breakeven)
42.50 (= strike price)	2.10	0	(2.10) <–limited risk
40.00	2.10	0	(2.10) <–limited risk
37.5	2.10	0	(2.10) <–limited risk

1.3 Profit and Loss Diagram

1.4 Buying a Stock vs. Buying a Call

Buying a stock	Buying a call
• Substantial risk of capital (stock could go to zero) • Lower break-even point	• Leverage with risk limited to premium paid • Higher break-even point • Limited life, value generally decreases with time

2. Buy a Put

2.1 The Put Buyer

The Put Buyer
• Has the right to sell the underlying stock at an agreed-upon price (the strike) until the expiration date
• For this right, the put buyer pays a premium

Risk/Reward Profile
• Risk limited to option premium paid plus commission
• Substantial profit potential until the option’s expiration

2.2 Buy a Put

Situation	Market Forecast	Action
XYZ is trading at $42.50 a share	Bearish on the stock, but want limited risk	Buy one XYZ APR 42.50 call for $2.30 (pay $230)

2.3 Profit and Loss Table

Buy One XYZ APR 42.50 Put @ 2.30

22.71Price at Exp	Option Cost	Value at Exp	Profit/(Loss)
50.00	2.30	0	(2.30)
45.00	2.30	0	(2.30)
42.50	2.30	0	(2.30)
42.20 (= strike price)	2.30	2.30	0 (Breakeven)
40.00	2.30	2.50	0.20
37.5	2.30	5	2.70

2.4 Profit and Loss Diagram

2.5 Summary of Buying Options

Buying Calls	Buying Puts
• Right to buy • Long market exposure with risk limited to premium paid for options plus commissions	• Right to sell • Short market exposure with risk limited to premium paid for options plus commissions • Can potentially be used to help protect a single position or an entire portfolio

3. Buy a Protective Put

3.1 Protective Put Strategy

To limit downside risk potential on a stock you own, buy a put option on the stock.
The put owner will then have the right to sell the stock at an agreed-upon price (the strike price) until the expiration date.
There is a second reason to buy a put – protection.

Is this a bearish or bullish strategy?

3.2 Protective Put Risk/Reward Profile

Risk is limited to the option premium paid and out-of-the-money amount at the time of trade (if any)
Can provide limited protection against losses if the stock goes below the strike price
We do not have to exercise the put, since we are the holder and have the choice
Unlimited profit potential on the stock, reduced by cost of put

3.3 Protective Put Strategy

Situation	Market Forecast	Action
Long 100 shares of QRS stock at $92	Bullish on the stock, but want limited downside risk	Buy one QRS APR 90 put for $0.95 (pay $95)

3.4 Profit and Loss Table

Long 100 QRS @ 92
Buy one QRS APR 90 Put @ 0.95

Price at Exp	Stock P/(L)	Put P/(L)	Total P/(L
100	8.00	(0.95)	7.05
95	3.00	(0.95)	2.05
92.95	0.95	(0.95)	0 (Breakeven)
90	(2.00)	(0.95)	(2.95)
85	(7.00)	4.05	(2.95)
80	(12.00)	9.05	(2.95)

3.5 Profit and Loss Diagram

4. Execute a Trade

4.1 Before you place a trade, consider

(1) Buying one call is the equivalent of buying 100 shares of stock

(2) Consider how much risk you are comfortable taking on

(3) Be aware of position size to manage your risk

4.2 Place a Trade on Fidelity.com

Start a trade from the Option Chain
• Easily see all the available options
• Fully customizable to meet your needs
• Easy access to your balances and positions
• Quickly adjust to contract specifications

4.3 Now What?

Long Options	Short Options
Sell it	Buy it back
Exercise it	Fulfill obligation when assigned
Let it expire	Let it expire

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Jun Kurema (暮眞★潤)

アメリカ（ニューヨーク）に住み始めて19年目です。株式投資、インターネット活動を通して自宅で安定収入を得ることを目指しています。 ▶ 詳しいプロフィールはこちらから。 ********************** I am a Japanese, residing in the US. I am trying to find a way to earn stable income at home through investments in stocks or other products as well as some sort of internet business. ▶ More detailed profile can be viewed from here.