【Fidelityセミナー受講メモ】Options 101: Session 3 – Selling Options

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Fidelityのオンラインセミナー「Options 101: Session 3 – Selling 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 3: Selling 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. Sell Covered Calls

1.1 What Is a Covered Call?

Buy stock and sell calls on a share-for-share basis

The covered call seller (writer/shorter) has the obligation to sell stock (if assigned) at an agreed-upon price (the strike) up to and until the expiration date.
In exchange, the covered call seller receives a premium.
The covered call seller has the entire downside risk of the underlying security minus the premium.
Upside potential is limited to the premium received.

1.2 Why Sell Covered Calls?

Sell a covered call if you are neutral to moderately bullish on the stock

Increase income by the amount of the premium received minus commissions.
Slightly reduce stock price risk (by the amount of the premium received minus commission).

1.3 Covered Call Strategy

Situation	Market Forecast	Action
Long 100 shares of QRS stock at $92	Neutral to moderately bullish on the stock	Sell one QRS APR 95 call for $1

1.4 Covered Call: Profit and Loss Table

Long 100 QRS @ 92
Sell one QRS APR 95 Call @ 1.00

Price at Exp	Stock P/(L)	Call P/(L)	Total P/(L
100	8.00	(4.00)	4.00
95	3.00	1.00	4.00
91	(1.00)	1.00	0 (Breakeven)
90	(2.00)	1.00	(1.00)
85	(7.00)	1.00	(6.00)
80	(12.00)	1.00	(11.00)

1.5 Covered Call: Profit and Loss Diagram

1.6 Strategy Management

Now What?

(1) Buy to close

(2) Roll

(3) Let it expire worthless

2. Sell Cash-Secured Puts

2.1 What Is a Cash-Secured Put?

Selling a put and simultaneously setting aside cash to fulfill the obligation, if assigned

The cash-secured put seller has an obligation to buy stock at strike until expiration.
The profit potential limited to the premium received.
There is substantial downside risk.
The amount of cash necessary to cover the obligation is required.

2.2 Why Sell Cash-Secured Puts?

(1) Target a buying price

(2) Earn Incoe

(3) Earn interest on cash

2.3 Cash-Secured Put Strategy

Situation	Market Forecast	Action
Have $9,000 cash in account and QRS stock trading at $92	Neutral to slightly bullish on the stock Would like to buy stock if the price dips lower	Sell one QRS 90 put for $1 (receive $100) Deposit $9,000 to cover the obligation

2.4 Cash-Secured Puts: Profit and Loss Table

Sell 1 QRS APR 90 Put @ 1.00

Price at Exp	Premium Received	Put Value at Exp	Profit/(Loss)
100	1.00	0	1.00
95	1.00	0	1.00
90	1.00	0	1.00
89	1.00	(1.00)	0 (Breakeven)
85	1.00	(5.00)	(4.00)
80	1.00	(10.00)	(9.00)

2.5 Cash-Secured Puts: Profit and Loss Diagram

2.6 Strategy Management

Now What?

(1) Buy to close

(2) Roll

(3) Let it expire worthless

2.7 Summary of Selling Options

Selling Covered Calls	Selling Cash-Secured Puts
• Obligation to sell stock at the strike price up to and until expiration • Downside risk in the underlying security minus the premium • Upside potential is limited • Income generation	• Obligation to buy stock at the strike price until expiration • Profit potential limited to premium received • Substantial downside risk • Amount of cash necessary to cover the obligation is required • Income generation

3. Execute a Trade

3.1 Before you place a trade, consider

(1) Buying or selling one call is the equivalent of trading 100 shares of stock

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

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

3.2 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

3.3 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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Glossary

Covered Call
A covered call is an options strategy designed to generate income on stocks you own—and don’t
expect to rise in price anytime soon. A covered call involves owning shares of the underlying stock
and selling a call (which grants the buyer the right, but not the obligation, to buy that stock at a set
price until the option expires).

Cash-Secured Put
A cash-secured put typically involves selling an at-the-money or out-of-the-money put option, while
simultaneously setting aside enough cash to buy the stock.

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