【正文】 , not only unprofitable, but also loss of the option fee. Therefore, the option to sell capital gains in securities generally put to use. We can see that buying and selling options are options only in the framework of their particular period so that customers no matter what choice means there is still some risk. Futures options trading and the difference is: First, the two sides of options trading in the contract or transaction, the option buyer to the seller to deliver the option fee to purchase options, such as 2 per share million or 3 yuan, and the futures of both sides stock at the time of the signing, did not have any economic , the option agreement itself belongs to the spot transactions, options and options trading is the payment of costs at the same time. (Cash transaction and the transaction is slightly different spot trading in the delivery has not yet been settled after the transaction, to buy or sell shares in the future of the Association provides for delivery of justice, the transaction has not yet been settled, to buy or sell shares in the future life of the agreement to achieve.) delivery of the futures delivery period in the , the options trading in the delivery, the transaction legal relations between the two sides did not immediately lifted, as has the right to transfer, but the realization of options in the future, shall be effective upon expiry of the agreement, the two sides before the end of the legal relationship, and the futures delivery transactions, the transaction legal relations between the two sides be lifted. Fourth, options trading in the delivery period, the purchaser of the option does not undertake any obligation, based on stock price changes, determine whether the implementation of the agreement, such as adverse changes in circumstances, options may be to give up on the request of the obligations of the agreement holders only borne by the sale of options, and futures of both the validity period of the agreement, both sides have obligations to each , the agreement options trading can be the holder of the transfer agreement to sell, no matter how many times the transfer, in the period to which the holders of the final agreement has a right to demand the sale of options to implement the agreement, the agreement and the Futures Exchange has the right to transfer the two sides . Sixth, investment options with the greatest risk is directly proportional to stock price volatility, the greater the volatility, the greater the risk. Buying options for the main role is to: ① to obtain a larger profit. ② the risk of loss of control, any person who would like to engage in securities trading profits, and profit is the key to accurately predict the future of capital gains, but in the stock market volatile, no one can guarantee absolute accuracy of their the direction of capital gains and securities dealers forecast the contrary, it will be heavy losses. If the use of options trading, in the event of the above, the transaction will be able to give up the implementation of options, so regardless of the actual changes in capital gains transactions in advance how much the gap between the forecast, the largest loss of the option buyer the option fee is not more. So that the risk of trading losses, precontrol in a certain range. Options trading on the sell side of the role of the right to be able to expand production to obtain ine options. Chicago Board Options Exchange in accordance with the United States statistics show that as many as 3 / 4 of the options above have not been implemented, so that the seller of the option to obtain a considerable ine.股票期權(quán)交易是西方股票市場中相當流行的一種交易策略。期權(quán)的英文為option，也常譯為選擇權(quán)。期權(quán)實際上是一種與專門交易商簽訂的契約，規(guī)定持有者有權(quán)在一定期限內(nèi)按交易雙方所商訂的“協(xié)定價格”，購買或出售一定數(shù)量的股票。對購買期權(quán)者來說，契約賦予他的是買進或賣出股票的權(quán)利，他可以在期限以內(nèi)任何時候行使這個權(quán)利，也可以到期不執(zhí)行任其作廢。但對出售期權(quán)的專門交易商來說，則有義務(wù)按契約規(guī)定出售或購進股票。股票的期權(quán)交易并不是以股票為標的物的交易，而是以期權(quán)為中介的投機技巧。期權(quán)交易需要考慮的因素大體上有三方面：第一是期權(quán)的期限，即期權(quán)的有效期。它是期權(quán)交易的重要內(nèi)容，一般為三個月左右。各交易所對此都定有上限；第二是交易股票的種類，數(shù)量和協(xié)定價格；第三是期權(quán)費，亦稱保險費，是指期權(quán)的價格。期權(quán)交易最顯著的特點是：①交易的對象是一種權(quán)利，一種關(guān)于買進或賣出證券權(quán)利的交易，而不是任何實物。這種權(quán)利，具有很強的時間性，它只能在契約規(guī)定的有效日期內(nèi)行使，一旦超過契約規(guī)定的期限，就被視為自動棄權(quán)而失效。②交易雙方享受的權(quán)利和承擔(dān)的義務(wù)不一樣。對期權(quán)的買入者，享有選擇權(quán)，他有權(quán)在規(guī)定的時間內(nèi)，根據(jù)市場情況，決定是否執(zhí)行契約。③期權(quán)交易的風(fēng)險較小。對于投資者來說，利用期權(quán)交易進行證券買賣其最大的風(fēng)險不過是購買期權(quán)的費用?！　∑跈?quán)交易可分買進期權(quán)交易和賣出期權(quán)交易兩種?！　≠I進期權(quán)　　買進期權(quán)，又稱看漲期權(quán)或“敲進”。買進期權(quán)是指在協(xié)議規(guī)定的有效期內(nèi)，協(xié)議持有人按規(guī)定的價格和數(shù)量購進股票的權(quán)利。期權(quán)購買者購進這種買進期權(quán)，是因為他對股票價格看漲，將來可獲利。購進期權(quán)后，當股票市價高于協(xié)議價格加期權(quán)費用之和時（未含傭金），期權(quán)購買者可按協(xié)議規(guī)定的價格和數(shù)量購買股票，然后按市價出售，或轉(zhuǎn)讓買進期權(quán)，獲取利潤；當股票市價在協(xié)議價格加期權(quán)費用之和之間波動時，期權(quán)購買者將受一定損失；當股票市價低于協(xié)議價格時，期權(quán)購買者的期權(quán)費用將全部消失，并將放棄買進期權(quán)。因此，期權(quán)購買者的最大損失不過是期權(quán)費用加傭金?！　≠u出期權(quán)　　賣出期權(quán)是買進期權(quán)的對稱，亦稱看跌期權(quán)或“敲出”，是指交易者買入一個在一定時期內(nèi)，以協(xié)議價格賣出有價證券的權(quán)利。買主在購入賣出期權(quán)后，有權(quán)在規(guī)定的時間內(nèi)，按照協(xié)議價格向期權(quán)出售者賣出，一定數(shù)量的某種有價證券。在證券市場上眾多的交易方式中，一般說來，只有當證券行市有跌落的趨勢時，人們才樂意購買賣出期權(quán)。因為在賣出期權(quán)有效期內(nèi)，當證券價格下跌到一定程度后，買主行使期權(quán)才能獲利。此外，如果因該股票行市看跌，造成賣出期權(quán)費上漲時，客戶也可以直接賣掉期權(quán)，這樣他不僅賺取了前后期權(quán)費的差價，而且還轉(zhuǎn)移了該股票行市突然回升的風(fēng)險。但如果該股票行市在這三個月內(nèi)保持每股100元的水平，沒有下降，甚至還逐步在這三個月內(nèi)保持每股100元的水平，沒有下降，甚至還逐步上升，這時，客戶無論是行使期權(quán)，賣出股票或轉(zhuǎn)讓期權(quán)，非但無利可圖，而且還要損失期權(quán)費。因此，賣出期權(quán)一般只是在證券行市看跌時使用?！　】梢?，買進期權(quán)和賣出期權(quán)都只能在其特定的范圍內(nèi)使期，客戶無論選用哪種方式仍然有一定風(fēng)險?！　∑跈?quán)交易與期貨交易的區(qū)別在于：其一，期權(quán)交易的雙方，在簽約或成交時，期權(quán)購買者須向期權(quán)出售者交付購買期權(quán)費，如每股2元或3元，而期貨交易的雙方在簽約成交時，不發(fā)生任何經(jīng)濟關(guān)系。其二，期權(quán)交易協(xié)議本身屬于現(xiàn)貨交易，期權(quán)的買賣與期權(quán)費用的支付是同時進行的。（與現(xiàn)貨交在交易稍有不同的是現(xiàn)貨交易在交割后交易仍未了結(jié)，股票的買進或賣出則在未來協(xié)義規(guī)定在交割后，交易仍未了結(jié)，股票的買進或賣出則在未來的協(xié)議規(guī)定的有效期內(nèi)實現(xiàn)。）而期貨交易的交割是在約定交割期進行的。其三，期權(quán)交易在交割之后，交易雙方的法律關(guān)系并未立即解除，因為權(quán)雖已轉(zhuǎn)讓，但期權(quán)的實現(xiàn)是未來的，須以協(xié)議有效期滿時，其雙方法律關(guān)系才告結(jié)束，而期貨交易在交割后，交易雙方法律關(guān)系即告解除。其四，期權(quán)交易在交割期內(nèi)，期權(quán)的購買者不承擔(dān)任何義務(wù)，其根據(jù)股價變化情況，決定是否執(zhí)行協(xié)議，如情況變化不利，則可放棄對期權(quán)的要求，對協(xié)議持有人的義務(wù)只由期權(quán)出售者承擔(dān)，而期貨交易的雙方在協(xié)議有效期內(nèi)，雙方都為對方承擔(dān)義務(wù)。其五，期權(quán)交易的協(xié)議持有人可將協(xié)議轉(zhuǎn)讓出售，無論轉(zhuǎn)讓多少次，在有效期內(nèi)，協(xié)議的最后持有人都有權(quán)要求期權(quán)的出售者執(zhí)行協(xié)議，而期貨交易的協(xié)議雙方都無權(quán)轉(zhuǎn)讓。其六，投資期權(quán)最大的風(fēng)險與股價波動成正比，股價波動越大，風(fēng)險亦越大。　　期權(quán)交易對于買入者的主要作用是：①能夠獲取較大利潤。②控制風(fēng)險損失，任何人從事證券交易都希望獲利，而獲利的關(guān)鍵在于準確預(yù)測未來的行市，但在變化不定的證券市場上，誰也無法保證自己的預(yù)測絕對準確。一旦證券行市的走向與交易者預(yù)測的相反，那么損失將是慘重的。如果采用期權(quán)交易，一旦發(fā)生上述情況，交易者可以放棄執(zhí)行期權(quán)，這樣不管實際行市變動與交易者事先的預(yù)測差距有多大，期權(quán)買方損失最多的就是期權(quán)費，不會再多。從而把交易中的風(fēng)險損失，預(yù)先控制在一定的范圍之內(nèi)。　　期權(quán)交易對賣權(quán)方的作用產(chǎn)要是可以擴大業(yè)務(wù)，取得期權(quán)費收入。根據(jù)美國芝加哥期權(quán)交易所的統(tǒng)計資料表明，有高達3/4以上的期權(quán)交易沒有執(zhí)行，從而使賣方獲得了相當?shù)钠跈?quán)費收入。