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Reading 75: Risk Management Applications of Option Strateg

6.A put on Stock X with a strike price of $40 is priced at $3.00 per share; while a call with a strike price of $40 is priced at $4.50. What is the maximum per share loss to the writer of the uncovered put and the maximum per share gain to the writer of the uncovered call?

 

Maximum Loss
to Put Writer

Maximum Gain
to Call Writer

 

A)                                        $37.00   $35.50

B)                                        $37.00   $4.50

C)                                        $40.00   $4.50

D)                                        $40.00   $40.00

7.Suppose the price of a share of Stock A is $100. A European call option that matures one month from now has a premium of $8, and an exercise price of $100. Ignoring commissions and the time value of money, the holder of the call option will earn a profit if the price of the share one month from now:

A)   increases to $106.

B)   decreases to $94.

C)   increases to $110.

D)   decreases to $90.

8.Jimmy Casteel pays a premium of $1.60 to buy a put option with a strike price of $145. If the stock price at expiration is $128, Casteel’s profit or loss from the options position is:

A)   $1.60.

B)   $18.40.

C)   $15.40.

D)   $128.00.

9.Al Steadman receives a premium of $3.80 for shorting a put option with a strike price of $64. If the stock price at expiration is $84, Steadman’s profit or loss from the options position is:

A)   $16.20.

B)   $20.00.

C)   $3.80.

D)   $23.80.

10.Linda Reynolds pays $2.45 to buy a call option with a strike price of $42. The stock price at which Reynolds earns $3.00 from her call option position is:

A)   $2.45.

B)   $47.45.

C)   $3.00.

D)   $42.00.

答案和详解如下:

6.A put on Stock X with a strike price of $40 is priced at $3.00 per share; while a call with a strike price of $40 is priced at $4.50. What is the maximum per share loss to the writer of the uncovered put and the maximum per share gain to the writer of the uncovered call?

 

Maximum Loss
to Put Writer

Maximum Gain
to Call Writer

 

A)                                        $37.00   $35.50

B)                                        $37.00   $4.50

C)                                        $40.00   $4.50

D)                                        $40.00   $40.00

The correct answer was B)

The maximum loss to the uncovered put writer is the strike price less the premium, or $40.00 - $3.00 = $37.00. The maximum gain to the uncovered call writer is the premium, or $4.50.

7.Suppose the price of a share of Stock A is $100. A European call option that matures one month from now has a premium of $8, and an exercise price of $100. Ignoring commissions and the time value of money, the holder of the call option will earn a profit if the price of the share one month from now:

A)   increases to $106.

B)   decreases to $94.

C)   increases to $110.

D)   decreases to $90.

The correct answer was C)

The breakeven point is the strike price plus the premium, or $100 + $8 = $108. Any price greater than this would result in a profit, and the only choice that exceeds this amount is $110.

8.Jimmy Casteel pays a premium of $1.60 to buy a put option with a strike price of $145. If the stock price at expiration is $128, Casteel’s profit or loss from the options position is:

A)   $1.60.

B)   $18.40.

C)   $15.40.

D)   $128.00.

The correct answer was C)

The put option will be exercised and has a value of $145-$128 = $17 [MAX (0, X-S)]. Therefore, Casteel receives $17 minus the $1.60 paid to buy the option. Therefore, the profit is $15.40 ($17 less $1.60).

9.Al Steadman receives a premium of $3.80 for shorting a put option with a strike price of $64. If the stock price at expiration is $84, Steadman’s profit or loss from the options position is:

A)   $16.20.

B)   $20.00.

C)   $3.80.

D)   $23.80.

The correct answer was C)

The put option will not be exercised because it is out-of-the-money, MAX (0, X-S). Therefore, Steadman keeps the full amount of the premium, $3.80.

10.Linda Reynolds pays $2.45 to buy a call option with a strike price of $42. The stock price at which Reynolds earns $3.00 from her call option position is:

A)   $2.45.

B)   $47.45.

C)   $3.00.

D)   $42.00.

The correct answer was B)

To earn $3.00, the stock price must be above the strike price by $3.00 plus the premium Reynolds paid to buy the option ($42.00+$3.00+$2.45).

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有人能告诉我怎么看答案么

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看到了,谢谢

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thank you.

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