關於CSP的討論串(elitetrader.com)

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下面這是一個很堅強的CSP要義，相對於持現股，CSP確實有它安全且主動的一面:



I would like to add that there is a widespread misconception that selling premium entails some kind of wild risk that only a fool would undertake. I have made the case that selling puts is less risky than an equivalent stock position - it's just simple math really. The important thing is that I have the position cash-covered, I'm not leveraging with margin.

A stock owner loses dollar for dollar with every drop in stock price. What do I, the put seller lose? Perhaps nothing. The time value I collected (the premium) may be enough to cover the drop in stock price while still returning me a profit.

Let's say the premium doesn't cover it. The stock has dropped so far that it's 1 point under my strike, the time value is gone. So I trade the intrinsic value for time value by rolling. I buy back my put for 1.05 and sell one strike lower for next week for 1.20. I now have my original premium plus 15 cents. I have gotten paid to lower my entry point. The stock owner is where he always was. I'm now 50 cents lower with a large premium that is about to pay off, either this week or some weeks down the road, at which point I will have an even larger premium to collect.

It should at least be clear that I have far more control over my position than a simple stock owner. And that means a lot less risk.