CSP策略，這個討論串不錯

sec2100

背景說明: CSP=CASH SECURED PUTS，在台灣台指選擇權，就是你準備45萬賣一口價平的Put(設指數在9000點)，這樣，你永遠不會被斷頭(0206後更是如此)。這種策略在多頭市場，可以賺錢，但波動率大又不會跌的市場，可以賺不少錢，在下跌時，會虧錢，但虧的幅度會小於大盤下跌的幅度，因為你先收了時間價值。

導讀: 以下的討論串，有一位用百分之百抵押的方式賣個股的Put，當被穿價時，採用ROLL DOWN AND OUT的策略。在美國，周選會直接開出來，不像台灣，周三才會開隔周周選。這樣，roll over在美國較為可行。不過，這種策略當個股個股跌到零的時候，損失就是全部的資本，也不可不謂不重，所以才有人點出，這種策略需要搭配其他的風險管理和多空預判。這就是選擇權賣方的思考精華:

從CSP開始(或半個CSP)，到價差的形成，到上漲的調整，到下跌的roll over，到下跌的其他調整，是重要的思考過程。


https://www.elitetrader.com/et/t ... r-discussed.327608/

sec2100

soros917 發表於 2018-12-8 18:16
對！我是用這個策略！但用在可成期和可成選！
找好公司！賭不會跌破誇張的價位！
可成選是少數有造市的個股 ...

對。很可惜，台灣的個股選擇權成了沒有牙的老虎，被權證這隻狐狸取而代之，成了山中的霸王。

bigear88

後來發現
在美國長期交易者
都是靠這個策略
而且
他們的本金都很大

sec2100

soros917 發表於 2018-12-8 18:16
對！我是用這個策略！但用在可成期和可成選！
找好公司！賭不會跌破誇張的價位！
可成選是少數有造市的個股 ...

917，難得難得，可成選，我敬愛你。

soros917

對！我是用這個策略！但用在可成期和可成選！
找好公司！賭不會跌破誇張的價位！
可成選是少數有造市的個股選擇權！
台灣的個股選擇權很不活絡！

sec2100

maximumpossiblesuffering gets it: "One of the keys, which you are adhering to is avoiding the use of leverage. It is hard to blow up an cash only account." I also agree with your other points.

Those who compare my approach to James Coudrier of OptionSellers.com or Karen the SuperTrader are missing the point entirely. They lost everything when they no longer had the capital to cover their positions and were liquidated for margin requirements. In Karen's case, she tried to conceal the disaster with outright fraud. I will never receive a margin call because I set the cash aside to cover the position when I open it.

Karen was using short strangles with unlimited risk potential. Vomma was exponential whenever her position experienced volatility in either direction. I don't do that stuff.

Neither is my approach a martingale strategy. Martingales are exposed to open-ended risk. I am not. Every time I buy a put back for more than I received and sell a new one, I am actually mitigating my loss compared to an outright stock holder, with the possibility of closing at a small loss or even a profit while the stock owner must wait for full recovery.

But yes, I have losses. If MSFT goes to zero tomorrow, I'll lose a lot. But how many dire warnings do you see for stock investors, "it could go to zero and you will lose everything"? It's just a knee-jerk reaction so many people have when the word "option" is brought up. Options were invented to manage risk, and that's what they do if used properly.

I probably do have an irrational bias about going long. I'm just more comfortable receiving my profit up front and then seeing how much of it I can keep, rather than hoping for a large enough move before expiration to counter the eroding time value before I can make a profit. Going long does have a lot more profit potential. It just suits my temperament to hit singles and doubles. I usually struck out when I swung for the fences.

Selling equity options instead of the index helps me diversify. I do have stock-specific risk, but it's spread out over several different stocks. How would I diversify if I had everything in the index? Then I would have index-specific risk.