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American call options

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American call options

Let's say you think very highly of company ABCD, and you're convinced that the stock price will go up from its current trading price of $50 per share.

You could do two things: you could either just buy the stock for $50 and hope that the price goes up, or — and I made this price up — you could go to an options exchange and, for the price of $5, you could buy the option to buy this stock over the next month.

It expires in one month. Usually it'll be a specific date, but I'm just saying, one month from the date you buy the option, and it gives you the option to buy the stock for $60 a share.

And the type of option I've just described is called an American option.

And it can be compared to a European option.

An American option allows you to exercise the option — to actually buy the stock — any time from the time you have the option until the expiration.

On a European option, you only have the option, you can only exercise it on the expiration.

But we'll just focus on the American.

Now let's think about the different outcomes depending on what the stock does.

So let's say the stock actually does do what you think it does.

Let's say it goes up and then it goes down.

Let's say that you're really good at calling stock price tops.

And then right over here, let's take the two scenarios.

Let's take the scenario where you bought the stock and then you sell the stock.

So you bought at $50, and then over here right at the top, you're just a perfect market caller, you're able to sell the stock at $80.

So let's just think about the different profit scenarios.

So here we have an end price of $80 per share.

If you had bought the stock for $50 and now sold it at $80, you will have a profit of $30.

Now let's think about if, instead of buying the stock, you bought the option today.

So if you bought the option, same thing, when the stock goes up to here, you'll say, "Oh, I think that's the top for the stock, let me exercise my option.

So I'm going to exercise my option which gives me the right to buy the stock at $60 a share."

So you're going to buy it at $60 a share, right over here, and you can immediately sell it for $80 a share.

So you could make $20 on that transaction, but, of course, you paid $5 for the option itself.

So you make $20 on the difference between $80 and $60, but you had to pay $5.

So you have a $15 profit.

So there it says, hey, look, maybe I was better off buying the stock!

And even there I'd say, look, to buy the stock you had to put $50 of capital at risk.

To buy the option, you only had to put $5 of capital at risk.

And to see that, imagine the negative scenario, where instead of the stock doing that, let's say the stock just completely plummets after you buy.

And it goes all the way down to $20.

Now in the situation with the stock, let's say right over there you've just had enough.

You say, "I just want to sell the stock."

So this is an end price of $20.

In that situation, you bought for $50, sell for $20, you will lose $30.

But in the option scenario, this entire time that it was plummeting, you'll say, "I just won't exercise the option."

The option is "out of the money."

It makes no sense for me to exercise it.

So you just won't exercise the option.

So you'll only lose the price that you paid for the option.

You'll only lose your $5.

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American call options발음듣기

다른 번역문 등록

Let's say you think very highly of company ABCD, and you're convinced that the stock price will go up from its current trading price of $50 per share.발음듣기

다른 번역문 등록

It expires in one month. Usually it'll be a specific date, but I'm just saying, one month from the date you buy the option, and it gives you the option to buy the stock for $60 a share.발음듣기

다른 번역문 등록

And the type of option I've just described is called an American option.발음듣기

다른 번역문 등록

And it can be compared to a European option.발음듣기

다른 번역문 등록

An American option allows you to exercise the option — to actually buy the stock — any time from the time you have the option until the expiration.발음듣기

다른 번역문 등록

On a European option, you only have the option, you can only exercise it on the expiration.발음듣기

다른 번역문 등록

But we'll just focus on the American.발음듣기

다른 번역문 등록

Now let's think about the different outcomes depending on what the stock does.발음듣기

다른 번역문 등록

So let's say the stock actually does do what you think it does.발음듣기

다른 번역문 등록

Let's say it goes up and then it goes down.발음듣기

다른 번역문 등록

Let's say that you're really good at calling stock price tops.발음듣기

다른 번역문 등록

And then right over here, let's take the two scenarios.발음듣기

다른 번역문 등록

Let's take the scenario where you bought the stock and then you sell the stock.발음듣기

다른 번역문 등록

So you bought at $50, and then over here right at the top, you're just a perfect market caller, you're able to sell the stock at $80.발음듣기

다른 번역문 등록

So let's just think about the different profit scenarios.발음듣기

다른 번역문 등록

So here we have an end price of $80 per share.발음듣기

다른 번역문 등록

If you had bought the stock for $50 and now sold it at $80, you will have a profit of $30.발음듣기

다른 번역문 등록

Now let's think about if, instead of buying the stock, you bought the option today.발음듣기

다른 번역문 등록

So if you bought the option, same thing, when the stock goes up to here, you'll say, "Oh, I think that's the top for the stock, let me exercise my option.발음듣기

다른 번역문 등록

So I'm going to exercise my option which gives me the right to buy the stock at $60 a share."발음듣기

다른 번역문 등록

So you're going to buy it at $60 a share, right over here, and you can immediately sell it for $80 a share.발음듣기

다른 번역문 등록

So you could make $20 on that transaction, but, of course, you paid $5 for the option itself.발음듣기

다른 번역문 등록

So you make $20 on the difference between $80 and $60, but you had to pay $5.발음듣기

다른 번역문 등록

So you have a $15 profit.발음듣기

다른 번역문 등록

So there it says, hey, look, maybe I was better off buying the stock!발음듣기

다른 번역문 등록

And even there I'd say, look, to buy the stock you had to put $50 of capital at risk.발음듣기

다른 번역문 등록

To buy the option, you only had to put $5 of capital at risk.발음듣기

다른 번역문 등록

And to see that, imagine the negative scenario, where instead of the stock doing that, let's say the stock just completely plummets after you buy.발음듣기