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American call options

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American call options발음듣기

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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

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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.발음듣기

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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

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

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And it can be compared to a European option.발음듣기

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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

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

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But we'll just focus on the American.발음듣기

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

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

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

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

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

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

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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

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

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

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

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

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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

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

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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

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

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

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So you have a $15 profit.발음듣기

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

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

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

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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