题目
A six-month put option with a strike price of $14.00 has a price (option premium) of $2.00 when the underlying stock price is $18.00. If a trader employs a protective put strategy (i.e., with the OTM put option), what are, respectively, the maximum net profit (reward) and the maximum net loss (risk) possible? note: consistent with profit pattern charts, please disregard the time value of money.
选项
A.$14 (max net profit) and -$6 (max net loss)
B.unlimited (max net profit) and -$6 (max net loss)
C.unlimited (max net profit) and -$14 (max net loss)
D.unlimited (max net profit) and unlimited (max net loss)
答案
B
解析
The upside is unlimited: the purchased put reduces the net profit by the premium, but the profit is still unlimited. On the downside, loss is -2 for the option premium paid plus -4 (14 - 18 = -4) equals capped downside of a loss of $6. The protective put is an insurance strategy; in exchange for forgoing upside (option premium paid) the loss is capped.保护性看跌期权类似于看涨期权的多头，这是一种保险策略。在价格下降时损失有限，在价格上升时获利无限。