题目
Assume that the current price of a stock is $100. A call option on that stock with an exercise price of $97 costs $7. A call option on the stock with the same expiration and an exercise price of $103 costs $3. Using these options what is the cost of entering into a long bull spread on this stock?
选项
A.$7
B.$4
C.$1
D.$0
答案
B
解析
The buyer of a bull spread buys the call with an exercise price below the current stock price and sells the call option with an exercise price above the stock price. The cost of the strategy is the difference between the cost of buying the option with the lower exercise price and selling the option with the higher exercise price which is $7 - $3 = $4 to enter into this strategy.牛市价差的买家以低于当前股价的行权价买入看涨期权，以高于股价的行权价卖出看涨期权。该策略的成本是买入执行价格较低的期权的成本和卖出执行价格较高的期权，是7 - 3 = 4。