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看涨期权和看跌期权

期权的两种类型是看涨期权和看跌期权。 一个看涨期权赋予其持有者在期权到期日之前的任何时间，按照执行价格购买100股标的物股票的权利。期权的立权人 (或卖家) 有卖出这些股票的义务。

 和看涨期权相对的是看跌期权。看跌期权赋予其拥有者在期权到期日之前的任何时间，按照执行价格卖出100股标的物股票的权力。期权的立权人 (或卖家) 有买进这些股票的义务。

期权权利金

一个期权的价格被称之为“权利金”。一个期权拥有者的潜在的损失限于最初购买期权合同的权利金。在另一方面，立权人则有潜在的无限的损失。但这个损失多少被最初所收到的权利金所抵消一些。若想对此了解更多， 请阅读我们的期权定价部分。
投资者可以用有限的资金利用看涨期权和看跌期权合同在市场中建仓。最初的投资限于权利金的价格。
投资者同样可以利用看跌期权和看涨期权合同来积极地对冲市场风险。投资者可以购买看跌期权作为保险来防范不利的市场浮动。但同时还能保持股票的拥有权。

投资者可以卖出基于个别股票的看涨期权。这种方法利用有限的上涨的潜力来换取一定程度的下跌的保护。我们的策略部分列举了投资者可以采用的各种期权持有量, 并解释期权在不同的市场情况下的功能。

底层证券

底层证券（比如说是 XYZ 公司）是期权立权人在收到期权合同拥有者的履约通知的情况下必须递交（如果是看涨期权）或购买（如果是看跌期权）的证券。

到期星期五

普通股期权的到期日是到期月的第三个星期五后面的星期六。因此， 那个月的第三个星期五是到期普通股期权的最后一个交易日。

这一天被称之为"到期星期五"。如果这个月的第三个星期五是交易所的假日，那么在这个假日之前的星期四是最后一个交易日。 在期权的到期日之后，这个合同就不再存在。此时， 如果期权的拥有者没有履行合同，那么他就没有期权在到期日之前所赋予的"权力"，期权卖出者也没有期权在到期日之前所给予的"义务"。



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