When investors have high confidence of the upward trend of stock prices in a certain period of time in the future, they can buy call options to obtain greater returns. The following describes the options for different time levels.
Day trading:
- Intraday traders make use of small-level fluctuations in stock prices to earn profits, and should choose options with high delta values; if the delta value is too low, stock price fluctuations cannot bring profit to day traders.
- Usually short-term (1-2 week expiry date) in-the-money options have high delta values. When the delta value is higher than 0.6, it can respond quickly to small stock price fluctuations.
Short-term trading
- When investors determine the upward trend of the underlying object in the short term (1-2 weeks), they will also choose the high delta option used by intraday traders. But the expiration date can be appropriately extended to reduce risk of stock prices falling.
Midline trading
- When investors extend the trading cycle, in mid-line trading, options with low delta values should be used, that is, options with a longer expiration date.
- Investors speculate that the stock price will increase significantly in a few weeks and months. At this time, buying an at-the-money option with low delta value can achieve better returns
Long-term trading
- Under normal circumstances, the risk of buying out-of-the-money options is high, but when the time period is very long (greater than 9 months or more), you can consider options with slightly out-of-the-money values, and exchange lower premiums for larger returns.
投资者对股价在未来特定时间内的上升趋势有一定把握时,可以通过买入看涨期权来获取更大收益,以下介绍对于不同时间级别的期权选择
日内交易
- 日内交易者利用股价在小级别的波动来赚取收益,应当选择delta值高的期权;如果delta值过低,股价的波动无法给日内交易者带来盈利空间
- 通常短期(1-2周到期日)价内实值期权delta值高,当delta值高于0.6对小幅度的股价上涨波动也能有迅速的反应
短线交易
- 当投资者对标的物在短期内(1-2周)的上升趋势确定,通常这种情况下,也会选择与日内交易者使用的高delta值期权,但是可适当延长到期日,以降低股价下跌的风险
中线交易
- 当投资者将交易周期拉长,在中线交易中,应当使用低delta值的期权,即为到期日较远的期权
- 投资者推测股价在几周几月有较大涨幅,此时买入平值低delta值期权能达到较好收益
长线交易
- 通常情况下买入虚值期权风险大,但在时间周期很长(大于9个月及以上)的情况下,可以考虑略微价外虚值的期权,以更低的权利金换取较大收益