打电话均等
It describes how the cost of European put and call options are related
Put-call parity is a concept that describes how the cost of European put andcall optionsin the same class are related. So said, this idea emphasizes the similarities among these groupings.
To belong to the same class, put and call options must have thesame underlying asset，，，，strike price，，，，and expiration date. An established calculation may be used to compute the said parity, which solelypertains to European options。
因为这个缺点cept applies to the European options only and the assets have to be under the same class, this principle cannot be applied to the美国选择，，，，exotic options，，，，etc.
It states that owning a singleforward contract would yield如果在同一基础资产上，有相同的到期，则与欧洲短期前的回报和欧洲长期的呼叫相同，并且具有相同的远期价格，并且具有等于期权的罢工价格的远期价格。
An arbitrage opportunity emerges if the put andcall option prices divergeto the point where this connection is no longer valid. This implies that experienced traders might potentially benefit without taking any risks. However, in liquid markets, these chances are unusual and transient.
Call and put options.
选项被认为是一种导数安全。Because the price of an option is inextricably connected to the value of another item, it is a derivative.
You acquire the right to buy or sell the underlying asset at a particular price by purchasing an option. In the case of a European option, you may only exercise it on the expiration date.
However, some contracts allow you to exercise without restrictions. It all depends on the type of option.
选项很复杂，因为它们链接到许多其他事情。在选项的整个生命中，价值可能会根据几个因素上升或下降。
如果我们想象选项作为国际象棋游戏的交易，那么很多作品总是在移动。期权价格对隐含波动性变化的反应改变。结果，期权保费受期权的可用性和需求的影响。
呼叫选项使所有者有权购买一定数量的股票（通常为100）。同样，a放置选项持有人可以sell a set quantity of stock (usually 100).
There are two common categories, or styles, of options: American and European:
- 在其寿命中，可以随时行使美国的选择。
- On the other hand, the European option can only be exercised on the option's expiration date. Generally speaking, only with European-style contracts does the put-call parity function correctly.
formula
以下是公式：
S + P = C + PVS
在哪里，
P: Put price
C: Call price
S：Spot pricefor the underlying asset
PVS：从到期日起的罢工价格的现值，并以此计算：
pvs = x/（1+r）^t
在哪里，
X：到期日的价格罢工
r: The required return
t: Time to expiration
It is also possible to rearrange the equation and solve it for a particular component. For instance, a synthetic call option can be made based on the put-call parity. The following illustrates a fake call option:
C = S + P - X/ (1 + r)^t
For example, consider a European put option that trades for $5.3 on a particular good with a $47.5 strike price and a one-month maturity.
If the underlying asset's current price is $50.85 and the required return for one month is 2.45%, what is the cost of the call premium with the same strike price and time remaining?
C = 50.85 + 5.3 - 47.5/ (1 + 0.0245)^(1/12) = $8.66
Note that an arbitrage opportunity exists when one side of the parity's equation is bigger than the other. You may effectively generate a risk-free profit by selling the more costly half of the equation and purchasing the less expensive side.
实际上，这需要缩短股票，出售看跌，购买电话并购买资产无风险（例如提示）。事实是，套利的可能性是稀缺和短暂的。此外，它们的利润率可能很小，以至于从中获利需要大量现金。
打电话均等和套利
Let's first introduce a protective put and a fiduciary call to move on. Comparing the performance of a protective put with a fiduciary call of the same class is another way to think about put-call parity.
A protective put uses a long stock position and a long put to reduce the possible downside of holding the stock.
A long call purchased by an investor with cash equal to the strike price's present value (adjusted for thediscount rate）是一个信托电话。这可以保证投资者将有足够的资金在到期日期内行使期权。
在一个假设中fully efficient market，，，，the put-call equation would determine the pricing for European put and call options.
To illustrate, suppose the risk-free rate is 3.8%, and you're looking at options on a company whose stock trades at 12$. Let's disregard transaction costs and proceed with the supposition that the business does not pay dividends. The company's strike price is $16.5, which expires in one year. We will obtain:
C + PVS = P + S
C +（16.5÷1.038）= P + 12
P - C = 15.9 -12
P - C = $3.9
在这个虚构的市场中，该公司应以$ 3.90的溢价交换匹配电话。该公司目前的罢工价格为72％（[12/16.5] x 100）；因此，看涨的呼吁似乎有更好的机会似乎是合乎逻辑的。如果不是这种情况，则看跌期权应为13美元，电话为8.8美元。
If possible, consider buying aEuropean call optionon the company's stock. The call'sstrike priceis $16.5, its buy price is $7, and its expiry date is one year from now. Regardless of the market price on the expiration date, you have the option, but not the obligation, to purchase the company's stock for $16.5.
You won't execute the option if the firm trades at $10 a year. In contrast, if the stock is selling at $23.5, you would exercise the option, purchase the stock at $16.5, andbreak even since youinitially paid $7 for the option. If there are no transaction costs, then any amount above $23.5 is pure profit.
8.8 + 13.9 < 13 + 10
22.7信托电话<23受保护的看台
How does it work?
观点和称均衡为前提是put and call options随着基本资产相同的相同，彼此取消，从而使投资者均等。
You may better understand the parity by contrasting the performance of a fiduciary call and a protective put that belong to the same class.
A protective put is created when a long stock position and a long put are combined. The negative impacts of stock ownership are reduced through this method.
A long call and a holding of cash equivalent to the strike price's present value make up a fiduciary call. This makes sure that when the option expires, the investor will have enough money on hand to execute it.
您可以使用Put-all-tall Parity估算有关其其他组件的观点或调用的价值。
当打个电话平价破裂时，就会出现套利机会。当观点和调用期权价格差异到此连接不再有效的程度时，就会发生这种情况。
Although these chances are rare and short-lived in liquid markets, knowledgeable traders can theoretically make a profit without taking any risks. It also gives you the freedom to make synthetic positions.
benefits and drawbacks
理解称呼平价概念是至关重要的，因为它：
- Limits the exposure to the firm or industry you invest in, contributing toimproved portfolio diversification。
- 它允许您购买选项，而不是将它们用作树篱。由于它不涉及跟踪股息或处理与直接股东有关的其他问题，因此这种管理波动性的方法通常更为简单。
- Identifies costly instances of security. For example, put-call parity will demonstrate whether or not you are paying more for an option than it is worth.
如果表明股票期权的保费太高，则很可能表明安全性无法找到买家。这可能是一个很好的机会，因为预计其价格会下跌。
Its main benefit is that it's an excellent risk management technique and, overall, it contributes toimproved portfolio management。
Additionally, it is simpler to compare prices because you can determine the许多人的内在价值以相同安全性编写的选项，这仅是行使价格和当前价格之间的差额。
不过,它确实有一定的缺点。它经常en only works when trading options on specific equities close to the money. Additionally, without in-the-money options, it is less effective.
or Want to报名与您的社交帐户？