2個有關期權的問題(20分)

Hi...

1)如我short put 左 行使價$45 的HSBC, 假如HSBC後市向下, 觸及$45, 我是否即時要以行使價$45接貨呢?

Yes....if HSBC go down and hit $45 (strike price), you have to the
liability to buy at $45. This is because the other party will exercise
your put option. 是否即時 will depend on your type of option, for
European, the other party will only aloow to exercise at the expiry
date. For Amercian, the other party can exercise any time during the option period.

接貨後, 是否代表我所hold的 short option 已自動平倉??

接貨後, the short put option is no longer exist. This is not 自動平倉.
平倉 mean you buy back the put option.


2)假如我想long or short 指數option, 請問如何計算該倉位的 DELTA 值呢?

Delta = change of option price / change of price of the index

It is a dynamic data and change everyday.

hope it will give you some help.

1) short put 意思是沽出認沽期權
即是你給對方一個權利,他有權將匯控在某一個到期日以45元水平沽給你接貨.
就算在到期日後匯控跌到20元,你也要在45元接貨.


到了45元,又未必接貨
我唔知你玩港交所期權定ELN
如港交所期權,當對方想行使權利,就會在你們當中隨機抽選作為接貨對象
如ELN,一到價接貨


2)很難計算,因為答案是靜態的數值
但大巿在任何時間會有變動
所以計出來也不是有很多的幫助.