Trading Ebook - Options Strategy Poster.pdf

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ASX Options
Clever products for clever investors
BULL STRATEGIES
Overall, these positions will do better if
the stock or index market rises.
NEUTRAL STRATEGIES
Overall, these positions will do better if the stock or index market does not move very much.
BEAR STRATEGIES
Overall, these positions will do better if
the stock or index market falls.
Synthetic Long
Long Butterfly
Short Straddle
Synthetic Short
Example:
Buy 1 Call and Sell 1 Put at the same strike
Market Outlook: Bullish
Risk:
Substantial
Reward:
Unlimited
Increase in Volatility: Neutral
Time Decay:
Neutral
Example:
Sell 2 Calls, Buy 1 Call at higher strike and
Buy 1 Call at lower strike
Market Outlook: Neutral
Risk:
Limited
Reward:
Limited
Increase in Volatility: Typically hurts position
Time Decay:
Typically helps position
Example:
Sell 1 Call and Sell 1 Put at the same strike
Market Outlook: Neutral
Risk:
Unlimited
Reward:
Limited
Increase in Volatility: Hurts position
Time Decay:
Helps position
Example:
Buy 1 Put and Sell 1 Call at the same strike
Market Outlook: Bearish
Risk:
Unlimited
Reward:
Substantial
Increase in Volatility: Neutral
Time Decay:
Neutral
ASX OPTIONS SINCE 1976
Long Call
Contracts Traded
16,000,000
14,000,000
12,000,000
10,000,000
Example:
Buy 1 Call
Market Outlook: Bullish
Risk:
Limited
Reward:
Unlimited
Increase in Volatility: Helps position
Time Decay:
Hurts position
Index Points
4000
Retail option
courses commenced
Margin lending
as collateral
Long Put
3500
3000
’87 market correction
2500
2000
1500
Automated trading
introduced – CLICK
O/seas market
makers introduced
Example:
Buy 1 Put
Market Outlook: Bearish
Risk:
Limited
Reward:
Substantial
Increase in Volatility: Helps position
Time Decay:
Hurts position
8,000,000
6,000,000
4,000,000
2,000,000
0
1000
500
0
Call Backspread
75/76
76/77
77/78
78/79
79/80
80/81
81/82
82/83
83/84
84/85
85/86
86/87
87/88
88/89
89/90
90/91
91/92
92/93
93/94
94/95
95/96
96/97
97/98
98/99
99/00
00/01
01/02
Put Backspread
Options Volume
All Ords Index
THE OPTIONS STRATEGY SPECTRUM
Example:
Sell 1 Call and Buy 2 Calls at a higher strike
Market Outlook: Bullish
Risk:
Limited
Reward:
Unlimited
Increase in Volatility: Typically helps position
Time Decay:
Typically hurts position
Bullish
Neutral
write
straddles or
combinations
Bearish
Example:
Sell 1 Put and Buy 2 Puts at a lower strike
Market Outlook: Bearish
Risk:
Limited
Reward:
Substantial
Increase in Volatility: Typically helps position
Time Decay:
Typically hurts position
Bull Spread
bull
spreads
buy stock, sell call
buy bonds, sell put
buy call
bear
spreads
overwrite
buy protective put
buy put
Bear Spread
Example:
Buy 1 Call (Put) and Sell 1 Call (Put) at higher
strike
Market Outlook: Moderately Bullish
Risk:
Limited
Reward:
Limited
Increase in Volatility or Time Decay:
Helps or hurts depending on strikes chosen
Example:
Sell 1 Put (Call) and Buy 1 Put (Call) at higher
strike
Market Outlook: Moderately Bearish
Risk:
Limited
Reward:
Limited
Increase in Volatility or Time Decay:
Helps or Hurts depending on strikes chosen
Buy Write
Short Butterfly
Long Straddle
Short Call
Example:
Buy 1000 shares and Sell 1 Call
Market Outlook: Neutral to Slightly Bullish
Risk:
Substantial
Reward:
Limited
Increase in Volatility: Hurts position
Time Decay:
Helps position
Example:
Buy 2 Puts, Sell 1 Put at higher strike and
Sell 1 Put at lower strike
Market Outlook: Strong move in either direction
Risk:
Limited
Reward:
Limited
Increase in Volatility: Typically helps position
Time Decay:
Typically hurts position
Example:
Buy 1 Call and Buy 1 Put at the same strike
Market Outlook: Strong move in either direction
Risk:
Limited
Reward:
Unlimited
Increase in Volatility: Helps position
Time Decay:
Hurts position
Example:
Sell 1 Call
Market Outlook: Neutral to Slightly Bearish
Risk:
Unlimited
Reward:
Limited
Increase in Volatility: Hurts position
Time Decay:
Helps position
Supplied by ASX Options Business Development. Visit asx.com.au/options or call 1300 300 279 for more information on the range
of courses available to both investors and brokers. Options courses are accredited for both structured & unstructured CPD points.
Information provided by ASX does not constitute advice or recommendation of a particular product or class of product and investors should consider obtaining independent advice before making any financial decisions. ABN 98 008 624 691

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