| 单词 | Straddle option |
| 释义 | 馬鞍式期權 A right held by a person (option holder) to exercise both a call option and a put option on the same underlying instrument with same strike price and expiration date: Re Barings plc & Ors (No 5), Secretary of State for Trade and Industry v Baker & Ors (No 5) [1999] 1 BCLC 433. It is a volatility trade because the option holder will profit if the stocks move significantly either to the upside or downside. In other words, the investors expect the market volatility to increase. On the other hand, if the option holder expects the price to remain in a tight range, he can short a straddle, which involves selling both a call option and a put option with same strike price and expiration date. See also Call option; Put option. 在相同的基礎文書上，一人(期權持有人)持有以相同的行使價及屆滿日期，行使認購期權及認沽期權的權利：Re Barings plc & Ors (No 5), Secretary of State for Trade and Industry v Baker & Ors (No 5) [1999] 1 BCLC 433。馬鞍式期權是股價波動的交易，因為如股票大幅向上或向下移動，則有關的期權持有人會獲得利潤。也就是說，投資者預期市場股價波動上昇。另一方面，如期權持有人預期價格在緊縮的幅度持續，他／她可賣空期權，即涉及以相同的行使價及屆滿日期出售認購期權及認沽期權。另見 Call option; Put option。 |
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