c*******o
发帖数: 1357 | 1 请问各位有经验的大大：在实际操作中，持有spread时候是怎样交易的
我主要关心的问题是spread是否会自动按组交易，以及到期日的情况
打个比方，假设long call @L, short call @H, 到期日一样，1:1
1. 一般情况下，股价如果超过H，short leg就可能被行权（当然也要考虑call的成本
），那么在过期前，股价接近H（或者稍大于）的时候是否需要关注short leg的情况，
以免被行权后还单独持有long leg呢？还是说这个时候broker会自动帮我把long leg也
行权掉？
2. 如果到期日结束没有行权，broker是否会按照当时股价和strike price自动处理？
比如股价大于H，则自动把2个leg的差价(H-L)算好打给我？还是说没有行权的option就
作废了？
3. 如果到期未行权是不作废，那么假如到期日结束时股价刚好落在2个leg之间，且没
有行权，broker是会把相应的股票按行权价卖给我，还是会直接把差价给我？
以上^
补充：包子不多，略表心意 | s******n
发帖数: 6806 | 2 首先，options不到最后几分钟基本是不会有人exercise的，除非傻子。
如果short提前被别人exercise,应该高兴
short到期了没有被行权，盯好after hours 股价，星期六中午expire就不用管了。
long到期了，如果itm,就会在4PM被brokers直接exercise, 有可能直接margin call,
不盯的话，星期一低开就亏大了，得特别注意。
如果otm，盯after hours股价，有可能变成itm, 那就exercise.
请问各位有经验的大大：在实际操作中，持有spread时候是怎样交易的
我主要关心的问题是spread是否会自动按组交易，以及到期日的情况
打个比方，假设long call @L, short call @H, 到期日一样，1:1
1. 一般情况下，股价如果超过H，short leg就可能被行权（当然也要考虑call的成本
），那么在过期前，股价接近H（或者稍大于）的时候是否需要关注short leg的情况，
以免被行权后还单独持有long leg呢？还是说这个时候broker会自动帮我把long leg也
行权掉？
2. 如果到期日结束没有行权，broker是否会按照当时股价和strike price自动处理？
比如股价大于H，则自动把2个leg的差价(H-L)算好打给我？还是说没有行权的option就
作废了？
3. 如果到期未行权是不作废，那么假如到期日结束时股价刚好落在2个leg之间，且没
有行权，broker是会把相应的股票按行权价卖给我，还是会直接把差价给我？
以上^
补充：包子不多，略表心意
【在 c*******o 的大作中提到】
: 请问各位有经验的大大：在实际操作中，持有spread时候是怎样交易的
: 我主要关心的问题是spread是否会自动按组交易，以及到期日的情况
: 打个比方，假设long call @L, short call @H, 到期日一样，1:1
: 1. 一般情况下，股价如果超过H，short leg就可能被行权（当然也要考虑call的成本
: ），那么在过期前，股价接近H（或者稍大于）的时候是否需要关注short leg的情况，
: 以免被行权后还单独持有long leg呢？还是说这个时候broker会自动帮我把long leg也
: 行权掉？
: 2. 如果到期日结束没有行权，broker是否会按照当时股价和strike price自动处理？
: 比如股价大于H，则自动把2个leg的差价(H-L)算好打给我？还是说没有行权的option就
: 作废了？
| c*******o
发帖数: 1357 | 3 感谢，包子～
【在 s******n 的大作中提到】
: 首先，options不到最后几分钟基本是不会有人exercise的，除非傻子。
: 如果short提前被别人exercise,应该高兴
: short到期了没有被行权，盯好after hours 股价，星期六中午expire就不用管了。
: long到期了，如果itm,就会在4PM被brokers直接exercise, 有可能直接margin call,
: 不盯的话，星期一低开就亏大了，得特别注意。
: 如果otm，盯after hours股价，有可能变成itm, 那就exercise.
:
: 请问各位有经验的大大：在实际操作中，持有spread时候是怎样交易的
: 我主要关心的问题是spread是否会自动按组交易，以及到期日的情况
: 打个比方，假设long call @L, short call @H, 到期日一样，1:1
| m********0
发帖数: 2717 | 4
there are some exceptions
You won't know if your ITM on market close would be exercised with 100%.
Assignment won't show up till sunday for most brokers.
brokers is not the one who does those, it's clearing house. the timing is
wrong, there are 15-30 minutes window to notify your brokers whether
to exercise. and there are some tricks to benefit from it. Margin call is
likely now, IB used to ignore margin requirement but automatically liquid
those position if you don't fulfill margin requirement on monday morning.
true.
no, better to exercise + short it with market price to lock profit instead
of carrying risk over weekend.
【在 s******n 的大作中提到】
: 首先，options不到最后几分钟基本是不会有人exercise的，除非傻子。
: 如果short提前被别人exercise,应该高兴
: short到期了没有被行权，盯好after hours 股价，星期六中午expire就不用管了。
: long到期了，如果itm,就会在4PM被brokers直接exercise, 有可能直接margin call,
: 不盯的话，星期一低开就亏大了，得特别注意。
: 如果otm，盯after hours股价，有可能变成itm, 那就exercise.
:
: 请问各位有经验的大大：在实际操作中，持有spread时候是怎样交易的
: 我主要关心的问题是spread是否会自动按组交易，以及到期日的情况
: 打个比方，假设long call @L, short call @H, 到期日一样，1:1
| x****7
发帖数: 895 | 5 最后一条没看明白。举个例子。
long leg: call strike $45, 到期时股票$40. In this case why do you suggest
exercise + short @ $40?
thanks.
【在 m********0 的大作中提到】
:
: there are some exceptions
: You won't know if your ITM on market close would be exercised with 100%.
: Assignment won't show up till sunday for most brokers.
: brokers is not the one who does those, it's clearing house. the timing is
: wrong, there are 15-30 minutes window to notify your brokers whether
: to exercise. and there are some tricks to benefit from it. Margin call is
: likely now, IB used to ignore margin requirement but automatically liquid
: those position if you don't fulfill margin requirement on monday morning.
: true.
| m********0
发帖数: 2717 | 6 if you buy 45/50 spread,
it ends at 44.90 at 16:00 (official settlement time).
but it's traded at 45.50 aft-mkt.
you have too choice, exercise call if you missed the chance to
buy it at 44.90 before close(suppose it traded above 45 all the time
after hour) and carry the position till monday(even it's not suggested).
or you can sell at 45.50 and exercise the call to lock in $0.50 *profit*(
might be a lose trade in total).
That's the reason I said this short time window is good thing.
【在 x****7 的大作中提到】
: 最后一条没看明白。举个例子。
: long leg: call strike $45, 到期时股票$40. In this case why do you suggest
: exercise + short @ $40?
: thanks.
| x****7
发帖数: 895 | 7 got it.Thanks.
But in both choices, the uncertainty is you don't know how many of your
long options is assigned until Sunday(or Mon) statement, right?
【在 m********0 的大作中提到】
: if you buy 45/50 spread,
: it ends at 44.90 at 16:00 (official settlement time).
: but it's traded at 45.50 aft-mkt.
: you have too choice, exercise call if you missed the chance to
: buy it at 44.90 before close(suppose it traded above 45 all the time
: after hour) and carry the position till monday(even it's not suggested).
: or you can sell at 45.50 and exercise the call to lock in $0.50 *profit*(
: might be a lose trade in total).
: That's the reason I said this short time window is good thing.
| m********0
发帖数: 2717 | 8 no, say you bought 5 spreads.
short side is far OTM.
long side is ATM.
sell 500 shares and exercise all ATM options(or even slightly OTM if you
missed the chance but still want to recover some).
it will cancel out each other with 100% probability.
【在 x****7 的大作中提到】
: got it.Thanks.
: But in both choices, the uncertainty is you don't know how many of your
: long options is assigned until Sunday(or Mon) statement, right?
| x****7
发帖数: 895 | 9 Thanks.
I guess I mixed up long and short options assignment.
【在 m********0 的大作中提到】
: no, say you bought 5 spreads.
: short side is far OTM.
: long side is ATM.
: sell 500 shares and exercise all ATM options(or even slightly OTM if you
: missed the chance but still want to recover some).
: it will cancel out each other with 100% probability.
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