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1.Selling Currency Call Options.

Mike Suerth sold a call option on Canadian dollars for $.01 per unit. The strike price was $0.76, and the spot rate at the time the option was exercised was $0.82. Assume Mike did not obtain Canadian dollars until the option was exercised. Also assume that there are 50,000 units in a Canadian dollar option. What was Mike’s net profit on the call option?

權利金 $0.01/每單位

履約價 $0.76

當下價格 $0.82

對於買權期權的買家來說,履約價小於當下價格會行使買權

對於買權期權的賣家Mike來說,在買權期權到期時,他尚未持有加幣,因此需從市場上買加幣,進而用$0.76的履約價賣給買家

因此0.76(現金流入)-0.82(現金流出)+0.01(從買家手上得到的交易手續費)=-0.05(每單位加元的淨利)

$-0.05*50,000=$-2,500(虧損的加幣)

 

3.Speculating with Currency Put Options.

Alice Duever purchased a put option on British pounds for $.04 per unit. The strike price was $1.80 and the spot rate at the time the pound option was exercised was $1. 59. Assume there are 31,250 units in a British pound option. What was Alice’s net profit on the option?

權利金 $0.04/每單位

履約價 $1.8

當下價格 $1.59

Alice作為一個賣權期權的買家,如果履約價大於當下價格,則會行使賣權

因此高賣低買1.8-1.59-0.04=0.17(每單位英鎊的淨利)

$0.17*31,250=$5,312.5(獲利的英鎊)

 

4.Speculating with Currency Put Options.

Bulldog, Inc., has sold Australian dollar put options at a premium of $.01 per unit, and an exercise price of $.76 per unit. It has forecasted the Australian dollar’s lowest level over the period of concern as shown in the following table. Determine the net profit (or loss) per unit to Bulldog. Inc, if each level occurs and the put options are exercised at that time.

Possible Value of Australian Dollar

$.72

 .73

 .75

 .76

權利金 $0.01/每單位

履約價 $0.76

Bulldog是賣權期權的賣家,在當下價格小於履約價時,賣權期權的買家會行使賣權;因此對於Bulldog,他會失去0.76履約價和實際價格之間的差額。

市場價格 權利金 淨利潤/損失
0.72 0.01 0.72-0.76+0.01=-0.03
0.73 0.01 0.73-0.76+0.01=-0.02
0.75 0.01 0.75-0.76+0.01=0
0.76 0.01 0.76-0.76+0.01=0.01

 

5.Speculating with Currency Call Options.

Randy Rudecki purchased a call option on British pounds for $.02 per unit. The strike price was $1.45 and the spot rate at the time the option was exercised was $1.46. Assume there are 31,250 units in a British pound option. What was Randy’s net profit on this option?

權利金 $0.02/每單位

履約價 $1.45

當下價格 $1.46

Randy購買買權期權,當履約價小於當下的價格,買權期權將會被行使

1.46-1.45-0.02=-0.01(每單位虧損的英鎊)

$-0.01*31,250=$-312.5(總共的虧損)

 

8.Speculating with Currency Put Options.

Aubur Co. has purchased Canadian dollar put options for speculative purposes. Each option was purchased for a premium of $.02 per unit, with an exercise price of $.86 per unit. Auburn Co. will purchase the Canadian dollars just before it exercises the options (if it is feasible to exercise the options). It plans to wait until the expiration date before deciding whether to exercise the options. In the following table, fill in the net profit (or loss) per unit to Auburn Co. based on the listed possible spot rates of the Canadian dollar on the expiration date.

Possible Spot Rate of Canadian Dollar on Expiration Date

$.76

 .79

 .84

 .87

 .89

 .91

權利金 $0.02/每單位

履約價 $0.86

Auburn在行使賣權行為前,會先購買加幣,再以履約價賣出(若履約價大於市價);反之,當履約價小於市價,賣權買方不會行使權利,因此只需付權利金。

市場價格 權利金 淨利潤/損失
0.76 0.02 0.86-0.76-0.02=0.08
0.79 0.02 0.86-0.79-0.02=0.05
0.84 0.02 0.86-0.84-0.02=0
0.87 0.02 -0.02
0.89 0.02 -0.02
0.91 0.02 -0.02
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