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从市场期权的角度来看,如果整个市场跌幅比较大,或者目前市场进入一个比较大幅度长时间一个调整。在调整的时候,想拿的住股票又能减少波动,通常都需要采取期权的对冲。

看跌对冲

对所拥有的股票做看跌对冲,这样的优势在于期权的走势能够对应各自股票,这样的保护效果是最好的,同时可以针对股票不同的走势可以调整对冲方式,比如有些股票调整后期比较强势,那么我们就可以在后期提早把对冲拿掉,那么就不会限制上涨空间。反过来一些股票调整比大盘表现更弱,那么就可以把对冲的时间延长,以防更大幅度的下跌,这种做法的缺点在于成本高,并且对各自股票走势要进行判断,然后再思考怎么调整,这是一个非常麻烦的过程。

整体对冲

选择用大盘指数看跌期权对自己投资组合对整体的一个对冲。这种优势在于成本低,同时一些券商提供投资组合的参数和股票相对应的大盘指数的Delta值。这样就可以大概的估算出大盘跌的点数对投资组合的影响。就能给我们一个方向,大概要买多少的对冲。但这种做法相当于放弃了对单个股票做对冲调整的灵活性,这种做法也没有办法对冲某个股票基本面重大改变而产生的下跌。

以上两种对冲各有优缺点,各个交易者要根据自己的实际情况作出相应的选择。

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