What is a call warrant and what is a put warrant? 10

According to the different rights to buy or sell, it can be divided into call warrants and put warrants, also known as call warrants and put warrants.

The holder of the call warrant has the right to sell the underlying to the issuer within a specified period or maturity date as agreed, while the holder of the put warrant has the right to sell the underlying.

Subscription warrants. The value of a put warrant rises as the underlying asset** rises, while a put warrant decreases as the underlying asset** decreases.

- The difference between a call warrant and a put warrant.

First, the risk of the combination of "underlying stock + warrants" held is different. Due to the different sensitivities of call warrants and put warrants to the underlying stock, as the stock price of the underlying stock rises, the ** of the call warrant rises, and the **** of the put warrant. From the perspective of the sensitivity of the "underlying stock + warrant" portfolio, the call warrant will exacerbate the systemic risk of the portfolio, while the put warrant will hedge part of the risk of the stock price fluctuation.

Second, the compensation for shareholders of tradable shares is different. When the stock price is **, the **** of the put warrant will compensate the shareholders of the tradable shares, thereby reducing the break-even point of the shareholders of the tradable shares; The call warrant can give the shareholders of the tradable shares a share of the possible future performance growth, but if the stock price is discounted, it will not give the shareholders of the tradable shares much compensation in the short term.

Third, the maturity value is different. Since the warrants included in the current share reform plan are delivered by ** settlement, this will have a significant impact on the maturity value of the warrants. For put warrants, if the warrant is in-the-money when it is about to expire, that is, the stock price is less than the exercise price, the holder of the warrant will inevitably buy the underlying stock in order to exercise the warrant, and the buying pressure may cause the stock price to move closer to the exercise price, thus making the warrant lose its value; In the case of call warrants, if they are in-the-money warrants during the expiration period, the holder only needs to prepare cash to buy ** from the major shareholder at the exercise price, without affecting the share price of the outstanding A shares.

It's just that after exercising, the market can be circulated ** suddenly increases, and investors want to take profits as soon as possible, the underlying stock will encounter short-term selling pressure, and the stock price will inevitably be **, so that investors will suffer losses.

Finally, put warrants allow investors to construct a variety of portfolios, while call warrants can only be used as a tool for speculators to speculate in the absence of a short-selling mechanism in the market.

A put warrant is a put option, specifically, on the day of exercise, the investor holding the put warrant can sell the corresponding ** to the listed company according to the agreement. For example, on the day of the exercise of the new steel vanadium, investors holding put warrants can sell the corresponding new steel vanadium ** according to the ** yuan, regardless of whether the stock price of the new steel vanadium is 2 yuan or 8 yuan at that time. If the ** at that time is $2, then the value of the put warrant is the dollar, and if the ** at that time is higher than the dollar, the put warrant is worthless.

Let's talk about what a warrant is

A warrant is actually a right, and then the exchange makes it a warrant.

The call warrants and put warrants you are talking about are actually the right to subscribe and the right to sell. However, the ** bought and the ** sold are fixed. As for what is bought and sold, it is the corresponding **.

However, because this is a right, it can also be waived after the expiration date.

A call warrant is the right to purchase a certain amount of ** at an agreed point in the future.

A call warrant is the right to sell a certain amount of ** at an agreed price at some point in the future.

A call warrant is to give you the right to buy something as agreed in the future, and a put warrant is to give you the right to sell a certain kind of contract in the future. And the seller of the warrant must be unconditionally executed.

Log in to the ** software, enter 580·· For example 580024 enter the warrant, press F10 and have what you want.

The difference between a put and a call is:

1. The maturity value is different: **The act of purchasing during the first fundraising period** is called subscription, or it is related to fashionable people. A put, as the name suggests, is the underlying asset agreed upon at an agreed future date.

To put it simply, a put warrant is bought in a bear market. Call warrants are bought on a bull market.

2. The concept has different meanings: put is a concept that is opposed to calling. It is often used in options trading. For example, a put warrant is a kind of warrant that the holder of the warrant gives to the creator of the warrant on an agreed date according to the corresponding subject matter **.

3. The value at risk is different: the put itself does not contain any value, and its value lies in the fact that at least it can be sold according to the put, which is a short-selling hedging tool in the short market.

When the first time you call a warrant, you must first look at the put, and then look at the corresponding **** and the exercise period, the risk of buying a put warrant is much greater than that of buying a call warrant.

4. Different levels of ownership: put**, that is, when the warrant expires (exercise period), you have the right to sell the corresponding ** according to this **.

When the exercise of the call warrant held is lower than the corresponding one, it is necessary to buy higher and sell it to the company according to the lower exercise, and the exercise means greater losses.

5. The compensation for the shareholders of tradable shares is different: when the stock price of the underlying stock is **, the **** of the put warrant will compensate the shareholders of the tradable shares, so as to reduce the break-even point of the shareholders of the tradable shares;

The call warrant can give the shareholders of the tradable shares a share of the possible future performance growth, but if the stock price is discounted, it will not give the shareholders of the tradable shares much compensation in the short term.

From a trading perspective, the party buying an option contract is called a buyer (or long), while the party to a contract is called a seller (or short). The buyer is the transferee of the right, and the seller must fulfill the corresponding obligations, so what are call options and put options?

Put option means the right to sell a certain valuable ** on a certain day or in a certain period of time in the future, according to the specified ** and quantity.

The buyer of a put option usually chooses to buy when the trend of this ** is about to appear**, because only in this way can he make a profit to a certain extent within the validity period of this **. If this ** does not have ** before the expiration of the validity chain comm, but **, the buyer will not make a profit and will lose money.

A call option means that the buyer of the option has the right to pay a certain amount of premium to the seller of the option according to the option price during the validity period of the option contract at the pre-agreed **i.e., the strike price, but does not have the obligation to buy.

A call option refers to an option contract in which the buyer of an option holds the right to buy a certain amount of the underlying asset from the seller at an agreed time after paying a certain premium.

Put option is put, that the underlying asset will be ** in the contract, if the future market of the underlying asset **** is lower than the option agreed **, the buyer of the put option can make a profit by executing ** to sell the underlying asset, if the future market of the underlying asset **** exceeds the option agreed **, the buyer of the option can give up the right;

The call option is call, thinking that the underlying asset will be ** in the contract, if the **** of the expiration date is higher than the exercise**, then the call option is in real value, and the holder will exercise the option and obtain income; If the expiration date is lower than the exercise, then the call option is in out-of-the-money, and the holder will not exercise the option, and the value of the call option is 0.

Call (put) option: also known as call (put) option, means that after the buyer of the option pays a certain amount of premium to the seller of the option according to the option price, it has the right to imitate the relevant ** contract of the agreed amount to the option seller at the pre-agreed ** strike price during the validity period of the option contract, but does not have the obligation to buy.

If the option buyer does not want to buy**, he can simply void the contract when it expires. (It can be transferred to another person at the agreed price during the subscription period.) ）

The concept of a call option

The buyer of the call option has the right to agree on the specified amount of the underlying (such as ** or ETF) to the option seller within the specified period according to the content of the contract. For the seller, while obtaining the premium, when the buyer requests the exercise, it has the obligation to sell the specified amount of the subject ** according to the exercise price.

Options trading is actually the trading of rights. The buyer has the right to execute and not to execute, and can choose flexibly.

Suppose Xiao Ming ** a call option contract in the current month, the premium is 279 yuan per contract, during the holding period, if the contract subject **** to 300 yuan, the difference in the price of the contract is 21 yuan, which means that the call contract makes a profit of 21 yuan (excluding handling fees), at this time, Xiao Ming can choose [sell to close the position] to close the subscription position, so as to obtain the difference in the premium.

The concept of a put option

Put option means that the buyer has the right to sell a specified amount of the underlying to the option seller within the specified period of time according to the agreement. The seller of a put option is obligated to specify the amount of the underlying at the strike price when the buyer requests exercise. The buyer has the option to sell.

Put options are also called "put options". For ** options, if you buy put options, it means short, which is the first short tool with margin trading.

Contrary to call options, if investors think that the underlying **most likely will**, they can **put options to achieve short profits.

Call warrant Before the exercise date, if the market of the underlying asset** is higher than the strike price (exercise**), then the call warrant has an exercise value. Exercise value refers to the value of the actual cash that the holder of the call warrant can obtain by exercising the call warrant to purchase the underlying asset and then put it in the market.

Specifically, if the exercise base wheel of the call warrant is x, the market of the underlying asset is s, and s is >x, then the call warrant holder can obtain the exercise value by following the following steps:

2.Actual purchase of the underlying asset: After exercising the call warrant, the holder uses the exercise of **x to purchase the underlying asset.

3.Underlying Asset: Once the holder buys the underlying asset, he or she can immediately put it on the market market.

If S>X, and Zhaopei takes into account transaction costs (e.g. commissions, taxes, etc.), then the call warrant will have an exercise value before the exercise date. The exercise value is equal to the difference between market **s and exercise**x minus transaction costs.

However, when the market for the underlying asset is lower than the exercised value, the call warrant will have no exercise value, as in this case, a loss would be incurred by exercising the call warrant and purchasing the underlying asset. Therefore, the relationship between the exercise value of the call warrant and the market ** of the underlying asset is a key factor that determines whether the call warrant is worth exercising before the exercise date.

1. The exercise time is February 8, February 12, February 22, February 26, a total of ten trading days, and the exercise cannot be carried out now.

2. For each share of Ganyue CWB1 call warrant, the **** Nianyan contains 2 shares of Ganyue Expressway, and then in the secondary market, the current stock ** is, that is, **, selling, which is obviously a loss, so there is no exercise value.

3. Regardless of commissions, stamp duty and other expenses, simply speaking, if you **1 warrant, in the exercise of 2 shares, the total **is, then the cost per share you use with the Ganyue Expressway is that the Ganyue Expressway ** rises to the exercise just back to the capital.

4. If you want to exercise the right, there is an exercise button in the trading software, and during the exercise period, click the button to enter the exercise **, and deposit enough exercise funds.

5. At present, the value of the warrant is zero, and it is necessary to hold it.

6. Exercise cost: purchase warrants***Exercise ratio + exercise**.