Funda indlela ixabiso langaphakathi elinquma ngayo ukuba ukhetho "OTM" kunye "ITM,"
Ixabiso lenketho, elibizwa ngokuba yi-premium yalo, litshintsha ngokusekelwe kwintengo ye-asethi phantsi kwayo (njenge-stock, i-ETF okanye i-contract contract). Ikhetho linokuthi libe kwimali, ngaphandle kwemali okanye kwimali, iyazi njenge-ITM, i-OTM kunye ne-ATM. Makhe sijonge nganye kwezi zizwe, kwaye sibone indlela ekuchaphazela ngayo ixabiso / i-premium yekhetho.
Kwimali
Inkontileka yokukhetha inemali ukuba inenani elixabisekileyo.
Ngokomzekelo, ukhetho lwefowuni luyimali ukuba ixabiso le-asethi ephantsi liphezulu kunexabiso lentengiso yesitrakthi . Ngakolunye uhlangothi, ukhetho lwe-Put luyimali ukuba intengo yokhuselo olusisiseko luphantsi kwexabiso lokuthenga isiteyithi. Njengesikhumbuzo esifutshane, ukhetho lokufowunelwa ukubheja ukuba i-asethi engaphantsi iya kuphakama kwixabiso, ngelixa ukhetho olukhethiweyo lugqithisa ukuba intengo yexabiso le-asethi iya kuwela.
Kubizwa ngokuba yi-ITM kuba abathengisi bokukhetha ngokuqhelekileyo bacacisa ngokumalunga nexabiso lentengo ye-asethi. Ukuba intengo yesiteyibheno yowokukhethwa kwefowuni yi-$ 5, kwaye isitoksi esingaphantsi sithengisa ngoku nge $ 4.70, eso sithuba siphumele kwimali. Umthengi wefowuni akayi kwenza nayiphi na imali ebonakalayo kude kube nexabiso liqala ukuphakama ngaphezu kwe-$ 5 (ITM). Iphakamileyo ye-$ 5 ixabiso lihamba, ngakumbi kwimali ukhetho.
Ngaphandle kweMali
Inkontileka yekhetho ayikho kwimali ukuba ingenayo ixabiso langaphakathi.
Ngokomzekelo, ukhetho lwefowuni alukho kwimali ukuba intengo yokhuseleko olusisiseko luphantsi kunexabiso lentengiso yesiteyithi. Ngakolunye uhlangothi, isivumelwano se-Put aphelelwe yimali ukuba intengo yokhuselo olusisiseko luphezulu kunexabiso lentengo yesiteyithi.
Kubizwa ngokuba yi-OTM kuba abathengisi bokukhetha baqaphela ngokubanzi kwixabiso lentengo ye-asethi ephantsi.
Ukuba intengo yesiteleka yendlela yokukhethwa ngu-$ 5, kwaye isitokisi esisezantsi sithengisa nge $ 5.30, eso sithuba siphumile kwimali (i-OTM). Umthengi wokubeka akayi kwenza nayiphi na imali ebonakalayo kude kube ixabiso lihlahla ngaphantsi kwe-$ 5 (ITM). Ixabiso eliphantsi liphantsi kwe-$ 5, ngaphezulu kwe-ITM umthengisi. Ukuphakama kwexabiso elingaphezu kwe-$ 5, ngaphezulu kwe-OTM umthengisi.
Umzobo 1 (nqakraza umfanekiso omkhulu) ubonisa ukuqhubela phambili kwesitokhi esivela ngaphandle kwemali ukuya kwimali, njengoko isitokisini esingaphantsi siphepha ngaphezu kwexabiso lemali yesigwebo sama-37.
Kwimali
Ukuba inkontileka yekhetho inexabiso elifanayo lepesenti njengoko intengo ye-asethi ephantsi, ukhetho luyimali. Ukuba uthengela umnxeba okanye ubeke inketho ngexabiso lemali yesigwebo se-$ 5 kwaye isitokhwe sithengisa okwangama-$ 5, ezo zikhethi zi-ATM.
Iimpawu ze-ITM kunye ne-OTM
Makhe sibone imizekelo embalwa ukuba sincede sicacise kwiindlela zokukhetha kunye nemali yokukhetha.
Ukuba isitokthi - i-asethi engaphantsi-ithengisa kwi-$ 50, zonke iinketho zokufownela ngexabiso lokubetha ngaphantsi kwe-$ 50 ziyimali. Izinketho zefowuni ngexabiso lokubetha ngaphezulu kwe-$ 50 ziphuma kwimali. Umzekelo, ukhetho lwefowuni ngexabiso lentengo ye-$ 30 linamaxabiso angama-20 e-intrinsic value, kuba intlawulo yesiteyithi i-$ 20 ngaphantsi kwexabiso le-stock 50 $.
Zonke iindlela zokubeka ixabiso lentengo engaphezu kwama-$ 50 ziyimali, kwaye zibeke ikhetho ngexabiso lentengo elingaphantsi kwama-$ 50 ngaphandle kwemali. Ngokomzekelo, ukhetho olukhethiweyo lwamaxabiso angamaRandi angama-R10 anamaxabiso e-intrinsic ayi-10, kuba isitokhwe sithengisa kwi-$ 50, i-$ 10 ngaphantsi kwexabiso lesiteyibrari.
Ifowuni okanye ukubeka inketho kumali (i-ATM) ukuba inexabiso lemali yesigwebo se-$ 50, kwaye isitokisi esisezantsi sinokuthengisa nge-$ 50.
Ixabiso lexesha
Ingaba ukhetho luyimali okanye ngaphandle kwemali luxhomekeke kwintengo yesigqeba sokukhetha kunye nenani lokhuseleko oluphantsi. Lo mahluko uyaziwa njengexabiso langaphakathi, kodwa akuyena kuphela umlinganiselo kwintengo-ikhokheyishini ehlawulwayo-ngenxa yokukhetha. Enye into "ixabiso lexesha."
Ixabiso lexesha ngumlinganiselo omnye umntu ozimisele ukuhlawulela ukhetho ngokusekelwe kwimeko enokwenzeka nokuba kuya kuhamba kwimali ngaphambi kokuphelelwa yisikhathi (kukho izibalo zokuncedisa kulo mvavanyo, obizwa ngokuthi " iziGreeks ").
Ixesha elide lide liphele, ixabiso elithe xaxa, kuba kukho ithuba eliphakamileyo lokuba ngaphezu kwexesha elide ukhetho luya kuba lithile kwimali.
Xa kukho ixesha de kube sekupheleni, i-premium yekhetho iya kubonakalisa ukubaluleka kwangaphakathi kunye nexabiso lexesha. Ukuba ukhetho alukho xabiso lwangaphakathi (ngaphandle kwemali) ke lube nolunani lwexesha kuze kube sekupheleni.
Ukubala zonke izinto eziya kwiindleko zokukhetha (i-premium) ngumsebenzi onzima. Indlela elula yokuyicinga nangona kunjalo: ixabiso langaphakathi + lixabiso lexesha.
Ukuba ukhetho luphelelwe yimali, alukho xabiso lwangaphakathi, kwaye ngoko ke i-premium iqulethwe ngokubaluleka kwexesha.
Ukuba inketho ine-$ 10 yexabiso langaphakathi, i-premium iya kuba ngaphezu kwe-$ 10 ngenxa yexabiso lexesha.
Ukuyihlanganisa ndawonye
Xa uthengela inketho ixabiso olihlawulayo libizwa ngokuba yi-premium. Oku kubonakalisa ixabiso lexesha, kunye naluphi na uhlobo lwangaphakathi okukhethwa kukho. Ixabiso le-intrinsic li sekelwe ukuba ngaba ukhetho luyi-ITM okanye i-OTM. Izinketho ziyakwazi ukuhamba kwimali nangaphandle kwemali, eya kuchaphazela i-premium, de kube ukhetho luphelelwa yisikhathi . Ngomhla wokuphelelwa yisikhathi, ukhetho luya kuba semali okanye ngaphandle kwemali, kwaye akusayi kuphinda kubekho nayiphi na ixesha.
Ukuhlaziywa nguCory Mitchell, i-CMT.