那么，我们来看看 UNH 的穷人版备兑看涨期权。首先我要做的是打开 Seeking Alpha，然后调出 UNH。联合健康集团，你们都很熟悉。这只股票又回来了。UNH 的盈利能力是 A+。
So UNH uh let's look at uh poor man's covered call. So first thing I'm going to do is I'm going to pull up uh I'm going to pull up Seeking Alpha and I'm going to pull up UNH. Now um United Health Group, you guys are all familiar with this. This fly is back. Um UNH profitability is an A+.
嗯，UNH 的盈利能力是 A+，估值是 C，增长是 D-。它在 Seeking Alpha 上获得了持有评级。我认为任何时候我们看到 UNH 低于 400 美元的水平，都是一个潜在的买入点。
过去一年它上涨了 30%。investing.com 上的公允价值显示为 503 美元，比当前价格高出 26%。所以，它支付不错的股息。你知道，这是一只很容易买入并长期持有的股票。
Um, unh uh profitability A+, valuation is a C, growth is a D minus. Um, it's got a hold rating on on Seeking Alpha. I I think when anytime we see UNH under that uh that 400 level is a potential buy. It's up 30% per um over the last year. Fair market value on on uh investing.com is showing at 503 which is 26% above its current price. So uh it pays a nice dividend. You know this is an easy stock to just get behind and and purchase and hold for the long term.
但我们要看看穷人版备兑看涨期权以及如何设置。那么，让我们进入期权链。我们要去期权链。首先我们要做的是寻找一个长期看涨期权。我们有一个股息将在 9 月 14 日发放。我们看到日历上没有财报。
我们要至少到期一年。所以，让我们去 2027 年 12 月 17 日。通常，人们设置穷人版备兑看涨期权的典型方式是买入 90 delta。这非常聪明，因为如果你买入的 delta 太低，比如说你买入，让我们找到我们现在的位置。
所以，我们看 delta 列，就是这一列。当我们看这个时，这是我选择的 290 看涨期权，买入需要花费 12,000 美元。这个的 delta 是 0.9。这意味着如果股票上涨，那么这个期权每上涨 1 美元就能赚 90 美分。
股票每下跌 1 美元，它就损失 90 美分。我最近看到一个视频，有人买入 99 delta 的头寸。我想，我们这是在干什么？这根本没有给我们任何优势。买入 99 delta 只是给了我们股票的全部风险。
你还不如直接买入股票。通过期权，我们是在发挥我们的潜力，变得有点创意。我们在说，我们能承担更少的风险吗？这确实做到了。它的最大损失是 12,827 美元，相比之下，如果 UNH 从 397 跌到零，而我持有 100 股，可能遭受的最大损失是 39,000 美元。
这给了我一个 90 delta 的头寸。我们可以看到这个利润概况是什么样的。就像，哦，股票上涨，我们赚很多钱。如果股票涨到 500 美元，也就是 investing.com 显示的价格，并且我们在到期时这样做，这个 12,000 美元的头寸将返回 9,74 美元。
But we're going to look at a poor men's cover call and how we might set that up. So, let's go out to our options chain. We're going to go to the chain. First thing we're going to do is we're going to look for a long call. We've got a dividend coming out September 14th. We see no earnings on the calendar. We're going to go out at least a year. So, let's go to December 17th of of of uh 2027. Now, typically the typical way that people set up or mans cover call is to buy the 90 delta. Now, this is very smart because if you buy a a delta that is too low, say you're buying, let's just find where we are here. So, we're looking at the delta column, which is this this column right here. Uh, when we're looking at this, this is the one I have selected, the 290 call, which would cost $12,000 to buy. Uh, the the delta on this is 0.9. What it means is if if the stock goes up then the stock can make or sorry this option makes 90 cents for every dollar that the stock rises. It loses 90 cents for every stock or every dollar that the stock drops. Now I saw a video recently somebody buying like 99 delta positions. I'm like what what are we doing here? Like that's not giving us any advantage whatsoever. Like buying a 99 delta just gives us the full risk of the stock. You might as well just buy the stock. With options, what we're doing is we're getting a little bit uh creative with our potential. We're we're saying, can we take less risk? And this definitely does. This has a max loss of $12,827 comparatively to the max loss of 39 uh $39,000 that could incur if the UNH was to drop to zero from 397 and I held 100 shares. This gives me a a 90 delta position. And we can see what this profit profile looks like. It's like, oh, the stock goes up. We make tons of money. If the stock was to go to $500, which is what um investing.com was showing, and we did that at expiration, this $12,000 position would return $9,74.
这可能相当有利可图。现在，它有负的theta衰减。买入LEAP，theta不是很大。所以，这可以作为短期交易，或者就这样持有。我们可以对此卖出看涨期权。让我们看看期权链，我们会选择一个更短的期限。
所以，我们去看9月，甚至更远。让我们看10月2日，如果卖出420，我能收取多少。在这种情况下，我收取大约550美元。现在，我们必须保持相对性。所以当我看到550这个数值时，我总是将其与行权价相关联。
这是需要注意的重要事项。我们将看这两列，行权价和买价。我们假设这就是我们得到的，因为这是当前的买价。所以我们首先要确定的是哪一行、哪一行权价在这个时间框架内产生1%。无论时间框架是什么都不重要。
我只想知道，以便我有某种相对基准。在这种情况下，440更接近425。如果你看405，它大约是1050。那差远了。你知道，855对410又差远了。我们在找最接近的那个。如果我们去279对435，又差远了。
这里只有一个，我们需要找到它，在这种情况下是425。这给了我们基准。这是1%。如果我们专注于1%，那么计算就简单了，说这个时间框架是多长？这是38天。这意味着这大约每年发生9.7次。
所以，如果我收取略高于1%的费用，这给我大约12%的年回报率。这是一个不错的交易。让我们看delta。接下来我想看的是delta。这只有23%的机会在价外。所以通常对于备兑看涨期权，我们寻找的是降低下行风险。
我们通过收取更高的权利金来降低风险。我们通过卖出更接近平值的期权来收取更高的权利金，在这种情况下。通常我们会寻找30 delta，即420。那是我选择的。你知道，这就是Ry那天告诉我的关于我能多快完成。
我希望你们能识别我在这些期权链上看到的东西。所以当你看这个期权链时，我首先寻找的是相对价值。现在，当我看到股价在397时，我甚至不需要看中间的行权价。我只看卖价。我只看着一列，因为我知道如果我卖出330的价外看涨期权，那甚至不到1%。
我已经检查了我的时间框架。我已经到了接近45天到期。我没有财报要处理。但330甚至不是397的1%。所以我知道我需要更好的。这稍微好一点。这是我想考虑的交易。所以现在我可以看我的模拟器。
我能赚多少钱？所以要注意的一件事是我们的theta在这笔交易中是正的。所以我们有一个最大回报。我们有一个最大回报大约1200美元。最大利润2446美元或2400美元。而且我们处于最大亏损12700美元。
所以这是相当大的资本回报。这也是54%的盈利概率。现在我可以增加我的盈利概率并减少我的最大利润，只需拖动这个。这就是像Mumu或Option Strat这样的平台可以显著提高我们找到真正好交易的机会，因为我们现在有了大致范围，但我们可以稍微调整。
这有最大利润1300美元。盈利概率是62%，最大亏损11000美元。所以风险更小，最大利润更小，概率更高。如果我想接受这个，这是卖出400。那基本上是平值。这真的取决于我在周期中的位置。
这就是我回去看图表并真正决定的地方，你知道，我认为这只股票会走向哪里？如果我认为它会回到420，这很容易，那么我想更激进。我想要更多潜力。更激进意味着更多潜力。所以，55%的概率，2100美元的最大利润，最大亏损12000美元，正theta大约每天12美元。
这是我想做的交易类型。现在，我们还可以做的是将这些作为价差卖出，它们可以奏效。所以，卖出400，如果我回去买入415呢？所以我做这个作为价差。如果我们回到那个模拟器，我的最大利润现在是无限的。
所以，如果我真的看涨，这是我想做的交易类型。我的theta衰减仍然非常非常低，但略微为负，这就是我们讨论的如何获得更好的theta衰减。这笔交易即使看起来金额很小，如果股票只是保持在400，也有600美元的回报。
所以这笔交易的盈亏平衡点是393。这些是操纵和做多的方法。现在我们可以增加这些合约。如果出现强劲的上行移动，这是一种非常可行的交易方式。这会给我一个不错的回报。比如说股票在接下来几天跳到424美元。
这赚1600美元。我的最大亏损只有11000美元。我实际上承担的风险更小。我的theta仍然略微为负。所以，我从时间衰减中得不到太多移动，但我给自己一个位置，最终确实从中获得一些theta衰减。
这就是我们玩弄这些价差和行权价的地方，说，'好吧，你知道，这里有一点潜力。好了。这是一笔交易。我有12000美元的最大亏损，但同样，我有无限的最大利润。'所以，这取决于我想在哪里做。
穷人的备兑看涨期权不必有上限利润。卖出看涨期权价差或多个看涨期权价差可以显著改变交易，给它更大的delta偏向。所以，这有79 delta偏向多头。容易赚钱。
This can be quite quite lucrative. Now, it has negative theta decay. Buying a leap. It's not a huge amount of theta. So, this would could be played as a short duration play or it could be traded uh just just held like this. and we could sell a call against this. Let's go to the chains and we'll we'll go to a a shorter duration. So, let's go out to September and say let's even go further than that. Let's look at the October 2nd and say how much money can I can I collect if I was to say sell the 420. Um well, in this case, I collect about 550 bucks. Now, we've got to keep this relative. So when I'm looking at this value 550, I am always relating it to the strike. So this is an important thing to take a look at. We're going to look at these two columns here, the strike and the the we're just going to look at the the bid price. We're just going to assume that that's what we're getting because that's what the current bid is. So what we're what we want to identify first off is we want to identify which line which row and which strike is producing 1% over this time frame. Whatever the time frame is it doesn't matter. I just want to know so I have some sort of relative base on this. So in this case the 440 is closer to 4 425. If you look at the 405 it's like 1050. That's way off. You know 855 to 410 again way off. We're looking for the one that's closest. If we go to 279 compared to 435 again way off. There's only one on here and we need to find that in this case it is the 425. This is gives us our baseline. This is 1%. If we focus everything on 1% then it's an easy calculation to say okay how long a time frame is this? So this is this is 38 days. That means that this is going to occur approximately, you know, 9.7 times per month, per year, I might be able to put this trade on. So, if I was to collect slightly more than 1%. This is giving me about a 12% return annually. That is an okay um trade to take. Let's look at the delta. Now, the next thing that I would want to look at is the delta. This is only a 23% chance of being out of the money. So typically with covered calls, what we're looking for is we're looking for a reduced risk to the downside. We reduce our risk by collecting uh a bigger premium. We collect bigger premium by selling closer to at the money in this case. And typically we would look for the 30 delta, which is the 420. And that's the one I chose. You know, again, this is where that Ry was telling me the other day about how quickly I can do it. I want you guys to be able to recognize the things that I am seeing on these chains. So when you look at this, when you look at this chain, the first thing that I'm looking for is I am looking for the relative value. Now, now when I see the stock is at 397, I don't even have to look at the the strikes in the middle. All I'm looking at is the ask. I just look, this is the only column that I look at because I know that if I get down, if I'm selling an out of the money call that's 330 that there's that's not even close to 1%. I've already checked my time frame. I've already gone out to this close to 45 days to expiration. I have no earnings to deal with. But at 330 is is not even 1% of 397. So, I know I need to get better than that. This is slightly better. This is the the trade that I want to consider. So now I can look at my simulator. How much money could I make make on this? So one of the things to take note is our our theta is positive on this trade. So we have a we have a max return. We have a max return of uh $1,200 or so here. A max profit uh $2446 or $2,400. And again we're at a um max loss of 12 12,700. So it is a considerable return on capital. It's also a 54% probability of profit. Now I can increase my probability of profit and decrease my max profit by just dragging this along. And this is where platforms like Mumu or Option Strat can significantly increase our our potential uh of finding really great trades because all we can do is now we we've kind of got the ballpark area but now we can tweak this a little bit. This has a max profit of 1300. Probability of profit is 62% a max loss of 11,000. So there's less risk, smaller max profit, higher probability. If I wanted to take this, this is the selling the 400. That's basically at the money. It really depends on where I am in the cycle. This is where I go back and I look at the chart and I really decide, you know, where do I think this stock is going to go? If I think it's going to go back up to 420, which it could easily, um, then then I want to be more aggressive with this. I I I want to have more potential. More aggressive is more potential. So, 55% probability, $2,100 max profit, max loss, 12,000, uh, positive theta of about 12 bucks a day. Uh, this is the type of trade that I would want to take. Now, one another thing that we can do is we can sell these as spreads and and they can work out. So, selling the 400, what if I was to go back and I was to just purchase uh what if I was to just purchase uh the 415. So, I do this as a spread. If we go back to that simulator now, I my max profit is now unlimited. So, if I really wanted to be bullish, this is the type of trade that I would want. my theta decay is still very very low but slightly negative and and this is again where we we talked about like how do we get slightly better theta decay. Um this trade still even though it looks like a small amount is $600 return if the stock was just to stay at 400. So it it the break even's 393 on this trade. These are these are ways to kind of manipulate um and get long so to speak. Now we can increase these contracts as well. This this is a very viable way to trade this if we got a strong move to the upside. This would be giving me a decent return. If say the stock just jumped up over the next couple of days to 424 bucks. This makes $1,600. My max loss is only 11,000. I'm actually taking less risk by taking this on. My theta is still slightly negative. So, I don't get a lot of movement from time decay, but I'm giving myself a position where uh I do end up getting some theta decay out of this. And this is where we just play around with these these spreads and these strikes and say, "Okay, how, you know, here's a little more potential. There we go. Here's a trade. I've got $12,000 max loss, but again, I've got max profit of unlimited." So, it depends on where I want to do. Poor man's covered call does not have to be capped profits. selling a call spread or multiple call spreads can dramatically uh change the trade to give it a much bigger delta bias. So, this has got 79 delta to the to the long side. Um, easy money.
我持有SpaceX股票，成本144美元，卖出了9月4日到期、行权价145的备兑看涨期权，收取了630美元权利金。恭喜。你对如何管理这个头寸以最大化我的潜在回报有什么看法？
I own SpaceX shares at 144 and sold a covered call expiring September 4th at a 145 strike collecting $630 in premium. Congratulations. What are your thoughts on managing the position to maximize my potential return?