在🌘(zai)金🙄(jin)融🆒(rong)市🛍(shi)场📒(chang)中🎸(zhong)，股🐫(gu)票👘(piao)期🍪(qi)权🏯(quan)作🕚(zuo)为♒(wei)衍🔪(yan)生♊(sheng)品🐵(pin)的😧(de)一🚰(yi)种🆙(zhong)，为🎖(wei)投👭(tou)资❔(zi)者🎨(zhe)提🎅(ti)供🎣(gong)了😎(le)丰🤯(feng)富⏸(fu)的🏋(de)交🐢(jiao)易🐑(yi)策🌋(ce)略🏑(lve)和🚅(he)风🔠(feng)险💘(xian)管⏳(guan)理💀(li)工💍(gong)具🍕(ju)
本🤭(ben)文🌄(wen)将📡(jiang)详🐔(xiang)细🕡(xi)介💭(jie)绍🎎(shao)股🈲(gu)票👥(piao)期📟(qi)权➿(quan)的➖(de)几🥖(ji)种👤(zhong)主🚤(zhu)要🎗(yao)类🤸(lei)型🥦(xing)，帮🤔(bang)助⭕(zhu)投🕦(tou)资🔙(zi)者🚝(zhe)更🤳(geng)好💁(hao)地🐣(di)理🈁(li)解👫(jie)和🦅(he)运🐓(yun)用🍱(yong)这💺(zhe)一💼(yi)金🚹(jin)融✨(rong)工🈺(gong)具🤦(ju)。欧🌚(ou)式📵(shi)期🌷(qi)权🏛(quan)和🍋(he)美🐖(mei)式🧕(shi)期💣(qi)权🖱(quan)股🤷(gu)票🚷(piao)期🎉(qi)权📔(quan)按🦆(an)照👤(zhao)行🎾(xing)权⌚(quan)时💋(shi)间➗(jian)的♐(de)不🌟(bu)同⭕(tong)，可✳(ke)以👼(yi)分🐞(fen)为🔇(wei)欧🔍(ou)式🚷(shi)期🍲(qi)权🚹(quan)和🍮(he)美🔏(mei)式🐇(shi)期🚵(qi)权📜(quan)。欧🍜(ou)式🤜(shi)期🥑(qi)权⌚(quan)（European option）只🐐(zhi)能🏃(neng)在🆒(zai)到🚇(dao)期💣(qi)日🥙(ri)当🦀(dang)天🎣(tian)行📢(xing)权🕛(quan)，而🔡(er)美⛏(mei)式🌪(shi)期🚑(qi)权🤬(quan)（American option）则🏈(ze)在🤕(zai)到🤕(dao)期🏐(qi)前😯(qian)的🔓(de)任🐒(ren)何🐂(he)时🌗(shi)间🍥(jian)都🕢(dou)可🦓(ke)以🔬(yi)行🍝(xing)权👫(quan)。欧🚚(ou)式🎱(shi)期🕢(qi)权🌇(quan)由🍀(you)于💴(yu)行🐪(xing)权🚆(quan)时👚(shi)间🧚(jian)的🌚(de)限🕵(xian)制🚋(zhi)，其😯(qi)定🆑(ding)价🔎(jia)模🔖(mo)型🕺(xing)相🔒(xiang)对♈(dui)简🥕(jian)单🍳(dan)，而🏭(er)美🐰(mei)式♟(shi)期🍗(qi)权🔸(quan)的🛴(de)定🍿(ding)价🥗(jia)则💋(ze)更🧙(geng)为💳(wei)复🌶(fu)杂⛳(za)。看🍎(kan)涨🐾(zhang)期🦈(qi)权🎑(quan)和🦕(he)看⏮(kan)跌⏫(die)期🚠(qi)权🧟(quan)按😅(an)照🚝(zhao)期🍪(qi)权🍌(quan)的😳(de)买🈶(mai)方📻(fang)权🛺(quan)利🍳(li)，股🏛(gu)票⛓(piao)期😍(qi)权✔(quan)又🍵(you)分🥊(fen)为✋(wei)看🔦(kan)涨😨(zhang)期📣(qi)权🔗(quan)（Call option）和🍘(he)看🎐(kan)跌🤦(die)期🚅(qi)权🦕(quan)（Put option）。看🦉(kan)涨😤(zhang)期🐬(qi)权🧘(quan)赋✔(fu)予🥄(yu)买💤(mai)方🤵(fang)按🌟(an)照🗻(zhao)约🏑(yue)定🥉(ding)价🍭(jia)格♈(ge)购🌀(gou)买🈸(mai)一🚸(yi)定🌝(ding)数🌧(shu)量🏝(liang)股🌨(gu)票🗣(piao)的🙅(de)权🐳(quan)利🏮(li)，而🐬(er)看🌘(kan)跌🌜(die)期🚽(qi)权🐂(quan)则🦊(ze)是🏽(shi)赋🍸(fu)予🌀(yu)买🏅(mai)方🥂(fang)按🎟(an)照🐋(zhao)约👜(yue)定🛍(ding)价🌩(jia)格🚧(ge)卖🍡(mai)出🦆(chu)股🔆(gu)票😇(piao)的🆒(de)权📐(quan)利⚪(li)。这🚽(zhe)两🤟(liang)种🗄(zhong)期🔪(qi)权🚤(quan)为📎(wei)投🕛(tou)资🗾(zi)者🛏(zhe)提🍙(ti)供⭐(gong)了😁(le)方🕌(fang)向❄(xiang)性💋(xing)的🍙(de)投🔴(tou)资🕙(zi)选📂(xuan)择🚳(ze)，可🍤(ke)以🏃(yi)用🐸(yong)于🤚(yu)做⛴(zuo)多🚁(duo)或➕(huo)做🎏(zuo)空🌓(kong)市🤕(shi)场👹(chang)。价🐽(jia)内👳(nei)期🍺(qi)权🙂(quan)和☝(he)价💿(jia)外🤳(wai)期✍(qi)权🧚(quan)在🚣(zai)期💌(qi)权🏘(quan)交⏮(jiao)易🧠(yi)中🏖(zhong)，期📵(qi)权🕯(quan)的〰(de)执♏(zhi)行🗑(xing)价💶(jia)格🦏(ge)（Strike Price）和🍐(he)股🍾(gu)票😫(piao)的🏅(de)现🐩(xian)价🆘(jia)（Spot Price）之♓(zhi)间🚽(jian)的🔇(de)关😚(guan)系🔽(xi)，将😓(jiang)期💀(qi)权🐸(quan)分❗(fen)为🐄(wei)价🐴(jia)内🤥(nei)期🥨(qi)权〽(quan)和🏘(he)价🛡(jia)外📜(wai)期🦁(qi)权🌸(quan)。如🥃(ru)果🍲(guo)执🤼(zhi)行🖐(xing)价💌(jia)格🏦(ge)低🔳(di)于🚀(yu)股🥔(gu)票🔁(piao)现🏣(xian)价👑(jia)，看⏺(kan)涨😅(zhang)期🤔(qi)权🐶(quan)即⏮(ji)为🖊(wei)价😞(jia)内🚡(nei)期✏(qi)权⛹(quan)（In the money），看🦃(kan)跌🏎(die)期💨(qi)权📱(quan)则🔖(ze)为🆖(wei)价🍷(jia)外🎇(wai)期💔(qi)权🍒(quan)（Out of the money）。相🥎(xiang)反🍚(fan)，如🌝(ru)果🎦(guo)执⌚(zhi)行🤬(xing)价🔙(jia)格🏚(ge)高🏓(gao)于🍁(yu)股🐘(gu)票🚋(piao)现🙍(xian)价🎢(jia)，看🐥(kan)涨⭕(zhang)期🔏(qi)权🍋(quan)为😮(wei)价🎌(jia)外😩(wai)期♑(qi)权🐽(quan)，看🕛(kan)跌🧚(die)期♈(qi)权🐦(quan)为🚌(wei)价🌝(jia)内🛰(nei)期📌(qi)权🏃(quan)。实🚿(shi)值⚽(zhi)期🦁(qi)权🍑(quan)、虚🤔(xu)值🚷(zhi)期🔊(qi)权🏒(quan)和✊(he)平🏮(ping)值💻(zhi)期😫(qi)权😇(quan)在🤕(zai)期🧡(qi)权🕥(quan)市🕴(shi)场🌙(chang)上👾(shang)，实🚎(shi)值😙(zhi)期😙(qi)权🐛(quan)、虚🖨(xu)值🤰(zhi)期🔻(qi)权🔑(quan)和📄(he)平🗓(ping)值🤢(zhi)期💠(qi)权🎡(quan)是🐚(shi)常🔢(chang)用⏯(yong)的🏰(de)术🚣(shu)语🖨(yu)。实📪(shi)值🖤(zhi)期👔(qi)权✖(quan)（Intrinsic Value）是📓(shi)指🖌(zhi)期🤼(qi)权🚤(quan)的🕺(de)内👰(nei)在🦆(zai)价🎇(jia)值🗃(zhi)，即👆(ji)执🥙(zhi)行🌁(xing)价💴(jia)格🥛(ge)和😸(he)股🎻(gu)票🐺(piao)现💆(xian)价🍷(jia)之🎯(zhi)间🌴(jian)的💽(de)差😋(cha)额🚎(e)xu ⚓(xu)zhi 🥙(zhi)qi 🛀(qi)quan 🎞(quan)（Out of the Money）ze 🏍(ze)shi 🍂(shi)zhi 👆(zhi)xing 🌏(xing)jia 👴(jia)ge 🤢(ge)he 🎺(he)gu 📄(gu)piao 🕞(piao)xian 🍝(xian)jia 🐨(jia)zhi 🕘(zhi)jian 📺(jian)mei 🕶(mei)you 💢(you)cha 🌆(cha)e 🕰(e)de 📕(de)qi 🚃(qi)quan 🏎(quan)，ji 😸(ji)bu 🎀(bu)ju 🐴(ju)you 🤕(you)nei 😈(nei)zai 🔢(zai)jia 🦃(jia)zhi 🎐(zhi)。ping 🚿(ping)zhi 🌒(zhi)qi 🕡(qi)quan 🏧(quan)（At the Money）ze 🌅(ze)shi 🛅(shi)zhi 🥚(zhi)xing 🔧(xing)jia ♎(jia)ge 🙎(ge)deng 😞(deng)yu 🐍(yu)gu 🚍(gu)piao 🈴(piao)xian ⏹(xian)jia 🚏(jia)de 🛸(de)qi ⏰(qi)quan 🍣(quan)。chang 🧔(chang)qi 📌(qi)xian 🌹(xian)qi 🛒(qi)quan 🖕(quan)he 🐬(he)duan 💑(duan)qi 🔆(qi)xian 🎬(xian)qi 🔆(qi)quan 🦅(quan)qi 😀(qi)quan 🕓(quan)de 📓(de)dao 💧(dao)qi 🧀(qi)shi 🏕(shi)jian 🍢(jian)ye 🕰(ye)shi 🎪(shi)yi 📖(yi)ge 🐢(ge)zhong 💼(zhong)yao 📖(yao)de 🤸(de)fen 📟(fen)lei 🦄(lei)biao 🔖(biao)zhun 🔟(zhun)。chang ❎(chang)qi 🐬(qi)xian 💫(xian)qi 🍵(qi)quan 🐆(quan)（Long-term option）tong 🕺(tong)chang ⚫(chang)you 🤡(you)jiao 🐯(jiao)chang 🌔(chang)de 〽(de)dao 🖌(dao)qi 🐦(qi)shi 🐒(shi)jian 💆(jian)，ru 🎴(ru)1nian 🗄(nian)huo 🏑(huo)geng 🏽(geng)chang 🎵(chang)shi 📘(shi)jian 🥝(jian)。duan 🍾(duan)qi 🥉(qi)xian 🏕(xian)qi 🌮(qi)quan 🤲(quan)（Short-term option）ze 🚥(ze)you 🙆(you)jiao 😯(jiao)duan 🤡(duan)de 🍀(de)dao 👵(dao)qi 🕹(qi)shi 🥣(shi)jian ⬜(jian)，ru 🎯(ru)ji 🥢(ji)tian 🆚(tian)、ji 🔐(ji)zhou 🏜(zhou)huo 🤫(huo)ji 🔴(ji)ge 😨(ge)yue 🛬(yue)。tou 🌟(tou)zi 🤙(zi)zhe 🤮(zhe)zai ❌(zai)xuan 🖨(xuan)ze 👟(ze)qi 😍(qi)quan 🕞(quan)shi 🦓(shi)，xu 🦄(xu)yao 🆓(yao)gen 😇(gen)ju 🐬(ju)zi 🥦(zi)ji ⛄(ji)de 💬(de)tou Ⓜ(tou)zi 🥇(zi)ce 🏼(ce)lve 💫(lve)he 🕚(he)feng ✒(feng)xian 📲(xian)cheng 🈵(cheng)shou 📚(shou)neng 🛶(neng)li 🥟(li)，he 🍑(he)li 😕(li)xuan 🎵(xuan)ze 🗂(ze)qi 🤼(qi)quan 🍙(quan)de 🐒(de)dao 💢(dao)qi 🏿(qi)shi 🈳(shi)jian 🕤(jian)。gang 🌃(gang)gan 🌟(gan)xiao 💕(xiao)ying 👧(ying)gu ⤴(gu)piao 🌙(piao)qi 🏤(qi)quan 👵(quan)ju 🐛(ju)you 🐑(you)gang 🥊(gang)gan 🎵(gan)xiao 🎼(xiao)ying 👼(ying)（Leverage），ji 🕧(ji)tou 👊(tou)zi 📠(zi)zhe 😬(zhe)zhi 🛷(zhi)xu 🏷(xu)zhi 🔳(zhi)fu 📤(fu)jiao 🍨(jiao)shao 🚰(shao)de 🚆(de)quan 🚭(quan)li 🆗(li)jin 🖼(jin)（Premium），jiu 🌸(jiu)ke 🤺(ke)yi 🗳(yi)kong 🥁(kong)zhi 🐥(zhi)jiao 🧐(jiao)duo 🎩(duo)de 😈(de)gu 🛴(gu)piao 🎼(piao)。zhe 🎬(zhe)zhong 🌳(zhong)gang 🚑(gang)gan 💮(gan)xiao 📠(xiao)ying 🐲(ying)fang 〽(fang)da 💁(da)le 🦖(le)tou 👶(tou)zi ✅(zi)zhe 🌷(zhe)de 🌹(de)ying 📠(ying)li 🍝(li)kong 💩(kong)jian 👝(jian)，tong 🙃(tong)shi 🎋(shi)ye 🛅(ye)zeng ☝(zeng)jia 🙋(jia)le 📵(le)feng ⏬(feng)xian 🔼(xian)。yin ⛽(yin)ci 🥗(ci)，tou 💩(tou)zi 🌞(zi)zhe 🤚(zhe)zai 👇(zai)shi 🕎(shi)yong 🐯(yong)qi 🕙(qi)quan 🌲(quan)shi 🎻(shi)，xu 🌶(xu)yao 🔀(yao)jin 🕡(jin)shen ⛑(shen)ping 🧕(ping)gu 😟(gu)zi 🛩(zi)shen 🗻(shen)feng 🌖(feng)xian 🍝(xian)cheng 💺(cheng)shou 🐔(shou)neng 👳(neng)li 💁(li)，bing 👵(bing)zhi 🍪(zhi)ding 🎑(ding)he 🖥(he)li 🤾(li)de 💋(de)tou 🗞(tou)zi 💋(zi)ce 🕙(ce)lve 📒(lve)。lei 🥩(lei)xing 🧕(xing)te 🚌(te)dian 💖(dian)ou ❔(ou)shi 🥖(shi)qi 🏬(qi)quan 😎(quan)zhi 🏅(zhi)neng 🤢(neng)zai 🕍(zai)dao ✝(dao)qi 🚶(qi)ri 💎(ri)xing 🛣(xing)quan 🌰(quan)mei 📅(mei)shi 🤲(shi)qi 🗃(qi)quan 📛(quan)zai 🕤(zai)dao 🍋(dao)qi 🍽(qi)qian 🌱(qian)ren 🚖(ren)he 📚(he)shi 📀(shi)jian 🍣(jian)xing 😮(xing)quan 🈵(quan)kan 🚛(kan)zhang ♊(zhang)qi 📬(qi)quan 🌌(quan)fu 👵(fu)yu 🚠(yu)gou 🎽(gou)mai 🚧(mai)gu 🍃(gu)piao 🚨(piao)quan 🍾(quan)li 🌯(li)kan 🐩(kan)die 🧓(die)qi 📡(qi)quan 🚯(quan)fu 🤒(fu)yu 👈(yu)mai 🎮(mai)chu 📕(chu)gu 🚏(gu)piao 🏨(piao)quan 🛂(quan)li 😊(li)jia 👏(jia)nei 🎀(nei)qi 💳(qi)quan 🍆(quan)zhi 🧣(zhi)xing 🏄(xing)jia 🍗(jia)ge 🚑(ge)di 🏌(di)yu 📥(yu)gu ⏮(gu)piao ⛷(piao)xian 🤣(xian)jia 🚩(jia)jia 🌃(jia)wai 🎵(wai)qi 🏛(qi)quan 🔟(quan)zhi 🌶(zhi)xing ⭐(xing)jia 😎(jia)ge 🥔(ge)gao 🐳(gao)yu 😪(yu)gu 🧓(gu)piao 🏏(piao)xian 🔺(xian)jia 🔛(jia)shi 📷(shi)zhi 🍓(zhi)qi 🐀(qi)quan 💓(quan)qi ♉(qi)quan 🔲(quan)ju 👂(ju)you 🥃(you)nei 🈷(nei)zai 🎾(zai)jia ❓(jia)zhi 👆(zhi)xu 😭(xu)zhi 💘(zhi)qi 📕(qi)quan 🐨(quan)qi 🛠(qi)quan 🏻(quan)bu 😺(bu)ju 🆗(ju)you ✒(you)nei 🥖(nei)zai 🥪(zai)jia ⏪(jia)zhi 🕕(zhi)ping ⚫(ping)zhi ♋(zhi)qi 🌭(qi)quan 🍓(quan)zhi 🚥(zhi)xing 🏐(xing)jia 🍠(jia)ge ⏬(ge)deng 💱(deng)yu 🚦(yu)gu 🅿(gu)piao ⌚(piao)xian 🌒(xian)jia 💤(jia)chang 🍥(chang)qi ♒(qi)xian 💏(xian)qi 🛰(qi)quan 🏭(quan)dao ✴(dao)qi 🤚(qi)shi 🈚(shi)jian 📪(jian)chang 💶(chang)，ru 💉(ru)1nian 🚣(nian)huo 🎞(huo)geng ✒(geng)chang 🌿(chang)shi 👁(shi)jian 🌡(jian)duan 😥(duan)qi 🦖(qi)xian ⚪(xian)qi 🚹(qi)quan 🙈(quan)dao 🤩(dao)qi 👦(qi)shi 😵(shi)jian 🗑(jian)duan ⏪(duan)，ru 🤬(ru)ji ⏬(ji)tian 💻(tian)、ji 🐫(ji)zhou 📗(zhou)huo ✉(huo)ji ⏭(ji)ge 👌(ge)yue 🀄(yue)gu 🈹(gu)piao 🌹(piao)qi 🎡(qi)quan 🌂(quan)wei 🚜(wei)tou 🍃(tou)zi 🎲(zi)zhe 💪(zhe)ti 🔂(ti)gong 😚(gong)le 🔬(le)duo 🏺(duo)yang 🍪(yang)hua 🤴(hua)de 🎃(de)tou 👍(tou)zi 😁(zi)xuan 🎁(xuan)ze 📀(ze)he 🈂(he)feng 🔟(feng)xian 👮(xian)guan 🕹(guan)li 🕸(li)shou 🏷(shou)duan 😾(duan)。tong 📆(tong)guo 🚄(guo)le 🏌(le)jie 🍍(jie)zhe 🍈(zhe)xie 🌊(xie)qi 🐬(qi)quan 🚼(quan)de 🏗(de)te 🏸(te)dian 🔓(dian)he ⛱(he)fen 🔍(fen)lei 🌞(lei)，tou 👇(tou)zi 🤪(zi)zhe 💯(zhe)ke 🀄(ke)yi 🦔(yi)geng 🏅(geng)jia 📋(jia)ling 💟(ling)huo ⏫(huo)di ♉(di)yun 🤣(yun)yong 🌅(yong)qi 🖋(qi)quan 🗻(quan)gong 🥁(gong)ju 💼(ju)，shi ♈(shi)xian 🌈(xian)tou 🔂(tou)zi 🎀(zi)mu 💪(mu)biao 🔌(biao)he 💩(he)feng 🦍(feng)xian 🚾(xian)kong 🛵(kong)zhi 🔂(zhi)。tong 🍫(tong)shi 🏓(shi)，tou 🛂(tou)zi 🥞(zi)zhe 🤦(zhe)ye 🔮(ye)xu 😧(xu)yao 🤘(yao)guan 🤰(guan)zhu 🚪(zhu)shi 🔩(shi)chang 🛍(chang)dong 🦖(dong)tai 🐠(tai)，he 🤑(he)li 💝(li)ping 👅(ping)gu ⏯(gu)zi 🈺(zi)shen 🐂(shen)de 🚒(de)feng 😊(feng)xian 👜(xian)cheng 💹(cheng)shou 😻(shou)neng 😄(neng)li 🌲(li)，zhi 🗃(zhi)ding 🐕(ding)he 🔼(he)shi 👡(shi)de 🐌(de)tou 🔮(tou)zi 🔽(zi)ce 🗜(ce)lve 🥤(lve)。