Open Sell
Open Sell
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when trading put options, is sell to open the same as writing put options? or is it short selling?
I need a little help with options. What is a good website that teaches options?
Options FAQ:
A CALL option is a contract that gives the investor the right to BUY the underlying stock at a specified price (strike price) by a certain date.
A PUT option is a contract that gives the investor the right to SELL the underlying stock at a specified price (strike price) by a certain date.
============================================
CALLS: "Sell to Open" strategy = effective a 'short position' on a stock. You are not short the stock, but have a "synthetic short." Basically in the same position as if you were short with different parameters.
You receive cash credit ("Premium") to the value of the current option. This is your maximum gain. If you do not own the underline stock, this is a "naked position" = unlimited risk if the stock price goes higher.
A conservative trade using call options might be to sell a call against a long stock position you just bought or already own. The option "Strike Price" should be equal or higher than the price you paid for the stock. The Premium you receive is the max gain on the option.
Limitation: If the stock is at or above the "Strike Price" by the "Option Expiration Date" your stock will be "called" away from you at the option "Strike Price." You get cash (equal to the number of shares of long stock times the option "Strike Price."
EXAMPLE:
100 shares XYZ own at $100 = $10,000
Sell One February 2008 Call @ 5
Note: Standard equity (stock) options: (1) one option contract = 100 shares of stock.
Result of Trade:
You get $5.00 for each share of stock (100 shares x $5 = $500.00) cash. That is 5.00% on your money for one month - (commissions not factored here).
What if's:
(1) Stock is under $100 by the FEB expiration date (Third Friday each month): You keep your stock at current price, and pocket $500.00
If the stock looks like it is staying under $100.00, may want to let it expire, keep the full $500.00 and pay no closing commission.
You can "buy back" the "short call" anytime up to the market close on the "option expiration date."
If the stock is down, and you think the stock will go up before expiration date, you can buy back the option at (hopefully) at a discount.
e.g.
Own Stock @ $100, Sold option at $5.00
Stock trading @ $95, Option is trading at $3.00 ("ask price")
Ok to buy back the option at $3.00, pocket $2.00 share profit, if you think stock is poised to turn around and go over $100.00 on or before the option expiration date.
You can also resell a new option against the same stock using the same option month or a future month and collect Premium (cash). Remember the upside potential is limited to the "strike price" you selected.
(2) Stock is $100 or HIGHER by the FEB expiration date. You will get $10,000 (100 shares x $100 stock price - commission on sale), and you already pocketed $500.00 cash.
Selling calls against long stocks ("COVERED CALLS") can bring in cash while a stock is trading or trending down. You can close the option "Buy to Close" any time before the "option expiration date."
Risk: If you sell your stock and leave the short call open, you are now "naked" and have unlimited risk is the stock goes higher in value. Your upside gains are limited to the "Premium" you received when selling the call option.
Calls: Buy to Close = closing the above trade.
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PUTS: Buy to Open = Investor thinks the underline stock will go down in value exceeding the current option price on or before a certain date. This is a debit transaction. You pay someone the right to sell (short) a stock at a fixed price. You are never obligated to exercise a BUY option.
CALLS: Buy to Open = Investor thinks the underline stock will go up in value exceeding the current option price on or before a certain date. This is a debit transaction. You pay someone the right to buy a stock at a fixed price. You are never obligated to exercise a BUY option.
Note: Buying PUT options or Buying CALL Options LIMIT the maximum loss to the amount of 'premium' the investor paid for the option.
=======================================
Short Selling:
Investor borrows stock today (gets a cash credit of the amount shorted).
"Sell to Open." The investor intends to buy back that short at below current price.
"Buy to Close." Closing a short position.
Short Selling Risk:
If the short stock goes up in value the investor will take paper loses. The losses are realized if close the short position at a loss.
If the short stock soars (various on stock's margin requirements), the investor may be forced to put up more cash to cover the short (maintain being short - "margin call"), or the investor can close the short at a loss. There is no limit to losses on short sales.
Class dismissed. Good Luck!
Disclaimer: News and data herein are derived from sources believed to be reliable. Their accuracy or completeness is not guaranteed. The information herein is not intended to be investment advice, and is for reference purposes only. Options contain risk. Always seek a professional tax adviser when making tax-related decisions.
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