저자: SashatheOptionsCoach · 외국인
요약 보기
결론: 엔비디아(NVDA)에서 근월물 콜을 매도하고 원월물 LEAPS 콜을 매수하는 대각선(캘린더) 옵션 전략을 소개하며, 주가 방향에 대한 명시적 예측은 없다. 전략 개요: 질문자의 사례(2019년 6월 만기 240 ITM LEAPS 매수, 11월 만기 294 콜 매도)를 바탕으로 근월물 매도와 원월물 보호 매수 구조를 설명한다. 그리스 지표 설명: 원월물 보호 포지션은 베가가 크고(약 43 vs 근월 15), 세타 비율은 약 2~2.3:1 수준이라고 설명한다. 원월물은 베가 위험이 약 6~7배 커서 변동성 축소 시 손실 위험이 있다고 경고한다. 수익 구조 예시: 250 콜 매도로 약 625달러 프리미엄을 받고, 보호용 매수 비용 약 2,940달러, 하루 세타 손실 약 6.78달러 대비 매도분 일일 약 19달러 수익이라는 예시를 든다. 주가가 횡보하거나 소폭 상승하면 수익, 크게 상승하면 손실 위험이 있어 보호 매수가 필요하다고 한다. 커버드콜 유사성: 100주 보유 후 콜을 매도하는 커버드콜과 유사하며 상승을 상한으로 묶는 구조이고, 자본이 덜 든다고 설명한다. 운용 방식: 근월물이 만기 10~15일 남았을 때 청산 후 다음 달 콜을 다시 매도하는 식의 월 단위 반복 운용을 제시한다. 원월물은 약 6개월 이내로 재설정하는 것을 선호하는 개인 의견으로 제시한다. 리스크: 근월물 콜이 ITM이 되면 행사 위험이 있고, 무제한 손실 위험(주가 급등 시)이 있으며, 변동성 축소 시 베가 손실 위험이 있다고 경고한다. 출연자 전망: 주가 방향에 대한 구체적 예측은 없으며, 장기 보유를 염두에 둔 종목에 한해 전략을 쓰라는 조건부 조언만 있다.
다듬은 글
hey this is Sasha and welcome to another episode on hungry for returns and this is where we go ahead and answer your trading or investing questions now I may not know everything but I'll give you my own personal taken insight from the experience that I have so in this week's episode we're going to take a look at NVIDIA looking at selling option premium selling short term option calls and buying long term leaps ahead of that for protection so if you have a trading or investing questions be sure to write us on our website traitors fly calm or reach out to us and submit a voice question or you can actually get hurt here on the show all right so let's take a listen here and get into our Q&A session hi Sasha my name is Ian and love to watch your videos I would appreciate if you could explain how to interpret the analyze trade graph when writing individual short term calls against long term leaves specifically I'm interested in understanding the Greeks and a graph for the trade of in the money Nvidia leaps out of 240 for 21st June 2019 they cost about forty nine ninety today and then writing short term calls at 294 ninth November which gets me a credit of $2 60 cents so to be great if you could explain how the Greeks move also any tips on how the brokerage would handle this trade in case it gets exercised thanks again and really appreciate all your earlier videos preciate it okay so if we take a look at this really this question was submitted a week or so ago so when looking at this right now we have this about 24 days out if we look at the option premium promptly by the time it when it was submitted about 30 40 days out in the option contract so what we're looking to do is basically sell some of these or in other words the November 9s and buy some over here June for protection way further out so what you're really doing is you know you're selling some and you're buying some but you're buying volatility right because you're buying more time premium so that's the one thing you have to be careful of if you did it all in the same month let's say you sell one foot and you buy another one further out that would be in the same month so then your short volatility that would be kind of like a vertical but in this case we're going to go further out for our protection so we sell the near month and we buy the further out month for protection so here's what we do if we did the November 9th here it would be the two 40s right here the two 40s were the ones we talked about there in the money you could go to the two 30s whatever the case may be just a matter of how much risk you want to take on and I'll show you the difference here in a minute and if you take a look here at let's see here if you go in on bouts here's the June 19th we go to 48 days out then you're buying one of these for protection so that way in case there's an issue that happens well you got one for protection all this really does is it cuts down your your margin of it so let's take a look here at Nvidia I already have this set up so let's look at the single alone when we sell one so the whole point of buying one for protection is so that you don't get margin doubt a whole bunch in your brokerage platform and you don't have that risk so this is what you're doing is you're selling one for protection and this has unlimited risk and it really does because if Nvidia goes to 1 million well you got some problems so what you're doing is you're selling this for let's go to the 240 okay we're in the money okay so here we're in the money and let's just go just slightly I mean you could even do this on the puts if you want it doesn't make too much of a difference the spread will be kind of similar but I'll show you here what you're really doing but let's stick to the calls just to make things easier for the beginning so you're selling the 240 you could sell the 250 doesn't matter I'll show you how this works here in a second so really just a matter of how much risk so first you're selling one right you're selling one option contract which basically means you want the stock in theory to kind of go down okay but that's the near month the long term then you're buying one and then you want the stock to go up and the whole point of getting this is really for protection okay so your protection is actually for things to go up but the one that you're actually selling premium on you want the stock to go down okay so the way that this looks okay so here's your stock price okay stock goes down you make money stock stands still you make money stock goes up a little bit you make money if it continues to go up a lot that's where you have problems and that's why you have to buy one for protection so here in this case I'm making six hundred and twenty-five dollars because that's the premium I'm selling at at the 250 now you buy one for protection right here which costs you about two thousand nine hundred and forty and you got a time decay problem of about six dollars and seventy eight cents per day now the one that you're selling you're making nineteen dollars a day so let's say you're making nineteen dollars a day but you're losing six dollars a day on premium so what do you have left combining them you get about twelve dollars a day so if I combine these this is the kind of the curve that I get okay and as you can see I'm positive Vega positive volatility so if this goes down this tent actually gets a little bigger now what you're really doing here in theory if you watch the previous episode I believe it is episode number ten where we're kind of creating a cover color to alternative this is really a diagonal and we're creating a covered call alternative so what's happening here is let's say I go to 245 or the 235 for my protection you can see how this will actually start looking let's say I go to the 200 like a cover call right so this part would be my stock and then here's the call that I'm kind of selling I'm capping my winnings so that's really what you're doing in this situation now you're buying your protection way further out and I would only really do this with stocks you're really comfortable with kind of holding for a long time now wait what could happen here is let's say the first month this starts to go down now I have the 200 and 250 other way if I did the same ones I kind of more is more of a calendar spread right a long term calendar spread where getting a bigger theta but you have a huge big position so that could be a little bit of a volatility problem well let's say you go kind of in the you could go 200 that would you just rotating it that's all you're really doing 200 and let's say the 260 okay so now in theory it's kind of like having a stock so there's your stock position and then your capping it right there with selling your cover call with less margin and I'll show you why this looks exactly like a stock position here just real quick let's just analyze the trade here we'll go down to 100 shares and then I'll go ahead and sell one let's just do the 31 days as the example we'll sell a single here analyze the trade so here we have 100 shares of stock and I'm selling one premium option contract so you could see there's my stock and then I'm capping with selling one right there so without it there's the stock position right without selling the call and then when I sell the call boom I capped my position and if you do this strategy let's say we go ahead and we sell one in the front month and then I go ahead and buy for protection well it looks very similar now doesn't it okay so the big difference is of course this requires less capital so as we do this and we go for it okay here's kind of the issue that happens well if this continues to go down well you're down about let's say $800 then you do this position again then you do this position again now you have this protection there but you could have a volatility Vega problem when this happened so let's say you got the two 200s for protection that's fine but the two 60s were sold you didn't make any money on them let's say then at this point you might sell the two 40s to 20s and then again you might not make any money on them so what maybe by month three and four then okay the stock continues to head up on three you do this month four you do this so you keep selling premium and that's really the whole goal behind the strategy is picking stocks that you're looking to hold for many months because you're looking to do this kind of month after month by holding that single call there now when you hold that single call there's no issues and problems against this single call right there's no problems with just holding the call because you could just let this expire the issue comes with more of this one that you're selling because if this gets kind of in the money of course you could have a little bit of exorcising problem with this but otherwise you know once this comes into the last 10 15 days okay you could just get out of this and put the next one on right you could get out of it and put the next one on and that's really what you're doing with this strategy is you're looking to sell premium every month so that you you know that's as that stock continues to head higher you're just consistently churning month after month I wouldn't go as far out in time I mean you know it depends on the volatility but that's just a personal preference the reason is is just you have a higher Vega risk if volatility contracts you know you could have a little bit of a problem but other than that I mean you know you go six months out and then you could reset the position again so let's say instead of here you got the November 9 and June you could just go let's say December which might be here and just also it's cheaper right you could go December 66 days or even January which is not as far right there and it just costs you a lot less and that might be a nice alternative to this so you could do this and then let's just say you get 30 days away from January or so you do this for two months then you could reset the position again and go about you know 90 days 30 and 90 days and then again as the the later month gets to maybe 30 days you go ahead and reset it again so anyways it's just a different way of thinking about it using a little less capital but if you want to go further out I mean you can it just understand that take a look at this position you're getting with the Vega of 15 if I go further out I got a Vega of 43 and a theta of 8 ok versus a December 1 you got a Vega of eight only now remember that data and time decay is a little bit quicker but the Vega 2 theta ratio let's say here it's you know two to one two point three to one whereas over here if I go ahead and go in a further out month you have almost a seven times bigger Vega you know six six times bigger Vega so that could be a bigger problem takes you six more days to make up a one percentage volatility problem so it be careful with that but other than that I mean yeah you could do this strategy and you could do it month after month and you know and it's just really the same exact thing technically if you buy a stock and sell call covered rights against it it's just you're using less capital because if you look at the risk analysis you know you're capping your your wins which we know stocks don't usually go up forever and explode that quickly but you're doing the same thing over here you're kind of capping it this has a little bit of a slope but not too bad and not a big deal and of course you could go ahead and let's just say we rotate it a little bit if you really want you could go ahead and rotate that a little bit if you like to for that kind of graph but I don't think it makes that much of a difference anyways I hope that makes a little more sense go ahead a reference back to the other episode on episode 10 and that should also give you a little more insight on this kind of strategy it's it's really you're you're technically buying stock and selling a single and option but you're doing it across multiple months and you're doing it only in options in other words it's kind of like a covered call strategy but technically if you're doing it on the same strike let's just say we go to the 240 and we go to the 240 right here okay you're really doing a long term calendar so that's kind of what you're really doing and you could do this but the issue is is if it's right at the money or in the money you know normally for these longer-term trades you may even want to go a little further out of the money let's say 250 and 250 because you're looking for this stock to actually appreciate right you're looking for that stock to actually a pre with time so anyways just depends how you set up the trade and what you're looking to do with it but I hope that makes a little more insight alright so thanks for joining me in this video I hope you found it helpful and insightful to answering your question and if you did and you want to sign up and submit your own question and do so by clicking the link over here or going to our website at traders fly comm and submitting your voice question or even a question by email and you might be featured on the show thanks for joining me and I'll see you in the next episode
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