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- A put option (sometimes simply called a "put") is a financial contract between two parties, the seller (writer) and the buyer of the option. The buyer acquires a short position with the right, but not the obligation, to sell the underlying instrument at an agreed-upon price. If the buyer exercises his right to sell the option, the seller is obliged to buy it at the strike price. In exchange for having this option, the buyer pays the writer a fee (the option premium). The terms for exercising the option's right to sell it differ depending on option style. A European put option allows the holder to exercise the put option for a short period of time right before expiration, while an American put option allows exercise at any time before expiration. The most widely-traded put options are on equities, but they are traded on many other instruments such as interest rates or commodities. The put buyer either believes that the underlying asset's price will fall by the exercise date or hopes to protect a long position in it. The advantage of buying a put over short selling the asset is that the option owner's risk of loss is limited to the premium payed for it, whereas the asset short seller's risk of loss is unlimited (its price can rise greatly, theoretically, infinitely, all the short seller's loss. The put buyer's prospect of gain is limited to the option's strike price less the underlying's spot price and the premium/fee paid for it. The put writer believes that the underlying security's price will rise, not fall. The writer sells the put to collect the premium. The put writer's total potential loss is limited to the put's strike price less the spot and premium already received. Puts can be used also to limit the writer's portfolio risk and may be part of an option spread. A naked put, also called an uncovered put, is a put option whose writer does not have a position in the underlying stock or other instrument. This strategy is best used by investors who want to accumulate a position in the underlying stock, but only if the price is low enough. If the buyer fails to buy the shares, then the seller keeps the option premium as a 'gift' for playing the game. If the underlying stock's market price is below the option's strike price when expiration arrives, the option owner can exercise the put option, forcing the writer to buy the underlying stock at the strike price. That allows the exerciser to profit from the difference between the stock's market price and the option's strike price. But if the stock's market price is above the option's strike price at the end of expiration day, the option expires worthless, and the owner's loss is limited to the premium paid for it . The seller's potential loss on a naked put can be substantial. If the stock falls all the way to zero, his loss is equal to the strike price minus the premium received. The potential upside is the premium received when selling the option: if the stock price is above the strike price at expiration, the option seller keeps the premium, and the option expires worthless. During the option's lifetime, if the stock moves lower, the option's premium may increase . If it does, it becomes more costly to close the position, resulting in a loss. If the stock price completely collapses before the put position is closed, the put writer potentially can face catastrophic loss.
- Eine Put-Option (auch Put oder Vanilla Put, dt. Verkaufsoption) ist eine der beiden grundlegenden Varianten einer Option. Der Inhaber einer Put-Option hat das Recht, aber nicht die Pflicht, innerhalb eines bestimmen Zeitraums (amerikanische Optionen) oder zu einem bestimmten Zeitpunkt (europäische Optionen) eine festgelegte Menge eines bestimmten Basiswert zu einem im Voraus festgelegten Preis zu verkaufen. Die zweite grundlegende Variante ist die Call-Option.
- Le put est une option contractuelle de vente permettant au souscripteur de l'option de vendre un titre ou un autre actif (plus généralement appelé sous-jacent), à un prix fixé à l'avance (prix d'exercice, dit aussi strike) et à une date déterminée appelée date de maturité du put. On parle de put européen si le souscripteur peut exercer son droit uniquement à la date de maturité et de put américain s'il peut l'exercer à tout moment avant la date de maturité (y compris à la date de maturité). Il permet à l'acheteur du put de se prémunir contre, ou de parier sur, une baisse du prix de ce sous-jacent en dessous du prix d'exercice. La vente d'un put correspond à l'objectif inverse. Les gains et pertes sont limitées. Les documents officiels francophones ont adopté la dénomination option de vente.
- Un'opzione put è uno strumento derivato in base al quale l'acquirente dell'opzione acquista il diritto, ma non l'obbligo, di vendere un titolo a un dato prezzo d'esercizio (strike price). Al fine di acquisire tale diritto, l'acquirente paga un premio. Esempio: Il Titolo A ad oggi vale € 3; pagando € 0.5 vi è la possibilità di venderlo fra un mese a € 2,70. Se fra un mese il titolo varrà meno di € 2,70 sarà stato conveniente acquistare l'opzione, per poter rivendere il titolo a un prezzo superiore a quello prevalente sul mercato. Se il titolo varrà meno di € 2,20 (€ 2,70 - € 0.50) si avrà un reale guadagno. Attraverso l'opzione put vengono costruiti molti contratti derivati in cui la base comune è il diritto di vendita del sottostante. Il diritto può essere esercitato a seconda del tempo in più modi: alla fine del periodo, ad intervalli regolari o durante tutto il periodo. I derivati costruiti attraverso l'opzione put possono avere livelli diversi di leva finanziaria.
- Opcja sprzedaży (put option lub krótko put) - to kontrakt, w którym wystawca opcji gwarantuje nabywcy opcji prawo do sprzedaży instrumentu bazowego wystawcy opcji, po z góry ustalonej cenie . Ważność opcji zwykle jest określana przez podanie konkretnej daty, zwanej datą wygaśnięcia ("expiration date") danej opcji. Cena, którą otrzyma posiadacz opcji sprzedaży w zamian za dostarczenie dostawcy instrumentu bazowego, nazywa się ceną wykonania ("strike price" lub "exercise price").
- En säljoption, eller en put (av engelskans put option), är ett finansiellt kontrakt mellan två parter, utfärdaren (säljaren) och innehavaren (köparen) av en option. Optionens värde beror på en underliggande, som kan vara av vitt skilda slag, exempelvis priset på en aktie, nivån på ett aktieindex eller en valutakurs. Innehavaren får en lång position som innebär att han eller hon i framtiden har rätt men inte skyldighet att sälja den underliggande tillgången till ett på förhand bestämt pris, strike-priset. Om innehavaren väljer att utöva sin rätt att sälja när optionen utlöper så har utställaren alltså förbundit sig att köpa. Det innebär att utställaren då säljoptionen utlöper kommer att förlora så mycket som den underliggande har sjunkit i förhållande till striken. Denna risk kompenseras av innehavaren när kontraktet skrivs med betalning av en premie till utställaren. Denna premie kan alltså sägas vara priset på optionen, och för innehavaren är det endast detta belopp som riskeras. Utställaren kan förlora mycket mer. En europeisk säljoption ger innehavaren rätten att sälja vid en särskild tidpunkt i framtiden, medan en amerikansk säljoption ger innehavaren rätten att sälja när som helst fram till denna på förhand bestämda tidpunkt. Dessa optionstyper har inget med geografin att göra, så amerikanska optioner är exempelvis vanligt även i Sverige.
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| rdfs:comment
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- A put option (sometimes simply called a "put") is a financial contract between two parties, the seller (writer) and the buyer of the option. The buyer acquires a short position with the right, but not the obligation, to sell the underlying instrument at an agreed-upon price. If the buyer exercises his right to sell the option, the seller is obliged to buy it at the strike price. In exchange for having this option, the buyer pays the writer a fee (the option premium).
- Eine Put-Option (auch Put oder Vanilla Put, dt. Verkaufsoption) ist eine der beiden grundlegenden Varianten einer Option. Der Inhaber einer Put-Option hat das Recht, aber nicht die Pflicht, innerhalb eines bestimmen Zeitraums (amerikanische Optionen) oder zu einem bestimmten Zeitpunkt (europäische Optionen) eine festgelegte Menge eines bestimmten Basiswert zu einem im Voraus festgelegten Preis zu verkaufen. Die zweite grundlegende Variante ist die Call-Option.
- Le put est une option contractuelle de vente permettant au souscripteur de l'option de vendre un titre ou un autre actif (plus généralement appelé sous-jacent), à un prix fixé à l'avance (prix d'exercice, dit aussi strike) et à une date déterminée appelée date de maturité du put.
- Un'opzione put è uno strumento derivato in base al quale l'acquirente dell'opzione acquista il diritto, ma non l'obbligo, di vendere un titolo a un dato prezzo d'esercizio (strike price). Al fine di acquisire tale diritto, l'acquirente paga un premio. Esempio: Il Titolo A ad oggi vale € 3; pagando € 0.5 vi è la possibilità di venderlo fra un mese a € 2,70.
- Opcja sprzedaży (put option lub krótko put) - to kontrakt, w którym wystawca opcji gwarantuje nabywcy opcji prawo do sprzedaży instrumentu bazowego wystawcy opcji, po z góry ustalonej cenie . Ważność opcji zwykle jest określana przez podanie konkretnej daty, zwanej datą wygaśnięcia ("expiration date") danej opcji. Cena, którą otrzyma posiadacz opcji sprzedaży w zamian za dostarczenie dostawcy instrumentu bazowego, nazywa się ceną wykonania ("strike price" lub "exercise price").
- En säljoption, eller en put (av engelskans put option), är ett finansiellt kontrakt mellan två parter, utfärdaren (säljaren) och innehavaren (köparen) av en option. Optionens värde beror på en underliggande, som kan vara av vitt skilda slag, exempelvis priset på en aktie, nivån på ett aktieindex eller en valutakurs.
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