奇異期權(一文了解奇異期權)

Exotic options are a category of options contracts that differ from traditional options in their payment structures, expiration dates, and strike prices. The underlying asset or security can vary with exotic options allowing for more investment alternatives. Exotic options are hybrid securities that are often customizable to the needs of the investor. Exotic options usually trade in the over-the-counter (OTC) market.

奇異期權是一種不同于傳統期權的期權，不同之處包括支付結構、到期日期和執行價格。標的資產或證券隨奇異期權的不同而不同，投資選擇變多。奇異期權是一種混合證券，通常可以按照投資人的需求進行定制。奇異期權通常在場外交易。

As you may imagine, there are many types of exotic options available. Below are several of the most common types you may see.

下面列舉一些比較常見的奇異期權。

Chooser option

Chooser options allow an investor to choose whether the option is a put or call during a certain point in the option's life. Both the strike price and the expiration are usually the same, whether it is a put or call. Chooser options are used by investors when there might be an event such as earnings or a product release that could lead to volatility or price fluctuations in the asset price.

選擇人期權允許投資人在期權期限內某一時間點選擇該期權是看漲期權還是看跌期權。無論是看漲期權或是看跌期權，執行價格和到期日期通常是一樣的。若發生盈利或產品發布等可能導致資產價格波動的事件，投資人會選擇使用選擇人期權。

Compound option

Compound options are options that give the owner the right—not obligation—to buy another option at a specific price on or by a specific date. Typically, the underlying asset of a traditional call or put option is an equity security. However, the underlying asset of a compound option is another option. Compound options come in four types:

復合期權賦予期權持有人在特定日期以前或當日以特定價格購買另一期權的權利（并非義務）。通常情況下，傳統的看漲期權或看跌期權的標的資產是權益證券。但是，復合期權的標的資產是另一種期權。復合期權有下列四種類型：

1. Call on call（看漲期權的看漲期權）

2. Call on put（看跌期權的看漲期權）

3. Put on put（看跌期權的看跌期權）

4. Put on call（看漲期權的看漲期權）

Barrier option

Barrier options are similar to plain vanilla calls and puts, but only become activated or extinguished when the underlying asset hits a preset price level. In this sense, the value of barrier options jumps up or down in leaps, instead of changing price in small increments. These options are commonly traded in the foreign exchange and equity markets.

障礙期權與標準看漲期權和看跌期權相似，但只能在標的資產達到預先設定的價格水平時有效或失效。從這個意義上來看，障礙期權的價值是大幅度增加或降低，并非小幅度價格變動。這些期權通常在外匯市場和股票市場交易。

Binary option

A binary option, or digital option, pays a fixed amount only if an event or price movement has occurred. Binary options provide an all-or-nothing payout structure. Unlike traditional call options, in which final payouts increase incrementally with each rise in the underlying asset price above the strike, binaries pay a finite lump sum if the asset is above the strike. Conversely, a buyer of a binary put option is paid the finite lump sum if the asset closes below the stated strike price.

二元期權（又稱為數字期權）僅在發生某種事件或價格變動的情況下支付固定金額。其采用的支付結構是全有或全無結構。若標的資產價格超過執行價格，傳統的看漲期權最終支付的金額會隨之遞增，但是二元看漲期權則是一次性支付有限的金額，且二元看跌期權也是一次性支付有限的金額。

Bermuda option

Bermuda options can be exercised at preset dates as well as the expiry date. Bermuda options might allow an investor to exercise the option only on the first of the month, for example.

百慕大期權可在預先規定的日期和到期日行使。比如，百慕大期權可能只允許投資人在每月的第一天行權。

Asian option

Asian options take the average price of the underlying asset to determine if there is a profit as compared to the strike price. For example, an Asian call option might take the average price for 30 days. If the average is less than the strike price at expiration, the option expires worthless.

亞式期權根據標的資產的平均價格確定是否獲利（相較于執行價格）。比如，亞式看漲期權可能會根據30天內的平均價格確定。如果到期時平均價格低于執行價格，則該期權到期時毫無價值。

Shout option

A shout option allows the holder to lock in a certain amount in profit while retaining future upside potential on the position.

呼叫期權允許持有人鎖定一定利潤，又可以享受未來產生的利潤。

英文來源：Investopedia

文章來源：譯問