maksud utama judul di atas: MAEN OPTION (opsi), sila contoh di bawah (kutipan dari Investopedia)
Now that you know the basics of options, here is an example of how they work. We’ll use a fictional firm called Cory’s Tequila Company.
Let’s say that on May 1, the stock price of Cory’s Tequila Co. is $67 and the premium (cost) is $3.15 for a July 70 Call, which indicates that the expiration is the third Friday of July and the strike price is $70. The total price of the contract is $3.15 x 100 = $315. In reality, you’d also have to take commissions into account, but we’ll ignore them for this example.
Remember, a stock option contract is the option to buy 100 shares; that’s why you must multiply the contract by 100 to get the total price. The strike price of $70 means that the stock price must rise above $70 before the call option is worth anything; furthermore, because the contract is $3.15 per share, the break-even price would be $73.15.
When the stock price is $67, it’s less than the $70 strike price, so the option is worthless. But don’t forget that you’ve paid $315 for the option, so you are currently down by this amount.
Three weeks later the stock price is $78. The options contract has increased along with the stock price and is now worth $8.25 x 100 = $825. Subtract what you paid for the contract, and your profit is ($8.25 – $3.15) x 100 = $510. You almost doubled our money in just three weeks! You could sell your options, which is called “closing your position,” and take your profits – unless, of course, you think the stock price will continue to rise. For the sake of this example, let’s say we let it ride.
By the expiration date, the price drops to $62. Because this is less than our $70 strike price and there is no time left, the option contract is worthless. We are now down to the original investment of $315.
To recap, here is what happened to our option investment:
|Date||May 1||May 21||Expiry Date|
The price swing for the length of this contract from high to low was $825, which would have given us over double our original investment. This is leverage in action.
Exercising Versus Trading-Out
So far we’ve talked about options as the right to buy or sell (exercise) the underlying. This is true, but in reality, a majority of options are not actually exercised.
In our example, you could make money by exercising at $70 and then selling the stock back in the market at $78 for a profit of $8 a share. You could also keep the stock, knowing you were able to buy it at a discount to the present value.
However, the majority of the time holders choose to take their profits by trading out (closing out) their position. This means that holders sell their options in the market, and writers buy their positions back to close. According to the CBOE, about 10% of options are exercised, 60% are traded out, and 30% expire worthless.
Intrinsic Value and Time Value
At this point it is worth explaining more about the pricing of options. In our example the premium (price) of the option went from $3.15 to $8.25. These fluctuations can be explained by intrinsic value and time value.
Basically, an option’s premium is its intrinsic value + time value. Remember, intrinsic value is the amount in-the-money, which, for a call option, means that the price of the stock equals the strike price. Time value represents the possibility of the option increasing in value. So, the price of the option in our example can be thought of as the following:
|Premium =||Intrinsic Value||+||Time Value|
In real life options almost always trade above intrinsic value. If you are wondering, we just picked the numbers for this example out of the air to demonstrate how options work.
… sederhananya : TETAP ADA RISIKO RUGI, walo semua kerugian DITEKAN ABIS-ABISan supaya KECIL (menurut ukuran AMRIK youw)… tapi TIDAK ADA YANG SALAH DENGAN SISTEM INI, up2u 🙂
cara gw maen saham : STRATEGI JEPIT
maksud strategi jepit, gw ORDER BELI n JUAL sekaligus (simultaneously)
bwat yang maen HIT n RUN: biasanya mulai dengan BELI dulu, lalu JUAL (baek itu rugi atawa UNTUNG)
bwat yang maen ala warteg saham gw: MULAI DENGAN INVES, baru kemudian JUAL (jangka waktu PANJANG) … setelah TERBELI, maka KESEMPATAN JUAL tercipta … saat STRATEGI JEPIT terjadi, sbb:
inves 1000 unit saham A @ Rp100/saham, aset total : 1000 X Rp 100 = Rp 100,000
pada saat sudah mempunyai 1000 unit, maka kesempatan BERSTRATEGI JEPIT, sbb:
order beli @ 99
order jual @ 101
berarti: JARAK HARGA antara HARGA REAL-TIME (harga saat ini) dengan HARGA ORDER BELI n JUAL hanya masing-masing Rp1,- (1 poin, tergantung pada ATURAN MAEN bursa saham kita)
ini yang gw sebut sebagai JEPIT, karna gw SEBENARNYA MENGINCAR EFEK BUNGA MAJEMUK JANGKA PANJANG, yaitu yang SETIDAKNYA TERBUKTI PADA STRATEGI BELI n JUAL ala EDY DJOENARDI, pemaen saham Rp 62 juta bertumbuh menjadi Rp 5 Triliun dalam waktu 5 taon (periode 2003-2008).
well, sila pikir sendiri, tentukan sendiri, semua orang BEBAS memilih n memutuskan. gw dah maen sejak 2009, namun kondisi SEMPURNA bursa saham kita periode 2003-2008 TIDAK PERNAH TERJADI s/d saat ini (ihsg naek dari 400an ke 2700an, selalu NAEK setiap taonnya, termasuk pada 2005 saat kondisi obligasi/surat utang kita sempat terpuruk). Jadi kondisi sempurna yang tidak terjadi TELAH MENGHALANGI asumsi bahwa efek bunga majemuk pada beli n jual ala EDY DJOENARDI akan terjadi. walau pun demikian gw tetap BERLABA lumayan.