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手把手教你玩期权4.卖期权的风险控制
例如，SPY的价格认为190可以接受，那么就可以卖出190的看跌期权，因为股票下跌最多也就跌倒0，所以 sell SPY [email protected]的最大风险就是在SPY跌到0的时候还要以190的价格买入SPY，即190*100股（1个合约）=19000。虽然券商只收取sell put最大风险的1/4-1/2，但为了防止判断失误，在进行sell put操作时必须保证账户预留买入股票需要的足够资金，即19000。
为应对sell put操作被行权预留了买入股票的足够资金，这种风险控制策略叫做有保护的裸看跌期权 protective naked put。
sell naked put的主要应用：打算长期投资某种优质股票，选择合适的价位，用sell put抄底。巴菲特曾用过sell put入仓他想要持有的公司股票。
2. sell put的风险控制——covered put
如果持有某支股票的空头头寸再进行sell put操作，那么期权到期日当票跌倒低于sell put的执行价时，看跌期权卖家就以执行价将股票买回，相当于对股票空头进行平仓。持有股票空头前提下卖出的看跌期权策略叫做covered put。
三、期权价差组合——credit spread
无论sell call和sell put，理论上都风险无限。如果卖出期权的同时买入离当前价更远价的期权，可以将最大风险控制在买卖期权的执行价之差，又称为价差期权。
sell put同时买入更低执行价put，又称牛市看跌价差 bull put spread或put credit spread。sell call同时买入更高执行价call，又称熊市看涨价差bear call spread或call credit spread。
同sell put相比，put credit spread增加了买入put的花费使收入减少，但是限定了潜在的风险。同sell call相比，call credit spread增加了买入call的花费使收入减少，也同样限定了潜在的风险。
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