《外汇交易实战图表与交易心理》 作 者：(新加坡)许强 (美国)Gary Weiss

As to whether any of these option varieties represents value, is a very difficult idea to assess However, one of the main points in presenting these ideas in the first place is to get the point across that there are multiple variations for approaching the foreign exchange option market，that often times can create multiple levels of possible outcomes.

In these four examples, the static assumptions that have been used and also their relative simplicity, can itself be misleading. For example, even when evaluating the possible performance characteristics of a change in the underlying spot price throughout any of the above examples，it is easy to understand that the numbers of possible outcomes are almost unlim ited. Further, by changing any of the single assumptions such as price, strike, or even time value, the complexion of that option can take on an almost entirely different set of characteristics. The question, therefore, as to whether anything to do with “digital” options is worth the further complexity as opposed to generic foreign exchange options, is a critical issue.

As with the topic of trading generic options, the idea of “digital” options is really a view towards the portfolio effect of an overall trading strategy. Since the market often moves in unpredictable way and times, the idea of creating value at different levels of price and time is a sensible one. And, over time，this sort of approach should only enhance the return of any trading system. The idea therefore, in terms of these more esoteric vehicles is to further refine the topic. Digital options represent one of the most flexible ways to put together a u niquely structured portfolio of currency positions. Until very recently, this market was somewhat restricted by certain factors. Including the fact that there were just very few groups that were willing to make prices for these types of options. This however, has changed. Even in smaller size units, these types of options and their multiple variations are now reasonably attainable by most traders. Further, the ability to customize much of their underlying criteria, is an idea that seems to be expanding all the time.

名词解释

A Range Option:在期权履约期间，交易者根据市场价 格能否限定在某一特定价格区间为依据，决定是否履约的 期权类型。

Single Barrier Option:单一障碍期权，在期权履约期 间，交易者根据市场价格是否触发某一特定价位为依据， 决定是否履约的期权类型。

Single “Knock In” Option:单一生效型期权，一种较 为复杂的数字型期权类型，与某一价格事件紧密相关，若 此事件实现，则期权生效。

Single “Knock In” Option:单一失效型期权，一种较 为复杂的数字期权类型，当期权价格突破某一价位时，期 权头寸会自动平仓或终止。