Cash-Secured Put 现金担保看跌期权
A bullish or neutral strategy that generates income by selling a put option while setting aside cash to buy the underlying at the strike price if assigned.
Trading Logic 交易逻辑
- Sell a put option on a stock you don't mind owning.
- Collect premium upfront.
- If assigned, you buy the stock at the strike price.
- If not assigned, you keep the premium as income.
Suitable Environment 适用环境
- Neutral to moderately bullish market outlook
- Low to moderate implied volatility (IV)
- Stocks with strong fundamentals you are willing to own
- Sideways market or slight pullback scenario
Structure & Greeks 结构与希腊值
- Positive Theta: Benefits from time decay
- Negative Vega: Prefers stable or falling IV
- Positive Delta: Gains if the underlying moves up
Risk Control Checklist 风控清单
- Ensure you have enough cash set aside to buy the underlying
- Avoid over-concentration in a single stock
- Choose conservative strike prices
- Monitor earnings and major news events
- Have an exit plan
- Keep position size within your risk budget
ⓘ Options trading involves risk and is not suitable for all investors.