희망새68이 "벳남TV"로 다시 찾아뵙습니다.

<P> <TABLE class=04com_t_bg1 cellSpacing=0 cellPadding=0 width="100%" border=0> <TBODY> <TR> <TD colSpan=2></TD></TR> <TR style="PADDING-RIGHT: 24px; PADDING-LEFT: 24px; PADDING-BOTTOM: 25px; PADDING-TOP: 15px"> <TD class=04com_gray13 vAlign=top colSpan=2> <DIV style="PADDING-RIGHT: 10px; PADDING-LEFT: 10px; PADDING-BOTTOM: 10px; PADDING-TOP: 10px"> <STYLE>P { MARGIN-BOTTOM: 2px; MARGIN-TOP: 2px }</STYLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR vAlign=top> <TD style="PADDING-TOP: 14px" width=134> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036490" align=absMiddle LocalFile="yes">  <TD align=right><A class=con_link href="http://www.goodi.com/edu/invest/fut/Invest_fut06_03.htm#01" target=_blank></A>  <A class=con_link href="http://www.goodi.com/edu/invest/fut/Invest_fut06_03.htm#02" target=_blank></A>  <A class=con_link href="http://www.goodi.com/edu/invest/fut/Invest_fut06_03.htm#03" target=_blank></A> </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=10></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL bgColor=#f6f3eb width=10> <COL bgColor=#f6f3eb width=660> <COL bgColor=#f6f3eb width=10> <TBODY> <TR height=10> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036443" align=absMiddle LocalFile="yes"></TD> <TD> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036444" align=absMiddle LocalFile="yes"></TD></TR> <TR bgColor=#f6f3eb> <TD> <TD style="PADDING-RIGHT: 0px; PADDING-LEFT: 10px; PADDING-BOTTOM: 10px; PADDING-TOP: 10px"> <TABLE cellSpacing=0 cellPadding=0 width=650 border=0> <TBODY> <TR vAlign=top> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036491" align=absMiddle LocalFile="yes"> <TD style="PADDING-LEFT: 10px; PADDING-TOP: 6px"> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036492" align=absMiddle LocalFile="yes"> <TD width=1 background=http://cafe.naver.com/img/i_wline.gif height=65> <IMG height=65 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036493" width=1 align=absMiddle LocalFile="yes"> <TD style="PADDING-LEFT: 20px"> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036494" align=absMiddle LocalFile="yes"> <TD style="PADDING-LEFT: 10px; PADDING-TOP: 6px"> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036495" align=absMiddle LocalFile="yes"> </TD></TR></TBODY></TABLE> <TD></TD> <TR height=10> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036449" align=absMiddle LocalFile="yes"></TD> <TD> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036450" align=absMiddle LocalFile="yes"></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=13></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR> <TD class=txt_7f><SPAN class=txt_p01>차익거래는 가격왜곡이 발생했을 경우 정상가격으로 시장가격이 변화한다는 점을 포착하여 거래비용을 감안하고도 수익이 발생될 경우 옵션과 선물을 결합하여 차익을 획득하는 것을 말합니다.</SPAN><BR>이러한 차익거래는 예상과 반대로 가격이나 변동성이 움직였을 때 손실이 발생하는 방향성전략이나 변동성전략과는 달리 시장가격과 이론가격사이에 거래비용이상의 괴리가 발생했을 경우 무위험이익을 획득할 수 있습니다.<BR><SPAN class=txt_p01>헤지거래는 기초자산의 가격변동위험을 회피하고 운용이익의 향상을 꾀하고자 하는 것으로 선물을 이용한 헤지거래의 경우 손익을 고정시켜 손실발생위험을 회피하고 동시에 이익발생기회도 박탈되는데 반해, 옵션을 이용한 헤지거래는 손실위험을 제한시키고 동시에 이익발생기회도 누릴 수 있는 장점이 있습니다.</SPAN><BR>이러한 차익거래와 헤지거래를 간단하게 표로 요약하여 살펴보고, 컨버젼,리버설,커버드콜,방어적풋에 대하여 살펴보도록 하죠. </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=3></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR bgColor=#c9c6c1> <TD height=1></TD></TR></TBODY></TABLE> <TABLE style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 2px; BORDER-COLLAPSE: collapse" borderColor=#c7c6c1 cellSpacing=0 cellPadding=0 rules=rows width=680 border=1 frame=above> <TBODY> <TR align=middle bgColor=#eae5d6 height=24> <TD width=1 bgColor=#c7c6c1> <IMG height=24 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036496" width=1 align=absMiddle LocalFile="yes"> <TD class=txt_8c width=66> <TD width=1> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036497" align=absMiddle LocalFile="yes"> <TD class=txt_8c width=304><B>차익거래</B> <TD width=1> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036497" align=absMiddle LocalFile="yes"> <TD class=txt_8c width=306><B>헤지거래</B> <TD width=1 bgColor=#c7c6c1> <IMG height=24 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036496" width=1 align=absMiddle LocalFile="yes"> </TD></TR></TBODY></TABLE> <TABLE style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 2px; BORDER-COLLAPSE: collapse" borderColor=#c7c6c1 cellSpacing=0 cellPadding=0 rules=cols width=680 border=1> <COLGROUP> <COL bgColor=#f4f2ea align=middle width=66> <COL align=middle width=304> <COL align=middle width=306> <TBODY> <TR height=24> <TD class=txt_7f>목표 <TD class=txt_7f>가격왜곡발생시 무위험이익획득 <TD class=txt_7f>가격변동위험 회피와 운용이익 향상 </TD> <TR> <TD background=http://cafe.naver.com/img/i_dotline03.gif colSpan=3 height=1></TD> <TR height=24> <TD class=txt_7f>전략 <TD class=txt_7f>컨버젼,리버설 <TD class=txt_7f>커버드콜,방어적풋 </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR> <TD height=30></TD> <TR> <TD bgColor=#e2dccf height=1></TD> <TR> <TD height=10></TD></TR></TBODY></TABLE><A class=con_link target=_blank name=#02></A> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR vAlign=top> <TD style="PADDING-TOP: 14px" width=134> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036498" align=absMiddle LocalFile="yes"> <TD align=right><A class=con_link href="http://www.goodi.com/edu/invest/fut/Invest_fut06_03.htm#01" target=_blank></A>  <A class=con_link href="http://www.goodi.com/edu/invest/fut/Invest_fut06_03.htm#02" target=_blank></A>  <A class=con_link href="http://www.goodi.com/edu/invest/fut/Invest_fut06_03.htm#03" target=_blank></A> </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=6></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL width=14> <COL width=666> <TBODY> <TR> <TD style="PADDING-TOP: 2px"> <IMG class=bu02 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036499" align=absMiddle LocalFile="yes"> <TD class=txt_66><B>차익거래</B> </TD> <TR> <TD height=3></TD> <TR> <TD bgColor=#e2dccf colSpan=2 height=1></TD> <TR> <TD height=10></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL width=11> <COL width=669> <TBODY> <TR style="PADDING-LEFT: 15px; PADDING-BOTTOM: 3px"> <TD class=txt_7f>KOSPI 200 옵션은 투자자들의 수급에 따라 현재가가 형성되므로 이론가격에서 크게 벗어날 수 있습니다. 이러한 경우 차익거래가 발생되어 옵션가격의 비정상적인 괴리상태가 해소되고, 투자자들은 차익거래를 통해 무위험수익을 획득할 수 있습니다. 이러한 차익거래는 먼저 옵션을 합성하여 선물과 동일한 상품을 만들거나, 선물과 옵션을 합성하여 옵션과 동일한 상품을 만들어 개념잡기에서 배운 풋콜패리티라는 등식이 성립되지 않는 가격괴리발생시 고평가된 상품을 매도하고, 저평가된 상품을 매수한 후 각 종목이 정상가격으로 돌아왔을 때 청산을 통해 차익을 획득하게 됩니다.<BR>단, 이와같은 차익거래는 차익거래구축시점에서 발생하는 호가갭과 매매수수료와 같은 비용 등으로 인하여 가격괴리가 발생되었다고 해서 모두 이익을 획득하게 되는 것은 아닙니다. 이러한 요소들을 감안하여 매매를 하여야 하므로 기회가 자주 발생하지는 않습니다.<BR>이러한 차익거래 구축과정을 도표로 요약하면 아래와 같습니다. </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR bgColor=#c9c6c1> <TD height=1></TD></TR></TBODY></TABLE> <TABLE style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 2px; BORDER-COLLAPSE: collapse" borderColor=#c7c6c1 cellSpacing=0 cellPadding=0 rules=rows width=680 border=1 frame=above> <TBODY> <TR align=middle bgColor=#eae5d6 height=24> <TD width=1 bgColor=#c7c6c1> <IMG height=24 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036496" width=1 align=absMiddle LocalFile="yes"> <TD class=txt_8c width=66> <TD width=1> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036497" align=absMiddle LocalFile="yes"> <TD class=txt_8c style="PADDING-RIGHT: 10px; PADDING-LEFT: 10px; PADDING-BOTTOM: 0px; PADDING-TOP: 2px" width=183><B>차익거래 구축조건</B> <TD width=1> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036497" align=absMiddle LocalFile="yes"> <TD class=txt_8c style="PADDING-RIGHT: 10px; PADDING-LEFT: 10px; PADDING-BOTTOM: 0px; PADDING-TOP: 2px" width=243><B>차익거래 포지션구축</B> <TD width=1> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036497" align=absMiddle LocalFile="yes"> <TD class=txt_p01 style="PADDING-RIGHT: 10px; PADDING-LEFT: 10px; PADDING-BOTTOM: 0px; PADDING-TOP: 2px" width=183><B>최종손익</B> <TD width=1 bgColor=#c7c6c1> <IMG height=24 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036496" width=1 align=absMiddle LocalFile="yes"> </TD></TR></TBODY></TABLE> <TABLE style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 2px; BORDER-COLLAPSE: collapse" borderColor=#c7c6c1 cellSpacing=0 cellPadding=0 rules=cols width=680 border=1> <COLGROUP> <COL bgColor=#f4f2ea align=middle width=66> <COL style="PADDING-RIGHT: 10px; PADDING-LEFT: 10px; PADDING-BOTTOM: 0px; PADDING-TOP: 2px" width=183> <COL style="PADDING-RIGHT: 10px; PADDING-LEFT: 10px; PADDING-BOTTOM: 0px; PADDING-TOP: 2px" width=243> <COL style="PADDING-RIGHT: 10px; PADDING-LEFT: 10px; PADDING-BOTTOM: 0px; PADDING-TOP: 2px" width=183> <TBODY> <TR height=24> <TD class=txt_7f>컨버젼 <TD class=txt_7f>합성선물이 선물보다 고평가 <TD class=txt_7f>합성선물매도(콜매도+풋매수)+선물매수 <TD class=txt_p01>(콜-풋+행사가격)-선물매입가 </TD> <TR> <TD background=http://cafe.naver.com/img/i_dotline03.gif colSpan=4 height=1></TD> <TR height=24> <TD class=txt_7f>리버설 <TD class=txt_7f>합성선물이 선물보다 저평가 <TD class=txt_7f>합성선물매수(콜매수+풋매도)+선물매도 <TD class=txt_p01>(풋-콜-행사가격)+선물매도가 </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR> <TD height=18></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL width=4> <COL width=11> <COL width=665> <TBODY> <TR> <TD> <TD vAlign=top> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036456" align=absMiddle LocalFile="yes"> <TD class=txt_98><B>컨버젼(Conversion) 구축과 손익</B> </TD> <TR height=5> <TD colSpan=3></TD> <TR> <TD> <TD vAlign=top> <TD class=txt_7f>합성매도(콜매도+풋매수)가격이 선물매수가격보다 높아 고평가되어 있을 때 즉, 콜옵션이 과대평가 또는 풋옵션이 과소평가되어 있을 때 합성매도와 선물매수를 통해 차익거래이익을 획득할 수 있는지 알아보죠. </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=8></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 width=680 border=0 cellapdding="0"> <COLGROUP> <COL width=60> <COL width=620> <TBODY> <TR vAlign=top> <TD rowSpan=6> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036457" align=absMiddle LocalFile="yes"> <TD class=txt_8c style="PADDING-BOTTOM: 3px; PADDING-TOP: 12px"><B>컨버젼의 만기손익그래프</B> </TD> <TR height=1> <TD background=http://cafe.naver.com/img/i_dot_width.gif></TD> <TR height=8> <TD></TD> <TR> <TD class=txt_7f> <IMG class=bu01 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036460" align=absMiddle LocalFile="yes"><B>콜옵션 100매도 5계약(매도가격 3P), 풋옵션 100매수 5계약(매수가격 2P)<BR>  선물 매수 1계약(매수가격 100P)</B> </TD> <TR height=2> <TD></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 bgColor=#ffffff border=0> <COLGROUP> <COL width=7> <COL vAlign=top width=666> <COL width=7> <TBODY> <TR vAlign=top height=7> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036461" LocalFile="yes"></TD> <TD background=http://cafe.naver.com/edu/img/i_box_bg01.gif></TD> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036462" LocalFile="yes"></TD></TR> <TR> <TD background=http://cafe.naver.com/edu/img/i_box_bg03.gif></TD> <TD class=txt_7f style="PADDING-RIGHT: 10px; PADDING-LEFT: 10px; PADDING-BOTTOM: 10px; PADDING-TOP: 10px" align=middle> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036500" align=absMiddle LocalFile="yes"> <TD background=http://cafe.naver.com/edu/img/i_box_bg04.gif></TD></TR> <TR> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036464" LocalFile="yes"></TD> <TD background=http://cafe.naver.com/edu/img/i_box_bg02.gif></TD> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036465" LocalFile="yes"></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=13></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 width=680 border=0 cellapdding="0"> <COLGROUP> <COL width=60> <COL width=620> <TBODY> <TR vAlign=top> <TD rowSpan=6> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036458" align=absMiddle LocalFile="yes"> <TD class=txt_8c style="PADDING-BOTTOM: 3px; PADDING-TOP: 12px"><B>포지션의 만기손익</B> </TD> <TR height=1> <TD background=http://cafe.naver.com/img/i_dot_width.gif></TD> <TR height=8> <TD></TD> <TR> <TD class=txt_7f>행사가격 100인 콜옵션의 현재가격이 3P, 풋옵션의 현재가격이 2P이고, 선물가격이 102일 경우 합성선물매수 가격은 풋매도프리미엄에 콜매수프리미엄을 차감하고 행사가격을 차감하여 산출하므로 101P(=2P-3P-100P)이고, 선물가격은 102P이므로 <SPAN class=txt_p01>합성선물이 저평가되어있는 상황</SPAN>입니다. 이 경우 <SPAN class=txt_p01>합성선물매수를 하고 선물매도를 하여 가격차이인 1P의 이익을 취하는 리버설을 구축하여 지수변동과 상관없이 무위험수익을 획득</SPAN>할 수 있습니다. </TD> <TR height=2> <TD></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR bgColor=#c9c6c1> <TD height=1></TD></TR></TBODY></TABLE> <TABLE style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 2px; BORDER-COLLAPSE: collapse" borderColor=#c7c6c1 cellSpacing=0 cellPadding=0 rules=rows width=680 border=1 frame=above> <TBODY> <TR align=middle bgColor=#eae5d6 height=24> <TD width=1 bgColor=#c7c6c1> <IMG height=24 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036496" width=1 align=absMiddle LocalFile="yes"> <TD class=txt_8c width=99> <TD width=1> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036497" align=absMiddle LocalFile="yes"> <TD class=txt_8c width=193><B>컨버젼 구축</B> <TD width=1> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036497" align=absMiddle LocalFile="yes"> <TD class=txt_8c width=192><B>만기지수 90P일때 손익</B> <TD width=1> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036497" align=absMiddle LocalFile="yes"> <TD class=txt_8c width=191><B>만기지수 110P일때 손익</B> <TD width=1 bgColor=#c7c6c1> <IMG height=24 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036496" width=1 align=absMiddle LocalFile="yes"> </TD></TR></TBODY></TABLE> <TABLE style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 2px; BORDER-COLLAPSE: collapse" borderColor=#c7c6c1 cellSpacing=0 cellPadding=0 rules=cols width=680 border=1> <COLGROUP> <COL bgColor=#f4f2ea align=middle width=99> <COL align=middle width=193> <COL align=middle width=192> <COL align=middle width=191> <TBODY> <TR height=61> <TD class=txt_7f>합성선물매도 <TD class=txt_7f>콜옵션100 5계약매도@3P<BR>풋옵션100 5계약매수@2P<BR><SPAN class=txt_p01>합성선물매도가격 : 101P</SPAN> <TD class=txt_7f>콜옵션100 : 15<BR>풋옵션100 : 40<BR><SPAN class=txt_p01>합성선물매도 : 55</SPAN> <TD class=txt_7f>콜옵션100 : -35<BR>풋옵션100 : -10<BR><SPAN class=txt_p01>합성선물매도 : -45</SPAN> </TD> <TR> <TD background=http://cafe.naver.com/img/i_dotline03.gif colSpan=4 height=1></TD> <TR height=24> <TD class=txt_7f>선물매수 <TD class=txt_7f>KOSPI 200선물 1계약 매수@100P <TD class=txt_7f>-50 <TD class=txt_7f>50 </TD> <TR> <TD bgColor=#c7c6c1 colSpan=4 height=1></TD> <TR height=24> <TD class=txt_p01><B>포지션손익</B> <TD class=txt_p01><B>5</B> <TD class=txt_p01><B>5</B> <TD class=txt_p01><B>5</B> </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR> <TD height=18></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL width=4> <COL width=11> <COL width=665> <TBODY> <TR> <TD> <TD vAlign=top> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036456" align=absMiddle LocalFile="yes"> <TD class=txt_98><B>리버설(Reversal) 구축과 손익</B> </TD> <TR height=5> <TD colSpan=3></TD> <TR> <TD> <TD vAlign=top> <TD class=txt_7f> <P>합성매수(콜매수+풋매도)가격이 선물매도가격보다 낮아 저평가되어 있을 때 즉, 콜옵션이 과소평가 또는 풋옵션이 과대평가되어 있을 때 합성매수와 선물매도를 통해 차익거래이익을 획득할 수 있는지 알아보죠.</P> <P> </P> <P> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR> <TD class=txt_98> </TD> <TR height=5> <TD colSpan=3></TD> <TR> <TD> <TD vAlign=top> <TD class=txt_7f></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 width=680 border=0 cellapdding="0"> <COLGROUP> <COL width=60> <COL width=620> <TBODY> <TR vAlign=top> <TD rowSpan=6> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036457" align=absMiddle LocalFile="yes"> <TD class=txt_8c style="PADDING-BOTTOM: 3px; PADDING-TOP: 12px"><B>리버설의 만기손익그래프</B> </TD> <TR height=1> <TD background=http://cafe.naver.com/img/i_dot_width.gif></TD> <TR height=8> <TD></TD> <TR> <TD class=txt_7f> <IMG class=bu01 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036460" align=absMiddle LocalFile="yes"><B>콜옵션100매수 5계약(매수가격 3P),풋옵션100매도 5계약(매도가격 2P),선물매도 1계약<BR>  (매도가격 102P)</B> </TD> <TR height=2> <TD></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 bgColor=#ffffff border=0> <COLGROUP> <COL width=7> <COL vAlign=top width=666> <COL width=7> <TBODY> <TR vAlign=top height=7> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036461" LocalFile="yes"></TD> <TD background=http://cafe.naver.com/edu/img/i_box_bg01.gif></TD> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036462" LocalFile="yes"></TD></TR> <TR> <TD background=http://cafe.naver.com/edu/img/i_box_bg03.gif></TD> <TD class=txt_7f style="PADDING-RIGHT: 10px; PADDING-LEFT: 10px; PADDING-BOTTOM: 10px; PADDING-TOP: 10px" align=middle> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036501" align=absMiddle LocalFile="yes"> <TD background=http://cafe.naver.com/edu/img/i_box_bg04.gif></TD></TR> <TR> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036464" LocalFile="yes"></TD> <TD background=http://cafe.naver.com/edu/img/i_box_bg02.gif></TD> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036465" LocalFile="yes"></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=13></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 width=680 border=0 cellapdding="0"> <COLGROUP> <COL width=60> <COL width=620> <TBODY> <TR vAlign=top> <TD rowSpan=6> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036458" align=absMiddle LocalFile="yes"> <TD class=txt_8c style="PADDING-BOTTOM: 3px; PADDING-TOP: 12px"><B>포지션의 만기손익</B> </TD> <TR height=1> <TD background=http://cafe.naver.com/img/i_dot_width.gif></TD> <TR height=8> <TD></TD> <TR> <TD class=txt_7f>행사가격 100인 콜옵션의 현재가격이 3P, 풋옵션의 현재가격이 2P이고, 선물가격이 102일 경우 합성선물매수가격은 풋매도프리미엄에 콜매수프리미엄을 차감하고 행사가격을 차감하여 산출하므로 101P(=2P-3P-100P)이고, 선물가격은 102P이므로 <SPAN class=txt_p01>합성선물이 저평가되어있는 상황</SPAN>입니다. 이 경우 <SPAN class=txt_p01>합성선물매수를 하고 선물매도를 하여 가격차이인 1P의 이익을 취하는 리버설을 구축하여 지수변동과 상관없이 무위험수익을 획득</SPAN>할 수 있습니다. </TD> <TR height=2> <TD></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR bgColor=#c9c6c1> <TD height=1></TD></TR></TBODY></TABLE> <TABLE style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 2px; BORDER-COLLAPSE: collapse" borderColor=#c7c6c1 cellSpacing=0 cellPadding=0 rules=rows width=680 border=1 frame=above> <TBODY> <TR align=middle bgColor=#eae5d6 height=24> <TD width=1 bgColor=#c7c6c1> <IMG height=24 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036496" width=1 align=absMiddle LocalFile="yes"> <TD class=txt_8c width=99> <TD width=1> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036497" align=absMiddle LocalFile="yes"> <TD class=txt_8c width=193><B>리버설 구축</B> <TD width=1> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036497" align=absMiddle LocalFile="yes"> <TD class=txt_8c width=192><B>만기지수 90P일때 손익</B> <TD width=1> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036497" align=absMiddle LocalFile="yes"> <TD class=txt_8c width=191><B>만기지수 110P일때 손익</B> <TD width=1 bgColor=#c7c6c1> <IMG height=24 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036496" width=1 align=absMiddle LocalFile="yes"> </TD></TR></TBODY></TABLE> <TABLE style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 2px; BORDER-COLLAPSE: collapse" borderColor=#c7c6c1 cellSpacing=0 cellPadding=0 rules=cols width=680 border=1> <COLGROUP> <COL bgColor=#f4f2ea align=middle width=99> <COL align=middle width=193> <COL align=middle width=192> <COL align=middle width=191> <TBODY> <TR height=61> <TD class=txt_7f>합성선물매도 <TD class=txt_7f>콜옵션100 5계약매수@3P<BR>풋옵션100 5계약매도@2P<BR><SPAN class=txt_p01>합성선물매수가격 : 101P</SPAN> <TD class=txt_7f>콜옵션100 : -15<BR>풋옵션100 : -40<BR><SPAN class=txt_p01>합성선물매도 : -55</SPAN> <TD class=txt_7f>콜옵션100 : 35<BR>풋옵션100 : 10<BR><SPAN class=txt_p01>합성선물매도 : 45</SPAN> </TD> <TR> <TD background=http://cafe.naver.com/img/i_dotline03.gif colSpan=4 height=1></TD> <TR height=24> <TD class=txt_7f>선물매수 <TD class=txt_7f>KOSPI 200선물 1계약 매도@102P <TD class=txt_7f>60 <TD class=txt_7f>-40 </TD> <TR> <TD bgColor=#c7c6c1 colSpan=4 height=1></TD> <TR height=24> <TD class=txt_p01><B>포지션손익</B> <TD class=txt_p01><B>5</B> <TD class=txt_p01><B>5</B> <TD class=txt_p01><B>5</B> </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR> <TD height=26></TD> <TR> <TD bgColor=#e2dccf height=1></TD> <TR> <TD height=10></TD></TR></TBODY></TABLE><A class=con_link target=_blank name=#03></A> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR vAlign=top> <TD style="PADDING-TOP: 14px" width=134> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036502" align=absMiddle LocalFile="yes"> <TD align=right><A class=con_link href="http://www.goodi.com/edu/invest/fut/Invest_fut06_03.htm#01" target=_blank></A>  <A class=con_link href="http://www.goodi.com/edu/invest/fut/Invest_fut06_03.htm#02" target=_blank></A>  <A class=con_link href="http://www.goodi.com/edu/invest/fut/Invest_fut06_03.htm#03" target=_blank></A> </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=6></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL width=14> <COL width=666> <TBODY> <TR> <TD style="PADDING-TOP: 2px"> <IMG class=bu02 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036499" align=absMiddle LocalFile="yes"> <TD class=txt_66><B>헤지거래</B> </TD> <TR> <TD height=3></TD> <TR> <TD bgColor=#e2dccf colSpan=2 height=1></TD> <TR> <TD height=10></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL width=11> <COL width=669> <TBODY> <TR style="PADDING-LEFT: 15px; PADDING-BOTTOM: 3px"> <TD class=txt_7f> <P>주식을 보유하고 있는 상태에서 주가하락위험에 노출되는데, 이러한 위험을 제한시키고, 동시에 이익도 획득하고자 하는 전략이 헤지거래입니다. 선물을 이용할 경우 위험을 완전히 상쇄시키는 대신 이익획득기회도 없어지지만, KOSPI 200 옵션을 이용하면 옵션의 비대칭적 손익구조로 인하여 이익획득기회도 확보할 수 있습니다.<BR>이러한 헤지거래 구축과정과 최종손익을 아래도표에서 요약된 내용을 살펴보고, 커버드콜과 방어적풋을 실제사례를 들어 살펴보도록 하죠. </P> <P> </P> <P> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR> <TD class=txt_66><B>헤지거래</B> </TD> <TR> <TD height=3></TD> <TR> <TD bgColor=#e2dccf colSpan=2 height=1></TD> <TR> <TD height=10></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL width=11> <COL width=669> <TBODY> <TR style="PADDING-LEFT: 15px; PADDING-BOTTOM: 3px"> <TD class=txt_7f>주식을 보유하고 있는 상태에서 주가하락위험에 노출되는데, 이러한 위험을 제한시키고, 동시에 이익도 획득하고자 하는 전략이 헤지거래입니다. 선물을 이용할 경우 위험을 완전히 상쇄시키는 대신 이익획득기회도 없어지지만, KOSPI 200 옵션을 이용하면 옵션의 비대칭적 손익구조로 인하여 이익획득기회도 확보할 수 있습니다.<BR>이러한 헤지거래 구축과정과 최종손익을 아래도표에서 요약된 내용을 살펴보고, 커버드콜과 방어적풋을 실제사례를 들어 살펴보도록 하죠. </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR bgColor=#c9c6c1> <TD height=1></TD></TR></TBODY></TABLE> <TABLE style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 2px; BORDER-COLLAPSE: collapse" borderColor=#c7c6c1 cellSpacing=0 cellPadding=0 rules=rows width=680 border=1 frame=above> <TBODY> <TR align=middle bgColor=#eae5d6 height=24> <TD width=1 bgColor=#c7c6c1> <IMG height=24 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036496" width=1 align=absMiddle LocalFile="yes"> <TD class=txt_8c width=99> <TD width=1> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036497" align=absMiddle LocalFile="yes"> <TD class=txt_8c width=288><B>커버드콜(콜옵션매도)</B> <TD width=1> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036497" align=absMiddle LocalFile="yes"> <TD class=txt_8c width=289><B>방어적풋(풋옵션매수)</B> <TD width=1 bgColor=#c7c6c1> <IMG height=24 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036496" width=1 align=absMiddle LocalFile="yes"> </TD></TR></TBODY></TABLE> <TABLE style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 2px; BORDER-COLLAPSE: collapse" borderColor=#c7c6c1 cellSpacing=0 cellPadding=0 rules=cols width=680 border=1> <COLGROUP> <COL bgColor=#f4f2ea align=middle width=99> <COL align=middle width=288> <COL align=middle width=289> <TBODY> <TR height=24> <TD class=txt_7f>구축조건 <TD class=txt_7f>소폭의 주가하락 예상시 <TD class=txt_7f>큰폭의 가격하락 예상시 </TD> <TR> <TD background=http://cafe.naver.com/img/i_dotline03.gif colSpan=3 height=1></TD> <TR height=42> <TD class=txt_7f>헤지종목선택 <TD class=txt_7f>상승시 높은이익 원할경우 OTM매도<BR>하락시 손실최소화를 원할경우 ITM매도 <TD class=txt_7f>하락시 손실한정 원할경우 ITM매수<BR>상승시 이익확보 원할경우 OTM매수 </TD> <TR> <TD background=http://cafe.naver.com/img/i_dotline03.gif colSpan=3 height=1></TD> <TR height=105> <TD class=txt_p01><B>만기손익</B> <TD class=txt_p01 style="PADDING-LEFT: 3px" align=left> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036503" align=absMiddle LocalFile="yes"> <B>소폭의 가격변동시 :</B><BR> <IMG height=2 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036504" width=1 align=absMiddle LocalFile="yes"><BR>  콜옵션매도프리미엄만큼 이익획득<BR> <IMG height=4 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036505" width=1 align=absMiddle LocalFile="yes"><BR> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036503" align=absMiddle LocalFile="yes"> <B>큰폭의 가격변동시 :</B><BR> <IMG height=2 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036504" width=1 align=absMiddle LocalFile="yes"><BR>  옵션매도프리미엄만큼 이익,손실규모 축소<BR>  이익한정,손실무한대 <TD class=txt_p01 style="PADDING-LEFT: 3px" align=left> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036503" align=absMiddle LocalFile="yes"> <B>큰폭의 가격하락시 :</B><BR> <IMG height=2 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036504" width=1 align=absMiddle LocalFile="yes"><BR>  풋옵션이익으로 주식손실을 한정<BR> <IMG height=4 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036505" width=1 align=absMiddle LocalFile="yes"><BR> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036503" align=absMiddle LocalFile="yes"> <B>큰폭의 가격상승시 :</B><BR> <IMG height=2 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036504" width=1 align=absMiddle LocalFile="yes"><BR>  옵션매수프리미엄만큼 이익축소 </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR> <TD height=18></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL width=4> <COL width=11> <COL width=665> <TBODY> <TR> <TD> <TD vAlign=top> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036456" align=absMiddle LocalFile="yes"> <TD class=txt_98><B>커버드콜(Covered Call) 구축과 손익</B> </TD> <TR height=5> <TD colSpan=3></TD> <TR> <TD> <TD vAlign=top> <TD class=txt_7f>주식을 보유하고 있는 상태에서 주가하락위험을 헤지하면서 주가상승시 이익을 확보하고 싶은 경우 커버드콜(OTM옵션매도)을 구축하여 만기지수에 따른 손익을 살펴보도록 하죠. </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=8></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 width=680 border=0 cellapdding="0"> <COLGROUP> <COL width=60> <COL width=620> <TBODY> <TR vAlign=top> <TD rowSpan=6> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036457" align=absMiddle LocalFile="yes"> <TD class=txt_8c style="PADDING-BOTTOM: 3px; PADDING-TOP: 12px"><B>커버드콜의 만기손익그래프</B> </TD> <TR height=1> <TD background=http://cafe.naver.com/img/i_dot_width.gif></TD> <TR height=8> <TD></TD> <TR> <TD class=txt_7f> <IMG class=bu01 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036460" align=absMiddle LocalFile="yes"><B>현재 KOSPI 200지수 100P, 주식대신 선물 매수 1계약(매수가격 100P) 보유시<BR>  콜옵션 105 매도 5계약(매도가격 1P) </B></TD> <TR height=2> <TD></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 bgColor=#ffffff border=0> <COLGROUP> <COL width=7> <COL vAlign=top width=666> <COL width=7> <TBODY> <TR vAlign=top height=7> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036461" LocalFile="yes"></TD> <TD background=http://cafe.naver.com/edu/img/i_box_bg01.gif></TD> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036462" LocalFile="yes"></TD></TR> <TR> <TD background=http://cafe.naver.com/edu/img/i_box_bg03.gif></TD> <TD class=txt_7f style="PADDING-RIGHT: 10px; PADDING-LEFT: 10px; PADDING-BOTTOM: 10px; PADDING-TOP: 10px" align=middle> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036506" align=absMiddle LocalFile="yes"> <TD background=http://cafe.naver.com/edu/img/i_box_bg04.gif></TD></TR> <TR> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036464" LocalFile="yes"></TD> <TD background=http://cafe.naver.com/edu/img/i_box_bg02.gif></TD> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036465" LocalFile="yes"></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=13></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 width=680 border=0 cellapdding="0"> <COLGROUP> <COL width=60> <COL width=620> <TBODY> <TR vAlign=top> <TD rowSpan=6> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036458" align=absMiddle LocalFile="yes"> <TD class=txt_8c style="PADDING-BOTTOM: 3px; PADDING-TOP: 12px"><B>포지션의 만기손익</B> </TD> <TR height=1> <TD background=http://cafe.naver.com/img/i_dot_width.gif></TD> <TR height=8> <TD></TD> <TR> <TD class=txt_7f>큰폭하락시 손실위험헤지보다 상승시 이익을 확보하는 부분에 초점을 맞추어 현재 KOSPI 200지수가 100P인 상태에서 OTM옵션을 매도한 결과 주가상승시 더 큰 폭의 이익이 발생되고, 반대로 주가가 조금만 하락하여도 손실이 발생되기 시작하고, 손실규모는 ITM옵션을 매도했을 때보다 커집니다. </TD> <TR height=2> <TD></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 width=680 border=0 cellapdding="0"> <TBODY> <TR> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036507" align=absMiddle LocalFile="yes"></TD> <TR height=9> <TD></TD> <TR> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036508" align=absMiddle LocalFile="yes"></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL width=4> <COL width=11> <COL width=665> <TBODY> <TR> <TD> <TD vAlign=top> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036456" align=absMiddle LocalFile="yes"> <TD class=txt_98><B>방어적풋(Protective Put) 구축과 손익</B> </TD> <TR height=5> <TD colSpan=3></TD> <TR> <TD> <TD vAlign=top> <TD class=txt_7f>주식을 보유하고 있는 상태에서 주가하락위험을 헤지하면서 주가하락시 손실한정을 하고 싶은 경우 방어적풋(ITM옵션매수)을 구축하여 만기지수에 따른 손익을 살펴보도록 하죠. </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=8></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 width=680 border=0 cellapdding="0"> <COLGROUP> <COL width=60> <COL width=620> <TBODY> <TR vAlign=top> <TD rowSpan=6> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036457" align=absMiddle LocalFile="yes"> <TD class=txt_8c style="PADDING-BOTTOM: 3px; PADDING-TOP: 12px"><B>방어적풋의 만기손익그래프프</B> </TD> <TR height=1> <TD background=http://cafe.naver.com/img/i_dot_width.gif></TD> <TR height=8> <TD></TD> <TR> <TD class=txt_7f> <IMG class=bu01 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036460" align=absMiddle LocalFile="yes"><B>현재 KOSPI 200지수 100P, 주식대신 선물 매수 1계약(매수가격 100P) 보유시<BR>  풋옵션 105 매수 5계약(매수가격 6P)</B> </TD> <TR height=2> <TD></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 bgColor=#ffffff border=0> <COLGROUP> <COL width=7> <COL vAlign=top width=666> <COL width=7> <TBODY> <TR vAlign=top height=7> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036461" LocalFile="yes"></TD> <TD background=http://cafe.naver.com/edu/img/i_box_bg01.gif></TD> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036462" LocalFile="yes"></TD></TR> <TR> <TD background=http://cafe.naver.com/edu/img/i_box_bg03.gif></TD> <TD class=txt_7f style="PADDING-RIGHT: 10px; PADDING-LEFT: 10px; PADDING-BOTTOM: 10px; PADDING-TOP: 10px" align=middle> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036509" align=absMiddle LocalFile="yes"> <TD background=http://cafe.naver.com/edu/img/i_box_bg04.gif></TD></TR> <TR> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036464" LocalFile="yes"></TD> <TD background=http://cafe.naver.com/edu/img/i_box_bg02.gif></TD> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036465" LocalFile="yes"></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=13></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 width=680 border=0 cellapdding="0"> <COLGROUP> <COL width=60> <COL width=620> <TBODY> <TR vAlign=top> <TD rowSpan=6> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036458" align=absMiddle LocalFile="yes"> <TD class=txt_8c style="PADDING-BOTTOM: 3px; PADDING-TOP: 12px"><B>포지션의 만기손익</B> </TD> <TR height=1> <TD background=http://cafe.naver.com/img/i_dot_width.gif></TD> <TR height=8> <TD></TD> <TR> <TD class=txt_7f>주가상승시 이익확보보다 주가의 큰폭하락시 손실위험헤지에 초점을 맞추어 현재 KOSPI 200지수가 100P인 상태에서 ITM옵션을 매수한 결과 OTM옵션을 매수했을 때보다 지수하락폭이 더 커야 손실이 발생되기 시작하고, 손실규모도 작아지는 이점이 있지만, 그 대가로 주가상승시 이익규모는 작아집니다. </TD> <TR height=2> <TD></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 width=680 border=0 cellapdding="0"> <TBODY> <TR> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036510" align=absMiddle LocalFile="yes"></TD> <TR height=9> <TD></TD> <TR> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036511" align=absMiddle LocalFile="yes"></TD></TR></TBODY></TABLE></P> <P> </P> <P> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR vAlign=top> <TD style="PADDING-TOP: 14px" width=134> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036512" align=absMiddle LocalFile="yes"> <TD align=right></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=10></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL bgColor=#f6f3eb width=10> <COL bgColor=#f6f3eb width=660> <COL bgColor=#f6f3eb width=10> <TBODY> <TR height=10> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036443" align=absMiddle LocalFile="yes"></TD> <TD> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036444" align=absMiddle LocalFile="yes"></TD></TR> <TR bgColor=#f6f3eb> <TD> <TD style="PADDING-RIGHT: 0px; PADDING-LEFT: 10px; PADDING-BOTTOM: 10px; PADDING-TOP: 10px"> <TABLE cellSpacing=0 cellPadding=0 width=650 border=0> <TBODY> <TR vAlign=top> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036491" align=absMiddle LocalFile="yes"> <TD style="PADDING-LEFT: 10px; PADDING-TOP: 6px"> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036513" align=absMiddle LocalFile="yes"> <TD width=1 background=http://cafe.naver.com/img/i_wline.gif height=65> <IMG height=65 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036493" width=1 align=absMiddle LocalFile="yes"> <TD style="PADDING-LEFT: 20px"> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036494" align=absMiddle LocalFile="yes"> <TD style="PADDING-LEFT: 10px; PADDING-TOP: 6px"> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036514" align=absMiddle LocalFile="yes"> </TD></TR></TBODY></TABLE> <TD></TD> <TR height=10> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036449" align=absMiddle LocalFile="yes"></TD> <TD> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036450" align=absMiddle LocalFile="yes"></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=13></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR> <TD class=txt_7f> <P><SPAN class=txt_p01>합성전략은 옵션을 합성하여 선물과 동일한 상품을 만들거나, 선물과 옵션을 합성하여 옵션과 동일한 상품을 만들어내어 동일손익을 획득하는 것을 말합니다.</SPAN><BR>예를들어 선물매수와 풋옵션매수를 결합하면 콜매수와 동일한 손익구조를 가지는 합성콜매수포지션이 되고, 이 전략은 콜매수를 사용하는 경우와 동일하게 향후 시장이 큰 폭으로 상승할 것이라고 예상할 경우 사용하게 됩니다. 다만, 콜매수를 사용하는 경우보다 포지션구축시 발생하는 호가갭으로 인한 손실, 매매수수료 등의 비용이 더 발생하게 된다는 점을 감안하여 전략을 구축해야 되겠죠.<BR>그렇다면 어떤 상품들을 합성하면 동일한 수익구조를 만드는 합성포지션을 만들 수 있는지 아래표를 통해서 살펴보도록 하죠. </P> <P> </P> <P>그렇다면 어떤 상품들을 합성하면 동일한 수익구조를 만드는 합성포지션을 만들 수 있는지 아래표를 통해서 살펴보도록 하죠. <TABLE cellSpacing=0 cellPadding=0 width=0 border=0> <TBODY> <TR> <TD height=14></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL width=14> <COL width=666> <TBODY> <TR> <TD> <IMG class=bu02 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036499" align=absMiddle LocalFile="yes"> <TD class=txt_66><B>합성전략</B> </TD> <TR> <TD height=3></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR bgColor=#c9c6c1> <TD height=1></TD></TR></TBODY></TABLE> <TABLE style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 2px; BORDER-COLLAPSE: collapse" borderColor=#c7c6c1 cellSpacing=0 cellPadding=0 rules=rows width=680 border=1 frame=above> <TBODY> <TR align=middle bgColor=#eae5d6 height=24> <TD width=1 bgColor=#c7c6c1> <IMG height=24 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036496" width=1 align=absMiddle LocalFile="yes"> <TD class=txt_8c width=168><B>합성포지션</B> <TD width=1> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036497" align=absMiddle LocalFile="yes"> <TD class=txt_8c width=169><B>구성방법</B> <TD width=1> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036497" align=absMiddle LocalFile="yes"> <TD class=txt_8c width=168><B>합성포지션</B> <TD width=1> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036497" align=absMiddle LocalFile="yes"> <TD class=txt_8c width=170><B>구성방법</B> <TD width=1 bgColor=#c7c6c1> <IMG height=24 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036496" width=1 align=absMiddle LocalFile="yes"> </TD></TR></TBODY></TABLE> <TABLE style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 2px; BORDER-COLLAPSE: collapse" borderColor=#c7c6c1 cellSpacing=0 cellPadding=0 rules=cols width=680 border=1> <COLGROUP> <COL bgColor=#f4f2ea align=middle width=168> <COL align=middle width=169> <COL bgColor=#f4f2ea align=middle width=168> <COL align=middle width=170> <TBODY> <TR height=24> <TD class=txt_7f>합성콜매수 <TD class=txt_7f>풋매수 + 선물매수 <TD class=txt_7f>합성풋매도 <TD class=txt_7f>콜매도 + 선물매수 </TD> <TR> <TD background=http://cafe.naver.com/img/i_dotline03.gif colSpan=4 height=1></TD> <TR height=24> <TD class=txt_7f>합성콜매도 <TD class=txt_7f>풋매도 + 선물매도 <TD class=txt_7f>합성선물매수 <TD class=txt_7f>콜매수 + 풋매도 </TD> <TR> <TD background=http://cafe.naver.com/img/i_dotline03.gif colSpan=4 height=1></TD> <TR height=24> <TD class=txt_7f>합성풋매수 <TD class=txt_7f>콜매수 + 선물매도 <TD class=txt_7f>합성선물매도 <TD class=txt_7f>콜매도 + 풋매수 </TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR> <TD height=25></TD></TR></TBODY></TABLE></P> <P> </P> <P> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR height=25> <TD></TD> <TR> <TD> <IMG src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036515" align=absMiddle LocalFile="yes"> </TD> <TR height=20> <TD></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR bgColor=#f4f2ea height=4> <TD></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD height=9></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width=680 border=0> <TBODY> <TR> <TD class=txt_66> <IMG class=bu10 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036455" align=absMiddle LocalFile="yes"><B>옵션투자전략 요약</B> </TD> <TR height=4> <TD></TD></TR></TBODY></TABLE> <TABLE style="BORDER-RIGHT: #c9c6c1 1px solid; PADDING-RIGHT: 5px; BORDER-TOP: #c9c6c1 2px solid; PADDING-LEFT: 5px; PADDING-BOTTOM: 0px; BORDER-LEFT: #c9c6c1 1px solid; PADDING-TOP: 2px; BORDER-BOTTOM: #c9c6c1 1px solid; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=680 border=0> <COLGROUP> <COL bgColor=#f4f2ea align=middle width=80> <COL style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px" width=1> <COL bgColor=#f9f7f3 align=middle width=84> <COL style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px" width=1> <COL align=middle width=169> <COL style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px" width=1> <COL align=left width=342> <TBODY> <TR bgColor=#eae5d6 height=24> <TD class=txt_8c align=middle colSpan=3><B>전략</B> <TD> <IMG height=11 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036451" width=1 LocalFile="yes"></TD> <TD class=txt_8c align=middle><B>구성방법</B> <TD> <IMG height=11 src="https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Ftfile.nate.com%2Fdownload.asp%3FFileID%3D5036451" width=1 LocalFile="yes"></TD> <TD class=txt_8c align=middle><B>목적</B> </TD> <TR style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px" bgColor=#c9c6c1 height=1> <TD colSpan=7></TD> <TR height=42> <TD class=txt_8c rowSpan=3>방향성<BR>전략 <TD bgColor=#c9c6c1 rowSpan=17> <TD class=txt_7f>스프레드 <TD bgColor=#c9c6c1 rowSpan=17> <TD class=txt_7f>행사가격이 다른 옵션을<BR>동일수량 매수,매도 <TD bgColor=#c9c6c1 rowSpan=17> <TD class=txt_7f>예상과 동일방향변동시 이익한정,<BR>예상과 반대방향변동시 손실한정 </TD> <TR style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px" height=1> <TD background=http://cafe.naver.com/img/i_dotline03.gif colSpan=5></TD> <TR height=42> <TD class=txt_7f>레이쇼<BR>스프레드 <TD class=txt_7f>기존스프레드에서 매도수량<BR>의 비율을 더 높임 <TD class=txt_7f>주가변동이 없거나 동일방향변동시 이익획득, 손실한정<BR>예상과반대방향으로 큰폭의 주가변동시 손실무한대 </TD> <TR style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px" bgColor=#c9c6c1 height=1> <TD colSpan=7></TD> <TR height=42> <TD class=txt_8c rowSpan=5>변동성<BR>전략 <TD class=txt_7f>스트래들 <TD class=txt_7f>동일행사가격 콜옵션과<BR>풋옵션을 매수 또는 매도 <TD class=txt_7f>변동성확대예상시 매수하고 이익무한대,손실한정<BR>변동성축소예상시 매도하고 이익한정,손실무한대 </TD> <TR style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px" height=1> <TD background=http://cafe.naver.com/img/i_dotline03.gif colSpan=5></TD> <TR height=42> <TD class=txt_7f>스트랭글 <TD class=txt_7f>행사가격이 다른 콜옵션,<BR>풋옵션을 매수 또는 매도 <TD class=txt_7f>스트래들보다 이익발생구간이 증가하지만, 그러한 위험관리<BR>대가로 이익규모는 스트래들에 비하여 축소 </TD> <TR style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px" height=1> <TD background=http://cafe.naver.com/img/i_dotline03.gif colSpan=5></TD> <TR height=42> <TD class=txt_7f>콜풋<BR>레이쇼 <TD class=txt_7f>스트랭글매도+ITM이나 OTM<BR>옵션매수 <TD class=txt_7f>스트랭글매도보다 이익발생구간증가하고,<BR>이익규모는 축소 </TD> <TR style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px" bgColor=#c9c6c1 height=1> <TD colSpan=7></TD> <TR height=42> <TD class=txt_8c rowSpan=3>차익<BR>거래 <TD class=txt_7f>컨버젼 <TD class=txt_7f>합성선물매도+선물매수 <TD class=txt_7f>합성선물이 고평가시 합성선물매도,선물매수하여<BR>무위험이익획득 </TD> <TR style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px" height=1> <TD background=http://cafe.naver.com/img/i_dotline03.gif colSpan=5></TD> <TR height=42> <TD class=txt_7f>리버설 <TD class=txt_7f>합성선물매수+선물매도 <TD class=txt_7f>합성선물이 저평가시 합성선물매수,선물매도하여<BR>무위험이익획득 </TD> <TR style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px" bgColor=#c9c6c1 height=1> <TD colSpan=7></TD> <TR height=42> <TD class=txt_8c rowSpan=3>헤지<BR>거래 <TD class=txt_7f>커버드콜 <TD class=txt_7f>주식매수+콜매도 <TD class=txt_7f>예상대로 소폭주가하락시 손실한정<BR>예상과 반대로 큰폭의 가격변동시 이익한정,손실무한대<BR>풋매도와 동일손익구조 </TD> <TR style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px" height=1> <TD background=http://cafe.naver.com/img/i_dotline03.gif colSpan=5></TD> <TR height=42> <TD class=txt_7f>방어적풋 <TD class=txt_7f>주식매수+풋매수 <TD class=txt_7f>예상대로 큰폭의 가격하락시 손실한정,<BR>큰폭의 가격상승시 이익무한대<BR>콜매수와 동일손익구조 </TD></TR></TBODY></TABLE></P></TD></TR></TBODY></TABLE></P></TD></TR></TBODY></TABLE></P></TD></TR></TBODY></TABLE></DIV></TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 cellPadding=0 width="100%" bgColor=#fafafa border=0> <TBODY> <TR> <TD align=middle> <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0> <TBODY> <TR> <TD style="PADDING-RIGHT: 0px; PADDING-LEFT: 13px; PADDING-BOTTOM: 0px; PADDING-TOP: 3px" noWrap>[ 이야기주제 : <A href="http://blog.moneta.co.kr/blog.intro.section.screen?sectionId=2">증권</A> > <A href="http://blog.moneta.co.kr/blog.intro.section.screen?sectionId=12&isParentId=false">선물옵션</A>]</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE></P>