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Mo0JY4FOvERRwu4nARh6stcVTR0iRhOk3j6QYbRxQAADaShBpN6+mGOwVHFAAA86nxqxtm0TRd3eDFOA9oEa5uAKqZ4bEb0Ap6RIFTDwAw9xpPEhgquqVIFABg7jWbJNweyNbJpvTT+w/0pXe97tkBX8jO+rX0+sk8/Z5cr+8kNePU20K0WV+fhNb0xD1+c5coNJkstKlHML2kXcThIg4XcbjaEkcVjSYJt29PRDaf3I2uuHvpuVFRiGGdQ7Q5q7LOjACA+dNoktC/uZKOvJXV7DC+93RDiGGdQ7Q549pwRAEAEFejVzek4zZc97KhoofToYd1TtXcZr4fwqRDRbe5XpOE4+Ofpc9jLpf6oXmsLzNUtEH9EPVD81r//Pn3k38Xarm6ofEkwd7ZaifGLXktl7vD3+yp2wNZ3UqCThOJWzkYTsiuVKy3mgzSpkWPikz1JZCPMEcTOA2BGLgEEnicfZT37OwXs3EJ5NrGthyd3p9iSE8/5MdgDjGsc4g25wjJAQA0z5wC1qLbZVPq1OzVDWuH0l/ZT/6Dwz4J+yv97KjChewsmCsI1uTwvCN7S8k8S3vSOc+Geq5cH6LNMOxDSU0aFYd+EM2HM7S2rA81De9NTMThIg4XcbjqiCNGYmBrNklILO5eJv/BQVruTzMwVPQ0MB/MGIkCAMwzkxio0ImBrfEkwY+hoqdF+mHlpksAUDuTGGjR7WzM5MBg7IYAZr3joo+d4QJ1ouMi5on9g0sTA71XTVWM3dBS83a6wcYRBQAYnzlioO6OGIyRINSNJKFG83i6wcF4DwBQmkkMHiQHLUKS0EJT3RM3QKLQlvWhZqmXdB2Iw0UcLuJwmTh8iUHbkgODJAH1sxKFOpMFAJhWui3UOyHqY9sTA1trkgS92+Lqgd6tyCPAsM4h2pznPgkPaKKgXwJOPwCYU+aHkkkM9Jb205AY2NpxdYPeJnlpT6TXd2/JnNKbIO3LSj+7PfLSjbwY6M2MqtbbQrR5TxOJebu6YaSFj5NUYfgxm7YvCJrH1Q2YNvYPoya2eTN2dcOtHGydSGe7m03nhBjWOUSbKJadfgCAWZU/amDKtGs8Sbg92JKTzdfyo5WsIi/EsM4h2sRo9FMAMGNmNTGwNXu6wRqNUXwjQCrtC1DjsM6pmtvM90OYdKhoZV4rM/+01ZskoeyQ03adGne5atJ6nTaPRp3tG9QPaX2ZoaJ12jwaZds3qB+qs16nzaNRZ/tGzPrhMMxDZhummorHV392dpHEdpwkLJOfbhBNEkx5//590uZg8OHDh/QxtH6vq/8Dp3R7/ezVTL836HZ7g2Ftf9DrdgfpLFXrbSHatOj/4+zsLHn21Vjl+PiNtz52CRpH+n4nT32v5Upb1oeWuXhvKpQYcfz+B9/21tuF98UtxOGWOuLQ7ZUpvtfLlFjrQ/c/uh8a16tXr9I8QB8bPd1gD+6UJAySJAgPjySEGNY5RJuohtMPAFrObJ+06PZqFk8nPKY1YzfoJZD3pxv0aoJT2TBXEOjpgfUjfSbb59apg0r1Idr04+qGakySMG9fPpTD1Q2Iyf7Rkna4Tn7QTJuZHLtBjyowVPR8SrPz7KgCAMRmjhbYP1jSHy1TmCDUrTVJgouhoucOpx8AROZLDNLkAHdamiQsyu5u3bvzEG2GYfdcbVL0ODRRyL6gdqLQlvWh5va9KUAcLuJwtTUOX3IQQ1vWRxUtTRKmE6cb6pF+aTmqAKBGZnuixSQGsZKDaUaSUCNON9QoO6qgyYIZFAUAqjBJgW5DSAzG05qrG2YJVzfUjLEf5hpXN6Aq+0fFPG4zZvLqBqBQ1qmRKyAAFDFHDbRw1KA+DScJt3Kwqhv+rBSNwaz3KMjmqWtY5xBt0ichIL0UiSsgAFhIDMJrNEnQwZ32OufJm6r3H+hL73rdswO+kJ31a+n1k3n6Pble30lqxqm3hWizvj4J9Ex2OXFYfRWaSBZ4b1zE4SIOV4g4xkkMeF/G12iSkN6W+e7ORIvyZLMr1/kxmEMM6xyiTcSVHVVQTSQLAOKyv+dlEgPUo0V9Ei7ks72OvMiP3RBiWOcQbSI+66iCIlEAZotJDLTo95zkIL6WXN1wITsL+7LSv5R8jpD2BahxWOdUzW3m+yFMOlQ09UNV6p89//v00VwF0dYhXBX1Q2XrywwVbVA/NM31drKf/gDQ/kiZJuJR01Zf51DRzScJtweyunQim74EQenrW0nQl7vJb3jt6JhOyK5UrLfbDtGmRTs3cglkQxY+Hj5kyQK/OqYfl0DOvlGJAaqbnUsg0wThRl4Mine4QYZ1DtEm2kE3LtZpCHOoEkD72N/Pu1MJJAit0miScPHZnlzJkaxnlxZqWT3QPbGefjBXEKzJ4XlH9paS15f2pHOeDfVcuT5Em2HYh5KaNPVxaLKQHlNI3reakgXeGxdxuIjDVRSHNzkIiPdlfI0mCWuHg+TD4ZbhcNEMFY2amCMLNScLAKox3z0tJjEInRxgci26usHGUNGoGckCEJ0Zd4XEYHoxdkMAdFycAnRwnBp0XJwu+eSb71Z8jN0ATKrgyEJ+AwegHPv7w1GD2UGSUCP6JEwhkyzoBo2EAajE/q6QGMwmkoQaMXZDGNHiyB1d8CUMvDcu4nDNQxz2d+KxxID3xdWWOKogSQDysmTBThiUbhRNRyxg3pjEQHHEYH6QJACjeI4u6MbRbDBJGDDL7M+5+eyTHMwXrm4oS8d7WD9Kn26f+++VYPoj6NgNXN0ww7IrIwxNHfLYkNaHqxvishPf9CiaJsqYKlzdEN2F7KxfS68/kEG/J9fr5s6NLu6TMCeyowtm45k/ypA/0mAXoI3sz6hzxIAEYe6RJJRx+06uu5vyJB3H4Ylsdq/lnd49GrATBi16lCEpTuKQbXSVvTEuKkAs9meOxAA+JAll9G/kqrMswzGdFmW5cyU3/XQiCHriutrUI/jRWPJJg9ng+hIHT0lntRKGmOVRWQI0dgmIz6qrKI78e55+7kxyEADvi6stcVRBn4QytD/C6YYMso4IFzsLcrpx3y8hf28E7ZPw6aefZlPiPP/1r3+dPSuuV+a1MvPPer1dp2ItV+Xrddo8GnW2r/5hfz99/Otsuu72Vb5+f/8fsql6fPrpX2fP7pdr/l95/+HFi5Fxfrn9T/JnR383Mn6dNo/GqPmNeam331+TjOp6N0ItV6fNo1Fn+wb1Q3a9Pq+jTwJJQhk6pPVWsuIud2VRbuVgOFE4vLW5LfN3v/s3WU01mm0+e/Ysm2oOcTzEOnH54vj44z/LnhX76qsvs2cif/Lxv8qeDf3xq/+bPRv6evvfyUdH/yOb8uN9ceXfA5MY5NdtaLwvrlhx/PKX/722joskCaXoMNP7stJPEgNJEoalG3kxKB4uetIkAZhlRUmESRzyScP/+/d/9WiSAHe9mqRAxU4M0Lw6kwT6JJSyJofnHdlbWpCFpT3pnBcnCABG02TAV3QnpyXfU+OP3f+WJg6m4J5ZZyZBMGtNEwNTgEmQJJS1dphmZVp890hQjN0AjM+XOKi/kL91koZ5TxjsxOB+rSyk64vEAHUjSagRYzeE0ZY4FOvEFToO3fH9n6t/6SQNdsJgdpZtSRjqXh92QmCKnRgUHTHgc+oijvGRJACYGiZZsIuyEwYt08r+P5j/h50U6P+3KDEAQiBJqBGnG4D4dMf55s1/dZIG3862jXxxkhSgTbi6IQCubgDqU+YSSB/7FITucouYxCKkokRFE4E8kgFMiqsbAOAR9i/w/K/zUUcdQhSzPDsOLcqOUwvQJiQJAGaevRO2r47IJw11FjsZMMvLx6IFaLOGkwS9e+FCeng+LTu+sRUTelvkbB5nlqr1tgBt1tUngZ64rjb1CGaduKYxjvwO2t6BV2X+1lfs5dglBj4fLuIYX6NJwu3Blux1zrP7D/Sld73u2QEXDdNctd4Wok2Gigamjb3z9u3oHyv232v52Zv/cvccmAWNJgmLu5d3gybp6IpPNrtynR+DuWiY5qr1thBtAphq9s6+bAFmXYv6JFzIZ3sdeZEfNalomOaq9bYQbdaoDQORKOJ4iHXiIg4XcbiIw9WWOKpoySWQF/cDKA33xPe0L4BvmGapWG/fSrnmNvP9EHSo6OfPn8va2nfSafuDYZ+Ton6I+iHqh/L1f/75P8kffvh30ZdrUD9E/dA01F9c/EqOj49ruQQyapKgO9f1o2xi+3y409VhmJdOZNOXIKiiYZp1NMYq9XbbIdq0aOdG7pMA1GPc+yQA82pq75OwdjjIOikm5S5B0GGXi3e4srgsnasTeZv2DXgrJ1cdWdZ5q9bbQrRZIztLbBJxPMQ6cRGHizhcxOFqSxxVNNon4eKzPbmSI1nPLi3Usnqge2I9/WCuICgaprlqfYg2AQCYXY0mCc6RhaxcpocU1mRjezhPqmiY5kr1Idp0MXYDAGCWtHTshls5OOjL7m7B3ngsIdr0o08CUB/6JADVzMHYDYsBduYh2gQAYHYxCmQAeiQBAIAmzfCRhOlm+i4UFb2Pgq/elElf11LHPNMSh5a2LKctsRKHW4jDLcThllmNow4kCQAAwE9PN5jy/v37JPkYDD58+JA+ohlJFpg9axZxPMQ6cRGHizhcxOFqSxyPefXqVZoH6CNHEgAAgBcdFwEAwB06LgIAgEeRJAAAAC+SBAAA4EWSEJ0ONb1wN6DVws5wyCmlQ2nf1d8NRpW42Lmrt2afUHEctwer3vqYcTgxZGU4+FciSByq3etE2Z8RZ3mB1knl5cWOI2UP3paJGkfx+xV7fbTm85HR783d91Y1uD7Cb1OL44i7/agZl0DG1e91B7J9bqYGva4MhpP6vDvo9dMXLOeDbcnq+71BV7aTmskVxqHL6PaSmlx97DhszvLCxKFav07OtwfixGE+L4HWiS7vLg5dxmPvQew4lE7LQB7UxYuj+DMceX1Ufr8mNPJ9SaTLkkE3XbCKHYf9HbFFjkOXEXH7UQcugWzQ4u6lDO6GkVyUJ5tduX6XZNq3b+XkqiPLOgim7fadXHc35YnWLz6Rze616OyTKorj9u2JyOaTpGZYv3uZjXoZOQ6bDil+Nzx3oDhUmViGurKylDzEfm/eXUvXem+ebIqcvE0WGGqd6Mind3FYipYXO470F/ypbAzOxR7gNXYcxd/pyOuj6vs1qcL3RSXvzdaJdLaTNMGIHUfkbWpRHLG3qXUjSWjUhXy215EXOjx2/0aukg/Jfv6QlNZ3lu8+YMudK7nppxM1uo+jf3MlHXkrqw3Hcef2QPave/Ij892LEoeyYlnclcvXIlvpOtkSeX0paYiR18nickeuTt4mm191K29PrtJnoeMYHipdFzGJWtHyYseRLGP30jy3RI/DlvtONxBH6ferJr44bg+25GTztfxoJatQsePQ5TWwTc3H0ew2dXIkCY3R86j7stLPPtCahb5+La+ze2/3V/YjnaPKxZE4ShJfE8e5rDcWh9KjCPdZeCy5WPS8oeYG6TpJs4Vm1knyGTnv7MlSlqzcdKxfaQGlv5ST//vGabPnTdsfh/8zHEpRHLHX04PlJYn91smmvLaT/QgexNHQNtW3/pvZptaDJKEJyZdoNd2YZL9IjcXk12L2VKWHLJdWpHv97u7X47vr7FB3HQri2H6xexfH0kp26LSBOHSje3q07R5ZCBmH8sSSP8y/+2Jbjk6Tb3kD62TtcLihGQwuZUOSXyh6LDX0Osk8+lmIHUeRJuLwvV8Nr48o312LWZ4eXr+6GiazS3tXcrW3NOy82MT6iL1NtdhxRN+m1ogkITbdmCzdyItkI+/sEPXXai69THcAi8vSuToRPfVceI5tHAVxrG1kO8BMeqisgThS6Tm7FXG+N6HiUAWxuIf5k7fq9Ei6+m2OvU7sz0gyz36SQG3oT9ZQceQ+k49+FmLHUSR2HEXvV+w4qr5fkypYnvklnf5673Wl2+vLpa6YhteHamJ9RN+m1o2rG+I639ae2G4xvX/t1+57BCe012xWf9d5dkKj4kh7a+fqUpHjSJfnW1CAOFTZ98aJKfI6sV9zlhdhnZT6LMSOI2X3aM9EjGPU+xV7fVR+vyY0+n0ZbkuajKMt6yPmNrUO9tUNjN0AAADuMHYDAAB4FEkCAADwIkkAAABeJAkAAMCLJAEAAHiRJAAAAC+SBAAA4EWSAAAAvEgSAACAF0kCAADwKrwts96OEQAAzB9zW+bCJAEAAMwvb5Lwq1/9KpsCAADzzEkS/vE//cfsGQAAmHdOkgAAAGBwdQMAAPAiSQAAAF4kCQAAwIskAQAAeFXuuLj8bz7Jnvkl7WXPhsz8pl6nfc9VUdtF8xv23+Xb882vRrWVr8/X2cuzmXlGtW3k23tsmQAAxFb5SILuuIpKntnRabF3kKPY7Zkyir0MLWWWU8cO2F5mmbaqxllmHgAAQmrkdIPu/Nq4AzQ7cnbOAADUmCSYHWwZ5tf0OCZNMMrEWUeikI/TtGlKmf9/HXEAADCuSkmCvZPLF/t1w94xltkplqHt2G3Zy5hkOfm/Ne2OS/8+H4upy9cDANBG0e+4aO+M8zvmUTtlnS8//2N885ets+Vf12kfM0/Z+ZXON2r5o14DACCkqbotcx073xg73VHLqBpTjHgBAPCJdglkkSo7wKo707J1qmrbo5RtS58bdS0bAIC6jJUk1LVD880/7k6xbFtF7Wv9KJPGOWr+cV8DACCkmbjjYpUdqc6n8/voa74SWtEySBAAAE0KfrphFN9OMHT7qo7lhp5fFcUPAEAMU9VxsU5t3wGTIAAAmja3SQIAABhtJvokAACA+pEkAAAAL5IEAADgRZIAAAC8SBIAAICHyP8H+iflSuQKj30AAAAASUVORK5CYII=)
위의 그림은 외국인이 현재 취하고 있는 선물과 옵션의 합성포지션의 만기 기준 손익 구조도 입니다.
빨간색 수직선이 현재 지수이므로 현재 상태로는 손실 구간이지요..
이러한 손익 구조가 정확한 것은 아닙니다만, 증권사의 HTS에서 제공하는 프로그램이므로 일단은 어느 정도 맞는다고 가정하고 본다면...
현 상태로는 지수가 더 올라가도 거의 330선(KOSPI 한산시 거의 2500포인트 이상)까지 올라가기 이전까지는 계속 손실구간이고
아래로도 280선 중간(KOSPI 지수 환산시 거의 2200포인트)까지 내려가도 이익이 안나는 구간입니다.
따라서 이 상태로 지수가 대략 이 수준에서 진행된다고 가정한다면...당연히 외국인이 손실이 발생한다고 추정되므로
6월초 선물옵션 동시 만기일 이전..즉, 향후 6월8일 이전까지 외국이의 포지션 변화가 엄청 심하게 나타나겠다 예상해 볼 수 있을 듯 합니다.
따라서 향후 콜옵션을 다시 왕창 사고 풋을 파는 등의 극심한 포지션 변화가 있을 것이고, 이로 인해 시장의 지수 변동성도 덩달아 커질 수 있을 듯 합니다. 정신없는 날들이 되겠네요..ㅎ
재미로 예상해 보았습니다....
첫댓글 상세한 설명 감사드립니다^^ 질문마다 척척 설명을 해주시니 너무 좋아요.
개인들이 반대 포지션에 있는데 콜옵션 빼앗고 (외인 콜매수) 풋옵션 넘기려면 (외인 콜매도).. 좀 흔들수도 있겠네요
감사합니다 이런 그래프 어찌보나 궁금했는데 상세한 설명으로 쪼금 알겠습니다 ~ ^^
오^^ 그렇군요 감사합니다
감사합니다
음 6월 둘째주까지 변동성이 좀 나올 수도 있겠군요..
느끼는 것지만 주식을 볼때는 선물의 콜과 풋이 참중요 포인트가 될때가 많은것 같아요 감사합니나♥♥