{"id":30345,"date":"2023-12-07T09:11:44","date_gmt":"2023-12-07T09:11:44","guid":{"rendered":"https:\/\/masterskills.org\/blog\/quyen-chon-gia-thuc-hien-trung-binh-average-strike-option-la-gi.html"},"modified":"2023-12-23T06:12:46","modified_gmt":"2023-12-22T23:12:46","slug":"quyen-chon-gia-thuc-hien-trung-binh-average-strike-option-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/quyen-chon-gia-thuc-hien-trung-binh-average-strike-option-la-gi.html","title":{"rendered":"Quy\u1ec1n ch\u1ecdn gi\u00e1 th\u1ef1c hi\u1ec7n trung b\u00ecnh (Average Strike Option) l\u00e0 g\u00ec?"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda<\/p>\n<\/figcaption><\/figure>\n

Quy\u1ec1n ch\u1ecdn gi\u00e1 th\u1ef1c hi\u1ec7n trung b\u00ecnh<\/font><\/h2>\n

Kh\u00e1i ni\u1ec7m<\/b><\/p>\n

Quy\u1ec1n ch\u1ecdn gi\u00e1 th\u1ef1c hi\u1ec7n trung b\u00ecnh<\/b> trong ti\u1ebfng Anh l\u00e0 Average Strike Option<\/b>.<\/p>\n

Quy\u1ec1n ch\u1ecdn gi\u00e1 th\u1ef1c hi\u1ec7n trung b\u00ecnh<\/i> l\u00e0 m\u1ed9t lo\u1ea1i quy\u1ec1n ch\u1ecdn m\u00e0 trong \u0111\u00f3 gi\u00e1 th\u1ef1c hi\u1ec7n ph\u1ee5 thu\u1ed9c v\u00e0o gi\u00e1 trung b\u00ecnh c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf trong m\u1ed9t kho\u1ea3ng th\u1eddi gian x\u00e1c \u0111\u1ecbnh. M\u1ee9c chi tr\u1ea3 l\u00e0 kho\u1ea3n ch\u00eanh l\u1ec7ch gi\u1eefa t\u1ec9 l\u1ec7 c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf khi h\u1ebft h\u1ea1n v\u00e0 gi\u00e1 trung b\u00ecnh (gi\u00e1 th\u1ef1c hi\u1ec7n).<\/p>\n

Hi\u1ec3u v\u1ec1 quy\u1ec1n ch\u1ecdn gi\u00e1 th\u1ef1c hi\u1ec7n trung b\u00ecnh<\/font><\/h3>\n

V\u1edbi quy\u1ec1n ch\u1ecdn gi\u00e1 th\u1ef1c hi\u1ec7n trung b\u00ecnh<\/i>, gi\u00e1 th\u1ef1c hi\u1ec7n \u0111\u01b0\u1ee3c \u0111\u1eb7t khi \u0111\u00e1o h\u1ea1n, d\u1ef1a tr\u00ean gi\u00e1 trung b\u00ecnh c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf. Quy\u1ec1n ch\u1ecdn n\u00e0y kh\u00e1c v\u1edbi quy\u1ec1n ch\u1ecdn ki\u1ec3u M\u1ef9 ho\u1eb7c quy\u1ec1n ch\u1ecdn ki\u1ec3u ch\u00e2u \u00c2u n\u01a1i gi\u00e1 th\u1ef1c hi\u1ec7n \u0111\u01b0\u1ee3c \u0111\u1eb7t ngay t\u1ea1i th\u1eddi \u0111i\u1ec3m mua ban \u0111\u1ea7u.<\/p>\n

\u0110\u1ed1i v\u1edbi quy\u1ec1n ch\u1ecdn mua v\u1edbi gi\u00e1 th\u1ef1c hi\u1ec7n trung b\u00ecnh\u00a0\u0111ang l\u1eddi (ITM), gi\u00e1 c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf ph\u1ea3i cao h\u01a1n gi\u00e1 trung b\u00ecnh (gi\u00e1 th\u1ef1c hi\u1ec7n) khi \u0111\u00e1o h\u1ea1n. \u0110\u1ed1i v\u1edbi quy\u1ec1n ch\u1ecdn b\u00e1n v\u1edbi gi\u00e1 th\u1ef1c hi\u1ec7n trung b\u00ecnh \u0111ang l\u1eddi, gi\u00e1 c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf ph\u1ea3i th\u1ea5p h\u01a1n gi\u00e1 trung b\u00ecnh (gi\u00e1 th\u1ef1c hi\u1ec7n) khi \u0111\u00e1o h\u1ea1n.<\/p>\n

V\u1eady gi\u00e1 tr\u1ecb trung b\u00ecnh ph\u1ea3i \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n ra sao \u0111\u1ec3 th\u1ec3 hi\u1ec7n tr\u00ean h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn? Th\u00f4ng th\u01b0\u1eddng, gi\u00e1 trung b\u00ecnh l\u00e0 gi\u00e1\u00a0trung b\u00ecnh nh\u00e2n\u00a0ho\u1eb7c trung b\u00ecnh c\u1ed9ng c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf.\u00a0<\/p>\n

C\u00e1c m\u1ed1c d\u1eef li\u1ec7u \u0111\u01b0\u1ee3c l\u1ea5y t\u1ea1i c\u00e1c kho\u1ea3ng th\u1eddi gian \u0111\u00e3 x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc v\u00e0 \u0111\u01b0\u1ee3c c\u1ed1 \u0111\u1ecbnh c\u0169ng nh\u01b0 \u0111\u01b0\u1ee3c g\u00e1n trong h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn. C\u00e1c k\u0129 thu\u1eadt t\u00ednh to\u00e1n kh\u00e1c nhau s\u1ebd \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1 trung b\u00ecnh, do v\u1eady, \u0111i\u1ec1u quan tr\u1ecdng l\u00e0 ph\u1ea3i hi\u1ec3u c\u00e1ch t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb trung b\u00ecnh.<\/p>\n

C\u00e1c quy\u1ec1n ch\u1ecdn gi\u00e1 th\u1ef1c hi\u1ec7n trung b\u00ecnh<\/i> c\u00f3 \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n c\u00e1c quy\u1ec1n ch\u1ecdn ti\u00eau chu\u1ea9n c\u1ee7a M\u1ef9 ho\u1eb7c ch\u00e2u \u00c2u do c\u01a1 ch\u1ebf l\u1ea5y gi\u00e1 tr\u1ecb trung b\u00ecnh. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 ch\u00fang th\u01b0\u1eddng r\u1ebb h\u01a1n so v\u1edbi c\u00e1c quy\u1ec1n ch\u1ecdn ki\u1ec3u M\u1ef9 ho\u1eb7c quy\u1ec1n ch\u1ecdn ch\u00e2u \u00c2u t\u01b0\u01a1ng \u1ee9ng.<\/p>\n

Ch\u00fang \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng b\u1edfi c\u00e1c th\u01b0\u01a1ng nh\u00e2n mu\u1ed1n \u0111\u01b0\u1ee3c h\u01b0\u1edfng gi\u00e1 trung b\u00ecnh ho\u1eb7c v\u1edbi s\u1ea3n ph\u1ea9m c\u01a1 b\u1ea3n nh\u01b0 h\u00e0ng h\u00f3a trong m\u1ed9t kho\u1ea3ng th\u1eddi gian v\u00e0 do \u0111\u00f3 mu\u1ed1n c\u00f3 m\u1ed9t quy\u1ec1n ch\u1ecdn gi\u00e1 th\u1ef1c hi\u1ec7n trung b\u00ecnh<\/i> \u0111\u1ec3 chi tr\u1ea3 cho h\u00e0ng h\u00f3a \u0111\u00f3 trong kho\u1ea3ng th\u1eddi gian \u0111\u00f3.<\/p>\n

Quy\u1ec1n ch\u1ecdn gi\u00e1 th\u1ef1c hi\u1ec7n trung b\u00ecnh<\/i> l\u00e0 c\u00e1c\u00a0quy\u1ec1n ch\u1ecdn lai\u00a0v\u00e0 gi\u00fap c\u00e1c nh\u00e0 giao d\u1ecbch t\u00ecm ra gi\u1ea3i ph\u00e1p cho c\u00e1c v\u1ea5n \u0111\u1ec1 m\u00e0 c\u00e1c quy\u1ec1n ch\u1ecdn th\u00f4ng th\u01b0\u1eddng kh\u00f4ng c\u00f3.<\/p>\n

C\u00e1c nh\u00e0 giao d\u1ecbch ho\u1eb7c doanh nghi\u1ec7p c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng quy\u1ec1n ch\u1ecdn gi\u00e1 th\u1ef1c hi\u1ec7n trung b\u00ecnh <\/i>n\u1ebfu:<\/p>\n

1. H\u1ecd mu\u1ed1n m\u1ed9t t\u1ec9 gi\u00e1 trung b\u00ecnh ho\u1eb7c gi\u00e1 theo th\u1eddi gian.<\/p>\n

2. H\u1ecd c\u1ea3m th\u1ea5y gi\u00e1 trung b\u00ecnh c\u00f3 xu h\u01b0\u1edbng \u00edt ch\u1ecbu s\u1ef1 thao t\u00fang trong ng\u1eafn h\u1ea1n h\u01a1n so v\u1edbi c\u00e1c quy\u1ec1n ch\u1ecdn th\u00f4ng th\u01b0\u1eddng cho \u0111\u1ebfn khi \u0111\u00e1o h\u1ea1n.<\/p>\n

3. H\u1ecd mu\u1ed1n gi\u1ea3m \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a quy\u1ec1n ch\u1ecdn b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng gi\u00e1 tr\u1ecb trung b\u00ecnh.<\/p>\n

4. H\u1ecd mu\u1ed1n m\u1ed9t m\u1ee9c gi\u00e1 trung b\u00ecnh \u0111\u01b0\u1ee3c giao d\u1ecbch th\u01b0a h\u01a1n cho m\u1ed9t th\u1ecb tr\u01b0\u1eddng c\u01a1 b\u1ea3n v\u00ec gi\u00e1 c\u1ea3 trong th\u1ecb tr\u01b0\u1eddng c\u01a1 b\u1ea3n c\u00f3 th\u1ec3 thay \u0111\u1ed5i t\u1eeb ng\u00e0y qua ng\u00e0y, nh\u01b0ng s\u1ebd \u1ed5n \u0111\u1ecbnh h\u01a1n khi t\u00ednh trung b\u00ecnh gi\u00e1 theo th\u1eddi gian.<\/p>\n

V\u00ed d\u1ee5 v\u1ec1 quy\u1ec1n ch\u1ecdn gi\u00e1 th\u1ef1c hi\u1ec7n trung b\u00ecnh<\/b><\/p>\n

Xem x\u00e9t quy\u1ec1n ch\u1ecdn mua gi\u00e1 th\u1ef1c hi\u1ec7n trung b\u00ecnh s\u1eed d\u1ee5ng c\u00f4ng th\u1ee9c t\u00ednh trung b\u00ecnh c\u1ed9ng trong th\u1eddi gian 30 ng\u00e0y \u0111\u1ec3 l\u1ea5y m\u1eabu d\u1eef li\u1ec7u.<\/p>\n

V\u00e0o ng\u00e0y 1 th\u00e1ng 11, m\u1ed9t nh\u00e0 giao d\u1ecbch mua m\u1ed9t quy\u1ec1n ch\u1ecdn mua t\u00ednh trung b\u00ecnh c\u1ed9ng trong v\u00f2ng 90 ng\u00e0y tr\u00ean c\u1ed5 phi\u1ebfu ABCDE. C\u00e1c c\u1ed5 phi\u1ebfu hi\u1ec7n giao d\u1ecbch \u1edf m\u1ee9c $50. Vi\u1ec7c t\u00ednh trung b\u00ecnh l\u00e0 d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb c\u1ee7a c\u1ed5 phi\u1ebfu sau m\u1ed7i kho\u1ea3ng th\u1eddi gian l\u00e0 30 ng\u00e0y.<\/p>\n

Gi\u00e1 c\u1ed5 phi\u1ebfu sau 30, 60 v\u00e0 90 ng\u00e0y l\u1ea7n l\u01b0\u1ee3t l\u00e0 $48, $53 v\u00e0 $56.<\/p>\n

Gi\u00e1 trung b\u00ecnh c\u1ed9ng c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf l\u00e0 ($48 + $53 + $56)\/3 = $52,33.<\/p>\n

L\u1ee3i nhu\u1eadn l\u00e0 gi\u00e1 c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf khi \u0111\u00e1o h\u1ea1n so v\u1edbi gi\u00e1 trung b\u00ecnh (gi\u00e1 th\u1ef1c hi\u1ec7n). Gi\u1ea3 s\u1eed c\u1ed5 phi\u1ebfu \u0111ang giao d\u1ecbch \u1edf m\u1ee9c $54,50 khi \u0111\u00e1o h\u1ea1n.<\/p>\n

$54,50 – $52,33 = $2,17 hay $217 tr\u00ean 100 h\u1ee3p \u0111\u1ed3ng c\u1ed5 ph\u1ea7n.<\/p>\n

N\u1ebfu gi\u00e1 c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf khi \u0111\u00e1o h\u1ea1n th\u1ea5p h\u01a1n gi\u00e1 trung b\u00ecnh (gi\u00e1 th\u1ef1c hi\u1ec7n) th\u00ec quy\u1ec1n ch\u1ecdn mua s\u1ebd\u00a0b\u1ecb l\u1ed7 (OTM). N\u1ebfu gi\u00e1 khi \u0111\u00e1o h\u1ea1n cao h\u01a1n gi\u00e1 trung b\u00ecnh (gi\u00e1 th\u1ef1c hi\u1ec7n) th\u00ec quy\u1ec1n ch\u1ecdn mua l\u00e0 \u0111ang l\u1eddi.<\/p>\n

\u0110\u1ed1i v\u1edbi quy\u1ec1n ch\u1ecdn b\u00e1n, n\u1ebfu t\u00e0i s\u1ea3n c\u01a1 b\u1ea3n th\u1ea5p h\u01a1n gi\u00e1 trung b\u00ecnh (gi\u00e1 th\u1ef1c hi\u1ec7n) th\u00ec quy\u1ec1n ch\u1ecdn l\u00e0 \u0111ang l\u1eddi v\u00e0 n\u00f3 l\u1ed7 khi gi\u00e1 c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf cao h\u01a1n gi\u00e1 trung b\u00ecnh (gi\u00e1 th\u1ef1c hi\u1ec7n). N\u1ebfu quy\u1ec1n ch\u1ecdn \u0111ang l\u1ed7, kho\u1ea3n l\u1ed7 l\u1edbn nh\u1ea5t b\u1eb1ng v\u1edbi ph\u00ed quy\u1ec1n ch\u1ecdn \u0111\u00e3 chi tr\u1ea3.<\/p>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o: investopedia.com)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n Quy\u1ec1n ch\u1ecdn gi\u00e1 th\u1ef1c hi\u1ec7n trung b\u00ecnh (ti\u1ebfng Anh: Average Strike Option) l\u00e0 m\u1ed9t lo\u1ea1i quy\u1ec1n ch\u1ecdn m\u00e0 trong \u0111\u00f3 gi\u00e1 th\u1ef1c hi\u1ec7n ph\u1ee5 thu\u1ed9c v\u00e0o gi\u00e1 trung b\u00ecnh c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf trong m\u1ed9t kho\u1ea3ng th\u1eddi gian x\u00e1c \u0111\u1ecbnh.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[417],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30345"}],"collection":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/comments?post=30345"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30345\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}