{"id":30861,"date":"2023-12-07T09:58:03","date_gmt":"2023-12-07T09:58:03","guid":{"rendered":"https:\/\/masterskills.org\/blog\/dau-co-hinh-canh-buom-bang-mua-quyen-chon-mua-long-call-butterfly-la-gi.html"},"modified":"2023-12-23T07:23:26","modified_gmt":"2023-12-23T00:23:26","slug":"dau-co-hinh-canh-buom-bang-mua-quyen-chon-mua-long-call-butterfly-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/dau-co-hinh-canh-buom-bang-mua-quyen-chon-mua-long-call-butterfly-la-gi.html","title":{"rendered":"\u0110\u1ea7u c\u01a1 h\u00ecnh c\u00e1nh b\u01b0\u1edbm b\u1eb1ng mua quy\u1ec1n ch\u1ecdn mua (Long Call Butterfly) l\u00e0 g\u00ec?"},"content":{"rendered":"
\n
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<\/div>
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H\u00ecnh minh h\u1ecda<\/p>\n<\/figcaption><\/figure>\n

\u0110\u1ea7u c\u01a1 h\u00ecnh c\u00e1nh b\u01b0\u1edbm b\u1eb1ng mua quy\u1ec1n ch\u1ecdn mua<\/font><\/h2>\n

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

\u0110\u1ea7u c\u01a1 h\u00ecnh c\u00e1nh b\u01b0\u1edbm b\u1eb1ng mua quy\u1ec1n ch\u1ecdn mua<\/b> trong ti\u1ebfng Anh l\u00e0 <\/i>Long Call Butterfly.<\/b><\/p>\n

\u0110\u1ea7u c\u01a1 h\u00ecnh c\u00e1nh b\u01b0\u1edbm b\u1eb1ng mua quy\u1ec1n ch\u1ecdn mua <\/i>li\u00ean quan \u0111\u1ebfn c\u00e1c v\u1ecb th\u1ebf quy\u1ec1n ch\u1ecdn v\u1edbi 3 m\u1ee9c gi\u00e1 th\u1ef1c hi\u1ec7n kh\u00e1c nhau.<\/p>\n

Mua 1 quy\u1ec1n ch\u1ecdn mua v\u1edbi\u00a0gi\u00e1 th\u1ef1c hi\u1ec7n\u00a0X1 t\u01b0\u01a1ng \u0111\u1ed1i th\u1ea5p<\/p>\n

Mua 1 quy\u1ec1n ch\u1ecdn mua v\u1edbi\u00a0gi\u00e1 th\u1ef1c hi\u1ec7n\u00a0X3 t\u01b0\u01a1ng \u0111\u1ed1i cao<\/p>\n

B\u00e1n 2 quy\u1ec1n ch\u1ecdn mua v\u1edbi\u00a0gi\u00e1 th\u1ef1c hi\u1ec7n\u00a0X2 (v\u1edbi gi\u00e1 th\u1ef1c hi\u1ec7n\u00a0trung b\u00ecnh)<\/p>\n

Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y th\u1ef1c hi\u1ec7n khi nh\u00e0 \u0111\u1ea7u t\u01b0 ngh\u0129 r\u1eb1ng gi\u00e1 t\u00e0i s\u1ea3n c\u01a1\u00a0s\u1edf \u00f4\u0309n \u0111i\u0323nh ho\u0103\u0323c bi\u00ea\u0301n \u0111\u00f4\u0323ng nho\u0309. \u0110\u00e2y l\u00e0 chi\u1ebfn l\u01b0\u1ee3c gi\u1edbi h\u1ea1n l\u1ed7 v\u00e0 l\u00e3i c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0. T\u1ea5t c\u1ea3 \u0111\u1ec1u c\u00f3 c\u00f9ng m\u1ed9t th\u1eddi gian \u0111\u00e1o h\u1ea1n v\u00e0 m\u1ed9t t\u00e0i s\u1ea3n c\u01a1 s\u1edf.<\/p>\n

N\u1ed9i dung v\u1ec1 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u c\u01a1 h\u00ecnh c\u00e1nh b\u01b0\u1edbm b\u1eb1ng mua quy\u1ec1n ch\u1ecdn mua<\/font><\/h4>\n

Ph\u00e2n t\u00edch h\u00ecnh 1:<\/u><\/i> mua 1 quy\u1ec1n ch\u1ecdn mua X1 v\u00e0 b\u00e1n 1 quy\u1ec1n ch\u1ecdn mua X2\u00a0(Bull Call Spread)<\/p>\n

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H\u00ecnh 1: Bull Call Spread<\/p>\n<\/figcaption><\/figure>\n

Ta c\u00f3:<\/p>\n

X1, X2: L\u1ea7n l\u01b0\u1ee3t l\u00e0 gi\u00e1 th\u1ef1c hi\u1ec7n c\u1ee7a c\u00e1c giao d\u1ecbch mua quy\u1ec1n ch\u1ecdn mua v\u00e0 b\u00e1n quy\u1ec1n ch\u1ecdn mua.<\/p>\n

F1, F2: l\u1ea7n l\u01b0\u1ee3t l\u00e0 ph\u00ed quy\u1ec1n ch\u1ecdn c\u1ee7a c\u00e1c giao d\u1ecbch mua quy\u1ec1n ch\u1ecdn mua v\u00e0 b\u00e1n quy\u1ec1n ch\u1ecdn mua.<\/p>\n

St: T\u1ec9 gi\u00e1 th\u1ef1c hi\u1ec7n h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn.<\/p>\n

+ St <= X1: C\u1ea3 hai quy\u1ec1n ch\u1ecdn \u0111\u1ec1u kh\u00f4ng th\u1ef1c hi\u1ec7n.\u00a0<\/p>\n

L\u1ee3i nhu\u1eadn: – F1 + F2<\/p>\n

+ X1 < St < X2: Quy\u1ec1n ch\u1ecdn mua v\u1edbi gi\u00e1 th\u1ef1c hi\u1ec7n X2 kh\u00f4ng \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n.\u00a0<\/p>\n

L\u1ee3i nhu\u1eadn: St – X1 – F1 + F2<\/p>\n

+ St >= X2: C\u1ea3 hai quy\u1ec1n ch\u1ecdn \u0111\u1ec1u \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n.\u00a0<\/p>\n

L\u1ee3i nhu\u1eadn: St – X1 – F1 + F2 – (St – X2) = – X1 – F1 + F2 + X2.<\/p>\n

Ph\u00e2n t\u00edch h\u00ecnh 2:<\/i>\u00a0<\/i>B\u00e1n\u00a01 quy\u1ec1n ch\u1ecdn mua X2 v\u00e0 mua 1 quy\u1ec1n ch\u1ecdn mua X3 (Bear Call Spread)<\/p>\n

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H\u00ecnh 2: Bear Call Spread<\/p>\n<\/figcaption><\/figure>\n

Ta c\u00f3:<\/p>\n

X1, X2: L\u1ea7n l\u01b0\u1ee3t l\u00e0 gi\u00e1 th\u1ef1c hi\u1ec7n c\u1ee7a c\u00e1c giao d\u1ecbch mua quy\u1ec1n ch\u1ecdn mua v\u00e0 b\u00e1n quy\u1ec1n ch\u1ecdn mua.<\/p>\n

F1, F2: L\u1ea7n l\u01b0\u1ee3t l\u00e0 ph\u00ed quy\u1ec1n ch\u1ecdn c\u1ee7a c\u00e1c giao d\u1ecbch mua quy\u1ec1n ch\u1ecdn mua v\u00e0 b\u00e1n quy\u1ec1n ch\u1ecdn mua.<\/p>\n

St: T\u1ec9 gi\u00e1 th\u1ef1c hi\u1ec7n h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn.<\/p>\n

+ St <= X2: C\u1ea3 hai quy\u1ec1n ch\u1ecdn \u0111\u1ec1u kh\u00f4ng \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n.<\/p>\n

L\u1ee3i nhu\u1eadn: – F3 + F2<\/p>\n

+ X2 < St < X3: Quy\u1ec1n ch\u1ecdn mua X2 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n.<\/p>\n

L\u1ee3i nhu\u1eadn: – (St – X2) – F3 + F2<\/p>\n

+ St >= X3: C\u1ea3 hai quy\u1ec1n ch\u1ecdn \u0111\u1ec1u \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n.<\/p>\n

L\u1ee3i nhu\u1eadn: (St – X3 – F3) + F2 – (St – X2) = – X3 – F3 + F2 + X2.<\/p>\n

T\u1ed5ng h\u1ee3p hai chi\u1ebfn l\u01b0\u1ee3c \u1edf hai h\u00ecnh tr\u00ean ta c\u00f3 h\u00ecnh d\u01b0\u1edbi \u0111\u00e2y (chi\u1ebfn l\u01b0\u1ee3c long call butterfly):<\/p>\n

\n
\"\u0110\u1ea7u<\/div>
\n

H\u00ecnh 3: T\u1ed5ng h\u1ee3p<\/p>\n<\/figcaption><\/figure>\n

V\u1edbi: T\u1ed5ng l\u1ee3i nhu\u1eadn = L\u1ee3i nhu\u1eadn (1) + L\u1ee3i nhu\u1eadn (2)<\/p>\n

+ St < X1 m\u00e0 X1 < X2 => St < X2:<\/p>\n

L\u1ee3i nhu\u1eadn = F2 – F1 + F2 + F3 = 2F2 – (F1 + F3) = Ch\u00eanh l\u1ec7ch ph\u00ed quy\u1ec1n ch\u1ecdn r\u00f2ng<\/p>\n

V\u1edbi ch\u00eanh l\u1ec7ch ph\u00ed quy\u1ec1n ch\u1ecdn r\u00f2ng l\u00e0: | 2F2 – (F1 + F3) |<\/p>\n

+ St >= X3<\/p>\n

L\u1ee3i nhu\u1eadn = – X1 – F1 + F2 + X2 – X3 – F3 + F2 + F2 = F2 – F1 + F2 – F3 = 2F2 – (F1 + F3) = Ch\u00eanh l\u1ec7ch ph\u00ed quy\u1ec1n ch\u1ecdn r\u00f2ng<\/p>\n

L\u1ed7 t\u1ed1i \u0111a c\u1ee7a chi\u1ebfn l\u01b0\u1ee3c n\u00e0y l\u00e0 ch\u00eanh l\u1ec7ch ph\u00ed quy\u1ec1n ch\u1ecdn r\u00f2ng.<\/p>\n

L\u1ed7 t\u1ed1i \u0111a x\u1ea3y ra khi gi\u00e1 c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf nh\u1ecf h\u01a1n ho\u1eb7c b\u1eb1ng gi\u00e1 th\u1ef1c hi\u1ec7n c\u1ee7a c\u1ee7a quy\u1ec1n ch\u1ecdn mua v\u1edbi gi\u00e1 th\u1ea5p m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 mua ho\u1eb7c khi gi\u00e1 c\u1ee7a t\u00e0i\u00a0s\u1ea3n c\u01a1 s\u1edf l\u1edbn h\u01a1n ho\u1eb7c b\u1eb1ng gi\u00e1 th\u1ef1c hi\u1ec7n c\u1ee7a quy\u1ec1n ch\u1ecdn cao m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 mua.<\/p>\n

+ X1 < St <= X2:<\/p>\n

L\u1ee3i nhu\u1eadn = St – X1 – F1 +\u00a0F2 – F3 + F2 = 2F2 – (F1 + F3) + St – X1<\/p>\n

Suy ra l\u1ee3i nhu\u1eadn \u0111\u1ea1t gi\u00e1 tr\u1ecb l\u1edbn nh\u1ea5t khi St max = X2\u00a0<\/p>\n

=> L\u1ee3i nhu\u1eadn l\u1edbn nh\u1ea5t = 2F2 – (F1 + F3) + X2 – X1<\/p>\n

+ X2 < St <= X3:<\/p>\n

L\u1ee3i nhu\u1eadn = – X1 – F1 + F2 + X2 – (St – X2 ) – F3 + F2 = 2F2 – (F1 + F3) + 2X2 – X1 – St<\/p>\n

Suy ra l\u1ee3i nhu\u1eadn \u0111\u1ea1t gi\u00e1 tr\u1ecb l\u1edbn nh\u1ea5t khi St min = X2<\/p>\n

=> L\u1ee3i nhu\u1eadn l\u1edbn nh\u1ea5t = 2F2 – (F1 + F3) + X2 – X1<\/p>\n

L\u1ee3i nhu\u1eadn t\u1ed1i \u0111a\u00a0= gi\u00e1\u00a0th\u1ef1c\u00a0hi\u1ec7n quy\u1ec1n ch\u1ecdn mua (gi\u00e1 th\u1ef1c\u00a0hi\u1ec7n\u00a0trung\u00a0b\u00ecnh) nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 mua – gi\u00e1 th\u1ef1c hi\u1ec7n c\u1ee7a quy\u1ec1n ch\u1ecdn mua (gi\u00e1 th\u1ef1c hi\u1ec7n th\u1ea5p) \u0111\u00e3\u00a0b\u00e1n – ch\u00eanh\u00a0l\u1ec7ch ph\u00ed quy\u1ec1n ch\u1ecdn\u00a0r\u00f2ng.<\/p>\n

L\u1ee3i nhu\u1eadn \u0111\u1ea1t \u0111\u01b0\u1ee3c khi gi\u00e1 t\u00e0i s\u1ea3n c\u01a1 s\u1edf = gi\u00e1 th\u1ef1c hi\u1ec7n c\u1ee7a quy\u1ec1n ch\u1ecdn mua nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 b\u00e1n.<\/p>\n

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<\/div>
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\n<\/figcaption><\/figure>\n

\u0110i\u1ec3m h\u00f2a v\u1ed1n khi l\u1ee3i nhu\u1eadn b\u1eb1ng 0<\/p>\n

2F2 – (F1 + F3 ) +\u00a0St – X1 = 0 => St = [(F1 + F3 ) – 2F2] + X1<\/p>\n

2F2 – (F1 + F3 ) +\u00a02X2 – X1 – St = 0 => St = – [(F1 + F3) – 2F2) + X3<\/p>\n

V\u1eady:<\/p>\n

\u0110i\u1ec3m h\u00f2a v\u1ed1n th\u1ea5p = gi\u00e1 th\u1ef1c hi\u1ec7n quy\u1ec1n ch\u1ecdn mua c\u00f3 gi\u00e1 th\u1ef1c hi\u1ec7n th\u1ea5p + ch\u00eanh l\u1ec7ch chi ph\u00ed quy\u1ec1n ch\u1ecdn r\u00f2ng<\/p>\n

\u0110i\u1ec3m h\u00f2a v\u1ed1n cao\u00a0= gi\u00e1 th\u1ef1c hi\u1ec7n quy\u1ec1n ch\u1ecdn\u00a0mua c\u00f3 gi\u00e1 th\u1ef1c hi\u1ec7n cao – ch\u00eanh l\u1ec7ch chi ph\u00ed quy\u1ec1n ch\u1ecdn r\u00f2ng.<\/p>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o: T\u00e0i li\u1ec7u m\u00f4n Thanh to\u00e1n Qu\u1ed1c t\u1ebf, \u0110\u1ea1i h\u1ecdc Kinh t\u1ebf TP H\u1ed3 Ch\u00ed Minh; investopedia.com)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n \u0110\u1ea7u c\u01a1 h\u00ecnh c\u00e1nh b\u01b0\u1edbm b\u1eb1ng mua quy\u1ec1n ch\u1ecdn mua (ti\u1ebfng Anh: Long Call Butterfly) th\u1ef1c hi\u1ec7n khi nh\u00e0 \u0111\u1ea7u t\u01b0 ngh\u0129 r\u1eb1ng gi\u00e1 t\u00e0i s\u1ea3n c\u01a1 s\u1edf \u00f4\u0309n \u0111i\u0323nh ho\u0103\u0323c bi\u00ea\u0301n \u0111\u00f4\u0323ng nho\u0309. \u0110\u00e2y l\u00e0 chi\u1ebfn l\u01b0\u1ee3c gi\u1edbi h\u1ea1n l\u1ed7 v\u00e0 l\u00e3i c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0.\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\/30861"}],"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=30861"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30861\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}