看跌期权（Put Options，PUTS），也称敲出期权（Knock-out Option）

看跌期权又称认沽期权、卖出期权、出售期权、卖权选择权、卖方期权、卖权、延卖期权或敲出期权：是指期权的购买者拥有在期权合约有效期内按执行价格卖出一定数量标的物的权利。

In finance, a put or put option is a financial market derivative instrument that gives the holder (i.e. the purchaser of the put option) the right to sell an asset (the underlying), at a specified price (the strike), by (or at) a specified date (the expiry or maturity) to the writer (i.e. seller) of the put. The purchase of a put option is interpreted as a negative sentiment about the future value of the underlying stock. The term "put" comes from the fact that the owner has the right to "put up for sale" the stock or index. Puts may also be combined with other derivatives as part of more complex investment strategies, and in particular, may be useful for hedging. Holding a European put option is equivalent to holding the corresponding call option and selling an appropriate forward contract. This equivalence is called "put-call parity". 具体例句如下：

例句1

Put options are most commonly used in the stock market to protect against a fall in the price of a stock below a specified price. If the price of the stock declines below the strike price, the holder of the put has the right, but not the obligation, to sell the asset at the strike price, while the seller of the put has the obligation to purchase the asset at the strike price if the owner uses the right to do so (the holder is said to exercise the option). In this way the buyer of the put will receive at least the strike price specified, even if the asset is currently worthless.

看跌期权最常用于股票市场，以防范股票价格跌破特定价格。如果股票价格降低到执行价格以下，看跌期权的持有者有权利，但没有义务，以执行价格出售资产，而看跌期权的卖方有义务以执行价格购买资产，如果所有者使用权利这样做的话（持有人被称为行使期权）。这样，看跌期权的买方将至少获得指定的执行价格，即使该资产目前一文不值。

例句2

A put option becomes more valuable as the price of the underlying stock or security decreases. Conversely, a put option loses its value as the price of the underlying stock increases. As a result, they are typically used for hedging purposes or to speculate on downside price action.

随着标的股票或证券价格的下降，看跌期权变得更有价值。相反，看跌期权会随着标的股票价格的上涨而贬值。因此，它们通常用于对冲目的或投机下跌的价格行为。

例句3

Put options are traded on various underlying assets, including stocks, currencies, bonds, commodities, futures, and indexes. A put option can be contrasted with a call option, which gives the holder the right to buy the underlying security at a specified price, either on or before the expiration date of the option contract.

看跌期权在各种基础资产上交易，包括股票、货币、债券、商品、期货和指数。看跌期权与看涨期权不同，后者赋予持有者在期权合约到期日当天或之前以特定价格购买标的证券的权利。

看涨期权（call options）

看涨期权又称认购期权、买进期权、购买期权、买方期权、买权、延买期权，或敲进期权。看涨期权是指在协议规定的有效期内，协议持有人按规定的价格和数量购进股票的权利。期权购买者购进这种买进期权，是因为他对股票价格看涨，将来可获利。购进期权后，当股票市价高于协议价格加期权费用之和时(未含佣金)，期权购买者可按协议规定的价格和数量购买股票，然后按市价出售，或转让买进期权，获取利润；当股票市价在协议价格加期权费用之和之间波动时，期权购买者将受一定损失；当股票市价低于协议价格时，期权购买者的期权费用将全部消失，并将放弃买进期权。因此，期权购买者的最大损失不过是期权费用加佣金。

A call option, often simply labeled a "call", is a contract, between the buyer and the seller of the call option, to exchange a security at a set price. The buyer of the call option has the right, but not the obligation, to buy an agreed quantity of a particular commodity or financial instrument (the underlying) from the seller of the option at a certain time (the expiration date) for a certain price (the strike price). This effectively gives the owner a long position in the given asset. The seller (or "writer") is obliged to sell the commodity or financial instrument to the buyer if the buyer so decides. This effectively gives the seller a short position in the given asset. The buyer pays a fee (called a premium) for this right. The term "call" comes from the fact that the owner has the right to "call the stock away" from the seller. 具体例句如下，以加深对该术语的理解：

例句1

Call options are financial contracts that give the option buyer the right but not the obligation to buy a stock, bond, commodity, or other asset or instrument at a specified price within a specific time period. The stock, bond, or commodity is called the underlying asset. A call buyer profits when the underlying asset increases in price.

看涨期权是一种金融合约，赋予期权买方在特定时期内以特定价格购买股票、债券、商品或其他资产或工具的权利，但并非义务。股票、债券或商品被称为基础资产。当基础资产价格上涨时，看涨期权的买方获利。

例句2

You pay a fee to purchase a call option, called the premium. It is the price paid for the rights that the call option provides. If at expiration the underlying asset is below the strike price, the call buyer loses the premium paid. This is the maximum loss.

你支付一笔费用购买看涨期权，前述费用称为溢价。这是看涨期权所提供的权利的价格。如果到期时基础资产的价格低于执行价格，看涨期权买方将失去支付的溢价。这是最大的损失。

看涨期权是这样一种合约：它给合约持有者(即买方)按照约定的价格从对手手中购买特定数量之特定交易标的物的权利。这个约定的价格称为履约价格，通常用“Ｘ”来表示。把交易对手称为期权的卖方。期权分为欧式期权和美式期权。美式期权的买方可以自期权契约成立之日起，至到期日止，这一期间内的任一时点，随时要求期权的卖方执行合约。而欧式期权的履约时间只有到期日当天而已，其被要求履约的机率远低于美式期权。

由于期权合约上书写的交易标的物不同，看涨期权可以是股票期权，股票指数期权、外币期权、商品期权，也可以是利率期权，甚至是期货合约期权、掉期合约期权。

看涨期权让买方可以享受未来按约定价格购买特定交易标的物的权利，而没有相应的义务。当市场价格高于“Ｘ”时，买方要求卖方履约，以“Ｘ”价格买入外汇；而当市场价格低于“Ｘ”时，买方则放弃此一权利。期权买方购买外汇的价格不会高于“Ｘ”，而在远期交易中，不管将来市场价格如何，交易的价格都是约定的“Ｘ”。

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