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琳 · 2023年05月23日

提问

NO.PZ2022061307000016

问题如下:

QuestionA trader buys a stock at $30 and wants to limit downside risk. Which of the following orders will most likely guarantee that he can sell the stock at $25? (GTC means good till cancelled)

选项:

A.Put option buy market order with a strike price of $25

B.GTC, stop $25, limit $25 sell order

C.GTC, stop $25, market sell order

解释:

Solution

A is correct. Option contracts can be viewed as limit orders for which execution is guaranteed at the strike price. Therefore, a put buy order at a strike price of $25 will guarantee selling the stock at $25.

C is incorrect. A “GTC, stop $25, market sell” order becomes a market order when the price drops to or below $25 and is executed at the best price available in the market. Thus, the selling price of $25 is not guaranteed.

B is incorrect. A “GTC, stop $25, limit $25 sell” order limits the lower boundary to $25 but it does not guarantee execution at $25; in a fast-moving market prices may have dropped below the limit and the order will then not be executed.

请问B和C怎么理解,适用何场景

1 个答案

王园圆_品职助教 · 2023年05月23日

B.GTC, stop $25, limit $25 sell order——止损 25 美元,限价 25 美元卖出” 这种指令适用于交易员认为只有价格正好在25的时候卖出才最合适的时候。虽然这样的订单将下限限制为 25 美元,但不能保证在 25 美元执行;在快速变化的市场环境下,价格可能很快就跌破限额,订单就不会被执行。

C.GTC, stop $25, market sell order——当价格跌至或低于 25 美元并以市场上可用的最佳价格执行。因此,25美元的售价是不能保证的。适用于交易员认为只要价格低于25美元卖都可以接收的情况