breakeven

问题如下：

Based on Exhibit 1, the breakeven price per share of Ngoc’s recommended PSÔL bull call spread is:

选项：

$42.25.

$47.75.

$52.25.

解释：

A is correct.

Ngoc recommends a $40/$50 bull call spread using December options. To construct this spread, Ahlim would buy the $40 call, paying a $6.50 premium, and simultaneously sell the $50 call, receiving a $4.25 premium. The breakeven price per share of a bull call spread is calculated as

Breakeven price per share of bull call spread

= X_L + (c_L – c_H )

= $40 + ($6.50 – $4.25)

= $42.25.

In summary, in order to break even, the PSÔL stock price must rise above $40 by the amount of the net premium paid of $2.25 to enter into the bull call spread. At the price of $42.25, the lower $40 call option would have an exercise value of $2.25, exactly offsetting the $2.25 cost of entering the trade.

中文解析：

本题考察的是bull call策略。

bull call = long call（XL ）+ short call（XH ）

根据表1可知，应该买入行权价格为40的call，卖出行权价格为50的call。其中行权价位40的call，期权费是6.5；行权价位50的call，期权费是4.25.

计算均衡点带入公式：Breakeven price per share = XL + (cL – cH )= $40 + ($6.50 – $4.25)= $42.25.