关于外汇的option

NO.PZ202301280200000801 问题如下 termine whione of the Nikolayev’sstrategies is most likely correct. Justify your response. CorrectAnswer: Strategy 1 iscorrect. preciation ofthe base currenUSin the P/B quote [P/B refers to the priof one unit ofthe base currenB expressein terms of the pricurrenP.] incatesappreciation of the pricurrenCYF. A call option in CYF/USis buying USnselling CYF, wherea put option in CYF/USis selling USanbuying CYF.Nikolayev is expecting the ruble to appreciate against US henbuying atthe money put option is the correstrategy to generate profits when CYFappreciates against US Strategy 2 isincorrect. Risk reversal, also referreto a collstrategy, is createbybuying stoansimultaneously buying puts to protethe position againstwnsi risk anselling calls to offset the cost. Risk reversstrategy canimplementebuying CYF/USputs anselling CYF/UScalls. Strategy 3 isincorrect. the money call option in CYF/USwoulto buy USansellCYF. This strategy will generate losses if CYF appreciates against US Strategy 1 is correanthe others are incorrect.SinNikolayev expects the CYF to appreciate in the next six months onthe short-term volatility subsis, we neeto buy CYF.Only strategy 1 is short USwhimeans long CYF in six-month, so we cfrom the preciation of the base currency.Strategy 2, implement a risk reversstrategy whiequals to long c anshort put, so it's incorrect.Strategy 3 is incorrect, Buy a six-month the money call option on CYF/US anwe cgenerate profits from appreciation of the base currennot preciation.