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廖木辛白告 · 2020年03月02日

问一道题：NO.PZ2015122801000057

  1. CFA I
  2. Equity

问题如下：

Astrid is short 400 shares of ABC stock and the stock's current price is $95 per share. She wants to cover her short position if the price falls to $80.

Gail has 250 shares of BBC stock, which is trading at $86 per share, and he needs to buy another 150 shares if the price rises to $98. What orders should Astrid and Gail establish to meet their targets?

选项：

A.

Astrid establishes stop buy at $80 and Gail establishes limit buy at $98.

B.

Astrid establishes stop buy at $95 and Gail establishes stop buy at $86.

C.

Astrid establishes limit buy at $80 and Gail establishes stop buy at $98.

解释：

C is correct.

Astrid should establish a buy order with a limit at  80 because she wants to buy stock to close out her short position if she can buy it at 80(or less).

Gail should establish a stop buy at 98 because this order will be executed only if the stock price rises to 98.

limit和stop的用法到底怎么区分呢？

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1 个答案

maggie_品职助教 · 2020年03月03日

嗨，努力学习的PZer你好：


请先明确stop order是一个有效性指令，而limit order是限定成交价的指令，它们从源头上就不一样。这样说可能还是太抽象我们举个例子，我们都以买入（buy）为例，假如当前股票价格为$10 ,发布stop buy @$12指令也就意味着股票价格涨到$12我才开始在市场买入，说明价格只有涨到$12该指令才生效，不到$12就不生效，这里就是在解释何为有效性指令。那limit buy呢？同样的例子，如果发布limit buy @$12，说明的是你购买这只股票最多愿意出的价格（限价）是$12，而当前股价为$10，低于你的限价，那这个指令一发出就会马上得到成交。所以不难看出对于买入指令来说stop order往往报的价格会高于当前的价格（止损指令），而limit order会报的比当前低（低买高卖嘛，应该不会有人会在市场本来$10每股时，愿意以更高的价格买入吧）。这就是它们之间的区别。有了这个理解再来看这道题应该就清晰很多了，80低于95，所以A同学下的是limit buy。


-------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！


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