莫等闲2023 · 2020年03月29日
问题如下：
Describe the payoff from a long position in a call with strike price K1 and a long position in a put with strike price K2 where K2 > K1.
选项：
解释：
This has the same payoff as a strangle except that there is an extra amount of cash equal to K1 - K2. It is more expensive to set up than a regular strangle where the put has a lower strike price than the call.
老师，请问按照这道题构造的strangle长什么样子？可以画一下么？
NO.PZ2020021203000096问题如下scrithe payoff from a long position in a call with strike priK1 ana long position in a put with strike priK2 where K2 K1.This hthe same payoff a strangle except ththere is extra amount of cash equto K1 - K2. It is more expensive to set up tha regulstrangle where the put ha lower strike priththe call.这道题是不是说错了？应该买看涨的执行价大于买看跌的执行价啊？按照这题画出的图如下老师您在回答别人问题时画的图
NO.PZ2020021203000096问题如下scrithe payoff from a long position in a call with strike priK1 ana long position in a put with strike priK2 where K2 K1.This hthe same payoff a strangle except ththere is extra amount of cash equto K1 - K2. It is more expensive to set up tha regulstrangle where the put ha lower strike priththe call.可以理解这个是比Regular的贵，但为什么Extra cash是K2-K1呢？
NO.PZ2020021203000096问题如下scrithe payoff from a long position in a call with strike priK1 ana long position in a put with strike priK2 where K2 K1.This hthe same payoff a strangle except ththere is extra amount of cash equto K1 - K2. It is more expensive to set up tha regulstrangle where the put ha lower strike priththe call.payoff怎么不是K2-K1
这题解析如何理解？strangle有两个strike price，不能直接以strike price的大小去比较long call 和long put的价格谁贵谁便宜吧，这题是说类似strangle，但long call和long put正好相反。怎么就能判断这个组合比正常的strangle更贵呢？
