At The Money

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Что такое При деньгах | At the Money

При деньгахангл. At the Money, финансовый термин, который используется для описания ситуации, которая часто возникает во время инвестиционного процесса. Она возникает в случае, когда цена исполнения (англ. Strike Price) определенного опциона равна (или очень близка) рыночной цене базового актива. По определению, если опцион в настоящее время находится «при деньгах», во внимание принимаются только рыночная цена и цена исполнения, а все транзакционные издержки во внимание не принимаются.

Своевременная идентификация ценных бумаг или любых других базовых активов, которые в настоящее время находятся при деньгах, может быть весьма полезной и выгодной для инвестора. Это вызвано тем, что характер такого события указывает на высокую вероятность того, что через определенное время ценная бумага будет иметь позитивную денежную стоимость. Например, если определенный дериватив находится в статусе «при деньгах», с большой долей уверенности можно полагать, что инвестор получит некоторый доход от такой инвестиции при достижении срока платежа. Инвестор может также проанализировать факторы, которые привели к балансу между ценой исполнения и рыночной ценой, спрогнозировать сколько времени эти факторы будут оказывать влияние на динамику дериватива, а затем принять обоснованное решение о том, осуществлять ли такую инвестицию, или искать другие более выгодные возможности.

Однако следует помнить, что статус дериватива, который находится «при деньгах», хоть и действительно указывает на возможность получения некоторой прибыли, автоматически не означают, что фактически обязательно будет получен доход. Любые изменения на торговых площадках, которых оказывают негативное влияние на базовый актив, могут также оказать негативное влияние на рыночную стоимость дериватива. Если это происходит, то опцион больше не находится в состоянии «при деньгах» а оказывается в состоянии «без денег» (англ. Out of the Money), означая, что цена исполнения и рыночная цена больше не находятся в балансе.

При обосновании и оценке инвестиций в опционы знание того факта, что определенный опцион находится «при деньгах», очень важно с точки зрения принятия решения о его покупке, удержании или продаже. Этот процесс обычно включает разработку сценариев вероятного развития событий на торговой площадке между настоящей датой и датой погашения. С этой точки зрения, идентификация ситуации «при деньгах» может рассматриваться как еще один инструмент, который инвесторы используют, чтобы принять взвешенные инвестиционные решения и увеличить вероятность получения дохода.

At The Money

Add at-the-money option to one of your lists below, or create a new one.

at-the-money

1 (the) disappearance of the money

2 (the) rest of the money

3 at the money

to sell two at-the-money calls — продать два опциона “колл” при своих

4 at-the-money

5 in-the-money

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6 in-the-money

7 in the money

8 at the money

at-the-money option — опцион “при своих”

to sell two at-the-money calls — продать два опциона “колл” “при своих”

9 in the money

10 in the money

Now that we’re in the money we can afford this journey — Сейчас, когда у нас есть деньги, мы можем поехать в это путешествие

11 on the money

That’s a good answer. You’re right on the money — Это хороший ответ. Ты попал прямо в точку

12 at-the-money

13 in the money

14 at-the-money

15 pocket the money

16 defer the money

17 deferred the money

money loan — денежная ссуда; заем денег

18 deferring the money

19 use the money

20 At-the-Money

Look at other dictionaries:

The Money Maze — Format Game show Created by Don Lipp Ron Greenberg Directed by Arthur Forrest Presented by Nick Clooney Narr … Wikipedia

The Money Programme — The logo as of 2008 Genre Finance Business Affairs Presented by Max Flint Libby Potter Opening theme … Wikipedia

The Money Well — is a Scrooge McDuck comic strip story written by Carl Barks. Storyline Scrooge and his nephews are at his Money Bin where they find out that The Beagle Boys are using oil rigs to steal Scrooge s Money. Scrooge and his nephews use the secret… … Wikipedia

The Money Dragon — is a historical fiction novel written by Pam Chun in 2002. It tells the story of a Chinese immigrant, Lau Ah Leong, through the eyes of his daughter in law.Book Structure The Money Dragon opens with a foreword by former U.S. Senator Hiram Fong.… … Wikipedia

The Money-Maker Recipe — 師奶股神 The Money Maker Recipe poster Genre Modern Drama Starring Kiki Sheung Michael Tse … Wikipedia

The Money-Order with White Genesis — The money order : with, White genesis ( fr. Le mandat, précédé de Vehi Ciosane ) is a book containing two novellas by Senegalese author Ousmane Sembene, first published in French in 1966. An English language translation was published in 1987. It… … Wikipedia

The Man, the Woman and the Money — (Oggi, domani, dopodomani) original dvd cover Directed by Eduardo De Filippo Marco Ferreri Luciano Salce … Wikipedia

The Money Machine — was a show on ZDTV, and later TechTV, hosted by Carmine Gallo. The show offered investment advice to viewers, predominantly on how to begin investing via the internet. When TechLive debuted in 2001, The Money Machine was discontinued in favor of… … Wikipedia

The Money Lenders — 1981 is a book by British journalist Anthony Sampson that looks at the history of banking from the Renaissance to a meeting of the International Monetary Fund in Washington DC in 1980, with an emphasis on the interaction of finance with… … Wikipedia

The Money or the Gun — was an Australian comedy / talk show on the ABC network in 1989 1990, with occasional specials until 1994. It was written by Andrew Denton, Simon Dodd, Bruce Griffiths, and George Dodd, directed by Martin Coombes and produced by Mark… … Wikipedia

The Gold Diggers’ Song (We’re in the Money) — is a song from the 1933 film Gold Diggers of 1933, sung in the opening sequence by Ginger Rogers and chorus. The lyrics were written by Al Dubin and the music by Harry Warren. It became a standard and its melody is well known … Wikipedia

In the Money, At the Money, Out of the Money Options

Moneyness of an option

Moneyness is a strange sounding term, but it is sometimes used for describing the amount of intrinsic value an option has. All options belong to one of the three basic groups (and they can move between these groups as the market price of the underlying changes, as you will see below). The three groups are:

  • In the money options
  • At the money options
  • Out of the money options

Shortcuts are frequently used for these terms and they are also used here on Macroption. In the money is ITM, at the money is ATM, and out of the money is OTM.

In the money options

An option is in the money if its intrinsic value is greater than zero (probably the most important sentence of this article, read it once again).

This means that if you would exercise an in the money option and immediately buy or sell the underlying stock in the stock market to offset the exercise, you would get more cash for the selling than you give away for the buying (you would be net cash positive from these transactions).

ITM call options – lower strikes

For a call option being in the money means that the market price of the underlying stock (or underlying security in general) is higher than the strike price of the call option. If you exercise the call, you would be buying the underlying stock for the strike price and then you could immediately sell the stock in the stock market for the market price, which would be higher. The difference, which is equal to the call option’s intrinsic value, would be your net cash inflow from the transaction.

ITM put options – higher strikes

For a put option things are just inverse. A put option is in the money when its strike price is higher than the current market price of its underlying security. You can buy the stock for the (lower) market price in the stock market and exercise the put option, which means selling the stock for the (higher) strike price. The amount by which the market price of the stock is lower than the option’s strike price is the put option’s intrinsic value, or as people say the value by which the option is in the money. Yes, all in the money options are not equal. Some are more ITM than some other.

How this relates to option prices

From the descriptions above it is evident that owning and ITM option is a good thing and the more in the money the option is, the higher intrinsic value it has, and the more valuable it is (other things being equal). Therefore, holding all other parameters constant, the more in the money an option is, the higher its price.

For calls, the lower the strike price, the cheaper you can buy the underlying if you exercise the call option, the more intrinsic value it has, the more ITM it is, and the more expensive the option itself is.

For puts, the higher the strike price, the higher you can sell the underlying if you exercise the put option, the more intrinsic value it has, the more ITM it is, and the more expensive the option itself is.

Out of the money options

Out of the money options are, as the name suggests, the opposite of in the money options. They are options whose intrinsic value is zero (it can’t be negative). OTM call options have a strike price higher than the current market price of the underlying. OTM put options have a strike price lower than the current market price of the underlying. It is not a good idea to exercise an out of the money option, as you would simply get a better price if you trade the underlying in the stock market without using the option.

At the money options

At the money options are somewhere in between ITM and OTM options. They are the options whose strike price is roughly equal to the current market price of the underlying. They are exactly on the edge. At the money options are usually among the most traded (most liquid) options, as they are the most “exciting” – in a short moment they can get in the money or out of the money as the market price of the underlying fluctuates.

Summary – to keep it simple and short

In the money (ITM): positive intrinsic value, generally calls with low strikes and puts with high strikes.

At the money (ATM): zero intrinsic value, strike price equal to market price of the underlying.

Out of the money (OTM): zero intrinsic value (because intrinsic value can’t be negative), generally calls with high strikes and puts with low strikes.

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