你知道可以用卖期权拯救下跌亏损的股票吗？
今天斜杠投资达人要分享如何卖Covered Call来hedge你持有的股票，即使股价下跌还可以用卖期权的收入降低购买股票的成本。
另外我们也分享几个交易Covered Call的缺点，让你知道什么时候不适合交易Covered Calls。
什么是Covered Call？
Covered Call又称作「掩护性买权」，是当你持有股票时同时卖价外Call来赚取收入的期权策略，可以有效的降低持有股票的成本。
我们来复习一下买股票的获利机会，当持有股票时有50%的获利机会，股价上涨获利，股价下跌亏损。
卖价外Call期权时会获得收入，只要股价在截止前不上涨超过合约价，卖的期权就会归零我们就会获得所有的收入。
不过如果股价上涨超过合约价最大损失是无上限的。
交易一个Covered Call就是购买100股同时卖一个合约的Call option，可以用卖Call的收入降低股票的购买成本，增加获利的机会。
如果合约截止前股价上涨超过Call的合约价股票就会获利卖出，填补卖Call的差价损失。
所以Covered Call等于是减少未来股票上涨的获利来换取现在的卖期权收入。
为什么要卖Covered Call？
如果我们想要长期持有一个股票可是又害怕股价下跌亏损，可以交易一个Covered Call，用卖期权收入对冲我们持有股票的风险。
以PLTR股票来看，自从Palantir一年前上市以来，从刚开始的9元上涨到45元后又下跌到现在的24元左右。
如果我们在45元的时候买了100股的PLTR是不是现在资金就被套住了，这种时候我们就可以卖一个Covered Call来对冲并赚取收入并等待股价上涨。
如果在约0.20 delta的位置也就是28元的地方卖一个下个月截止的Call，就可以获得49元的收入。
不过如果期权截止前股价上涨超过了28元，我们卖的Call就会以28元履约，持有的100股PLTR就会以28元亏本卖出了。
只要在Call截止时股价没有超过28元我们购买100股PLTR的成本就少了49元变成4,451元，所以每股的成本变成了$44.51。
只要不断地卖Covered Call，每股的成本就会持续下降。
| 时间 | 交易成本 | 每股成本 |
|---|---|---|
| 30天 | $4,451 | $44.51 |
| 60天 | $4,402 | $44.02 |
| 90天 | $4,353 | $43.53 |
| 120天 | $4,304 | $43.04 |
聪明的你会想到我们Covered Call可以卖在45元，如果股价上涨超过行权价，我们卖出股票也不会亏损。
不过我们发现在45元卖Call会因为只有0.01 delta所以收入极低，只有3元。
因此在卖Covered Call时我们要挑选delta够高又不会轻易被履约的合约价，才能获得好收入又不会轻易被履约。
我们不爱交易Covered Call的3个理由
虽然Covered Call是滚轮交易策略Wheel Strategy的步骤之一，不过有3个理由让我们不爱交易Covered Call：
- 交易Covered Call需要花费太多资本所以投资报酬率不好。
- 在好的配息股票通常交易期权收入不高。
- 在成长股卖Covered Call会错失股价向上暴冲的获利。
1.交易Covered Call需要太多资本而且投资报酬率不好
交易Covered Call我们需要购买100股才行，从PLTR的例子来看如果现在24元的时候要交易Covered Call，我们要付出至少2,400元的交易成本。
而同样看涨的价平Put Spread只需要51元的购买力。
同样是下个月截止的Covered Call最高投资报酬率是16%，而价平Put Spread最高投资报酬率是96%。
如果延长到一年，Covered Call累积的投报率是192%，而价平Put垂直价差的年投资报酬率是1,152%。
| 交易方式 | 最大月投资报酬率 | 最大年投资报酬率 |
|---|---|---|
| Covered Call | 16% | 192% |
| 价平Put垂直价差 | 96% | 1,152% |
所以不论是用小笔交易分散风险的角度或是投资报酬率的角度来看卖Covered Call都不好，所以我们会建议买穷人Covered Call。
2.好的配息股票通常交易期权收入不高
如果想要用Covered Call搭配稳定的配息股票或ETF获利也不太适合，因为卖Call的收入跟隐含波动率IV有关系，所以低IV的配息ETF通常卖Call的收入不太好。
例如使用SPY交易Covered Call会因为ETF波动偏小，而让0.20 delta的Call离现在价格太近，导致最高获利只有2.9%。
如果想要赚取股息提早退休，还是长期持有高殖利率的股票比较好。
3.在成长股卖Covered Call会错失股价向上暴冲的获利
如果为了高IV而交易波动高的成长股例如TSLA，0.20 delta的Covered Call最大的投资报酬率有11%。
而且股价上涨的空间有接近86元左右，看起来应该还不错。
不过我们看到过去一年TSLA价格有3次在30天内上涨超过100元，如果那时我们交易Covered Call就会错过TSLA大涨的时机。
如果想投资成长股，最好的交易模式是等待股价抄底的时候交易看涨Put垂直价差。
现在最好的Covered Call机会
我们用价值美股清单找到财务体质健全、股价现在正好被低估的好公司来卖Covered Call，现在最好的机会是PRGO：
- 基本面分析告诉我们现在有43%的upside。
- 每年有2.56%的殖利率。
- Long Signal Days告诉我们PRGO在51天前抄底了。
现在执行PRGO的Covered Call交易，需要先购买100股再卖50天后到期的Call，可获得$35的权利金收入。
如果PRGO股价不超过$40，就可以一直收取权利金收入增加长期持有每年2.56%的利息收入。万一PRGO股价超越了$40的合约价，也可以获得11%的获利。
现在你知道如何交易Covered Call，你也可以理解为什么虽然Covered Call风险低，但是交易成本太高，获利又不太理想，而且还会让我们错过成长股暴冲的时机。
所以我们的投资组合中不常出现Covered Call。
不过你还是可以用价值美股清单找到最适合Covered Call的机会。
Hey, thank you very much for writing an article about the disadvantages of covered calls, I’ve just realized that you get small gains. So, I would love to know what are the best strategies that you always suggest?
For bullish opportunities we would sell ATM Put spreads, as they have higher credits and use lower buying power.
For bearish trades, we sell ATM Call spreads for the same reason.
For neutral trades, we usually sell 0.20 delta Strangles because they are easier to roll forward in the event of a loss.
Thanks! this means a lot.
Covered calls are still a much safer bet, than just selling naked call options. Naked call options are very dangerous when they expire in the money.
Yes, Covered Call is a great alternative to the buy-and-hold strategy.
说的有道理， 但是也要看每个人的投资习惯是保守还是激进。垂直价差虽然说利润不菲但是也要交保证金给券商， 也要承担股价如果击穿的巨大风险。个人感觉对于刚接触期权的人来说covered call上手最快也最安全，如果对自己的风险管控有信心可以选择更激进的期权策略。
没错
熟悉多个交易策略可在不同的情况下使用
你說的沒錯
Covered call雖然風險不高,但真的沒有想像的好用!
同意
Now I think about it, cover call options do have the disadvantages you mentioned
I’ll be more careful about trading covered calls from now on
thanks
Thank you for a different perspective on selling covered calls
Covered calls don’t seem that great now
Yes, there seems to be more drawbacks than gains for covered calls
我經常使用sell covered call策略來增加持股的收入,謝謝您分享不同的角度看這個策略,讓我好好想想怎麼優化我的美股交易方式
在優化投資策略的過程中如果有特別的想法，希望能一同交流、學習
I was actually looking for the best covered call stocks
After reading this article, I guess I’m done with covered calls now
Thanks!
Yes, although Covered Calls are easy to execute, they have big flaws that turn us off them.
原來covered call還有這幾個缺點,謝謝分享
是啊，Covered Call理論上風險不高，可是有機會成本太高的問題
What kind of delta do you usually look at for selling covered calls?
When we trade OTM Calls or Puts, we usually start with 0.20 delta to get a good balance of premium and probability of profit.
Then we analyse the price charts again to look for support levels that we can fine-tune our strike prices.
I used to think ETFs and FAANG stocks are the best covered call stocks, because I want to hold on to them for the long term.
Thank you for sharing your perspective, I’ll rethink my covered call selling strategies.
Your welcome.
We do think short Covered Calls have huge opportunity costs.
If you want to hold on to stocks and ETFs for the long term, it’s probably better to spread out your capital across multiple stocks rather than buying 100 stocks at a time.
It helps you diversify your portfolio and manage your risks.
FAANG stocks are growth stocks and they move quite a bit. If you want to hold them for the long term, don’t sell covered calls, it will be painful when your stocks are called away and the stocks keep moving higher. My buying power is available only once at any given time and I will certainly not use it for selling covered calls due to the low return of 1-2% per month. I would rather sell put spreads with 80-100% ROC per month on FAANG stocks as long as the underlying stock is fundamentally undervalued instead of selling covered calls. If they do not expire worthless, I would roll them into the future because eventually they will expire worthless in case of FAANG stocks. It is safe to sell put spreads on undervalued FAANG stocks. Now, it is not a good time to sell put spreads on FAANG stocks because they are all overvalued or fairly valued except Amazon and Facebook (check the dividend and growth stock database for the fair values: https://slashtraders.com/en/tools/dividend-stock-screener/).
I have been trading covered calls for so long and did not realise that it has a huge opportunity cost until now!
Thank you for the great explanation.
That’s right, trading a Covered Call solely to earn a small premium to offset stocks is a big missed opportunity.