OPTIONS WHEEL PowerUpGammas eBook Page 1 of 1 MERRY GO ROUND ཻԔ๗ አ๗ᒽኼಭᩒᗦᙎ SAM @ PowerUpGammas Option Wheel, Merry Go Round ྌeBook ٟᕳԟ๗ጱ֦ զ݊ PowerUpGammas ၹٖक़ᅾஞᥡռ www.PowerUpGammas.com OPTIONS WHEEL MERRY GO ROUND Page 1 of 35 Option Wheel, Merry Go Round Page 2 of 35 Hello, everybody. ౯ฎSAM! 99%ጱՈ፡অӞඪᙎᐥ҅՜/տፗളԣࢩ——فԅኪᥤᨰᕪড়֛ጱᙎᐥᦧᦞ ާ(Talking Head)੪ฎᬯୌᦓጱ̶ ᬯӧฎ๋սᭌೠ̶ ড়֛य़ᰁಸ᭲૬៎ᇙԣفᙎᐥ҅ܩẌํᩒා݊՜ࣁԣڹف؉ԧՋԍ̶ ইຎ֦మӨ99%ጱՈӧ᧗҅ݶᴅᬯeBook̶ਙտᕳ֦ӞӻๅےսᵝӬṛ පጱಭᩒොୗ̶ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 3 of 35 ٖڜᤒ Өռӧݶጱᷚᴾᐏ 5 ൫᩸๗ጱṋຝ——चᏐොໜ 6 ಋӾ෫ᐥҘᘍᡤܕသ 7 ԅԣکጱᙎᐥ؉ᦧ 9 ӥӞྍ҅ಋӾํᐥҘᘍᡤܕᨻ 11 ىԭک๗෭҅ಗᤈհጱᭌೠ 14 ک๗෭ጱᤍ 14 ಗᤈհጱᅎၚ᧣ෆ 15 Short Putጱಗᤈհᭌೠ 15 Short Callጱಗᤈհᭌೠ 17 ԅ๗ୟᅌᕮ——ᬰᴤොໜ 18 ړಢ——࣋فᒽኼ 19 ӧᥝಗ፳ԭک๗෭ 21 ٌ՜ํፅጱᬰᴤᘍᰁ 23 ཻԔ๗ጱս۠ᗌᅩ 25 ᴫᓤ1 —— ᭌೠचᶎᜉঅጱݪل 26 ᴫᓤ2 —— ڣෙ๗૱࣋ጱၞۖ 29 www.PowerUpGammas.com Option Wheel, Merry Go Round Page 4 of 35 ᴫᓤ3——॓غ๗ጱݸᖅᓕቘ 32 ᕮ 33 www.PowerUpGammas.com Option Wheel, Merry Go Round Page 5 of 35 Өռӧݶጱᷚᴾᐏ ૱࣋Ӿӧਂࣁᕷṛᷚᴾጱૡٍ——ᷚᴾතፅฎᒵጱ̶ইຎਂࣁᕷݰ ԮጱӞො҅૱࣋ਖ਼෫ဩᬩӥ̶݄ ࣁ๗૱࣋ጱྯӞॠ֦҅᮷ᥝᶎᷚᴾ̵තፅ༷ሲጱଘᤍ҅ṛᷚᴾਧ֎ ᵋṛතፅ҅ṛතፅஃஃӨ༷֗ሲፘᵋ̶ ๗ٌ՜ᰂᣟૡٍӞ҅ᨶฎᷚᴾ᧣ᜓ̶֦ᥝᘍጱฎই֜ᥢӧౄ ಥݑጱᷚᴾู҅ᶂݢզಥݑጱᷚᴾ——ูํݝᶂᷚᴾ҅තፅ౮ԅݢᚆ̶ ๗ํ؟ಋڏᛱᔜٵጱᷚᴾഴګᚆ̶ێᚆӧᚆአঅਙ҅ݐ٬ԭ֦ฎވౄ ᜰᳵ҅ᜰग़ᳵԟ̶ ๗ӧฎṛᷚᴾૡ̶ٍ ፥ྋጱᷚᴾᛔԭᎣᦩֵؙ॓አᰂᣟૡٍጱӧ܃ᯈ̶ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 6 of 35 ൫᩸๗ጱṋຝ——चᏐොໜ ౯ժचຝত҅᭑ႹᬦჁ୵ݒکᒽኼ̶ ӤӮᕉ90ଙդ҅ড়֛֦ᦫޞ૬៎ᇙय़ᰁᨻݢݗݢفԔݪلᙎᐥ($KO)̶ ਫᴬӤ҅ࣁԣف$KOᙎղ҅ڹ՜૪෫्௳ࣈݢݗݢԔӤᩥݐԧ780 ӡᗦᰂڥႎ̶૬៎ᇙአᬯԶڥႎᨻԣԧ500ӡ૱࣋հԅ$35ጱ$KOᙎղ҅ᘒ ᳵളਖ਼ྯᙎ೮ํ౮ᴳ֗ԧ780 / 500 = $1.56̶ ᬯଚӧฎ؍ᆐ̶ࣁஉग़ེጱᙎղᨻفᤈۖӾ҅૬៎ᇙ᮷ֵአԧݶጱොဩض ፓຽݪلӤᩥڥݐႎ̶ᒵک፥ྋԣف҅ᬯԶڥႎݢզአᴳ֗ԣفᙎ ᐥጱ౮̶ ᬯԶᕡᜓଚဌᤩড়֛ଠԅਯփ҅֕ᤩᦕ୯ࣁᗦࢵᦤፊտ(SEC)॓ໜկӾ̶ ԣف500ӡղᙎᐥ҅ڹ૬៎ᇙڊܕԧ50,000ୟ$KO፡๗(Short Put)̶ ࣁ౯ժ፡҅ᰂᣟᤉኞߝฎᰂᣟኴጱय़ᥢཛྷօྎ҅ ਙ൭ଃᄟࣁጱय़ᳯ᷌҅ᡱᆐፓڹ፡֒ᷚଘၵᶉ҅֕ᵌ ᡐ፳य़ᷚᴾ̶—— ظਫ਼ߢආᶣݪل2002ଙଙಸ SAMဳ᯽ғ૬៎ᇙ᧔ᬯᦾݙՐՐฎᰒ2002ଙᑀದᙎုန҅ MBS, CDOᤉኞߝտᦇᦕᨴොဩݎӸ᯿ᳯ᷌ጱᦧᦞ̶֕ य़ռܩᲙࣈᦊԅ૬៎ᇙӧࡅཻᤉኞߝҁ๗҂̶Ԫਫଚᶋ ইྌ̶ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 7 of 35 ಋӾ෫ᐥҘᘍᡤܕသ ইຎ֦፡অӞݝᙎᐥ$XYZ҅ڦ፳ԣ——فտӞፗ᮷ਂࣁ҅ଚӧտࢩԅ֦ ภکӞྍᬱ०̶݄మࣁ૱࣋ᳩ๗ኞਂ҅ᒫӞ᧞ᥝտᘔஞ̶ ֦ݢզ೮ํሿᰂ҅ᆐڊܕݸፘଫහᰁጱ፡๗(Short Put)̶ࢩԅӞୟᗦᙎ ๗ݳᕅଫ100ղᙎᐥ҅ইຎ֦మԣف100ᙎ҅ᵱᥝڊܕӞୟݳᕅ̶ᬯᐿ ؉ဩํӞӻӫᳪጱݷᑍғሿᰂכ፡๗·Cash Secured Put·1 ԣف፡๗(Long Put)҅ᕳԧ֦ ڊܕ፡๗ ࣁᕅਧհ֖ڊܕᙎᐥጱ̶̿̀ڥ ࢩྌԭ፡๗ጱܕොҁ֦҂ಥ ԧࣁᕅਧհ֖ԣفᙎᐥጱ̿Ԏ ̶̀ۓԅྌ҅ܕොතک๗ᰂ֢ԅ 0 Ԏۓಥᤑ̶ؑ ᭗ᬦፄԮࢧಸࢶ֦҅Ꭳ᭲ݝᥝᙎᐥ๚ک ๗ӧᏈಗᤈհ҅ᬯୟݳᕅ੪ฎOTMᇫா҅౮ԅӞୟଳᕕ̶๗ԣොӧտ ᤈֵᛔ૩ጱܕ҅ڥොᑞਧ឴ݐ๗ᰂᘒӧአಥձ֜Ԏ̶ۓ ইຎݪلෆ֛ఘ٭ဌํදݢ֦҅ݒզ᯿ෛܕӞୟ፡๗̶ ইຎᙎᐥࢩԅԶܻࢩᏈԧಗᤈհ҅ᬯୟݳᕅ੪ฎITMᇫா҅๗ԣොӞ ෮ᤈֵ֢֦҅ڥԅܕො੪տᤩᥝզಗᤈհොಋӾԣفᙎᐥ̶ 1 ইຎํڊܕ๗(Naked Put Naked Call)ጱԻฃᴴ҅໑ഝᨴಁጱӧݝࠟڭ҅ݶտฮٰᕮӞਧྲֺጱᩒᰂ֢ԅ Իฃᦤכᰂ҅ᘒӧᥝ೮ํᒵݶԭಗᤈհጱق᷐ሿᰂ֢ԅ॓አᨻԣᩒᰂ̶ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 8 of 35 զӤ୩ګԣفᙎᐥጱ֢ۖ੪ฎ๗ၝ·Assignment·̶ ᬯӧྋฎ֦๕ጱހҘ֦੪॓ٵঅԧ100ᙎᙎᐥጱᩒᰂ҅੪ᒵ፳ᬯӞॠ̶ ֦ᩥݐጱ๗ᰂ҅ݢզ٫ಽᨻԣᙎᐥጱ౮̶ྲইಗᤈհฎ$100҅๗ᰂ $2֦҅ጱਫᴬᨻف౮ํݝ$98̶౮ᴳ֗҅ฎӧฎӞկஉঅጱԪޫҘ զӥฎᄍᐏࢶғ ᬯ᯾զ݊ӥጱ๗ᰂฎՈԅ మහ꧊҅ፓጱฎԅᦇᓒො ಭᩒᘏӞڊܕو3ེ፡๗̶ᦡ ᕹӞ̶ᬯԶහਁฎכਝᦇ ڹᶎӷེኧԭᙎհဌํᏈಗᤈ ——᭗ଉఘ٭᮷ݢᬡ̶ک հ҅᮷ဌํᤩၝ̶๋ᤩݸၝ ҅ਫᴬᨻف౮ԅғ100 - 2 -1.8 -1.6 = $94.6̶ Short Put Short Put Short Put ๗ᰂ = $2 ๗ᰂ = $1.8 ๗ᰂ = $1.6 وතک$5.4҅ ๗ᰂ҅አ٫ ಽ౮Ѻ ಗᤈհ = $100 www.PowerUpGammas.com Option Wheel, Merry Go Round Page 9 of 35 ԅԣکጱᙎᐥ؉ᦧ ᵱᥝกጮ҅ํݝᙎᐥӥ҅౯ժํݢᚆԣفᙎᐥ̶ಅզ҅ԣ̿فஞը̀ጱ ᙎᐥ֦҅ݸᵱᥝᘍӞӥڟጱӥฎݢވզളݑҘ ౯ժ෫ဩᶼၥ๚ᙎհᩳ۠҅ๅ෫ဩՐپڂୟᨰۓಸᤒฎړຉጱ̿Ⴎ ଶ̀ᒍ੪ᚆํපڣෙݪل؋଼ᇫ҅٭զᛗԭവෙ๚ᙎհฎ႐ฎ̶ ӧᥝ๗๕֦ጱᦧ ਖ਼ԅಭᩒ᩸ک٬ਧ ֢አ̶֕ᛗ҅ ӞᳵӤ૱ݪلጱCFOᏳૣฎSAMጱᳩ̶Ӟ ེ౯ᳯ՜ғ֦Ꭳ᭲ݪلಅํᑃੂݪل๚ զӥᘍտଆ֦឴ ጱො҅ݻইຎӧᴴ֦ګԣفᙎᐥጱ֦҅ڥ Ӟᅩಭᩒמஞ҅ ԣހҘ՜ᒞԧᒞ҅”౯ӧԣஉग़҅ݪلෆ ीےӞԶᩬᶎ҅ ֛ఘ٭உঅ҅ݢᙎհ੪ฎӧ႐҅ᬯᦏ౯ࣁ ຄᒒกดӧڥጱ CEOᮎ᯾ᶋଉᵙऩ“̶ ॒ह̶ླᒌ౯ժࣁ ᬯeBookᦖጱෆ ֛᪠ฎӞᐿፘౡව༁۸ጱಭᩒොୗ̶ইຎՈԅԆۖᓕቘጱ᷇ሲٺ ҅ᮎ౯ժᬮฎੀනӞᅩ๕ԭݪلବৼމѺ ֦ᵱᥝᘍݪلӥฎՋԍܻࢩ᭜౮ጱҁইຎฎู֦҅ᵱᥝᇙڦኸ҂ғ • ݪلฎڊވሿ᯿य़ෛ҅ইާૡᗙૡ҅ᓕቘ੶ᬖᘳ҅ᛩ୕ᤈԅᆷڊ2̶ᬯᔄ ᳯ᷌ஃஃ֎ᵋႮ੶ེܻࢩ——ޱ፳Ꭸ๗ٖᥴ෫ဩᥴ٬̶ 2 ታᬔ߅ࠦ$LK੪ฎӞӻਠᗦጱֺৼ̶୮ᙎհูᛘᤩၝᙎᐥ֦҅ᥝై᯿ᘍᡤฎވᬰᤈӥᶎᥝᦖጱCovered Call̶ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 10 of 35 • ᙎհጱӥฎࢩވԅय़ፏහӥ᭜౮Ҙইຎฎᬯ҅᭗ଉ᧔ଚӧአද ֦ݒጱಭᩒమဩ̶ • ฎވኧԭᐿԾߝᎸݎ०ᨳᛘᙎհय़Ҙݪلฎވᬮํٌ՜Ծߝݢզᖀ ᖅ׀ሿᰂၞҁ֦ݢզᘉ፡ݪلጱᨰۓಸޞጱᶂᶱ҂Ҙ ᬯᔄړຉݢզํஉग़ො̶ݻ౯ݝฎԈԧӞӻֺৼᘒ෫ဩᑫੱ̶ԪਫӤ҅୮֦ ݎሿᳯ᷌ጱ҅ײᶲ፳ᘍ᭦ᬋӧෙയฎྋᏟጱ؉ဩ̶ ইຎᕪᬦӞኾᦧ҅ݎሿᬯེӥଚӧฎՋԍ᯿य़ӧڥԪկᛘ̶ଚӬ҅ԏ ᦊ֦ڹԅݢզԣفᙎᐥጱቘኧဌํදݒҁֺই҅ইຎ֦ฎӞӻचᶎಭᩒ ᘏ֦҅տړຉݪلᕪ០ᇫா҅ᨰۓຽ҂֦҅ݢզᘍᡤӥӞྍ̶ ইຎӧฎ֦҅ํӷᐿොໜғ 1. ᒈݢ̶֦ڊܕܨᚆտํԮഖ҅֕තکጱ๗ᰂտ٫ಽӞ᮱ړԮഖ̶ 2. ࣁᔮᕹӾԅᙎᐥᦡᗝྊഖਧ҅ܔ୮ᙎհེٚ֗ԭӞӻհ֖҅ᦏᔮᕹଆ ֦ԧᕮ१ੑ̶ইຎᙎհӞፗဌํڋᏈྊഖᕚ҅ݢᥤఘ٭ᘍᡤӥӞྍ̶ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 11 of 35 ӥӞྍ҅ಋӾํᐥҘᘍᡤܕᨻ ֦ᦡ૪ԣف100ᙎ$XYZ҅հ໒ฎ$100҅ሿࣁ֦ݢզڊܕӞୟ፡႐ݳᕅ̶ྲ ই҅ಗᤈհฎ$103̶ԅྌතک๗ᰂ$1.4̶ ԪਫӤ҅ᙎᐥ + Short Callጱᒽኼݞ؉॓غ๗·Covered Call· 3̶ ԣف፡႐๗(Long Call)҅ᕳԧ֦ࣁ ॓غ๗ ᕅਧհ֖ԣفᙎᐥጱ̿ྌࢩ̶̀ڥ ፡႐๗ጱܕොҁ֦҂ಥԧࣁᕅਧ հ֖ڊܕᙎᐥጱ̿Ԏ̶̀ۓԅྌ҅ܕ 103 ොතک๗ᰂ֢ԅԎۓಥᤑ̶ؑ 0 ೮ํᙎᐥጱݶڊܕፘଫහᰁጱ፡႐ ๗҅ᬯӻᖓݳ१ੑ੪ฎ॓غ๗̶ ॓غ๗ፄԮࢶஉᔄ֒౯ժᬦጱ ॓غ๗ፄԮࢧಸᥠૢࢶ̶ ڊܕ፡๗ҁԪਫӤ҅ਙժ੪ฎ ӞࢧԪ҂̶ ୮ᙎհဌํ᩻ᬦ$103҅๗ک๗౮ԅOTMᇫா҅ଳᕕӞୟ̶ෆ֛තፅ = ත کጱ๗ᰂ = $1.4̶ ྌ֦҅ݢ᯿ෛڊܕӞୟ፡႐๗̶ 3 य़᮱ړఘ٭ӥ҅೮ํᙎᐥጱݶڊܕ፡႐๗ฎ๋սᭌೠ̶ଘଉ౯ժԣف๗ᥝ՞ڊ๗ᰂ҅ڊܕ๗ᡱᆐݢզතک ๗ᰂ҅֕ํፘ୮Ӟ᮱ړᩒᰂ҅ࣁ೮ํ๗๗ᳵտᤩࠟڭզᦤכᰂጱ୵ୗٰᕮ̶֘ᘒ᮱ᗟ॓غ๗پԒᵭ౮҅ӧԾኞ ෛጱᦤכᰂٰᕮ——ֵܨᙎᐥᷢکॠӤ݄҅ࠟڭ᮷ӧொ֦ဌํᚆێઆᕅ҅ࢩԅ֦೮ํፘଫහᰁጱᙎᐥ҅ݝࠟڭᥝᙎᐥ Callᩳ੪ᤈԧҁᤩၝ҂̶ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 12 of 35 ୮ᙎհ᩻ᬦ$103҅ݸෆ֛තፅ੪ᶮ = ҁಗᤈհ - ୮ڹհ҂+ ๗ᰂ = 103 - 100 + 1.4 = $4.4̶ଚӬ፡႐๗ԣොտᤈ֦҅ᥝളݑᙎᐥၝ̶ᬯޱ ፳ಋӾ೮ํᙎղտၾ०̶ ྌ֦҅૪෫ձ֜ፘى१ੑ̶Ӟሾବᕮ̶ݢզᘍᡤতෛӞሾ ——ڊܕ፡๗̶෫ᦞই֜҅ԏڹතکጱ๗ᰂᔴᑌӥ҅౮ԅතፅ̶ զӥฎᄍᐏࢶғ ಭᩒᘏӞڊܕو3ེ፡႐๗̶ڹᶎӷེኧԭᙎհဌํ᩻ᬦಗᤈհ҅᮷ဌํ ᤩၝ̶๋ᤩݸၝ҅ਫᴬጱڥႎғ(103 - 100) + 1.4 + 1.6 + 1.7 = $7.7̶ ইຎᘍᡤԏڊܕڹ፡๗ጱ๗ᰂ҅ق᮱ፄڥԅғ7.7 + 5.4 = $13.1̶ ԭӞୟݳᕅ҅ڥႎԅ$1,310̶ Short Call Short Call Short Call ๗ᰂ = $1.4 ๗ᰂ = $1.6 ๗ᰂ = $1.7 وතک$4.7҅ ๗ᰂ҅አ٫ ಽ౮Ѻ ಗᤈհ = $103 զӤᒽኼጱ๗ᰂ҅Ӟොᶎݢզቘᥴ౮҅ਙԅਖ਼ᨻԣᙎᐥ൶ᡀԧ౮̶ݚ Ӟොᶎ҅ᬯਫᴬӤԅಭᩒᘏڠ᭜ԧๅग़ጱᑞਧሿᰂၞ̶ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 13 of 35 ๗ጱचሾ ত No ತෛፓຽ ፡অ?ݪل Yes ᑌ ᔴ ๗ ᰂ Short Put ၝԣᙎᐥҘ No Yes Short Call ᑌ ᔴ ๗ ᰂ No ၝܕᙎᐥҘ www.PowerUpGammas.com Yes ත ፅ = ᙎ ᐥ ူ ଏ + ๗ ᰂ ᔴ ᦇ Option Wheel, Merry Go Round Page 14 of 35 ىԭک๗෭҅ಗᤈհጱᭌೠ ک๗෭ጱᤍ Short PutShort Callک๗෭ᭌೠ᭽ݶጱ̶ܻڞᭌೠݳᕅک๗෭4ض҅ڹ ᥝกጮᬯ᯾ᶎጱ୕ڥ०̶ ๗ک๗෭᩼ᳩ҅հ໒᩼ṛ̶ ֺই҅ڊܕ6ӻ์զکݸ๗ጱ ݳᕅතکጱ๗ᰂҁᬯฎቘᦞ ๋य़තፅ҂य़ԭ1ӻ์ک๗ݳ ᕅ๗ᰂ̶ ᆐᘒ҅ڹᘏᥝਫሿ100%ቘᦞතፅ҅ᵱᥝᒵஇ6ӻ์҅ᘒݸᘏݝᵱᥝ1ӻ์̶ ಅզ҅ᬯ᯾ጱݐᛣᵱᥝ֦ᛔ૩ഩൎ̶ ํӞԶचܻڞғӧᥝڊܕॡᬱጱ҅Ԟӧᥝڊܕॡᬪጱ̶1-3ӻ์ک๗෭҅ ๗᧔ฎྲݳᭇጱᭌೠ᩸ᅩ̶ • ᪗ᐶॡᬱጱ๗҅ᄟࣁڥႎṛ҅֕ڥႎਫሿړ܈ᖨౌ҅ᩒᰂපሲ֗ • ᪗ᐶॡᬪጱ๗҅ڥႎᬥ᭛҅֕ᄟࣁڥႎੜ҅Ӭݶᵱᥝܛአፘ୮य़ හᰁጱᦤכᰂ҅ᩒᰂපሲԞӧṛ 4 ᬯ᯾قᦡ᮱ֵአ์ଶ๗҅ޮଶ๗ӧࣁeBookᦎᦞࢱԏ̶ٖ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 15 of 35 ಗᤈհጱᅎၚ᧣ෆ ౯ժض᧔Short Putጱಗᤈհᭌೠ̶Short PutಗᤈӞਧᭌೠ̿֗ԭ̀୮ڹ ᙎհҁڊܕOTM Put҂——ࢩԅ౯ժᵱᥝ̿֗ԣ̶̀ ک๗෭ Short Putጱಗᤈհᭌೠ ୮ڹᙎհ ᙎհಗᤈհԏᳵጱ᪗ᐶ੪ฎᖨ٫܄ ӥᖨ٫ ऒ̶ݝᥝ̿ک๗̀ᙎհဌํᏈಗ ᤈհ҅Short Putݢզਫሿ๋य़ቘᦞ තፅ҅Ԟӧտᤩၝ̶๚౯ժݢզ ಗᤈհ ٚ؉ӞེShort Put̶ ک๗෭ ୮ڹᙎհ ӥᖨ٫܄ऒഴࣁګग़Ҙ ಗᤈհ, Delta = 30 ဌํᕹӞᥴ٬ොໜ҅ԞဌํࠔӞ๋ սጱಗᤈհ̶౯׀ӞԶ݇ᘍຽ ಗᤈհ, Delta = 15 ӥ ᖨ ٫ ݢ֦҅ٵզᛔ૩ጱ೭ഒ̶ ݢզ15Deltaӗ30Deltaጱ܄ᳵٖᬰᤈᭌ҅ݐᬯ᮷ฎྲቘమጱত̶ᬯ᯾ ጱݐᛣฎғๅṛጱDeltaտᕳ֦ๅय़ጱ๗ᰂ҅֕ኧԭ᪗ᐶᙎհๅᬪ҅ݢᚆ տๅள᭬کၝ̶ ౯ժአݢݗݢԔݪلᙎᐥԅֺ҅$38҅$40҅$43᮷ฎݢզᘍᡤጱಗᤈհ̶ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 16 of 35 ֦ԞݢզࣁࢶᤒӾኮӤᬯԶಗ ᤈհ҅ইຎݎሿٌӾํಗᤈհ ॒ࣁ᯿ᥝඪඅ֖ᴫᬪ҅Ԟᦜᬯ տฎๅঅጱᭌೠ̶ $KOጱࢶᤒӤ҅$38֖ԭ᯿ᥝ ඪඅ֖ᴫᬪ̶ԭֵአದ ړຉጱಭᩒᘏ᧔҅ᙎհᶼ๗ ᭬کग़ԣፏ̶ ࢩྌইຎ֦ᭌೠ$38ጱݳᕅ҅ ེᤈۖጱᶼ๗ଫฎතک๗ ᰂᘒӧฎᤩၝ̶ ᭌਧঅಗᤈհ҅ᵱᥝ༄ັฎ ํވ᪃ड़ጱ૱࣋ၞ̶ۖӧ ᆐտߥ֦ጱਧܔ౮Ի҅ᦏ ֦ࣁհ໒ӤݰԮ҅ک१ᑮ ཻࡅӞ̶࣋୮֦ݎሿᭌਧጱ ಗᤈհӧᚆ׀ԅჿጱၞۖ҅ᵱᥝᘍᡤ᯿ෛᭌӞӻک๗෭ེ҅ٚᦧ Ӟӥ̶ ىԭದړຉғ DeltaጱᭌೠՐՐฎᘍොୗԏӞ̶ᘍොୗԫғইຎᙎհྋঅ॒ࣁ᯿ᥝඪ අ֖ԏӤҁݢզֵአձ֦֜מᩢጱದړຉොဩ҂҅ᘒඪඅ֖ଫጱಗᤈհ Deltaṛ҅ྲই40̶౯ժׁᆐݢզᭌೠਙ҅Ӟොᶎතکๅṛጱ๗ᰂ҅Ӟ ොᶎᙎᐥࣁྌݍ୨ጱݢᚆय̶़ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 17 of 35 Short Callጱಗᤈհᭌೠ ک๗෭ Short CallಗᤈհጱᭌೠӞොᶎݢզ ಗᤈհ ᭽ݶጱֵܻܨ҅ڞአDeltaᕮ Ӥ႐ᖨ٫ ̿ݳᴥ֖̀ێଚኸํӞਧӤ႐ᖨ٫ ҁڊܕOTM Call҂̶ᬯ౯ժ੪ਫ ୮ڹᙎհ ሿԧ̿ṛ̶̀ܕ ک๗෭ ݚӞොᶎ҅Short CallԞݢզํྲ ಗᤈհ, Delta = 15 ᅎၚጱಗᤈհᦡਧ̶ᴻԧOTM҅౯ ಗᤈհ, Delta = 30 ժԞݢզᥤఘֵ٭አATMITM̶ Ӥ ႐ ᖨ ٫ ୮ڹᙎհ ک๗෭ OTMಗᤈհ҅׀Ӥ႐ᖨ٫ ୮ڹᙎհ ATMಗᤈհ๋҅׀य़තፅ ITMಗᤈհ҅׀ӥכಷ ᬯๅ؟ฎᕮݳᕪḵጱᜏٍ҅ํஉṛጱፘನೠ(Discretionary)ᑕଶ̶౯ࣁ Ꮈ·ץ๗ಭᩒᒽኼ(OASI)ᔮڜᥤ᷇ጱ॓غ๗·Covered Call·ཛྷࣘӾᧇᕡറᦎ ԧڊܕӧݶᇫா፡႐๗ጱ҅ڦ܄ইຎํي᪁҅ݢզ݄᷇᭲ӫᳪັ፡̶ࣁᬯ eBookӾ҅౯ժጱCovered CallᬮฎզOTMԅԆ̶ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 18 of 35 ԅ๗ୟᅌᕮ——ᬰᴤොໜ ๗ጱचᏐຝړ܈ᓌܔғ • ෫ᐥܕသ • ํᐥܕᨻ ᤩکܕၝԅྊ҅ᬰᤈӥӞྍ҅ӧෙሾ̶ ౯ժԞՕᕨԧىԭShort CallShort Putጱݳᕅޮ๗զ݊ಗᤈհጱᭌೠ̶Ԫ ਫӤ҅ᬯԶੜದૣ᪃զ֦ݶᛔಭᩒ֛ᔮਠᗦᣟ҅ݳԅ֦ڠ᭜ๅےग़زᑞ ਧጱڥႎ̶ ᆐᘒ҅๗ᕷӧฎᑃੂྎ——ਙӧݢᚆ۸ᚣԅᐟ॰̶౯ժӞਧտ᭬ کಭᩒ०҅ڥӞԶݪلᙎհྺ෫ڊࣈصሿᳯ̶᷌ᬯฎ෫ဩعጱԪਫ̶๗ ෫ဩਖ਼ᬯጱह٭ಜԮԅፄ҅꧌ٌᰁݢզᦏ֦ԮഖӞᅩ̶ ࢩྌ҅๗ฎӞᐿᖌොୗ̶֦ݢզํஉग़Ԇᥡᚆۖݎഀ̶ ইຎݢզቘᥴᬯӞᅩ҅౯ժ፡ӞԶᬰᴤොໜ̶ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 19 of 35 ړಢ——࣋فᒽኼ ইຎ֦ํᩒᰂԣๅग़ጱᙎᐥ҅ྲই200ᙎ҅ݢզᘍᡤᒽኼ̶ਙਖ਼ྲܔ ҁڹᶎکጱොဩ҂ๅےᑞ؋̶ ত No ತෛፓຽ ፡অ?ݪل Yes ᑌ ᔴ ๗ ᰂ Short Put No ၝԣᙎᐥҘ Yes Short Call ᑌ ᔴ ๗ ᰂ No ၝܕᙎᐥҘ www.PowerUpGammas.com A Yes ත ፅ = ᙎ ᐥ ူ ଏ + ๗ ᰂ ᔴ ᦇ Option Wheel, Merry Go Round Page 20 of 35 ֦Ḓضզ100ᙎতܔᒽኼ̶ፗکᅩA——ᤩၝԣف100ᙎᐥܕ֦ࣁ҅ݸ ڊ፡႐๗ጱݶ҅ᵱᥝٚڊܕӞୟ፡๗҅তܔᇿݚӞӻሾ̶ ᬯ֦҅ڊܕԧӞୟCallӞୟPut҅ଚ೮ํ100ᙎᙎᐥ̶ ইຎհ໒Ӥ҅܋Putک๗ӧᤩၝ҅ӷӻ๗ׁ෯ᇿᒈᬩ̶ Stock + Short Call Short Put Stock X2 + Short Call X2 ইຎհ໒ӥ҅Putᤩၝ҅ᙎᐥහݒ౮200ᙎ̶ᛗྌ҅ӷӻ๗ݳଚ౮ Ӟӻҁ֦ᵱᥝग़ڊܕӞୟCall5҅Ꮯغ॓כጱ१ੑӞᛘ҂҅๚֦ਖ਼ೲᆙܔ ᬰᤈᓕቘ̶ ᒽኼᨶӤฎړಢڞܻ࣋فጱଫአ҅ࢩྌਙݢզଆ֦ଘಪӞԶհ໒ူ ̶ۖࣁݳଚ֦҅ڹᵱᥝڦړጭᦕྯӻጱ१ੑڞވ҅௳מฃႰԤ̶ ইຎమᨻԣ300ᙎ҅ฎވᵱᥝӣҘ ӣᓕቘྲᔺቜ̶֦ݢզᘍᡤೆړ౮100 / 200ֵአᒽኼ̶ӧᬦ҅ᬯ ਠق፡ӻՈ̶ 5 ᬯ᯾ࣁڡ๗ݢᚆտਂࣁӞӻᳯ᷌҅ܨӷୟCallک๗෭ӧӞᛘ̶ࣁ๚֦ᵱᥝᕹӞک๗෭̶ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 21 of 35 ӧᥝಗ፳ԭک๗෭ ԏڹ౯ժಅํጱ๗ݳᕅ᮷ἕᦊ೮ํک๗̶ ইຎڊܕጱCallᘏPut᪗ᐶک๗ํ60ॠ҅ᬯޱ౯ժᵱᥝᒵӤ60ॠ̶ک๗ ҅ڹ౯ժՋԍԞ؉ӧԧ҅60ॠԏݸ፡૱࣋᚜ᜋ֢ڊଫ̶ ౯ժݢզๅےᅎၚ̶ զShort Putԅ̶ֺᦡPutಸհ$2֦҅ڊܕᬯୟݳᕅ҅๗ᴴ60ॠ̶ইຎ૱࣋ ࣁ10ॠԏ҅ݸPutಸհ$0.5̶֦ጱ๗ᨴᶎၶፄғ2 - 0.5 = $1.56̶ ᬯޱ፳ᜰԧ10ॠᳵ҅౯ժ੪ਫሿԧᵱᥝ60ॠቘᦞතፅጱ1.5 / 2 = 75%̶ᳵපሲӤ᧔҅ᬯฎӞᒟຄṛපጱಭᩒ̶ሿࣁ֦҅ݢզຎෙԧᕮ ሿํ๗१ੑ҅ଚᘍᡤ᯿ෛڊܕෛጱݳᕅ҅ᦏ౮ښᦇٺڷ᯿ෛᬩ̶ ইຎӧᲁਧڥႎ҅ᖀᖅᒵஇک๗֦҅ਖ਼ᶎԁӷᐿݢᚆғ 1. ๋অጱఘ٭ฎٚᒵӤ50ॠ҅೭ۃکӥጱ$0.5̶֦֕ᇚᇗԧๅঅጱտ౮ ——᯿ෛڊܕӞୟෛݳᕅ҅ᦏ๗ٚӞ̶ེ 2. ૱࣋ᩳݺࢧ҅ݍ᮱ ړ/ ق᮱ጱڥႎ҅ኜᛗک๗੪ᤩၝ̶֦ጱ๗ ᬮဌํེ҅پ੪ᥝԣفᙎᐥԧ̶ग़ӧኚஞҘ ಅզ҅ଘՙฎ๋սᭌೠ̶ 6 ইຎ֦๗ഖፅጱਫሿܻቘӧႴ༩҅ݢզັᴅSAMጱeBook̽ᗦᙎ๗ᵭच᩸ྍ̾Ӿ“๗ฎই֜ԣ҅ܕፄԮই֜ ਫሿጱ”ᬯӞᒍᜓ̶ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 22 of 35 Putհ໒ᬥ᭛ᴳ֗ᛘ֦ᬥ᭛ၶፄ҅ํग़ᐿݢᚆ̶ইຎྌํወᳯ҅̽ᗦᙎ ๗ᵭच᩸ྍ̾ݢզᕳ֦ᒼໜ̶֕෫ᦞ֜ᐿܻࢩ҅᮷տݍฉࣁ๗ጱಸհ Ӥ҅๗հ໒ฎ٬ਧ֦ฎވᤈۖጱࠔӞຽ̶ զӤ౯ժړຉጱฎShort Putጱଘՙ҅ԭShort Call҅ᘍොୗฎӞ ጱ——౯ժᵱᥝአ๗ᰂ೮ํᳵᬰᤈᩒᰂපሲጱᖓݳᘍᰁ̶ىԭᬯොᶎ ጱٍ֛ଫአ҅౯ࣁᎸ·ץ๗ಭᩒᒽኼ(OASI)ᔮڜᥤ᷇Ӿጱ॓غ๗ ·Covered Call·ཛྷࣘᬰᤈԧᦖᥴ̶ ഘӞӻଶ᧔҅ইຎ֦మᬰᤈବጱ̿ౡᔮಭᩒ̀——ڊܕ๗ݸፗᒵک ๗҅තݐ100%ጱ๗ᰂ҅ᬯᐿ؉ဩଚӧฎӧݢᤈ̶֕ᗌᅩฎਠق൷ԧ૱ ࣋̿ᩪᭆ̀ጱԆۖᓕቘ१ੑጱտ̶ԭฎ֦ጱಭᩒๅׁےᩢᙎᐥጱᤒ ሿ҅ᘏ᧔“ᭌᙎᬩ࿈”̶ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 23 of 35 ٌ՜ํፅጱᬰᴤᘍᰁ ۃӥӞԶᘍᚆଆ֦ۗๅঅଫአᬯӻᒽኼ̶ 1. ฎֵވአETF ݪلᙎᐥฃ̵ݪلکݑᤈӱෛߥ҅ᙎᐥူۖय̶़ࣁਫ᪢Ӿ҅հ໒ ႐ԭ๗ጱᓕቘ᮷ฎړ܈་ಋጱᳯ̶᷌ ౯ժํېဩੱᰁ݄ᴳ֗ᬯӻᳯ᷌ݎኞጱ᷇ሲ——ᤩۖ᪙᪵ࣳETFኧԭ۱ԧ Ӟᔮڜᙎᐥ҅հ໒ူۖྲݪلᙎᐥଘᑞ̶ᬯฎ๗ጱսᨶຽጱ̶ ᵱᥝᯯጱฎ҅ੱݢᚆعᕪᤉኞૡٍ॒ቘᬦጱETF̶ইETF҅ݻݍETF զ݊ձ֜᪙᪵य़ਤࠟߝ̵ܻရጱETF̶ਙժฎᎨ๗Իฃ٫ૡٍ҅ӧฎಭ ᩒૡ̶ٍ 2. ᭌත௳ᙎᐥ ݎනሿᰂᙎڥጱݪلᙎҁզ݊ ፓڹຽٵฦਫ਼500හጱᙎ௳තፅሲ ฎ1.92%̶ࢩྌٿय़ԭ2%ጱ҅ݪل ᮷ݢ୭ԅ̿ṛ̀ᙎ௳ሲ̶ݪل ۱ᬯԶݪلጱETF҂᭗ଉฎ ӧᲙጱᭌೠ̶ṛ᭛౮ᳩݪلᵱ ᥝᩒᰂӱ҅ۓଚӧౄ᷇ ᔺݎනᙎ̶ڥ᭗ᬦᭌೠත௳ᙎ ᐥ҅ਫᴬӤ౯ժഭᴻԧ᮱ړṛ ᭛౮ᳩࣳ——ݪلஃஃᙎհူۖๅय̶़ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 24 of 35 ݎනሿᰂᙎڥጱݪل᭗ଉٍํఊԋܲ҅ݥӱۓཛྷୗݎ౮ᆧ҅ፄڥᑞਧ҅ᙎ հጱፘᑞਧׁ҅֕ᆐํכ೮ᖅ౮ᳩᄟ̶ێԭֵአ๗ጱಭᩒᘏ ᧔҅ݳړ܈ᭇ̶ ྌक़҅ࣁ֦೮ํᙎᐥӧෙShort CallጱᬦᑕӾ҅ਧ๗ݎනጱᙎ௳ҁ᭗ଉྯଙ ࢥེ҂๗ᰂӞ҅Ԟࣁ᭑ྍٺڷ೮ํ౮̶ 3. ᒵஇݳᭇጱڊܕ๗ ๗ᨶฎڊܕ๗ҁOption Selling҂ᒽኼ̶ᵌۖူތሲ·Implied Volatility·(IV)ইຎ॒ࣁṛ֖҅տവṛ๗հ໒̶๚IVࢧ៧҅๗հ໒ӥ ᴳ҅ڊܕ๗੪ๅฃԾኞፄ̶ڥ ಅզ҅ࣁ؇ṛጱIVᭌೠڊܕCallPut҅ݢᚆฎๅቘమጱ̶ IV֜ฎṛҘ֜ԅ֗Ҙ ౯ժݢզአਧᰁጱොဩ҅Ԟݢզአਧጱොဩ̶IVጱࢶᤒ҅፡Ӟӥᧆᙎ ᐥࣁᬦஃӞଙٖጱIV܄ᳵ҅୮ڹIVಅ॒ࣁᬯӻ܄ᳵጱ֖ᗝጱፘṛ֗੪դᤒ ԧIVጱṛ̶֗ IV܄ᳵṛᅩ IV܄ᳵ֗ᅩ ໑ഝզӤܻ҅ڞ୮ڹጱIVӧṛӧ॒֗҅ࣁӾྦྷኼங؇ӥӞᅩ̶ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 25 of 35 ཻԔ๗ጱս۠ᗌᅩ ๗ᒽኼս۠ړ܈กดғ • ܻቘᓌܔ • Ӥಋள • ᒧݳՈժಭᩒஞቘ——֗ԣҁPutᤩၝ҂ṛܕҁCallᤩၝ҂ • ڊܕ๗ํṛጱᲙᑮᳵ҅ದړຉᥝፘ֗ ਙԞฎӞӻፘ༁۸ጱಭᩒၞᑕҁᛗ֦ݢզਙݒஉ༁۸҂҅ᬯ܈ ړᭇݳᏤጱಭᩒᘏ̶֦ӧᵱᥝྯॠቘ҅ݝᵱࣁհ໒ڊሿय़ଏݒ۸ҁᘍᡤ فےԆۖᓕቘ҂ᘏک๗ᤩၝ॒ቘ֦ጱಭᩒ̶֦տํๅग़ᳵ݄॒ ቘๅ᯿ᥝጱԪఘ̶ ᛗԭਙጱᗌᅩ҅ᬯฎӞӻᰂᥝஉय़ጱಭᩒᒽኼ——ᛗᵱᥝํԣف100 ᙎጱᰂҁShort Putᤩၝ҂̶ྋইڹᶎᒍᜓಅ᧔҅ਫᴬӤԅԧ֛१ੑᷚ ᴾഴ҅ګᵱᥝጱᩒᰂᬱय़ԭ100ᙎᰂ̶ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 26 of 35 ᴫᓤ1 —— ᭌೠचᶎᜉঅጱݪل ౯զӥٖතᬰᴫᓤ҅ฎࣁ໊ᬦᑕӾݎሿݢᚆᬮਂࣁᵱᥝ᧔กԏ̶॒ᬯ Զٖቘᥴ๗ଚӧᮎԍ᯿ᥝ҅֕ਙժጱਂࣁտֵeBookๅےਠෆ̶ ꧊ེٚ୩᧣҅ԭݪلጱᓀᭌᕮຎଚӧᚆਠ֦ݦૢقጱಭᩒఘ̶٭ӧ؟հ ໒҅ࣁचᶎ௳מӤ҅ಭᩒᘏᬱݝᚆ឴ݐ᮱̶௳מړ឴௳מݐጱଶਖ਼٬ ਧ֦ݪلጱڣෙଶҔݚӞӻොᶎ᧔҅ᙎᐥ૱࣋ଚӧ꧌ํړප҅෫ဩ ؉کරᑀԡӾጱቘమఘ——٭ᚆਠݍقฉݪلचᶎఘ̶٭ ᬯӷොᶎጱࢩᔰտᕳቘమሿਫڠ᭜உग़ᵑᏥ̶ಅզ҅෫ᵱಗ፳ԭತکਠᗦ ጱݪلᓀᭌොဩ̶౯ୌᦓ֦ํӞӻचጱຝ҅ਙ෬ݢզଆ֦ୌᒈӞᛘጱಭ ᩒၞᑕ҅Ԟᕳ֦Ӟਧጱಭᩒמஞ̶ ӥᶎ҅౯ժՕᕨই֜ ݪلᓀᭌጱ໐ஞғ ᭗ᬦFinviz.comᗑᒊᬰ ᨰۓຽսᐹጱݪلᙎհฃᤒሿڊๅ ᤈᨰۓຽᓀᭌ̶ य़ጱᑞਧ҅ݢ೮ᖅᕪ០ݢզᤩๅঅ ࣈᶼ๗̶̿ᑞਧҁ֗ူۖሲ҂̀ฎ๗ ጱ๋ᆽ҅ፘ̿ݍṛူۖሲ̀ᙎᐥฎ๗ ጱ̶ Finviz.comع׀ᩇጱದࢶᤒ҅ᨰۓຽ҅ݪلෛ๐̶ۓইຎ֦మ឴ݐ ਫ҅௳מᵱᥝᦈᨻտާ๐֕҅ۓ౯ᦊԅ੪๗ᒽኼ᧔ӧᵱᥝ̶ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 27 of 35 ֵአFinviz.comᓀᭌၞᑕ ࢶ1 1. ጭ୯Finviz.com̶֦ᵱᥝဳٙӞӻአ ಁ̶ݷਖ਼֦ݢզࣁᨴಁӥୌᒈӧ ࢶ2 ݶᓀᭌ᭦ᬋ̶ 2. ᅩڋScreener҅ᬰفᓀᭌҁࢶ1҂ 3. զӥຽᬰᤈᦡਧҁࢶ2҂ғ (1) Market Cap. + Mid (over $2bln) >>> ૱꧊ᬦᄁ (2) EPS growth past 5 years Positive (> 0%) >>> ྯᙎڥٳᑞਧीᳩ (3) Sales growth past 5 years Positive (>0%) >>> ᲀࠓӱᖂᑞਧीᳩ (4) Return on Equity Over 15% >>> ᩒᰂڥአපሲᬦᄁ (5) Debt / Equity Under 1 >>> ሿᰂၞܴێᬦᄁ (6) 200-Day Simple Moving Average Price above SMA200 >>> հ໒ᤈԅᬦᄁ (7) Average Volume Over 1M >>> ၞۖᬦᄁ ᠗ ᬯ ฎ ƍ ᭗ ਧ አ ګጱ ᛔ ل ૩ ݪ ጱ ᓀ ᓀ ᭌ ᭌ ຽ ො ٵ ໜ ƍ ф ᙧ ݸ ଚ ๚ ํ ᐟ ॰ ጱ ᭲ ቘ ф ֦ ݢ զ ྌ ԅ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 28 of 35 4. ᒧݳկጱݪلਖ਼ق᮱ดᐏڊ̶ݢզᭌೠັ፡ ӧݶោܔໄፓ҅ᬰӞྍԧᥴ௳מݪلҁࢶ3҂ 5. ᭗ᬦզӤྍڡᓀᭌ҅ݢզᲁਧහٍํ̿ᑞਧ ̀ݻጱ̶ݪل 6. ҁইᵱᥝ҂ֵአದړຉҁইᵱᥝ҂ᬰӞྍᓀᭌ ڊჿጱፓຽ̶ݪل 7. ᭑ӻັ፡ፓຽݪل๗ಸհ҅ഭᴻဌํ๗૱ ̵࣋๗ၞۖॡ૧ጱ̶ݪل 8. ᰒۃӥጱፓຽݪلೠֵአ๗̶ ؎ౡੜᑶᳪғ ইຎᬯԶᨰۓຽӧቘᥴ҅ᥧᬦᑕॡ Ἃᅸ̶ဌํىᔮ҅ํഠஆݢᩳѺ ᭲ቫේහ30ӻ౮ړᙎդᤒԧᗦࢵսᨶय़ࣳ ҅ݪلӱۓ౮ᆧ҅ᙎհፘᑞਧ̶ਙժଆ֦ ݄ԧᒫ1-5ྍ̶֦ݢզፗളᒫ6ྍত̶ ܔݷݪلғ MMM 3M, AXP American Express, AAPL Apple, BA Boeing, CAT Caterpillar, CVX Chevron, CSCO Cisco, KO Coca-Cola, DIS Disney, DOW Dow Chemical, HON Honey Well, GS Goldman Sachs, HD Home Depot, IBM IBM, INTC Intel, JNJ Johnson & Johnson, JPM JPMorgan Chase, MCD McDonald’s, MRK Merck, MSFT Microsoft, NKE Nike, CRM Salesforce, PG Procter & Gamble, TRV Travelers Companies Inc, AMGN Amgen Inc, UNH UnitedHealth, VZ Verizon, V Visa, WMT Wal-Mart, WBA Walgreen www.PowerUpGammas.com ࢶ3 Option Wheel, Merry Go Round Page 29 of 35 ᴫᓤ2 —— ڣෙ๗૱࣋ጱၞۖ ၞۖฎᰂᣟ૱࣋ၚᑕଶጱຽ̶ᰂᣟ૱࣋ਂࣁጱԎฎᬰԻฃᬡ౮̶ ၞۖঅጱ૱࣋ݢզଆԻฃොᬥ᭛ᬡ౮Իฃᘒӧඕۖհ໒——To facilitate trades without moving the price. ᘒၞۖ૧ጱ૱࣋ࣁ౮Իฃ҅ݸտय़ ଏߥհ໒̶ ݍฉک౯ժӻ֛ಭᩒᘏ҅ၞۖঅ҅౯ժ੪ݢզ೭๋کളᬪلଘ/ل꧋ጱհ ໒̶ᘒၞۖӧঅጱ૱࣋҅౯ժጱԻฃհ໒੪տᶋଉݰԮҁኜᛗݢᚆಽၾय़ ᮱ړ๚ڥႎ҂̶ࢩྌ҅౯ժᘍᡤֵአ๗ᒽኼ҅ᶳັ፡Ӟӥ૱࣋ၞ ̶ۖইຎၞۖ૧҅ӧ݇Ө̶ ই֜ڣ૱࣋ၞۖঅࣕޫҘ ౯ժḒضᥝกᏟғᙎᐥ૱࣋๗૱࣋ฎӷӻᇿᒈጱ૱࣋҅ํݱᛔጱၞۖ ̶ၞۖঅጱᙎᐥ҅๗૱࣋๚ၞۖঅ̶๗૱࣋ၞۖঅ҅ᙎᐥ૱ ࣋ၞۖஃஃԞஉঅ̶ಅզय़᮱ړఘݝ٭ᥝဳى๗૱࣋ၞۖ੪ݢզԧ̶ ၞۖຄঅጱ๗૱࣋ଚӧग़҅՜ժஃஃฎ᩻ᕆय़ፏᙎฎහETF̶ၞۖ ӧᲙጱ๗૱࣋ԞܛݝӞੜ᮱̶ړஉग़ጱ๗૱࣋ંԭၞۖӧड़অኜᛗ ૧ጱᇫா——౯ժᥝֵعአ๗̶ ӥᶎ౯ڦړضԈپӻֺৼ҅य़ਹݢզ݄๗᱾ӾఽݑӞӥ՜ժಅݍฉጱၞۖ ̶ᆐݸ౯ժٚ୭ᕑڊӞԶचጱڣෙଶ7̶ 7 ၞۖտṛԞտٺ̶ᦜ๚ᬯԶᙎᐥӾํӞ᮱ړӧٚᭇړྌݳᔄ̶ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 30 of 35 ၞۖຄঅ $SPY, $TLT, $AAPL, $AMZN, $NFLX, $ROKU, $DIS, $AMD, $NVDA… ၞۖঅ $X, $C, $SQ, $TWTR, $CSCO, $T, $CRM, $SNAP, $WMT, $INTC… ၞۖཹ֯ $CMG, $DAL, $DELL, $CVX, $ORCL, $MYL, UPS… ၞۖ૧ $KW, $KOS, $ELP, $MOH… ݳᕅߝᐿහᰁ ׀ጱک๗෭ݳᕅᐿᔄग़ੋฎஉ᯿ᥝጱຽ̶๗᱾҅ইຎ౯ժݎሿ ׀ԧஉग़ک๗෭ጱ̿์ଶ̀๗҅ᬯஃஃᶼᐏၚጱ૱̶࣋ইຎᬮޮ̿׀ ଶ̀๗҅ᬯտๅ᧔ےกᳯ᷌——ํݝᵱᰁय़ጱ๗ߝᐿ҅Իฃಅտी ޮଶ๗̶ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 31 of 35 ౮Իᰁ๚ଘՙݳᕅ ౯ժݢզک๗෭ࣁ3ӻ์ԏٖጱݳᕅ҅ᥡATMᴫᬪጱ౮Իᰁ๚ଘՙ හᰁ̶ጱ᧔҅ᬯԶහਁ᩼य़᩼অ҅ݍฉڊ૱࣋ጱ݇Өي᪁य़ੜ̶ ইຎ᧔Ӟਧᥝํਧᰁහਁ҅౯ᦊԅྯ෭౮Իᰁଫࣁ5K-10KզӤ҅ྯӞॺҁݶ Ӟӻک๗෭ӥ҂๗๚ଘՙݳᕅහࣁහ10KզӤ҅ݢᚆ౮ԅײᭌຽጱ̶ ಗᤈհྍᳩ·Strike Width· ᬯᅩޮଶ๗ጱࢩܻݎӞཻ҅ݑํݝᬨጱߝᐿ҅Իฃಅҁ؉૱ࠟ҂ ౄᖽੜಗᤈհ҅׀ๅग़ጱݳᕅಸհ̶ࢩྌ҅ݳᕅ׀ጱಗᤈհྍᳩ᩼ੜ ᩼অ̶᭗ଉ᧔҅$100զӤጱᙎᐥ҅౯ժ๕ྍᳩੱᰁᶌᬪ$5҅ኜᛗ $2.5̶ੜԭ$100ጱᙎᐥ҅౯ժ๕ྍᳩੱᰁളᬪ$1̶ ᵱᥝกጮጱฎ҅ԭၞۖጱڣෙຽٵฎۖாጱ҅ᕪḵտ᩸کஉय़֢አ̶զ ӤٖՐՐฎᶉாଶړຉݢᚆݍฉڊጱၞۖय़ੜ̶ ԣܕհ૧·Bid Ask Spread· ၞۖঅ๋ࣕ҅ᕣտզԣܕհ૧ጱ୵ୗݍฉڊ̶অጱၞۖݢզੜํݝک پᗦ҅ړ૧ጱၞۖݢզय़پکᗦᰂҁᬯޱ፳ӞӻԻฃࢧֵ҅ܨհ໒ӧ ۖ҅Ԟտഖ०پጯᗦᰂ҂̶ ԣܕհ૧ᬮکݑᙎᐥհ໒ߥҁᙎհ᩼य़҅ԣܕհ૧੪տ᩼य़҂ࢩྌஉᵙ᧔ ํӞӻᕷጱຽ̶ٵ౯ժݢզአᮎԶ̿ၞۖຄঅ̀ᙎᐥ֢ԅӧݶհ໒ӥጱ ၞۖຽ҅ᦫޞᛔ૩चӤӧտ፡ྲکᬯๅঅጱఘ̶٭ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 32 of 35 ᴫᓤ3——॓غ๗ጱݸᖅᓕቘ ๗ฎӞᐿᖌොୗ̶ ਙݢզฎ༁۸ጱ֢ၞᑕҁ೮ํک๗҂҅Ԟݢզᣟفๅग़Ԇۖጱቘҁ݇ ᥠԏڹᒍᜓکጱ“ӧᥝಗ፳ԭک๗෭”҂̶ ԪਫӤ҅Ԇۖᓕቘᬮݢզၿ݊Covered Callጱ᧣ՙ҅෬۱ೡհ໒Ӥ႐٫Ꮘಗ ᤈհݸጱݻӤ᧣ՙ·Rolling Up·҅Ԟ۱ೡհ໒ޝሿ୧۠ጱݻӥ᧣ՙ·Rolling Down·̶ ᬯӣᐿԆۖᓕቘҁڹଘՙ҅ݻӤ᧣ՙ҅ݻӥ᧣ՙ҂ଚᶋ๗ጱᶳ̶ ԭ෭ଉૡ֢ᔺጱಭᩒᘏ᧔҅ٺ݇Ө૱࣋ጱ᷇ሲஃஃտํๅঅጱපຎ̶ ইຎమᬰӞྍԧᥴᬯԶԆۖᓕቘጱଫአ҅PowerUpGammas᷇᭲ӾᎸ·ץ๗ ಭᩒᒽኼ(OASI)ᔮڜᥤ᷇ጱ॓غ๗·Covered Call·ཛྷࣘํӫᳪጱၿ̶݊ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 33 of 35 ᕮ ౯ժ૪ᕪਠԧق᮱๗ᒽኼ̶ྋই౯ԏڹಅ᧔҅ਙӧฎᑃੂྎ̶ӧฎ ಅํֵአ๗ጱಭᩒ᮷տፄ̶֢ڥԅӞᐿᖌොୗ҅ӧݶጱՈ҅ӧݶጱ૱ ࣋ሾह҅տํӧݶጱපຎ̶ ಭᩒᘏଫᘍই֜ሿํຝᣟفᛔ૩ጱ֛ᔮ҅ڊݎᭇଫᛔ૩ጱ֛ᔮ̶ • ݪلᙎհڊሿՋԍఘ٭տᒈڰ؊ྊಅํಭᩒ҅ܨྊഖҁຄٌ᯿ᥝ҂Ҙ • ᭌਧݪلᵱᥝ݇ᘍचᶎހ௳מҘ • ᧆߺဳىԶचᶎ௳מҘ • ฎވտਧ๗॔໐ݪلचᶎ҅௳מֵአದړຉᬰᤈ॔໐Ҙ • ฎވտ҅զ݊֜ᐿఘ٭տֵአޮଶ๗Ҙ • ই॒֜ቘݪلᨰಸጱلҘ • … ᬯ᯾ํॡग़ݢզଶਧګጱࣈො҅ဌํฦ᭭ᭇአጱොဩ̶ ౯ժࢩᧆአሻԔṛᑌ๙ጱாଶஇ๗̶ݶጱᵭկනࣁӧݶՈጱಋӾ҅ݢ զ൫ڊӧӞጱᜏߝ̶ ୮֦ࣁᕡᜓᳯ᷌Ӿತکԧᛔ૩ጱᒼໜ҅੪ޱ፳ฎײ፳ಋ؉Ӟӻંԭᛔ૩ ጱ̿๗̀ಭᩒ֢ಋٙԧѺ www.PowerUpGammas.com Option Wheel, Merry Go Round Page 35 of 35 YOU ౯ฎ֦૱࣋ኞ႕۲۲ᬦਮ ֦ฎࠔӞԆ ౄٖ֦ݎސ www.PowerUpGammas.com SAM ! 进⼊PowerUpGammas School 我们给你的不是⼀堆结论，⽽是逻辑； 不仅告诉你表⾯事实，⽽是强调背后原理。 你接受的⼀切信息，将构成你的思维⽅式； 不成体系的知识，将最终遗忘。