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●So, it's going to be worth a lot more than this one was down here because we're at the money.
●Any little jostle upward is going to put it in the money.
●There's a big chance that this will become in the money, so it has real value; whereas, down here, the option doesn't have much value because it would take a big price move to put it in the money.
●Let's say, at this point, when the stock price is 25, I'd rather own the option than to own a share minus $20 because the option can't fail me as much as the share can.
●The share minus $20 could be negative in value before the exercise date, but the worst that can happen to my option is it would be worth nothing
- 丘引Lv 61 decade agoFavorite Answer
因為履約價在價平（at the money即市價與履約價相同），所以它（本論述以買進買權為例）會比履約價小的價位高。 當股價稍微往上漲一點，此（價平）履約價就進入價內（in the money）。 它進入價內的機會很大，所以已具有真正的價值。至於低於此的履約價，價格就不那麼高了，因為要進入價內還需要漲一大段。 在此，假設現股股價25元，股價將跌20元，則寧願作選擇權（買進買權）而不買進現股，因為選擇權不會虧損如現股那麼多。 現股跌20元時，在結算日（the exercise date）前，買現股已處虧損，但選擇權最壞的狀況則是選擇權無執行價值（損失權利金）。