FRM公式在FRM考試中有著至關(guān)重要的作用，不僅僅是在備考中用到了就記憶，過幾天就忘記了。在實(shí)際的考試中，是不提供任何相關(guān)公式的，考生一定要熟記并會(huì)運(yùn)用。

Option Spread Strategies：

Bull spread'. Purchase call option with low exercise price and subsidize the purchase with sale of a call option with a higher exercise price. Bear spread'. Purchase call with high strike price and short call with low strike price.

Investor keeps difference in price of the options if stock price falls. Bear spread with puts involves

buying put with high exercise price and selling put with low exercise price. Butterfly spread'. Three different options: buy one call with low exercise price, buy another with a high exercise price, and buy short two calls with an exercise price in between. Butterfly spread buyer is betting the stock price will stay near the price of the written calls.

Calendar spread: Two options with different expirations. Sell a short-dated option and buy a long-dated option. Investor profits if stock price stays in a narrow range.

Diagonal spread: Similar to a calendar spread except the options can have different strike prices in addition to different expirations.

Box spread: Combination of bull call spread and bear put spread on the same asset. This strategy will produce a constant payoff that is equal to the high exercise price minus the low exercise price.

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