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不同市況下的認股證選證策略(牛皮市況)

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不同市況下的認股證選證策略(牛皮市況)

摘要

-牛皮市況下,相關資產價格通常只在區間內反覆上落。

-在這類市況中,短期價外認股證容易受時間值損耗及波幅回落影響。

-中長年期、較貼價產品通常較適合作區間部署。

牛皮市況

當相關資產長期在某一區間內上落,有不少投資者會喜歡在區間內「炒上落」,但以認股證炒上落的話,我們便要特別留意引伸波幅變化對認股證價格的影響。

牛皮市況的區間上落部署

除了有明確趨勢的市況外,相關資產有時亦可能缺乏清晰方向,只是在某些區間內反覆上落。這類情況下,股價回落時或會見資金入場承接,但向上亦未必能進一步突破阻力。

當相關資產價格沒有明顯趨勢時,其短期升跌往往較受大市氣氛影響;若該股份本身屬指數權重股或板塊龍頭,其表現亦可能受指數或板塊整體走勢帶動。不過,整體而言,相關資產價格仍可能只是在一個較窄的範圍內波動。由於相關資產往往跌至某個水平便回升,或升至某個水平便轉跌,因此不難吸引部分投資者在區間內捕捉波幅。

常見風險: 既然相關資產主要在區間內上落,便意味未來實際波幅未必會進一步擴大,甚至有機會逐步回落。投資者在低買高沽時,亦需同時考慮引伸波幅一旦回落,將對短期及價外幅度較大的認股證價格帶來較大的負面影響。

重要事項 : 因此,在選證上,中長年期而較貼價的認股證,通常較適合作區間上落部署。相反,若選擇短期且較價外的產品,即使相關資產價格在區間內按預期反彈或回落,認股證價格亦未必能充分反映,甚至可能因時間值損耗及引伸波幅回落而削弱回報。

由於牛皮市況下,期權引伸波幅往往有持續回落壓力,因此認股證部署需更重視時間值損耗及波幅風險。若投資者希望進一步了解其他較少受引伸波幅影響的結構性產品,亦可另行參考我們的〈牛熊證教學〉。



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以下哪個不是牛皮市況下買賣認股證需留意的情況?

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