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Large funds tend to use puterized models to buy stocks and write covered calls against them。 If a stock stays below the strike price； they pocket the premium and write a new call with a new expiration date。 If a stock rises high enough to be called； they deliver it； collect the money； invest in another stock； and write calls against it。 Covered writing is a mathematically demanding； capital…intensive business。 Most serious players spread their costs； including staff and equipment； across a large capital base。 A small trader doesn’t have much of an edge in this expensive enterprise。
大基金一般用电脑模型帮助买股票，并发行针对它们的期权。如果股票在行权价以下，他们就赚了卖期权的钱，还可以发行到期日更远的新期权。如果股票涨到了行权价，他们就把股票卖出去，得到了利润，然后再投资另一只股票，再针对这只股票发行期权。发行有标的证券的期权需要数学好，资金充足。大部分热真的玩家要花巨大成本，包括员工和设备。小交易者没有优势搞这么昂贵的生意。
Naked writers sell options without owning the underlying securities； similar to shorting。 A naked writer collects his premium at the outset of the trade but his risk is unlimited if the position goes against him and he fails to get out。 If you own a stock； sell a call； and that stock gets called； you have something to deliver。 If you sell a naked call and the stock rises to its exercise price； the option buyer can demand delivery； whether you own that stock or not。 Imagine selling calls on a stock that bees a takeover play and opens 50 higher the next morning … you still have to deliver。 It can hurt。
无标的证券期权的发行人卖出期权，但自己并不拥有相对的证券，类似于做空。无标的证券期权的发行人最初通过交易赚期权的钱，但是如果在情况不利时不能逃跑，他的风险是无限大的。如果你有一只股票，你卖出看涨期权，股票涨到了行权价，你可以卖股票。如果你卖出无标的证券看涨期权，股票涨到了行权价，不管你有没有股票，期权买家都可以要求得到股票。想象一下，如果买家要求得到股票，而第二天股票开盘就涨了50元——你还是要给他股票。这太痛苦了。
Limited reward with unlimited risk scares most traders away from naked writing； but the reality and perception are usually quite different in the markets。 Writing naked options seems very dangerous； but most of the time a far…out…of…the…money option with a short time to the expiration is very likely to expire worthless； to the benefit of the writer。 Its chance of reaching the exercise price and causing a loss to a writer is very low。 The risk/reward ratio in naked writing is a lot better than it looks； and there are techniques for reducing the impact of a rare adverse move。
发行无标的证券期权是有限的回报，无限的风险，所以吓坏了大多数交易者。发行无标的证券期权看起来很危险，大多数时间没有价值的，很快就要到期的期权一般都会到期作废，但是发行人有钱赚。它到达行权价的概率太低，所以发行人亏损的概率也很低。无标的证券期权的风险回报比比看起来的要好，有一些技术可以防止很少出现的反转造成的冲击。
Savvy naked writers tend to sell out…of…the…money calls and puts at levels that a stock or a modity is unlikely to reach during the option’s life。 They sell distant hopes。 Good writers track market volatility to find how far a stock is likely to move； based on its recent conduct； and sell options outside that range。 If a stock took a year to rise from 60 to 130； the pros are going to fall all over themselves trying to serve some greenhorn who wants to buy 170 calls that will expire in a few weeks。 The chance of that stock rising 40 points before the option expiration is exceedingly low。 A gullible amateur wants to buy hope； and the pros are delighted to sell it to him。 This game goes into high gear during the week or two prior to option expiration； when the floor mints money out of thin air； selling naked puts and calls that have almost no chance of reaching their exercise price。
聪明的无标的证券期权发行人一般喜欢卖不值钱的看涨期权，行权价定在股票和期货都不太可能到达的水平。他们卖出长远的希望。聪明的发行人会跟踪市场的波动，看看股票最多波动到哪里，然后他在这个范围之外卖出期权。如果股票花了一年时间从60涨到130，这时专业人士会想法设法满足新手的要求，买入行权价为170元，几周就到期的期权。股票在几周内涨40点的概率超级低。爱上当的新手要买希望，专业人士很高兴地卖给他们希望。在期权到期前的1，2周，卖出的无标的证券期权几乎没有可能到达行权价，但此时却制造了大把的利润，把游戏推向高潮。
Cautious writers may close their positions without waiting for the expiration date。 If you write a call at 90 cents and it goes down to 10； it may make sense to buy it back and unwind your position。 You’ve already earned the bulk of profit； so why expose yourself to continued risk？ It is cheaper to pay another mission； book your profits； and look for another writing opportunity。
谨慎的发行人在到期日之前就平仓了。如果你发行了行权价是90分的看涨期权，它跌到了10分，你应该买回来，对冲自己的仓位。你已经赚了很多利润，为何要把自己暴露给风险？付佣金，兑现利润，找下次发行的机会，这样比较便宜。
Being a naked writer requires absolute iron discipline。 The size of your writes and the number of positions must be strictly determined by money management rules。 If you sell a naked call and the stock rallies above its exercise price； it exposes you to the risk of ruin。 You must decide in advance at what level you will cut and run； taking a relatively small loss。 A naked seller cannot afford to sit when a stock moves against him。 Amateurs hang on and wait for the underlying security to turn around。 They wait for the wasting time value to get them off the hook。 The longer you wait for a miracle； the deeper the steel hook of the market lodges in your intestines。 Stay away from naked writing if you have the slightest problem with discipline！
成为无标的证券期权发行人需要铁的纪律。你发行的价格，数量大小都要严格遵照资金管理的原则。如果你卖出无标的证券看涨期权，股票涨到了行权价，你的风险可能是毁灭性的。你要提前决定何时止损逃跑，这样的亏损相对小些。无标的证券期权发行人不能坐等股票对自己不利。业余选手坐在那里，等股票反转。他们浪费时间，等解套。你等待奇迹的时间越长，市场套你越深。如果你不能遵守纪律，就不要发行无标的证券期权！
WRITER’S CHOICE All options buyers know this sad sequence： you’re right on the direction of the market； right on the stock； but still lose money on the option。 Time is the enemy of options buyers。 Buyers lose when the underlying security takes longer than expected to get to the level at which they can collect on their bet。 As the expiration date nears； an option bees worth less； and less； and less。
发行人的选择 所有的期权买家都知道这个悲惨的结果：你的方向对的，股票对的，但还是要在期权上亏钱。时间是期权买家的敌人。如果股票花了很长时间才到达行权价，买家也是亏钱。当到期日接近时，期权就快没有价值了，价值越来越少。
What if we reverse this process and write rather than buy options？ Now time will work in our favor because each passing day will reduce the likelihood of that option having any value before it expires。
如果反过来，我们不买，我们发行期权，会如何？这样我们就占便宜了，因为随着时间的推移，期权到期作废的概率比较大。
The first time you write an option； and do it right； you’ll experience the delicious sensation of time working in your favor。 The option loses some of its time value each day； making the premium you’ve collected safer and safer。 When the market goes nowhere； you still make money； as time value evaporates with each passing day。
你第一次发行期权时要做对，你会体验到时间帮你工作的激动。期权每天丧失时间价值，让你得到的期权费一天比一天安全。当市场乱走时，你照样赚钱，因为时间价值每天都在蒸发。
If living well is the best revenge； then taking a factor that kills most options buyers – time … and making it work for you is a gratifying experience。
如果好好或者就是最好的报复，那么就要利用杀死大部分期权买家的因素——时间——让它为你工作是一个很好的经验。
We must not forget that an option is a hope； and it is better to sell empty hopes which are unlikely to be fulfilled。 Take three steps before writing a call or a put。 First； analyze the underlying security； decide which way it’s moving； and estimate its price target。 Second； decide whether to write a put or a call。 Third； choose the strike price and the expiration date for the option you’ll write。 If any one of these steps seems unclear； stand aside； do not force a decision； and look for another opportunity。
我们不要忘了期权就是希望，最好是卖没有希望的希望。在发行期权前要做3步。第一步，分析相关证券，决定它的方向，估计它的目标。第二步，决定发行看涨期权或看跌期权。第三步，选择到期日和行权价。如果任何一点搞不清楚，就不要搞了，寻找下次机会。
One of the key factors in pricing options is the volatility of the underlying security。 A tool included in most trading software； called Bollinger bands； can help you rate volatility。 Those standard deviation bands are centered around a moving average but unlike envelopes； whose walls are parallel； they expand and contract as volatility changes。 Bollinger bands bee narrow when markets are sleepy and wide when they grow wild。 Flat； narrow bands indicate a sleepy market where options are cheap and it is better to buy them rather than sell。 When Bollinger bands go to a wide spread； they mark an overheated market where options tend to be overpriced； creating an opportunity for writers。 Here are the steps to follow：
给期权定价的一个关键因素是标的证券的波动性。在很