Understanding Covered & Naked Options Contracts
विकल्प अनुबंध (Options contract) वित्तीय उपकरण होते हैं जो निर्धारित मूल्य और समय पर एक मूल्यधारक वस्तु (Underlying asset) को खरीदने या बेचने का अधिकार देते हैं। विकल्प अनुबंधों के दो प्रकार होते हैं: कवर्ड विकल्प अनुबंध और नेकेड विकल्प अनुबंध।
कवर्ड विकल्प अनुबंध एक विकल्प अनुबंध होता है जिसमें विक्रेता (या लेखक) पहले से ही वह मूल्यधारक वस्तु जिसे अनुबंध दर्शाता है, के मालिक होता है। उदाहरण के लिए, यदि एक ट्रेडर कवर्ड कॉल विकल्प बेचता है, तो उसके पास पहले से ही उस सुरक्षा, जैसे कि स्टॉक या कमोडिटी, का मालिक होना आवश्यक होता है। कवर्ड कॉल विकल्प के विक्रेता को खरीदार से एक निर्धारित मूल्य, जिसे स्ट्राइक मूल्य कहा जाता है, पर उस सुरक्षा को खरीदने का अधिकार दिया जाता है। विकल्प अनुबंध की समय सीमा से पहले।
दूसरी तरफ, नेकेड विकल्प अनुबंध, जिसे अनन्य विकल्प अनुबंध भी कहा जा सकता है।
Options contracts are financial instruments that give their holders the right, but not the obligation, to buy or sell an underlying asset at a predetermined price and time. There are two types of options contracts: covered and naked.
A covered options contract is an options contract where the seller (also known as the writer) already owns the underlying asset that the contract represents. For example, if a trader sells a covered call option, they must already own the underlying security, such as a stock or a commodity. The seller of a covered call option receives a premium from the buyer in exchange for the right to purchase the underlying security at a predetermined price, known as the strike price, at any time before the expiration of the option.
On the other hand, a naked options contract, also known as an uncovered options contract, is an options contract where the seller (writer) does not own the underlying asset. In this case, the seller of the options contract is selling the right to buy or sell the underlying asset without actually owning it. Naked options contracts are considered to be riskier than covered options contracts because the seller is exposed to unlimited losses if the price of the underlying asset moves against their position.
Naked options contracts can be sold in two forms: naked call options and naked put options. A naked call option is when the seller sells a call option without owning the underlying asset. This means that if the price of the underlying asset rises, the seller could potentially be forced to buy the asset at a much higher price to deliver it to the buyer. A naked put option is when the seller sells a put option without owning the underlying asset. In this case, if the price of the underlying asset falls, the seller could be forced to purchase the asset at a higher price to sell it to the buyer.
In general, selling covered options contracts is considered to be less risky than selling naked options contracts because the seller already owns the underlying asset and therefore has limited downside risk. However, selling naked options contracts can be profitable if the seller correctly predicts the direction of the underlying asset's price movement. It is important for traders to carefully evaluate their risk tolerance and market expectations before selling either covered or naked options contracts.
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