What Is a Down-and-Out Option?
Introduction
davn and out option aik qisam ka ghair mulki option hai jisay biriyr option kaha jata hai. yeh ikhtiyarat is bunyaad par adaigi ki sharait ki wazahat karte hain ke aaya qeemat strike price se kaafi girty hai taakay muqarrar kardah rukawat qeemat tak pahonch sakay. rukawat ki qeemat par kya hota hai is ka inhisaar is baat par hota hai ke yeh kis qisam ka biriyr option hai, ya to dastak un ya naak out. aik ghair mulki option samjha jata hai, neechay aur out option naak out rukawat ke ikhtiyarat ki do aqsam mein se aik hai, dosra aik up and out option hai. dono kasmain poat aur cal ki aqsam mein aati hain. biriyr option aik qisam ka option hai jahan adaigi aur option ka wujood is baat par munhasir hota hai ke aaya bunyadi asasa pehlay se tay shuda qeemat tak pohanchana hai ya nahi. rukawat ka ikhtiyar naak out ya naak out ho sakta hai. naak out ka matlab hai ke is ki meyaad khatam ho jati hai agar bunyadi qeemat aik khaas qeemat tak pahonch jati hai, holdar ke liye munafe ko mehdood karti hai aur musannif ke liye nuqsanaat ko mehdood karti hai. rukawat ka option bhi dastak ho sakta hai. dastak ke tor par, is ki koi qeemat nahi hai jab tak ke bunyadi qeemat aik khaas qeemat tak nah pahonch jaye. ahem tasawwur yeh hai ke agar bunyadi asasa option ki zindagi ke douran kisi bhi waqt rukawat tak pahonch jata hai, option ko naak out, ya khatam kar diya jata hai, aur nahi aaye ga. wapas wujood mein. is se koi farq nahi parta hai ke aaya underlying pari naak out levels par wapas chala jata hai. misaal ke tor par, down and out option ki strike price 100 aur naak out ( rukawat ) ki qeemat 80 hai. option ke aaghaz par, stock ki qeemat 95 thi, lekin option ke qabil istemaal honay se pehlay, qeemat stock ki 80 tak pahonch gayi. is value ation ka matlab hai ke option khud bakhud khatam ho jata hai yahan tak ke agar bunyadi tareekh khatam honay ki tareekh se pehlay 100 tak pahonch jaye. neechay aur bahar ka option cal ya daal sakta hai. agar bunyadi rukawat ki qeemat par girty hai to dono dastak ho jatay hain. up and out option ke liye, agar bunyadi rukawat ki qeemat tak barh jati hai, to option khatam ho jata hai. cal aur pots dono ka wujood khatam ho jata hai agar underlying apni rukawat ki qeemat tak pahonch jaye .
Using down and up option
barray idaray ya market markr un ikhtiyarat ko barah e raast muahiday ke zariye takhleeq karte hain, bunyadi wajah yeh hai ke un ki qader karna aik paicheeda kaam hai. misaal ke tor par, aik port folyo manager inhen aik taweel position par honay walay nuqsanaat se bachanay ke liye aik kam mehangay tareeqa ke tor par istemaal kar sakta hai. hadge vanilla pitt aapshnz kharidne se kam mehanga hoga. taham, yeh namukammal hoga kyunkay khredar ghair mehfooz ho jaye ga agar hifazati qeemat rukawat ki qeemat se kam ho jati hai. qeematon ka inhisaar tamam aam option matrix par hota hai jis mein naak out khasusiyat aik izafi jahat ka izafah karti hai. Europi tarz ki meyaad khatam honay ka matlab hai ke mashq sirf meyaad khatam honay ki tareekh par ho sakti hai. mutabadil Amrici tarz ka option ho ga, jahan holdar meyaad khatam honay par ya is se pehlay kisi bhi waqt ikhtiyar istemaal kar sakta hai .
