Category: Money Tips Date: 2006-05-16
3, analysis of key indicators warrants: (1) is share price: the shares on the trading price, it is a dynamic figure, it is with the fluctuations in secondary market transactions;
(2) warrant price of gold: this refers to the costs paid to obtain warrants, including the two situations: when the issue price of warrants issued or from the secondary market to buy warrants and the price paid;
(3) The exercise price: refers to the warrant requirement of the right line on the holder the right to buy or sell in accordance with the corresponding agreement is required to pay the price of stocks, the data had already been provided in the warrant articles; exercise price plus on the warrant price of gold, that is, and point play. And the point is to calculate the premium to fight than the important data.
(4) The implied volatility: implied volatility is a warrant to determine an important indicator of price trends. It is already known and historical price volatility of warrants and other indicators, through the financial model calculated the formula for calculating the volatility, the data can be in the financial media or the professional Web site, direct access to the data of the warrants.
(5) Actual (effective) leverage ratio: This is a degree of risk indicators, the indicator values are larger, it means that the higher the risk warrants. A simple understanding of this indicator is that a dollar is the corresponding stock price changes, the relationship between the magnitude of price changes warrant. Expressed several times. Relationship with the leverage ratio is:
Effective Gearing = leverage ratio X (factor X line of the right of the hedge ratio)
Note: The leverage ratio = positive share price ÷ (warrant price × row of the right ratio)
(5), also called the hedge ratio or delta hedging coefficient: measure of the C of E on the relevant indicators of the sensitivity of changes in asset prices. Call Put Warrant Certificate with the hedge coefficients ranged from 0 to 1 and between -1 to 0. Within the permit price hedge ratio: Generally speaking, the price of the subscription card inside the hedge factor is generally between 0.6 and one between the price of a put warrant within the hedge factor between -1 and -0.6 between. Outside the permit price hedge ratios: foreign permit price hedging coefficients were: 0 to between 0.4 and -0.4 to 0.
(6) premium ratio: the percentage of holders of warrants premium extra cost to the spot price is the difference between the break-even point percentage. The higher premium than that means that the risk warrants greater choice for investors warrants product weighed against the risk tolerance of an indicator.
(7) Street goods: that the actual warrants market volume. Covered warrants to take market-maker system, market makers are in the hands of the amount of market circulation outside the state, said the street goods. There is no introduction of China's market-maker system, so it seems pointless street goods. However, I believe that a certain degree of manipulation is inevitable, the so-called PLAY effect, will be reflected in the warrant. In this sense, a certain time the number of internal and external flow of chips is still an important factor affecting the price can be interpreted as the meaning of street goods, namely, within a certain period of time the actual flow volume in the market in the warrants.
(8) Volume: As the price of warrants trading in determining the minimum terms, the actual transaction prices are likely to be low warrants, which will cause some money to buy sell warrants warrants calculated from the number of very large, it is adopted in Hong Kong Digital suffix K (1000), M (megabytes), etc., such as 3.19M or 420K, etc.. (Pei Xiao Yan)
