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    192 times a day wealth effect attracted! 50 ETF option positions exceeded 3 million to create a 5-day high

    2019-03-14 22:12:04

    Brokerage China

    The continued increase in open interest reflects the recent boom in the options market. On March 13, the 50 ETF option positions exceeded the 3 million mark for the first time, hitting a new high for five consecutive trading days, causing high market attention.

    Behind the hot option, the main contract has shifted. The 50ETF purchase of the March 3000 contract has become the main contract, and the contract is a deep imaginary call. As of the close of the 14th, there were up to 378,800 positions held on the C3000 contract.

    A virtual value contract, that is, no intrinsic value, only time value. At present, there are only 9 trading days from the expiration date of the March option, and its time value is also subject to the risk of this accelerated decline, which means that the 371,800 positions and the premiums of up to 25.31 million yuan are all at zero risk.

    It is worth noting that on March 8, the Shanghai Stock Exchange also issued a statement saying that 50 ETFs purchased March 3000 options contracts, the volume of positions, large positions, and large price fluctuations. The contract has a high degree of imaginary value, and its last trading day, exercise date, and maturity date are March 27, 2019, and there is a risk that the time value will accelerate and decay with the expiration date.

    Positions soared, a large number of options players enter the market

    Since March, the positions of 50 ETF options have started to hit new highs. On March 1, the position of 50 ETF options was 2,294,900; on March 7, the 50 ETF options positions exceeded the historical high of 2.62 million created last year, reaching 2,821,100; for the next three trading days, positions Continuous innovation reached high; on March 13, the 50 ETF option positions exceeded 3 million for the first time, reaching 3.0083 million.

     In less than half a month, the 50 ETF option positions (the total number of open positions) increased by more than 700,000, an increase of 33%. The increase in positions means the inflow of market funds.

    In less than half a month, the 50 ETF option positions (the total number of open positions) increased by more than 700,000, an increase of 33%. The increase in positions means the inflow of market funds.

    The hot market in the options market has attracted a large number of options players to enter.

    According to the Shanghai Stock Exchange, as of the end of February, the total number of investor accounts was 317,383 (the total number of brokerage client accounts was 317,207). In February, the number of new brokerage client accounts was 4,280. Considering the impact of the Spring Festival holiday, the increase in the number of accounts opened in February was very obvious.

    "Obviously, the increase in market volatility and the 192 times increase in the wealth effect have caused many retail investors to enter the market and look forward to a high volatility in the market." A person in charge of the brokerage business department said.

    In February, the cumulative turnover of the 50 ETF options market was 3,856,500, an increase of 10.12% compared with the previous month; the average daily turnover was 2.571 million, an increase of 61.51% compared with the previous month; the average daily turnover was 66.11 billion yuan, The month increased by 75.85%.

    Although the number of positions continues to record high, some institutional investors believe that the size, type and nominal principal of our options market are not far behind those of foreign markets, and they are still on the way of development, requiring market participants. Strong support.

    “Currently, 50 ETF options have a maximum holding of 20,000 positions in a single account, while 20,000 can only protect up to 600 million shares. If private equity holds more than 1 billion shares, the hedging will be difficult to match. At the same time, the current 50 ETF options flow. Sex is still insufficient, and the entry and exit of 20,000 sheets will have a big impact on the market. Therefore, I think the options market is still not big enough, and the institutions can't participate very well,” said Sun Jing, head of Kaifeng Investment Derivatives Trading.

    At the same time, in Sun Jing's view, the current propaganda orientation of speculative options in the market is not objective enough, and options are only a tool.

    25 million royalties bet on virtual value contracts

    In general, the main contract of the option (the contract with the largest volume and volume) is often the option contract near the current month's parity. However, in March, the contract with the largest volume and volume was often 50 ETFs to purchase the March 3000 contract. Since the price of the option 50 ETF is only 2.71, that is, the 50 ETF purchase March 3000 contract is a deep imaginary option.

    As of now, the C3000 contract has a holding volume of 377,800, which is much higher than the C2700 contract (near the flat option) and 72,000, and the C2750 contract is 90,200, which is 4-5 times their. If calculated according to the closing price of 0.0067 on March 14, the power of 377,800 is 25.31 million yuan.

    Since virtual value options have no intrinsic value, only time value, and time value largely depends on the level of implied volatility.

    Yu Li, director of Chaos Tiancheng Derivatives Investment Department, said that the implied volatility of the C3000 contract before Friday was too high, and the option price hit a maximum of 915 yuan. After the plunge last Friday, the implied volatility of the C3000 quickly fell, and the market value of options also plummeted.

    "On the next Monday, the C3000 will only have 8 trading days left, and enter the acceleration period of time value decay. Once the target has not risen more than 3000 in the March expiration date, the market value held by the C3000 buyer will be all zero, heavy positions. The risk can be seen very large." Yu Li said.

    March 27 is the expiration date of the option March contract, leaving only 9 trading days, which means that if the price of 50 ETF rises less than 3, then buy 37,78,000 positions in the bullish contract, 25,31 million yuan in royalties. Return all to 0.

    So why is there such a person buying a C3000 contract?

    “After experiencing a 192-fold increase in the C2800 contract on February 25, investors’ enthusiasm for deep imaginary call options has soared. Some people are expecting to continue to make a big profit by betting on the market, so they will buy a C3000 contract. If the 50ETF really rises to 3, it is expected to have a yield of seven times to ten times." Hou Yanjun, general manager of Houshi Tiancheng said.

    As of the close of the 14th, the price of the target 50 ETF is 2.71, to rise to 3.0, it needs to rise 10.7% in 9 trading days.

    On March 8, the Shanghai Stock Exchange also issued a statement saying that 50 ETFs purchased March 3000 options contracts, the volume of positions, large positions, and large price fluctuations. At present, the contract has a high degree of imaginary value, and its last trading day, exercise date, and maturity date are March 27, 2019, and there is a risk that the time value will accelerate and decay with the expiration date.

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