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<\/a>\n<\/div><\/div>\n\n\n\nIntrinsic value of ATM options<\/h2>\n\n\n\n
The intrinsic value of an option is the amount that can be realized immediately by the buyer of the option upon exercise. The Intrinsic value<\/a> of an option is calculated as follows:<\/p>\n\n\n\n Calculation: price of the underlying - strike price (call option)<\/p>\n\n\n\n Calculation: Strike price - price of the underlying (put option)<\/p>\n\n\n\n A negative result becomes zero, as the buyer is not obliged to exercise the option. In addition to the intrinsic value of an option, there is also the concept of the so-called \"Moneyness<\/a>\" of an option. Moneyness expresses whether and how much intrinsic value an option has:<\/p>\n\n\n\n An option is in the money (ITM) if it has an intrinsic value<\/p>\n\n\n\n An option is out of the money (OTM) if it has no intrinsic value<\/p>\n\n\n\n An option is at the money (ATM) when the strike price corresponds to the current price of the underlying asset<\/p>\n\n\n\n The sale of ATM options is particularly suitable for trading cash-secured puts, as investors can generate a very high return here. To understand the advantages of the \"at the money\" options, we need to understand the Option Greeks<\/a> view.<\/p>\n\n\n\n The first advantage of ATM options is the vega. If writers take advantage of phases of high implied volatility<\/a>then they benefit greatly from the flattening of implied volatility. The vega of an option reflects the rate of change in the option price as a function of volatility.<\/p>\n\n\n\n The advantage of writers who sell an ATM option at the highest volatility point is that no other option loses as much in value (only in terms of vega) as these ATM options. The downside is that if volatility continues to rise, these options will rise in price the most.<\/p>\n\n\n\n You are currently viewing placeholder content from Youtube<\/strong>. To access the actual content, click the button below. Please note that doing so will share data with third-party providers.<\/p> More Information<\/a> <\/div> Theta indicates the rate of change of the option price per day. Theta is also better known as time value decay. Here too, the Greek is the largest for ATM options:<\/p>\n\n\n\n Since the theta is always negative (time cannot be reversed), the writer always has the advantage over the buyer of the option.<\/p>\n\n\n\n Note:<\/em><\/p>\n\n\n\n Options that are quoted at the money have two major advantages. Firstly, the vega is the largest. If options traders sell options in a high volatility environment, ATM options benefit greatly from a drop in volatility. Secondly, the theta (time value loss) gnaws very strongly at the options sold, which in turn is always an advantage for writers.<\/p>\n\n\n\n Where there are advantages, there are of course also disadvantages: If an ATM option is sold too early and volatility rises even further, the option increases in value very quickly. If the price of the underlying also moves against my option, the ATM option very quickly runs into the money and the delta increases further.<\/p>\n\n\n\n We use ATM options when we see a very big opportunity in the markets and like to sell Cash Secured Puts at the money on strong down days to generate an extremely high premium income.<\/p>\n\n\n\n <\/p>\n<\/div><\/div>","protected":false},"excerpt":{"rendered":" Am Geld liegende Optionen oder auch \u201eat-the-money (ATM)\u201c-Optionen sind Optionen, bei denen sich der Strike-Preis genau am aktuellen Kurs des Underlyings befindet. Warum gerade diese Optionen so besonders sind und wie dies Stillhalter als gro\u00dfen Vorteil nutzen k\u00f6nnen, erkl\u00e4rt euch in diesem Gastbeitrag Alexander Eichhorn. Was sind at-the-money-Optionen? At-the-Money (ATM)-Optionen sind Optionen, bei denen der […]<\/p>\n","protected":false},"author":46,"featured_media":44954,"menu_order":0,"template":"","blog-kategorie":[839],"class_list":["post-46267","blog","type-blog","status-publish","has-post-thumbnail","hentry","blog-kategorie-optionen"],"acf":{"blog_summary":"","blog_faq_schalter":"ja","faq_uberschrift":"FAQ \u2013 H\u00e4ufig gestellte Fragen zu At-the-Money (ATM) Optionen","blog_faq_loop":[{"blog_faq_question":"Was sind At-the-Money (ATM) Optionen?","blog_faq_answer":"At-the-Money (ATM) Optionen sind Optionen, deren Aus\u00fcbungspreis (Strike-Preis) dem aktuellen Marktpreis des zugrunde liegenden Verm\u00f6genswerts (Underlying) entspricht. F\u00fcr Aktienoptionen bedeutet dies, dass der Aus\u00fcbungspreis genau dem aktuellen Aktienkurs entspricht."},{"blog_faq_question":"Wie wird der innere Wert von ATM-Optionen berechnet?","blog_faq_answer":"Der Innere Wert einer Option ist der Betrag, der bei Aus\u00fcbung sofort realisiert werden kann. F\u00fcr Call-Optionen berechnet sich der innere Wert aus dem Kurs des Underlyings minus dem Strike-Preis. F\u00fcr Put-Optionen ist es umgekehrt. Bei ATM-Optionen ist der innere Wert gleich null, da der Aus\u00fcbungspreis dem aktuellen Kurs entspricht."},{"blog_faq_question":"Welche Vorteile bieten ATM-Optionen f\u00fcr Stillhalter?","blog_faq_answer":"ATM-Optionen bieten zwei Hauptvorteile:\r\n\n
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![\"\"](\"https:\/\/www.captrader.com\/wp-content\/uploads\/2024\/03\/Moneyness-Call-Option.png\")
Advantages of at-the-money options<\/h2>\n\n\n\n
The Vega<\/h3>\n\n\n\n
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And now to the advantage of ATM options, because this is where the vega is greatest:<\/p>\n\n\n\n![\"\"](\"https:\/\/www.captrader.com\/wp-content\/uploads\/2024\/03\/ATM-Optionen-Vega.png\")
<\/figure>\n\n\n\nThe theta<\/h2>\n\n\n\n
![\"\"](\"https:\/\/www.captrader.com\/wp-content\/uploads\/2024\/03\/ATM-Optionen-Theta.png\")
<\/figure>\n\n\n\n\n
Conclusion on the advantages of ATM options<\/h2>\n\n\n\n
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