{"id":45190,"date":"2023-03-23T15:41:20","date_gmt":"2023-03-23T14:41:20","guid":{"rendered":"https:\/\/staging.captrader.com\/glossar\/was-sind-optionen\/"},"modified":"2024-03-27T15:35:47","modified_gmt":"2024-03-27T14:35:47","slug":"what-are-options","status":"publish","type":"glossar","link":"https:\/\/www.captrader.com\/en\/glossar\/was-sind-optionen\/","title":{"rendered":"Options"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Options are enjoying increasing popularity in German-speaking countries and are suitable as a financial instrument for the active private trader as well as for the long-term oriented investor. CapTrader offers you access to the world's most important futures and options exchanges, as well as attractive conditions for trading options. In this article you will learn,&nbsp;<strong>What options are and how they can be used<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What are options?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Options are futures contracts, or more precisely&nbsp;<strong>conditional forward contracts<\/strong>. This means that only one counterparty has a duty to perform, while the other has a right to choose.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There are purchase options - so-called. <a href=\"https:\/\/www.captrader.com\/en\/glossary\/glossary-call-option\/\" data-type=\"URL\" data-id=\"https:\/\/www.captrader.com\/glossar\/glossar-call-option\/\">Call options<\/a> (calls for short) - as well as put options - so-called <a href=\"https:\/\/www.captrader.com\/en\/glossary\/glossary-put-options\/\" data-type=\"URL\" data-id=\"https:\/\/www.captrader.com\/glossar\/glossar-put-optionen\/\">Put options<\/a> (puts for short).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Rights and obligations when trading options<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">As&nbsp;<strong>Option buyer<\/strong>&nbsp;you get the&nbsp;<strong>Law<\/strong>to buy (in the case of a call option) or sell (in the case of a put option) a specific underlying asset (e.g. share, future, ETF) at a specific time (or by a specific time) at a previously agreed price. This is expressly a right and not an obligation. You pay a price for this right of choice: the so-called <a href=\"https:\/\/www.captrader.com\/en\/glossary\/option-premium\/\" data-type=\"URL\" data-id=\"https:\/\/www.captrader.com\/glossar\/optionspraemie\/\">Option premium<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As the seller of an option, you receive from the option buyer the&nbsp;<strong>Option premium<\/strong>. In return, you are obliged to deliver the underlying to him (in the case of a call option) or to buy it from him (in the case of a put option), provided that the option buyer \"redeems his option\" (exercise of the option).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Options are standardized forward contracts<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In general, therefore, an option is a right to buy or sell a certain thing at a later date at an agreed price.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While it is not uncommon in business to negotiate the contract details of an option individually, standardized option contracts are traded in the financial markets. That is, the&nbsp;<strong>Contract details<\/strong>&nbsp;are not negotiable, but are clearly determined by the stock exchange.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Contract details of an option<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Contract details of an option include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The type of option\/right (call or put)<\/li>\n\n\n\n<li>The underlying (the underlying)<\/li>\n\n\n\n<li>The strike price (also called exercise price or strike) of the option<\/li>\n\n\n\n<li>The quantity (e.g. 1 future, 100 shares, etc.)<\/li>\n\n\n\n<li>The expiration date of the option<\/li>\n\n\n\n<li>The last trading date<\/li>\n\n\n\n<li>The settlement method (cash or physical)<\/li>\n\n\n\n<li>The exercise method (European or American)<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"604\" height=\"404\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/06\/Kontraktdetails_Dax_Optionen.png\" alt=\"CapTrader_Options\" class=\"wp-image-2780\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/06\/Kontraktdetails_Dax_Optionen.png 604w, https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/06\/Kontraktdetails_Dax_Optionen-300x201.png 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/06\/Kontraktdetails_Dax_Optionen-200x134.png 200w, https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/06\/Kontraktdetails_Dax_Optionen-400x268.png 400w, https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/06\/Kontraktdetails_Dax_Optionen-600x401.png 600w\" sizes=\"auto, (max-width: 604px) 100vw, 604px\" \/><figcaption class=\"wp-element-caption\">The contract details of a Dax option in the Trader Workstation<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">On which underlyings are options tradable?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Options are tradable on the following underlyings:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Stocks<\/li>\n\n\n\n<li>Futures<\/li>\n\n\n\n<li>ETFs<\/li>\n\n\n\n<li>Indexes<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The trade takes place thereby over&nbsp;<strong>Regulated futures or options exchanges<\/strong>. The most important futures and options exchanges include.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>CME (Chicago)<\/li>\n\n\n\n<li>CBOT (Chicago, part of the CME Group)<\/li>\n\n\n\n<li>NYMEX (New York City, part of the CME Group)<\/li>\n\n\n\n<li>COMEX (New York City, part of the CME Group)<\/li>\n\n\n\n<li>CBOE (Chicago)<\/li>\n\n\n\n<li>EUREX (near Frankfurt)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">The difference between options, warrants and futures<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Options, warrants and futures have some similarities, which is why they are often mentioned in the same sentence and sometimes confused by laymen.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Options and futures<\/strong>&nbsp;are exchange-traded futures contracts. This means that trading takes place on a regulated futures exchange and is subject to certain supervisory regulations. This ensures fair and transparent trading. The difference between options and futures is that options are conditional forward contracts, whereas futures are unconditional forward contracts. The counterparties to a futures contract are mutually obligated. When trading options, the option buyer has a&nbsp;<strong>Right to vote<\/strong>&nbsp;and can decide unilaterally whether or not to exercise the option.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unlike options, are&nbsp;<strong>Warrants<\/strong>&nbsp;securitized options and are issued by financial institutions (banks)&nbsp;<strong>emits<\/strong>. Quiet market transactions are not possible with warrants. This means that warrants can only be purchased with the issuer being the counterparty of the warrant purchaser. Therefore, warrants are also subject to issuer risk. However, warrants are also versatile, as there are a large number of different variants that can be used to bet on various market scenarios.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How can options be used?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Forward contracts such as options (and also futures) were originally created with the intention of allowing commercial market participants to hedge against price fluctuations.&nbsp;<strong>secure<\/strong>. Initially, commodity futures for physical commodities were admitted to trading, followed later by futures and options on underlyings such as currencies, stock indices and bonds.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition to commercial market participants, the broadening range of tradable financial instruments also attracted professional and private&nbsp;<strong>Speculators<\/strong>&nbsp;on the parquet floor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As&nbsp;<strong>private trader<\/strong>&nbsp;you can buy or sell options for speculative purposes on the one hand; on the other hand, they are suitable for&nbsp;<strong>Private investors<\/strong>The aim is to generate additional income or to \"insure\" against price setbacks or an imminent bear market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Thereby options are extremely&nbsp;<strong>versatile<\/strong>&nbsp;and, in comparison to other financial instruments, it is not only possible to trade directionally, but also to bet on virtually any market scenario, including, for example, a sideways movement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition to buying or selling a single call or put option, options with different strikes and\/or maturities can be combined as desired. Furthermore, options can be combined with long or short positions in the underlying (e.g. long 100 shares + short call). This results in a&nbsp;<strong>Variety of different option strategies<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The most popular option strategies at a glance<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Below we give you a brief overview of some of the most important strategies and how they can be used by private traders and retail investors:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Long Call<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The purchase of a call option is referred to as \"<a href=\"https:\/\/www.captrader.com\/en\/glossary\/long-call\/\" data-type=\"URL\" data-id=\"https:\/\/www.captrader.com\/glossar\/long-call\/\">Long Call<\/a>\". A long call is usually made on the basis of a bullish market opinion on strongly&nbsp;<strong>rising rates<\/strong>&nbsp;set.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Long Put<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The purchase of a put option is referred to as \"<a href=\"https:\/\/www.captrader.com\/en\/glossary\/long-put\/\" data-type=\"URL\" data-id=\"https:\/\/www.captrader.com\/glossar\/long-put\/\">Long Put<\/a>\". A long put comes with a&nbsp;<strong>bearish market opinion<\/strong>&nbsp;and can be used for purely speculative purposes, or to hedge an existing long position (or even an entire equity portfolio) against falling prices.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"554\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/06\/GuV_EUR_Optionen-1024x554-1.png\" alt=\"\" class=\"wp-image-2782\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/06\/GuV_EUR_Optionen-1024x554-1.png 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/06\/GuV_EUR_Optionen-1024x554-1-300x162.png 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/06\/GuV_EUR_Optionen-1024x554-1-768x416.png 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/06\/GuV_EUR_Optionen-1024x554-1-200x108.png 200w, https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/06\/GuV_EUR_Optionen-1024x554-1-400x216.png 400w, https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/06\/GuV_EUR_Optionen-1024x554-1-600x325.png 600w, https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/06\/GuV_EUR_Optionen-1024x554-1-800x433.png 800w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Profit and Loss Diagram of a Call and a Put Option on the EUR Future in the Trader Workstation<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Short Call<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The sale of a call option is called \"<a href=\"https:\/\/www.captrader.com\/en\/glossary\/short-call\/\" data-type=\"URL\" data-id=\"https:\/\/www.captrader.com\/glossar\/short-call\/\">Short Call<\/a>\" and can be used with a&nbsp;<strong>neutral to bearish market opinion<\/strong>&nbsp;can be used. A short call can be used to speculate that the underlying will not be quoted above the strike price of the option on the expiration date.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Short Put<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The sale of a put option is referred to as \"<a href=\"https:\/\/www.captrader.com\/en\/glossary\/short-put\/\">Short Put<\/a>\". A short put usually occurs in the case of a&nbsp;<strong>neutral to bullish market opinion<\/strong>&nbsp;The option is used to speculate that the underlying will not be quoted below the strike price of the option on the expiration date.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Short Strangle<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The combination of a short call and a short put with identical expiration dates is called a \"<a href=\"https:\/\/www.captrader.com\/en\/glossary\/short-straddle\/\">Short Strangle<\/a>is designated as the \"strike price\". The strike price of the call is above the current price of the underlying, the strike price of the put is below it. This means that a&nbsp;<strong>Sideways movement<\/strong>&nbsp;more precisely, that the underlying asset is quoted below the strike price of the short call and above the strike price of the short put on the expiration date.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Covered Call<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A popular strategy among active private investors is the so-called \"<a href=\"https:\/\/www.captrader.com\/en\/glossary\/covered-call\/\" data-type=\"URL\" data-id=\"https:\/\/www.captrader.com\/glossar\/covered-call\/\">Covered Call<\/a>\"(also: \"covered call writing\"). This involves combining a short call with a long position in the underlying (almost always shares). The strike price of the short call is usually higher than the current share price. Thus a&nbsp;<strong>Supplementary income<\/strong>&nbsp;The only risk is that the underlying rises sharply and that the shares in the portfolio are \"called away\" when the option expires, i.e. they have to be sold.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Cash Secured Put<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The \"<a href=\"https:\/\/www.captrader.com\/en\/glossary\/cash-secured-put\/\" data-type=\"URL\" data-id=\"https:\/\/www.captrader.com\/glossar\/cash-secured-put\/\">Cash Secured Put<\/a>\" is usually traded on shares and is nothing more than a short put. The only difference is that with a cash secured put, the option seller is willing to pay the&nbsp;<strong>Underlying to buy<\/strong>if the underlying is quoted below the strike price of the put option on the expiration date. (The buyer of the put option has the right to sell above the current market price and will do so; the option seller must therefore buy the underlying).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the case of a purely speculative short put, on the other hand, the option seller has no interest in buying the underlying and will buy back the sold option beforehand and realize the loss.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Cash Secured Put and the Covered Call can also be combined well in a stock portfolio. Put options are written to buy the shares; in principle similar to a limit buy order. The difference is that you also earn the option premium, regardless of whether you eventually buy the shares or not. If you have the shares in your securities account, you can write call options on them (covered call writing). If the underlying rises strongly and the shares in the portfolio are sold, Cash Secured Puts can be written again.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">FAQ - Frequently asked questions about options<\/h2>","protected":false},"author":7,"featured_media":0,"template":"","class_list":["post-45190","glossar","type-glossar","status-publish","hentry"],"acf":{"blog_summary":"","blog_faq_schalter":"ja","faq_uberschrift":"","blog_faq_loop":[{"blog_faq_question":"Was sind Optionen?","blog_faq_answer":"Optionen\u00a0sind Terminkontrakte, genauer gesagt bedingte Terminkontrakte. Das bedeutet, nur ein Kontrahent hat eine Erf\u00fcllungspflicht, w\u00e4hrend der andere ein Wahlrecht besitzt. Es gibt Kauf-Optionen \u2013 sog.\u00a0Call-Optionen\u00a0(kurz: Calls) \u2013 sowie Verkaufsoptionen \u2013 sog.\u00a0Put-Optionen\u00a0(kurz: Puts)."},{"blog_faq_question":"Was ist eine Call Option?","blog_faq_answer":"Ein Call ist eine Kaufoption. Der K\u00e4ufer eines Calls, hat das Recht (nicht aber die Pflicht), ein Underlying (Aktie, Future, ETF etc.) zu einem bestimmten Datum zu einem vorab definierten Preis zu kaufen. Der Verk\u00e4ufer eines Calls ist der Kontrahent des K\u00e4ufers und ist verpflichtet, bei einer Aus\u00fcbung der Call Option, das Underlying zu liefern (verkaufen) und erh\u00e4lt hierf\u00fcr eine\u00a0<a href=\"https:\/\/www.captrader.com\/glossar\/optionspraemie\/\">Optionspr\u00e4mie<\/a>."},{"blog_faq_question":"Was ist eine Put Option?","blog_faq_answer":"Ein Put ist eine Verkaufsoption. Der K\u00e4ufer eines Puts, hat das Recht (nicht aber die Pflicht), ein Underlying (Aktie, Future, ETF etc.) zu einem bestimmten Datum zu einem vorab definierten Preis zu verkaufen. Der Verk\u00e4ufer eines Puts ist der Kontrahent des K\u00e4ufers und ist verpflichtet, bei einer Aus\u00fcbung der Put Option, das Underlying zu kaufen und erh\u00e4lt hierf\u00fcr eine\u00a0Optionspr\u00e4mie."},{"blog_faq_question":"Wo werden Optionen gehandelt?","blog_faq_answer":"Optionen\u00a0sind standardisierte Terminkontrakte und werden an Terminb\u00f6rsen und Optionsb\u00f6rsen gehandelt. Dabei unterliegen sie der Aufsicht der jeweilig zust\u00e4ndigen Beh\u00f6rden (B\u00f6rsenaufsicht). Der Handel ist somit transparent und die Erf\u00fcllung von Rechten und Pflichten der H\u00e4ndler ist garantiert."},{"blog_faq_question":"Was sind Aktienoptionen?","blog_faq_answer":"Eine Aktienoption ist eine Kauf- oder Verkaufsoption, deren Underlying eine Aktie ist. Dabei bezieht sich eine\u00a0Option\u00a0in der Regel auf eine St\u00fcckzahl von 100 Aktien. Aktienoptionen k\u00f6nnen sowohl gekauft als auch verkauft werden."},{"blog_faq_question":"Was sind Index-Optionen?","blog_faq_answer":"Eine Indexoption ist eine Kauf- oder Verkaufsoption, deren Underlying ein (Aktien-)index ist. Als H\u00e4ndler k\u00f6nnen Sie Indexoptionen sowohl kaufen als auch verkaufen. Indexoptionen k\u00f6nnen zur Absicherung eines Aktienportfolios oder zu spekulativen Zwecken eingesetzt werden."},{"blog_faq_question":"Was sind Futures-Optionen?","blog_faq_answer":"Futures-Optionen sind Kauf- oder Verkaufsoption, deren Underlying ein Futures-Kontrakt ist. Futures-Optionen werden h\u00e4ufig von spekulativ orientierten Tradern genutzt und k\u00f6nnen in Kombination mit\u00a0Futures\u00a0oder weiteren Optionskontrakten eingesetzt werden."},{"blog_faq_question":"Was ist eine Optionspr\u00e4mie?","blog_faq_answer":"Der Preis einer Option wird auch als\u00a0Optionspr\u00e4mie\u00a0bezeichnet. Sie k\u00f6nnen Optionen sowohl kaufen (hierf\u00fcr zahlen Sie die Optionespr\u00e4mie) als auch verkaufen (hierf\u00fcr erhalten Sie die Optionspr\u00e4mie vom Optionsk\u00e4ufer)."},{"blog_faq_question":"Welche Faktoren beeinflussen den Preis einer Option?","blog_faq_answer":"Der Preis einer Option (Optionspr\u00e4mie) entsteht durch Angebot und Nachfrage und wird vom Preis des Underlyings bzw. der\u00a0Moneyness\u00a0beeinflusst, sowie von der\u00a0impliziten Volatilit\u00e4t, der Restlaufzeit und dem Zinsniveau."},{"blog_faq_question":"Was ist der Basispreis einer Option?","blog_faq_answer":"Der Basispreis einer\u00a0Option, ist der Preis\/Kurs des Underlyings, zu dem das Underlying im Falle einer Optionsaus\u00fcbung gekauft oder verkauft wird. Der Basispreis wird auch als Aus\u00fcbungspreis oder Strike bezeichnet."}]},"_links":{"self":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/glossar\/45190","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/glossar"}],"about":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/types\/glossar"}],"author":[{"embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/users\/7"}],"wp:attachment":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/media?parent=45190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}