行使价格是什么

中文版：

行使价格，又称为执行价格或敲定价格，是指在某些金融衍生品交易中，当合约被行使时，买卖双方按照约定需要交易的基础资产的价格。最常见的场景是在期权交易中，行使价格是期权持有者有权在到期日以特定价格购买或出售标的资产的价格。

行使价格对于期权持有者来说具有重大意义。如果标的资产的市场价格高于行使价格（对于看涨期权）或低于行使价格（对于看跌期权），期权持有者就有可能通过行使期权获得利润。因此，行使价格是期权定价和交易策略中的一个关键因素。

在期权定价模型中，行使价格通常与标的资产的市场价格、期权的有效期限、无风险利率以及波动率等因素一起考虑。这些因素共同决定了期权的理论价值，而行使价格则是这个理论价值计算中的一个重要参数。

总之，行使价格是期权交易中的一个核心概念，它对于期权持有者的收益、期权定价以及交易策略的制定都具有重要影响。

英文版：

What is the Strike Price?

The strike price, also known as the exercise price or the fixed price, refers to the agreed-upon price at which the underlying asset is bought or sold when a contract is exercised in certain financial derivative transactions. The most common scenario is in option trading, where the strike price is the price at which the option holder has the right to buy or sell the underlying asset on the expiration date.

The strike price is of significant importance to the option holder. If the market price of the underlying asset is higher than the strike price (for a call option) or lower than the strike price (for a put option), the option holder has the potential to make a profit by exercising the option. Therefore, the strike price is a crucial factor in option pricing and trading strategies.

In option pricing models, the strike price is typically considered alongside factors such as the market price of the underlying asset, the option's expiration date, the risk-free interest rate, and volatility. These factors collectively determine the theoretical value of the option, and the strike price is a key parameter in this calculation.

In conclusion, the strike price is a fundamental concept in option trading, and it has significant implications for the option holder's profits, option pricing, and the development of trading strategies.