中文版

虚值期权具有什么价值？

虚值期权，又称为“价外期权”，是指行权价格高于当前市场价格的看涨期权，或行权价格低于当前市场价格的看跌期权。在期权交易中，虚值期权往往被视为风险较高、投资回报较低的品种。然而，这并不意味着虚值期权毫无价值，其在投资组合和风险管理方面仍具有一定的应用价值。

首先，虚值期权可以作为投资组合的对冲工具。投资者在持有某一资产的同时，可以买入相应的虚值期权，以规避资产价格变动带来的风险。例如，投资者持有某股票时，可以买入行权价格高于当前市场价格的看跌期权，以在股价下跌时获得一定的补偿。

其次，虚值期权还可以作为投机交易的工具。虽然虚值期权的行权价格与市场价格之间存在较大差距，但这并不意味着虚值期权无法盈利。在市场预期发生变化时，虚值期权的价格也可能发生大幅波动，为投资者提供赚取差价的机会。

此外，虚值期权还具有降低交易成本的作用。在某些情况下，投资者可能希望通过期权交易来调整投资组合的风险水平。与实值期权相比，虚值期权的交易成本较低，因此投资者可以在不增加过多成本的前提下实现风险管理目标。

综上所述，虚值期权虽然具有较高的风险和较低的投资回报，但在投资组合、风险管理和投机交易等方面仍具有一定的应用价值。投资者在运用虚值期权时，需要充分了解其特点和风险，以制定合理的投资策略。

英文版

What Is the Value of Out-of-the-Money Options?

Out-of-the-money (OTM) options, also known as "out-of-the-market" options, refer to call options with a strike price higher than the current market price or put options with a strike price lower than the current market price. In option trading, OTM options are often considered high-risk and low-return investments. However, this does not mean that OTM options have no value, as they still have certain application value in portfolio management and risk management.

Firstly, OTM options can be used as hedging tools for portfolios. Investors can buy corresponding OTM options while holding a certain asset to hedge against the risk of asset price movements. For example, when investors hold a stock, they can buy a put option with a strike price higher than the current market price to obtain some compensation when the stock price falls.

Secondly, OTM options can also be used as speculative trading tools. Although there is a significant gap between the strike price and the market price of OTM options, this does not mean that they cannot generate profits. When market expectations change, the prices of OTM options may also fluctuate significantly, providing investors with opportunities to earn spreads.

In addition, OTM options also have the effect of reducing transaction costs. In some cases, investors may want to adjust the risk level of their investment portfolio through option trading. Compared with in-the-money options, OTM options have lower transaction costs, allowing investors to achieve their risk management goals without increasing excessive costs.

In summary, although OTM options have higher risks and lower investment returns, they still have certain application value in portfolio management, risk management, and speculative trading. When using OTM options, investors need to fully understand their characteristics and risks to formulate reasonable investment strategies.