期权何时可以变现：中英文对照解读

中文版

期权作为一种金融衍生品，给予持有者在未来某一特定日期或之前以特定价格购买或出售基础资产的权利。那么，期权究竟何时可以变现呢？

一、期权到期日

期权具有到期日，即期权合约规定的最后交易日。在到期日，期权持有者必须决定是否行使期权。若选择行使，期权将转化为基础资产，持有者可以依据市场情况选择卖出或持有这些资产，从而实现变现。

二、提前平仓

尽管期权持有者有权在到期日行使期权，但他们也可以在到期日之前的任何时间选择平仓，即将期权卖给其他投资者。这样，期权持有者可以通过卖出期权获得现金收益，而不必等到到期日。

三、期权行权与交割

当期权持有者决定在到期日行使期权时，需要进行行权与交割。对于看涨期权，持有者需支付行权价格购买基础资产；对于看跌期权，持有者则以行权价格卖出基础资产。完成行权后，持有者可以选择在市场上卖出这些资产，实现现金收益。

英文版

When Can Options Be Cashed Out: A Comparative Reading in Chinese and English

Options, as a financial derivative, grant holders the right to buy or sell an underlying asset at a specified price on or before a certain future date. So, when can options be cashed out?

1. Option Expiration Date

Options have an expiration date, which is the last trading day stipulated in the option contract. On the expiration date, option holders must decide whether to exercise the option. If they choose to exercise, the option will be converted into the underlying asset, and the holder can choose to sell or hold these assets based on market conditions, thus realizing cash-out.

2. Early Closure

Although option holders have the right to exercise the option on the expiration date, they can also choose to close the position at any time before the expiration date, i.e., selling the option to other investors. In this way, option holders can obtain cash income by selling the option without waiting until the expiration date.

3. Option Exercise and Delivery

When option holders decide to exercise the option on the expiration date, exercise and delivery are required. For call options, holders need to pay the exercise price to purchase the underlying asset; for put options, holders sell the underlying asset at the exercise price. After completion of the exercise, holders can choose to sell these assets in the market to realize cash income.

In conclusion, options can be cashed out either on the expiration date by exercising and delivering the option or at any time before the expiration date by closing the position. The choice depends on the holder's strategy and market conditions.