Strategy for unlimited profit on one side, limited on other. 战略无限的利润一方，对其他有限。

A backspread is the sale of an option(s) and the purchase of a greater number of the same type of options that are out-of-the-money with respect to the one(s) purchased. 1 backspread是出售的一种选择（ S ）和购买一个更大的数目相同类型的选项是地地道道的- -金钱与尊重，将其中的（ ）购买。 For example, an 80/90 put 1-by-3 backspread is long 3*80 puts and short 1*90 put. 举例来说，一个九十○分之八十〇提出1 -由- 3 backspread是长期的三* 80把及短期1 * 90付诸表决。 The Opposite for this trade is called Ratio spread. 相反，这是所谓的贸易比例蔓延。

There are several ways to play big moves caused by special events such as Earnings, FDA approval etc. Most common option trading strategies are: 有几种方法，以发挥大动作所造成的特别活动，如收入， FDA的批准等，最常见的选择，交易策略是：

1. Simply buy a call or put option 只需购买一个通话或看跌期权
2. Play either bull put, bull call or bear put bear call spreads 发挥要么把牛市，牛市打电话或承担付诸表决，承担通话差
3. Or maybe even a straddle or strangle if one isn’t sure which direction it was going to make the big move. 或者，也许甚至跨越或扼杀如果一个人不知道哪个方向，这是要作出的又一重大举措。

Each strategy has its own merits and demerit and one can choose any depending upon his or her trading style. 每个策略都有自己的优点和缺点，以及一可以选择任何取决于他或她的交易风格。 Over a period of time, I have noticed though that I (maybe others too) end up not predicting the direction very well. 在过去一段时间，我注意到，虽然我（也许别人太） ，最终没有预测的方向很清楚。 There are so many factors that play key role in determining the short term movement of the stock after the announcement. 有这么多的因素，发挥关键作用，在确定短期内运动的股份公布后。 For instance, earnings beat estimate, revenue beat estimates but the outlook is lowered or several combinations of these three and many more. 举例来说，星巴克第三财季业绩超出估计，收入超出预期，但前景是降低或几个组合，这三个和更多。

In search of excellence and continuous improvement I tried to learn more and more about it and it was when I came across Dan Sheriden’s free seminar at CBOE…backspread..that has potential to make money in either direction and it won’t cost a nickel to put on the trade as you can always do it for credit….It’s called “ backspread “… buy x times as many as you will sell…. 在搜索的卓越和不断改善，我试图了解更多关于它，这是当我来到横跨丹sheriden的免费研讨会在芝加哥选择权交易所… backspread ..有潜力赚钱，在任一方向和它不会成本镍把对贸易作为您可以随时做信用… …它的所谓“ backspread ” … …购 X 倍之多正如你将出售… … 。

Since you will take home more premium than you shell out; hence, you will receive a credit at the beginning of the trade. 因为你会带回家，更多的保费比你壳;因此，您将收到的信用在开始的贸易。 However, you have to make sure that you meet the margin requirement, if needed. 不过，您要确保您满足保证金要求，如果需要。 Now, everything sounds good, you make money in either direction…so what’s the catch? 现在，一切都不错，你赚钱，在任一方向…因此，什么样的追赶？ The downside to the backspread is that the stock MUST make the big move you anticipated, or else the position will lose money. 坏处向backspread的是，股市必须作出的又一重大举措，您的预期，否则，就会失去立场的钱。 At the same time implied volatility (IV) also plays an important role. 在同一时间，隐含波动率（四）也发挥了重要作用。 Typically, IV before the announcement is very high (so is the premium), and after the announcement IV will be crushed and back to normal. 通常情况下，四公布前是非常高的（所以是保费） ，以及公布后，四会粉碎恢复正常。 Hence, you need to do a thorough risk/reward analysis. 因此，你需要做彻底的风险/回报分析。 The profit potential is unlimited, and if your market direction is completely wrong, you can still walk away unscathed. 利润的潜力是无限的，如果您的市场方向是完全错误的，你仍然可以安然走开。

Let’s take Apple’s example that I played ( 让我们以苹果的例子，我发挥（ details are here 详情在这里 ). ） 。 I was bullish on AAPL and expected a significant up-move after the earning announcement on Jan 18 ^th , 2007. 我是乐观的关于苹果的和预期的显着上升动议后，赚取宣布于1月18 ^日 ， 2007年。 Instead of buying straight call, I opened a trade in the form of a call backspread. 而不是购买直呼吁，我开了一家贸易的形式呼吁backspread 。 A typical backspread is usually done in a 1 x 2 fashion. 一个典型的backspread通常是在一个1 × 2时装。 In other words, buy twice as many options than you sell but you can always choose your own ratio. 在其他换句话说，购买的两倍，很多选择比你卖，但您可以随时选择自己的比率。 In this example, I sold 3 AAPL January 2007 $95 calls for $3.25 and bought 7 AAPL January 2007 100 calls for $1.18. 在这个例子中，我售出3苹果2007年1月95元呼吁3.25美元买7苹果january二○○七一○○呼吁为1.18美元。 This gave me a credit of $1.65 per backspread. 这给了我一美元的信贷， 1.65 ％ ， backspread 。 The margins requirement was about $1365 per backspread. 边缘的规定，约一千三百六十五美元每backspread 。 After placing this on 17 ^th , I waited for announcement that was on 17 ^th after market close. 配售后，这对^第 17 ^次 ，我在等待宣布，这是对17 ^日股市收盘后公布。

My break-even point, or where we start to make money on our spread, is somewhere between $95.5 and $103.4, as seen in the “ 我的盈亏平衡点，或在我们开始要赚钱，对我们的蔓延，是之间的某个95.5美元和一百零三点四美元，看在“ My AAPL Play for tonight 我的苹果发挥今晚 ” post. “后。 Since I was bullish, this type of trade could work extremely well if my prediction is right. 因为我是乐观的，这种类型的贸易可以工作的非常好，如果我的预测是正确的。 One great thing about the backspread is that if I was completely wrong about my prediction and AAPL tanks (as happened) below $95.5, I shall still make money by keeping my initial credit. 一个伟大的事，有关backspread的是，如果我是完全错误的关于我的预测和苹果坦克（发生）下面九十五点五美元，我会仍然赚钱，保持我的初始信用额度。 My danger zone however is in between $95.5 and $103.4. 我的危险地带，但是在之间的95.5美元和一百〇三点四美元。

If you look at the r/R graph, you’ll see that my maximum potential was at $100 mark. 如果你看看的R /住宅图，您就可以看到我的最大潜力是100元大关。 So, in order to use proper money management, we want to be out of the trade as soon as possible if it is around $100. 因此，为了要使用适当的理财，我们希望成为了该行业的尽快如果是100元左右。

Rest you may read on both posts. 休息，您可以阅读关于这两个职位。 The backspread is a great trade if you’ve got a real good feeling of a large directional move. 该backspread是一个伟大的贸易如果您有一个真正的好感觉，一个大的方向移动。 You get to initiate the trade for a credit, and relax. 您能启动的贸易信贷，以及放宽。 However, if you want to maximize the chances of maximum returns, a deep analysis is important to understand where it might go. 不过，如果你想最大限度的机会，最高的回报，深入分析重要的是要了解它可能会去。 Even if you’re completely wrong in your directional assessment, you may still make money. 即使您完全错误的，在您的定向评估，您仍然可以赚取金钱。 But it MUST move. 但它必须动议。 That’s the key. 这是关键。

When I get time, I shall post on how to select stocks that are poised for big move. 当我得到的时间，我会后对如何选择股票，是准备大动作。

Till then, 至今，然后，
Profitable trading, 有利可图的交易，
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