Sprzedaż opcji put Nasdaq, Inc. ma sens - bullish play na NDAQ

Nasdaq, Inc. (NDAQ) akcja jest blisko 3‑miesięcznego dna. Jeśli rzeczywiście rynek osiągnął dno, ma sens sprzedawać short put opcje spoza pieniądza (OTM) na NDAQ. W ten sposób inwestor może ustalić niższą cenę wejścia i otrzymać płatność, oczekując.

NDAQ jest w $82.75 w handlu w ciągu dnia w piątek, 10 kwietnia. To jest blisko suchego 6‑miesięcznego dna na poziomie $79.01 (12 lutego). Dlaczego więc nie ustalić niższej ceny wejścia na miesiąc i otrzymać płatności? Ten artykuł pokaże jak.

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I discussed this play a month ago in a Barchart article: “If the Worst Is Over, NASDAQ Inc Stock May Be a Bargain - What's the Best NDAQ Play Now?”, March 10.

Rolling Over a Short-Put Contract

At the time, NDAQ was at $88.21, and I discussed shorting the $82.50 put option contract expiring April 17, a little over a month away. The premium received was $1.65, for a 2.0% yield (i.e., $1.65/$82.50).

Today, that put premium is lower at $1.00, although it's now at-the-money (ATM). There is a risk that the investor's collateral (i.e., $8,250 per put contract) could get assigned to buy 100 shares.

So, to avoid this, the investor can roll the contract over to next month. Let's see how.

First, note that the investor will have to enter an order to “Buy to Close” the existing April 17 $82.50 put contract. That will cost $1.00 or $100 per put contract already shorted.

Next, the May 15 expiry NDAQ option chain shows that the $77.50 put contract has a midpoint premium of $1.38. That provides a cash-secured put option seller a 1.78% yield (i.e., $1.38/$77.50).

Moreover, this contract price is 6% lower than today's price and below the prior NDAQ low. There are pros and cons to this play.

Considering Alternatives

Cons. Note that this rollover play provides just a $38 net credit for the next month on a $7,750 investment, i.e., a net 0.49% yield. Moreover, it may cost extra commissions to execute.

Pros. However, there is just a low chance that the account will be assigned to buy shares at $77.50, as the delta ratio is just 0.24. That implies less than a quarter chance that NDAQ will drop to $77.50.

Moreover, an existing investor at the $82.50 strike price for April expiry might not have to buy shares at that price if NDAQ stays over $82.50 by then.