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| | In [[finance]], a '''chooser option''' is a special type of [[option contract]]. It gives the purchaser a fixed period of time to decide whether the [[derivative]] will be a [[Europe]]an [[call option|call]] or [[put option]]. |
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| | In more detail, a chooser option has a specified decision time <math> t_1 </math>, where the [[buyer]] has to make the decision described above. Finally, at the [[expiration (options)|expiration time]] <math> t_2 </math> the option expires. If the buyer has chosen that it should be a [[call option]], the payout is <math> max(S-K,0) </math>. For the choice of a [[put option]], the payout is <math> max(K-S,0) </math>. Here <math> K </math> is the [[strike price]] of the option and <math> S </math> is the [[stock price]] at expiry. |
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| | == Replication == |
| | For [[stocks]] without [[dividend]], the chooser option can be replicated using one [[call option]] with [[strike price]] <math> K </math> and expiration time <math> t_2 </math>, and one [[put option]] with [[strike price]] <math> K e^{-r(t_2-t_1)} </math> and expiration time <math> t_1 </math>;.<ref>Yue-Kuen Kwok, Compound options</ref> |
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| | == References == |
| | <references/> |
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| | == Bibliography == |
| | * Yue-Kuen Kwok, [[Compound option]]s (from Derivatives Week and Encyclopedia of Financial Engineering and Risk Management) [http://www.math.ust.hk/~maykwok/piblications/Articles/comp%20option.pdf] |
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| | {{DEFAULTSORT:Chooser Option}} |
| | [[Category:Options (finance)]] |
Latest revision as of 16:00, 25 April 2013
In finance, a chooser option is a special type of option contract. It gives the purchaser a fixed period of time to decide whether the derivative will be a European call or put option.
In more detail, a chooser option has a specified decision time 
, where the buyer has to make the decision described above. Finally, at the expiration time 
the option expires. If the buyer has chosen that it should be a call option, the payout is 
. For the choice of a put option, the payout is 
. Here 
is the strike price of the option and 
is the stock price at expiry.
Replication
For stocks without dividend, the chooser option can be replicated using one call option with strike price and expiration time , and one put option with strike price 
and expiration time ;.[1]
References
- ↑ Yue-Kuen Kwok, Compound options
Bibliography
- Yue-Kuen Kwok, Compound options (from Derivatives Week and Encyclopedia of Financial Engineering and Risk Management) [1]