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，这时专业人士会想法设法满足新手的要求，买入行权价为170元，几周就到期的期权。股票在几周内涨40点的概率超级低。爱上当的新手要买希望，专业人士很高兴地卖给他们希望。在期权到期前的1，2周，卖出的无标的证券期权几乎没有可能到达行权价，但此时却制造了大把的利润，把游戏推向高潮。
Cautious writers may close their positions without waiting for the expiration date。 If you write a call at 90 cents and it goes down to 10； it may make sense to buy it back and unwind your position。 You’ve already earned the bulk of profit； so why expose yourself to continued risk？ It is cheaper to pay another mission； book your profits； and look for another writing opportunity。
谨慎的发行人在到期日之前就平仓了。如果你发行了行权价是90分的看涨期权，它跌到了10分，你应该买回来，对冲自己的仓位。你已经赚了很多利润，为何要把自己暴露给风险？付佣金，兑现利润，找下次发行的机会，这样比较便宜。
Being a naked writer requires absolute iron discipline。 The size of your writes and the number of positions must be strictly determined by money management rules。 If you sell a naked call and the stock rallies above its exercise price； it exposes you to the risk of ruin。 You must decide in advance at what level you will cut and run； taking a relatively small loss。 A naked seller cannot afford to sit when a stock moves against him。 Amateurs hang on and wait for the underlying security to turn around。 They wait for the wasting time value to get them off the hook。 The longer you wait for a miracle； the deeper the steel hook of the market lodges in your intestines。 Stay away from naked writing if you have the slightest problem with discipline！
成为无标的证券期权发行人需要铁的纪律。你发行的价格，数量大小都要严格遵照资金管理的原则。如果你卖出无标的证券看涨期权，股票涨到了行权价，你的风险可能是毁灭性的。你要提前决定何时止损逃跑，这样的亏损相对小些。无标的证券期权发行人不能坐等股票对自己不利。业余选手坐在那里，等股票反转。他们浪费时间，等解套。你等待奇迹的时间越长，市场套你越深。如果你不能遵守纪律，就不要发行无标的证券期权！
WRITER’S CHOICE All options buyers know this sad sequence： you’re right on the direction of the market； right on the stock； but still lose money on the option。 Time is the enemy of options buyers。 Buyers lose when the underlying security takes longer than expected to get to the level at which they can collect on their bet。 As the expiration date nears； an option bees worth less； and less； and less。
发行人的选择 所有的期权买家都知道这个悲惨的结果：你的方向对的，股票对的，但还是要在期权上亏钱。时间是期权买家的敌人。如果股票花了很长时间才到达行权价，买家也是亏钱。当到期日接近时，期权就快没有价值了，价值越来越少。
What if we reverse this process and write rather than buy options？ Now time will work in our favor because each passing day will reduce the likelihood of that option having any value before it expires。
如果反过来，我们不买，我们发行期权，会如何？这样我们就占便宜了，因为随着时间的推移，期权到期作废的概率比较大。
The first time you write an option； and do it right； you’ll experience the delicious sensation of time working in your favor。 The option loses some of its time value each day； making the premium you’ve collected safer and safer。 When the market goes nowhere； you still make money； as time value evaporates with each passing day。
你第一次发行期权时要做对，你会体验到时间帮你工作的激动。期权每天丧失时间价值，让你得到的期权费一天比一天安全。当市场乱走时，你照样赚钱，因为时间价值每天都在蒸发。
If living well is the best revenge； then taking a factor that kills most options buyers – time … and making it work for you is a gratifying experience。
如果好好或者就是最好的报复，那么就要利用杀死大部分期权买家的因素——时间——让它为你工作是一个很好的经验。
We must not forget that an option is a hope； and it is better to sell empty hopes which are unlikely to be fulfilled。 Take three steps before writing a call or a put。 First； analyze the underlying security； decide which way it’s moving； and estimate its price target。 Second； decide whether to write a put or a call。 Third； choose the strike price and the expiration date for the option you’ll write。 If any one of these steps seems unclear； stand aside； do not force a decision； and look for another opportunity。
我们不要忘了期权就是希望，最好是卖没有希望的希望。在发行期权前要做3步。第一步，分析相关证券，决定它的方向，估计它的目标。第二步，决定发行看涨期权或看跌期权。第三步，选择到期日和行权价。如果任何一点搞不清楚，就不要搞了，寻找下次机会。
One of the key factors in pricing options is the volatility of the underlying security。 A tool included in most trading software； called Bollinger bands； can help you rate volatility。 Those standard deviation bands are centered around a moving average but unlike envelopes； whose walls are parallel； they expand and contract as volatility changes。 Bollinger bands bee narrow when markets are sleepy and wide when they grow wild。 Flat； narrow bands indicate a sleepy market where options are cheap and it is better to buy them rather than sell。 When Bollinger bands go to a wide spread； they mark an overheated market where options tend to be overpriced； creating an opportunity for writers。 Here are the steps to follow：
给期权定价的一个关键因素是标的证券的波动性。在很多波动软件里面都有布林通道，它能帮助你计算波动性。在均线附近的标准背离通道不像包络线，它们的墙是平行的，他们随着波动性扩张。当市场平静时布林通道变窄；当市场疯狂时通道变宽。
Analyze a security against which you want to write options。 Use Triple Screen to decide whether a stock； future； or an index is trending or nontrending。 Use weekly and daily charts； trend…following indicators； and oscillators to identify trends； detect reversals； and set up price targets。
分析你要发行期权的标的证券。用三重滤网分析是否股票，期货或股指期货有趋势。用周线图，日线图，趋势跟踪指标，振荡指标确认趋势，发现反转，设定价格目标。
Select the type of option to write。 If your analysis is bearish； consider writing calls。 If bullish； consider writing puts。 When the trend is up； sell the hope that it will turn down； and when it’s down； sell the hope it’ll turn up。 Do not write options when markets are flat and Bollinger bands are tight because premiums are low； and a breakout from a trading range can hurt you。
选择期权类型。如果你分析是下跌，考虑发行看涨期权。如果是上涨，考虑发行看跌期权。当趋势上涨时，卖出下跌的希望；当趋势下跌时，卖出上涨的希望。当市场横盘，布林通道很窄时不要发行期权，因为收益低，横盘突破会伤害你。
Estimate how far； with a generous safety margin； the market would have to move in order to change its trend； and write an option beyond that zone。 Write an option with a strike price the market is unlikely to reach before the expiration。 Suppose a stock is at 80； having risen from 50 in the past year and is now rising half a point per week； with 8 weeks left to option expiration。 The trend is up； and selling a 70 put under those circumstances means selling an option that is likely to expire worthless。
分析市场会走多远，何时会反转，在这个范围之外发行期权。发行期权要保证在到期是之前市场到行权价的可能性低。假如股票是80，过去一年从50涨起来的，现在每周涨0。5点，8周后期权就到期。趋势上涨，在这种情况下卖出行权价为70的看跌期权意味着卖出的期权可能到期作废。
The temptation to sell naked options close to the money and get fatter premi