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2021-06-03

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Opinion: What’s the smart way to play AMC’s stock? Try these two options strategies<blockquote>观点：玩AMC股票的明智方法是什么？尝试这两种选择策略</blockquote>

AMC shares are super-volatile amid a short squeeze. Options can be a way to capitalize on the moves,

Opinion: What’s the smart way to play AMC’s stock? Try these two options strategies<blockquote>观点：玩AMC股票的明智方法是什么？尝试这两种选择策略</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":111446077,"tweetId":"111446077","gmtCreate":1622695525399,"gmtModify":1634099046615,"author":{"id":3578361141228077,"idStr":"3578361141228077","authorId":3578361141228077,"authorIdStr":"3578361141228077","name":"Littleandrew","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":1,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Shill</body></html>","htmlText":"<html><head></head><body>Shill</body></html>","text":"Shill","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/111446077","repostId":1105752559,"repostType":4,"repost":{"id":"1105752559","kind":"news","pubTimestamp":1622694904,"share":"https://www.laohu8.com/m/news/1105752559?lang=zh_CN&edition=full","pubTime":"2021-06-03 12:35","market":"us","language":"en","title":"Opinion: What’s the smart way to play AMC’s stock? Try these two options strategies<blockquote>观点：玩AMC股票的明智方法是什么？尝试这两种选择策略</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105752559","media":"Market Wacth","summary":"AMC shares are super-volatile amid a short squeeze. Options can be a way to capitalize on the moves,","content":"AMC shares are super-volatile amid a short squeeze. Options can be a way to capitalize on the moves, with a measure of prudence.<blockquote>AMC股价在轧空中波动极大。期权可以是一种利用波动的方式，但要谨慎。</blockquote><a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a> Holdings shares are once again exploding, having been caught in a short squeeze.<blockquote><a href=\"https://laohu8.com/S/AMC\">AMC院线</a>在陷入空头挤压后，控股股价再次爆发。</blockquote>The stock’s realized and implied volatilities are soaring. AMC at <a href=\"https://laohu8.com/S/AONE\">one</a> point today more than doubled. There are two options strategies, below, to try to capitalize off this uncommon move. (Note that the data in this article are as of the close of trading June 1.)<blockquote>该股的已实现和隐含波动率正在飙升。AMC<a href=\"https://laohu8.com/S/AONE\">一</a>今天点涨了一倍多。下面有两种选择策略来尝试利用这一不寻常的举措。（请注意，本文数据截至6月1日收盘。）</blockquote>The first chart of AMCAMC,+95.22%,below, tracks two years, showing the stock had been in a general decline through most of 2019. In fact, AMC had been falling since making all-time highs in the mid-$30s in 2015 and 2016.<blockquote>AMCAMC的第一张图表（+95.22%）跟踪了两年的情况，显示该股在2019年的大部分时间里一直在普遍下跌。事实上，自2015年和2016年创下30美元左右的历史高点以来，AMC一直在下跌。</blockquote>The stock then slumped further due to the pandemic. Things began to change, however, when it rallied amid a short squeeze in late January 2021. The stock exploded from $2 to $20 in less than a month.<blockquote>随后，由于疫情，该股进一步下跌。然而，当它在2021年1月下旬的空头挤压中反弹时，情况开始发生变化。该股在不到一个月的时间里从2美元飙升至20美元。</blockquote>Now another short squeeze is under way, and the stock has risen from $9 to over $60 in the last month.<blockquote>现在又一次轧空正在进行中，该股上个月已从9美元上涨至60美元以上。</blockquote><img src=\"https://static.tigerbbs.com/dd994b6947e51ac1dd241aebc098785c\" tg-width=\"620\" tg-height=\"465\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>It is impossible to justify these moves in terms of fundamental or even technical analysis, but there are opportunities presented by the options markets. As might be expected, the options have gotten extremely expensive. The next chart is a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-year, showing thecompositeimplied volatility of AMC options on top and the price of the stock on the bottom. (Composite implied volatility is a weighted volatility of the most active options on AMC.)<blockquote>从基本面甚至技术分析的角度来证明这些举措的合理性是不可能的，但期权市场提供了机会。正如所料，这些选择已经变得极其昂贵。下一张图表是一个<a href=\"https://laohu8.com/S/AONE.U\">一</a>-年，显示复合的顶部是AMC期权的隐含波动率，底部是股票价格。（综合隐含波动率是AMC上最活跃期权的加权波动率。）</blockquote><img src=\"https://static.tigerbbs.com/0833b40f70599f8f813f2c0eaa3a7c8b\" tg-width=\"620\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>The composite implied volatility has risen to more than 200%. (Don’t worry about what that means statistically, just use it as a comparative measure — 200% is alothigher than the “normal” volatility, up to four times that of its pre-pandemic level.)<blockquote>综合隐含波动率已升至200%以上。（不要担心这在统计学上意味着什么，只需将其用作比较度量——200%是一个很多高于“正常”波动性，高达大流行前水平的四倍。）</blockquote>So, what option strategies make sense? Simply buying expensive options is justifiable while volatility remains high, believe it or not. The 10-day realized (historical) volatility of AMC is now an astounding 211%. The 20-day historical volatility (HV) is 160%.<blockquote>那么，哪些期权策略有意义呢？信不信由你，在波动性仍然很高的情况下，简单地购买昂贵的期权是合理的。AMC的10天已实现（历史）波动性现在达到了惊人的211%。20天历史波动率（HV）为160%。</blockquote>However, those volatilities will drop quickly if the stock starts to stabilize — wherever that may be.&nbsp;But as long as they hold up, at-the-money options are not a lot more expensive than that, in terms of implied volatility. However,out-of-the-moneyoptions are much more expensive, and those are generally unattractive purchases — certainly not based on a statistical basis.<blockquote>然而，如果股票开始企稳，这些波动性将迅速下降——无论这种情况可能在哪里。但只要它们坚持下去，就隐含波动率而言，平值期权并不会比这贵多少。然而，价外期权要贵得多，而且通常没有吸引力——当然不是基于统计数据。</blockquote>Many traders want to sell the options because they think they are so overpriced. Well, they may be overpriced, but at current volatility levels, the stock can move a great distance and cause ruin for an options-selling strategy.<blockquote>许多交易者想要出售期权，因为他们认为期权定价过高。好吧，它们的价格可能过高，但在目前的波动水平下，股票可能会大幅波动，并导致期权卖出策略的毁灭。</blockquote>One can see from the <a href=\"https://laohu8.com/S/AONE\">one</a>-year chart of AMC that after the last short squeeze, the stock dropped quickly, but never got back to the prices from which the short squeeze was launched. That is typical behavior in a short squeeze.<blockquote>人们可以从<a href=\"https://laohu8.com/S/AONE\">一</a>-AMC的年度图表显示，在上次轧空后，该股迅速下跌，但从未回到轧空启动时的价格。这是轧空中的典型行为。</blockquote>Consider the two following charts — of Riot BlockchainRIOT,+2.74%and GameStopGME,+13.34%— both of which have been short squeezes. RIOT was also a short squeeze when it first came public, in late 2017 (not shown on the chart).<blockquote>考虑以下两张图表——Riot BlockchainRIOT，+2.74%和GameStopGME，+13.34%——这两张图表都是空头挤压。RIOT在2017年底首次上市时也是一次轧空（图表中未显示）。</blockquote><img src=\"https://static.tigerbbs.com/fda30eb7b24e1715b109a7c7f42a2623\" tg-width=\"620\" tg-height=\"465\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/e235888f2cd914eacad62e402d2397c7\" tg-width=\"620\" tg-height=\"465\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>In both of those cases, a similar pattern appears: The short squeeze ends, the stock falls, but not all the way back to its “pre-squeeze” price, at least not for a while.<blockquote>在这两种情况下，都会出现类似的模式：轧空结束，股票下跌，但不会完全回到“轧空前”的价格，至少暂时不会。</blockquote><a href=\"https://laohu8.com/S/TWOA.U\">Two</a> options strategies could take advantage of this:<blockquote><a href=\"https://laohu8.com/S/TWOA.U\">两个</a>期权策略可以利用这一点：</blockquote><ol><li>A bear put spread.Buy puts with striking prices just below the current elevated stock&nbsp; priceandsell puts with a significantly lower strike price. This strategy generally has an advantage in that the implied volatility of the put you are buying is lower than the implied volatility of the put you are selling. You can’t lose more money than the debit you pay for the spread, but you could lose 100% of that debit if the stock continues to rise and the options expire worthless.</li><li>Sell put credit spreads with strikes at or near the price of AMCpriorto the short squeeze.AMC was in the teens before this latest round of short squeeze began. The potential gain here would be the credit initially received, but the margin requirement — which is equal to the risk in the spread — is the difference in the strikes, less the credit received.&nbsp;A derivative of this strategy, for extremely aggressive accounts, would be to sell puts (naked) with strikes in the teens.</li></ol>Obviously, there are lot of options combinations that could be considered, but these are two relatively simple spread strategies that will pay off if AMC behaves like other short squeezes: Eventually the stock peaks and begins to fall, but it doesn’t fall far enough to reach its “pre-squeeze” levels.<blockquote><ol><li>看跌看跌价差。买入执行价格略低于当前上涨股价的看跌期权和以明显较低的执行价格卖出看跌期权。这种策略通常有一个优势，即你买入的看跌期权的隐含波动率低于你卖出的看跌期权的隐含波动率。您损失的钱不会超过您为价差支付的借方，但如果股票继续上涨且期权到期时一文不值，您可能会损失100%的借方。</li><li>执行价格等于或接近AMC价格的卖出看跌信用利差先前的到空头挤压。在最新一轮轧空开始之前，AMC才十几岁。这里的潜在收益将是最初收到的信用，但保证金要求——等于利差中的风险——是罢工的差额，减去收到的信用。对于极其激进的账户，这种策略的一个衍生品是卖出看跌期权（裸），行使价在十几岁。</li></ol>显然，有很多期权组合可以考虑，但这是两种相对简单的价差策略，如果AMC的行为像其他轧空一样，它们将会获得回报：最终股票见顶并开始下跌，但不会下跌太远足以达到“挤压前”水平。</blockquote>","source":"lsy1604288433698","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opinion: What’s the smart way to play AMC’s stock? Try these two options strategies<blockquote>观点：玩AMC股票的明智方法是什么？尝试这两种选择策略</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpinion: What’s the smart way to play AMC’s stock? Try these two options strategies<blockquote>观点：玩AMC股票的明智方法是什么？尝试这两种选择策略</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarket Wacth2021-06-03 12:35\n\n</h4>\n</header>\n<article>\nAMC shares are super-volatile amid a short squeeze. Options can be a way to capitalize on the moves, with a measure of prudence.<blockquote>AMC股价在轧空中波动极大。期权可以是一种利用波动的方式，但要谨慎。</blockquote><a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a> Holdings shares are once again exploding, having been caught in a short squeeze.<blockquote><a href=\"https://laohu8.com/S/AMC\">AMC院线</a>在陷入空头挤压后，控股股价再次爆发。</blockquote>The stock’s realized and implied volatilities are soaring. AMC at <a href=\"https://laohu8.com/S/AONE\">one</a> point today more than doubled. There are two options strategies, below, to try to capitalize off this uncommon move. (Note that the data in this article are as of the close of trading June 1.)<blockquote>该股的已实现和隐含波动率正在飙升。AMC<a href=\"https://laohu8.com/S/AONE\">一</a>今天点涨了一倍多。下面有两种选择策略来尝试利用这一不寻常的举措。（请注意，本文数据截至6月1日收盘。）</blockquote>The first chart of AMCAMC,+95.22%,below, tracks two years, showing the stock had been in a general decline through most of 2019. In fact, AMC had been falling since making all-time highs in the mid-$30s in 2015 and 2016.<blockquote>AMCAMC的第一张图表（+95.22%）跟踪了两年的情况，显示该股在2019年的大部分时间里一直在普遍下跌。事实上，自2015年和2016年创下30美元左右的历史高点以来，AMC一直在下跌。</blockquote>The stock then slumped further due to the pandemic. Things began to change, however, when it rallied amid a short squeeze in late January 2021. The stock exploded from $2 to $20 in less than a month.<blockquote>随后，由于疫情，该股进一步下跌。然而，当它在2021年1月下旬的空头挤压中反弹时，情况开始发生变化。该股在不到一个月的时间里从2美元飙升至20美元。</blockquote>Now another short squeeze is under way, and the stock has risen from $9 to over $60 in the last month.<blockquote>现在又一次轧空正在进行中，该股上个月已从9美元上涨至60美元以上。</blockquote><img src=\"https://static.tigerbbs.com/dd994b6947e51ac1dd241aebc098785c\" tg-width=\"620\" tg-height=\"465\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>It is impossible to justify these moves in terms of fundamental or even technical analysis, but there are opportunities presented by the options markets. As might be expected, the options have gotten extremely expensive. The next chart is a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-year, showing thecompositeimplied volatility of AMC options on top and the price of the stock on the bottom. (Composite implied volatility is a weighted volatility of the most active options on AMC.)<blockquote>从基本面甚至技术分析的角度来证明这些举措的合理性是不可能的，但期权市场提供了机会。正如所料，这些选择已经变得极其昂贵。下一张图表是一个<a href=\"https://laohu8.com/S/AONE.U\">一</a>-年，显示复合的顶部是AMC期权的隐含波动率，底部是股票价格。（综合隐含波动率是AMC上最活跃期权的加权波动率。）</blockquote><img src=\"https://static.tigerbbs.com/0833b40f70599f8f813f2c0eaa3a7c8b\" tg-width=\"620\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>The composite implied volatility has risen to more than 200%. (Don’t worry about what that means statistically, just use it as a comparative measure — 200% is alothigher than the “normal” volatility, up to four times that of its pre-pandemic level.)<blockquote>综合隐含波动率已升至200%以上。（不要担心这在统计学上意味着什么，只需将其用作比较度量——200%是一个很多高于“正常”波动性，高达大流行前水平的四倍。）</blockquote>So, what option strategies make sense? Simply buying expensive options is justifiable while volatility remains high, believe it or not. The 10-day realized (historical) volatility of AMC is now an astounding 211%. The 20-day historical volatility (HV) is 160%.<blockquote>那么，哪些期权策略有意义呢？信不信由你，在波动性仍然很高的情况下，简单地购买昂贵的期权是合理的。AMC的10天已实现（历史）波动性现在达到了惊人的211%。20天历史波动率（HV）为160%。</blockquote>However, those volatilities will drop quickly if the stock starts to stabilize — wherever that may be.&nbsp;But as long as they hold up, at-the-money options are not a lot more expensive than that, in terms of implied volatility. However,out-of-the-moneyoptions are much more expensive, and those are generally unattractive purchases — certainly not based on a statistical basis.<blockquote>然而，如果股票开始企稳，这些波动性将迅速下降——无论这种情况可能在哪里。但只要它们坚持下去，就隐含波动率而言，平值期权并不会比这贵多少。然而，价外期权要贵得多，而且通常没有吸引力——当然不是基于统计数据。</blockquote>Many traders want to sell the options because they think they are so overpriced. Well, they may be overpriced, but at current volatility levels, the stock can move a great distance and cause ruin for an options-selling strategy.<blockquote>许多交易者想要出售期权，因为他们认为期权定价过高。好吧，它们的价格可能过高，但在目前的波动水平下，股票可能会大幅波动，并导致期权卖出策略的毁灭。</blockquote>One can see from the <a href=\"https://laohu8.com/S/AONE\">one</a>-year chart of AMC that after the last short squeeze, the stock dropped quickly, but never got back to the prices from which the short squeeze was launched. That is typical behavior in a short squeeze.<blockquote>人们可以从<a href=\"https://laohu8.com/S/AONE\">一</a>-AMC的年度图表显示，在上次轧空后，该股迅速下跌，但从未回到轧空启动时的价格。这是轧空中的典型行为。</blockquote>Consider the two following charts — of Riot BlockchainRIOT,+2.74%and GameStopGME,+13.34%— both of which have been short squeezes. RIOT was also a short squeeze when it first came public, in late 2017 (not shown on the chart).<blockquote>考虑以下两张图表——Riot BlockchainRIOT，+2.74%和GameStopGME，+13.34%——这两张图表都是空头挤压。RIOT在2017年底首次上市时也是一次轧空（图表中未显示）。</blockquote><img src=\"https://static.tigerbbs.com/fda30eb7b24e1715b109a7c7f42a2623\" tg-width=\"620\" tg-height=\"465\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/e235888f2cd914eacad62e402d2397c7\" tg-width=\"620\" tg-height=\"465\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>In both of those cases, a similar pattern appears: The short squeeze ends, the stock falls, but not all the way back to its “pre-squeeze” price, at least not for a while.<blockquote>在这两种情况下，都会出现类似的模式：轧空结束，股票下跌，但不会完全回到“轧空前”的价格，至少暂时不会。</blockquote><a href=\"https://laohu8.com/S/TWOA.U\">Two</a> options strategies could take advantage of this:<blockquote><a href=\"https://laohu8.com/S/TWOA.U\">两个</a>期权策略可以利用这一点：</blockquote><ol><li>A bear put spread.Buy puts with striking prices just below the current elevated stock&nbsp; priceandsell puts with a significantly lower strike price. This strategy generally has an advantage in that the implied volatility of the put you are buying is lower than the implied volatility of the put you are selling. You can’t lose more money than the debit you pay for the spread, but you could lose 100% of that debit if the stock continues to rise and the options expire worthless.</li><li>Sell put credit spreads with strikes at or near the price of AMCpriorto the short squeeze.AMC was in the teens before this latest round of short squeeze began. The potential gain here would be the credit initially received, but the margin requirement — which is equal to the risk in the spread — is the difference in the strikes, less the credit received.&nbsp;A derivative of this strategy, for extremely aggressive accounts, would be to sell puts (naked) with strikes in the teens.</li></ol>Obviously, there are lot of options combinations that could be considered, but these are two relatively simple spread strategies that will pay off if AMC behaves like other short squeezes: Eventually the stock peaks and begins to fall, but it doesn’t fall far enough to reach its “pre-squeeze” levels.<blockquote><ol><li>看跌看跌价差。买入执行价格略低于当前上涨股价的看跌期权和以明显较低的执行价格卖出看跌期权。这种策略通常有一个优势，即你买入的看跌期权的隐含波动率低于你卖出的看跌期权的隐含波动率。您损失的钱不会超过您为价差支付的借方，但如果股票继续上涨且期权到期时一文不值，您可能会损失100%的借方。</li><li>执行价格等于或接近AMC价格的卖出看跌信用利差先前的到空头挤压。在最新一轮轧空开始之前，AMC才十几岁。这里的潜在收益将是最初收到的信用，但保证金要求——等于利差中的风险——是罢工的差额，减去收到的信用。对于极其激进的账户，这种策略的一个衍生品是卖出看跌期权（裸），行使价在十几岁。</li></ol>显然，有很多期权组合可以考虑，但这是两种相对简单的价差策略，如果AMC的行为像其他轧空一样，它们将会获得回报：最终股票见顶并开始下跌，但不会下跌太远足以达到“挤压前”水平。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/whats-the-smart-way-to-play-amcs-stock-try-these-two-options-strategies-11622657539?mod=home-page\">Market Wacth</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.marketwatch.com/story/whats-the-smart-way-to-play-amcs-stock-try-these-two-options-strategies-11622657539?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105752559","content_text":"AMC shares are super-volatile amid a short squeeze. Options can be a way to capitalize on the moves, with a measure of prudence.AMC Entertainment Holdings shares are once again exploding, having been caught in a short squeeze.The stock’s realized and implied volatilities are soaring. AMC at one point today more than doubled. There are two options strategies, below, to try to capitalize off this uncommon move. (Note that the data in this article are as of the close of trading June 1.)The first chart of AMCAMC,+95.22%,below, tracks two years, showing the stock had been in a general decline through most of 2019. In fact, AMC had been falling since making all-time highs in the mid-$30s in 2015 and 2016.The stock then slumped further due to the pandemic. Things began to change, however, when it rallied amid a short squeeze in late January 2021. The stock exploded from $2 to $20 in less than a month.Now another short squeeze is under way, and the stock has risen from $9 to over $60 in the last month.It is impossible to justify these moves in terms of fundamental or even technical analysis, but there are opportunities presented by the options markets. As might be expected, the options have gotten extremely expensive. The next chart is a one-year, showing thecompositeimplied volatility of AMC options on top and the price of the stock on the bottom. (Composite implied volatility is a weighted volatility of the most active options on AMC.)The composite implied volatility has risen to more than 200%. (Don’t worry about what that means statistically, just use it as a comparative measure — 200% is alothigher than the “normal” volatility, up to four times that of its pre-pandemic level.)So, what option strategies make sense? Simply buying expensive options is justifiable while volatility remains high, believe it or not. The 10-day realized (historical) volatility of AMC is now an astounding 211%. The 20-day historical volatility (HV) is 160%.However, those volatilities will drop quickly if the stock starts to stabilize — wherever that may be. But as long as they hold up, at-the-money options are not a lot more expensive than that, in terms of implied volatility. However,out-of-the-moneyoptions are much more expensive, and those are generally unattractive purchases — certainly not based on a statistical basis.Many traders want to sell the options because they think they are so overpriced. Well, they may be overpriced, but at current volatility levels, the stock can move a great distance and cause ruin for an options-selling strategy.One can see from the one-year chart of AMC that after the last short squeeze, the stock dropped quickly, but never got back to the prices from which the short squeeze was launched. That is typical behavior in a short squeeze.Consider the two following charts — of Riot BlockchainRIOT,+2.74%and GameStopGME,+13.34%— both of which have been short squeezes. RIOT was also a short squeeze when it first came public, in late 2017 (not shown on the chart).In both of those cases, a similar pattern appears: The short squeeze ends, the stock falls, but not all the way back to its “pre-squeeze” price, at least not for a while.Two options strategies could take advantage of this:A bear put spread.Buy puts with striking prices just below the current elevated stock  priceandsell puts with a significantly lower strike price. This strategy generally has an advantage in that the implied volatility of the put you are buying is lower than the implied volatility of the put you are selling. You can’t lose more money than the debit you pay for the spread, but you could lose 100% of that debit if the stock continues to rise and the options expire worthless.Sell put credit spreads with strikes at or near the price of AMCpriorto the short squeeze.AMC was in the teens before this latest round of short squeeze began. The potential gain here would be the credit initially received, but the margin requirement — which is equal to the risk in the spread — is the difference in the strikes, less the credit received. A derivative of this strategy, for extremely aggressive accounts, would be to sell puts (naked) with strikes in the teens.Obviously, there are lot of options combinations that could be considered, but these are two relatively simple spread strategies that will pay off if AMC behaves like other short squeezes: Eventually the stock peaks and begins to fall, but it doesn’t fall far enough to reach its “pre-squeeze” levels.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1614,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}