PutFinder › Cash-secured put vs covered call› 现金担保看跌期权 vs 备兑看涨期权
Cash-secured put vs covered call现金担保看跌期权 vs 备兑看涨期权
A cash-secured put is an options contract you sell while setting aside enough cash to buy 100 shares of the stock at the strike price if you are assigned. A covered call is an options contract you sell against 100 shares you already own, giving the buyer the right to buy those shares from you at the strike price. Both collect an upfront premium, and both are legs of the wheel. This page compares them mechanically — capital, what you hold, assignment, dividends, and the near-identical payoff that put-call parity produces. Descriptive, not investment advice. 现金担保看跌期权是指你在卖出一份期权合约的同时，预留足够现金，以便在被行权时按行权价买入 100 股股票。备兑看涨期权是指你针对已持有的 100 股股票卖出一份期权合约，赋予买方按行权价从你手中买入这些股票的权利。两者都会收取一笔预付权利金，也都是"轮动"策略的组成部分。本页从机制上对二者进行对比——占用资金、持有什么、被行权、股息，以及看跌看涨平价所带来的近乎相同的收益结构。仅为描述性内容，不构成投资建议。
What each one is二者各是什么
Both are ways an option seller collects premium, and both stand behind 100 shares of stock per contract — but they start from opposite sides. A cash-secured put starts from cash: you sell a put and hold the strike amount in reserve, ready to buy the shares if the stock falls to the strike and you are assigned. A covered call starts from shares: you already own 100 shares and sell a call against them, agreeing to hand the shares over at the strike if the stock rises through it. New to either? The plain-language guide to cash-secured puts defines the key terms first. 两者都是期权卖方收取权利金的方式，每份合约都对应 100 股股票——但它们从相反的一侧出发。现金担保看跌期权从现金出发：你卖出一份看跌期权，并预留相当于行权价的资金，以便在股价跌到行权价、你被行权时买入股票。备兑看涨期权从股票出发：你已经持有 100 股，并针对这些股票卖出一份看涨期权，约定若股价涨破行权价，就按行权价交出股票。刚接触其中任一？请先看现金担保看跌期权的通俗指南，其中先定义了关键术语。
Put-call parity — the key insight看跌看涨平价——关键洞见
Here is the point most comparisons skip: a cash-secured put and a covered call written at the same strike and expiration have essentially the same payoff. This is not an opinion — it follows from put-call parity, a fixed arithmetic relationship between the prices of a put, a call, the stock, and cash. A covered call is long stock plus a short call; a cash-secured put is a short put plus cash held equal to the strike. Put-call parity says those two combinations produce the same profit-and-loss profile at expiration, at every possible stock price. 这是大多数对比会略过的一点：在相同行权价与到期日下写出的现金担保看跌期权与备兑看涨期权，收益结构本质上相同。这并非观点——它源自看跌看涨平价，即看跌期权、看涨期权、股票与现金价格之间的一种固定算术关系。备兑看涨期权 = 持有股票 + 卖出看涨期权；现金担保看跌期权 = 卖出看跌期权 + 持有相当于行权价的现金。看跌看涨平价表明：在到期时、对任何可能的股价，这两种组合都产生相同的盈亏结构。
long stock + short call ≡ short put + cash (= strike)
In both, your upside is capped at the strike, you keep the premium, and you carry the full downside of owning the shares below the strike. The differences in the table below — what you hold, dividends, the reserved cash — are real, but they are secondary; the core payoff is the same. Strictly, parity is exact for European-style options ignoring dividends and the interest on the cash, so in practice the two differ slightly on dividends, financing, and early-assignment mechanics — but the shape of the payoff is shared. This is arithmetic and market structure, not a claim about which will earn more. 在两者中，你的上行都被行权价封顶，你都保留权利金，也都承担股价跌破行权价后持股的全部下行。下方表格中的差异——持有什么、股息、预留现金——是真实存在的，但属于次要因素；核心收益结构是一致的。严格来说，平价在忽略股息与现金利息的欧式期权下才精确成立，因此实务中二者在股息、融资成本与提前行权机制上略有差异——但收益结构的形状是共享的。这是算术与市场结构，而非关于哪一个能赚更多的断言。
Cash-secured put vs covered call, side by side现金担保看跌期权 vs 备兑看涨期权，并列对比
A descriptive comparison of the two — what differs mechanically, not a claim that either is “better.” 对二者的描述性对比——机制上的差异，而非主张某一种"更好"。
| Cash-secured put现金担保看跌期权 | Covered call备兑看涨期权 | |
|---|---|---|
| What you sell你卖出什么 | A put option一份看跌期权 | A call option一份看涨期权 |
| What you hold你持有什么 | Cash set aside to buy the shares用于买入股票的预留现金 | 100 shares per contract you already own每份合约对应的、你已持有的 100 股股票 |
| Capital required占用资金 | Strike × 100 per contract, reserved in cash每份合约行权价 × 100，以现金预留 | The value of the 100 shares you hold per contract每份合约你所持 100 股的价值 |
| At assignment被行权时 | You buy 100 shares at the strike (stock at/below strike)你按行权价买入 100 股（股价等于/低于行权价） | Your 100 shares are called away — sold at the strike (stock at/above strike)你的 100 股被行权卖出——按行权价卖出（股价等于/高于行权价） |
| Dividends股息 | You hold cash, not shares — no dividend (cash may earn interest)你持有现金而非股票——没有股息（现金可能有利息） | You hold the shares — you receive dividends unless/until called away你持有股票——在被行权卖出之前可收取股息 |
| Premium权利金 | Collected upfront; kept in every case预先收取；在任何情形下均保留 | Collected upfront; kept in every case预先收取；在任何情形下均保留 |
| Payoff profile收益结构 | Near-identical at the same strike and expiration (put-call parity)在相同行权价与到期日下近乎相同（看跌看涨平价） | |
| Typical mechanical context典型的机制场景 | Held by someone without the shares who is willing to buy at the strike由不持有股票、但愿意按行权价买入的人持有 | Held by someone who already owns the shares and is willing to sell at the strike由已持有股票、且愿意按行权价卖出的人持有 |
| Place in the wheel在轮动中的位置 | The entry leg (cash-secured)建仓一侧（现金担保） | The exit leg (share-secured)离场一侧（股票担保） |
When each is used各自在什么情形下使用
The two share a payoff but start from different holdings, and that starting point is the plain mechanical distinction. A covered call is written by someone who already owns the shares and is willing to sell them at the strike — the call is written against stock in hand. A cash-secured put is written by someone who does not hold the shares but is willing to buy them at the strike — the put is backed by cash in hand. Shares in hand versus cash in hand: that is the mechanical difference, even though put-call parity makes the payoffs converge. 二者收益结构相同，却从不同的持有物出发，而这一出发点正是二者朴素的机制区别。备兑看涨期权由已经持有股票、并愿意按行权价卖出的人写出——看涨期权是针对手中股票写出的。现金担保看跌期权由不持有股票、但愿意按行权价买入的人写出——看跌期权由手中的现金担保。手中有股 vs. 手中有现金：这就是机制上的区别，尽管看跌看涨平价使二者收益趋同。
Neither is presented here as the “better” or “best” choice. Which one fits a given situation depends on what you already hold, your account and margin type, dividend and tax treatment, and other factors this page does not evaluate — the decision is yours. PutFinder screens cash-secured puts; it does not rank covered calls and it does not tell you which to write. It is a rules-based research screener, not a signals service and not investment advice. 此处不主张任何一种是"更好"或"最佳"的选择。哪一种适合某一具体情形，取决于你已经持有什么、你的账户与保证金类型、股息与税务处理，以及本页并未评估的其他因素——决策权在你。PutFinder 筛选的是现金担保看跌期权；它不对备兑看涨期权排名，也不告诉你该写哪一个。它是一个基于规则的研究型筛选工具，不是交易信号服务，也不构成投资建议。
Compute it yourself自己动手计算
To work out the per-contract arithmetic on your own inputs, use the two free calculators — each does pure arithmetic on the numbers you type, with no ranking and no recommendation. For the cash-secured put side (capital secured, static and annualized yield, breakeven, downside buffer), use the cash-secured put calculator. For the covered call side (premium collected, return if unchanged, return if called away, breakeven, max gain if called), use the covered call calculator. Both live on the tools hub. To see how PutFinder ranks cash-secured puts, read how a CSP screener works and the scoring methodology. 若要基于你自己的输入计算单个合约的算术数字，可使用两个免费计算器——每个都只对你输入的数字做纯算术，没有排名、没有建议。现金担保看跌期权一侧（担保资金、静态与年化收益率、盈亏平衡价、下跌缓冲），请使用现金担保看跌期权计算器。备兑看涨期权一侧（收取的权利金、若未被行权收益率、若被行权收益率、盈亏平衡价、被行权时的最大收益），请使用备兑看涨期权计算器。两者都在工具中心。若想了解 PutFinder 如何对现金担保看跌期权排名，请阅读现金担保看跌期权筛选工具如何工作与评分方法论。
References参考文献
- The Options Industry Council (OIC) — options basics, the cash-secured put and the covered call, and assignment: optionseducation.org.期权行业协会（OIC）——期权基础、现金担保看跌期权与备兑看涨期权，以及行权指派：optionseducation.org。
- Cboe Options Institute — education on options mechanics, strategies, and terminology: cboe.com/education.Cboe 期权学院——关于期权机制、策略与术语的教育资料：cboe.com/education。
- Stoll, H. R. (1969). “The Relationship Between Put and Call Option Prices,” The Journal of Finance 24(5) — the original statement of put-call parity: doi.org/10.1111/j.1540-6261.1969.tb01694.x.Stoll, H. R.（1969）。“The Relationship Between Put and Call Option Prices,”《The Journal of Finance》24(5)——看跌看涨平价的原始论述：doi.org/10.1111/j.1540-6261.1969.tb01694.x。
Common questions常见问题
Is a cash-secured put the same as a covered call?现金担保看跌期权和备兑看涨期权一样吗？
Not literally, but they are close relatives. Written at the same strike and expiration, a cash-secured put and a covered call have essentially the same payoff profile — a consequence of put-call parity, the fixed arithmetic relationship between a put, a call, the stock, and cash. Mechanically they differ: a covered call is 100 shares you own plus a short call, while a cash-secured put is a short put plus cash set aside to buy the shares. Descriptive comparison, not investment advice.并非字面上相同，但两者是近亲。在相同行权价与到期日下，现金担保看跌期权与备兑看涨期权的收益结构本质上相同——这是看跌看涨平价的结果，即看跌期权、看涨期权、股票与现金之间的固定算术关系。机制上二者不同：备兑看涨期权 = 你持有的 100 股 + 卖出的看涨期权，而现金担保看跌期权 = 卖出的看跌期权 + 预留用于买股的现金。这是描述性对比，不构成投资建议。
Which requires more capital, a cash-secured put or a covered call?现金担保看跌期权和备兑看涨期权，哪个占用资金更多？
They tie up capital of the same order of magnitude. A cash-secured put sets aside cash equal to the strike × 100 per contract, so you can buy the shares if assigned. A covered call ties up the value of the 100 shares you already hold per contract. The exact dollar figures differ — one is measured against the strike, the other against your share cost basis — but neither is a low-capital strategy; both require enough to stand behind 100 shares.两者占用的资金处于同一数量级。现金担保看跌期权按每份合约行权价 × 100 预留现金，以便在被行权时买入股票。备兑看涨期权则占用你每份合约已持 100 股的价值。具体金额有所不同——一个以行权价衡量，另一个以你的持股成本衡量——但都不是低资金策略；两者都需要足以支撑 100 股。
What is put-call parity?什么是看跌看涨平价？
Put-call parity is a fixed relationship between the prices of a European put and call on the same stock at the same strike and expiration: long stock plus a short call has the same payoff as a short put plus cash held equal to the strike. It is arithmetic and market structure, not a forecast. It is why a covered call and a cash-secured put at the same strike and expiration produce a near-identical profit-and-loss profile.看跌看涨平价是同一股票、相同行权价与到期日下欧式看跌与看涨期权价格之间的固定关系：持有股票 + 卖出看涨期权，与卖出看跌期权 + 持有相当于行权价的现金，具有相同的收益。它是算术与市场结构，而非预测。这正是相同行权价与到期日下备兑看涨期权与现金担保看跌期权收益结构近乎相同的原因。
What happens at assignment for each?被行权时各自会发生什么？
With a cash-secured put, if the stock is at or below the strike at expiration you are typically assigned and use the reserved cash to buy 100 shares per contract at the strike. With a covered call, if the stock is at or above the strike you are typically assigned and your 100 shares per contract are called away — sold at the strike. In both cases you keep the premium. Assignment is a mechanical outcome, not a probability claim about any given trade.对现金担保看跌期权：若到期时股价等于或低于行权价，你通常会被行权，用预留现金按行权价买入每份合约 100 股。对备兑看涨期权：若股价等于或高于行权价，你通常会被行权，每份合约的 100 股被行权卖出——按行权价卖出。两种情形下你都保留权利金。被行权是一种机制性结果，而非对某笔交易的概率断言。
Can you use both — the wheel?可以两者结合使用吗——轮动策略？
Yes. The wheel combines them: sell a cash-secured put as the entry leg; if assigned and you end up holding the shares, sell a covered call against them as the exit leg; repeat. The cash-secured put is the cash-secured entry, the covered call the share-secured exit. This describes how the two fit together mechanically — not a recommendation to run the strategy.可以。轮动策略把二者结合：先卖出一份现金担保看跌期权作为建仓一侧；若被行权、最终持有股票，再针对这些股票卖出一份备兑看涨期权作为离场一侧；如此循环。现金担保看跌期权是现金担保的建仓，备兑看涨期权是股票担保的离场。这是在描述二者在机制上如何配合——而非建议实施该策略。
Last updated . PutFinder is an internal research engine, not investment advice. It screens cash-secured puts on a relative, premium-versus-risk basis; it does not rank covered calls or recommend either strategy. Any figures are descriptive, not projected, historical, or guaranteed returns. Consult a qualified financial professional before making any investment decisions. 最后更新 。PutFinder 是内部研究引擎，不构成投资建议。它以相对的、权利金对风险的基础筛选现金担保看跌期权；它不对备兑看涨期权排名，也不推荐任何一种策略。任何数字均为描述性信息，而非预测、历史或保证收益。在做出任何投资决策前，请咨询合格的金融专业人士。