PutFinder › Cash-secured put calculator› 现金担保看跌期权计算器
Cash-secured put calculator现金担保看跌期权计算器
A free calculator for cash-secured puts. Enter a strike, premium, current price, days to expiration and number of contracts — it returns the capital secured, static return, annualized yield, breakeven and downside buffer. Every figure is arithmetic on the numbers you type. Descriptive, not investment advice. 一个免费的现金担保看跌期权计算器。输入行权价、权利金、现价、到期天数与合约数量——它会给出担保资金、静态收益率、静态年化收益率、盈亏平衡价与下跌缓冲。每一项都是对你所输入数字的算术计算。仅为描述性内容，不构成投资建议。
What these figures are. Every output is plain arithmetic on the numbers you entered — no live market data, no ranking, no recommendation. Annualized yield is arithmetic on the premium you entered, not an expected or guaranteed return. The calculator does not estimate a probability of profit or tell you what to trade. It is descriptive, not investment advice. 这些数字是什么。每一项输出都是对你所输入数字的简单算术——没有实时行情、没有排名、没有建议。静态年化收益率是基于你所输入权利金的算术值，并非预期或保证收益。本计算器不估算盈利概率，也不告诉你该交易什么。它是描述性的，不构成投资建议。
$100 strike, $2 premium, $105 underlying, 30 days, 1 contract gives: capital secured $10,000.00, premium collected $200.00, static return 2.00%, annualized yield 24.33%, breakeven $98.00, downside buffer 4.76%. The values loaded above match those numbers.
计算示例。行权价 $100、权利金 $2、标的 $105、30 天、1 份合约，得到：担保资金 $10,000.00、收取的权利金 $200.00、静态收益率 2.00%、静态年化收益率 24.33%、盈亏平衡价 $98.00、下跌缓冲 4.76%。上方载入的默认值与这些数字一致。
How each figure is calculated每一项是如何计算的
These are the standard cash-secured put math. Each is reproducible from the five inputs above — nothing is estimated or forecast. For how PutFinder combines factors like these into a single relative rank, see the scoring methodology; for the screening process end to end, see how a CSP screener works. 这些是标准的现金担保看跌期权算式。每一项都可由上面的五个输入复现——没有任何估计或预测。关于 PutFinder 如何把类似的因子组合成一个相对排名，请参见评分方法论；关于完整的筛选流程，请参见现金担保看跌期权筛选工具如何工作。
- Capital secured = strike × 100 × contracts担保资金 = 行权价 × 100 × 合约数
- The cash set aside to buy the shares at the strike if assigned. One contract covers 100 shares, so a $100 strike secures $10,000 per contract.被行权时按行权价买入股票所预留的现金。一份合约对应 100 股，因此 $100 的行权价每份合约需担保 $10,000。
- Premium collected = premium × 100 × contracts收取的权利金 = 权利金 × 100 × 合约数
- The cash received for selling the put, in dollars. The per-share premium times 100 shares per contract times the number of contracts.卖出看跌期权所收取的现金，以美元计。每股权利金乘以每份合约 100 股，再乘以合约数量。
- Static return = premium ÷ strike静态收益率 = 权利金 ÷ 行权价
- The premium as a fraction of the strike, over the life of one contract. A unitless ratio — the per-share amounts cancel, so there is no ×100 contract multiplier here. Arithmetic on the premium, not a return prediction.在一份合约的存续期内，权利金占行权价的比例。一个无量纲比值——每股金额相互抵消，因此这里没有 ×100 的合约乘数。它是对权利金的算术计算，而非收益预测。
- Annualized yield = (premium ÷ strike) × (365 ÷ DTE)静态年化收益率 = (权利金 ÷ 行权价) × (365 ÷ 到期天数)
- The static return scaled to a one-year rate by the days to expiration. Also a unitless ratio — no contract ×100. It describes the current premium on a per-year footing so contracts of different lengths compare on the same basis; it is not an expected, projected, or compounded return.按到期天数把静态收益率折算成一年的比率。同样是无量纲比值——没有合约 ×100。它把当前权利金放在按年计的基础上，使不同期限的合约在同一基准上可比；它不是预期、预测或复利收益。
- Breakeven = strike − premium盈亏平衡价 = 行权价 − 权利金
- The per-share price at which the position turns from a paper gain to a paper loss at expiration — the strike reduced by the premium already received.在到期时头寸由账面盈利转为账面亏损的每股价格——即行权价减去已收取的权利金。
- Downside buffer = (current price − strike) ÷ current price下跌缓冲 = (现价 − 行权价) ÷ 现价
- How far the underlying can fall from today's price, as a percentage, before it reaches the strike. A larger buffer means more room before assignment comes into play. Descriptive, not a probability.标的从当前价格下跌到行权价之前的空间，以百分比表示。缓冲越大，触及行权价前的余地越大。它是描述性的，不是概率。
References参考文献
- The Options Industry Council (OIC) — options basics, assignment, and the cash-secured put: optionseducation.org.期权行业协会（OIC）——期权基础、行权指派与现金担保看跌期权：optionseducation.org。
- Cboe S&P 500 PutWrite Index (PUT) — a benchmark for systematically selling cash-secured puts: cboe.com/us/indices/dashboard/PUT.Cboe 标普500 PutWrite 指数（PUT）——系统性卖出现金担保看跌期权的基准：cboe.com/us/indices/dashboard/PUT。
- Cboe Options Institute — education on options mechanics and terminology: cboe.com/education.Cboe 期权学院——关于期权机制与术语的教育资料：cboe.com/education。
Common questions常见问题
How do you calculate the return on a cash-secured put?如何计算现金担保看跌期权的收益率？
Divide the premium per share by the strike to get the static return, then multiply by 365/DTE to annualize it. A $100 strike collecting $2 over 30 days gives a static return of 2.00% and an annualized yield of 24.33%. Both are arithmetic descriptions of the premium relative to the capital secured — not an expected or guaranteed return.用每股权利金除以行权价得到静态收益率，再乘以 365/到期天数进行年化。$100 行权价在 30 天内收取 $2，静态收益率为 2.00%，静态年化收益率为 24.33%。两者都是权利金相对于担保资金的算术描述——并非预期或保证收益。
How much capital does a cash-secured put require?现金担保看跌期权需要多少资金？
One standard contract covers 100 shares, so the cash tied up is strike × 100 × contracts. A single $100-strike contract secures $10,000 — the cash set aside to buy the shares at the strike if the put is assigned.一份标准合约对应 100 股，因此占用的现金为 行权价 × 100 × 合约数。一份 $100 行权价的合约需担保 $10,000——即被行权时按行权价买入股票所预留的现金。
What is the breakeven on a cash-secured put?现金担保看跌期权的盈亏平衡价是多少？
The breakeven is the strike minus the premium per share. Sell a $100-strike put for $2 and the breakeven is $98 — the price at which the position turns from a paper gain to a paper loss at expiration. It describes the entry math, not a forecast of where the stock goes.盈亏平衡价为行权价减去每股权利金。以 $2 卖出 $100 行权价的看跌期权，盈亏平衡价为 $98——即到期时头寸由账面盈利转为账面亏损的价格。它描述的是入场算式，而非对股价走向的预测。
Is this cash-secured put calculator investment advice?这个现金担保看跌期权计算器构成投资建议吗？
No. It runs pure arithmetic on the numbers you type — no live data, no ranking, no recommendation. Annualized yield is arithmetic on the premium you entered, not a return prediction, and it does not estimate a probability of profit. It is a descriptive tool, not investment advice.不构成。它只对你输入的数字进行纯算术计算——没有实时数据、没有排名、没有建议。静态年化收益率是基于你所输入权利金的算术值，而非收益预测，且不估算盈利概率。它是一个描述性工具，不构成投资建议。
Last updated . PutFinder is an internal research engine, not investment advice. This calculator performs arithmetic on the values you enter; annualized yield is arithmetic on current premium, not a projected or historical return. 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。本计算器仅对你输入的数值进行算术计算；静态年化收益率为当前权利金的算术计算，而非预测或历史收益。在做出任何投资决策前，请咨询合格的金融专业人士。