An investor is looking to create an options portfolio on XYZ stock that will have virtually zero vega exposure while maximizing the ability to profit from increases in interest rates. If the current price of XYZ is $50, which of the following would accomplish his goals? A Sell a call with a strike price of $50 B Buy a call with a strike price of $25 C Sell a put with a strike price of $50 D Buy a put with a strike price of $25 这一题有一点混淆，什么时候是ITM，什么时候是OTM？还有就是VEGA=0为什么就是deep in the money或者deep out of the money?上课老师说的都可以明白，为什么一做题目就全部都不懂？o(╥﹏╥)o

In evaluating the dynamic delta hedging of a portfolio of short option positions, which of the following is correct? The interest cost of carrying the delta hedge will be highest when the options are deep in-the-money. 这一题不明白什么意思？对于short方，in the money是指赚钱的时候，为什么这时Delta就会大？不明白什么逻辑o(╥﹏╥)o，课程里面，老师说在put的情况下，in the money 的delta是小的，不就跟这里逻辑不一样？

Initially, the call option on Big Kahuna Inc. with 90 days to maturity trades at USD 1.40. The option has a delta of 0.5739. A dealer sells 200 call option contracts, and to delta-hedge the position, the dealer purchases 11,478 shares of the stock at the current market price of USD 100 per share. The following day, the prices of both the stock and the call option increase. Consequently, delta increases to 0.7040. To maintain the delta hedge, the dealer should: 这一题，听完老师的讲解还是完全不明白，老师的书写又潦草，又解释不清楚o(╥﹏╥)o，是不是默认每一份stock的delta是1？然后为什么要先求出X=100，这个不明白什么意思……

为什么这道题贴现的时候e的上面用libor的浮动利率贴现？

F=0.045小于0.05在X轴应该是不拒绝吧

但第二行又有“EUR/USD=1.28”，矛盾？

老师，这道题的FV、PV、PMT、N 分别是多少？

这道题为什么不能用CML直线来计算呢

1 – 0.951/12，这个0.95的1/12的数值要如何计算？不懂得如何用计算机计算这个值……

A short bull spread involves selling a call at lower strike price and buying another call at higher strike price.这一项为什么是正确的？没办法理解，可否帮助画图解答？