Name : Muhammad Rakan D.A.

NIM : 1402224203

Class : Ak-46-INT

1. Seorang investor memperkirakan bahwa harga suatu saham akan turun di masa yang
akan datang dan bermaksud mendapat keuntungan dari hal tersebut. Harga saham
tersebut saat ini adalah Rp. 150. Ia mencari produk opsi yang sesuai dan menemukan
opsi yang cocok dengan harga exercise sebesar Rp. 150. Jawablah pertanyaan berikut:
a. Opsi apakah yang harus dibeli oleh investor tersebut?
The investor must buy a put option with an exercise price of Rp. 150. This is because
investors predict the stock price will fall, so a put option will provide a profit when
the stock price falls below the exercise price.
b. Kapan opsi yang dimiliki oleh investor tersebut tidak berlaku? Kapan opsi tersebut
dapat dilaksanakan?
Options owned by the investor usually do not expire on the expiration date specified
in the option contract. Put options can be exercised at any time before or on the
expiration date if the stock price in the market is lower than the exercise price (Rp.
150).
c. Tunjukan imbal hasil dan laba/rugi yang dialami oleh investor tersebut dalam grafik.
Gunakan harga mulai dri Rp. 140 sampai dengan Rp. 160 untuk menunjukkan
jawaban anda

X 150 P 0
Pembeli (long) Penjual (Short)
S Imbal Hasil Laba/Rugi Imbal Hasil Laba/Rugi
140 10 10 0 0
141 9 9 0 0
142 8 8 0 0
143 7 7 0 0
144 6 6 0 0
145 5 5 0 0
146 4 4 0 0
147 3 3 0 0
148 2 2 0 0
149 1 1 0 0
150 0 0 0 0
151 0 0 -1 -1
152 0 0 -2 -2
153 0 0 -3 -3
154 0 0 -4 -4
155 0 0 -5 -5
156 0 0 -6 -6
157 0 0 -7 -7
158 0 0 -8 -8
159 0 0 -9 -9
160 0 0 -10 -10
 Short Put Option
0
140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160
-2

-4

-6

-8

-10

-12

Long Put Option

12

10

0
140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160

This chart shows that investors will profit if the stock price falls below Rp. 150 and
incur losses if the stock price rises above Rp. 150.

2. Diketahui grafik sebagai berikut:

0 50
Jelaskan hal berikut:
a. Grafik untuk opsi apakah ini? Apakah posisi yang diambil?
This chart shows a short call option position, which is a combination of selling one
call option and one put option at the same exercise price. The position taken is to
sell (short) call and put options.
b. Berapakah harga exercisenya?
The exercise price is Rp. 50, which is visible from the point where the chart line
changes direction on the horizontal axis.
c. Tunjukkan kapan terjadi keuntungan dan kapan mengalami kerugian
• Profit occurs when the stock price is around the exercise price ($50),
because both options (call and put) will be of low value or not exercised.
• Losses occur when the stock price moves away from the exercise price, up
(more than Rp. 50) or down (less than Rp. 50).
d. Pada harga berapakah keuntungan = 0?
Profit = 0 occurs when the stock price is at a point where the total premium received
from the sale of both options equals the loss incurred from the stock price
movement. On the chart, this happens at a stock price of around Rp. 50, but the
exact point depends on the premium received.
e. Berapa besar keuntungan yang didapat? Berap besar kerugiannya?
• The biggest profit is obtained when the stock price is exactly at Rp. 50,
because both options become worthless and the premium from the sale of
the option is the full profit.
• The biggest loss is not limited to a call option if the stock price rises well
above Rp 50 and limited to a put option if the stock price falls well below Rp
50. The chart shows that the loss will be even greater along with the
movement of the stock price away from Rp 50, both up and down.