價格即是權利金
Casey is asking her friend Neil about options.
凱西問她的朋友尼爾有關期權的問題。
Casey: Neil, do you know what an option is?
凱西：尼爾，你知道期權是什麼嗎？
Neil: An option is like a contract that gives holders the right to trade an asset at a strike price anytime before expiration. The price of an option is known as a premium.
尼爾：期權就像是一份合約，賦予持有人在期限內隨時可以履約價買賣資產的權利。期權的價格即是權利金。
right(n.)權利human right人權equal right平權asset(n.)資產operating asset營運資產underlying asset標的資產intangible asset無形資產strike price履約價expiration(n.)到期、期滿、結束expire(v.)到期、期滿、結束premium(adj.)優質的、頂級的；(n.)權利金、權價
Casey: How many types of options are there?
凱西：有多少種期權呢？
Neil: Only two: call options and put options. Call options offer the right to buy a stock at the strike price before the agreement expires, while put options allow holders to sell a stock at a set price.
尼爾：只有兩種——買權與賣權。買權賦予合約到期前以履約價買入股票的權利，而賣權則是讓持有人能以履約價賣出股票。
Casey: How do the holders profit from their options?
凱西：持有人怎麼透過期權獲利啊？
profit from從～中獲利
Neil: Let’s say you buy a call option to purchase a stock at a strike price of $50. The stock is currently trading at $49. If the stock jumps to $60, you can exercise the right to buy the stock at $50 and sell it for the market price of $60. That’s how you pocket a $10 profit with your options.
尼爾：假設你購入買權以50元的履約價買進股票。該股票目前的交易價為49元。如果股價漲至60元，你可以行使權利以50元買入股票，並以60元的市價脫手。這麼一來，你便透過期權賺到了10元。
exercise(v.)行使pocket a profit獲利、賺錢=make a profit
Casey: I see. What if the stock price falls?
凱西：了解。要是股價下跌呢？
Neil: If the option is trading below $50 at the time the contract expires, the option becomes worthless, and you lose the upfront payment for the option.
尼爾：如果期權交易價在合約到期時跌至50元以下，那期權就會變得毫無價值，而你也會損失預付的權利金。
worth(n.)價值worthless(adj.)無價值的upfront(adj.)預付的upfront cost預付成本upfront fee預付費用
Casey: What about put options?
凱西：那賣權呢？
Neil: If you own a put option to sell your stock at a certain price, you make a gain when the stock price falls below the price, or vice versa.
尼爾：如果你持有的賣權以特定的價格賣出股票，當股價跌至該價格以下時，便是有賺頭，反之亦然。
gain(n.)獲利、收益loss(n.)損失、虧損vice versa反之亦然