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Wednesday 10 March 2010 - 05:20:31

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Tunnel- To play the stability and benefit from the the passing of time.
Win 100 € at maturity if the underlying price has remained between the 2 barriers. In case of excess, the Tunnel is deactivated and its value is null.

Example

You anticipate the stability of Axa qui quotes 16 ? between 2 limits : 15.5 ? (low limit) and 17 ? (high limit). You buy "TUNNEL" option on AXA, with a 2 weeks expiry for a price of 65 ?. If Axa closes each day at a level comprised between those 2 prices, you touch 100 ? on the expiry date. If on any day, the price is exceeded before expiry at closing you loose your initial investment that is 65 ?. Please note that during the buy period you may also at any time resiliate your contract.

1. Relevant scenario

2. Trading with technical analysis

The Tunnel allows for playing the price stability. As long as the underlying price stands between 2 barriers, the Tunnel appreciates : we say the "time value" increases. The increase of time value accelerates as the maturtity approaches. Besides the increase of the time value, we may get a good leverage effect on the underlying price by playing the realignment, from one of the barriers to the middle of the Tunnel. The Tunnel is a good alternative to StayLo/StayHi in the framework of this strategy as it is cheaper; however it embeds a higher deactivation risk. Please note that for a given maturity we may propose Tunnels with variable width : the larger the Tunnel, the less risky it is (it is thus more expensive).

Distance to the barrier		Passing of time		Volatility increase

The technical analysis is the study of the past evolution of the underlying mainly based on price charts in the prospect of predicting the trend (increase, decrease or consolidation), ampitude and time : support and resistance levels, patterns. The Tunnel is adapted for benefiting from a consolidation phasis, notably by picking barriers located within the support-resistance bandwidth.

Other products to gain from stable quotes

Target

StayHi

StayLo

DJIA

DAX

SPMIB

STX50

CAC

NDX100

DOW JONES INDUSTRIAL AVERAGE

10,390.61

% -1.53

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The underlying price is weighted average spread computed by ClickOptios and supplied indicatively. When the negociation is closed, the underlying price is fixed on the last value observed before the close. To know the official closing price, please refer to the Quotes page.

Example

1. Relevant scenario

2. Trading with technical analysis

Other products to gain from stable quotes

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