면책 고지: CFD는 복잡한 금융상품으로, 레버리지로 인해 빠르게 손실이 발생할 수 있는 높은 위험을 수반합니다.
CFD의 작동 방식을 이해하고 있는지, 그리고 자금 손실의 높은 위험을 감당할 수 있는지 신중히 고려하시기 바랍니다.
Web Trader MT5
E
Expert advisor
A software that uses algorithms to monitor the markets, provide signals, and automatically execute trades on behalf of traders.
Expiration date and options values
The expiration date is the final day an options contract is valid. After expiration, options either get exercised (if in-the-money), assigned, or expire worthless. The expiration date interacts with options value in two ways: time decay (theta) and final-day exercise dynamics. Time decay accelerates as expiration approaches. An option with three months until expiry loses value slowly each day. The same option in its final week loses value rapidly, with the steepest decline often in the last 24-48 hours. This makes long-dated options more expensive than short-dated options at the same strike, all else equal. More time, more chance for the underlying to move favourably. On expiration day itself, options trade close to intrinsic value (strike minus underlying for ITM options, zero for OTM) since extrinsic time value has decayed away. Example: A trader holds a $200 Apple call expiring Friday. The stock is at $198 on Thursday morning. Through the session, the option’s premium melts. Worth $1.50 on Monday. Worth $0.30 by Thursday afternoon. Zero by Friday close if Apple doesn’t rally. Time decay does most of the damage in the final week. The chart is brutal and unforgiving.
Exponential moving average (EMA)
A technical indicator that gives more weight to recent price data than older data.
Exporter
A business or country that ships goods or services to buyers in foreign markets. At the corporate level, exporters earn foreign-currency revenue while incurring most costs in domestic currency. Which makes them sensitive to exchange-rate movements. Currency strength reduces export competitiveness and translates back into lower domestic-currency revenue. Weakness has the opposite effect. At the national level, exporters in aggregate determine a country’s trade balance and are central to economic-policy debates about competitiveness, industrial policy, and exchange-rate management. Some countries (Germany, China, South Korea, Vietnam) built growth strategies around export-led development. Others (the US, India to a lesser extent) have larger domestic markets and treat exports as one component among several. Example: A German automaker like BMW manufactures most of its vehicles in Germany using euro-denominated inputs but earns substantial revenue in dollars from US sales and yuan from Chinese sales. A 10% strengthening of the euro against both currencies can compress reported earnings by billions of euros even if underlying volumes are unchanged. The factory floor doesn’t change. The income statement does.
Exports
Goods and services produced domestically and sold to buyers in other countries. Exports are included in GDP in the net exports sector and are a factor in the balance of payments trade sector. If the value of products exported from a country exceeds the value of products imported into it, the country has a trade surplus; if the value of products imported into a country exceeds the value of products exported from it, the country has a trade deficit.
The exchange rate (a depreciated dollar makes exports more competitive for foreign customers), world market demand, home productivity, and the basket of exports influence export performance. A country’s revenue is more stable when it sells high-value manufactured products or services rather than relying on commodity prices.
Order data for exports is also a top indicator of manufacturing and industrial activity, and a significant drop in export orders often signals a decline in overall economic activity up to six months in advance.
Example: A major exporting country experiences a sudden drop in export orders because its primary trading partners have also slowed. The decrease is first seen in export figures, then in manufacturing activity and only lastly in GDP. Those who monitored export orders as a leading indicator of the economy had already been paring down their positions in export orders and cyclical industrials for a few months prior to the GDP data being published, which had already clearly signalled a slowdown.
Exposure
The total amount of risk carried in a position, asset, counterparty, or market. Exposure measures what is at risk from a risk source, before and after hedging or netting takes effect (gross exposure and net exposure, respectively).
In trading, notional value refers to the total exposure of trading positions (the total market value at risk if prices move against the trader). In credit risk, counterparty exposure is the amount that could be lost in the event of a counterparty default. In banking regulation, large exposure rules are mechanisms that limit the amount of money that a bank can lend to an individual counterparty to a percentage of its regulatory capital.
The first step in professional risk management is to size positions, understand the correlations among exposures, and ensure that no single risk source can cause a catastrophic loss.
Example: A hedge fund has gross equity exposure of 150% of capital, long positions worth 200% and short positions worth 50%. Net Exposure is 150% long. Going deeper, half of all the gross exposure occurs in one sector, forming a correlated cluster that the gross numbers mask. This sector-level exposure analysis is essential for risk committees to approve position increases; it’s more than knowing your numbers.
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