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術語交易指交易者運用預定義的術語體系、概念框架及行業指標進行決策的策略類型,涵蓋專業術語、金融指標與分析工具,助您高效駕馭市場。

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K

Kiwi

Slang term for the New Zealand dollar (NZD).

Knock-in barrier option

A type of option that only becomes active when the underlying asset reaches a certain price level.

Knock-in option

A type of option that becomes active only when a certain price level is reached.

Knock-in options

A knock-in is a barrier option that does not exist as a live contract until the underlying price touches a predetermined level called the barrier. Until that trigger is hit, the buyer holds nothing that can be exercised. Cross the barrier, and a standard option springs into life. Two flavours dominate: up-and-in, where the barrier sits above the current price, and down-and-in, where it sits below. Because there is a real chance the barrier is never reached and the contract expires worthless without ever activating, knock-ins can cost less than the equivalent vanilla option. That discount is the whole attraction. A trader who believes a move will only matter after a certain threshold breaks can pay for exposure to precisely that scenario and nothing else. Banks build these into structured products constantly, tuning barriers to shave premium. Example: A treasurer wants dollar-yen protection, but only if the pair first weakens to 150. She could buy a down-and-in put with the barrier at 150, paying less than she would for a plain put, and accepting that if yen never gets there she has effectively bought nothing.

Knock-out option

A type of option that becomes invalid when a certain price level is reached.

Knock-out options

The mirror image of a knock-in. A knock-out option starts life as a normal, exercisable contract, but it is extinguished the instant the underlying touches its barrier. Hit the level and the option simply ceases to exist, regardless of how much intrinsic value it held a moment earlier. Up-and-out barriers sit above the current price; down-and-out barriers sit below. The appeal, again, is cost. Because the holder accepts the risk of the position being wiped out mid-move, the premium can be lower than a vanilla equivalent. The trade-off is brutal when it bites: a forecast can be perfectly correct in direction and still deliver nothing, because price clipped the barrier on the way and knocked the option out before the payoff ever arrived. These are popular in FX hedging and structured notes, where the barrier is placed at a level the buyer genuinely believes will hold. Example: A trader could buy a EUR/USD up-and-out call with a barrier at 1.12, betting on a grind higher that stalls before then. The euro rallies to 1.1205, the option knocks out, and his correct bullish call pays exactly zero.

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