FRM公式在FRM考试中有着至关重要的作用，不仅仅是在备考中用到了就记忆，过几天就忘记了。在实际的考试中，是不提供任何相关公式的，考生一定要熟记并会运用。

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Bull spread'. Purchase call option with low exercise price and subsidize the purchase with sale of a call option with a higher exercise price. Bear spread'. Purchase call with high strike price and short call with low strike price.

Investor keeps difference in price of the options if stock price falls. Bear spread with puts involves

buying put with high exercise price and selling put with low exercise price. Butterfly spread'. Three different options: buy one call with low exercise price, buy another with a high exercise price, and buy short two calls with an exercise price in between. Butterfly spread buyer is betting the stock price will stay near the price of the written calls. 》》》想参加融跃FRM培训班点我咨询 

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Calendar spread: Two options with different expirations. Sell a short-dated option and buy a long-dated option. Investor profits if stock price stays in a narrow range.

Diagonal spread: Similar to a calendar spread except the options can have different strike prices in addition to different expirations.【资料下载】点击下载FRM二级思维导图PDF版

Box spread: Combination of bull call spread and bear put spread on the same asset. This strategy will produce a constant payoff that is equal to the high exercise price minus the low exercise price.

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