比特币投资者回到有史以来高高的旅程并非易事

比特币继续徘徊在100,000美元的级别附近，看起来有望重新测试去年的高点。

For the past year, Bitcoin investors have enjoyed a remarkable journey, witnessing a nearly seven-fold surge in the world's largest cryptocurrency by market capitalization. However, this path to all-time highs hasn't been without its challenges. As Bitcoin continues to trade at the $100,000-level, setting the stage for a retest of the highs from last year, several stocks are also making waves in conjunction with Bitcoin's ascent.

在过去的一年中，比特币投资者享有了一段非凡的旅程，通过市值凭借市值，目睹了世界上最大的加密货币的近七倍。但是，这种有史以来高潮的道路并非没有挑战。随着比特币继续以100,000美元的水平交易，为去年的重新测试奠定了基础，与比特币的上升相结合，一些股票也浪费了浪潮。

One such stock is Coinbase (NASDAQ:COIN), the largest U.S. cryptocurrency exchange, which has become a major beneficiary of the latest move in crypto prices. The company offers the primary financial account in the crypto economy, encompassing a brokerage platform with a vast pool of liquidity for both institutions and retail investors. Moreover, Coinbase provides a suite of products that grant developers the ability to build on-chain.

这样的股票之一是Coinbase（NASDAQ：COIN），这是美国最大的加密货币交易所，它已成为加密价格最新举动的主要受益者。该公司在加密经济中提供了主要的金融帐户，涵盖了一个经纪平台，为机构和零售投资者提供了大量流动性。此外，Coinbase提供了一套产品，可以授予开发人员建立链子的能力。

Earlier this month, Coinbase completed the acquisition of Dubai-based Deribit, a significant cryptocurrency exchange, for $2.9 billion, marking the largest deal in the crypto industry to date. This acquisition will further boost Coinbase's position as a leading international player in crypto derivatives.

本月早些时候，Coinbase完成了收购总部位于迪拜的Deribit，这是一项重大的加密货币交易所，价格为29亿美元，标志着迄今为止加密货币行业中最大的交易。此次收购将进一步提高Coinbase在加密衍生品领域的领先国际球员的地位。

COIN, currently a Zacks Rank #3 (Hold), has consistently exceeded the earnings mark in each of the past 9 quarters. Last week, Coinbase reported first-quarter earnings of $1.94 per share, surpassing the Zacks Consensus Estimate by 4.9%. The company has also delivered a trailing four-quarter average earnings surprise of 32.7%.

硬币，目前是Zacks排名第3（持有），在过去9个季度中的每个季度中始终超过了收益标记。上周，Coinbase报告了每股1.94美元的第一季度收益，超过了Zacks共识估算值4.9％。该公司还提供了落后的四分之三的平均收入惊喜32.7％。

As a leading crypto exchange, Coinbase is enjoying several tailwinds, including investments in infrastructure and expanded partnerships, such as the integration with Stripe for direct deposits to and from Coinbase.

作为领先的加密交易所，Coinbase享受了多种逆风，包括在基础设施和扩大合作伙伴关系方面的投资，例如与Coinbase的直接存款的整合。

Coinbase will officially be added to the S&P 500 later this month, a significant milestone for the company.

Coinbase将于本月晚些时候正式添加到标准普尔500指数中，这是该公司的重要里程碑。

While there are many ways to take advantage of a bullish move in COIN shares, options provide us with the flexibility to tailor our strategy to the current market environment.

尽管有很多方法可以利用看涨硬币股份的行动，但期权为我们提供了灵活性，可以为当前的市场环境量身定制战略。

Option spreads are extremely effective in this type of environment. Call option debit spreads are implemented by purchasing a call option and selling a related call option with a higher strike price. These types of trades are limited risk trades because the short option is 'covered' by the option purchase.

期权价差在此类环境中非常有效。通过购买呼叫选项并以更高的打击价格出售相关的呼叫选项来实现呼叫期权借记差价。这些类型的交易是有限的风险交易，因为您可以购买期权“涵盖”短期选择。

When done correctly, trading options provides huge profit opportunities with limited risk, making options one of the most versatile investment vehicles.

正确完成后，交易选项可为风险有限，提供巨大的利润机会，使选项成为用途最广泛的投资工具之一。

Before we analyze today's trade, let's review some option fundamentals as a refresher. There is no need to worry about complex mathematical formulas or equations. Over the years I've found that the more complicated a strategy is, the less likely it is to work over the long run.

在分析当今的交易之前，让我们回顾一些选项基础知识，以复习。无需担心复杂的数学公式或方程。多年来，我发现策略越复杂，从长远来看，工作的可能性就越小。

Options are standardized contracts that give the buyer the right - but not the obligation - to buy or sell the underlying stock at a fixed price, which is known as the strike price. A call option gives the buyer the right to buy a particular security, while a put option gives the buyer the right to sell the same. The investor who purchases an option, whether a put or call, is the option buyer, while the investor who sells a put or call is the seller or writer.

期权是标准化合同，赋予买方以固定价格购买或出售基础股票的权利（但不是义务），称为罢工价格。呼叫选项使买方有权购买特定的安全性，而看跌期权则赋予买方出售相同的权利。购买期权的投资者，无论是看跌期权还是呼叫，都是期权购买者，而出售看跌或致电的投资者是卖方或作家。

These contracts are valid for a specific period of time which ends on expiration day. There are weekly options, monthly options, and even LEAPS options which are longer-term options that have an expiration date of greater than one year.

这些合同在在到期日结束的特定时间段内有效。有每周的选择，每月选项，甚至是飞跃选项，这些选项是长期期权，其到期日期超过一年。

Options consist of time value and intrinsic value. In-the-money options consist of both components; at-the-money and out-of-the-money options consist only of time value. At options expiration, options lose all time value.

选项包含时间价值和内在值。货币选项由两个组件组成；当时的和无价的选项仅由时间价值组成。在期权到期时，选项会丢失所有时间值。

Below we're going to explore a call option spread strategy.

在下面，我们将探索呼叫选项的传播策略。

The Power of Option Spreads

期权的力量传播

Coinbase currently meets our criteria for initiating a bullish call option spread position.

Coinbase目前符合我们启动看涨呼叫选项差的位置的标准。

The table below displays the risk/reward profile for this trade. COIN is trading at $266.58/share at the time of this writing. This trade involves purchasing the June 220-strike call at 51.9 points, and selling the June 240-strike call at 37 points for a total cost of 14.9 points. As option contracts represent 100 shares of the underlying security, this would represent a total cost of $1,490 per spread (orange box).

下表显示了此交易的风险/奖励状况。在撰写本文时，硬币的交易价格为266.58美元/股。该交易涉及以51.9分的6月220次打击电话的价格购买，并以37点的价格出售6月240分的电话，总成本为14.9点。由于期权合约代表100股基本安全性，因此每次价差的总成本为1,490美元（橙色盒）。

The top (blue) row in the lower section shows the performance of COIN stock based on different percentage scenarios at expiration. The last (purple) row shows the corresponding percentage return for our debit spread trade. We can see that regardless of whether COIN increases in price, remains flat, or even loses 10% from our entry, our option spread trade will produce a roughly 34% return.

下部的顶部（蓝色）行显示了根据不同百分比的到期时情况的硬币库存的性能。最后一排（紫色）行显示了我们借记销售交易的相应百分比回报。我们可以看到，不管硬币的价格上涨，保持平坦，甚至从我们的入境中损失10％，我们的期权贸易都将产生大约34％的回报。

These are types of odds I like to have in my favor when trading options.

这些是我喜欢在交易选项时喜欢的赔率类型。

Advantages of Spread Trading

利差交易的优势

1) The Option Sale Provides Downside Protection

1）期权销售提供下行保护

The sale of a call option results in cash being credited to your

出售呼叫选项会导致现金记入您的现金