A call option sells for $4 on a $25 stock with a strike price of $30. Which of the following statements is FALSE()
A. At expiration, the buyer of the call will not make a profit unless the stock’s price exceeds $30.
B. At expiration, the writer of the call will only experience a net loss if the price of the stock exceeds $34.
C. A covered call position at these prices has a maximum gain of $9 and the maximum loss of the stock price less the premium.
参考答案：A
解析：
The buyer will not have a net profit unless the stock price exceeds $34 (strike price plus the premium). The other statements are true. At $30 the option will be exercised, but the writer will only lose money in a net sense when the stock’s price exceeds X + C = $30 + $4. The covered call’s maximum gain is $4 premium plus $5 appreciation.