Leverage

レバレッジ。少額のプレミアムで大きな株数を動かせること。オプションは利益も損失も増幅させる。

Leverage is the reason a single option contract can move your account far more than the same money spent on shares. Because a contract controls 100 shares for a fraction of their price, a small move in the underlying can produce a large percentage swing in the premium. Traders measure part of this with delta, which tells you roughly how much the option gains or loses per dollar the stock moves.

Say a stock trades at 50 and a call costs 2 (200 dollars for the contract). If the stock climbs to 53, that call might be worth around 4. The stock rose 6 percent, but your position nearly doubled. Buying 100 shares outright would have cost 5,000 and returned that same 6 percent.

The mistake is treating leverage as free upside. It cuts both ways, and options add theta decay on top, so the underlying can drift sideways and you still lose. Size positions by the dollars you can afford to lose, not by how cheap the premium looks.

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