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Hedging: a practical exposure guide
अवधारणा क्या है?
A hedge is an offsetting position designed to reduce a specified risk. Start with the exposure you already own, then identify a contract whose price changes offset it. A hedge does not guarantee profit or remove every risk.
Build the hedge step by step
1. Define the exposure: asset units, currency and horizon. 2. Select a matching hedge: futures, an option or a correlated asset. 3. Estimate hedge ratio: exposure sensitivity divided by hedge sensitivity, accounting for contract multiplier. 4. Round to permitted contract size and quantify residual risk. 5. Check margin, premium, funding and liquidity. 6. Stress basis and correlation changes. 7. Define when to reduce or close both positions; log the results.
Protective put versus futures hedge
A short futures hedge offsets both downside and upside under an ideal match. A protective put provides an expiry payoff floor in exchange for premium while retaining upside. For 100 shares bought at 100, a put strike of 95 and premium 2 per share: at expiry price 85, share P&L is −1,500, put payoff is +1,000 and premium is −200, combined −700 before fees. At expiry price 110, share gain is +1,000, put payoff zero and premium −200, combined +800. Before expiry, option value also depends on time, volatility and other inputs.
उदाहरण — संख्याओं के साथ
Hypothetical example: own 100 units of an asset bought at 100. Short a matching 100-unit futures exposure at 101. Later spot is 90 and futures is 91: asset P&L = (90−100)×100 = −1,000; hedge P&L = (101−91)×100 = +1,000. Combined = 0 before costs. If futures instead closes at 92, hedge gains 900 and combined loses 100. That difference is basis risk. At a rising spot price, the hedge can offset gains too.
आम गलतियाँ और सीमाएँ
Do not confuse margin with risk, equal notional with equal sensitivity, or a historical correlation with a guaranteed future offset. Futures need margin and can trigger cash calls. Protective puts require premium; short positions may carry borrowing or funding costs. Contract size, expiry, currency and settlement all matter.
अभ्यास — खुद करके देखें
Write the exposure, hedge instrument, size, expiry and exit rule. Calculate spot and hedge P&L separately for a 10% fall, flat market and 10% rise. Add fees and funding. Repeat with a mismatch in hedge sensitivity, then explain the remaining risk. Use paper scenarios; this lesson places no orders.
Build your hedge.
Compare both sides.
Own 100 units at 100. Short hedge units at futures price 101. Edit the closing prices and compare the two legs.
-1,000
1,000
0
Hypothetical units, linear payoff and fixed entry prices. No real orders, margin model or forecast. Change hedge quantity or futures exit to see mismatch and basis risk.
संसाधन और आगे पढ़ें
ये संसाधन परिभाषाओं और मूल सिद्धांतों के लिए हैं। उदाहरण काल्पनिक हैं; स्रोतों का नाम किसी पैटर्न की लाभप्रदता प्रमाणित नहीं करता।
Foundational context; the numerical scenarios here are original hypothetical illustrations.
Official educational video hosted by CME. Add your own approved YouTube embed in Django Concept videos.