Thirdly, based on the hedged or non-hedged strategy, the simulated rate of return will be the highest if we utilized the three strike price Out of Money (OTM) strategy.

• 第三、就未避险与避险交易策略部份而言：本研究所采用的交易策略中是以未避险交易策略中的卖出勒式价外三档策略的报酬率为最佳；