混合期权是一种标的证券为其他期权的期权。因此，会有两个执行价格和两个行权日。混合期权分为四类，也就是看涨期权（call）和看跌期权（put）的四种组合方式，包括call on a put、call on a call、put on a call、put on a put。以“call on a put”为例，“put”被称为“underlying”即第二期权（second option），“call”被称为“overlying”，即初始期权（initial option）。

下面详细了解一下每种类别：

Call on a put（“CoP”或“CaPut”）

A call on a put refers to a trading setup where there is a call option on an underlying put option, and it is one of the four types of compound options. If the option owner exercises the call option, they receive a put option, which is an option that gives the owner the right but not the obligation to sell a specific asset at a set price within a defined time period.

这类期权是以看跌期权为标的物的看涨期权，中文可译为“（基于）看跌期权的看涨期权”。若期权所有人行使看涨期权，则买入看跌期权，即期权所有人有权（但无义务）在规定的期限内以特定价格卖出特定资产。

A call on a put will have two strike prices and two expiration dates, one for the call option and the other for the underlying put option. Also, there are two option premiums involved. The initial premium is paid up front for the call option, and the additional premium is only paid if the call option is exercised and the option owner receives the put option.

这类期权有两个执行价格和两个到期日，一个是看涨期权的执行价格和到期日，另一个是标的物看跌期权的执行价格和到期日。此外，还涉及两种期权费。就看涨期权预先支付初始期权费，在行使看涨期权且收到看跌期权时仅支付附加期权费。

Call on a call（“CoC”或CaCall）

Call on a call options are a type of exotic option with customized terms that trade on alternative exchanges. With a call on a call option, the holder has a secondary call option which gives them the right but not the obligation to buy a plain vanilla call option with specified terms at a specified price.

这类期权是一种在另类交易场所交易的附带定制条款的奇异期权，中文可译为“（基于）看涨期权的看涨期权”。期权持有人的二级看涨期权赋予其按照特定条款以特定价格购买标准看涨期权的权利（并非义务）。

It will have two strike prices and two expiration dates. One is for the compound call option, and other is for the underlying vanilla option.

这类期权有两个执行价格和两个到期日，一个是复合看涨期权的执行价格和到期日，另一个是标的物标准期权的执行价格和到期日。

Put on a call（“PoC”）

A put on a call is a type of compound option whereby a put option is written on a call option. Therefore, there are two strike prices and two exercise dates. If the option owner exercises the put option they will be short a call option, which is an option that gives the owner the right but not the obligation to buy a specific asset at a set price within a defined time period.

这类期权属于复合期权，是以看涨期权为标的物的看跌期权，中文可译为“（基于）看涨期权的看跌期权”。若期权所有人行使看跌期权，则卖出看涨期权，即期权持有人有权（但无义务）在规定的期限内以特定价格购买特定资产。

Put on a put（“PoP”）

A put on a put is an options contract that gives the holder the right to sell an underlying put options contract. The underlying asset of the put on a put option is a vanilla put option. A put on a put option involves two put options, one over the other. A put on a put has two strike prices and two expiration dates. One is for the compound put option and the other is for the underlying vanilla option.

这类期权的标的资产为标准看跌期权，期权持有人有权出售标的物看跌期权，中文可译为“（基于）看跌期权的看跌期权”。这类期权有两个执行价格和两个到期日，一个是复合看跌期权的执行价格和到期日，另一个是标的物标准期权的执行价格和到期日。

参考：

Investopedia