KOSPI200 지수옵션시장의 개인투자자 손익 원천

The purpose of this study is to analyze the investment performance of individual investors who traded KOSPI200 index options. First of all, investment strategies are divided into day tradings, swing tradings and the buy and hold strategy based on short-term, medium-term and long-term forecasts of the KOSPI200 index options from the January 2020 to the December 2024. Individual investors are also classified into general individuals, Algo individuals and HFT individuals. This study respectively analyzed the investment performance by individuals and investment strategies. The main results of this study are as follows : First, individual investors trading in the KOSPI200 index options showed statistically significant losses. However, it was founded that the general individual lost in all strategies, while the HFT individual made a profit in the day trading and the swing trading strategies, although the HFT individual also lost in the buy and hold strategy using the call option. Second, most of the day trading strategies were conducted in one option, and the larger the number of option used, the larger the losses of the general individual and the Algo individual. However, HFT individual realized the huge profit in the day trading over six options. Third, while the general individual has seen particularly heavy losses in swing trading strategies using put options, HFT individual has made a profit regardless of the type of options. Fourth, unlike the superior performance in other strategies, HFT individual using the buy and hold strategy did not gain statistically significant profits. The results of this study are expected to be a good guideline for individual investors in the KOSPI200 index option markets.