is warrants a thing whose value depends on a price/index at certain time?before the deadline, you can sell the warrants out with current price, am I right?

http://sg.warrants.com/singapore/en/sgdata/indicator.cgi?code=STSO_tu.SI 有此warrant的详细介绍。 请高人解释一哈神马是effective gearing，gearing，implied volatility，historical volatility，moneyness。 谢谢。

昨天收盘是26c，今天指数跌了19点还是26c。难道一天的time value有19个点？ 如果是这样，买warrant也太危险了吧。

吾已经赚了指数25个点左右，这个warrant是差不多3个点换1c，理论上应该赚了8c了，为何事实上只有1.5c?

吾已经赚了指数25个点左右，这个warrant是差不多3个点换1c，理论上应该赚了8c了，为何事实上只有1.5c?

becoz of the previous bull, this put warrant's volatility is super low.after several days big fall, you will see the effect. but , watch for several days continous fall and time decay first. You can have a look at the Call warrant of STI. If STI falls a little, the CW will down a lot, while the PW did not react too much. That is the idea. Warrants prices compromising a lot of factors, that's why it isnot so easy to play. hehe.