Judul: Long Strangle Strategy Using Barrier Options to Hedge Shares
Abstrak: Saham memiliki risiko yang bergantung pada beberapa faktor. Beberapa faktor tersebut tercermin pada harga saham, sehingga pergerakan harga saham yang tidak pasti akan mempengaruhi risiko. Lindung nilai merupakan suatu strategi untuk meminimalisir risiko yang diperkirakan akan timbul akibat adanya fluktuasi harga di pasar keuangan. Opsi merupakan salah satu produk derivatif yang digunakan dalam aktifitas lindung nilai dan digunakan ke dalam berbagai strategi perdagangan, dari yang sederhana sampai kompleks. Dalam karya ilmiah ini, dilakukan dua strategi lindung nilai yang digunakan untuk melindungi nilai saham dari kenaikan harga, yaitu strategi long strangle menggunakan opsi vanilla dan strategi long strangle menggunakan opsi barrier. Berdasarkan hasil penghitungan, strategi long strangle menggunakan opsi barrier merupakan strategi lindung nilai terbaik. Biaya opsi pada tingkat yang diinginkan dalam strategi long strangle menggunakan opsi barrier bisa didapatkan dengan menetapkan biaya opsi, strike price opsi barrier up and knock-in call dan jarak antara strike price opsi barrier down and knock-in put dengan barrier., Shares have risks that depend on several factors. These factors are reflected in share prices, thus the uncertainty in share price movements will affect the risk. Hedging is a strategy to minimize the risk that is expected to arise due to price fluctuations in financial markets. Options are one of the derivative products used in hedging activities and are used in various trading strategies, from simple to more complex strategies. In this thesis, there are two hedging strategies that are applied to hedge shares from rising prices, namely the long strangle strategy using the vanilla option and the long strangle strategy using the barrier option. Based on the calculation results, the long strangle strategy using the barrier option is the best hedging strategy. The option cost at the desired level in the long strangle strategy using the barrier option can be obtained by defining the cost of the option, the strike price of the barrier up and knock-in call option and the distance between the strike price of the barrier down and knock-in put option with the barrier.
Keyword: Lindung nilai, Opsi Barrier, Opsi Vanilla, Saham, Long strangle

Judul: Lindung Nilai Saham dengan Strategi Straddle Menggunakan Opsi Asia dan Opsi Vanilla
Abstrak: Untuk menghindari kerugian investor pada saham, salah satu strategi yang biasa diterapkan adalah dengan strategi opsi untuk melindungi dari kerugian. Pada penelitian ini, untuk melindungi nilai saham NVIDIA, akan dibandingkan opsi Asia dan opsi Vanilla menggunakan strategi straddle. Metode yang digunakan adalah simulasi Monte Carlo dan Black Scholes Merton. Opsi Asia menggunakan rataan aritmetik dari harga saham sebagai payoff sedangkan opsi Vanilla mendapatkan payoff dari harga saham pada waktu tertentu. Strategi straddle mendapatkan keuntungan jika harga saham naik atau turun dari strike price-nya melebihi harga total premi. Maksimum keuntungan Asia dan opsi Vanilla dapat mencapai tak hingga sedangkan kerugian opsi Asia lebih rendah daripada opsi Vanilla,serta biaya opsi Asia lebih besar daripada opsi Vanilla., To avoid loss for the investors, options strategy can be used to reduce the loss. In this study, to hedge NVIDIA stock we use straddle strategy with Asian and Vanilla options. The methods used are Monte Carlo simulation and Black Scholes Merton. Asian options use arithmetic average from stock price to get the payoff, while Vanilla options get the payoff from stock price at a specific point in time. The Straddle strategy gets profit when the rise or fall of the strike price exceeds the total premium paid. The maximum profit of Asian option and Vanilla option could be infinite while the loss of Asian option is lower than Vanilla option, more over the cost of Asian option is higher than Vanilla option.
Keyword: NVIDIA stock, Asian option, Vanilla option, Straddle, saham NVIDIA, opsi Asia, opsi Vanilla

Judul: Bioelectricity Production from Citrobacter freundii GBH253 and Chlorella pyrenoidosa on Microbial Fuel Cell Anode with Different Carbon Sources
Abstrak: Microbial Fuel Cell (MFC) development has significantly increased from various aspects to get higher and more stable electricity. Developing MFC on microorganism aspect is very important because it plays a crucial role in the MFC system. C. freundii GBH253 is one of the potential exoelectrogen bacterium that could be developed for the MFC system. Integrating C. freundii GBH253 and electricity-producing microalgae, such as C. pyrenoidosa, in the anode of MFC could get more stable and higher electricity. In this study, C. freundii GBH253 and C. pyrenoidosa were coupled to produce electricity from different substrates. C. freundii GBH253 and C. pyrenoidosa were tested on three different media types before being tested on MFC. They were also examined for the co-cultivation test to determine the symbiotic relationship between the two microorganisms. The MFC test was conducted using the Randomized Block Design Factorial and the Tukey test to see significant differences from each treatment. The parameters observed in this study were voltage, power density, Chemical Oxygen Demand (COD), Coulombic Efficiency (CE), pH, and volatile fatty acid (VFA). C. freundii GBH253 cannot grow on microalgae medium, while C. pyrenoidosa could grow on bacterial medium and a mixture of bacterium and microalgae media. The bacterium gained benefit from co-culture with microalgae. In the MFC test, electricity was generated in all treatments, which bacterium + microalgae with acetate treatment could generate power density up to 211,97 mW/m2 and the most stable compared to others. Production of electricity in bacterium-microalgae combination dominated by the bacterium; hence, microalgae still help bacterium by producing electricity and raised the COD value. The pH value of all treatments was higher than the initial pH. Acetate and phenol were VFA produced in all treatments, whereas butyric acid and propionic acid were found in some treatments. Pearson correlation showed that some VFA highly correlated with power density.
Keyword: Chlorella pyrenoidosa, Substrate, Microbial Fuel Cell, Electricity Producing Microalgae, Volatile Fatty Acid, Citrobacter freundii