{"id":381029,"date":"2021-05-05T11:57:40","date_gmt":"2021-05-05T18:57:40","guid":{"rendered":"https:\/\/nai500.com\/?p=381029"},"modified":"2021-05-06T12:05:21","modified_gmt":"2021-05-06T19:05:21","slug":"%e6%9c%9f%e6%9d%83-%e4%ba%a4%e6%98%93-%e6%8c%87%e5%8d%973-%e6%9c%9f%e6%9d%83%e7%9a%84-%e7%b1%bb%e5%9e%8b%e5%92%8c-%e7%ad%96%e7%95%a5","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2021\/05\/%e6%9c%9f%e6%9d%83-%e4%ba%a4%e6%98%93-%e6%8c%87%e5%8d%973-%e6%9c%9f%e6%9d%83%e7%9a%84-%e7%b1%bb%e5%9e%8b%e5%92%8c-%e7%ad%96%e7%95%a5\/","title":{"rendered":"\u671f\u6743\u4ea4\u6613\u6307\u53573 \u2013 \u671f\u6743\u7684\u7c7b\u578b\u548c\u7b56\u7565"},"content":{"rendered":"<h2><b>\u7f8e\u5f0f\u548c\u6b27\u5f0f\u671f\u6743<\/b><\/h2>\n<p><a href=\"https:\/\/www.investopedia.com\/terms\/a\/americanoption.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u7f8e\u5f0f\u671f\u6743<\/span><\/a><span style=\"font-weight: 400;\">\u53ef\u4ee5\u5728\u8d2d\u4e70\u65e5\u548c\u5230\u671f\u65e5\u4e4b\u95f4\u7684\u4efb\u4f55\u65f6\u95f4\u884c\u4f7f\u3002<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/e\/europeanoption.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u6b27\u5f0f\u671f\u6743<\/span><\/a><span style=\"font-weight: 400;\">\u4e0e\u7f8e\u5f0f\u671f\u6743\u4e0d\u540c\u7684\u662f\uff0c\u6b27\u5f0f\u671f\u6743\u53ea\u80fd\u5728\u5230\u671f\u65e5\u7ed3\u675f\u65f6\u884c\u4f7f\u3002<\/span><a href=\"https:\/\/www.investopedia.com\/articles\/optioninvestor\/08\/american-european-options.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u7f8e\u5f0f\u671f\u6743\u548c\u6b27\u5f0f\u671f\u6743\u7684\u533a\u522b<\/span><\/a><span style=\"font-weight: 400;\">\u4e0e\u5730\u7406\u73af\u5883\u65e0\u5173\uff0c\u53ea\u4e0e\u63d0\u524d\u884c\u4f7f\u6709\u5173\u3002\u8bb8\u591a\u5173\u4e8e\u80a1\u6307\u7684\u671f\u6743\u90fd\u662f\u6b27\u5f0f\u671f\u6743\u3002\u56e0\u4e3a\u63d0\u524d\u884c\u4f7f\u7684\u6743\u5229\u6709\u4e00\u5b9a\u7684\u4ef7\u503c\uff0c\u6240\u4ee5\u7f8e\u5f0f\u671f\u6743\u7684\u6ea2\u4ef7\u901a\u5e38\u6bd4\u5176\u4ed6\u76f8\u540c\u7684\u6b27\u5f0f\u671f\u6743\u8981\u9ad8\u3002\u8fd9\u662f\u56e0\u4e3a\u63d0\u524d\u884c\u6743\u7684\u529f\u80fd\u662f\u4ee4\u4eba\u5411\u5f80\u7684\uff0c\u56e0\u6b64\u9700\u8981\u6ea2\u4ef7\u3002<\/span><\/p>\n<p>\u672c\u6587\u5171\u6709\u4e09\u4e2a\u90e8\u5206\uff0c\u5728\u6b64\u67e5\u770b\u672c\u6587\u7684<a href=\"https:\/\/nai500.com\/zh-hans\/blog\/2021\/05\/%e6%9c%9f%e6%9d%83-%e4%ba%a4%e6%98%93-%e6%8c%87%e5%8d%971-%e4%bb%80%e4%b9%88%e6%98%af-%e6%9c%9f%e6%9d%83\/\" target=\"_blank\" rel=\"noopener\"><strong>\u7b2c\u4e00\u90e8\u5206<\/strong><\/a>\u548c<a href=\"https:\/\/nai500.com\/zh-hans\/blog\/2021\/05\/%e6%9c%9f%e6%9d%83-%e4%ba%a4%e6%98%93-%e6%8c%87%e5%8d%972-%e4%b9%b0%e5%85%a5%e5%92%8c-%e5%8d%96%e5%87%ba-%e6%9c%9f%e6%9d%83\/\" target=\"_blank\" rel=\"noopener\"><strong>\u7b2c\u4e8c\u90e8\u5206<\/strong><\/a>\u3002<\/p>\n<p><span style=\"font-weight: 400;\">\u8fd8\u6709<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/e\/exoticoption.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u5947\u5f02\u671f\u6743<\/span><\/a><span style=\"font-weight: 400;\">\uff0c\u5b83\u4eec\u4e4b\u6240\u4ee5\u5947\u5f02\uff0c\u662f\u56e0\u4e3a\u53ef\u80fd\u4f1a\u51fa\u73b0\u4e0e\u666e\u901a\u671f\u6743\u4e0d\u540c\u7684\u56de\u62a5\u60c5\u51b5\u3002\u6216\u8005\uff0c\u5947\u5f02\u671f\u6743\u53ef\u4ee5\u6210\u4e3a\u5b8c\u5168\u4e0d\u540c\u7684\u4ea7\u54c1\uff0c\u5e76\u5c06\u201d\u671f\u6743\u6027\u201d\u5d4c\u5165\u5176\u4e2d\u3002\u4f8b\u5982\uff0c<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/b\/binary-option.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u4e8c\u5143\u671f\u6743<\/span><\/a><span style=\"font-weight: 400;\">\u6709\u4e00\u4e2a\u7b80\u5355\u7684\u56de\u62a5\u7ed3\u6784\uff0c\u5982\u679c\u56de\u62a5\u4e8b\u4ef6\u53d1\u751f\uff0c\u65e0\u8bba\u7a0b\u5ea6\u5982\u4f55\uff0c\u90fd\u662f\u786e\u5b9a\u7684\u3002\u5176\u4ed6\u7c7b\u578b\u7684\u5947\u5f02\u671f\u6743\u5305\u62ec\u6572\u51fa\u3001\u6572\u5165\u3001\u969c\u788d\u671f\u6743\u3001\u56de\u987e\u671f\u6743\u3001<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/a\/asianoption.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u4e9a\u5f0f\u671f\u6743<\/span><\/a><span style=\"font-weight: 400;\">\u548c<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/b\/bermuda.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u767e\u6155\u5927\u671f\u6743<\/span><\/a><span style=\"font-weight: 400;\">\u3002\u540c\u6837\uff0c\u5947\u5f02\u671f\u6743\u901a\u5e38\u662f\u4e3a\u4e13\u4e1a\u7684\u884d\u751f\u54c1\u4ea4\u6613\u8005\u51c6\u5907\u7684\u3002<\/span><\/p>\n<h2><b>\u671f\u6743\u5230\u671f\u548c\u6d41\u52a8\u6027<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u671f\u6743\u4e5f\u53ef\u4ee5\u6309\u5176\u671f\u9650\u8fdb\u884c\u5206\u7c7b\u3002\u77ed\u671f\u671f\u6743\u662f\u90a3\u4e9b\u4e00\u822c\u5728\u4e00\u5e74\u5185\u5230\u671f\u7684\u671f\u6743\u3002\u5230\u671f\u65f6\u95f4\u8d85\u8fc7\u4e00\u5e74\u7684\u957f\u671f\u671f\u6743\u88ab\u5f52\u7c7b\u4e3a<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/l\/leaps.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u957f\u671f\u6743\u76ca\u9884\u671f\u8bc1\u5238<\/span><\/a><span style=\"font-weight: 400;\">\u6216LEAPs\u3002LEAPS\u4e0e\u666e\u901a\u671f\u6743\u76f8\u540c\uff0c\u53ea\u662f\u671f\u9650\u66f4\u957f\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u671f\u6743\u4e5f\u53ef\u4ee5\u6839\u636e\u5176\u5230\u671f\u65e5\u7684\u65f6\u95f4\u6765\u533a\u5206\u3002\u73b0\u5728\uff0c\u6210\u5957\u7684\u671f\u6743\u5728\u6bcf\u5468\u4e94\u3001\u6708\u672b\u3001\u751a\u81f3\u6bcf\u5929\u90fd\u4f1a\u5230\u671f\u3002\u6307\u6570\u548cETF\u671f\u6743\u6709\u65f6\u4e5f\u6709\u5b63\u5ea6\u6027\u7684\u5230\u671f\u65e5\u3002<\/span><\/p>\n<h2><b>\u9605\u8bfb\u671f\u6743\u8868<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u8d8a\u6765\u8d8a\u591a\u7684\u4ea4\u6613\u8005\u901a\u8fc7\u5728\u7ebf\u6765\u6e90\u5bfb\u627e\u671f\u6743\u6570\u636e\u3002\u867d\u7136\u6bcf\u4e2a\u6765\u6e90\u90fd\u6709\u81ea\u5df1\u7684\u6570\u636e\u5448\u73b0\u683c\u5f0f\uff0c\u4f46\u5173\u952e\u90e8\u5206\u4e00\u822c\u5305\u62ec\u4ee5\u4e0b\u53d8\u91cf\u3002<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u6210\u4ea4\u91cf\uff08VLM\uff09\u7b80\u5355\u5730\u544a\u8bc9\u4f60\uff0c\u5728\u6700\u8fd1\u7684\u4ea4\u6613\u65f6\u6bb5\u4ea4\u6613\u4e86\u591a\u5c11\u4efd\u7279\u5b9a\u671f\u6743\u7684\u5408\u7ea6\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u201c\u4e70\u5165\u201d\u4ef7\u683c\u662f\u5e02\u573a\u53c2\u4e0e\u8005\u5e0c\u671b\u8d2d\u4e70\u67d0\u4e00\u7279\u5b9a\u671f\u6743\u7684\u6700\u65b0\u4ef7\u683c\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u201c\u5356\u51fa\u201d\u4ef7\u683c\u662f\u5e02\u573a\u53c2\u4e0e\u8005\u51fa\u552e\u67d0\u4e00\u7279\u5b9a\u671f\u6743\u7684\u6700\u65b0\u4ef7\u683c\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u9690\u542b\u4e70\u5165\u6ce2\u52a8\u7387\uff08IMPL BID VOL\uff09\u53ef\u4ee5\u88ab\u8ba4\u4e3a\u662f\u4ef7\u683c\u65b9\u5411\u548c\u901f\u5ea6\u7684\u672a\u6765\u4e0d\u786e\u5b9a\u6027\u3002\u8fd9\u4e2a\u6570\u503c\u662f\u7531\u671f\u6743\u5b9a\u4ef7\u6a21\u578b\uff08\u6bd4\u5982Black-Scholes\u6a21\u578b\uff09\u8ba1\u7b97\u5f97\u51fa\uff0c\u4ee3\u8868\u4e86\u57fa\u4e8e\u671f\u6743\u5f53\u524d\u4ef7\u683c\u7684\u9884\u671f\u672a\u6765\u6ce2\u52a8\u6c34\u5e73\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u672a\u5e73\u4ed3\u5408\u7ea6(OPTN OP)\u6570\u91cf\u8868\u793a\u67d0\u4e00\u7279\u5b9a\u671f\u6743\u5df2\u7ecf\u5f00\u4ed3\u7684\u5408\u7ea6\u603b\u6570\u3002\u672a\u5e73\u4ed3\u5408\u7ea6\u968f\u7740\u672a\u5e73\u4ed3\u4ea4\u6613\u7684\u7ed3\u675f\u800c\u51cf\u5c11\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Delta\u53ef\u4ee5\u88ab\u8ba4\u4e3a\u662f\u4e00\u79cd\u6982\u7387\u3002\u4f8b\u5982\uff0c\u4e00\u4e2a30Delta\u7684\u671f\u6743\u5927\u7ea6\u670930%\u7684\u673a\u4f1a\u5728\u4ef7\u5185\u5230\u671f\u3002Delta\u4e5f\u8861\u91cf\u671f\u6743\u5bf9\u6807\u7684\u7269\u5373\u65f6\u4ef7\u683c\u53d8\u5316\u7684\u654f\u611f\u6027\u3002\u5982\u679c\u6807\u7684\u7269\u7684\u4ef7\u683c\u53d8\u5316\u4e3a1\u7f8e\u5143\uff0c30Delta\u671f\u6743\u7684\u4ef7\u683c\u5c06\u53d8\u531630\u7f8e\u5206\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Gamma\uff08GMM\uff09\u662f\u6307\u671f\u6743\u5728\u4ef7\u5185\u6216\u4ef7\u5916\u7684\u79fb\u52a8\u901f\u5ea6\u3002Gamma\u4e5f\u53ef\u4ee5\u88ab\u8ba4\u4e3a\u662fdelta\u7684\u8fd0\u52a8\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Vega\u662f\u4e00\u4e2a\u5e0c\u814a\u503c\uff0c\u8868\u793a\u6839\u636e\u9690\u542b\u6ce2\u52a8\u7387\u7684\u4e00\u70b9\u53d8\u5316\uff0c\u671f\u6743\u7684\u4ef7\u683c\u9884\u8ba1\u4f1a\u6709\u591a\u5c11\u53d8\u5316\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Theta\u662f\u4e00\u4e2a\u5e0c\u814a\u6570\u503c\uff0c\u8868\u793a\u968f\u7740\u4e00\u5929\u65f6\u95f4\u7684\u63a8\u79fb\uff0c\u671f\u6743\u5c06\u5931\u53bb\u591a\u5c11\u4ef7\u503c\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u884c\u4f7f\u4ef7 \u201c\u662f\u6307\u5982\u679c\u671f\u6743\u4e70\u65b9\u9009\u62e9\u884c\u4f7f\u671f\u6743\u60c5\u51b5\u4e0b\u80fd\u4e70\u5165\u6216\u5356\u51fa\u76f8\u5173\u8bc1\u5238\u7684\u4ef7\u683c\u3002<\/span><\/li>\n<\/ul>\n<h2><b>\u591a\u5934\u770b\u6da8\/\u770b\u8dcc<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u6700\u7b80\u5355\u7684\u671f\u6743\u5934\u5bf8\u662f\u591a\u5934\u770b\u6da8\uff08\u6216\u770b\u8dcc\uff09\u672c\u8eab\u3002\u5982\u679c\u6807\u7684\u7269\u7684\u4ef7\u683c\u4e0a\u6da8\uff08\u4e0b\u8dcc\uff09\uff0c\u8fd9\u79cd\u5934\u5bf8\u5c31\u4f1a\u83b7\u5229\uff0c\u800c\u4f60\u7684\u4e0b\u8dcc\u7a7a\u95f4\u4ec5\u9650\u4e8e\u671f\u6743\u6ea2\u4ef7\u7684\u635f\u5931\u3002\u5982\u679c\u4f60\u540c\u65f6\u4e70\u5165\u76f8\u540c\u884c\u6743\u4ef7\u548c\u5230\u671f\u65e5\u7684\u770b\u6da8\u548c\u770b\u8dcc\u671f\u6743\uff0c\u4f60\u5c31\u521b\u9020\u4e86\u4e00\u4e2a\u8de8\u5f0f\u671f\u6743\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u5982\u679c\u6807\u7684\u7269\u4ef7\u683c\u5927\u5e45\u4e0a\u6da8\u6216\u4e0b\u8dcc\uff0c\u8fd9\u4e2a\u5934\u5bf8\u5c31\u4f1a\u5f97\u5230\u56de\u62a5\uff1b\u4f46\u5982\u679c\u4ef7\u683c\u4fdd\u6301\u76f8\u5bf9\u7a33\u5b9a\uff0c\u4f60\u5c31\u4f1a\u635f\u5931\u770b\u6da8\u671f\u6743\u548c\u770b\u8dcc\u671f\u6743\u7684\u6ea2\u4ef7\u3002\u5982\u679c\u4f60\u9884\u671f\u80a1\u7968\u4f1a\u6709\u5927\u7684\u53d8\u52a8\uff0c\u4f46\u4e0d\u786e\u5b9a\u54ea\u4e2a\u65b9\u5411\uff0c\u4f60\u5c31\u53ef\u4ee5\u91c7\u7528\u8fd9\u4e2a\u7b56\u7565\u3002<\/span><\/p>\n<p><span style=\"font-weight: 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target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u57fa\u672c\u6982\u5ff5<\/span><\/a><span style=\"font-weight: 400;\">\uff0c\u671f\u6743\u5e76\u4e0d\u96be\u7406\u89e3\u3002\u6b63\u786e\u4f7f\u7528\u671f\u6743\u53ef\u4ee5\u63d0\u4f9b\u673a\u4f1a\uff0c\u9519\u8bef\u4f7f\u7528\u671f\u6743\u5219\u4f1a\u9020\u6210\u635f\u5931\u3002\u76f8\u5173\u9605\u8bfb\u8bf7\u89c1\u201d<\/span><a href=\"https:\/\/www.investopedia.com\/best-brokers-for-options-trading-4587876\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u671f\u6743\u4ea4\u6613\u7684\u6700\u4f73\u5728\u7ebf\u80a1\u7968\u7ecf\u7eaa\u4eba<\/span><\/a><span style=\"font-weight: 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