{"id":381070,"date":"2021-05-05T11:54:00","date_gmt":"2021-05-05T18:54:00","guid":{"rendered":"https:\/\/nai500.com\/?p=381070"},"modified":"2021-05-06T12:12:08","modified_gmt":"2021-05-06T19:12:08","slug":"%e6%9c%9f%e6%ac%8a-%e4%ba%a4%e6%98%93-%e6%8c%87%e5%8d%973-%e6%9c%9f%e6%ac%8a%e7%9a%84-%e9%a1%9e%e5%9e%8b%e5%92%8c-%e7%ad%96%e7%95%a5","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2021\/05\/%e6%9c%9f%e6%ac%8a-%e4%ba%a4%e6%98%93-%e6%8c%87%e5%8d%973-%e6%9c%9f%e6%ac%8a%e7%9a%84-%e9%a1%9e%e5%9e%8b%e5%92%8c-%e7%ad%96%e7%95%a5\/","title":{"rendered":"\u671f\u6b0a\u4ea4\u6613\u6307\u53573 \u2013 \u671f\u6b0a\u7684\u985e\u578b\u548c\u7b56\u7565"},"content":{"rendered":"<h2><b>\u7f8e\u5f0f\u548c\u6b50\u5f0f\u671f\u6b0a<\/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\u6b0a<\/span><\/a><span style=\"font-weight: 400;\">\u53ef\u4ee5\u5728\u8cfc\u8cb7\u65e5\u548c\u5230\u671f\u65e5\u4e4b\u9593\u7684\u4efb\u4f55\u6642\u9593\u884c\u4f7f\u3002<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/e\/europeanoption.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u6b50\u5f0f\u671f\u6b0a<\/span><\/a><span style=\"font-weight: 400;\">\u8207\u7f8e\u5f0f\u671f\u6b0a\u4e0d\u540c\u7684\u662f\uff0c\u6b50\u5f0f\u671f\u6b0a\u53ea\u80fd\u5728\u5230\u671f\u65e5\u7d50\u675f\u6642\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\u6b0a\u548c\u6b50\u5f0f\u671f\u6b0a\u7684\u5340\u5225<\/span><\/a><span style=\"font-weight: 400;\">\u8207\u5730\u7406\u74b0\u5883\u7121\u95dc\uff0c\u53ea\u8207\u63d0\u524d\u884c\u4f7f\u6709\u95dc\u3002\u8a31\u591a\u95dc\u65bc\u80a1\u6307\u7684\u671f\u6b0a\u90fd\u662f\u6b50\u5f0f\u671f\u6b0a\u3002\u56e0\u70ba\u63d0\u524d\u884c\u4f7f\u7684\u6b0a\u5229\u6709\u4e00\u5b9a\u7684\u50f9\u503c\uff0c\u6240\u4ee5\u7f8e\u5f0f\u671f\u6b0a\u7684\u6ea2\u50f9\u901a\u5e38\u6bd4\u5176\u4ed6\u76f8\u540c\u7684\u6b50\u5f0f\u671f\u6b0a\u8981\u9ad8\u3002\u9019\u662f\u56e0\u70ba\u63d0\u524d\u884c\u6b0a\u7684\u529f\u80fd\u662f\u4ee4\u4eba\u56ae\u5f80\u7684\uff0c\u56e0\u6b64\u9700\u8981\u6ea2\u50f9\u3002<\/span><\/p>\n<p>\u672c\u6587\u5171\u6709\u4e09\u500b\u90e8\u5206\uff0c\u5728\u6b64\u67e5\u770b\u672c\u6587\u7684<a href=\"https:\/\/nai500.com\/zh-hant\/blog\/2021\/05\/%e6%9c%9f%e6%ac%8a-%e4%ba%a4%e6%98%93-%e6%8c%87%e5%8d%971-%e4%bb%80%e9%ba%bc%e6%98%af-%e6%9c%9f%e6%ac%8a\/\" target=\"_blank\" rel=\"noopener\"><strong>\u7b2c\u4e00\u90e8\u5206<\/strong><\/a>\u548c<a href=\"https:\/\/nai500.com\/zh-hant\/blog\/2021\/05\/%e6%9c%9f%e6%ac%8a-%e4%ba%a4%e6%98%93-%e6%8c%87%e5%8d%972-%e8%b2%b7%e5%85%a5%e5%92%8c-%e8%b3%a3%e5%87%ba-%e6%9c%9f%e6%ac%8a\/\" target=\"_blank\" rel=\"noopener\"><strong>\u7b2c\u4e8c\u90e8\u5206<\/strong><\/a>\u3002<\/p>\n<p><span style=\"font-weight: 400;\">\u9084\u6709<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/e\/exoticoption.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u5947\u7570\u671f\u6b0a<\/span><\/a><span style=\"font-weight: 400;\">\uff0c\u5b83\u5011\u4e4b\u6240\u4ee5\u5947\u7570\uff0c\u662f\u56e0\u70ba\u53ef\u80fd\u6703\u51fa\u73fe\u8207\u666e\u901a\u671f\u6b0a\u4e0d\u540c\u7684\u56de\u5831\u60c5\u6cc1\u3002\u6216\u8005\uff0c\u5947\u7570\u671f\u6b0a\u53ef\u4ee5\u6210\u70ba\u5b8c\u5168\u4e0d\u540c\u7684\u7522\u54c1\uff0c\u4e26\u5c07\u201d\u671f\u6b0a\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\u6b0a<\/span><\/a><span style=\"font-weight: 400;\">\u6709\u4e00\u500b\u7c21\u55ae\u7684\u56de\u5831\u7d50\u69cb\uff0c\u5982\u679c\u56de\u5831\u4e8b\u4ef6\u767c\u751f\uff0c\u7121\u8ad6\u7a0b\u5ea6\u5982\u4f55\uff0c\u90fd\u662f\u78ba\u5b9a\u7684\u3002\u5176\u4ed6\u985e\u578b\u7684\u5947\u7570\u671f\u6b0a\u5305\u62ec\u6572\u51fa\u3001\u6572\u5165\u3001\u969c\u7919\u671f\u6b0a\u3001\u56de\u9867\u671f\u6b0a\u3001<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/a\/asianoption.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u4e9e\u5f0f\u671f\u6b0a<\/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\u6b0a<\/span><\/a><span style=\"font-weight: 400;\">\u3002\u540c\u6a23\uff0c\u5947\u7570\u671f\u6b0a\u901a\u5e38\u662f\u70ba\u5c08\u696d\u7684\u884d\u751f\u54c1\u4ea4\u6613\u8005\u6e96\u5099\u7684\u3002<\/span><\/p>\n<h2><b>\u671f\u6b0a\u5230\u671f\u548c\u6d41\u52d5\u6027<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u671f\u6b0a\u4e5f\u53ef\u4ee5\u6309\u5176\u671f\u9650\u9032\u884c\u5206\u985e\u3002\u77ed\u671f\u671f\u6b0a\u662f\u90a3\u4e9b\u4e00\u822c\u5728\u4e00\u5e74\u5167\u5230\u671f\u7684\u671f\u6b0a\u3002\u5230\u671f\u6642\u9593\u8d85\u904e\u4e00\u5e74\u7684\u9577\u671f\u671f\u6b0a\u88ab\u6b78\u985e\u70ba<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/l\/leaps.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u9577\u671f\u6b0a\u76ca\u9810\u671f\u8b49\u5238<\/span><\/a><span style=\"font-weight: 400;\">\u6216LEAPs\u3002 LEAPS\u8207\u666e\u901a\u671f\u6b0a\u76f8\u540c\uff0c\u53ea\u662f\u671f\u9650\u66f4\u9577\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u671f\u6b0a\u4e5f\u53ef\u4ee5\u6839\u64da\u5176\u5230\u671f\u65e5\u7684\u6642\u9593\u4f86\u5340\u5206\u3002\u73fe\u5728\uff0c\u6210\u5957\u7684\u671f\u6b0a\u5728\u6bcf\u9031\u4e94\u3001\u6708\u672b\u3001\u751a\u81f3\u6bcf\u5929\u90fd\u6703\u5230\u671f\u3002\u6307\u6578\u548cETF\u671f\u6b0a\u6709\u6642\u4e5f\u6709\u5b63\u5ea6\u6027\u7684\u5230\u671f\u65e5\u3002<\/span><\/p>\n<h2><b>\u95b1\u8b80\u671f\u6b0a\u8868<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u8d8a\u4f86\u8d8a\u591a\u7684\u4ea4\u6613\u8005\u901a\u904e\u5728\u7dda\u4f86\u6e90\u5c0b\u627e\u671f\u6b0a\u6578\u64da\u3002\u96d6\u7136\u6bcf\u500b\u4f86\u6e90\u90fd\u6709\u81ea\u5df1\u7684\u6578\u64da\u5448\u73fe\u683c\u5f0f\uff0c\u4f46\u95dc\u9375\u90e8\u5206\u4e00\u822c\u5305\u62ec\u4ee5\u4e0b\u8b8a\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\u7c21\u55ae\u5730\u544a\u8a34\u4f60\uff0c\u5728\u6700\u8fd1\u7684\u4ea4\u6613\u6642\u6bb5\u4ea4\u6613\u4e86\u591a\u5c11\u4efd\u7279\u5b9a\u671f\u6b0a\u7684\u5408\u7d04\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u201c\u8cb7\u5165\u201d\u50f9\u683c\u662f\u5e02\u5834\u53c3\u8207\u8005\u5e0c\u671b\u8cfc\u8cb7\u67d0\u4e00\u7279\u5b9a\u671f\u6b0a\u7684\u6700\u65b0\u50f9\u683c\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u201c\u8ce3\u51fa\u201d\u50f9\u683c\u662f\u5e02\u5834\u53c3\u8207\u8005\u51fa\u552e\u67d0\u4e00\u7279\u5b9a\u671f\u6b0a\u7684\u6700\u65b0\u50f9\u683c\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u96b1\u542b\u8cb7\u5165\u6ce2\u52d5\u7387\uff08IMPL BID VOL\uff09\u53ef\u4ee5\u88ab\u8a8d\u70ba\u662f\u50f9\u683c\u65b9\u5411\u548c\u901f\u5ea6\u7684\u672a\u4f86\u4e0d\u78ba\u5b9a\u6027\u3002\u9019\u500b\u6578\u503c\u662f\u7531\u671f\u6b0a\u5b9a\u50f9\u6a21\u578b\uff08\u6bd4\u5982Black-Scholes\u6a21\u578b\uff09\u8a08\u7b97\u5f97\u51fa\uff0c\u4ee3\u8868\u4e86\u57fa\u65bc\u671f\u6b0a\u7576\u524d\u50f9\u683c\u7684\u9810\u671f\u672a\u4f86\u6ce2\u52d5\u6c34\u5e73\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u672a\u5e73\u5009\u5408\u7d04(OPTN OP)\u6578\u91cf\u8868\u793a\u67d0\u4e00\u7279\u5b9a\u671f\u6b0a\u5df2\u7d93\u958b\u5009\u7684\u5408\u7d04\u7e3d\u6578\u3002\u672a\u5e73\u5009\u5408\u7d04\u96a8\u8457\u672a\u5e73\u5009\u4ea4\u6613\u7684\u7d50\u675f\u800c\u6e1b\u5c11\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Delta\u53ef\u4ee5\u88ab\u8a8d\u70ba\u662f\u4e00\u7a2e\u6982\u7387\u3002\u4f8b\u5982\uff0c\u4e00\u500b30Delta\u7684\u671f\u6b0a\u5927\u7d04\u670930%\u7684\u6a5f\u6703\u5728\u50f9\u5167\u5230\u671f\u3002 Delta\u4e5f\u8861\u91cf\u671f\u6b0a\u5c0d\u6a19\u7684\u7269\u5373\u6642\u50f9\u683c\u8b8a\u5316\u7684\u654f\u611f\u6027\u3002\u5982\u679c\u6a19\u7684\u7269\u7684\u50f9\u683c\u8b8a\u5316\u70ba1\u7f8e\u5143\uff0c30Delta\u671f\u6b0a\u7684\u50f9\u683c\u5c07\u8b8a\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\u6b0a\u5728\u50f9\u5167\u6216\u50f9\u5916\u7684\u79fb\u52d5\u901f\u5ea6\u3002 Gamma\u4e5f\u53ef\u4ee5\u88ab\u8a8d\u70ba\u662fdelta\u7684\u904b\u52d5\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Vega\u662f\u4e00\u500b\u5e0c\u81d8\u503c\uff0c\u8868\u793a\u6839\u64da\u96b1\u542b\u6ce2\u52d5\u7387\u7684\u4e00\u9ede\u8b8a\u5316\uff0c\u671f\u6b0a\u7684\u50f9\u683c\u9810\u8a08\u6703\u6709\u591a\u5c11\u8b8a\u5316\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Theta\u662f\u4e00\u500b\u5e0c\u81d8\u6578\u503c\uff0c\u8868\u793a\u96a8\u8457\u4e00\u5929\u6642\u9593\u7684\u63a8\u79fb\uff0c\u671f\u6b0a\u5c07\u5931\u53bb\u591a\u5c11\u50f9\u503c\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u884c\u4f7f\u50f9\u201d\u662f\u6307\u5982\u679c\u671f\u6b0a\u8cb7\u65b9\u9078\u64c7\u884c\u4f7f\u671f\u6b0a\u60c5\u6cc1\u4e0b\u80fd\u8cb7\u5165\u6216\u8ce3\u51fa\u76f8\u95dc\u8b49\u5238\u7684\u50f9\u683c\u3002<\/span><\/li>\n<\/ul>\n<h2><b>\u591a\u982d\u770b\u6f32\/\u770b\u8dcc<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u6700\u7c21\u55ae\u7684\u671f\u6b0a\u982d\u5bf8\u662f\u591a\u982d\u770b\u6f32\uff08\u6216\u770b\u8dcc\uff09\u672c\u8eab\u3002\u5982\u679c\u6a19\u7684\u7269\u7684\u50f9\u683c\u4e0a\u6f32\uff08\u4e0b\u8dcc\uff09\uff0c\u9019\u7a2e\u982d\u5bf8\u5c31\u6703\u7372\u5229\uff0c\u800c\u4f60\u7684\u4e0b\u8dcc\u7a7a\u9593\u50c5\u9650\u65bc\u671f\u6b0a\u6ea2\u50f9\u7684\u640d\u5931\u3002\u5982\u679c\u4f60\u540c\u6642\u8cb7\u5165\u76f8\u540c\u884c\u6b0a\u50f9\u548c\u5230\u671f\u65e5\u7684\u770b\u6f32\u548c\u770b\u8dcc\u671f\u6b0a\uff0c\u4f60\u5c31\u5275\u9020\u4e86\u4e00\u500b\u8de8\u5f0f\u671f\u6b0a\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u5982\u679c\u6a19\u7684\u7269\u50f9\u683c\u5927\u5e45\u4e0a\u6f32\u6216\u4e0b\u8dcc\uff0c\u9019\u500b\u982d\u5bf8\u5c31\u6703\u5f97\u5230\u56de\u5831\uff1b\u4f46\u5982\u679c\u50f9\u683c\u4fdd\u6301\u76f8\u5c0d\u7a69\u5b9a\uff0c\u4f60\u5c31\u6703\u640d\u5931\u770b\u6f32\u671f\u6b0a\u548c\u770b\u8dcc\u671f\u6b0a\u7684\u6ea2\u50f9\u3002\u5982\u679c\u4f60\u9810\u671f\u80a1\u7968\u6703\u6709\u5927\u7684\u8b8a\u52d5\uff0c\u4f46\u4e0d\u78ba\u5b9a\u54ea\u500b\u65b9\u5411\uff0c\u4f60\u5c31\u53ef\u4ee5\u63a1\u7528\u9019\u500b\u7b56\u7565\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u57fa\u672c\u4e0a\uff0c\u4f60\u9700\u8981\u80a1\u7968\u5728\u4e00\u500b\u5340\u9593\u4e4b\u5916\u7684\u79fb\u52d5\u3002\u7576\u4f60\u9810\u671f\u9ad8\u6ce2\u52d5\u6027\uff08\u4e0d\u78ba\u5b9a\u6027\uff09\u6642\uff0c\u62bc\u6ce8\u65bc\u8b49\u5238\u5927\u5e45\u6ce2\u52d5\u7684\u985e\u4f3c\u7b56\u7565\u662f\u8cb7\u5165\u4e00\u500b\u770b\u6f32\u671f\u6b0a\u548c\u8cb7\u5165\u4e00\u500b\u4e0d\u540c\u884c\u6b0a\u50f9\u4e14\u76f8\u540c\u5230\u671f\u65e5\u7684\u770b\u8dcc\u671f\u6b0a\uff0c\u4e5f\u5c31\u662f\u6240\u8b02\u7684\u7570\u50f9\u8de8\u5f0f\u671f\u6b0a\u3002\u7570\u50f9\u8de8\u5f0f\u671f\u6b0a\u9700\u8981\u5728\u4efb\u4f55\u4e00\u500b\u65b9\u5411\u6709\u8f03\u5927\u7684\u50f9\u683c\u6ce2\u52d5\u624d\u80fd\u7372\u5229\uff0c\u4f46\u4e5f\u6bd4\u8de8\u5f0f\u671f\u6b0a\u7684\u6210\u672c\u4f4e\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u505a\u7a7a\u8de8\u5f0f\u671f\u6b0a\u6216\u7570\u50f9\u8de8\u5f0f\u671f\u6b0a\uff08\u8ce3\u51fa\u5169\u7a2e\u671f\u6b0a\uff09\u5c07\u5f9e\u6c92\u6709\u592a\u5927\u6ce2\u52d5\u7684\u5e02\u5834\u4e2d\u7372\u5229\u3002<\/span><\/p>\n<h2><b>\u9ede\u5dee\u8207\u7d44\u5408<\/b><\/h2>\n<p><span 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