{"id":6502,"date":"2025-08-26T16:59:20","date_gmt":"2025-08-26T08:59:20","guid":{"rendered":"http:\/\/www.coscoxh.com\/?p=6502"},"modified":"2025-08-26T16:59:20","modified_gmt":"2025-08-26T08:59:20","slug":"%e6%9c%9f%e8%b4%a7%e6%89%8b%e7%bb%ad%e8%b4%b91%e5%88%86%e7%94%b3%e8%af%b7","status":"publish","type":"post","link":"http:\/\/www.coscoxh.com\/?p=6502","title":{"rendered":"\u671f\u8d27\u624b\u7eed\u8d39+1\u5206\u7533\u8bf7"},"content":{"rendered":"<p data-first-child=\"\" data-pid=\"ZQxtSujO\">\u671f\u6743\u7684T\u578b\u62a5\u4ef7\u5185\uff0c\u57fa\u672c\u53ef\u4ee5\u5206\u5272\u4e3a\u56db\u4e2a\u533a\u57df\uff0c\u7eb5\u5750\u6807\u662f\u671f\u6743\u7684\u884c\u6743\u4ef7\u683c\uff0c\u6a2a\u5750\u6807\u662f\u5f53\u524d\u6807\u7684\u7269\u671f\u8d27\u7684\u5b9e\u9645\u4ef7\u683c\u3002<\/p>\n<p data-first-child=\"\" data-pid=\"ZQxtSujO\"><strong>\u671f\u8d27\u624b\u7eed\u8d39+1\u5206\u7533\u8bf7QQ\uff1a2262807148<\/strong><\/p>\n<p data-pid=\"0I3G-vDX\">\u884c\u6743\u4ef7\u683c\u5de6\u8fb9\u662f\u770b\u6da8\u671f\u6743\uff0c\u884c\u6743\u4ef7\u53f3\u8fb9\u662f\u770b\u8dcc\u671f\u6743\u3002\u5b9e\u503c\u671f\u6743\u548c\u865a\u503c\u671f\u6743\u662f\u5bf9\u89d2\u7ebf\u5173\u7cfb\u3002<\/p>\n<p data-pid=\"edtdJmcI\">\u5de6\u4e0a\u89d2\uff1a\u770b\u6da8\u5b9e\u503c\u671f\u6743<\/p>\n<p data-pid=\"CVeS6PxE\">\u5de6\u4e0b\u89d2\uff1a\u770b\u6da8\u865a\u503c\u671f\u6743<\/p>\n<p data-pid=\"qkaCbrrm\">\u53f3\u4e0a\u89d2\uff1a\u770b\u8dcc\u865a\u503c\u671f\u6743<\/p>\n<p data-pid=\"NkoSIr0d\">\u53f3\u4e0b\u89d2\uff1a\u770b\u8dcc\u5b9e\u503c\u671f\u6743<\/p>\n<p data-pid=\"-VNcjdkn\"><b>\u4ec0\u4e48\u662f\u5b9e\u503c\u671f\u6743\uff1f\u4ec0\u4e48\u4e8b\u865a\u503c\u671f\u6743\uff1f<\/b><\/p>\n<p data-pid=\"VXU7yjtS\">\u865a\u503c\u671f\u6743\u5c31\u662f\u671f\u6743\u884c\u6743\u4ef7\u683c\u5bf9\u671f\u6743\u4e70\u65b9\u4e0d\u5229\uff0c\u82e5\u7acb\u5373\u884c\u6743\u4f1a\u4ea7\u751f\u4e8f\u635f\u7684\u671f\u6743 \u3002<\/p>\n<p data-pid=\"Knr1kz6P\">\u5b9e\u503c\u671f\u6743\u5219\u662f\u671f\u6743\u884c\u6743\u4ef7\u683c\u5bf9\u671f\u6743\u4e70\u65b9\u6709\u5229\uff0c\u82e5\u7acb\u5373\u884c\u6743\u80fd\u83b7\u5f97\u76c8\u5229\u7684\u671f\u6743 \u3002<\/p>\n<p data-pid=\"tEY0FI92\"><b>\u4ec0\u4e48\u662f\u770b\u6da8\u671f\u6743\uff1f\u4ec0\u4e48\u662f\u770b\u8dcc\u671f\u6743\uff1f<\/b><\/p>\n<p data-pid=\"_wODrFl5\">\u770b\u6da8\u671f\u6743\uff1a\u8ba4\u8d2d\u671f\u6743\u662f\u6307\u671f\u6743\u4e70\u65b9\u6709\u6743\u5728\u7ea6\u5b9a\u65f6\u95f4\uff0c\u4ee5\u7ea6\u5b9a\u4ef7\u683c\u5411\u671f\u6743\u5356\u65b9\u4e70\u5165\u4e00\u5b9a\u6570\u91cf\u6807\u7684\u8d44\u4ea7\u7684\u671f\u6743\u5408\u7ea6 \u3002<\/p>\n<p data-pid=\"hMEPGDbK\">\u770b\u8dcc\u671f\u6743\uff1a\u8ba4\u6cbd\u671f\u6743\u5219\u662f\u671f\u6743\u4e70\u65b9\u6709\u6743\u5728\u7ea6\u5b9a\u65f6\u95f4\uff0c\u4ee5\u7ea6\u5b9a\u4ef7\u683c\u5411\u671f\u6743\u5356\u65b9\u5356\u51fa\u4e00\u5b9a\u6570\u91cf\u6807\u7684\u8d44\u4ea7\u7684\u671f\u6743\u5408\u7ea6 \u3002<\/p>\n<figure data-size=\"normal\"><\/figure>\n<p data-pid=\"JG-ctuO4\"><b>\u884c\u6743\u65e5 (Expiration Date)<\/b><\/p>\n<p data-pid=\"Bj7xVZSQ\">\u671f\u6743\u5408\u7ea6\u89c4\u5b9a\u7684\u201c\u6700\u540e\u884c\u52a8\u65e5\u201d\u3002\u8fd9\u4e00\u5929\uff0c\u671f\u6743\u4e70\u65b9<b>\u6709\u6743\u51b3\u5b9a<\/b>\u662f\u5426\u6309\u5408\u7ea6\u7ea6\u5b9a\u4ef7\u683c\u4e70\u5165\u6216\u5356\u51fa\u6807\u7684\u8d44\u4ea7\uff08\u5982\u80a1\u7968\u3001\u6307\u6570\uff09\u3002\u5356\u65b9\u5219<b>\u5fc5\u987b\u65e0\u6761\u4ef6\u670d\u4ece<\/b>\u4e70\u65b9\u7684\u9009\u62e9\u5e76\u8fdb\u884c\u4ea4\u5272\uff08\u5b9e\u7269\u6216\u73b0\u91d1\uff09\u3002\u8fc7\u4e86\u8fd9\u5929\uff0c\u671f\u6743\u4f5c\u5e9f\uff0c\u6743\u5229\u6d88\u5931\u3002<\/p>\n<p data-pid=\"1D5sVLTH\"><b>\u8ba4\u8d2d\u671f\u6743 (Call Option, C)<\/b><\/p>\n<p data-pid=\"aPFqKFOC\"><b>\u201c\u6da8\u4ef7\u4e0a\u8f66\u5238\u201d<\/b>\u3002\u4e70\u65b9\u652f\u4ed8\u6743\u5229\u91d1\u540e\uff0c\u83b7\u5f97\u5728\u884c\u6743\u65e5\uff08\u6216\u4e4b\u524d\uff0c\u53d6\u51b3\u4e8e\u662f\u7f8e\u5f0f\/\u6b27\u5f0f\uff09\u4ee5<b>\u7ea6\u5b9a\u4ef7\u683c\uff08\u884c\u6743\u4ef7\uff09\u8d2d\u4e70<\/b>\u6807\u7684\u8d44\u4ea7\u7684\u6743\u5229\uff08\u975e\u4e49\u52a1\uff09\u3002\u770b\u6da8\u540e\u5e02\u65f6\u4e70\u5165\u3002<\/p>\n<p data-pid=\"XNy9zQdi\"><b>\u8ba4\u6cbd\u671f\u6743 (Put Option, P)<\/b><\/p>\n<p data-pid=\"jYsAGw8f\"><b>\u201c\u8dcc\u4ef7\u4fdd\u9669\u5355\u201d<\/b>\u3002\u4e70\u65b9\u652f\u4ed8\u6743\u5229\u91d1\u540e\uff0c\u83b7\u5f97\u5728\u884c\u6743\u65e5\uff08\u6216\u4e4b\u524d\uff09\u4ee5<b>\u7ea6\u5b9a\u4ef7\u683c\uff08\u884c\u6743\u4ef7\uff09\u5356\u51fa<\/b>\u6807\u7684\u8d44\u4ea7\u7684\u6743\u5229\uff08\u975e\u4e49\u52a1\uff09\u3002\u770b\u8dcc\u540e\u5e02\u65f6\u4e70\u5165\u3002<\/p>\n<p data-pid=\"4j8IGzaU\"><b>\u6838\u5fc3\u5dee\u5f02\uff1a<\/b>\u00a0C\u662f\u4e70\u6743\uff08\u76fc\u6da8\uff09\uff0cP\u662f\u5356\u6743\uff08\u76fc\u8dcc\uff09\u3002\u4e70\u65b9\u6709\u6743\u65e0\u8d23\uff0c\u5356\u65b9\u6709\u8d23\u6536\u8d39\u3002<\/p>\n<p data-pid=\"EhplOa-9\"><b>\u671f\u6743\u5b9a\u4ef7\u7684\u201c\u5e0c\u814a\u5b57\u6bcd\u201d\u98ce\u9669\u6307\u6807\uff0c<\/b>\u8fd9\u4e9b\u6307\u6807\u8861\u91cf\u671f\u6743\u4ef7\u683c\u5bf9\u5404\u79cd\u56e0\u7d20\u53d8\u5316\u7684\u654f\u611f\u5ea6\uff08\u98ce\u9669\u4e0e\u673a\u4f1a\u7684\u6765\u6e90\uff09\uff1a<\/p>\n<p data-pid=\"aUcIebT7\"><b>Delta\u00a0(\u0394)<\/b><\/p>\n<p data-pid=\"9UMM3kB0\"><b>\u8861\u91cf\u201c\u6807\u7684\u4ef7\u683c\u654f\u611f\u5ea6\u201d<\/b>\u3002\u8868\u793a\u5f53<b>\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u53d8\u52a81\u5143<\/b>\u65f6\uff0c\u671f\u6743\u4ef7\u683c\u9884\u8ba1\u53d8\u52a8\u591a\u5c11\u3002<\/p>\n<p data-pid=\"E8eiMR2i\">\u8ba4\u8d2d\u671f\u6743(C)\uff1a 0 \u5230 1\u4e4b\u95f4 (\u4ef7\u5185\u8d8a\u6df1\uff0cDelta\u8d8a\u63a5\u8fd11\uff0c\u7c7b\u4f3c\u6301\u80a1)\u3002<\/p>\n<p data-pid=\"uuy--RA9\">\u8ba4\u6cbd\u671f\u6743(P)\uff1a -1 \u5230 0 \u4e4b\u95f4 (\u4ef7\u5185\u8d8a\u6df1\uff0cDelta\u8d8a\u63a5\u8fd1-1)\u3002<\/p>\n<p data-pid=\"kd0jLT6-\">\u7528\u9014\uff1a \u8bc4\u4f30\u65b9\u5411\u6027\u98ce\u9669\u3001\u8ba1\u7b97\u771f\u5b9e\u6760\u6746\u7387\u3001\u5bf9\u51b2\uff08Delta\u4e2d\u6027\u7b56\u7565\uff09\u3002<\/p>\n<p data-pid=\"MbJaDWXq\"><b>Gamma\u00a0 \u00a0\u00a0(\u0393)<\/b><\/p>\n<p data-pid=\"5MXqCrXN\"><b>\u8861\u91cf\u201cDelta\u7684\u53d8\u5316\u901f\u5ea6\u201d<\/b>\u3002\u8868\u793a\u5f53<b>\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u53d8\u52a81\u5143<\/b>\u65f6\uff0cDelta\u503c\u672c\u8eab\u9884\u8ba1\u53d8\u52a8\u591a\u5c11\u3002<\/p>\n<p data-pid=\"wP-wTmsZ\">\u610f\u4e49\uff1a Gamma\u8d8a\u5927\uff0cDelta\u5bf9\u4ef7\u683c\u53d8\u52a8\u8d8a\u654f\u611f\uff08\u901a\u5e38\u5e73\u503c\u671f\u6743Gamma\u6700\u5927\uff09\uff0c\u5bf9\u51b2\u96be\u5ea6\u4e5f\u8d8a\u5927\u3002<\/p>\n<p data-pid=\"VgIaaX0A\"><b>Theta\u00a0(\u03b8)<\/b><\/p>\n<p data-pid=\"fV06qEMe\"><b>\u8861\u91cf\u201c\u65f6\u95f4\u4ef7\u503c\u8870\u51cf\u901f\u5ea6\u201d<\/b>\u3002\u8868\u793a\u5728\u5176\u4ed6\u6761\u4ef6\u4e0d\u53d8\u65f6\uff0c\u968f\u7740<b>\u65f6\u95f4\u8fc7\u53bb1\u5929<\/b>\uff08\u901a\u5e38\u63071\u4e2a\u4ea4\u6613\u65e5\uff09\uff0c\u671f\u6743\u4ef7\u683c\u9884\u8ba1\u635f\u5931\u591a\u5c11\u3002<\/p>\n<p data-pid=\"FcfPTUK2\">\u5173\u952e\u70b9\uff1a \u51e0\u4e4e\u603b\u662f<b>\u8d1f\u6570<\/b>\uff01\u65f6\u95f4\u662f\u4e70\u65b9\u7684\u654c\u4eba\uff08\u4ef7\u503c\u5728\u6d41\u901d\uff09\uff0c\u5374\u662f\u5356\u65b9\u7684\u670b\u53cb\uff08\u6536\u53d6\u7684\u6743\u5229\u91d1\u5728\u6d88\u8017\uff09\u3002\u4e34\u8fd1\u5230\u671f\u65e5\uff0c\u8870\u51cf\u52a0\u901f\u3002<\/p>\n<p data-pid=\"-TEMz2ZM\"><b>Vega\u00a0(\u03bd)<\/b><\/p>\n<p data-pid=\"Eb8W2voC\"><b>\u8861\u91cf\u201c\u6ce2\u52a8\u7387\u654f\u611f\u5ea6\u201d<\/b>\u3002\u8868\u793a\u5f53\u6807\u7684\u8d44\u4ea7\u7684<b>\u9690\u542b\u6ce2\u52a8\u7387\u53d8\u52a81%<\/b>\uff08\u4f8b\u5982\u4ece20%\u5347\u523021%\uff09\u65f6\uff0c\u671f\u6743\u4ef7\u683c\u9884\u8ba1\u53d8\u52a8\u591a\u5c11\u3002<\/p>\n<p data-pid=\"BekVw5D_\">\u5173\u952e\u70b9\uff1a \u65e0\u8bba\u8ba4\u8d2d(C)\u8fd8\u662f\u8ba4\u6cbd(P)\uff0cVega\u901a\u5e38\u90fd\u662f<b>\u6b63\u503c<\/b>\u3002\u6ce2\u52a8\u7387\u4e0a\u5347\uff08\u5e02\u573a\u4e0d\u786e\u5b9a\u6027\u589e\u52a0\uff09\uff0c\u671f\u6743\u53d8\u5f97\u66f4\u503c\u94b1\uff08\u4e70\u65b9\u83b7\u5229\/\u5356\u65b9\u98ce\u9669\u589e\u5927\uff09\u3002<\/p>\n<p data-pid=\"HgIn0kg7\"><b>Rho\u00a0(\u03c1)<\/b><\/p>\n<p data-pid=\"oZxmnLZa\"><b>\u8861\u91cf\u201c\u5229\u7387\u654f\u611f\u5ea6\u201d<\/b>\u3002\u8868\u793a\u5f53<b>\u65e0\u98ce\u9669\u5229\u7387\u53d8\u52a81%<\/b>\uff08\u4f8b\u5982\u52a0\u606f\uff09\u65f6\uff0c\u671f\u6743\u4ef7\u683c\u9884\u8ba1\u53d8\u52a8\u591a\u5c11\u3002<\/p>\n<p data-pid=\"d8jjf_Rk\">\u5173\u952e\u70b9\uff1a \u8ba4\u8d2d\u671f\u6743(C)\u7684Rho\u4e00\u822c\u4e3a\u6b63\uff08\u5229\u7387\u5347\uff0c\u671f\u6743\u4ef7\u503c\u5fae\u5347\uff09\uff0c\u8ba4\u6cbd\u671f\u6743(P)\u7684Rho\u4e00\u822c\u4e3a\u8d1f\uff08\u5229\u7387\u5347\uff0c\u671f\u6743\u4ef7\u503c\u5fae\u964d\uff09\u3002\u76f8\u8f83\u4e8e\u5176\u4ed6\u5e0c\u814a\u503c\uff0cRho\u7684\u5f71\u54cd\u901a\u5e38<b>\u6700\u5c0f<\/b>\u3002<\/p>\n<p data-pid=\"86MgrIwZ\"><b>\u8bb0\u5fc6\u53e3\u8bc0\uff1a<\/b>\u00a0D-\u65b9\u5411\uff08\u80a1\u4ef7\uff09\uff0cG-D\u53d8\u5feb\u6162\uff08Gamma\uff09\uff0cT-\u65f6\u95f4\u6740\u624b\uff08Theta\uff09\uff0cV-\u6ce2\u52a8\u9884\u671f\uff08Vega\uff09\uff0cR-\u5229\u7387\u5f71\u54cd\uff08Rho\uff0c\u5f71\u54cd\u5c0f\uff09\u3002<\/p>\n<p data-pid=\"y8ZjhzE6\"><b>\u7406\u8bba\u4ef7\u683c (Theoretical Value \/ Fair Value)<\/b><\/p>\n<p data-pid=\"M_MpFza0\">\u57fa\u4e8e\u6570\u5b66\u6a21\u578b\uff08\u5982\u8457\u540d\u7684<b>Black-Scholes\u6a21\u578b<\/b>\uff09\uff0c\u7efc\u5408\u8003\u8651\u6807\u7684\u4ef7\u683c\u3001\u884c\u6743\u4ef7\u3001\u5269\u4f59\u65f6\u95f4\u3001\u6ce2\u52a8\u7387\u3001\u5229\u7387\u7b49\u56e0\u7d20\u8ba1\u7b97\u51fa\u7684\u671f\u6743\u201c\u5408\u7406\u201d\u4ef7\u683c\u3002\u662f\u5e02\u573a\u5b9a\u4ef7\u7684\u53c2\u8003\u57fa\u51c6\u3002<\/p>\n<p data-pid=\"L0jhoRaW\"><b>\u5185\u5728\u4ef7\u503c (Intrinsic Value)<\/b><\/p>\n<p data-pid=\"y706Hucp\">\u5047\u8bbe\u671f\u6743<b>\u7acb\u523b\u884c\u6743<\/b>\u6240\u80fd\u83b7\u5f97\u7684<b>\u5b9e\u5b9e\u5728\u5728\u7684\u6536\u76ca<\/b>\u3002\u8ba1\u7b97\u516c\u5f0f\uff1a<\/p>\n<p data-pid=\"mMX7I30y\">\u8ba4\u8d2d\u671f\u6743(C)\u5185\u5728\u4ef7\u503c = Max[0, \u6807\u7684\u5f53\u524d\u4ef7 &#8211; \u884c\u6743\u4ef7]<\/p>\n<p data-pid=\"gwpKMUWg\">\u8ba4\u6cbd\u671f\u6743(P)\u5185\u5728\u4ef7\u503c = Max[0, \u884c\u6743\u4ef7 &#8211; \u6807\u7684\u5f53\u524d\u4ef7] \u5c0f\u4e8e\u96f6\u5219\u4e3a\u96f6\uff08\u4ef7\u5916\u671f\u6743\u65e0\u5185\u5728\u4ef7\u503c\uff09\u3002<\/p>\n<p data-pid=\"AprGJEjW\"><b>\u65f6\u95f4\u4ef7\u503c (Time Value)<\/b><\/p>\n<p data-pid=\"enwZ7bD2\">\u671f\u6743\u4ef7\u683c\u4e2d<b>\u8d85\u8fc7\u5176\u5185\u5728\u4ef7\u503c<\/b>\u7684\u90a3\u90e8\u5206\u4ef7\u503c\u3002\u53cd\u6620\u4e86\u671f\u6743\u5728\u5230\u671f\u524d<b>\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u53d8\u5f97\u6709\u5229\u7684\u53ef\u80fd\u6027<\/b>\uff08\u4ee5\u53ca\u6ce2\u52a8\u7387\u9884\u671f\u3001\u65f6\u95f4\u4ef7\u503c\u672c\u8eab\uff09\u3002<b>\u671f\u6743\u4ef7\u683c = \u5185\u5728\u4ef7\u503c + \u65f6\u95f4\u4ef7\u503c<\/b>\u65f6\u95f4\u4ef7\u503c\u4f1a\u968f\u7740\u5230\u671f\u65e5\u4e34\u8fd1\u800c<b>\u52a0\u901f\u8870\u51cf\uff08Theta\u6548\u5e94\uff09<\/b>\u3002<\/p>\n<p data-pid=\"whlt2dSe\"><b>\u6ea2\u4ef7\u7387 (Premium Rate \/ Moneyness Indicator)<\/b><\/p>\n<p data-pid=\"LePVSzCc\">\u8861\u91cf\u671f\u6743\u4ef7\u683c\u76f8\u5bf9\u4e8e\u5176\u5185\u5728\u4ef7\u503c\u7684\u201c\u8d35\u8d31\u201d\u7a0b\u5ea6\u3002\u5e38\u7528\u516c\u5f0f\uff1a<b>\u6ea2\u4ef7\u7387 = (\u671f\u6743\u6700\u65b0\u4ef7\u683c \/ \u5185\u5728\u4ef7\u503c &#8211; 1) \u00d7 100%<\/b><\/p>\n<p data-pid=\"DIBpVotd\">\u6df1\u5ea6\u4ef7\u5185\u671f\u6743\uff1a\u6ea2\u4ef7\u7387\u4f4e\uff08\u4ef7\u683c\u4e3b\u8981\u7531\u5185\u5728\u4ef7\u503c\u652f\u6491\uff09\u3002<\/p>\n<p data-pid=\"DDnlyDUq\">\u6df1\u5ea6\u4ef7\u5916\/\u4e34\u8fd1\u5230\u671f\u671f\u6743\uff1a\u6ea2\u4ef7\u7387\u9ad8\uff08\u4ef7\u683c\u51e0\u4e4e\u5168\u662f\u65f6\u95f4\u4ef7\u503c\uff0c\u8d4c\u6027\u5927\uff09\u3002<\/p>\n<p data-pid=\"vM8T1C5m\"><b>\u6760\u6746\u6bd4\u4f8b (Leverage Ratio \/ Nominal Leverage)<\/b><\/p>\n<p data-pid=\"uMwHn6Jk\">\u4e5f\u79f0\u4e3a\u540d\u4e49\u6760\u6746\u6216\u6210\u672c\u6760\u6746\u3002\u76f4\u89c2\u4f53\u73b0\u201c\u5c0f\u8d44\u91d1\u64ac\u52a8\u5927\u8d44\u4ea7\u201d\uff1a<b>\u6760\u6746\u6bd4\u4f8b = \u6807\u7684\u8d44\u4ea7\u603b\u4ef7\u503c \/ \u8d2d\u4e70\u671f\u6743\u6240\u9700\u6743\u5229\u91d1<\/b><\/p>\n<p data-pid=\"VH2KjI0r\">\u4f8b\u5b50\uff1a \u82b11\u4e07\u5143\u6743\u5229\u91d1\u63a7\u5236\u4ef7\u503c10\u4e07\u5143\u7684\u80a1\u7968\uff0c\u6760\u6746\u6bd4\u4f8b\u5c31\u662f10\u500d\u3002<\/p>\n<p data-pid=\"QIzvKAWn\"><b>\u771f\u5b9e\u6760\u6746\u7387 (Effective Leverage \/ Dollar Delta)<\/b><\/p>\n<p data-pid=\"WI0JXYep\">\u66f4\u7cbe\u51c6\u5730\u8861\u91cf\u671f\u6743\u6536\u76ca\u5bf9\u6807\u7684\u4ef7\u683c\u53d8\u52a8\u7684<b>\u5b9e\u9645\u653e\u5927\u500d\u6570<\/b>\u3002\u8ba1\u7b97\u516c\u5f0f\uff1a<b>\u771f\u5b9e\u6760\u6746\u7387 = Delta \u00d7 \u6760\u6746\u6bd4\u4f8b<\/b><\/p>\n<p data-pid=\"impTNfH7\">\u610f\u4e49\uff1a \u5982\u679c\u6807\u7684\u6da81%\uff0c\u671f\u6743\u4ef7\u683c\u5927\u7ea6\u80fd\u6da8 \u771f\u5b9e\u6760\u6746\u7387%\u3002\u5b83\u7ed3\u5408\u4e86Delta\u7684\u65b9\u5411\u654f\u611f\u5ea6\u548c\u6210\u672c\u6760\u6746\u3002\u865a\u503c\u671f\u6743Delta\u867d\u5c0f\u4f46\u6210\u672c\u6781\u4f4e\uff08\u6760\u6746\u6bd4\u4f8b\u9ad8\uff09\uff0c\u771f\u5b9e\u6760\u6746\u7387\u53ef\u80fd\u5f88\u9ad8\u3002<\/p>\n<p data-pid=\"c_hv26l3\"><b>\u5386\u53f2\u6ce2\u52a8\u7387<\/b><\/p>\n<p data-pid=\"wvLrTNQW\">\u6839\u636e<b>\u8fc7\u53bb\u4e00\u6bb5\u65f6\u671f<\/b>\uff08\u598230\u5929\u300160\u5929\uff09\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u7684\u5b9e\u9645\u6da8\u8dcc\u5e45\u5ea6\u8ba1\u7b97\u5f97\u51fa\u7684\u6ce2\u52a8\u7387\u3002\u53cd\u6620<b>\u5df2\u7ecf\u53d1\u751f<\/b>\u7684\u6ce2\u52a8\u5267\u70c8\u7a0b\u5ea6\u3002\u662f\u8bc4\u4f30\u8d44\u4ea7\u98ce\u9669\u7684\u6307\u6807\u4e4b\u4e00\u3002<\/p>\n<p data-pid=\"47TmgOE-\"><b>\u9690\u542b\u6ce2\u52a8\u7387 (Implied Volatility, IV)<\/b><\/p>\n<p data-pid=\"3SxJvBTm\">\u6839\u636e<b>\u5f53\u524d\u671f\u6743\u5e02\u573a\u7684\u5b9e\u65f6\u4ef7\u683c<\/b>\uff0c\u901a\u8fc7\u6570\u5b66\u6a21\u578b\uff08\u5982B-S\u6a21\u578b\uff09\u201c<b>\u53cd\u63a8<\/b>\u201d\u51fa\u6765\u7684\u5e02\u573a\u53c2\u4e0e\u8005<b>\u5bf9\u672a\u6765\u4e00\u6bb5\u65f6\u95f4\u5185<\/b>\u6807\u7684\u8d44\u4ea7\u6ce2\u52a8\u7387\u7684<b>\u9884\u671f<\/b>\u3002<\/p>\n<p data-pid=\"Q7OO9aX2\">\u610f\u4e49\uff1a IV\u662f\u671f\u6743\u5b9a\u4ef7\u7684\u6838\u5fc3\u8f93\u5165\u53c2\u6570\u3002IV\u9ad8 = \u5e02\u573a\u9884\u671f\u672a\u6765\u6ce2\u52a8\u5927\uff08\u6050\u614c\u6216\u5174\u594b\uff09\uff0c\u671f\u6743\u4ef7\u683c\u901a\u5e38\u66f4\u8d35\uff1bIV\u4f4e = \u5e02\u573a\u9884\u671f\u672a\u6765\u5e73\u9759\u3002\u5e38\u88ab\u79f0\u4e3a\u5e02\u573a\u7684\u201c\u6050\u60e7\u6307\u6570\u201d\u3002<\/p>\n<p data-pid=\"OIaG_7h3\"><b>\u6210\u4ea4\u91cf (Volume)<\/b><\/p>\n<p data-pid=\"gUCFg2VV\">\u5728<b>\u7279\u5b9a\u65f6\u95f4\u6bb5\u5185<\/b>\uff08\u901a\u5e38\u662f\u5f53\u65e5\uff09\u5e02\u573a<b>\u5b9e\u9645\u6210\u4ea4<\/b>\u7684\u671f\u6743\u5408\u7ea6\u603b\u6570\u91cf\uff08\u6309\u5f20\u6216\u624b\u8ba1\u7b97\uff09\u3002\u53cd\u6620\u4ea4\u6613\u7684\u6d3b\u8dc3\u5ea6\u548c\u6d41\u52a8\u6027\u3002<\/p>\n<p data-pid=\"SQuLpmU2\">\u6210\u4ea4\u989d (Turnover \/ Monetary Volume)<\/p>\n<p data-pid=\"k51YQTLb\">\u5728<b>\u7279\u5b9a\u65f6\u95f4\u6bb5\u5185<\/b>\uff08\u901a\u5e38\u662f\u5f53\u65e5\uff09\u6240\u6709\u6210\u4ea4\u7684\u671f\u6743\u5408\u7ea6\u7684<b>\u603b\u91d1\u989d<\/b>\uff08\u5373\u6743\u5229\u91d1\u7684\u603b\u548c\uff09\u3002\u53cd\u6620\u8d44\u91d1\u8fdb\u51fa\u8be5\u5408\u7ea6\u7684\u89c4\u6a21\u3002<\/p>\n<p data-pid=\"wyVU06tz\">\u6301\u4ed3\u91cf (Open Interest, OI)<\/p>\n<p data-pid=\"itzYvDUG\">\u5728<b>\u6bcf\u4e2a\u4ea4\u6613\u65e5\u6536\u76d8\u540e<\/b>\uff0c\u5e02\u573a\u4e0a\u6240\u6709<b>\u672a\u5e73\u4ed3<\/b>\uff08\u5373\u672a\u884c\u6743\u3001\u672a\u5bf9\u51b2\u3001\u672a\u4e86\u7ed3\uff09\u7684\u671f\u6743\u5408\u7ea6\u7684<b>\u603b\u6570\u91cf<\/b>\u3002\u53cd\u6620\u5e02\u573a\u7684\u53c2\u4e0e\u6df1\u5ea6\u548c\u591a\u7a7a\u53cc\u65b9\u7684\u5bf9\u5cd9\u60c5\u51b5\u3002<\/p>\n<p data-pid=\"zov7jvos\">\u65e5\u589e\u4ed3 (Change in Open Interest)<\/p>\n<p data-pid=\"Kt5zAlbn\"><b>\u76f8\u6bd4\u524d\u4e00\u4e2a\u4ea4\u6613\u65e5\u6536\u76d8<\/b>\uff0c\u6301\u4ed3\u91cf<b>\u589e\u52a0\u6216\u51cf\u5c11\u4e86\u591a\u5c11<\/b>\u3002<\/p>\n<p data-pid=\"keX4-30K\">\u610f\u4e49\uff1a \u663e\u8457\u589e\u4ed3\u901a\u5e38\u610f\u5473\u7740\u65b0\u8d44\u91d1\u5165\u573a\uff0c\u591a\u7a7a\u5206\u6b67\u52a0\u5267\uff0c\u53ef\u80fd\u5f3a\u5316\u5f53\u524d\u8d8b\u52bf\uff1b\u51cf\u4ed3\u5219\u53ef\u80fd\u610f\u5473\u7740\u8d44\u91d1\u64a4\u79bb\u3001\u8d8b\u52bf\u63a5\u8fd1\u5c3e\u58f0\u3002<\/p>\n<p data-pid=\"bU10xDhe\">\u4e70\u4ef7 (Bid Price)<\/p>\n<p data-pid=\"JJmekfzY\">\u5e02\u573a<b>\u4e70\u65b9<\/b>\u5f53\u524d\u613f\u610f\u51fa\u7684<b>\u6700\u9ad8\u8d2d\u5165\u4ef7\u683c<\/b>\u3002\u5982\u679c\u4f60\u60f3<b>\u7acb\u523b\u5356\u51fa<\/b>\u671f\u6743\uff0c\u901a\u5e38\u6309\u4e70\u4ef7\u6210\u4ea4\u3002<\/p>\n<p data-pid=\"nxvm8zm_\">\u5356\u4ef7 (Ask Price \/ Offer Price)<\/p>\n<p data-pid=\"cdr728Ee\">\u5e02\u573a<b>\u5356\u65b9<\/b>\u5f53\u524d\u613f\u610f\u63a5\u53d7\u7684<b>\u6700\u4f4e\u5356\u51fa\u4ef7\u683c<\/b>\u3002\u5982\u679c\u4f60\u60f3<b>\u7acb\u523b\u4e70\u5165<\/b>\u671f\u6743\uff0c\u901a\u5e38\u6309\u5356\u4ef7\u6210\u4ea4\u3002<\/p>\n<p data-pid=\"9acDkfBW\">\u6700\u65b0 (Last Price)<\/p>\n<p data-pid=\"HETHKELN\">\u671f\u6743\u5408\u7ea6<b>\u6700\u8fd1\u4e00\u7b14<\/b>\u6210\u529f\u4ea4\u6613\u7684\u6210\u4ea4\u4ef7\u683c\u3002\u53cd\u6620\u5f53\u4e0b\u7684\u5b9e\u65f6\u5e02\u4ef7\u3002<\/p>\n<p data-pid=\"_AmjAkGz\">\u6da8\u8dcc (Change)<\/p>\n<p data-pid=\"PAJje2Q6\">\u6700\u65b0\u4ef7\u683c\u76f8\u5bf9\u4e8e<b>\u4e0a\u4e00\u4e2a\u4ea4\u6613\u65e5\u7684\u7ed3\u7b97\u4ef7<\/b>\u53d8\u52a8\u7684<b>\u7edd\u5bf9\u6570\u503c<\/b>\uff08\u4e0a\u6da8\u4e3a\u6b63\u6570\uff0c\u4e0b\u8dcc\u4e3a\u8d1f\u6570\uff09\u3002<\/p>\n<p data-pid=\"-m9Uzh6e\">\u6da8\u5e45 (Change Percentage \/ Gain)<\/p>\n<p data-pid=\"sZDGcBVv\">\u6da8\u8dcc\u7684<b>\u76f8\u5bf9\u5e45\u5ea6<\/b>\uff0c\u4ee5\u767e\u5206\u6bd4\u8868\u793a\uff1a<b>\u6da8\u5e45 = (\u6700\u65b0\u4ef7 &#8211; \u524d\u7ed3\u7b97\u4ef7) \/ \u524d\u7ed3\u7b97\u4ef7 \u00d7 100%<\/b><\/p>\n<p data-pid=\"KQUl8Xey\">\u6da8\u901f (Momentum \/ Rate of Change, ROC)<\/p>\n<p data-pid=\"EKgfrlO1\">\u8861\u91cf\u4ef7\u683c\u5728<b>\u6781\u77ed\u65f6\u95f4<\/b>\uff08\u5982\u51e0\u5206\u949f\uff09\u5185<b>\u77ac\u65f6\u53d8\u52a8\u901f\u5ea6<\/b>\u7684\u6280\u672f\u6307\u6807\u3002\u53cd\u6620\u77ed\u671f\u5e02\u573a\u60c5\u7eea\u7684\u5267\u70c8\u6ce2\u52a8\u548c\u8d44\u91d1\u6d8c\u5165\/\u64a4\u51fa\u7684\u6025\u5207\u7a0b\u5ea6\u3002\u6570\u503c\u8d8a\u5927\uff0c\u77ed\u671f\u6ce2\u52a8\u8d8a\u5267\u70c8<\/p>\n<p>\u5e0c\u671b\u53ef\u4ee5\u5e2e\u5230\u60a8\uff0c\u66f4\u591a\u5173\u4e8e\u671f\u8d27\u671f\u6743\u7684\u4e13\u4e1a\u77e5\u8bc6\uff0c\u6b22\u8fce\u5173\u6ce8\u548c\u5b66\u4e60\uff01<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u671f\u6743\u7684T\u578b\u62a5\u4ef7\u5185\uff0c\u57fa\u672c\u53ef\u4ee5\u5206\u5272\u4e3a\u56db\u4e2a\u533a\u57df\uff0c\u7eb5\u5750\u6807\u662f\u671f\u6743\u7684\u884c\u6743\u4ef7\u683c\uff0c\u6a2a\u5750\u6807\u662f\u5f53\u524d\u6807\u7684\u7269\u671f\u8d27\u7684\u5b9e\u9645\u4ef7\u683c\u3002 \u671f\u8d27\u624b\u7eed\u8d39+1\u5206\u7533\u8bf7QQ\uff1a2262807148 \u884c\u6743\u4ef7\u683c\u5de6\u8fb9\u662f\u770b\u6da8\u671f\u6743\uff0c\u884c\u6743\u4ef7&hellip;<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6502","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"views":220,"_links":{"self":[{"href":"http:\/\/www.coscoxh.com\/index.php?rest_route=\/wp\/v2\/posts\/6502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.coscoxh.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.coscoxh.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.coscoxh.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"http:\/\/www.coscoxh.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6502"}],"version-history":[{"count":1,"href":"http:\/\/www.coscoxh.com\/index.php?rest_route=\/wp\/v2\/posts\/6502\/revisions"}],"predecessor-version":[{"id":6503,"href":"http:\/\/www.coscoxh.com\/index.php?rest_route=\/wp\/v2\/posts\/6502\/revisions\/6503"}],"wp:attachment":[{"href":"http:\/\/www.coscoxh.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.coscoxh.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6502"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.coscoxh.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}