{"id":6435,"date":"2021-11-29T19:39:07","date_gmt":"2021-11-29T11:39:07","guid":{"rendered":"https:\/\/slashtraders.com\/?p=6435"},"modified":"2025-09-29T17:34:26","modified_gmt":"2025-09-29T09:34:26","slug":"delta-hedging-strategy","status":"publish","type":"post","link":"https:\/\/slashtraders.com\/cn\/blog\/delta-hedging-strategy\/","title":{"rendered":"\u6700\u5b8c\u6574\u7684Hedging\u5bf9\u51b2\u6559\u5b66\u6765\u4fdd\u62a4\u4f60\u7684\u957f\u671f\u6295\u8d44"},"content":{"rendered":"<p class=\"wp-block-paragraph\">\u5f88\u591a\u6295\u8d44\u4e13\u5bb6\u90fd\u8bf4\uff0c\u73b0\u5728\u7684\u7f8e\u80a1\u6ce1\u6cab\u5316\uff0c\u968f\u65f6\u90fd\u6709\u53ef\u80fd\u4f1a\u5d29\u76d8\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u6211\u4eec\u56de\u987e\u4e0a\u4e00\u6b21\u80a1\u5e02\u6ce1\u6cab\u7684\u65f6\u5019\uff0c\u4ece1995\u5e74\u5f00\u59cb\u52302000\u5e74\u7f51\u8def\u6ce1\u6cab\u7684\u65f6\u5019\uff0c\u80a1\u5e02\u603b\u5171\u7f14\u9020\u4e8677\u6b21\u7684\u5386\u53f2\u9ad8\u5cf0\u3002\u5230\u66f4\u8fd1\u4e00\u70b9\u76842020\u5e74\u4e09\u6708\u80a1\u5e02\u5d29\u76d8\u540e\uff0cS&amp;P 500\u5f00\u59cb\u5f3a\u52b2\u7684\u725b\u5e02\uff0c\u5230\u73b0\u5728\u5df2\u7ecf\u6bd420\u5e74\u521b\u9020\u4e86\u66f4\u591a\u7684\u5386\u53f2\u9ad8\u70b9\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u4e13\u5bb6\u8bf42020\u5e74\u5927\u8dcc\u524d\u5e02\u573a\u5df2\u7ecf\u88ab\u9ad8\u4f30\uff0c\u5230\u73b0\u57282021\u5e74\u80a1\u7968\u6ce1\u6cab\u7684\u7a0b\u5ea6\u66f4\u80dc\u53bb\u5e74\u3002\u6b64\u5916\uff0c\u901a\u8d27\u81a8\u80c0\u4e5f\u662f\u5e02\u573a\u6ce1\u6cab\u7684\u4e00\u4e2a\u539f\u56e0\u4e4b\u4e00\uff0c\u8ba9\u66f4\u591a\u4eba\u613f\u610f\u638f\u94b1\u6295\u8d44\u80a1\u7968\u5e02\u573a\u51c6\u5907\u5927\u635e\u4e00\u7968\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5df4\u83f2\u7279\u6307\u6807(Buffett Indicator)\u544a\u8bc9\u6211\u4eec\uff0c\u80a1\u5e02\u901a\u5e38\u5728\u4e00\u4e2a\u7834\u7eaa\u5f55\u7684\u4e0a\u6da8\u8d8b\u52bf\u4ee5\u540e\u4f1a\u51fa\u73b0\u5927\u8dcc\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><a href=\"https:\/\/www.currentmarketvaluation.com\/models\/buffett-indicator.php\" target=\"_blank\" rel=\"noopener\"><img fetchpriority=\"high\" decoding=\"async\" width=\"960\" height=\"480\" src=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/buffet-indicator.png\" alt=\"buffet indicator\" class=\"wp-image-6437\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/buffet-indicator.png 960w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/buffet-indicator-300x150.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/buffet-indicator-768x384.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/buffet-indicator-18x9.png 18w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><\/a><figcaption class=\"wp-element-caption\">\u5df4\u83f2\u7279\u6307\u6807\u6307\u51fa\u6700\u8fd1\u80a1\u5e02\u6ce1\u6cab\u540e\u51fa\u73b0\u7684\u5927\u5d29\u76d8\u3002<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728\u659c\u6760\u6295\u8d44\u8fbe\u4eba\uff0c\u6211\u4eec\u628a\u80a1\u7968\u5e02\u573a\u5f53\u4f5c\u4e00\u4e2a\u7edf\u8ba1\u5b66\u7684\u6982\u7387\u3002\u5373\u4f7f\u5e02\u573a\u7684\u8d77\u4f0f\u65e0\u6cd5\u9884\u6599\uff0c\u80a1\u4ef7\u8fd8\u662f\u7a33\u5b9a\u7684\u3001\u9ad8\u673a\u7387\u7684\u51fa\u73b0\u4e24\u4e2a\u73b0\u8c61\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u56de\u5f52\u5230\u5408\u7406\u4ef7\u683c\u3002<\/li>\n\n\n\n<li>\u56de\u5f52\u5230\u5386\u53f2\u5e73\u5747\u7684\u6ce2\u52a8\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u65e2\u7136\u73b0\u5728\u7684\u80a1\u5e02\u6709\u9ad8\u673a\u7387\u662f\u88ab\u9ad8\u4f30\u7684\uff0c\u6211\u4eec\u53ef\u4ee5\u671f\u5f85\u5728\u4e0d\u4e45\u4e4b\u540e\u80a1\u5e02\u4f1a\u4fee\u6b63\u3001\u4e0b\u8dcc\u3001\u56de\u5f52\u5230\u5e73\u5747\u503c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">\u4e0d\u8bba\u662f\u5426\u80a1\u5e02\u6ce1\u6cab\uff0c\u6211\u4eec\u90fd\u89c9\u5f97\u5e94\u8be5\u8981\u6709\u597d\u7684\u5bf9\u51b2\u7b56\u7565<a href=\"https:\/\/slashtraders.com\/cn\/blog\/portfolio-management-stocks\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u4fdd\u62a4\u6295\u8d44\u7ec4\u5408<\/a>\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4ec0\u4e48\u662f\u5bf9\u51b2\uff1f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">\u5bf9\u51b2\u662f\u4e00\u79cd\u5f53\u5e02\u573a\u8d70\u5411\u4e0d\u5982\u9884\u671f\u65f6\uff0c\u53ef\u4ee5\u964d\u4f4e\u98ce\u9669\u5e76\u4fdd\u62a4\u6295\u8d44\u7ec4\u5408\u7684\u7b56\u7565\u3002 <a href=\"https:\/\/slashtraders.com\/cn\/blog\/zero-cost-collar\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5bf9\u51b2\u7b56\u7565<\/a>\u53ef\u5f53\u4f5c\u662f\u4e3a\u4f60\u8f9b\u82e6\u8d5a\u7684\u94b1\u4e70\u7684\u4fdd\u9669\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">\u5f88\u591a\u4eba\u90fd\u8bf4\u80a1\u5e02\u662f\u591a\u5934\u7684\uff0c\u901a\u5e3870%-80%\u7684\u65f6\u5019\u80a1\u4ef7\u90fd\u4f1a\u4e0a\u6da8\u3002\u4f46\u662f\u80a1\u5e02\u5076\u5c14\u4f1a\u62c9\u56de(\u6bcf\u5e74\u4e0b\u8dcc5%-10%\u4e24\u4e09\u6b21)\u3001<a href=\"https:\/\/slashtraders.com\/cn\/tools\/bear-call-spread-screener\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u4fee\u6b63<\/a>(\u6bcf\u4e24\u5e74\u4e0b\u8dcc10%-20%\u4e00\u6b21)\u3001\u718a\u5e02(\u6bcf5-6\u5e74\u4e0b\u8dcc20%\u4ee5\u4e0a)\uff0c\u8ba9\u6211\u4eec\u9700\u8981\u5bf9\u51b2\u964d\u4f4e\u98ce\u9669\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6839\u636e\u7ecf\u9a8c\uff0c\u80a1\u4ef7\u901a\u5e38\u53ea\u9700\u89814\u5468\u5c31\u53ef\u4ee5\u4e0b\u8dcc50%\uff0c\u4e0d\u8fc7\u53ef\u80fd\u9700\u89812\u5e74\u624d\u80fd\u56de\u590d\u5230\u539f\u6765\u7684\u4ef7\u683c\uff0c\u5e02\u573a\u901a\u5e38\u66b4\u8dcc\u6bd4\u66b4\u6da8\u8fd8\u5feb\u3002\u6709\u4e9b\u4eba\u89c9\u5f97\u4e0b\u8dcc50%\u53ea\u8981\u6da8\u56de\u676550%\u5c31\u6253\u5e73\u4e86\uff0c\u53ef\u662f\u4e8b\u5b9e\u4e0a\u4f60\u9700\u8981\u83b7\u5229100%\u624d\u80fd\u8d5a\u56de\u5f53\u521d\u635f\u5931\u768450%\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">\u5bf9\u51b2\u7b56\u7565\u8ba9\u6211\u4eec\u5728\u80a1\u4ef7\u4e0b\u8dcc\u65f6\u83b7\u5229\uff0c\u907f\u514d\u6211\u4eec\u7684\u5e10\u6237\u88ab\u8ffd\u52a0\u4fdd\u8bc1\u91d1\uff0c\u4e5f\u8ba9\u6211\u4eec\u7528\u65b0\u589e\u52a0\u7684\u8d44\u672c\u8d2d\u4e70\u4fbf\u5b9c\u3001\u88ab\u4f4e\u4f30\u7684<a href=\"https:\/\/slashtraders.com\/cn\/tools\/dividend-stock-screener\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u7ee9\u4f18\u80a1<\/a>\uff0c\u957f\u65f6\u95f4\u4e0b\u6765\u6211\u4eec\u66f4\u6709\u673a\u4f1a\u80dc\u8fc7\u5927\u76d8\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4ec0\u4e48\u662fDelta\u5bf9\u51b2\uff1f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Delta\u5bf9\u51b2\u662f\u4e00\u4e2a\u4f7f\u7528delta\u4e2d\u6027\u7684\u4ea4\u6613\u6765\u51cf\u5c11\u80a1\u4ef7\u4fee\u6b63\u65f6\u5bf9\u6295\u8d44\u7ec4\u5408\u7684\u635f\u5931\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">Delta\u662f\u80a1\u4ef7\u5bf9\u671f\u6743\u4ef7\u683c\u7684\u5f71\u54cd<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">Black-Scholes\u5b9a\u4ef7\u6a21\u578b\u80cc\u540e\u7684\u57fa\u7840\u662f\u627e\u5230\u4e00\u4e2a\u5bf9\u51b2\u4e0d\u540c\u884d\u751f\u5de5\u5177\u7684\u65b9\u5f0f\uff0c\u5176\u4e2d\u4e5f\u5305\u62ec\u4e86<a href=\"https:\/\/slashtraders.com\/cn\/blog\/options-value\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u9009\u62e9\u6743\u7684\u5b9a\u4ef7<\/a>\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">\u7528Black-Scholes\u6a21\u578b\u6f14\u7b97\u51fa\u4ee5\u4e0b\u7684\u516c\u5f0f\u53ef\u5e2e\u6211\u4eec\u627e\u5230\u6700\u4f73\u7684\u5bf9\u51b2\u7b56\u7565\uff1a<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img decoding=\"async\" width=\"361\" height=\"78\" src=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/black-scholes-equation.png\" alt=\"black-scholes equation\" class=\"wp-image-6519\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/black-scholes-equation.png 361w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/black-scholes-equation-300x65.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/black-scholes-equation-18x4.png 18w\" sizes=\"(max-width: 361px) 100vw, 361px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>V = \u671f\u6743\u4ef7\u683c<\/li>\n\n\n\n<li>\u03c3 = IV<\/li>\n\n\n\n<li>S = \u80a1\u4ef7<\/li>\n\n\n\n<li>r = \u65e0\u98ce\u9669\u5229\u7387<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728\u7b49\u53f7\u5de6\u8fb9\u5206\u522b\u662f\u9009\u62e9\u6743\u7684\u65f6\u95f4\u4ef7\u503c(theta)\u548c\u9009\u62e9\u6743\u4ef7\u683c\u7684\u51f8\u6027(gamma)\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">Gamma\u662f\u80a1\u4ef7\u5bf9delta\u7684\u5f71\u54cd\uff0c\u4e5f\u662f\u80a1\u4ef7\u5bf9\u671f\u6743\u4ef7\u683c\u7684\u52a0\u901f\u5ea6<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u671f\u6743\u4ef7\u683c\u7684\u51f8\u6027\u8868\u793a\u5f53\u80a1\u4ef7\u6539\u53d8$1\u65f6\uff0c\u671f\u6743\u7684\u4ef7\u683c\u4f1a\u4ee5\u6307\u6570\u589e\u957f\uff0c\u6240\u4ee5\u901a\u5e38\u884d\u751f\u6027\u4ea7\u54c1\u7684\u83b7\u5229\u662f\u4ee5\u4e8c\u6b21\u65b9\u7a0b\u5f0f\u6da8\u8dcc\u7684\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\"><a href=\"https:\/\/slashtraders.com\/cn\/blog\/option-greeks\/\" target=\"_blank\" rel=\"noreferrer noopener\">Theta\u662f\u8d1f\u6570<\/a>\u56e0\u4e3a\u5b83\u8868\u793a\u9009\u62e9\u6743\u56e0\u65f6\u95f4\u6d41\u901d\u800c\u8d2c\u503c\uff0c\u800cgamma\u548cvega\u662f\u6b63\u7684\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">Theta\u662f\u65f6\u95f4\u5bf9\u671f\u6743\u4ef7\u683c\u7684\u5f71\u54cd<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728\u7b49\u53f7\u53f3\u8fb9\u662f\u62e5\u6709\u9009\u62e9\u6743\u7684\u65e0\u98ce\u9669\u62a5\u916c\u4ee5\u53ca\u505a\u7a7a\u6807\u7684\u7269\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6240\u4ee5\u6211\u5011\u53ef\u4ee5\u7e3d\u7d50\u9078\u64c7\u6b0a\u7684theta\u640d\u5931\u548cgamma\u7684\u6210\u9577\u9700\u8981\u4e92\u76f8\u62b5\u92b7\uff0c\u7d50\u679c\u8981\u7b49\u65bc\u6295\u8cc7\u7684\u7121\u98a8\u96aa\u6295\u8cc7\u5831\u916c\u7387\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">Theta + Gamma = \u65e0\u98ce\u9669\u62a5\u916c \u2013 \u505a\u7a7a\u6807\u7684\u7269<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u7b2c\u4e8c\u4e2a\u91cd\u70b9\u662f\u5bf9\u51b2\u7684\u7b56\u7565\u53ea\u6709\u5728gamma\u589e\u957f\u5927\u4e8etheta\u635f\u5931\u7684\u65f6\u5019\u624d\u4f1a\u83b7\u5229\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f60\u53ef\u80fd\u53d1\u89c9\u6211\u4eec\u5728\u8ba8\u8bba\u4ee5\u4e0a\u516c\u5f0f\u65f6\u90fd\u6ca1\u6709\u63d0\u5230delta\uff0c\u4e0d\u8fc7\u6211\u4eec\u624b\u4e2d\u6301\u6709\u7684\u80a1\u7968delta\u9700\u8981\u8ddf\u9009\u62e9\u6743\u4ed3\u4f4d\u7684delta\u4e92\u76f8\u62b5\u6d88\u624d\u80fd\u8fbe\u5230delta\u4e2d\u6027\u7684\u76ee\u6807\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">\u8fd9\u4e2a\u65f6\u5019\u6211\u4eec\u5c31\u53ef\u4ee5\u900f\u8fc7\u64cd\u4f5c<a href=\"https:\/\/slashtraders.com\/cn\/blog\/market-volatility-hv-iv\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6ce2\u52a8\u7387<\/a>\u6765\u900f\u8fc7gamma\u6216vega\u589e\u503c\u6765\u83b7\u5229\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u5982\u4f55\u4f7f\u7528Gamma\u548cVega\u6765\u5bf9\u51b2\uff1f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f53\u6211\u4eec\u7684\u5bf9\u51b2\u7b56\u7565\u8fbe\u5230delta\u4e2d\u6027\uff0c\u6211\u4eec\u5c31\u4e0d\u9700\u8981\u9884\u6d4b\u80a1\u4ef7\u7279\u5b9a\u7684\u8d70\u5411\u6765\u83b7\u5229\uff0c\u53cd\u800c\u662f\u900f\u8fc7\u64cd\u4f5c\u6ce2\u52a8\u7387\u6765\u8d5a\u94b1\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">\u6211\u4eec\u53ef\u4ee5\u4e70\u4ef7\u5e73\u7684<a href=\"https:\/\/slashtraders.com\/cn\/blog\/what-are-options\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u671f\u6743<\/a>\u6765\u7528gamma\u548cvega\u5bf9\u51b2\u624b\u4e0a\u7684\u80a1\u7968\u4ed3\u4f4d\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4e70Put\u671f\u6743\u5bf9\u51b2\u505a\u591a\u7684100\u80a1\u3002<\/li>\n\n\n\n<li>\u4e70Call\u671f\u6743\u5bf9\u51b2\u505a\u7a7a\u7684100\u80a1\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e70Put\u671f\u6743\u642d\u914d\u505a\u591a100\u80a1<\/h3>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">\u6211\u4eec\u4f7f\u7528Thinkorswim\u4e2d\u7684ThinkOnDemand\u529f\u80fd\u53ef\u4ee5\u8ba9\u6211\u4eec\u56de\u52302020\/2\/8\uff0c\u5728covid\u80ba\u708e\u80a1\u707e\u9ed1\u5929\u9e45\u53d1\u751f\u7684\u524d\u4e00\u4e2a\u6708\u6765\u6a21\u62df<a href=\"https:\/\/slashtraders.com\/cn\/blog\/married-put\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e70Put\u5bf9\u51b2<\/a>\u7684\u6548\u679c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u4eec\u6a21\u62df\u5728$332.94\u7684\u65f6\u5019\u8d2d\u4e70100\u80a1SPY(100 delta)\uff0c\u518d\u4e70\u4e24\u4e2a\u4ef7\u5e73$330 SPY Put\u5408\u7ea6\u5728\u4e24\u5e74\u540e2022\/1\/21\u622a\u6b62(\u5927\u7ea6-100 delta)\u3002<\/p>\n\n\n\n<table id=\"tablepress-18\" class=\"tablepress tablepress-id-18\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">\u671f\u6743<\/th><th class=\"column-2\">\u622a\u6b62\u65e5<\/th><th class=\"column-3\">\u884c\u6743\u4ef7<\/th><th class=\"column-4\">Bid<\/th><th class=\"column-5\">Ask<\/th><th class=\"column-6\">Delta<\/th><th class=\"column-7\">Gamma<\/th><th class=\"column-8\">Theta<\/th><th class=\"column-9\">Vega<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Put<\/td><td class=\"column-2\">2020\/3\/20<\/td><td class=\"column-3\">$330<\/td><td class=\"column-4\">5.71<\/td><td class=\"column-5\">5.72<\/td><td class=\"column-6\">-0.49<\/td><td class=\"column-7\">0.03<\/td><td class=\"column-8\">-0.07<\/td><td class=\"column-9\">0.46<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Put<\/td><td class=\"column-2\">2020\/4\/17<\/td><td class=\"column-3\">$330<\/td><td class=\"column-4\">6.25<\/td><td class=\"column-5\">6.29<\/td><td class=\"column-6\">-0.44<\/td><td class=\"column-7\">0.02<\/td><td class=\"column-8\">-0.06<\/td><td class=\"column-9\">0.58<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Put<\/td><td class=\"column-2\">2020\/6\/19<\/td><td class=\"column-3\">$330<\/td><td class=\"column-4\">9.54<\/td><td class=\"column-5\">9.56<\/td><td class=\"column-6\">-0.45<\/td><td class=\"column-7\">0.01<\/td><td class=\"column-8\">-0.04<\/td><td class=\"column-9\">0.8<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Put<\/td><td class=\"column-2\">2021\/1\/15<\/td><td class=\"column-3\">$330<\/td><td class=\"column-4\">17.5<\/td><td class=\"column-5\">17.67<\/td><td class=\"column-6\">-0.48<\/td><td class=\"column-7\">0.01<\/td><td class=\"column-8\">-0.03<\/td><td class=\"column-9\">1.27<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Put<\/td><td class=\"column-2\">2022\/1\/21<\/td><td class=\"column-3\">$330<\/td><td class=\"column-4\">26.87<\/td><td class=\"column-5\">27.83<\/td><td class=\"column-6\">-0.49<\/td><td class=\"column-7\">0.01<\/td><td class=\"column-8\">-0.02<\/td><td class=\"column-9\">1.81<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u4eec\u4ece\u671f\u6743\u94fe\u91cc\u770b\u5230\u4ee5\u540c\u6837\u7684\u884c\u6743\u4ef7\u6765\u770b\uff0c\u53ea\u8981\u622a\u6b62\u65f6\u95f4\u8d8a\u8fdc\uff0ctheta\u4f1a\u964d\u4f4e\uff0cvega\u4f1a\u6307\u6570\u6210\u957f\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">Vega\u662fIV\u9690\u542b\u6ce2\u52a8\u7387\u5bf9\u671f\u6743\u4ef7\u683c\u7684\u5f71\u54cd<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u4eec\u8981\u5728\u9690\u542b\u6ce2\u52a8\u7387\u81a8\u80c0\u4e4b\u524d\u62e5\u6709\u8d8a\u591avega\u8d8a\u597d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u6211\u4eec\u60f3\u8981\u4e70\u4fbf\u5b9c\u4e00\u70b9\u7684\u4ef7\u5916Put\u6765\u505a\u5bf9\u51b2\u7684\u4fdd\u62a4\uff0c\u6211\u4eec\u4f1a\u770b\u5230\u51f8\u6027\u51cf\u5c11\uff0c\u6240\u4ee5\u5f53IV\u81a8\u80c0\u65f6\u83b7\u5229\u5c31\u4f1a\u53d8\u5c11\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img decoding=\"async\" width=\"1024\" height=\"593\" src=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/option-convexity-1024x593.png\" alt=\"option convexity\" class=\"wp-image-6453\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/option-convexity-1024x593.png 1024w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/option-convexity-300x174.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/option-convexity-768x444.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/option-convexity-18x10.png 18w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/option-convexity.png 1073w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">\u5f53\u884c\u6743\u4ef7\u79bb\u80a1\u4ef7\u8d8a\u8fdc\uff0cPut\u671f\u6743\u7684\u4ef7\u503c\u51f8\u6027\u6bd4\u8f83\u4f4e\u3002<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u6240\u4ee5\u6211\u4eec\u7ed3\u5408SPY 100\u80a1(100 delta)\u548c\u8d2d\u4e702\u4e2aSPY Put\u5408\u7ea6(-99.07 delta)\u8ba9\u6211\u4eec\u8fbe\u5230\u51e0\u4e4edelta\u4e2d\u6027\u7684\u4ed3\u4f4d\u3002<\/p>\n\n\n\n<table id=\"tablepress-19\" class=\"tablepress tablepress-id-19\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">\u4ed3\u4f4d<\/th><th class=\"column-2\">Delta<\/th><th class=\"column-3\">Theta<\/th><th class=\"column-4\">Vega<\/th><th class=\"column-5\">Gamma<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">100\u80a1<\/td><td class=\"column-2\">100<\/td><td class=\"column-3\">0<\/td><td class=\"column-4\">0<\/td><td class=\"column-5\">0<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">2\u4e2a\u4ef7\u5e73Puts<\/td><td class=\"column-2\">-99.07<\/td><td class=\"column-3\">-4.80<\/td><td class=\"column-4\">360<\/td><td class=\"column-5\">1.25<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">\u603b\u548c<\/td><td class=\"column-2\">0.93<\/td><td class=\"column-3\">-4.80<\/td><td class=\"column-4\">360<\/td><td class=\"column-5\">1.25<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n<p class=\"wp-block-paragraph\">Theta -4.80\u8868\u793aPut\u7684\u4ef7\u503c\u6bcf\u5929\u8d2c\u503c-$4.80\uff0c\u53e6\u5916\u8fd9\u4e2a\u7ec4\u5408\u7684vega\u662f360\u800cgamma\u662f1.25\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">\u8fd9\u662f\u4e2adelta\u4e2d\u6027\u7684\u5bf9\u51b2\u7b56\u7565\uff0c\u7528<a href=\"https:\/\/slashtraders.com\/cn\/blog\/td-ameritrade-review\/\" target=\"_blank\" rel=\"noreferrer noopener\">Thinkorswim<\/a>\u5206\u6790\u5b83\u7684\u83b7\u5229\u5982\u4e0b\u56fe\u3002<\/p>\n\n\n<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u4e70put\u548c\u80a1\u7968\u83b7\u5229\u5206\u6790-1024x576.png\" alt=\"\u4e70put\u548c\u80a1\u7968\u83b7\u5229\u5206\u6790\" class=\"wp-image-6464\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u4e70put\u548c\u80a1\u7968\u83b7\u5229\u5206\u6790-1024x576.png 1024w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u4e70put\u548c\u80a1\u7968\u83b7\u5229\u5206\u6790-300x169.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u4e70put\u548c\u80a1\u7968\u83b7\u5229\u5206\u6790-768x432.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u4e70put\u548c\u80a1\u7968\u83b7\u5229\u5206\u6790-18x10.png 18w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u4e70put\u548c\u80a1\u7968\u83b7\u5229\u5206\u6790.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">\u7ed3\u5408\u4e70Put\u548c\u4e70\u80a1\u7968\u8fbe\u5230delta\u5bf9\u51b2\u7b56\u7565\u53ef\u7528gamma\u548cvega\u8d81\u80a1\u7968\u6ce2\u52a8\u65f6\u83b7\u5229\u3002<\/figcaption><\/figure>\n\n\n<p><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u83b7\u5229\u5206\u6790\u53ef\u4ee5\u770b\u5230\u8fd9\u4e2a\u4ea4\u6613\u7ec4\u5408\u7684\u51f8\u6027\uff0c\u8fd9\u4e2a\u7ec4\u5408\u5728SPY\u4e0a\u6da8\u8d85\u8fc7$388\u6216\u8005SPY\u4e0b\u8dcc\u4f4e\u4e8e$271\u65f6\u83b7\u5229\u3002\u5982\u679c\u80a1\u4ef7\u57282022\/1\/21\u671f\u6743\u622a\u6b62\u65f6\u505c\u7559\u5728$330\uff0c\u6211\u4eec\u8d2d\u4e70\u7684Put\u5c31\u4f1a\u5f52\u96f6\uff0c\u6211\u4eec\u635f\u5931\u4e70Put\u7684$5,582\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u4eec\u4e4b\u6240\u4ee5\u53ef\u4ee5\u4e0d\u8bbaSPY\u6da8\u8dcc\u90fd\u8d5a\u94b1\u662f\u56e0\u4e3a\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5f53SPY\u4e0a\u6da8\u65f6\uff0c\u6211\u4eec\u6301\u6709\u7684\u80a1\u7968\u589e\u503c\u5927\u8fc7\u4e8ePut\u671f\u6743\u8d2c\u503c\u3002<\/li>\n\n\n\n<li>\u5f53SPY\u4e0b\u8dcc\u65f6\uff0cgamma\u7684\u51f8\u6027\u5bfc\u81f4Put\u6da8\u4ef7\u591a\u8fc7\u4e8eSPY\u80a1\u4ef7\u4e0b\u8dcc\u7684\u5e45\u5ea6\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u4ee5\u4e0aBlack-Schole\u516c\u5f0f\u63d0\u5230\u7684\uff0c\u6ce2\u52a8\u7387\u9700\u8981\u6bd4theta\u8fd8\u8981\u5927\u624d\u80fd\u5728delta\u5bf9\u51b2\u4e2d\u83b7\u5229\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">\u6211\u4eec\u53ef\u4ee5\u5c06<a href=\"https:\/\/slashtraders.com\/cn\/blog\/iv-rank-vs-iv-percentile\/\" target=\"_blank\" rel=\"noreferrer noopener\">IV\u8c03\u9ad8<\/a>12%\u6765\u770b\u5982\u679c2020\/3\u80a1\u5e02\u5d29\u76d8\u65f6\u5bf9\u6211\u4eec\u7ec4\u5408P\/L\u7684\u5f71\u54cd\u3002<\/p>\n\n\n<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/IV\u81a8\u80c0\u83b7\u5229-1024x576.png\" alt=\"IV\u81a8\u80c0\u83b7\u5229\" class=\"wp-image-6468\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/IV\u81a8\u80c0\u83b7\u5229-1024x576.png 1024w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/IV\u81a8\u80c0\u83b7\u5229-300x169.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/IV\u81a8\u80c0\u83b7\u5229-768x432.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/IV\u81a8\u80c0\u83b7\u5229-18x10.png 18w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/IV\u81a8\u80c0\u83b7\u5229.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">IV\u589e\u52a012%\u4f1a\u8ba9\u6211\u4eec\u7684\u4ed3\u4f4d\u56e0vega\u589e\u52a0\u800c\u83b7\u5229$4,322.91\u3002<\/figcaption><\/figure>\n\n\n<p><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5373\u4f7fSPY\u4ef7\u683c\u4e0d\u52a8\uff0c\u53ea\u6709\u6ce2\u52a8\u7387\u589e\u52a0\uff0c\u6211\u4eec\u7684\u7b56\u7565\u4f1a\u56e0vega\u81a8\u80c0\u800c\u83b7\u5229$4,322.91\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e70Call\u671f\u6743\u642d\u914d\u505a\u7a7a100\u80a1<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u505a\u7a7a100\u80a1SPY\u5e76\u8d2d\u4e702\u4e2aCall\u5408\u7ea6\u4e5f\u53ef\u4ee5\u8fbe\u5230\u4e00\u6837\u7684\u51f8\u6027\uff0c\u5f53\u6ce2\u52a8\u589e\u52a0\u65f6\u4e5f\u4f1a\u5f97\u5230\u51e0\u4e4e\u4e00\u6837\u7684\u83b7\u5229\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f53\u5e02\u573a\u4e0b\u8dcc\uff0c\u6211\u4eec\u505a\u7a7a\u7684SPY\u80a1\u7968\u83b7\u5229\u591a\u8fc7\u4e8e\u4e70Call\u635f\u5931\u7684\u4ef7\u503c\u3002\u5982\u679c\u80a1\u4ef7\u4e0a\u6da8\uff0c\u6211\u4eec\u7684Call\u671f\u6743\u83b7\u5229\u4f1a\u591a\u4e8e\u7a7aSPY\u7684\u635f\u5931\u3002<\/p>\n\n\n<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u8cb7call\u548c\u7a7a\u80a1\u7968\u7372\u5229\u5206\u6790-1024x576.png\" alt=\"\u8cb7call\u548c\u7a7a\u80a1\u7968\u7372\u5229\u5206\u6790\" class=\"wp-image-6473\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u8cb7call\u548c\u7a7a\u80a1\u7968\u7372\u5229\u5206\u6790-1024x576.png 1024w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u8cb7call\u548c\u7a7a\u80a1\u7968\u7372\u5229\u5206\u6790-300x169.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u8cb7call\u548c\u7a7a\u80a1\u7968\u7372\u5229\u5206\u6790-768x432.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u8cb7call\u548c\u7a7a\u80a1\u7968\u7372\u5229\u5206\u6790-18x10.png 18w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u8cb7call\u548c\u7a7a\u80a1\u7968\u7372\u5229\u5206\u6790.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">\u7ed3\u5408\u4e70Call\u548c\u505a\u7a7a\u80a1\u7968\u8fbe\u5230delta\u5bf9\u51b2\u7b56\u7565\u53ef\u7528gamma\u548cvega\u8d81\u80a1\u7968\u6ce2\u52a8\u65f6\u83b7\u5229\u3002<\/figcaption><\/figure>\n\n\n<p><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u53ea\u8981\u6ce2\u52a8\u7684\u83b7\u5229\u5927\u4e8etheta\u8d2c\u503c\u7684\u635f\u5931\uff0c\u6211\u4eec\u7684delta\u5bf9\u51b2\u7b56\u7565\u5c31\u53ef\u8d5a\u94b1\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">\u6211\u4eec\u9009\u62e9<a href=\"https:\/\/slashtraders.com\/cn\/blog\/best-leaps-call-options\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8d2d\u4e70\u622a\u6b62\u65f6\u95f4\u8d85\u8fc71\u5e74\u7684Put\u6216Call\u671f\u6743<\/a>\u7684\u539f\u56e0\u6709\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"translation-block\">\u622a\u6b62\u65f6\u95f4\u6708\u4e45vega\u8d8a\u9ad8\uff0c\u6240\u4ee5IV\u589e\u52a0\u65f6\u671f\u6743\u4ef7\u503c\u83b7\u5229\u8d8a\u591a(\u6b63\u4ef7\u5dee)\u3002<\/li>\n\n\n\n<li>Theta\u6bd4\u8f83\u4f4e\uff0c\u8ba9\u6211\u4eec\u7684\u5bf9\u51b2\u7b56\u7565\u6709\u66f4\u591a\u7684\u65f6\u95f4\u548c\u673a\u4f1a\u6210\u529f\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u6240\u4ee5\u8d2d\u4e701-2\u5e74\u540e\u624d\u622a\u6b62\u7684\u9009\u62e9\u6743\u8ba9\u6211\u4eec\u80fd\u628a\u63e1\u672a\u6765\u6ce2\u52a8\u53d8\u5927\u7684\u65f6\u673a\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u77ed\u65f6\u95f4\u622a\u6b62\u7684SPY\u9009\u62e9\u6743\u6709\u8f83\u4f4e\u7684vega\u548c\u9ad8theta\uff0c\u8ba9\u6211\u4eec\u7684\u5bf9\u51b2\u7b56\u7565\u6bd4\u8f83\u96be\u6210\u529f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728\u5e02\u573a\u6ce2\u52a8\u7387\u4f4e\u7684\u65f6\u5019\u53ef\u4fbf\u5b9c\u4e70\u5230\u9009\u62e9\u6743\uff0c\u8ba9\u5bf9\u51b2\u7b56\u7565\u7684\u6210\u529f\u7387\u66f4\u9ad8\uff0c\u66f4\u80fd\u5728\u80a1\u4ef7\u5d29\u76d8\u7684\u65f6\u5019\u4fdd\u62a4\u6295\u8d44\u7ec4\u5408\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><a href=\"https:\/\/slashtraders.com\/cn\/pricing\/?utm_source=blog&amp;utm_medium=banner\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"971\" height=\"120\" src=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2022\/03\/\u659c\u6760\u6295\u8d44\u8fbe\u4eba\u4f53\u9a8c-banner-1.png\" alt=\"\u659c\u6760\u6295\u8d44\u8fbe\u4eba\u4f53\u9a8c banner\" class=\"wp-image-7387\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2022\/03\/\u659c\u6760\u6295\u8d44\u8fbe\u4eba\u4f53\u9a8c-banner-1.png 971w, https:\/\/slashtraders.com\/wp-content\/uploads\/2022\/03\/\u659c\u6760\u6295\u8d44\u8fbe\u4eba\u4f53\u9a8c-banner-1-300x37.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2022\/03\/\u659c\u6760\u6295\u8d44\u8fbe\u4eba\u4f53\u9a8c-banner-1-768x95.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2022\/03\/\u659c\u6760\u6295\u8d44\u8fbe\u4eba\u4f53\u9a8c-banner-1-18x2.png 18w\" sizes=\"(max-width: 971px) 100vw, 971px\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\u75282020\u80ba\u708e\u80a1\u707e\u6a21\u62df\u5bf9\u51b2\u7684\u6548\u679c<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u4eec\u5c06\u65f6\u95f4\u56de\u52302020\/2\/7\uff0c\u7528$10\u4e07\u7684\u5e10\u6237\u4e2d\u5927\u7ea6$60k\u6301\u6709\u6210\u957f\u80a1(30%)\u548c\u80a1\u606f\u80a1\u7968(70%)\u3002<\/p>\n\n\n\n<table id=\"tablepress-21\" class=\"tablepress tablepress-id-21\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">\u80a1\u7968<\/th><th class=\"column-2\">\u80a1\u4ef7<\/th><th class=\"column-3\">\u6570\u91cf<\/th><th class=\"column-4\">\u4ed3\u4f4d<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">AAPL<\/td><td class=\"column-2\">$323.08<\/td><td class=\"column-3\">20<\/td><td class=\"column-4\">$6,461.60<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">ABBV<\/td><td class=\"column-2\">$86.79<\/td><td class=\"column-3\">60<\/td><td class=\"column-4\">$5,207.40<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">AMZN<\/td><td class=\"column-2\">$2049.35<\/td><td class=\"column-3\">3<\/td><td class=\"column-4\">$6,148.05<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">BAC<\/td><td class=\"column-2\">$34.72<\/td><td class=\"column-3\">200<\/td><td class=\"column-4\">$6,944.00<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">FB<\/td><td class=\"column-2\">$211.00<\/td><td class=\"column-3\">30<\/td><td class=\"column-4\">$6,330.00<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">JNJ<\/td><td class=\"column-2\">$153.88<\/td><td class=\"column-3\">30<\/td><td class=\"column-4\">$4,616.40<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">MMM<\/td><td class=\"column-2\">$163.13<\/td><td class=\"column-3\">30<\/td><td class=\"column-4\">$4,893.90<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">MO<\/td><td class=\"column-2\">$46.62<\/td><td class=\"column-3\">120<\/td><td class=\"column-4\">$5,594.40<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">MSFT<\/td><td class=\"column-2\">$183.10<\/td><td class=\"column-3\">30<\/td><td class=\"column-4\">$5,493.00<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">VZ<\/td><td class=\"column-2\">$59.55<\/td><td class=\"column-3\">100<\/td><td class=\"column-4\">$5,955,00<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">\u603b\u548c<\/td><td class=\"column-2\"><\/td><td class=\"column-3\"><\/td><td class=\"column-4\">$57,643.75<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n<p class=\"wp-block-paragraph\">\u5269\u4e0b\u7684$40k\u53ef\u7528\u6765\u5bf9\u51b2\u6765\u4fdd\u62a4\u6211\u4eec\u7684\u6295\u8d44\u7ec4\u5408\uff0c\u964d\u4f4e2020\u80a1\u707e\u7684\u5f71\u54cd\uff0c\u5e76\u4e14\u7559\u4e0b\u5927\u90e8\u5206\u7684\u73b0\u91d1\u672a\u6765\u8c03\u6574\u7ec4\u5408\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u4eecbeta weight\u6240\u6709\u6301\u80a1\u7684delta\u540e\uff0c\u6211\u4eec\u53ef\u8d2d\u4e703\u4e2a$330 SPY\u7684Put\u57282022\/1\/21\u622a\u6b62\uff0c\u82b1\u8d39$8,139\u6765\u8fbe\u5230delta\u4e2d\u6027\u7684\u7ec4\u5408\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">3\u4e2aSPY $330 Put (2022\/1\/21\u622a\u6b62)\u671f\u6743\u8d39\u7528 = $2,713 x 3 = $8,139<\/p>\n<\/blockquote>\n\n\n<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"390\" src=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u6301\u80a1\u548c\u5bf9\u51b2-1024x390.png\" alt=\"\u6301\u80a1\u548c\u5bf9\u51b2\" class=\"wp-image-6486\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u6301\u80a1\u548c\u5bf9\u51b2-1024x390.png 1024w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u6301\u80a1\u548c\u5bf9\u51b2-300x114.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u6301\u80a1\u548c\u5bf9\u51b2-768x292.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u6301\u80a1\u548c\u5bf9\u51b2-18x7.png 18w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u6301\u80a1\u548c\u5bf9\u51b2.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">\u52a0\u4e0a\u5bf9\u51b2\u540e\u7684\u5b8c\u6574\u6295\u8d44\u7ec4\u5408\u3002<\/figcaption><\/figure>\n\n\n<p><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3\u4e2a$330 SPY Put\u7684\u9762\u503c\u4e3a$99,000\uff0c\u53ef\u63d0\u4f9b\u6211\u4eec\u6295\u8d44\u7ec4\u5408165%\u7684\u4fdd\u62a4\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">3\u4e2aSPY Put\u671f\u6743\u7684\u9762\u503c = $330 x 300 = $99,000<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c06\u65f6\u95f4\u524d\u8fdb\u52302020\/3\/30\uff0c\u6301\u6709\u7684\u80a1\u7968\u4ef7\u503c\u4e0b\u8dcc\u4e86\u5927\u7ea6$11,329\uff0c\u800c\u6211\u4eec\u5bf9\u51b2\u7684Put\u9009\u62e9\u6743\u5347\u503c\u4e86$21,129\u3002\u6240\u4ee5\u5f53\u5927\u76d8\u66b4\u8dcc\u4e8640%\uff0c\u6574\u4e2a\u5e10\u6237\u53cd\u800c\u589e\u503c\u4e86$9,799.95\uff0c\u7ea616%\uff01<\/p>\n\n\n<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"390\" src=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u5d29\u76d8\u540e\u6301\u80a1\u548c\u5bf9\u51b2-1024x390.png\" alt=\"\u5d29\u76d8\u540e\u6301\u80a1\u548c\u5bf9\u51b2\" class=\"wp-image-6497\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u5d29\u76d8\u540e\u6301\u80a1\u548c\u5bf9\u51b2-1024x390.png 1024w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u5d29\u76d8\u540e\u6301\u80a1\u548c\u5bf9\u51b2-300x114.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u5d29\u76d8\u540e\u6301\u80a1\u548c\u5bf9\u51b2-768x292.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u5d29\u76d8\u540e\u6301\u80a1\u548c\u5bf9\u51b2-18x7.png 18w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u5d29\u76d8\u540e\u6301\u80a1\u548c\u5bf9\u51b2.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">\u8d2d\u4e70\u7684SPY Put\u9009\u62e9\u6743\u6210\u529f\u7684\u5728\u5d29\u76d8\u540e\u4fdd\u62a4\u4e86\u80a1\u7968\u4ed3\u4f4d\u3002<\/figcaption><\/figure>\n\n\n<p><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u80a1\u5e02\u5d29\u76d8\u7684\u65f6\u5019\u6240\u6709\u8d2d\u4e70\u7684\u80a1\u7968\u90fd\u4e8f\u635f\uff0c\u8fd8\u597d\u6709\u5bf9\u51b2\u7684Put\u9009\u62e9\u6743\u589e\u503c\u624d\u80fd\u4fdd\u62a4\u6211\u4eec\u7684\u8d44\u672c\uff0c\u6211\u4eec\u63a5\u4e0b\u6765\u5c31\u53ef\u4ee5\u7528\u589e\u52a0\u7684\u8d44\u91d1\u8d2d\u4e70\u88ab\u4f4e\u4f30\u7684\u7ee9\u4f18\u80a1\u7968\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u4e0b\u7684P\/L\u8ba9\u6211\u4eec\u4e86\u89e3\u4e0d\u540c\u4fdd\u62a4\u7b49\u7ea7\u5728\u5d29\u76d8\u540e\u7684\u83b7\u5229\u5206\u6790\u3002<\/p>\n\n\n\n<table id=\"tablepress-22\" class=\"tablepress tablepress-id-22\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">\u4fdd\u62a4\u7b49\u7ea7<\/th><th class=\"column-2\">0%<\/th><td class=\"column-3\"><\/td><th class=\"column-4\">-5%<\/th><td class=\"column-5\"><\/td><th class=\"column-6\">-10%<\/th><td class=\"column-7\"><\/td>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">\u884c\u6743\u4ef7<\/td><td class=\"column-2\">$330<\/td><td class=\"column-3\"><\/td><td class=\"column-4\">$315<\/td><td class=\"column-5\"><\/td><td class=\"column-6\">$300<\/td><td class=\"column-7\"><\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\">\u5d29\u76d8\u540e\u7684\u83b7\u5229<\/td><td class=\"column-3\">Put\u6210\u672c<\/td><td class=\"column-4\">\u5d29\u76d8\u540e\u7684\u83b7\u5229<\/td><td class=\"column-5\">Put\u6210\u672c<\/td><td class=\"column-6\">\u5d29\u76d8\u540e\u7684\u83b7\u5229<\/td><td class=\"column-7\">Put\u6210\u672c<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">1\u4e2aPut - \u7ea650%\u7ec4\u5408\u4ef7\u503c<\/td><td class=\"column-2\">-$2,300<\/td><td class=\"column-3\">$2,713<\/td><td class=\"column-4\">$-3,000<\/td><td class=\"column-5\">$2,190<\/td><td class=\"column-6\">-$3,400<\/td><td class=\"column-7\">$1,750<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">2\u4e2aPut - \u7ea6100%\u7ec4\u5408\u4ef7\u503c<\/td><td class=\"column-2\">$4,500<\/td><td class=\"column-3\">$5,426<\/td><td class=\"column-4\">$3,300<\/td><td class=\"column-5\">$4,380<\/td><td class=\"column-6\">$2,300<\/td><td class=\"column-7\">$3,500<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">3\u4e2aPut - \u7ea6150%\u7ec4\u5408\u4ef7\u503c<\/td><td class=\"column-2\">$9,800<\/td><td class=\"column-3\">$8,139<\/td><td class=\"column-4\">$9,500<\/td><td class=\"column-5\">$6,570<\/td><td class=\"column-6\">$8,000<\/td><td class=\"column-7\">$5,250<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">\u6ca1\u4fdd\u62a4<\/td><td class=\"column-2\">-$11,329<\/td><td class=\"column-3\"><\/td><td class=\"column-4\"><\/td><td class=\"column-5\"><\/td><td class=\"column-6\"><\/td><td class=\"column-7\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u8981\u51cf\u5c11\u5bf9\u51b2\u7b56\u7565\u7684\u8d39\u7528\uff0c\u6211\u4eec\u5efa\u8bae100%\u5de6\u53f3\u7684\u7ec4\u5408\u4ef7\u503c\u642d\u914d-10%\u7684\u4fdd\u62a4\u7b49\u7ea7\u5373\u53ef\uff0c\u5bf9\u51b2\u7684\u8981\u70b9\u662f\u9884\u96322020\u5e02\u573a\u5d29\u76d8\u7b49\u9ed1\u5929\u9e45\u53d1\u751f\u65f6\u6295\u8d44\u7684\u635f\u5931\uff0c\u800c\u4e0d\u662f\u8981\u57285%-10%\u7684\u5e02\u573a\u4fee\u6b63\u65f6\u83b7\u5229\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u8c03\u6574\u5bf9\u51b2\u7b56\u7565\u7684\u6280\u5de7<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f53\u6211\u4eec\u8d2d\u4e70\u4e86\u5bf9\u51b2\u7684Put\u671f\u6743\u540e\uff0c\u6211\u4eec\u9700\u8981\u4e3b\u52a8\u7684\u8c03\u6574\u4ed3\u4f4d\u624d\u80fd\u6301\u7eed\u7684\u964d\u4f4e\u98ce\u9669\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f53\u5927\u76d8\u4e0a\u6da8\uff0c\u6211\u4eec\u9700\u8981\u5c06Put\u8f6c\u4ed3\u5230\u9ad8\u4e00\u70b9\u7684\u5408\u7ea6\u4ef7\uff0c\u5e76\u5c06\u622a\u6b62\u65e5\u62c9\u8fd1\u5230\u4e0b\u4e2a\u6708\u3002\u5982\u679c\u6ca1\u6709\u8f6c\u4ed3\u8c03\u6574\u9009\u62e9\u6743\uff0c\u884c\u6743\u4ef7\u4f1a\u79bb\u80a1\u4ef7\u8d8a\u6765\u8d8a\u8fdc\uff0c\u8fd9\u4e2a\u4fdd\u62a4\u7b49\u7ea7\u5c31\u4f1a\u964d\u4f4e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u5927\u76d8\u4e0b\u8dcc5%\u7a7f\u8fc7Put\u884c\u6743\u4ef7\uff0c\u6211\u4eec\u53ef\u4ee5\u5c062\u5e74\u622a\u6b62\u7684Put\u8f6c\u4ed3\u52301-2\u4e2a\u6708\u622a\u6b62\u7684\u9009\u62e9\u6743\u5e76\u4f7f\u7528vega\u81a8\u80c0\u8d5a\u53d6\u4ef7\u5dee(vega scalping)\u3002\u5982\u679c\u5927\u76d8\u6301\u7eed\u4e0b\u8dcc\uff0c\u4ef7\u5185\u7684Put\u4e5f\u4f1a\u56e0\u4e3agamma\u800c\u4e0d\u65ad\u5730\u589e\u503c(gamma scalping)\u3002\u53ea\u8981\u53ca\u65f6\u7684\u8f6c\u4ed3\uff0c\u6211\u4eec\u5c31\u53ef\u4ee5\u5728\u5e02\u573a\u53cd\u5f39\u524d\u5c06vega\u7684\u83b7\u5229\u5165\u888b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">\u5982\u679c\u718a\u5e02\u6301\u7eed\u7684\u8dcc\u5230-30-40%\uff0c\u5373\u65f6\u7684\u5c06Put\u5e73\u4ed3\u4e5f\u53ef\u4ee5\u8d81theta Put\u4ef7\u503c\u8d2c\u503c\u524d\u89c1\u597d\u5c31\u6536\u3002\u603b\u4e4b\uff0c\u5982\u679c\u80a1\u4ef7\u6da8\u8dcc\u4e0d\u65ad\uff0c\u6211\u4eec\u5c31<a href=\"https:\/\/slashtraders.com\/cn\/blog\/roll-options\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8f6c\u4ed3\u62c9\u8fd1\u622a\u6b62\u65e5\u3001\u8c03\u6574\u4ef7\u683c\u63a5\u8fd1\u5e02\u4ef7<\/a>\uff0c\u6765\u9760vega scalping\u548cgamma scalping\u83b7\u5229\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5047\u8bbeSPY\u57282020\/2\/27\u4e0b\u8dcc\u5230$316 (\u4ece$333\u4e0b\u8dcc5%)\uff0cPut\u9009\u62e9\u6743\u4ef7\u683c\u4f1a\u4ece$27\u6da8\u5230$48\u3002\u6211\u4eec\u53ef\u4ee5\u5c06Put\u7684\u5408\u7ea6\u4ef7\u4ece$330\u8c03\u6574\u5230$315\uff0c\u5e76\u5c062\u5e74\u7684\u622a\u6b62\u65e5\u8f6c\u4ed3\u5230\u4e0b\u4e2a\u6708\u622a\u6b62\uff0c\u8fd9\u4e2a\u4ea4\u6613\u4f1a\u8ba9\u6211\u4eec\u5f97\u5230$29\u7684\u4ef7\u5dee\u3002<\/p>\n\n\n<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"149\" src=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u8f6c\u4ed3\u62c9\u8fd1\u622a\u6b62\u65e5\u8c03\u4f4e\u5c65\u7ea6\u4ef7-1024x149.png\" alt=\"\u8f6c\u4ed3\u62c9\u8fd1\u622a\u6b62\u65e5\u8c03\u4f4e\u5c65\u7ea6\u4ef7\" class=\"wp-image-6502\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u8f6c\u4ed3\u62c9\u8fd1\u622a\u6b62\u65e5\u8c03\u4f4e\u5c65\u7ea6\u4ef7-1024x149.png 1024w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u8f6c\u4ed3\u62c9\u8fd1\u622a\u6b62\u65e5\u8c03\u4f4e\u5c65\u7ea6\u4ef7-300x44.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u8f6c\u4ed3\u62c9\u8fd1\u622a\u6b62\u65e5\u8c03\u4f4e\u5c65\u7ea6\u4ef7-768x112.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u8f6c\u4ed3\u62c9\u8fd1\u622a\u6b62\u65e5\u8c03\u4f4e\u5c65\u7ea6\u4ef7-18x3.png 18w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u8f6c\u4ed3\u62c9\u8fd1\u622a\u6b62\u65e5\u8c03\u4f4e\u5c65\u7ea6\u4ef7.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">\u5c062\u5e74\u540e\u622a\u6b62\u7684Put\u8f6c\u4ed3\u5230\u4e0b\u4e2a\u6708\u622a\u6b62\u53ef\u83b7\u5f97$29\u7684\u6536\u5165\u3002<\/figcaption><\/figure>\n\n\n<p><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u52302020\/3\/20\u80a1\u7968\u5d29\u76d8\u540e\uff0c$315\u7684Put\u4ef7\u503c\u4ece$17\u6da8\u5230$76\uff0c\u6240\u4ee5\u6211\u4eec\u671f\u6743\u83b7\u5f97\u7684\u4ef7\u5dee\u5c31\u662f$49+29=$78\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u8f6c\u4ed33\u4e2aPuts\u7684\u603b\u83b7\u5229 = $78 x 100 x 3 = $23,400<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u6211\u4eec\u6ca1\u6709\u53ca\u65f6\u8c03\u6574Puts\u7684\u622a\u6b62\u65e5\uff0c\u6bcf\u4e2aPut\u5408\u7ea6\u53ea\u4f1a\u57282020\/3\/20\u589e\u503c\u5230$96\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u539f\u59cb\u76843\u4e2aPuts\u7684\u603b\u83b7\u5229 = ($96-$27) x 100 x3 = $20,400<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">\u53ea\u8981\u53ca\u65f6\u7684\u8f6c\u4ed3Put\u9009\u62e9\u6743\uff0c\u6211\u4eec\u5c31\u53ef\u4ee5\u900f\u8fc7gamma scalping\u591a\u8d5a$3,000\uff0c\u8ba9\u6211\u4eec\u5728SPY<a href=\"https:\/\/slashtraders.com\/cn\/tools\/bull-put-spread-screener\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5411\u4e0a\u53cd\u5f39<\/a>\u524d\u5148\u6536\u4e0b\u83b7\u5229\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u5982\u4f55\u5206\u644a\u5bf9\u51b2\u7684\u8d39\u7528\uff1f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u4eec\u8d2d\u4e703\u4e2aPut\u5408\u7ea6\u82b1\u8d39$8,139\uff0c\u53ef\u4ee5\u4fdd\u62a4\u6211\u4eec24\u4e2a\u6708\uff0c\u5982\u679c\u5e02\u573a\u4e0d\u4e0b\u8dcc\uff0c\u8fd9\u4e2a\u8d39\u7528\u5c31\u5f52\u96f6\u4e86\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">\u4e00\u4e2a\u5206\u644a\u5bf9\u51b2\u8d39\u7528\u7684\u65b9\u5f0f\u662f\u7528<a href=\"https:\/\/slashtraders.com\/cn\/blog\/sp500-spy-etf-wheel-strategy\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6eda\u8f6e\u7b56\u7565<\/a>\u6765\u62b5\u9500\u6bcf\u4e2a\u6708$339\u7684\u5f00\u652f\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u6bcf\u4e2a\u6708\u7684Put\u8d2c\u503c = $8,139\/24 = $339.125<\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\">\u73b0\u5728\u9ad8\u673a\u7387\u7684\u4e0b\u8dcc\u673a\u4f1a<\/h2>\n\n\n\n<p class=\"wp-block-paragraph translation-block\"><a href=\"https:\/\/slashtraders.com\/cn\/tools\/bear-call-spread-screener\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u770b\u8dccCall Spread\u9009\u80a1\u795e\u5668<\/a>\u4f7f\u7528\u5927\u6570\u636e\u627e\u5230\u6da8\u8fc7\u5934\u7684\u80a1\u7968\u6e05\u5355\uff0c\u8ba9\u6211\u4eec\u8fc5\u901f\u627e\u5230\u88ab\u9ad8\u4f30\u3001\u9ad8\u673a\u7387\u4fee\u6b63\u4e0b\u8dcc\u7684Bear Call Spread\u8fdb\u573a\u65f6\u673a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e3a\u4e86\u627e\u5230\u9ad8\u673a\u7387\u4e0b\u8dcc\u7684\u80a1\u7968\uff0c\u6211\u4eec\u53ef\u4ee5\u6ce8\u610f\u88ab\u9ad8\u4f30\u3001\u6b63\u8981\u5f00\u59cb\u4e0b\u8dcc\u7684\u80a1\u7968\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"translation-block\">\u9009\u80a1\u795e\u5668\u4f7f\u7528<a href=\"https:\/\/slashtraders.com\/cn\/blog\/fundamental-analysis-vs-technical-analysis\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u57fa\u672c\u9762\u5206\u6790\u51faFair Value<\/a>\u548cLast\u7684\u5dee\u4ef7\u8ba1\u7b97\u80a1\u4ef7\u7684\u4e0b\u8dcc\u6f5c\u529bUpside\uff0c\u5f53Upside\u6709-30%\u4ee5\u4e0b\uff0c\u6211\u4eec\u5c31\u6709\u4fe1\u5fc3\u80a1\u4ef7\u88ab\u9ad8\u4f30\u4e86\uff0c\u63a5\u4e0b\u6765\u6709\u673a\u4f1a\u4e0b\u8dcc\u3002<\/li>\n\n\n\n<li>Short Signal Price\u4ee3\u8868\u56fe\u8868\u5206\u6790\u8ba1\u7b97\u51fa\u80a1\u4ef7\u5f00\u59cb\u8d70\u4e0b\u5761\u65f6\u7684\u4ef7\u683c\uff0c\u8ba9\u6211\u4eec\u77e5\u9053\u77ed\u65f6\u95f4\u5185\u80a1\u4ef7\u4e0d\u4f1a\u8d85\u8fc7\u8fd9\u4e2a\u9ad8\u70b9\u3002<\/li>\n\n\n\n<li>Short Days\u8868\u793a\u4e0a\u4e00\u6b21\u51fa\u73b0\u4e0b\u8dcc\u8baf\u53f7\u79bb\u73b0\u5728\u7684\u4ea4\u6613\u65e5\u6570\uff0c\u53ea\u8981\u4e00\u51fa\u73b0\u4e0b\u8dcc\u8baf\u53f7\u63a5\u4e0b\u6765\u5c31\u6709\u9ad8\u673a\u7387\u80a1\u4ef7\u4f1a\u8d70\u4e0b\u5761\u3002<\/li>\n\n\n\n<li>\u4e5f\u8981\u907f\u5f00\u5feb\u8981\u51fa\u73b0Ex-Dividend Date\u914d\u80a1\u606f\u7684\u65e5\u5b50\uff0c\u4ee5\u514d\u4e00\u65b9\u9762\u80a1\u4ef7\u4f1a\u4e0a\u6da8\u88ab\u5c65\u7ea6\uff0c\u53e6\u4e00\u65b9\u9762\u914d\u5c65\u7ea6\u540e\u8981\u8d1f\u62c5\u914d\u606f\u7684\u8d23\u4efb\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u65e2\u7136\u6211\u4eec\u770b\u8dcc\u80a1\u7968\uff0c\u53ef\u4ee5\u7528-0.50 delta\u7684ATM Bear Call Spread\u6765\u8ba1\u7b97\u6295\u8d44\u62a5\u916c\u7387Return on Capital\uff0c\u8fd9\u6837\u53ea\u8981\u80a1\u4ef7\u4e0b\u8dcc\u83b7\u5229\u6700\u5927\uff0c\u5982\u679c\u80a1\u4ef7\u6da8\u4e86\u6700\u5927\u4e8f\u635f\u4e5f\u76f8\u5bf9\u5c0f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u4e0b\u662f\u6211\u4eec\u53ef\u4ee5\u770b\u5230\u73b0\u5728\u6e05\u5355\u6392\u5e8f\u51fa\u88ab\u9ad8\u4f30\u6700\u591a\u7684ATM Bear Call Spread\u673a\u4f1a\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"354\" src=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/bear-call-spread-columns-1024x354.png\" alt=\"bear call spread columns\" class=\"wp-image-7548\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/bear-call-spread-columns-1024x354.png 1024w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/bear-call-spread-columns-300x104.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/bear-call-spread-columns-768x266.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/bear-call-spread-columns-18x6.png 18w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/bear-call-spread-columns.png 1121w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">\u7528Upside\u6392\u5e8f\u51fa\u88ab\u9ad8\u4f30\u6700\u591a\u7684\u80a1\u7968\uff0c\u518d\u7528Short Days\u6311\u51fa\u6700\u8fd1\u4e0b\u8dcc\u7684\u673a\u4f1a\u3002<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u7efc\u5408Upside\u548cShort Days\u7684\u6570\u636e\uff0c\u6211\u4eec\u770b\u5230\u73b0\u5728\u88ab\u9ad8\u4f30\u6700\u591a\u7684\u80a1\u7968\u4e2dENPH\u79bb\u4e0b\u8dcc\u8baf\u53f7\u51fa\u73b0\u7ecf\u8fc7\u4e868\u4e2a\u4ea4\u6613\u65e5\uff0c\u672a\u6765\u4e5f\u6ca1\u6709\u53d1\u80a1\u606f\u7684Ex-Dividend Date\uff0c\u662f\u73b0\u5728\u6700\u9ad8\u673a\u4f1a\u7684\u4e0b\u8dcc\u7684\u80a1\u7968\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"354\" src=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/bear-call-spread-screener-1024x354.png\" alt=\"bear call spread screener enph\" class=\"wp-image-7553\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/bear-call-spread-screener-1024x354.png 1024w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/bear-call-spread-screener-300x104.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/bear-call-spread-screener-768x266.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/bear-call-spread-screener-18x6.png 18w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/bear-call-spread-screener.png 1121w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">\u7efc\u5408Upside\u548cShort Days\u6311\u51fa\u73b0\u5728\u6700\u597d\u7684ATM Bear Call Spreads\u662fENPH\u3002<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u4eceEnphase\u80a1\u4ef7\u8d8b\u52bf\u6765\u770b\uff0c\u6211\u4eec\u786e\u8ba4ENPH\u81ea\u4ece8\u4e2a\u4ea4\u6613\u65e5\u4ee5\u524d\u786e\u5b9e\u8fbe\u5230$220\u9ad8\u70b9\uff0c\u8ddf\u6211\u4eec\u770b\u8dcc\u9009\u80a1\u795e\u5668\u63d0\u5230\u7684Short Signal Price\u76f8\u540c\uff0c\u63a5\u4e0b\u6765ENPH\u80a1\u4ef7\u8d70\u4e0b\u5761\uff0c\u77ed\u65f6\u95f4\u5185\u6709\u9ad8\u673a\u7387\u4e0d\u4f1a\u4e0a\u6da8\u8d85\u8fc7Short Signal Price\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"980\" height=\"579\" src=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/enph-short-signal-price-trend.png\" alt=\"enph short signal price trend\" class=\"wp-image-7562\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/enph-short-signal-price-trend.png 980w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/enph-short-signal-price-trend-300x177.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/enph-short-signal-price-trend-768x454.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/enph-short-signal-price-trend-18x12.png 18w\" sizes=\"(max-width: 980px) 100vw, 980px\" \/><figcaption class=\"wp-element-caption\">ENPH\u57288\u4e2a\u4ea4\u6613\u65e5\u8fbe\u5230Short Signal Price\u7684$220\uff0c\u4e4b\u540e\u5c31\u4e0d\u65ad\u4e0b\u8dcc\u3002<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u4eec\u5356\u4e00\u4e2a35\u5929\u540e\u5230\u671f\u7684ENPH\u4ef7\u5e73ATM Call Spread\u671f\u6743\uff0c\u5982\u679c\u622a\u6b62\u524dEnphase\u80a1\u4ef7\u6ca1\u6709\u4e0a\u6da8\uff0c\u8fd9\u4e2a\u4ea4\u6613\u6709\u6700\u9ad886%\u7684\u6295\u8d44\u62a5\u916c\u7387\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/enph-atm-bear-call-spread-1024x576.png\" alt=\"enph atm bear call spread\" class=\"wp-image-7560\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/enph-atm-bear-call-spread-1024x576.png 1024w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/enph-atm-bear-call-spread-300x169.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/enph-atm-bear-call-spread-768x432.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/enph-atm-bear-call-spread-18x10.png 18w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/08\/enph-atm-bear-call-spread.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">\u5356\u4e00\u4e2a35\u5929\u540e\u5230\u671f\u7684ENPH\u4ef7\u5e73ATM Call Spread\u6709\u6700\u9ad886%\u7684\u6295\u8d44\u62a5\u916c\u7387\u3002<\/figcaption><\/figure>\n\n\n\n<p class=\"has-ast-global-color-4-background-color has-background wp-block-paragraph\"><a href=\"https:\/\/slashtraders.com\/cn\/blog\/slashtraders-vs-sp500\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5f00\u7bb1\u659c\u6760\u6295\u8d44\u8fbe\u4eba\u51fb\u8d25\u6807\u666e500\u6307\u6570450%\u7684\u5b8c\u6574\u4ea4\u6613\u7b56\u7565<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>\u65e2\u7136\u73b0\u5728\u7684\u80a1\u5e02\u6709\u9ad8\u673a\u7387\u662f\u88ab\u9ad8\u4f30\u7684\uff0c\u6211\u4eec\u53ef\u4ee5\u671f\u5f85\u5728\u4e0d\u4e45\u4e4b\u540e\u80a1\u5e02\u4f1a\u56de\u5f52\u5230\u5e73\u5747\u503c\u3002\u4e0d\u8bba\u662f\u5426\u80a1\u5e02\u6ce1\u6cab\uff0c\u6211\u4eec\u90fd\u89c9\u5f97\u5e94\u8be5\u8981\u6709\u597d\u7684\u5bf9\u51b2\u7b56\u7565\u4fdd\u62a4\u6295\u8d44\u7ec4\u5408\u3002<\/p>","protected":false},"author":1,"featured_media":6436,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"plain-container","ast-site-content-layout":"normal-width-container","site-content-style":"unboxed","site-sidebar-style":"unboxed","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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