{
    "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\/tw\/blog\/delta-hedging-strategy\/",
    "title": {
        "rendered": "\u6700\u5b8c\u6574\u7684Hedging\u5c0d\u6c96\u6559\u5b78\u4f86\u4fdd\u8b77\u4f60\u7684\u9577\u671f\u6295\u8cc7"
    },
    "content": {
        "rendered": "<p class=\"wp-block-paragraph\">\u5f88\u591a\u6295\u8cc7\u5c08\u5bb6\u90fd\u8aaa\uff0c\u73fe\u5728\u7684\u7f8e\u80a1\u6ce1\u6cab\u5316\uff0c\u96a8\u6642\u90fd\u6709\u53ef\u80fd\u6703\u5d29\u76e4\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u6211\u5011\u56de\u9867\u4e0a\u4e00\u6b21\u80a1\u5e02\u6ce1\u6cab\u7684\u6642\u5019\uff0c\u5f9e1995\u5e74\u958b\u59cb\u52302000\u5e74\u7db2\u8def\u6ce1\u6cab\u7684\u6642\u5019\uff0c\u80a1\u5e02\u7e3d\u5171\u7de0\u9020\u4e8677\u6b21\u7684\u6b77\u53f2\u9ad8\u5cf0\u3002\u5230\u66f4\u8fd1\u4e00\u9ede\u76842020\u5e74\u4e09\u6708\u80a1\u5e02\u5d29\u76e4\u5f8c\uff0cS&amp;P 500\u958b\u59cb\u5f37\u52c1\u7684\u725b\u5e02\uff0c\u5230\u73fe\u5728\u5df2\u7d93\u6bd420\u5e74\u5275\u9020\u4e86\u66f4\u591a\u7684\u6b77\u53f2\u9ad8\u9ede\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u5c08\u5bb6\u8aaa2020\u5e74\u5927\u8dcc\u524d\u5e02\u5834\u5df2\u7d93\u88ab\u9ad8\u4f30\uff0c\u5230\u73fe\u57282021\u5e74\u80a1\u7968\u6ce1\u6cab\u7684\u7a0b\u5ea6\u66f4\u52dd\u53bb\u5e74\u3002\u6b64\u5916\uff0c\u901a\u8ca8\u81a8\u8139\u4e5f\u662f\u5e02\u5834\u6ce1\u6cab\u7684\u4e00\u500b\u539f\u56e0\u4e4b\u4e00\uff0c\u8b93\u66f4\u591a\u4eba\u9858\u610f\u638f\u9322\u6295\u8cc7\u80a1\u7968\u5e02\u5834\u6e96\u5099\u5927\u6488\u4e00\u7968\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5df4\u83f2\u7279\u6307\u6a19(Buffett Indicator)\u544a\u8a34\u6211\u5011\uff0c\u80a1\u5e02\u901a\u5e38\u5728\u4e00\u500b\u7834\u7d00\u9304\u7684\u4e0a\u6f32\u8da8\u52e2\u4ee5\u5f8c\u6703\u51fa\u73fe\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\u6a19\u6307\u51fa\u6700\u8fd1\u80a1\u5e02\u6ce1\u6cab\u5f8c\u51fa\u73fe\u7684\u5927\u5d29\u76e4\u3002<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728\u659c\u69d3\u6295\u8cc7\u9054\u4eba\uff0c\u6211\u5011\u628a\u80a1\u7968\u5e02\u5834\u7576\u4f5c\u4e00\u500b\u7d71\u8a08\u5b78\u7684\u6982\u7387\u3002\u5373\u4f7f\u5e02\u5834\u7684\u8d77\u4f0f\u7121\u6cd5\u9810\u6599\uff0c\u80a1\u50f9\u9084\u662f\u7a69\u5b9a\u7684\u3001\u9ad8\u6a5f\u7387\u7684\u51fa\u73fe\u5169\u500b\u73fe\u8c61\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u56de\u6b78\u5230\u5408\u7406\u50f9\u683c\u3002<\/li>\n\n\n\n<li>\u56de\u6b78\u5230\u6b77\u53f2\u5e73\u5747\u7684\u6ce2\u52d5\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u65e2\u7136\u73fe\u5728\u7684\u80a1\u5e02\u6709\u9ad8\u6a5f\u7387\u662f\u88ab\u9ad8\u4f30\u7684\uff0c\u6211\u5011\u53ef\u4ee5\u671f\u5f85\u5728\u4e0d\u4e45\u4e4b\u5f8c\u80a1\u5e02\u6703\u4fee\u6b63\u3001\u4e0b\u8dcc\u3001\u56de\u6b78\u5230\u5e73\u5747\u503c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e0d\u8ad6\u662f\u5426\u80a1\u5e02\u6ce1\u6cab\uff0c\u6211\u5011\u90fd\u89ba\u5f97\u61c9\u8a72\u8981\u6709\u597d\u7684\u5c0d\u6c96\u7b56\u7565<a href=\"https:\/\/slashtraders.com\/tw\/blog\/portfolio-management-stocks\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u4fdd\u8b77\u6295\u8cc7\u7d44\u5408<\/a>\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4ec0\u9ebc\u662f\u5c0d\u6c96\uff1f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c0d\u6c96\u662f\u4e00\u7a2e\u7576\u5e02\u5834\u8d70\u5411\u4e0d\u5982\u9810\u671f\u6642\uff0c\u53ef\u4ee5\u964d\u4f4e\u98a8\u96aa\u4e26\u4fdd\u8b77\u6295\u8cc7\u7d44\u5408\u7684\u7b56\u7565\u3002<a href=\"https:\/\/slashtraders.com\/tw\/blog\/zero-cost-collar\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5c0d\u6c96\u7b56\u7565<\/a>\u53ef\u7576\u4f5c\u662f\u70ba\u4f60\u8f9b\u82e6\u8cfa\u7684\u9322\u8cb7\u7684\u4fdd\u96aa\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f88\u591a\u4eba\u90fd\u8aaa\u80a1\u5e02\u662f\u591a\u982d\u7684\uff0c\u901a\u5e3870%-80%\u7684\u6642\u5019\u80a1\u50f9\u90fd\u6703\u4e0a\u6f32\u3002\u4f46\u662f\u80a1\u5e02\u5076\u723e\u6703\u62c9\u56de(\u6bcf\u5e74\u4e0b\u8dcc5%-10%\u5169\u4e09\u6b21)\u3001<a href=\"https:\/\/slashtraders.com\/tw\/tools\/bear-call-spread-screener\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u4fee\u6b63<\/a>(\u6bcf\u5169\u5e74\u4e0b\u8dcc10%-20%\u4e00\u6b21)\u3001\u718a\u5e02(\u6bcf5-6\u5e74\u4e0b\u8dcc20%\u4ee5\u4e0a)\uff0c\u8b93\u6211\u5011\u9700\u8981\u5c0d\u6c96\u964d\u4f4e\u98a8\u96aa\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6839\u64da\u7d93\u9a57\uff0c\u80a1\u50f9\u901a\u5e38\u53ea\u9700\u89814\u5468\u5c31\u53ef\u4ee5\u4e0b\u8dcc50%\uff0c\u4e0d\u904e\u53ef\u80fd\u9700\u89812\u5e74\u624d\u80fd\u56de\u5fa9\u5230\u539f\u4f86\u7684\u50f9\u683c\uff0c\u5e02\u5834\u901a\u5e38\u66b4\u8dcc\u6bd4\u66b4\u6f32\u9084\u5feb\u3002\u6709\u4e9b\u4eba\u89ba\u5f97\u4e0b\u8dcc50%\u53ea\u8981\u6f32\u56de\u4f8650%\u5c31\u6253\u5e73\u4e86\uff0c\u53ef\u662f\u4e8b\u5be6\u4e0a\u4f60\u9700\u8981\u7372\u5229100%\u624d\u80fd\u8cfa\u56de\u7576\u521d\u640d\u5931\u768450%\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c0d\u6c96\u7b56\u7565\u8b93\u6211\u5011\u5728\u80a1\u50f9\u4e0b\u8dcc\u6642\u7372\u5229\uff0c\u907f\u514d\u6211\u5011\u7684\u5e33\u6236\u88ab\u8ffd\u52a0\u4fdd\u8b49\u91d1\uff0c\u4e5f\u8b93\u6211\u5011\u7528\u65b0\u589e\u52a0\u7684\u8cc7\u672c\u8cfc\u8cb7\u4fbf\u5b9c\u3001\u88ab\u4f4e\u4f30\u7684<a href=\"https:\/\/slashtraders.com\/tw\/tools\/dividend-stock-screener\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u7e3e\u512a\u80a1<\/a>\uff0c\u9577\u6642\u9593\u4e0b\u4f86\u6211\u5011\u66f4\u6709\u6a5f\u6703\u52dd\u904e\u5927\u76e4\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4ec0\u9ebc\u662fDelta\u5c0d\u6c96\uff1f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Delta\u5c0d\u6c96\u662f\u4e00\u500b\u4f7f\u7528delta\u4e2d\u6027\u7684\u4ea4\u6613\u4f86\u6e1b\u5c11\u80a1\u50f9\u4fee\u6b63\u6642\u5c0d\u6295\u8cc7\u7d44\u5408\u7684\u640d\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\u50f9\u5c0d\u671f\u6b0a\u50f9\u683c\u7684\u5f71\u97ff<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Black-Scholes\u5b9a\u50f9\u6a21\u578b\u80cc\u5f8c\u7684\u57fa\u790e\u662f\u627e\u5230\u4e00\u500b\u5c0d\u6c96\u4e0d\u540c\u884d\u751f\u5de5\u5177\u7684\u65b9\u5f0f\uff0c\u5176\u4e2d\u4e5f\u5305\u62ec\u4e86<a href=\"https:\/\/slashtraders.com\/tw\/blog\/options-value\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u9078\u64c7\u6b0a\u7684\u5b9a\u50f9<\/a>\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7528<a href=\"https:\/\/zh.wikipedia.org\/wiki\/%E5%B8%83%E8%8E%B1%E5%85%8B-%E8%88%92%E5%B0%94%E6%96%AF%E6%A8%A1%E5%9E%8B\" target=\"_blank\" rel=\"noreferrer noopener\">Black-Scholes\u6a21\u578b<\/a>\u6f14\u7b97\u51fa\u4ee5\u4e0b\u7684\u516c\u5f0f\u53ef\u5e6b\u6211\u5011\u627e\u5230\u6700\u4f73\u7684\u5c0d\u6c96\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\u6b0a\u50f9\u683c<\/li>\n\n\n\n<li>\u03c3 = IV<\/li>\n\n\n\n<li>S = \u80a1\u50f9<\/li>\n\n\n\n<li>r = \u7121\u98a8\u96aa\u5229\u7387<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728\u7b49\u865f\u5de6\u908a\u5206\u5225\u662f\u9078\u64c7\u6b0a\u7684\u6642\u9593\u50f9\u503c(theta)\u548c\u9078\u64c7\u6b0a\u50f9\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\u50f9\u5c0ddelta\u7684\u5f71\u97ff\uff0c\u4e5f\u662f\u80a1\u50f9\u5c0d\u671f\u6b0a\u50f9\u683c\u7684\u52a0\u901f\u5ea6<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u9078\u64c7\u6b0a\u50f9\u683c\u7684\u51f8\u6027\u8868\u793a\u7576\u80a1\u50f9\u6539\u8b8a$1\u6642\uff0c\u9078\u64c7\u6b0a\u7684\u50f9\u683c\u6703\u4ee5\u6307\u6578\u589e\u9577\uff0c\u6240\u4ee5\u901a\u5e38\u884d\u751f\u6027\u7522\u54c1\u7684\u7372\u5229\u662f\u4ee5\u4e8c\u6b21\u65b9\u7a0b\u5f0f\u6f32\u8dcc\u7684\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/slashtraders.com\/tw\/blog\/option-greeks\/\" target=\"_blank\" rel=\"noreferrer noopener\">Theta\u662f\u8ca0\u6578<\/a>\u56e0\u70ba\u5b83\u8868\u793a\u9078\u64c7\u6b0a\u56e0\u6642\u9593\u6d41\u901d\u800c\u8cb6\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\u6642\u9593\u5c0d\u671f\u6b0a\u50f9\u683c\u7684\u5f71\u97ff<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728\u7b49\u865f\u53f3\u908a\u662f\u64c1\u6709\u9078\u64c7\u6b0a\u7684\u7121\u98a8\u96aa\u5831\u916c\u4ee5\u53ca\u505a\u7a7a\u6a19\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 = \u7121\u98a8\u96aa\u5831\u916c &#8211; \u505a\u7a7a\u6a19\u7684\u7269<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u7b2c\u4e8c\u500b\u91cd\u9ede\u662f\u5c0d\u6c96\u7684\u7b56\u7565\u53ea\u6709\u5728gamma\u589e\u9577\u5927\u65bctheta\u640d\u5931\u7684\u6642\u5019\u624d\u6703\u7372\u5229\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f60\u53ef\u80fd\u767c\u89ba\u6211\u5011\u5728\u8a0e\u8ad6\u4ee5\u4e0a\u516c\u5f0f\u6642\u90fd\u6c92\u6709\u63d0\u5230delta\uff0c\u4e0d\u904e\u6211\u5011\u624b\u4e2d\u6301\u6709\u7684\u80a1\u7968delta\u9700\u8981\u8ddf\u9078\u64c7\u6b0a\u5009\u4f4d\u7684delta\u4e92\u76f8\u62b5\u6d88\u624d\u80fd\u9054\u5230delta\u4e2d\u6027\u7684\u76ee\u6a19\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9019\u500b\u6642\u5019\u6211\u5011\u5c31\u53ef\u4ee5\u900f\u904e\u64cd\u4f5c<a href=\"https:\/\/slashtraders.com\/tw\/blog\/market-volatility-hv-iv\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6ce2\u52d5\u7387<\/a>\u4f86\u900f\u904egamma\u6216vega\u589e\u503c\u4f86\u7372\u5229\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u5982\u4f55\u4f7f\u7528Gamma\u548cVega\u4f86\u5c0d\u6c96\uff1f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u7576\u6211\u5011\u7684\u5c0d\u6c96\u7b56\u7565\u9054\u5230delta\u4e2d\u6027\uff0c\u6211\u5011\u5c31\u4e0d\u9700\u8981\u9810\u6e2c\u80a1\u50f9\u7279\u5b9a\u7684\u8d70\u5411\u4f86\u7372\u5229\uff0c\u53cd\u800c\u662f\u900f\u904e\u64cd\u4f5c\u6ce2\u52d5\u7387\u4f86\u8cfa\u9322\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u5011\u53ef\u4ee5\u8cb7\u50f9\u5e73\u7684<a href=\"https:\/\/slashtraders.com\/tw\/blog\/what-are-options\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u9078\u64c7\u6b0a<\/a>\u4f86\u7528gamma\u548cvega\u5c0d\u6c96\u624b\u4e0a\u7684\u80a1\u7968\u5009\u4f4d\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u8cb7Put\u9078\u64c7\u6b0a\u5c0d\u6c96\u505a\u591a\u7684100\u80a1\u3002<\/li>\n\n\n\n<li>\u8cb7Call\u9078\u64c7\u6b0a\u5c0d\u6c96\u505a\u7a7a\u7684100\u80a1\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u8cb7Put\u9078\u64c7\u6b0a\u642d\u914d\u505a\u591a100\u80a1<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u5011\u4f7f\u7528Thinkorswim\u4e2d\u7684ThinkOnDemand\u529f\u80fd\u53ef\u4ee5\u8b93\u6211\u5011\u56de\u52302020\/2\/8\uff0c\u5728covid\u80ba\u708e\u80a1\u707d\u9ed1\u5929\u9d5d\u767c\u751f\u7684\u524d\u4e00\u500b\u6708\u4f86\u6a21\u64ec<a href=\"https:\/\/slashtraders.com\/tw\/blog\/married-put\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8cb7Put\u5c0d\u6c96<\/a>\u7684\u6548\u679c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u5011\u6a21\u64ec\u5728$332.94\u7684\u6642\u5019\u8cfc\u8cb7100\u80a1SPY(100 delta)\uff0c\u518d\u8cb7\u5169\u500b\u50f9\u5e73$330 SPY Put\u5408\u7d04\u5728\u5169\u5e74\u5f8c2022\/1\/21\u622a\u6b62(\u5927\u7d04-100 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\">\u9078\u64c7\u6b0a<\/th><th class=\"column-2\">\u622a\u6b62\u65e5<\/th><th class=\"column-3\">\u5c65\u7d04\u50f9<\/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\u5011\u5f9e\u671f\u6b0a\u93c8\u88e1\u770b\u5230\u4ee5\u540c\u6a23\u7684\u5408\u7d04\u50f9\u4f86\u770b\uff0c\u53ea\u8981\u622a\u6b62\u6642\u9593\u8d8a\u9060\uff0ctheta\u6703\u964d\u4f4e\uff0cvega\u6703\u6307\u6578\u6210\u9577\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\u96b1\u542b\u6ce2\u52d5\u7387\u5c0d\u671f\u6b0a\u50f9\u683c\u7684\u5f71\u97ff<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u5011\u8981\u5728\u96b1\u542b\u6ce2\u52d5\u7387\u81a8\u8139\u4e4b\u524d\u64c1\u6709\u8d8a\u591avega\u8d8a\u597d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u6211\u5011\u60f3\u8981\u8cb7\u4fbf\u5b9c\u4e00\u9ede\u7684\u50f9\u5916Put\u4f86\u505a\u5c0d\u6c96\u7684\u4fdd\u8b77\uff0c\u6211\u5011\u6703\u770b\u5230\u51f8\u6027\u6e1b\u5c11\uff0c\u6240\u4ee5\u7576IV\u81a8\u8139\u6642\u7372\u5229\u5c31\u6703\u8b8a\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\">\u7576\u5408\u7d04\u50f9\u96e2\u80a1\u50f9\u8d8a\u9060\uff0cPut\u9078\u64c7\u6b0a\u7684\u50f9\u503c\u51f8\u6027\u6bd4\u8f03\u4f4e\u3002<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u6240\u4ee5\u6211\u5011\u7d50\u5408SPY 100\u80a1(100 delta)\u548c\u8cfc\u8cb72\u500bSPY Put\u5408\u7d04(-99.07 delta)\u8b93\u6211\u5011\u9054\u5230\u5e7e\u4e4edelta\u4e2d\u6027\u7684\u5009\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\">\u5009\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\u500b\u50f9\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\">\u7e3d\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\u50f9\u503c\u6bcf\u5929\u8cb6\u503c-$4.80\uff0c\u53e6\u5916\u9019\u500b\u7d44\u5408\u7684vega\u662f360\u800cgamma\u662f1.25\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9019\u662f\u500bdelta\u4e2d\u6027\u7684\u5c0d\u6c96\u7b56\u7565\uff0c\u7528<a href=\"https:\/\/slashtraders.com\/tw\/blog\/td-ameritrade-review\/\" target=\"_blank\" rel=\"noreferrer noopener\">Thinkorswim<\/a>\u5206\u6790\u5b83\u7684\u7372\u5229\u5982\u4e0b\u5716\u3002<\/p>\n\n\n\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\/\u8cb7put\u548c\u80a1\u7968\u7372\u5229\u5206\u6790-1024x576.png\" alt=\"\u8cb7put\u548c\u80a1\u7968\u7372\u5229\u5206\u6790\" class=\"wp-image-6465\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u8cb7put\u548c\u80a1\u7968\u7372\u5229\u5206\u6790-1024x576.png 1024w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u8cb7put\u548c\u80a1\u7968\u7372\u5229\u5206\u6790-300x169.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u8cb7put\u548c\u80a1\u7968\u7372\u5229\u5206\u6790-768x432.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u8cb7put\u548c\u80a1\u7968\u7372\u5229\u5206\u6790-18x10.png 18w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u8cb7put\u548c\u80a1\u7968\u7372\u5229\u5206\u6790.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">\u7d50\u5408\u8cb7Put\u548c\u8cb7\u80a1\u7968\u9054\u5230delta\u5c0d\u6c96\u7b56\u7565\u53ef\u7528gamma\u548cvega\u8d81\u80a1\u7968\u6ce2\u52d5\u6642\u7372\u5229\u3002<\/figcaption><\/figure>\n\n\n<p><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7372\u5229\u5206\u6790\u53ef\u4ee5\u770b\u5230\u9019\u500b\u4ea4\u6613\u7d44\u5408\u7684\u51f8\u6027\uff0c\u9019\u500b\u7d44\u5408\u5728SPY\u4e0a\u6f32\u8d85\u904e$388\u6216\u8005SPY\u4e0b\u8dcc\u4f4e\u65bc$271\u6642\u7372\u5229\u3002\u5982\u679c\u80a1\u50f9\u57282022\/1\/21\u671f\u6b0a\u622a\u6b62\u6642\u505c\u7559\u5728$330\uff0c\u6211\u5011\u8cfc\u8cb7\u7684Put\u5c31\u6703\u6b78\u96f6\uff0c\u6211\u5011\u640d\u5931\u8cb7Put\u7684$5,582\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u5011\u4e4b\u6240\u4ee5\u53ef\u4ee5\u4e0d\u8ad6SPY\u6f32\u8dcc\u90fd\u8cfa\u9322\u662f\u56e0\u70ba\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u7576SPY\u4e0a\u6f32\u6642\uff0c\u6211\u5011\u6301\u6709\u7684\u80a1\u7968\u589e\u503c\u5927\u904e\u65bcPut\u671f\u6b0a\u8cb6\u503c\u3002<\/li>\n\n\n\n<li>\u7576SPY\u4e0b\u8dcc\u6642\uff0cgamma\u7684\u51f8\u6027\u5c0e\u81f4Put\u6f32\u50f9\u591a\u904e\u65bcSPY\u80a1\u50f9\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\u52d5\u7387\u9700\u8981\u6bd4theta\u9084\u8981\u5927\u624d\u80fd\u5728delta\u5c0d\u6c96\u4e2d\u7372\u5229\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u5011\u53ef\u4ee5\u5c07<a href=\"https:\/\/slashtraders.com\/tw\/blog\/iv-rank-vs-iv-percentile\/\" target=\"_blank\" rel=\"noreferrer noopener\">IV\u8abf\u9ad8<\/a>12%\u4f86\u770b\u5982\u679c2020\/3\u80a1\u5e02\u5d29\u76e4\u6642\u5c0d\u6211\u5011\u7d44\u5408P\/L\u7684\u5f71\u97ff\u3002<\/p>\n\n\n\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\u8139\u7372\u5229-1024x576.png\" alt=\"IV\u81a8\u8139\u7372\u5229\" class=\"wp-image-6469\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/IV\u81a8\u8139\u7372\u5229-1024x576.png 1024w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/IV\u81a8\u8139\u7372\u5229-300x169.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/IV\u81a8\u8139\u7372\u5229-768x432.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/IV\u81a8\u8139\u7372\u5229-18x10.png 18w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/IV\u81a8\u8139\u7372\u5229.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">IV\u589e\u52a012%\u6703\u8b93\u6211\u5011\u7684\u5009\u4f4d\u56e0vega\u589e\u52a0\u800c\u7372\u5229$4,322.91\u3002<\/figcaption><\/figure>\n\n\n<p><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5373\u4f7fSPY\u50f9\u683c\u4e0d\u52d5\uff0c\u53ea\u6709\u6ce2\u52d5\u7387\u589e\u52a0\uff0c\u6211\u5011\u7684\u7b56\u7565\u6703\u56e0vega\u81a8\u8139\u800c\u7372\u5229$4,322.91\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u8cb7Call\u9078\u64c7\u6b0a\u642d\u914d\u505a\u7a7a100\u80a1<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u505a\u7a7a100\u80a1SPY\u4e26\u8cfc\u8cb72\u500bCall\u5408\u7d04\u4e5f\u53ef\u4ee5\u9054\u5230\u4e00\u6a23\u7684\u51f8\u6027\uff0c\u7576\u6ce2\u52d5\u589e\u52a0\u6642\u4e5f\u6703\u5f97\u5230\u5e7e\u4e4e\u4e00\u6a23\u7684\u7372\u5229\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7576\u5e02\u5834\u4e0b\u8dcc\uff0c\u6211\u5011\u505a\u7a7a\u7684SPY\u80a1\u7968\u7372\u5229\u591a\u904e\u65bc\u8cb7Call\u640d\u5931\u7684\u50f9\u503c\u3002\u5982\u679c\u80a1\u50f9\u4e0a\u6f32\uff0c\u6211\u5011\u7684Call\u671f\u6b0a\u7372\u5229\u6703\u591a\u65bc\u7a7aSPY\u7684\u640d\u5931\u3002<\/p>\n\n\n\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\">\u7d50\u5408\u8cb7Call\u548c\u505a\u7a7a\u80a1\u7968\u9054\u5230delta\u5c0d\u6c96\u7b56\u7565\u53ef\u7528gamma\u548cvega\u8d81\u80a1\u7968\u6ce2\u52d5\u6642\u7372\u5229\u3002<\/figcaption><\/figure>\n\n\n<p><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u53ea\u8981\u6ce2\u52d5\u7684\u7372\u5229\u5927\u65bctheta\u8cb6\u503c\u7684\u640d\u5931\uff0c\u6211\u5011\u7684delta\u5c0d\u6c96\u7b56\u7565\u5c31\u53ef\u8cfa\u9322\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u5011\u9078\u64c7<a href=\"https:\/\/slashtraders.com\/tw\/blog\/best-leaps-call-options\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8cfc\u8cb7\u622a\u6b62\u6642\u9593\u8d85\u904e1\u5e74\u7684Put\u6216Call\u9078\u64c7\u6b0a<\/a>\u7684\u539f\u56e0\u6709\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u622a\u6b62\u6642\u9593\u6708\u4e45vega\u8d8a\u9ad8\uff0c\u6240\u4ee5IV\u589e\u52a0\u6642\u671f\u6b0a\u50f9\u503c\u7372\u5229\u8d8a\u591a(<a href=\"https:\/\/zh.wikipedia.org\/wiki\/%E6%9C%9F%E8%B4%A7%E5%8D%87%E6%B0%B4#:~:text=%E6%9C%9F%E8%B4%A7%E5%8D%87%E6%B0%B4%EF%BC%8C%E7%AE%80%E7%A7%B0%E5%8D%87%E6%B0%B4%EF%BC%88%E8%8B%B1%E8%AA%9E,%E9%80%86%E5%83%B9%E5%B7%AE%E3%80%8D%EF%BC%88backwardation%EF%BC%89%E3%80%82\" target=\"_blank\" rel=\"noreferrer noopener\">\u6b63\u50f9\u5dee<\/a>)\u3002<\/li>\n\n\n\n<li>Theta\u6bd4\u8f03\u4f4e\uff0c\u8b93\u6211\u5011\u7684\u5c0d\u6c96\u7b56\u7565\u6709\u66f4\u591a\u7684\u6642\u9593\u548c\u6a5f\u6703\u6210\u529f\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u6240\u4ee5\u8cfc\u8cb71-2\u5e74\u5f8c\u624d\u622a\u6b62\u7684\u9078\u64c7\u6b0a\u8b93\u6211\u5011\u80fd\u628a\u63e1\u672a\u4f86\u6ce2\u52d5\u8b8a\u5927\u7684\u6642\u6a5f\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u77ed\u6642\u9593\u622a\u6b62\u7684SPY\u9078\u64c7\u6b0a\u6709\u8f03\u4f4e\u7684vega\u548c\u9ad8theta\uff0c\u8b93\u6211\u5011\u7684\u5c0d\u6c96\u7b56\u7565\u6bd4\u8f03\u96e3\u6210\u529f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728\u5e02\u5834\u6ce2\u52d5\u7387\u4f4e\u7684\u6642\u5019\u53ef\u4fbf\u5b9c\u8cb7\u5230\u9078\u64c7\u6b0a\uff0c\u8b93\u5c0d\u6c96\u7b56\u7565\u7684\u6210\u529f\u7387\u66f4\u9ad8\uff0c\u66f4\u80fd\u5728\u80a1\u50f9\u5d29\u76e4\u7684\u6642\u5019\u4fdd\u8b77\u6295\u8cc7\u7d44\u5408\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><a href=\"https:\/\/slashtraders.com\/tw\/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\u69d3\u6295\u8cc7\u9054\u4eba\u9ad4\u9a57-banner-1.png\" alt=\"\u659c\u69d3\u6295\u8cc7\u9054\u4eba\u9ad4\u9a57 banner\" class=\"wp-image-7387\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2022\/03\/\u659c\u69d3\u6295\u8cc7\u9054\u4eba\u9ad4\u9a57-banner-1.png 971w, https:\/\/slashtraders.com\/wp-content\/uploads\/2022\/03\/\u659c\u69d3\u6295\u8cc7\u9054\u4eba\u9ad4\u9a57-banner-1-300x37.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2022\/03\/\u659c\u69d3\u6295\u8cc7\u9054\u4eba\u9ad4\u9a57-banner-1-768x95.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2022\/03\/\u659c\u69d3\u6295\u8cc7\u9054\u4eba\u9ad4\u9a57-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\u707d\u6a21\u64ec\u5c0d\u6c96\u7684\u6548\u679c<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u5011\u5c07\u6642\u9593\u56de\u52302020\/2\/7\uff0c\u7528$10\u842c\u7684\u5e33\u6236\u4e2d\u5927\u7d04$60k\u6301\u6709\u6210\u9577\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\u50f9<\/th><th class=\"column-3\">\u6578\u91cf<\/th><th class=\"column-4\">\u5009\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\">\u7e3d\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\u4f86\u5c0d\u6c96\u4f86\u4fdd\u8b77\u6211\u5011\u7684\u6295\u8cc7\u7d44\u5408\uff0c\u964d\u4f4e2020\u80a1\u707d\u7684\u5f71\u97ff\uff0c\u4e26\u4e14\u7559\u4e0b\u5927\u90e8\u5206\u7684\u73fe\u91d1\u672a\u4f86\u8abf\u6574\u7d44\u5408\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u5011beta weight\u6240\u6709\u6301\u80a1\u7684delta\u5f8c\uff0c\u6211\u5011\u53ef\u8cfc\u8cb73\u500b$330 SPY\u7684Put\u57282022\/1\/21\u622a\u6b62\uff0c\u82b1\u8cbb$8,139\u4f86\u9054\u5230delta\u4e2d\u6027\u7684\u7d44\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\u500bSPY $330 Put (2022\/1\/21\u622a\u6b62)\u9078\u64c7\u6b0a\u8cbb\u7528 = $2,713 x 3 = $8,139<\/p>\n<\/blockquote>\n\n\n\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\u5c0d\u6c96-1024x390.png\" alt=\"\u6301\u80a1\u548c\u5c0d\u6c96\" class=\"wp-image-6487\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u6301\u80a1\u548c\u5c0d\u6c96-1024x390.png 1024w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u6301\u80a1\u548c\u5c0d\u6c96-300x114.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u6301\u80a1\u548c\u5c0d\u6c96-768x292.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u6301\u80a1\u548c\u5c0d\u6c96-18x7.png 18w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u6301\u80a1\u548c\u5c0d\u6c96.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">\u52a0\u4e0a\u5c0d\u6c96\u5f8c\u7684\u5b8c\u6574\u6295\u8cc7\u7d44\u5408\u3002<\/figcaption><\/figure>\n\n\n<p><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3\u500b$330 SPY Put\u7684\u9762\u503c\u70ba$99,000\uff0c\u53ef\u63d0\u4f9b\u6211\u5011\u6295\u8cc7\u7d44\u5408165%\u7684\u4fdd\u8b77\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\u500bSPY Put\u671f\u6b0a\u7684\u9762\u503c = $330 x 300 = $99,000<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c07\u6642\u9593\u524d\u9032\u52302020\/3\/30\uff0c\u6301\u6709\u7684\u80a1\u7968\u50f9\u503c\u4e0b\u8dcc\u4e86\u5927\u7d04$11,329\uff0c\u800c\u6211\u5011\u5c0d\u6c96\u7684Put\u9078\u64c7\u6b0a\u5347\u503c\u4e86$21,129\u3002\u6240\u4ee5\u7576\u5927\u76e4\u66b4\u8dcc\u4e8640%\uff0c\u6574\u500b\u5e33\u6236\u53cd\u800c\u589e\u503c\u4e86$9,799.95\uff0c\u7d0416%\uff01<\/p>\n\n\n\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\u76e4\u5f8c\u6301\u80a1\u548c\u5c0d\u6c96-1024x390.png\" alt=\"\u5d29\u76e4\u5f8c\u6301\u80a1\u548c\u5c0d\u6c96\" class=\"wp-image-6495\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u5d29\u76e4\u5f8c\u6301\u80a1\u548c\u5c0d\u6c96-1024x390.png 1024w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u5d29\u76e4\u5f8c\u6301\u80a1\u548c\u5c0d\u6c96-300x114.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u5d29\u76e4\u5f8c\u6301\u80a1\u548c\u5c0d\u6c96-768x292.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u5d29\u76e4\u5f8c\u6301\u80a1\u548c\u5c0d\u6c96-18x7.png 18w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u5d29\u76e4\u5f8c\u6301\u80a1\u548c\u5c0d\u6c96.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">\u8cfc\u8cb7\u7684SPY Put\u9078\u64c7\u6b0a\u6210\u529f\u7684\u5728\u5d29\u76e4\u5f8c\u4fdd\u8b77\u4e86\u80a1\u7968\u5009\u4f4d\u3002<\/figcaption><\/figure>\n\n\n<p><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u80a1\u5e02\u5d29\u76e4\u7684\u6642\u5019\u6240\u6709\u8cfc\u8cb7\u7684\u80a1\u7968\u90fd\u8667\u640d\uff0c\u9084\u597d\u6709\u5c0d\u6c96\u7684Put\u9078\u64c7\u6b0a\u589e\u503c\u624d\u80fd\u4fdd\u8b77\u6211\u5011\u7684\u8cc7\u672c\uff0c\u6211\u5011\u63a5\u4e0b\u4f86\u5c31\u53ef\u4ee5\u7528\u589e\u52a0\u7684\u8cc7\u91d1\u8cfc\u8cb7\u88ab\u4f4e\u4f30\u7684\u7e3e\u512a\u80a1\u7968\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u4e0b\u7684P\/L\u8b93\u6211\u5011\u4e86\u89e3\u4e0d\u540c\u4fdd\u8b77\u7b49\u7d1a\u5728\u5d29\u76e4\u5f8c\u7684\u7372\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\u8b77\u7b49\u7d1a<\/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\">\u5408\u7d04\u50f9<\/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\u76e4\u5f8c\u7684\u7372\u5229<\/td><td class=\"column-3\">Put\u6210\u672c<\/td><td class=\"column-4\">\u5d29\u76e4\u5f8c\u7684\u7372\u5229<\/td><td class=\"column-5\">Put\u6210\u672c<\/td><td class=\"column-6\">\u5d29\u76e4\u5f8c\u7684\u7372\u5229<\/td><td class=\"column-7\">Put\u6210\u672c<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">1\u500bPut - \u7d0450%\u7d44\u5408\u50f9\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\u500bPut - \u7d04100%\u7d44\u5408\u50f9\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\u500bPut - \u7d04150%\u7d44\u5408\u50f9\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\">\u6c92\u4fdd\u8b77<\/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\u6e1b\u5c11\u5c0d\u6c96\u7b56\u7565\u7684\u8cbb\u7528\uff0c\u6211\u5011\u5efa\u8b70100%\u5de6\u53f3\u7684\u7d44\u5408\u50f9\u503c\u642d\u914d-10%\u7684\u4fdd\u8b77\u7b49\u7d1a\u5373\u53ef\uff0c\u5c0d\u6c96\u7684\u8981\u9ede\u662f\u9810\u96322020\u5e02\u5834\u5d29\u76e4\u7b49\u9ed1\u5929\u9d5d\u767c\u751f\u6642\u6295\u8cc7\u7684\u640d\u5931\uff0c\u800c\u4e0d\u662f\u8981\u57285%-10%\u7684\u5e02\u5834\u4fee\u6b63\u6642\u7372\u5229\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u8abf\u6574\u5c0d\u6c96\u7b56\u7565\u7684\u6280\u5de7<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u7576\u6211\u5011\u8cfc\u8cb7\u4e86\u5c0d\u6c96\u7684Put\u671f\u6b0a\u5f8c\uff0c\u6211\u5011\u9700\u8981\u4e3b\u52d5\u7684\u8abf\u6574\u5009\u4f4d\u624d\u80fd\u6301\u7e8c\u7684\u964d\u4f4e\u98a8\u96aa\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7576\u5927\u76e4\u4e0a\u6f32\uff0c\u6211\u5011\u9700\u8981\u5c07Put\u8f49\u5009\u5230\u9ad8\u4e00\u9ede\u7684\u5408\u7d04\u50f9\uff0c\u4e26\u5c07\u622a\u6b62\u65e5\u62c9\u8fd1\u5230\u4e0b\u500b\u6708\u3002\u5982\u679c\u6c92\u6709\u8f49\u5009\u8abf\u6574\u9078\u64c7\u6b0a\uff0c\u5408\u7d04\u50f9\u6703\u96e2\u80a1\u50f9\u8d8a\u4f86\u8d8a\u9060\uff0c\u9019\u500b\u4fdd\u8b77\u7b49\u7d1a\u5c31\u6703\u964d\u4f4e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u5927\u76e4\u4e0b\u8dcc5%\u7a7f\u904ePut\u5408\u7d04\u50f9\uff0c\u6211\u5011\u53ef\u4ee5\u5c072\u5e74\u622a\u6b62\u7684Put\u8f49\u5009\u52301-2\u500b\u6708\u622a\u6b62\u7684\u9078\u64c7\u6b0a\u4e26\u4f7f\u7528vega\u81a8\u8139\u8cfa\u53d6\u50f9\u5dee(vega scalping)\u3002\u5982\u679c\u5927\u76e4\u6301\u7e8c\u4e0b\u8dcc\uff0c\u50f9\u5167\u7684Put\u4e5f\u6703\u56e0\u70bagamma\u800c\u4e0d\u65b7\u5730\u589e\u503c(gamma scalping)\u3002\u53ea\u8981\u53ca\u6642\u7684\u8f49\u5009\uff0c\u6211\u5011\u5c31\u53ef\u4ee5\u5728\u5e02\u5834\u53cd\u5f48\u524d\u5c07vega\u7684\u7372\u5229\u5165\u888b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u718a\u5e02\u6301\u7e8c\u7684\u8dcc\u5230-30-40%\uff0c\u5373\u6642\u7684\u5c07Put\u5e73\u5009\u4e5f\u53ef\u4ee5\u8d81theta Put\u50f9\u503c\u8cb6\u503c\u524d\u898b\u597d\u5c31\u6536\u3002\u7e3d\u4e4b\uff0c\u5982\u679c\u80a1\u50f9\u6f32\u8dcc\u4e0d\u65b7\uff0c\u6211\u5011\u5c31<a href=\"https:\/\/slashtraders.com\/tw\/blog\/roll-options\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8f49\u5009\u62c9\u8fd1\u622a\u6b62\u65e5\u3001\u8abf\u6574\u50f9\u683c\u63a5\u8fd1\u5e02\u50f9<\/a>\uff0c\u4f86\u9760vega scalping\u548cgamma scalping\u7372\u5229\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5047\u8a2dSPY\u57282020\/2\/27\u4e0b\u8dcc\u5230$316 (\u5f9e$333\u4e0b\u8dcc5%)\uff0cPut\u9078\u64c7\u6b0a\u50f9\u683c\u6703\u5f9e$27\u6f32\u5230$48\u3002\u6211\u5011\u53ef\u4ee5\u5c07Put\u7684\u5408\u7d04\u50f9\u5f9e$330\u8abf\u6574\u5230$315\uff0c\u4e26\u5c072\u5e74\u7684\u622a\u6b62\u65e5\u8f49\u5009\u5230\u4e0b\u500b\u6708\u622a\u6b62\uff0c\u9019\u500b\u4ea4\u6613\u6703\u8b93\u6211\u5011\u5f97\u5230$29\u7684\u50f9\u5dee\u3002<\/p>\n\n\n\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\/\u8f49\u5009\u62c9\u8fd1\u622a\u6b62\u65e5\u8abf\u4f4e\u5408\u7d04\u50f9-1024x149.png\" alt=\"\u8f49\u5009\u62c9\u8fd1\u622a\u6b62\u65e5\u8abf\u4f4e\u5408\u7d04\u50f9\" class=\"wp-image-6501\" srcset=\"https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u8f49\u5009\u62c9\u8fd1\u622a\u6b62\u65e5\u8abf\u4f4e\u5408\u7d04\u50f9-1024x149.png 1024w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u8f49\u5009\u62c9\u8fd1\u622a\u6b62\u65e5\u8abf\u4f4e\u5408\u7d04\u50f9-300x44.png 300w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u8f49\u5009\u62c9\u8fd1\u622a\u6b62\u65e5\u8abf\u4f4e\u5408\u7d04\u50f9-768x112.png 768w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u8f49\u5009\u62c9\u8fd1\u622a\u6b62\u65e5\u8abf\u4f4e\u5408\u7d04\u50f9-18x3.png 18w, https:\/\/slashtraders.com\/wp-content\/uploads\/2021\/11\/\u8f49\u5009\u62c9\u8fd1\u622a\u6b62\u65e5\u8abf\u4f4e\u5408\u7d04\u50f9.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">\u5c072\u5e74\u5f8c\u622a\u6b62\u7684Put\u8f49\u5009\u5230\u4e0b\u500b\u6708\u622a\u6b62\u53ef\u7372\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\u76e4\u5f8c\uff0c$315\u7684Put\u50f9\u503c\u5f9e$17\u6f32\u5230$76\uff0c\u6240\u4ee5\u6211\u5011\u671f\u6b0a\u7372\u5f97\u7684\u50f9\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\">\u8f49\u50093\u500bPuts\u7684\u7e3d\u7372\u5229 = $78 x 100 x 3 = $23,400<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u6211\u5011\u6c92\u6709\u53ca\u6642\u8abf\u6574Puts\u7684\u622a\u6b62\u65e5\uff0c\u6bcf\u500bPut\u5408\u7d04\u53ea\u6703\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\u500bPuts\u7684\u7e3d\u7372\u5229 = ($96-$27) x 100 x3 = $20,400<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u53ea\u8981\u53ca\u6642\u7684\u8f49\u5009Put\u9078\u64c7\u6b0a\uff0c\u6211\u5011\u5c31\u53ef\u4ee5\u900f\u904egamma scalping\u591a\u8cfa$3,000\uff0c\u8b93\u6211\u5011\u5728SPY<a href=\"https:\/\/slashtraders.com\/tw\/tools\/bull-put-spread-screener\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5411\u4e0a\u53cd\u5f48<\/a>\u524d\u5148\u6536\u4e0b\u7372\u5229\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u5982\u4f55\u5206\u6524\u5c0d\u6c96\u7684\u8cbb\u7528\uff1f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u5011\u8cfc\u8cb73\u500bPut\u5408\u7d04\u82b1\u8cbb$8,139\uff0c\u53ef\u4ee5\u4fdd\u8b77\u6211\u501124\u500b\u6708\uff0c\u5982\u679c\u5e02\u5834\u4e0d\u4e0b\u8dcc\uff0c\u9019\u500b\u8cbb\u7528\u5c31\u6b78\u96f6\u4e86\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u500b\u5206\u6524\u5c0d\u6c96\u8cbb\u7528\u7684\u65b9\u5f0f\u662f\u7528<a href=\"https:\/\/slashtraders.com\/tw\/blog\/sp500-spy-etf-wheel-strategy\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6efe\u8f2a\u7b56\u7565<\/a>\u4f86\u62b5\u92b7\u6bcf\u500b\u6708$339\u7684\u958b\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\u500b\u6708\u7684Put\u8cb6\u503c = $8,139\/24 = $339.125<\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\">\u73fe\u5728\u9ad8\u6a5f\u7387\u7684\u4e0b\u8dcc\u6a5f\u6703<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/slashtraders.com\/tw\/tools\/bear-call-spread-screener\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u770b\u8dccCall Spread\u9078\u80a1\u795e\u5668<\/a>\u4f7f\u7528\u5927\u6578\u64da\u627e\u5230\u6f32\u904e\u982d\u7684\u80a1\u7968\u6e05\u55ae\uff0c\u8b93\u6211\u5011\u8fc5\u901f\u627e\u5230\u88ab\u9ad8\u4f30\u3001\u9ad8\u6a5f\u7387\u4fee\u6b63\u4e0b\u8dcc\u7684Bear Call Spread\u9032\u5834\u6642\u6a5f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u70ba\u4e86\u627e\u5230\u9ad8\u6a5f\u7387\u4e0b\u8dcc\u7684\u80a1\u7968\uff0c\u6211\u5011\u53ef\u4ee5\u6ce8\u610f\u88ab\u9ad8\u4f30\u3001\u6b63\u8981\u958b\u59cb\u4e0b\u8dcc\u7684\u80a1\u7968\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u9078\u80a1\u795e\u5668\u4f7f\u7528<a href=\"https:\/\/slashtraders.com\/tw\/blog\/fundamental-analysis-vs-technical-analysis\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u57fa\u672c\u9762\u5206\u6790\u51faFair Value<\/a>\u548cLast\u7684\u5dee\u50f9\u8a08\u7b97\u80a1\u50f9\u7684\u4e0b\u8dcc\u6f5b\u529bUpside\uff0c\u7576Upside\u6709-30%\u4ee5\u4e0b\uff0c\u6211\u5011\u5c31\u6709\u4fe1\u5fc3\u80a1\u50f9\u88ab\u9ad8\u4f30\u4e86\uff0c\u63a5\u4e0b\u4f86\u6709\u6a5f\u6703\u4e0b\u8dcc\u3002<\/li>\n\n\n\n<li>Short Signal Price\u4ee3\u8868\u5716\u8868\u5206\u6790\u8a08\u7b97\u51fa\u80a1\u50f9\u958b\u59cb\u8d70\u4e0b\u5761\u6642\u7684\u50f9\u683c\uff0c\u8b93\u6211\u5011\u77e5\u9053\u77ed\u6642\u9593\u5167\u80a1\u50f9\u4e0d\u6703\u8d85\u904e\u9019\u500b\u9ad8\u9ede\u3002<\/li>\n\n\n\n<li>Short Days\u8868\u793a\u4e0a\u4e00\u6b21\u51fa\u73fe\u4e0b\u8dcc\u8a0a\u865f\u96e2\u73fe\u5728\u7684\u4ea4\u6613\u65e5\u6578\uff0c\u53ea\u8981\u4e00\u51fa\u73fe\u4e0b\u8dcc\u8a0a\u865f\u63a5\u4e0b\u4f86\u5c31\u6709\u9ad8\u6a5f\u7387\u80a1\u50f9\u6703\u8d70\u4e0b\u5761\u3002<\/li>\n\n\n\n<li>\u4e5f\u8981\u907f\u958b\u5feb\u8981\u51fa\u73feEx-Dividend Date\u914d\u80a1\u606f\u7684\u65e5\u5b50\uff0c\u4ee5\u514d\u4e00\u65b9\u9762\u80a1\u50f9\u6703\u4e0a\u6f32\u88ab\u5c65\u7d04\uff0c\u53e6\u4e00\u65b9\u9762\u914d\u5c65\u7d04\u5f8c\u8981\u8ca0\u64d4\u914d\u606f\u7684\u8cac\u4efb\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u65e2\u7136\u6211\u5011\u770b\u8dcc\u80a1\u7968\uff0c\u53ef\u4ee5\u7528-0.50 delta\u7684ATM Bear Call Spread\u4f86\u8a08\u7b97\u6295\u8cc7\u5831\u916c\u7387Return on Capital\uff0c\u9019\u6a23\u53ea\u8981\u80a1\u50f9\u4e0b\u8dcc\u7372\u5229\u6700\u5927\uff0c\u5982\u679c\u80a1\u50f9\u6f32\u4e86\u6700\u5927\u8667\u640d\u4e5f\u76f8\u5c0d\u5c0f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u4e0b\u662f\u6211\u5011\u53ef\u4ee5\u770b\u5230\u73fe\u5728\u6e05\u55ae\u6392\u5e8f\u51fa\u88ab\u9ad8\u4f30\u6700\u591a\u7684ATM Bear Call Spread\u6a5f\u6703\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\u6a5f\u6703\u3002<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u7d9c\u5408Upside\u548cShort Days\u7684\u6578\u64da\uff0c\u6211\u5011\u770b\u5230\u73fe\u5728\u88ab\u9ad8\u4f30\u6700\u591a\u7684\u80a1\u7968\u4e2dENPH\u96e2\u4e0b\u8dcc\u8a0a\u865f\u51fa\u73fe\u7d93\u904e\u4e868\u500b\u4ea4\u6613\u65e5\uff0c\u672a\u4f86\u4e5f\u6c92\u6709\u767c\u80a1\u606f\u7684Ex-Dividend 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class=\"wp-element-caption\">\u7d9c\u5408Upside\u548cShort Days\u6311\u51fa\u73fe\u5728\u6700\u597d\u7684ATM Bear Call Spreads\u662fENPH\u3002<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f9eEnphase\u80a1\u50f9\u8da8\u52e2\u4f86\u770b\uff0c\u6211\u5011\u78ba\u8a8dENPH\u81ea\u5f9e8\u500b\u4ea4\u6613\u65e5\u4ee5\u524d\u78ba\u5be6\u9054\u5230$220\u9ad8\u9ede\uff0c\u8ddf\u6211\u5011\u770b\u8dcc\u9078\u80a1\u795e\u5668\u63d0\u5230\u7684Short Signal Price\u76f8\u540c\uff0c\u63a5\u4e0b\u4f86ENPH\u80a1\u50f9\u8d70\u4e0b\u5761\uff0c\u77ed\u6642\u9593\u5167\u6709\u9ad8\u6a5f\u7387\u4e0d\u6703\u4e0a\u6f32\u8d85\u904eShort 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\u500b\u4ea4\u6613\u65e5\u9054\u5230Short Signal Price\u7684$220\uff0c\u4e4b\u5f8c\u5c31\u4e0d\u65b7\u4e0b\u8dcc\u3002<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u5011\u8ce3\u4e00\u500b35\u5929\u5f8c\u5230\u671f\u7684ENPH\u50f9\u5e73ATM Call Spread\u671f\u6b0a\uff0c\u5982\u679c\u622a\u6b62\u524dEnphase\u80a1\u50f9\u6c92\u6709\u4e0a\u6f32\uff0c\u9019\u500b\u4ea4\u6613\u6709\u6700\u9ad886%\u7684\u6295\u8cc7\u5831\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\">\u8ce3\u4e00\u500b35\u5929\u5f8c\u5230\u671f\u7684ENPH\u50f9\u5e73ATM Call Spread\u6709\u6700\u9ad886%\u7684\u6295\u8cc7\u5831\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\/tw\/blog\/slashtraders-vs-sp500\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u958b\u7bb1\u659c\u69d3\u6295\u8cc7\u9054\u4eba\u64ca\u6557\u6a19\u666e500\u6307\u6578450%\u7684\u5b8c\u6574\u4ea4\u6613\u7b56\u7565<\/a><\/p>",
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