期权交易基础

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大家好

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欢迎来到这一期的期权入门10分钟

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这一期我会带你从权利金是怎么构成的

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讲到期权链怎么下单

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再讲清楚卖方和买方两套策略的底层逻辑

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你会明白两个问题

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为什么我卖期权

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delta只选0.15到0.25

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为什么我买期权只买半年以上的长期合约

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也就是利

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先提醒一句

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本期内容只做教育用途

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不是投资建议

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投资有风险

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入市请务必谨慎

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先从一条观众留言说起

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他说卖一天的put权利金只有两块钱

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根本不值得做

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这句话其实暴露了一个很普遍的问题

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很多人一听说卖七全能收钱

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就直接动手

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连到期日行权价delta是什么都还没搞清楚

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所以在正式开讲之前

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我想先立两条铁律

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第一条不懂期权的时候

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绝对不要操作期权

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建议大家用盈透证券这类专业券商

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先把期权考试考过

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按等级开通权限

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让平台的规则来保护你

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第二条

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我自己卖铺的纪律是固定的

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到期日选一周到一个月

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delta取0.15到0.25之间

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如果你想要更便宜的接盘价

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就把稻妻日卖的更远一点

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接下来这10分钟我会把背后的逻辑全部讲清楚

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先讲最基础的期权的本质就是一份权利合约

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他给你一个权利

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在未来某一个日期之前

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按约定的行权价买入或者卖出100股股票

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注意是权利不是义务

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你可以选择不执行合约只有两类

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第一类叫call

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中文叫认购期权

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给你按行全价买入的权利

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看涨的时候买call赚价差

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第二类叫put

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中文叫认沽期权

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给你按行权价卖出的权利

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看跌的时候买put

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或者当你愿意用更低的价格

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接盘一只股票的时候

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也可以卖put

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还有一个关键细节

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一张合约对应100股股票

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而报价显示的是每股的价格

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所以如果你看到权利金是1.5

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实际上一张合约要付或者收150美元

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期权市场上只有两个角色

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买方和卖方

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买方付出权利金

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拿到权利可以自己选择要不要执行

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亏损的上限

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就是付出去的那笔权利金

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但盈利理论上没有上限

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卖方收到权利金承担的是义务

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对方要行权

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你就必须配合盈利的上限

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就是收到的那点权利金

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但亏损可能很大

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裸卖的话尤其危险

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回到开头那位观众说的两块钱权利金

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这是典型的卖方视角

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时间越短

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行权价离现价越远

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权利金自然就越少

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这不是策略不好

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而是他的参数选错了

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要看懂期权链

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先记住四个数字

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第一个DTE就是剩余到期天数

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它决定了这张合约还有多少时间价值

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也决定了时间价值衰减的快慢

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第二个strike就是行权价

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它和现价的相对位置

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决定了这张期权是价内平直还是价外

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第三个delta它既是方向敏感度

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也近似等于到期被行权的概率

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第四个四隐含波动率

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它反映市场对未来波动的预期次越高

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权利金就越贵

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除了这四个

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还有一个关键的希腊字母叫THEA

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它代表每天时间价值的损耗越临近

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到期衰减的越快

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曲线像一根曲棍球杆

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delta这个数字有两层含义

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第一层是数学含义

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股价每变动一美元

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期权价格会变动多少

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co的delta在零到正义之间

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put的delta在-1~0之间

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举个例子

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delta等于0.7的靠股价每涨一美元

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期权大约涨0.7美元

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第二层是实战含义

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这一层更重要

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delta的绝对值大约等于这张期权

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到期被行权的概率

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比如说delta等于0.2的put

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大致意味着到期被接盘的概率

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大约是20%

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反过来有80%的概率他会作废

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你把整笔权利金都收进口袋

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这一层含义就是所有卖方策略的核心锚点

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来看贝塔衰减曲线

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横轴是剩余到期天数

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从90天一路走到零

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纵轴是期权的时间价值

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你会看到平值期权的时间价值

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一开始衰减的很慢

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越靠近稻妻衰减越剧烈

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最后几天几乎是断崖式的跳水

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价外期权整体幅度更小

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但形状类似

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这条曲线对卖方的意义是

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越靠近到期FA给你的收益越高

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但同时要注意

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越靠近稻期gamma风险也越大

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也就是delta的变动速度会非常剧烈

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所以卖方不是越短越好

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要在FA收益和gamma风险之间找平衡

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打开期权链

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你会看到一个矩阵

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左边是cos

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中间是strike型拳架

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右边是POS顶部的下拉框

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用来选择到期日

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每一格里通常包含买价

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卖价

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最新成交价

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成交量

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未平仓量

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四和delta下单就是简单的四步

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第一步选到7日

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在顶部下拉框里选expiration

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这决定了你的DT

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第二步选型全价

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按你的目标delta反差对应的strike

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第三步看流动性

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成交量和未平仓量越大越好

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买卖价差越窄越好

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否则滑点会吃掉你很多利润

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第四步下单

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买方用by two open开仓

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卖方用sell to open开仓

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务必使用限价单

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不要用市价单

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接下来进入今天的核心卖房策略

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我自己卖port值守三条参数

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第一条

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delta区间0.15到0.25

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对应胜率大约75%到85%

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第二条到7日范围一周到一个月

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正好落在THEA加速衰减的区间

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第三条资金安排必须是现金担保

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账户里要有足够的现金接盘

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绝对不落卖

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下面三页我逐条讲清楚为什么先讲delta

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为什么选这个区间

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如果选更安全的delta

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0.05做废概率高达95%

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听起来很稳

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但对应的权利金极低

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时间成本完全不划算

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这就是观众说的两块钱权利金

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如果选delta0.3以上

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做废概率掉到70%以下

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权利金看起来很香

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但只要遇到一波下跌

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一次被接盘的亏损

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就可以吞掉你前面好几次的盈利

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0.15到0.25

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作废

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概率落在75%到85%之间

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权利经合理

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这是经验上权力金值得做胜率又够高的甜点区

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再讲到7日超过90天

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FA每天给你的收益很慢

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资金占用时间又长

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年化算下来不高

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小于一到两天

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也就是所谓的0dt fit极快

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但gamma风险直接炸裂

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股价稍微一动

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账面盈亏就翻车

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一周到一个月

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这个窗口

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fate已经进入加速衰减区

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而gamma又还没失控

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是性价比最好的窗口

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请记住两个关键词

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theta是时间价值的衰减

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是卖方的工资

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gamma是delta的变动速度越临近

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到期越凶猛

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一周到一个月就是在这两者之间找到的最优解

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给想低价接盘的朋友一个进阶玩法

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同样取delta0.2

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到期日越远

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对应的行权价就越低

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也就是接盘价更便宜

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举个例子

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一只现价100元的股票

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卖一周后到期的put行权价大约在95

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卖三个月后到期的put行权价可能压到85

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卖六个月后到期的行权价可能低到78

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为什么会这样

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因为时间越长

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股价跌得更深的概率越大

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市场必须把行权价压低才能维持

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同样20%的被行权概率

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代价是资金占用时间也变长

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年化收益一定要算清楚再下单

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心里的目标价如果远低于现价

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就用时间来换更便宜的接盘价

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讲完卖方来讲

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买方只在你对方向有强信念时才买

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否则别碰

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00:09:15,610 --> 00:09:17,730
leap指的是到期一年以上

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最长两到3年的长期期权

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00:09:20,389 --> 00:09:22,070
我自己偏好delta

234
00:09:22,070 --> 00:09:25,470
在0.6到0.8之间的深度价内扣

235
00:09:25,470 --> 00:09:27,070
原因有三个

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00:09:27,070 --> 00:09:29,879
第一时间价值衰减慢

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在leap的生命周期前期

238
00:09:32,039 --> 00:09:35,159
fate几乎可以忽略短期扣

239
00:09:35,159 --> 00:09:37,100
你要方向和时机双双压对

240
00:09:37,100 --> 00:09:39,139
lip只要方向对就够

241
00:09:42,610 --> 00:09:43,649
期权链上

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00:09:43,649 --> 00:09:47,370
长期合约的隐含波动率往往比短期合约低

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尤其在市场平静时更明显

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D4意味着时间溢价更便宜

245
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第三用小成本博方向

246
00:09:55,649 --> 00:09:57,429
股价100元一张

247
00:09:57,429 --> 00:10:00,370
delta0.7的lead call大约25元

248
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也就是2500美元就能控制1万美元的仓位

249
00:10:04,570 --> 00:10:06,590
资金占用大约1/4

250
00:10:06,590 --> 00:10:09,269
跟涨幅度大约70%

251
00:10:09,269 --> 00:10:10,590
要特别注意

252
00:10:10,590 --> 00:10:12,049
lip流动性较差

253
00:10:12,049 --> 00:10:13,529
买卖价差更宽

254
00:10:13,529 --> 00:10:16,990
务必用限价单慢慢磨成交

255
00:10:17,110 --> 00:10:20,169
把今天的逻辑用一张表串起来

256
00:10:20,169 --> 00:10:22,450
卖方思路赚的是时间价值

257
00:10:22,450 --> 00:10:26,070
fate偏好高四到7日选一周到一个月

258
00:10:26,070 --> 00:10:28,549
delta选0.15到0.25

259
00:10:28,549 --> 00:10:31,269
前提是你愿意以行权价接盘

260
00:10:31,269 --> 00:10:33,049
账户里现金充足

261
00:10:33,049 --> 00:10:36,950
买方思路赚的是股价方向加杠杆偏好低

262
00:10:36,950 --> 00:10:39,480
四到期日选六个月到两年

263
00:10:39,480 --> 00:10:42,460
delta选0.6到0.8的深度价内

264
00:10:42,460 --> 00:10:44,980
前提是你对方向有强信念

265
00:10:44,980 --> 00:10:46,279
一句话总结

266
00:10:46,279 --> 00:10:47,919
卖方靠时间吃饭

267
00:10:47,919 --> 00:10:50,200
买方靠方向吃饭

268
00:10:50,200 --> 00:10:52,059
最后留三条铁律

269
00:10:52,059 --> 00:10:54,399
他们比策略本身更重要

270
00:10:54,399 --> 00:10:57,720
第一没考过期权权限就别动

271
00:10:57,720 --> 00:11:00,620
券商的等级限制是在保护你

272
00:11:00,620 --> 00:11:02,120
不是在为难你

273
00:11:02,120 --> 00:11:04,980
第二仓位管理永远排第一

274
00:11:04,980 --> 00:11:07,379
卖port一定要现金担保

275
00:11:07,379 --> 00:11:09,440
账户里要留够接盘的钱

276
00:11:09,440 --> 00:11:10,779
坚决不裸卖

277
00:11:10,779 --> 00:11:14,710
第三方向判断永远是地基策略

278
00:11:14,710 --> 00:11:17,559
在花少方向看错都救不了

279
00:11:17,559 --> 00:11:19,240
期权能放大盈利

280
00:11:19,240 --> 00:11:20,960
也会放大亏损

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00:11:20,960 --> 00:11:25,210
以上就是这一期期权入门10分钟的全部内容

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如果对你有帮助

283
00:11:26,690 --> 00:11:29,440
欢迎点赞收藏关注

284
00:11:29,440 --> 00:11:33,399
下一期我会讲具体的开仓示范和持仓管理

285
00:11:33,399 --> 00:11:34,899
我们下期见

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