Buying Options with One Blade and Two Blades

张嘉成 永安futuresoption总部总经理

记得今年初曾经提过，2018年金融市场的关键词应该是『速度』，现在看来果然当之无愧，特别是最近，豆粕与50ETF的轮流表现，把整个市场的保险费都搞贵了，50ETFThe volatility of has been around for some time now25-30%之间，豆粕在中美贸易战的推动下，也拉升到20-25%之间，波动率代表的是价格变化的稳定与否，低波动的行情走势相对可测,高波动率的走势就让行情变的不确定性大增，若从买保险套期保值的角度，波动率高低代表的是保险成本的贵或便宜,若以投资机会找寻的角度，买期权代表的想法就五花八门了，表面上都是权利金价差的博弈，但盈利来源的预期与想法，对比于投资人进行金融操作的能力掌握与理解，可能是完全不同的系统，不好跨越，大致上来说，为了掌握投机机会而买期权的，简单可分为买看法、买波动, buyGamma(Delta Jump)。买看法的人,就是基于工具与行情预期的适用，对于敏感性参数的理解相对有限，只要行情的走法判断正确就能获利；买波动的就是希望未来波动率能够变大而获利，这部分的操作更多用的是远月合约；买Gamma的比较多使用近月合约，同时又非常接近到期的状态；这三种操作方式贡献盈利的驱动都不同，但相同的是都要承担时间价值,Therefore, it is necessary to evaluate whether it is worthwhile to spend time and value to obtain the desired profit.

波动率与性价比：
　　
The contracts used in the above three types of operations are most likely to be virtual contracts,In the composition of the royalty,Almost all or a considerable proportion of it is time value,If we consider from the perspective of cost-effectiveness,Low time value in low volatility scenarios,Exchange low costs for substantial trading opportunities,High cost performance ratio,But now the volatility has almost doubled,The payment of time value as the contract approaches the expiration date,Costs ranging from more than double to several times higher,In this situation,The cost-effectiveness of various operations requires even more serious consideration. Trading volatility,Most likely a professional team,I will definitely understand what kind ofthetaGo and exchangevegait is worth that,transactiongammaof,In the absence of much remaining time in the contract,We need to use several times more costs than before to win small coverage ratesdelta jump,But it may not necessarily be worth it,And the last category, which is the most widely used by people,考虑行情适用而买期权的投资人，主要就是被杠杆吸引，但时间价值的膨胀，不仅大大降低了杠杆的效用,同时还承担了更多的消耗，当不确定大增的行情背景下，买期权的各种场景可能都会变成不适用。

大震荡的摸底猜头：
　　
The market trend of one day's sharp rise, one day's sharp fall, and the next day's sharp drop with a low opening and closing is the highest,Just recently50ETFPortrait of options,If the dream of buying is bullish and after a big rise,Turning into buying bearish and then falling sharply,After continuing to switch to buying and being bullish,Obtaining an incalculable multiple profit,If I come here once in my life, I will instantly become wealthy and free,Especially in a highly volatile pattern,If the skills and desires of guessing the head are both present,It seems that such a dream is indeed possible to come true,但实际上有两种状况会让成功率大大降低,The first type,Assuming the operational skills are really good,Can withstand significant fluctuations in the trend,Buying options repeatedly and repeatedly,It is indeed possible for the royalty to increase by a hundred to a thousand times,But the difficulty lies in the growth path of doubling the royalties,Investors must dare to invest all the profits from the first two attempts in the second and third attempts,And began to bear huge royalties. The buyer's market value fluctuated wildly with the fluctuations of the market,Let's not talk about whether we can handle it or not,Only considering the use of funds,That's not possible,Put all available funds into buying options,Let's make a bet without tomorrow,Do you want wealth and freedom,Do you want to exit the market,我想应该没人会这样做；第二种,It's just an error during the process,Amidst intense fluctuations,容易遇到行情报复性的反转，遭撤守的权利金，减幅常常超过理论上delta该有的份额，造成的具大亏损常容易使人进入放手一搏的陷进。

再谈买期权的长期计划：

10X10X10=900?
　　
Everyone knows that,There is no reason why options can be bought every day,But there's no way,The attractiveness of this trading method is too great,Those who flock to it are still one after another,I remember the previous notes mentioned some concepts about buying options,If anyone wants to do this,The use of funds is the most important consideration,Investors rolling in the market every day,It's absolutely impossible to choose a way without tomorrow,On the other hand, we should find a buy option plan that can operate in the long term,So I want to mention it again,My option buyer plan is like this,One year preparation12ten thousand(Everyone can afford or is willing to afford funds)To compensate,I wait for an opportunity to buy once a month,Only 10000 yuan each time,If the opportunity is not good, don't buy,The first time, if it's right,hypothesis10Double flip,Retrieve10I will first calculate the cost1Ten thousand deductions,Remaining9Just wait for the next opportunity to appear,also9Total pressure of ten thousand,If it's right again, there will be90ten thousand,On the third attempt, one must enter a state of one strike, two blades, and one strike, Close your eyes90Wan Quanbu pressed up,Another thing is to wait for the favor of fate,Why should we1Get back the cost of ten thousand yuan,The reason is very simple,Because it's actually too easy to make mistakes during the process,After retrieving the cost, there are relatively no worries to worry about,It will reduce the pressure of second and third judgment and execution of trading decisions,I'm also quite willing to put all the funds under pressure,Because I had already anticipated that even if I paid for everything, it wouldn't matter,Just come again next time,If you're really stupid enough to make continuous mistakes12second,hold12I've lost all my money,So we'll have to wait and accumulate more12After ten thousand,Continuing to build dreams,I think this kind of plan and process is more practical and feasible,The point is, I won't die in action,Because of this seemingly short-term dream of becoming rich,It is actually a long-term resistance war that requires the coordination of resources from all aspects,至少我是这么认为，你觉得呢?