ETF · 期权分析
ETHA 期权分析
数据截至 2026年11月10日(收盘)
- 标的收盘价
- $46.49
- 30D ATM IV
- 54.50%
- IV 百分位 · 1年
- —
- 25Δ 风险逆转
- +4.42
- 期限斜率 90/30
- 1.004
▲ +0.27 pts 较前一交易日
概览
ETHA 期权当前计入的 30 天平值隐含波动率为 54.5%,相当于未来一个月约 ±15.6% 的波动。它在本站的历史只有 170 个交易日,不到计算百分位所需的 180 个,所以这个读数还没有和它自己的过去作比较。
它的 25-delta put 比 call 的隐含波动率高 4.42 个波动率点。
01 · 读数
当前读数
最近一个交易日的 30 天曲面,每个读数都放在它自身的历史里比较。
主要读数 · 30 天期限
- 30 天 ATM 隐含波动率ⓘ
- 54.50%
- 25-delta 风险逆转ⓘ
- +4.42
- 25-delta 蝶式价差ⓘ
- +1.56
- 期限结构斜率ⓘ
- 1.004
对应 30 天内约 ±15.6% 的波动，平常一天约 ±3.4%。
距平值同样远时，put 比 call的隐含波动率高 4.42 个点。
两翼的隐含波动率比平值高 1.56 个点。
90 天与 30 天期权的隐含波动率大致相同。
30 天隐含波动率处在什么位置
对比此前 156 个交易日(一年窗口)
这个窗口内的历史不足,无法定位当前读数。
- IV 百分位,1 年
- —
- IV 排名,1 年
- —
- IV 百分位,2 年
- —
- IV 排名,2 年
- —
排名是当前读数在窗口内最低与最高读数之间的位置,所以过去只要有一个极端值,之后的读数都会被压在一端附近。百分位是低于当前读数的交易日所占的比例,不受那个极端值有多极端的影响。窗口内少于 180 个交易日时,两者都不显示。
交易日明细
- 标的收盘价
- $46.49
- 30 天隐含远期价
- $46.51
- 60 天 ATM IV
- 53.92%
- 90 天 ATM IV
- 54.72%
- 180 天 ATM IV
- 55.17%
- 使用的到期日数
- 10
- 总未平仓量
- 202,458
- Put / call 未平仓量比
- 1.39
远期价由最接近平值的几个行权价上的 put-call 平价关系推出,而不是直接取标的收盘价。本页所有的价值状态(moneyness)和 delta 都以它为基准。
02 · 历史
读数是怎么走到这里的
存档窗口内的每个交易日,每次收盘一个点。
30 天平值隐含波动率
最近 170 个交易日
显示底层数据(最近 120 个)
| 交易日 | 30 天 ATM IV | 25-delta RR | 期限斜率 | 收盘价 |
|---|---|---|---|---|
| 2026-11-10 | 54.50% | +4.42 | 1.004 | $46.49 |
| 2026-11-09 | 54.22% | +3.68 | 0.989 | $48.06 |
| 2026-11-06 | 53.57% | +4.62 | 1.009 | $50.33 |
| 2026-11-05 | 54.91% | +5.05 | 0.993 | $50.77 |
| 2026-11-04 | 49.97% | +4.29 | 1.029 | $54.74 |
| 2026-11-03 | 50.99% | +4.34 | 1.036 | $51.78 |
| 2026-11-02 | 52.00% | +4.66 | 1.019 | $50.74 |
| 2026-10-30 | 53.93% | +6.70 | 0.999 | $50.42 |
| 2026-10-29 | 50.23% | +3.30 | 1.021 | $52.78 |
| 2026-10-28 | 49.98% | +3.40 | 1.031 | $53.60 |
| 2026-10-27 | 50.34% | +3.51 | 1.042 | $53.03 |
| 2026-10-26 | 51.16% | +2.84 | 1.006 | $52.34 |
| 2026-10-23 | 50.21% | +3.63 | 1.017 | $54.08 |
| 2026-10-22 | 51.42% | +3.39 | 1.003 | $53.88 |
| 2026-10-21 | 49.56% | +1.98 | 1.040 | $56.43 |
| 2026-10-20 | 49.91% | +2.94 | 1.033 | $55.07 |
| 2026-10-19 | 49.58% | +2.73 | 1.027 | $54.11 |
| 2026-10-16 | 48.93% | +2.72 | 1.044 | $54.51 |
| 2026-10-15 | 49.14% | +3.57 | 1.025 | $55.41 |
| 2026-10-14 | 49.34% | +1.28 | 1.032 | $54.89 |
| 2026-10-13 | 48.05% | +2.71 | 1.038 | $56.68 |
| 2026-10-09 | 47.36% | +1.66 | 1.040 | $55.99 |
| 2026-10-08 | 48.85% | +1.36 | 1.013 | $55.70 |
| 2026-10-07 | 45.68% | +0.49 | 1.054 | $58.10 |
| 2026-10-05 | 47.08% | -0.66 | 1.068 | $20.43 |
| 2026-10-02 | 46.18% | -0.18 | 1.089 | $20.11 |
| 2026-10-01 | 47.83% | -1.47 | 1.073 | $20.37 |
| 2026-09-30 | 47.09% | -1.34 | 1.103 | $20.12 |
| 2026-09-29 | 47.65% | -0.81 | 1.086 | $20.28 |
| 2026-09-28 | 47.58% | -1.39 | 1.096 | $20.15 |
| 2026-09-25 | 46.13% | -0.72 | 1.125 | $20.31 |
| 2026-09-24 | 48.58% | +0.48 | 1.081 | $20.33 |
| 2026-09-23 | 48.91% | +0.36 | 1.092 | $20.21 |
| 2026-09-22 | 51.10% | -1.00 | 1.087 | $20.76 |
| 2026-09-21 | 53.51% | -1.99 | 1.048 | $20.85 |
| 2026-09-18 | 50.31% | -1.71 | 1.077 | $19.92 |
| 2026-09-17 | 47.57% | -0.16 | 1.110 | $18.47 |
| 2025-10-22 | 77.34% | +2.97 | 1.036 | $28.76 |
| 2025-10-21 | 76.52% | +0.88 | 1.036 | $30.28 |
| 2025-10-20 | 78.02% | +0.72 | 0.989 | $30.14 |
| 2025-10-17 | 80.88% | +0.72 | 0.982 | $28.94 |
| 2025-10-16 | 85.47% | +3.81 | 0.953 | $29.24 |
| 2025-10-15 | 81.06% | -0.26 | 1.001 | $30.15 |
| 2025-10-14 | 79.79% | -0.27 | 1.017 | $31.08 |
| 2025-10-10 | 73.91% | -7.79 | 1.011 | $30.20 |
| 2025-10-09 | 71.36% | -2.70 | 1.062 | $32.81 |
| 2025-10-08 | 69.91% | +0.51 | 1.070 | $34.17 |
| 2025-10-07 | 70.23% | -2.89 | 1.051 | $33.90 |
| 2025-10-06 | 69.11% | -3.23 | 1.112 | $35.79 |
| 2025-10-03 | 67.53% | -0.88 | 1.098 | $34.26 |
| 2025-10-02 | 67.60% | -0.67 | 1.090 | $34.05 |
| 2025-10-01 | 68.55% | -0.90 | 1.074 | $32.80 |
| 2025-09-30 | 66.75% | -4.02 | 1.084 | $31.51 |
| 2025-09-29 | 70.23% | -1.21 | 1.037 | $31.72 |
| 2025-09-26 | 68.83% | +1.10 | 1.069 | $30.46 |
| 2025-09-25 | 69.63% | -3.06 | 1.043 | $29.58 |
| 2025-09-24 | 69.60% | +0.19 | 1.003 | $31.46 |
| 2025-09-23 | 65.56% | +6.27 | 1.069 | $31.41 |
| 2025-09-22 | 63.97% | +2.65 | 1.084 | $31.29 |
| 2025-09-19 | 64.77% | -0.25 | 1.039 | $33.57 |
| 2025-09-18 | 64.64% | -3.39 | 1.045 | $34.73 |
| 2025-09-17 | 66.60% | -0.59 | 1.031 | $34.18 |
| 2025-09-16 | 68.08% | -1.48 | 1.011 | $34.00 |
| 2025-09-15 | 67.02% | -2.33 | 1.030 | $34.01 |
| 2025-09-12 | 69.91% | +4.04 | 1.026 | $35.36 |
| 2025-09-11 | 68.19% | +0.77 | 1.021 | $33.49 |
| 2025-09-10 | 66.58% | -0.23 | 1.053 | $32.70 |
| 2025-09-09 | 72.06% | -3.08 | 0.984 | $32.48 |
| 2025-09-08 | 69.14% | +3.03 | 1.007 | $32.46 |
| 2025-09-05 | 73.13% | -0.47 | 0.985 | $32.77 |
| 2025-09-04 | 70.76% | -0.42 | 1.029 | $32.30 |
| 2025-09-03 | 75.44% | +2.16 | 0.987 | $33.87 |
| 2025-09-02 | 74.09% | -1.21 | 1.004 | $32.30 |
| 2025-08-29 | 65.21% | -1.50 | 1.133 | $32.82 |
| 2025-08-28 | 77.84% | -5.48 | 0.924 | $33.57 |
| 2025-08-27 | 76.98% | -3.99 | 0.968 | $34.56 |
| 2025-08-26 | 79.72% | -0.09 | 0.994 | $34.82 |
| 2025-08-25 | 75.15% | +2.17 | 0.965 | $33.45 |
| 2025-08-22 | 77.47% | +4.06 | 0.991 | $36.59 |
| 2025-08-21 | 72.51% | +2.63 | 0.975 | $31.94 |
| 2025-08-20 | 72.87% | +2.70 | 0.987 | $32.91 |
| 2025-08-19 | 70.89% | +1.44 | 1.047 | $31.30 |
| 2025-08-18 | 75.25% | -1.44 | 0.986 | $32.97 |
| 2025-08-15 | 71.80% | +2.61 | 1.026 | $33.15 |
| 2025-08-14 | 74.50% | -3.15 | 1.017 | $34.37 |
| 2025-08-13 | 77.61% | -6.04 | — | $35.90 |
| 2025-08-12 | 71.81% | +0.99 | — | $34.25 |
| 2025-08-11 | 73.21% | -1.14 | — | $32.25 |
| 2025-08-08 | 74.30% | +0.46 | — | $30.79 |
| 2025-08-07 | 75.05% | +3.69 | — | $29.31 |
| 2025-08-06 | 68.83% | -4.68 | — | $27.91 |
| 2025-08-05 | 66.34% | -0.96 | 1.035 | $27.02 |
| 2025-08-04 | 66.14% | -3.29 | 1.047 | $27.75 |
| 2025-08-01 | 65.05% | +1.81 | 1.017 | $26.51 |
| 2025-07-31 | 65.28% | +0.00 | 1.037 | $28.27 |
| 2025-07-30 | 65.06% | +0.85 | 1.026 | $28.48 |
| 2025-07-29 | 67.87% | -6.41 | — | $28.49 |
| 2025-07-28 | 67.79% | +3.70 | — | $28.79 |
| 2025-07-25 | 70.17% | -0.10 | — | $27.58 |
| 2025-07-24 | 65.68% | +1.56 | — | $28.38 |
| 2025-07-23 | 68.27% | -5.42 | 1.015 | $27.17 |
| 2025-07-22 | 68.51% | -4.37 | — | $27.81 |
| 2025-07-21 | 70.25% | -8.06 | — | $28.32 |
| 2025-07-18 | 70.96% | -5.29 | — | $26.92 |
| 2025-07-17 | 71.99% | -3.15 | 0.890 | $25.88 |
| 2025-07-16 | 76.69% | -11.63 | — | $25.63 |
| 2025-07-15 | 71.81% | -2.90 | — | $23.05 |
| 2025-07-14 | 71.81% | -5.62 | — | $22.75 |
| 2025-07-11 | 72.22% | -6.03 | — | $22.80 |
| 2025-07-10 | 69.54% | -6.51 | 1.011 | $21.35 |
| 2025-07-09 | 67.33% | -2.35 | 1.038 | $20.97 |
| 2025-07-08 | 66.74% | +7.91 | 1.031 | $19.78 |
| 2025-07-07 | 64.18% | -2.57 | 1.047 | $19.26 |
| 2025-07-03 | 65.32% | -2.39 | 1.045 | $19.49 |
| 2025-07-02 | 69.50% | -1.55 | 1.011 | $19.75 |
| 2025-07-01 | 62.34% | -0.42 | 1.039 | $18.19 |
| 2025-06-30 | 62.05% | +0.02 | 1.080 | $19.07 |
| 2025-06-27 | 63.53% | -3.57 | 1.071 | $18.27 |
| 2025-06-26 | 65.58% | +0.20 | 1.029 | $18.46 |
| 2025-06-25 | 73.15% | -1.31 | 0.921 | $18.40 |
图表覆盖存档中的全部交易日,共 170 个。表格列出最近的 120 个。
25-delta 风险逆转
最近 170 个交易日
虚线标出零的位置,即 25-delta put 与 call 隐含波动率相同之处。
03 · 偏斜
偏斜曲线
按 delta 排列的隐含波动率,近月到期日
按 delta 排列的隐含波动率
3d (2026-11-13) · 10d (2026-11-20) · 17d (2026-11-27)
横轴是 call 的 delta。虚线中线右侧的读数取自该行权价上的虚值 put,波动率正是从这个合约的报价反解出来的。只有在保留下来的报价从两侧夹住该 delta 时才会画点;最后一个有成交的行权价之外一律不外推。
显示底层数据
| Delta | 3d | 10d | 17d |
|---|---|---|---|
| 5Δ 看涨 | 67.14% | 67.61% | 64.85% |
| 10Δ 看涨 | 61.62% | 60.48% | 58.67% |
| 15Δ 看涨 | 59.81% | 57.94% | 56.24% |
| 20Δ 看涨 | 58.20% | 56.81% | 55.43% |
| 25Δ 看涨 | 57.68% | 56.37% | 54.91% |
| 30Δ 看涨 | 57.82% | 56.30% | 54.76% |
| 35Δ 看涨 | 58.23% | 56.25% | 54.73% |
| 40Δ 看涨 | 58.49% | 56.59% | 54.97% |
| 45Δ 看涨 | 58.86% | 56.92% | 55.24% |
| ATM | 59.41% | 57.36% | 55.60% |
| 45Δ 看跌 | 60.32% | 58.05% | 56.05% |
| 40Δ 看跌 | 61.05% | 58.76% | 56.79% |
| 35Δ 看跌 | 61.71% | 59.87% | 57.70% |
| 30Δ 看跌 | 63.80% | 61.12% | 58.64% |
| 25Δ 看跌 | 66.16% | 62.71% | 59.99% |
| 20Δ 看跌 | 69.25% | 64.95% | 61.93% |
| 15Δ 看跌 | 73.08% | 68.38% | 64.79% |
| 10Δ 看跌 | 81.13% | 73.62% | 69.33% |
| 5Δ 看跌 | 97.81% | 86.46% | 79.44% |
各到期日的两翼读数
| 到期日 | 天数 | 远期价 | ATM IV | 25Δ put | 25Δ call | RR | 蝶式价差 | 报价数 |
|---|---|---|---|---|---|---|---|---|
| 2026-11-13 | 3 | $46.40 | 59.41% | 66.16% | 57.68% | +8.49 | +2.51 | 33 |
| 2026-11-20 | 10 | $46.44 | 57.36% | 62.71% | 56.37% | +6.34 | +2.18 | 38 |
| 2026-11-27 | 17 | $46.47 | 55.60% | 59.99% | 54.91% | +5.07 | +1.86 | 45 |
| 2026-12-04 | 24 | $46.50 | 54.45% | 59.28% | 53.89% | +5.40 | +2.14 | 35 |
| 2026-12-11 | 31 | $46.51 | 54.50% | 58.13% | 53.84% | +4.29 | +1.48 | 36 |
| 2026-12-18 | 38 | $46.53 | 54.53% | 58.04% | 54.27% | +3.78 | +1.63 | 27 |
| 2026-12-24 | 44 | $46.60 | 54.14% | 58.04% | 53.94% | +4.10 | +1.85 | 31 |
| 2027-01-15 | 66 | $46.71 | 53.86% | 57.05% | 53.89% | +3.15 | +1.61 | 32 |
| 2027-03-19 | 129 | $46.93 | 55.42% | 57.02% | 55.10% | +1.92 | +0.63 | 27 |
| 2027-06-17 | 219 | $47.46 | 55.05% | 57.56% | 57.58% | -0.02 | +2.52 | 33 |
上面每条曲线代表一个到期日。纵向位置是隐含波动率,横向位置是读数所取合约的 delta。对美股来说,曲线通常向右上方倾斜,也就是虚值 put 的隐含波动率高于距离相同的 call。
25-delta 风险逆转把这个斜率概括成一个数字:25-delta put 的波动率减去 25-delta call 的波动率。蝶式价差(butterfly)概括的是弯曲程度:两翼的平均值减去平值读数。
04 · 期限结构
期限结构
各到期日的平值隐含波动率
各到期日的平值隐含波动率
10 个上市到期日得出了可用读数
横轴是距到期天数的平方根,这是波动率本身所在的尺度。按方差计算平坦的曲线,在这里会画成一条直线,而不会在最近一周急剧弯折。
显示底层数据
| 到期日 | 天数 | 远期价 | ATM IV | ATM 行权价 | 使用的报价数 |
|---|---|---|---|---|---|
| 2026-11-13 | 3 天 | $46.40 | 59.41% | $46.47 | 33 |
| 2026-11-20 | 10 天 | $46.44 | 57.36% | $46.65 | 38 |
| 2026-11-27 | 17 天 | $46.47 | 55.60% | $46.81 | 45 |
| 2026-12-04 | 24 天 | $46.50 | 54.45% | $46.96 | 35 |
| 2026-12-11 | 31 天 | $46.51 | 54.50% | $47.10 | 36 |
| 2026-12-18 | 38 天 | $46.53 | 54.53% | $47.26 | 27 |
| 2026-12-24 | 44 天 | $46.60 | 54.14% | $47.43 | 31 |
| 2027-01-15 | 66 天 | $46.71 | 53.86% | $47.95 | 32 |
| 2027-03-19 | 129 天 | $46.93 | 55.42% | $49.55 | 27 |
| 2027-06-17 | 219 天 | $47.46 | 55.05% | $51.98 | 33 |
恒定期限
在前后相邻的上市到期日之间按总方差插值
- 30 天
- 54.50%
- 60 天
- 53.92%
- 90 天
- 54.72%
- 180 天
- 55.17%
插值是对总方差做线性插值,而不是对波动率。直接对波动率插值,隐含的两个到期日之间的远期方差可能为负。超出最长上市到期日的期限会标为不可用,而不是外推。
期限结构斜率
最近 170 个交易日
虚线标出 1.00,即 90 天与 30 天平值波动率相等之处。在它上方,较长期限的波动率更高。
期限结构就是每个上市到期日的平值隐含波动率,按到期日有多远排开画出来。标的平稳时,它通常缓缓向上倾斜,因为期限越长,能容纳的不确定性越多。
当市场为某个有确定日期的事件定价时,它会倒挂:包含预定公告的到期日,除了平常交易的方差之外还要加上该事件的方差,所以较短的合约可能显示出比较长合约更高的波动率。