ETF · 期权分析
FAS 期权分析
数据截至 2026年11月10日(收盘)
- 标的收盘价
- $178.50
- 30D ATM IV
- —
- IV 百分位 · 1年
- —
- 25Δ 风险逆转
- —
- 期限斜率 90/30
- —
本交易日无法计算任何指标
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ⓘ
- —
- 25-delta 风险逆转ⓘ
- —
- 25-delta 蝶式价差ⓘ
- —
- 期限结构斜率ⓘ
- —
30 天隐含波动率处在什么位置
对比此前 215 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
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- IV 百分位,2 年
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- 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
- $178.50
- 30 天隐含远期价
- —
- 60 天 ATM IV
- 48.29%
- 90 天 ATM IV
- 49.41%
- 180 天 ATM IV
- 50.47%
- 使用的到期日数
- 4
- 总未平仓量
- 26,581
- Put / call 未平仓量比
- 0.11
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 339 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 | — | — | — | $178.50 |
| 2026-11-09 | — | — | — | $175.62 |
| 2026-11-06 | 57.60% | +15.80 | 0.928 | $168.67 |
| 2026-11-05 | — | — | — | $171.89 |
| 2026-11-04 | — | — | — | $187.40 |
| 2026-11-03 | 55.13% | +8.61 | 0.931 | $169.90 |
| 2026-11-02 | 52.02% | +10.13 | 0.941 | $173.22 |
| 2026-10-30 | — | — | — | $164.80 |
| 2026-10-29 | 45.62% | +9.22 | 0.993 | $168.21 |
| 2026-10-28 | — | — | — | $161.15 |
| 2026-10-27 | — | — | — | $159.24 |
| 2026-10-26 | — | — | — | $160.58 |
| 2026-10-23 | 49.70% | +9.18 | 0.998 | $159.63 |
| 2026-10-22 | 48.22% | +11.77 | 0.965 | $166.19 |
| 2026-10-21 | 46.56% | +7.89 | 1.034 | $160.90 |
| 2026-10-20 | 48.81% | +10.32 | 0.960 | $158.21 |
| 2026-10-19 | — | — | — | $153.12 |
| 2026-10-16 | — | — | — | $156.61 |
| 2026-10-15 | — | — | — | $154.57 |
| 2026-10-14 | 48.76% | +4.43 | 0.979 | $148.58 |
| 2026-10-13 | 46.53% | +4.99 | 1.017 | $151.29 |
| 2026-10-09 | 49.01% | +6.53 | 0.978 | $150.65 |
| 2026-10-08 | 52.09% | +4.54 | 0.938 | $146.89 |
| 2026-10-07 | 48.93% | +4.64 | 1.015 | $142.84 |
| 2026-10-06 | 48.66% | +6.22 | 1.012 | $145.05 |
| 2026-10-05 | 50.21% | +3.94 | 0.968 | $144.17 |
| 2026-10-02 | 49.37% | +2.98 | 1.016 | $140.89 |
| 2026-10-01 | 50.35% | +5.01 | 1.026 | $141.04 |
| 2026-09-30 | 50.38% | -0.37 | 0.948 | $140.51 |
| 2026-09-29 | 50.31% | +4.97 | 0.979 | $145.73 |
| 2026-09-28 | 50.12% | +4.23 | 0.979 | $147.20 |
| 2026-09-25 | 46.73% | +2.96 | 1.002 | $152.29 |
| 2026-09-24 | 49.15% | +3.19 | 1.009 | $150.06 |
| 2026-09-23 | 47.32% | +2.94 | 1.023 | $150.38 |
| 2026-09-22 | 47.10% | +2.52 | 1.015 | $152.50 |
| 2026-09-21 | 42.02% | +7.40 | 1.039 | $163.11 |
| 2026-09-18 | 42.89% | +6.57 | 1.081 | $161.41 |
| 2026-09-17 | 46.57% | +8.17 | 1.033 | $161.45 |
| 2026-09-16 | — | — | — | $161.85 |
| 2026-09-15 | — | — | — | $170.18 |
| 2026-09-14 | — | — | — | $172.09 |
| 2026-09-11 | — | — | — | $173.91 |
| 2026-09-10 | — | — | — | $170.67 |
| 2026-09-09 | — | — | — | $172.41 |
| 2026-09-08 | — | — | — | $174.86 |
| 2026-09-04 | 44.01% | +4.85 | 1.041 | $182.13 |
| 2026-09-03 | 43.80% | +6.64 | 0.998 | $186.51 |
| 2026-09-02 | — | — | — | $178.35 |
| 2026-09-01 | — | — | — | $174.34 |
| 2026-08-31 | 42.61% | +5.18 | 1.098 | $179.06 |
| 2026-08-28 | 40.98% | +3.81 | 1.124 | $182.73 |
| 2026-08-27 | 42.12% | +5.15 | 1.105 | $181.14 |
| 2026-08-26 | 43.16% | +5.57 | 1.071 | $184.48 |
| 2026-08-25 | 43.14% | +7.92 | 1.052 | $184.98 |
| 2026-08-24 | 43.63% | +5.96 | 1.057 | $184.23 |
| 2026-08-21 | 40.72% | +3.88 | 1.120 | $177.52 |
| 2025-10-22 | — | — | — | $161.97 |
| 2025-10-21 | — | — | — | $164.88 |
| 2025-10-20 | — | — | — | $165.60 |
| 2025-10-17 | — | — | — | $160.19 |
| 2025-10-16 | — | — | — | $156.45 |
| 2025-10-15 | — | — | — | $170.68 |
| 2025-10-14 | — | — | — | $170.81 |
| 2025-10-10 | — | — | — | $160.99 |
| 2025-10-09 | 51.66% | +10.30 | 1.000 | $172.14 |
| 2025-10-08 | 52.09% | +8.39 | 0.975 | $174.43 |
| 2025-10-07 | 50.11% | +13.43 | 0.980 | $176.67 |
| 2025-10-06 | 48.89% | +11.26 | 1.022 | $176.24 |
| 2025-10-03 | 47.85% | +9.84 | 1.009 | $176.40 |
| 2025-10-02 | 49.11% | +8.98 | 0.960 | $173.04 |
| 2025-10-01 | 47.08% | +11.28 | 1.027 | $173.37 |
| 2025-09-30 | 49.28% | +8.65 | 0.966 | $177.90 |
| 2025-09-29 | 45.49% | +11.32 | 1.038 | $180.55 |
| 2025-09-26 | 44.98% | +10.15 | 1.042 | $178.14 |
| 2025-09-25 | 47.56% | +12.09 | 1.024 | $174.52 |
| 2025-09-24 | 49.46% | +10.60 | 0.984 | $176.03 |
| 2025-09-23 | 52.16% | +7.86 | 0.955 | $177.27 |
| 2025-09-22 | 47.37% | +9.23 | 0.988 | $180.30 |
| 2025-09-19 | 47.37% | +8.78 | 0.993 | $180.73 |
| 2025-09-18 | 47.92% | +9.91 | 1.004 | $179.93 |
| 2025-09-17 | 48.81% | +11.84 | 0.959 | $179.62 |
| 2025-09-16 | 49.94% | +9.07 | 0.933 | $174.61 |
| 2025-09-15 | 48.17% | +9.63 | 0.979 | $176.00 |
| 2025-09-12 | 46.49% | +6.90 | 0.997 | $177.06 |
| 2025-09-11 | — | — | — | $179.49 |
| 2025-09-10 | 46.08% | +12.18 | 1.011 | $171.10 |
| 2025-09-09 | 45.06% | +11.80 | 1.025 | $172.80 |
| 2025-09-08 | 42.96% | +11.41 | 1.053 | $170.63 |
| 2025-09-05 | 44.98% | +11.85 | 1.008 | $170.49 |
| 2025-09-04 | — | — | — | $180.53 |
| 2025-09-03 | 43.28% | +14.11 | 1.047 | $175.12 |
| 2025-09-02 | 45.71% | +14.38 | 0.984 | $175.92 |
| 2025-08-29 | 40.98% | +14.60 | 1.063 | $180.01 |
| 2025-08-28 | 39.80% | +14.09 | 1.111 | $178.77 |
| 2025-08-27 | 42.36% | +12.34 | 1.051 | $178.12 |
| 2025-08-26 | 41.00% | +11.97 | 1.071 | $177.20 |
| 2025-08-25 | 41.96% | +8.88 | 1.066 | $173.31 |
| 2025-08-22 | 42.20% | +6.71 | 1.017 | $176.32 |
| 2025-08-21 | 46.54% | +11.69 | 0.987 | $168.03 |
| 2025-08-20 | 40.62% | +12.96 | 1.075 | $169.84 |
| 2025-08-19 | 42.75% | +11.20 | 1.096 | $167.22 |
| 2025-08-18 | 38.67% | +11.22 | 1.157 | $166.50 |
| 2025-08-15 | 40.91% | +10.20 | 1.139 | $166.17 |
| 2025-08-14 | 44.76% | +7.89 | 1.004 | $171.85 |
| 2025-08-13 | 42.12% | +9.09 | 1.059 | $169.37 |
| 2025-08-12 | 42.07% | +9.14 | 1.031 | $166.24 |
| 2025-08-11 | 45.76% | +12.08 | 1.000 | $160.83 |
| 2025-08-08 | 45.45% | +11.25 | 1.010 | $160.90 |
| 2025-08-07 | 47.86% | +10.69 | 0.997 | $156.89 |
| 2025-08-06 | 45.74% | +13.03 | 1.012 | $162.15 |
| 2025-08-05 | 46.94% | +12.28 | 1.001 | $159.77 |
| 2025-08-04 | 44.64% | +14.66 | 1.048 | $161.82 |
| 2025-08-01 | 53.66% | +15.28 | 0.985 | $157.24 |
| 2025-07-31 | 45.64% | +11.00 | 1.035 | $166.37 |
| 2025-07-30 | 45.70% | +9.82 | 0.992 | $169.87 |
| 2025-07-29 | 43.28% | +10.16 | 1.055 | $170.64 |
| 2025-07-28 | 43.86% | +11.09 | 1.025 | $173.43 |
| 2025-07-25 | 44.07% | +9.02 | 1.048 | $177.41 |
| 2025-07-24 | 43.91% | +11.21 | 1.040 | $173.68 |
| 2025-07-23 | 44.33% | +11.57 | 1.013 | $173.69 |
图表覆盖存档中的全部交易日,共 339 个。表格列出最近的 120 个。
25-delta 风险逆转
最近 339 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
38d (2026-12-18) · 66d (2027-01-15) · 129d (2027-03-19)
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 | 38d | 66d | 129d |
|---|---|---|---|
| 10Δ 看涨 | 44.67% | — | — |
| 15Δ 看涨 | 44.49% | — | — |
| 20Δ 看涨 | 44.88% | — | — |
| 25Δ 看涨 | 44.93% | 44.68% | 45.08% |
| 30Δ 看涨 | 45.58% | 44.71% | 45.74% |
| 35Δ 看涨 | 46.21% | 44.60% | 47.11% |
| 40Δ 看涨 | 46.44% | 45.97% | 47.77% |
| 45Δ 看涨 | 47.85% | 47.13% | 48.89% |
| ATM | 47.93% | 48.34% | 50.28% |
| 45Δ 看跌 | 52.09% | 49.94% | 51.32% |
| 40Δ 看跌 | 52.91% | 51.19% | 52.39% |
| 35Δ 看跌 | 55.99% | 53.22% | 53.76% |
| 30Δ 看跌 | 58.26% | 54.95% | 55.04% |
| 25Δ 看跌 | 61.23% | 56.11% | 58.43% |
| 20Δ 看跌 | — | 60.65% | 60.78% |
| 15Δ 看跌 | — | 62.44% | — |
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 |
|---|---|---|---|---|---|---|---|---|
| 2026-12-18 | 38 | $179.30 | 47.93% | 61.23% | 44.93% | +16.30 | +5.14 | 32 |
| 2027-01-15 | 66 | $178.81 | 48.34% | 56.11% | 44.68% | +11.43 | +2.05 | 50 |
| 2027-03-19 | 129 | $179.95 | 50.28% | 58.43% | 45.08% | +13.34 | +1.47 | 19 |
| 2027-06-17 | 219 | $181.28 | 50.55% | 57.69% | 46.41% | +11.28 | +1.50 | 30 |
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
4 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 |
|---|---|---|---|---|---|
| 2026-12-18 | 38 天 | $179.30 | 47.93% | $181.45 | 32 |
| 2027-01-15 | 66 天 | $178.81 | 48.34% | $182.63 | 50 |
| 2027-03-19 | 129 天 | $179.95 | 50.28% | $188.17 | 19 |
| 2027-06-17 | 219 天 | $181.28 | 50.55% | $195.73 | 30 |
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
- —
- 60 天
- 48.29%
- 90 天
- 49.41%
- 180 天
- 50.47%
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 339 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。