ETF · 期权分析
IWM 期权分析
数据截至 2026年11月10日(收盘)
- 标的收盘价
- $280.58
- 30D ATM IV
- 19.23%
- IV 百分位 · 1年
- 第 34
- 25Δ 风险逆转
- +4.83
- 期限斜率 90/30
- 1.019
▼ -0.07 pts 较前一交易日
概览
IWM 期权当前计入的 30 天平值隐含波动率为 19.2%,相当于未来一个月约 ±5.5% 的波动。这高于它过去一年 252 个交易日中 34% 的读数。
它的 25-delta put 比 call 的隐含波动率高 4.83 个波动率点,大致处在它自己过去一年区间的中部。
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ⓘ
- 19.23%
- 25-delta 风险逆转ⓘ
- +4.83
- 25-delta 蝶式价差ⓘ
- +0.60
- 期限结构斜率ⓘ
- 1.019
对应 30 天内约 ±5.5% 的波动，平常一天约 ±1.2%。
高于过去一年中 34% 的读数。
距平值同样远时，put 比 call的隐含波动率高 4.83 个点。
高于过去一年中 59% 的读数。
两翼的隐含波动率比平值高 0.60 个点。
90 天的隐含波动率比 30 天高 2%。
高于过去一年中 49% 的读数。
30 天隐含波动率处在什么位置
对比此前 252 个交易日(一年窗口)
16.0%33.7%
- IV 百分位,1 年
- 34%
- IV 排名,1 年
- 19%
- IV 百分位,2 年
- 20%
- IV 排名,2 年
- 11%
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
- $280.58
- 30 天隐含远期价
- $281.09
- 60 天 ATM IV
- 19.35%
- 90 天 ATM IV
- 19.60%
- 180 天 ATM IV
- 20.50%
- 使用的到期日数
- 27
- 总未平仓量
- 9,171,269
- Put / call 未平仓量比
- 2.37
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 547 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 | 19.23% | +4.83 | 1.019 | $280.58 |
| 2026-11-09 | 19.30% | +4.51 | 1.012 | $282.51 |
| 2026-11-06 | 22.03% | +6.71 | 0.968 | $273.67 |
| 2026-11-05 | 24.31% | +7.86 | 0.920 | $270.98 |
| 2026-11-04 | 17.19% | +3.62 | 1.068 | $284.02 |
| 2026-11-03 | 20.72% | +5.08 | 0.968 | $279.79 |
| 2026-11-02 | 20.89% | +5.32 | 0.969 | $279.14 |
| 2026-10-30 | 19.95% | +5.46 | 0.999 | $279.33 |
| 2026-10-29 | 17.41% | +3.82 | 1.073 | $284.01 |
| 2026-10-28 | 17.67% | +3.57 | 1.072 | $281.29 |
| 2026-10-27 | 18.49% | +3.70 | 1.040 | $280.18 |
| 2026-10-26 | 19.40% | +4.16 | 1.014 | $276.99 |
| 2026-10-23 | 20.28% | +4.70 | 0.990 | $275.75 |
| 2026-10-22 | 20.72% | +4.39 | 0.975 | $276.67 |
| 2026-10-21 | 18.94% | +3.35 | 1.017 | $276.48 |
| 2026-10-20 | 19.07% | +3.91 | 1.009 | $275.78 |
| 2026-10-19 | 19.43% | +4.47 | 0.996 | $271.28 |
| 2026-10-16 | 20.05% | +5.55 | 0.969 | $270.44 |
| 2026-10-15 | 18.49% | +3.33 | 1.013 | $275.08 |
| 2026-10-14 | 19.62% | +4.16 | 0.983 | $271.37 |
| 2026-10-13 | 18.61% | +3.06 | 1.015 | $276.70 |
| 2026-10-09 | 18.19% | +2.99 | 1.045 | $278.94 |
| 2026-10-08 | 19.11% | +3.33 | 1.014 | $277.57 |
| 2026-10-07 | 19.12% | +3.21 | 1.010 | $277.70 |
| 2026-10-06 | 18.75% | +2.85 | 1.015 | $281.34 |
| 2026-10-05 | 18.59% | +3.13 | 1.021 | $283.38 |
| 2026-10-02 | 18.19% | +3.46 | 1.040 | $281.52 |
| 2026-10-01 | 19.57% | +3.79 | 0.994 | $279.02 |
| 2026-09-30 | 19.23% | +3.45 | 1.000 | $277.89 |
| 2026-09-29 | 19.40% | +3.63 | 0.998 | $279.01 |
| 2026-09-28 | 19.03% | +3.70 | 1.007 | $280.02 |
| 2026-09-25 | 17.75% | +3.19 | 1.058 | $281.97 |
| 2026-09-24 | 18.39% | +3.36 | 1.047 | $281.66 |
| 2026-09-23 | 17.95% | +3.54 | 1.051 | $281.92 |
| 2026-09-22 | 16.80% | +2.49 | 1.091 | $287.21 |
| 2026-09-21 | 16.88% | +3.14 | 1.095 | $285.58 |
| 2026-09-18 | 16.63% | +4.03 | 1.115 | $284.10 |
| 2026-09-17 | 16.87% | +4.31 | 1.102 | $285.43 |
| 2026-09-16 | 19.04% | +5.62 | 1.035 | $283.92 |
| 2026-09-15 | 18.85% | +5.30 | 1.030 | $285.14 |
| 2026-09-14 | 18.31% | +5.09 | 1.054 | $287.91 |
| 2026-09-11 | 17.80% | +4.81 | 1.076 | $288.89 |
| 2026-09-10 | 20.01% | +5.40 | 1.005 | $287.70 |
| 2026-09-09 | 18.52% | +4.40 | 1.042 | $290.64 |
| 2026-09-08 | 17.37% | +4.05 | 1.076 | $294.67 |
| 2026-09-04 | 16.24% | +3.64 | 1.116 | $296.01 |
| 2026-09-03 | 16.64% | +3.59 | 1.097 | $295.19 |
| 2026-09-02 | 17.43% | +4.56 | 1.062 | $294.01 |
| 2026-09-01 | 18.29% | +5.27 | 1.036 | $290.57 |
| 2026-08-31 | 16.44% | +4.12 | 1.103 | $293.93 |
| 2026-08-28 | 16.16% | +3.83 | 1.127 | $295.75 |
| 2026-08-27 | 16.35% | +3.77 | 1.119 | $299.81 |
| 2026-08-21 | 17.14% | +4.07 | 1.100 | $299.96 |
| 2026-08-20 | 17.91% | +4.89 | 1.080 | $297.67 |
| 2026-08-19 | 16.49% | +4.09 | 1.132 | $301.72 |
| 2026-08-18 | 17.16% | +4.78 | 1.118 | $300.23 |
| 2026-08-17 | 16.51% | +4.00 | 1.155 | $304.06 |
| 2026-08-14 | 15.95% | +3.13 | 1.179 | $305.09 |
| 2026-08-13 | 15.97% | +2.91 | 1.179 | $303.50 |
| 2026-08-12 | 16.30% | +3.01 | 1.165 | $302.71 |
| 2026-08-11 | 17.36% | +3.28 | 1.121 | $300.99 |
| 2026-08-10 | 17.47% | +3.27 | 1.114 | $299.98 |
| 2026-08-07 | 16.95% | +2.92 | 1.135 | $301.56 |
| 2026-08-06 | 17.55% | +3.37 | 1.103 | $298.25 |
| 2026-08-05 | 17.78% | +3.00 | 1.094 | $299.77 |
| 2026-08-04 | 18.73% | +2.90 | 1.063 | $301.71 |
| 2026-08-03 | 18.07% | +4.11 | 1.082 | $296.22 |
| 2026-07-31 | 18.42% | +5.01 | 1.062 | $291.20 |
| 2026-07-30 | 19.17% | +5.41 | 1.044 | $292.59 |
| 2026-07-29 | 22.05% | +6.37 | 0.969 | $288.57 |
| 2026-07-28 | 20.28% | +5.91 | 1.007 | $293.37 |
| 2026-07-27 | 20.48% | +6.13 | 1.005 | $292.91 |
| 2026-07-24 | 20.29% | +6.07 | 1.018 | $291.17 |
| 2026-07-23 | 20.54% | +6.13 | 1.014 | $292.09 |
| 2026-07-22 | 19.21% | +5.59 | 1.043 | $293.79 |
| 2026-07-21 | 18.64% | +5.37 | 1.060 | $296.54 |
| 2026-07-20 | 20.00% | +5.73 | 1.020 | $292.31 |
| 2026-07-17 | 19.78% | +5.60 | 1.026 | $294.04 |
| 2026-07-16 | 18.67% | +5.09 | 1.063 | $295.59 |
| 2026-07-15 | 18.18% | +4.27 | 1.082 | $295.77 |
| 2026-07-14 | 18.96% | +4.55 | 1.058 | $294.51 |
| 2026-07-13 | 20.36% | +4.85 | 1.017 | $293.48 |
| 2026-07-10 | 18.42% | +3.77 | 1.088 | $295.99 |
| 2026-07-09 | 19.20% | +4.12 | 1.066 | $297.24 |
| 2026-07-08 | 20.43% | +4.59 | 1.019 | $293.48 |
| 2026-07-07 | 19.76% | +4.35 | 1.040 | $296.19 |
| 2026-07-06 | 19.21% | +3.91 | 1.052 | $298.90 |
| 2026-07-02 | 19.67% | +4.16 | 1.036 | $297.58 |
| 2026-07-01 | 19.82% | +4.26 | 1.035 | $299.32 |
| 2026-06-30 | 19.83% | +4.41 | 1.042 | $300.45 |
| 2026-06-29 | 21.23% | +4.64 | 1.018 | $298.97 |
| 2026-06-26 | 22.16% | +4.90 | 1.005 | $299.83 |
| 2026-06-25 | 22.75% | +4.97 | 0.995 | $298.91 |
| 2026-06-24 | 22.75% | +5.09 | 0.995 | $296.69 |
| 2026-06-23 | 23.25% | +5.04 | 0.987 | $295.32 |
| 2026-06-22 | 21.82% | +4.38 | 1.010 | $298.18 |
| 2026-06-18 | 21.04% | +4.39 | 1.040 | $295.59 |
| 2026-06-17 | 22.93% | +4.81 | 0.976 | $289.88 |
| 2026-06-16 | 21.27% | +3.67 | 1.024 | $292.08 |
| 2026-06-15 | 21.46% | +3.31 | 1.026 | $294.64 |
| 2026-06-12 | 22.70% | +3.77 | 1.001 | $292.95 |
| 2026-06-11 | 24.38% | +4.20 | 0.973 | $290.41 |
| 2026-06-10 | 26.27% | +5.66 | 0.936 | $282.05 |
| 2026-06-09 | 24.44% | +5.15 | 0.957 | $285.02 |
| 2026-06-08 | 23.40% | +4.82 | 0.976 | $284.11 |
| 2026-06-05 | 24.28% | +6.24 | 0.958 | $281.65 |
| 2026-06-04 | 21.20% | +2.97 | 1.045 | $292.01 |
| 2026-06-03 | 21.57% | +4.19 | 1.054 | $287.67 |
| 2026-06-02 | 21.41% | +2.65 | 1.050 | $291.66 |
| 2026-06-01 | 21.54% | +3.25 | 1.044 | $288.98 |
| 2026-05-29 | 20.62% | +3.01 | 1.062 | $290.43 |
| 2026-05-28 | 21.53% | +2.43 | 1.046 | $292.03 |
| 2026-05-27 | 21.51% | +2.66 | 1.097 | $290.37 |
| 2026-05-26 | 23.02% | +2.99 | 0.993 | $290.51 |
| 2026-05-22 | 22.54% | +4.24 | 0.991 | $285.12 |
| 2026-05-21 | 22.48% | +4.30 | 0.991 | $282.49 |
| 2026-05-20 | 22.73% | +4.70 | 0.985 | $279.87 |
| 2026-05-19 | 23.26% | +4.92 | 0.964 | $273.00 |
| 2026-05-18 | 22.61% | +5.20 | 0.988 | $275.97 |
| 2026-05-15 | 22.94% | +5.70 | 0.985 | $277.60 |
图表覆盖存档中的全部交易日,共 547 个。表格列出最近的 120 个。
25-delta 风险逆转
最近 547 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
1d (2026-11-11) · 2d (2026-11-12) · 3d (2026-11-13)
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 | 1d | 2d | 3d |
|---|---|---|---|
| 5Δ 看涨 | 18.42% | 17.59% | 17.63% |
| 10Δ 看涨 | 18.11% | 17.91% | 17.89% |
| 15Δ 看涨 | 18.33% | 18.03% | 18.16% |
| 20Δ 看涨 | 18.52% | 18.20% | 18.43% |
| 25Δ 看涨 | 18.71% | 18.43% | 18.71% |
| 30Δ 看涨 | 18.92% | 18.66% | 18.98% |
| 35Δ 看涨 | 19.15% | 18.90% | 19.24% |
| 40Δ 看涨 | 19.37% | 19.16% | 19.51% |
| 45Δ 看涨 | 19.58% | 19.42% | 19.73% |
| ATM | 19.79% | 19.67% | 20.02% |
| 45Δ 看跌 | 20.03% | 19.94% | 20.30% |
| 40Δ 看跌 | 20.30% | 20.24% | 20.56% |
| 35Δ 看跌 | 20.61% | 20.57% | 20.84% |
| 30Δ 看跌 | 20.91% | 20.93% | 21.14% |
| 25Δ 看跌 | 21.24% | 21.30% | 21.60% |
| 20Δ 看跌 | 21.76% | 21.86% | 22.12% |
| 15Δ 看跌 | 22.43% | 22.65% | 22.84% |
| 10Δ 看跌 | 23.04% | 23.59% | 23.76% |
| 5Δ 看跌 | 23.91% | 25.18% | 25.83% |
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 |
|---|---|---|---|---|---|---|---|---|
| 2026-11-11 | 1 | $280.23 | 19.79% | 21.24% | 18.71% | +2.54 | +0.19 | 19 |
| 2026-11-12 | 2 | $280.27 | 19.67% | 21.30% | 18.43% | +2.87 | +0.20 | 34 |
| 2026-11-13 | 3 | $280.34 | 20.02% | 21.60% | 18.71% | +2.89 | +0.14 | 53 |
| 2026-11-16 | 6 | $280.38 | 16.79% | 18.48% | 15.55% | +2.92 | +0.23 | 46 |
| 2026-11-17 | 7 | $280.41 | 17.55% | 19.43% | 16.19% | +3.24 | +0.26 | 47 |
| 2026-11-18 | 8 | $280.43 | 18.22% | 20.26% | 16.68% | +3.57 | +0.25 | 49 |
| 2026-11-19 | 9 | $280.46 | 18.74% | 20.90% | 17.11% | +3.79 | +0.27 | 49 |
| 2026-11-20 | 10 | $280.52 | 19.26% | 21.46% | 17.63% | +3.83 | +0.28 | 81 |
| 2026-11-23 | 13 | $280.56 | 18.15% | 20.42% | 16.48% | +3.94 | +0.30 | 63 |
| 2026-11-24 | 14 | $280.55 | 18.39% | 20.80% | 16.73% | +4.07 | +0.38 | 28 |
| 2026-11-27 | 17 | $280.70 | 18.10% | 20.58% | 16.42% | +4.16 | +0.39 | 89 |
| 2026-12-04 | 24 | $280.91 | 18.63% | 21.40% | 16.89% | +4.51 | +0.52 | 96 |
| 2026-12-11 | 31 | $281.12 | 19.31% | 22.35% | 17.48% | +4.87 | +0.61 | 93 |
| 2026-12-18 | 38 | $280.55 | 19.69% | 22.73% | 17.57% | +5.16 | +0.46 | 112 |
| 2026-12-24 | 44 | $280.57 | 19.40% | 22.50% | 17.36% | +5.15 | +0.54 | 54 |
| 2026-12-31 | 51 | $280.71 | 19.24% | 22.32% | 17.34% | +4.98 | +0.59 | 107 |
| 2027-01-15 | 66 | $281.22 | 19.41% | 22.59% | 17.53% | +5.05 | +0.65 | 68 |
| 2027-02-19 | 101 | $282.30 | 19.66% | 22.86% | 17.75% | +5.10 | +0.64 | 59 |
| 2027-03-19 | 129 | $282.80 | 20.08% | 23.19% | 18.12% | +5.07 | +0.57 | 65 |
| 2027-03-31 | 141 | $282.96 | 20.07% | 23.14% | 18.07% | +5.07 | +0.53 | 87 |
| 2027-04-16 | 157 | $283.47 | 20.30% | 23.33% | 18.33% | +5.00 | +0.53 | 46 |
| 2027-05-21 | 192 | $284.55 | 20.58% | 23.55% | 18.61% | +4.94 | +0.50 | 38 |
| 2027-06-17 | 219 | $285.12 | 20.70% | 23.66% | 18.75% | +4.91 | +0.50 | 53 |
| 2027-06-30 | 232 | $285.38 | 20.71% | 23.55% | 18.84% | +4.71 | +0.48 | 78 |
| 2027-09-17 | 311 | $287.58 | 21.09% | 23.91% | 19.16% | +4.76 | +0.45 | 59 |
| 2027-09-30 | 324 | $287.63 | 21.11% | 23.84% | 19.20% | +4.64 | +0.41 | 48 |
| 2027-10-15 | 339 | $288.20 | 21.18% | 23.87% | 19.26% | +4.60 | +0.38 | 31 |
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
27 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 |
|---|---|---|---|---|---|
| 2026-11-11 | 1 天 | $280.23 | 19.79% | $280.25 | 19 |
| 2026-11-12 | 2 天 | $280.27 | 19.67% | $280.29 | 34 |
| 2026-11-13 | 3 天 | $280.34 | 20.02% | $280.39 | 53 |
| 2026-11-16 | 6 天 | $280.38 | 16.79% | $280.44 | 46 |
| 2026-11-17 | 7 天 | $280.41 | 17.55% | $280.49 | 47 |
| 2026-11-18 | 8 天 | $280.43 | 18.22% | $280.53 | 49 |
| 2026-11-19 | 9 天 | $280.46 | 18.74% | $280.58 | 49 |
| 2026-11-20 | 10 天 | $280.52 | 19.26% | $280.67 | 81 |
| 2026-11-23 | 13 天 | $280.56 | 18.15% | $280.73 | 63 |
| 2026-11-24 | 14 天 | $280.55 | 18.39% | $280.73 | 28 |
| 2026-11-27 | 17 天 | $280.70 | 18.10% | $280.91 | 89 |
| 2026-12-04 | 24 天 | $280.91 | 18.63% | $281.24 | 96 |
| 2026-12-11 | 31 天 | $281.12 | 19.31% | $281.56 | 93 |
| 2026-12-18 | 38 天 | $280.55 | 19.69% | $281.12 | 112 |
| 2026-12-24 | 44 天 | $280.57 | 19.40% | $281.20 | 54 |
| 2026-12-31 | 51 天 | $280.71 | 19.24% | $281.44 | 107 |
| 2027-01-15 | 66 天 | $281.22 | 19.41% | $282.18 | 68 |
| 2027-02-19 | 101 天 | $282.30 | 19.66% | $283.81 | 59 |
| 2027-03-19 | 129 天 | $282.80 | 20.08% | $284.82 | 65 |
| 2027-03-31 | 141 天 | $282.96 | 20.07% | $285.17 | 87 |
| 2027-04-16 | 157 天 | $283.47 | 20.30% | $285.99 | 46 |
| 2027-05-21 | 192 天 | $284.55 | 20.58% | $287.74 | 38 |
| 2027-06-17 | 219 天 | $285.12 | 20.70% | $288.81 | 53 |
| 2027-06-30 | 232 天 | $285.38 | 20.71% | $289.30 | 78 |
| 2027-09-17 | 311 天 | $287.58 | 21.09% | $293.08 | 59 |
| 2027-09-30 | 324 天 | $287.63 | 21.11% | $293.38 | 48 |
| 2027-10-15 | 339 天 | $288.20 | 21.18% | $294.27 | 31 |
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
- 19.23%
- 60 天
- 19.35%
- 90 天
- 19.60%
- 180 天
- 20.50%
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 547 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。