ETF · 期权分析
LABU 期权分析
数据截至 2026年11月10日(收盘)
- 标的收盘价
- $236.32
- 30D ATM IV
- 96.76%
- IV 百分位 · 1年
- 第 80
- 25Δ 风险逆转
- +11.41
- 期限斜率 90/30
- 0.987
▼ -1.45 pts 较前一交易日
本交易日部分指标不可用
概览
LABU 期权当前计入的 30 天平值隐含波动率为 96.8%,相当于未来一个月约 ±27.7% 的波动。这高于它过去一年 246 个交易日中 80% 的读数。
它的 25-delta put 比 call 的隐含波动率高 11.41 个波动率点,大致处在它自己过去一年区间的中部。
期限结构倒挂:90 天波动率比 30 天低 1%。当市场把某个有确定日期的事件计入较近的到期日时,就会出现这种情况。
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ⓘ
- 96.76%
- 25-delta 风险逆转ⓘ
- +11.41
- 25-delta 蝶式价差ⓘ
- +2.20
- 期限结构斜率ⓘ
- 0.987
对应 30 天内约 ±27.7% 的波动，平常一天约 ±6.1%。
高于过去一年中 80% 的读数。
距平值同样远时，put 比 call的隐含波动率高 11.41 个点。
高于过去一年中 75% 的读数。
两翼的隐含波动率比平值高 2.20 个点。
90 天的隐含波动率比 30 天低 1%。
高于过去一年中 57% 的读数。
30 天隐含波动率处在什么位置
对比此前 246 个交易日(一年窗口)
- IV 百分位,1 年
- 80%
- IV 排名,1 年
- 25%
- IV 百分位,2 年
- 85%
- IV 排名,2 年
- 28%
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
- $236.32
- 30 天隐含远期价
- $236.29
- 60 天 ATM IV
- 96.11%
- 90 天 ATM IV
- 95.51%
- 180 天 ATM IV
- —
- 使用的到期日数
- 7
- 总未平仓量
- 12,966
- Put / call 未平仓量比
- 1.08
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 338 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 | 96.76% | +11.41 | 0.987 | $236.32 |
| 2026-11-09 | 98.21% | +12.29 | 0.978 | $245.11 |
| 2026-11-06 | 105.13% | +13.37 | 0.956 | $223.75 |
| 2026-11-05 | 112.66% | +4.51 | 0.901 | $208.62 |
| 2026-11-04 | 96.04% | +9.42 | 0.980 | $260.63 |
| 2026-11-03 | 105.78% | +4.47 | 0.936 | $241.18 |
| 2026-11-02 | 102.19% | +5.62 | 0.952 | $228.38 |
| 2026-10-30 | 102.49% | +12.64 | 0.948 | $247.22 |
| 2026-10-29 | 94.37% | +7.18 | 0.995 | $256.96 |
| 2026-10-28 | 96.14% | +8.39 | 1.001 | $254.15 |
| 2026-10-27 | 96.56% | +10.95 | 0.979 | $242.25 |
| 2026-10-26 | 97.08% | +2.18 | 0.973 | $223.49 |
| 2026-10-23 | 98.33% | +7.99 | 0.956 | $219.60 |
| 2026-10-22 | 100.68% | +10.89 | 0.931 | $229.18 |
| 2026-10-21 | 96.78% | +1.22 | 0.965 | $234.18 |
| 2026-10-20 | 98.46% | +10.51 | 0.952 | $235.99 |
| 2026-10-19 | 97.06% | +9.33 | 0.944 | $212.79 |
| 2026-10-16 | 100.41% | +4.54 | 0.935 | $198.86 |
| 2026-10-15 | 95.35% | +10.08 | 0.965 | $222.94 |
| 2026-10-14 | 98.39% | +0.18 | 0.940 | $210.02 |
| 2026-10-13 | 95.49% | -1.49 | 0.967 | $210.78 |
| 2026-10-09 | 93.70% | +1.31 | 0.997 | $243.09 |
| 2026-10-08 | 101.74% | +10.77 | 0.919 | $223.00 |
| 2026-10-07 | 95.89% | -1.95 | 0.973 | $227.75 |
| 2026-10-06 | 98.79% | -1.28 | 0.954 | $230.95 |
| 2026-10-05 | 94.24% | +7.97 | 0.992 | $257.38 |
| 2026-10-02 | 89.98% | +1.18 | 1.002 | $248.72 |
| 2026-10-01 | 91.82% | -1.03 | 0.996 | $249.65 |
| 2026-09-30 | 91.28% | +4.54 | 1.010 | $265.79 |
| 2026-09-29 | 91.29% | +10.43 | 1.018 | $261.00 |
| 2026-09-28 | 94.05% | +8.38 | 0.999 | $260.00 |
| 2026-09-25 | 92.19% | +6.99 | 1.010 | $252.47 |
| 2026-09-24 | 95.05% | +7.93 | 0.999 | $257.32 |
| 2026-09-23 | 92.69% | +5.92 | 0.998 | $253.11 |
| 2026-09-22 | 88.82% | +8.52 | 1.008 | $289.00 |
| 2026-09-21 | 88.29% | +4.45 | 1.012 | $269.82 |
| 2026-09-18 | 87.97% | +1.86 | 1.007 | $263.20 |
| 2026-09-17 | 91.52% | -0.03 | 0.966 | $270.91 |
| 2026-09-16 | 91.81% | +5.00 | 0.961 | $250.41 |
| 2026-09-15 | 90.24% | +5.61 | 0.980 | $250.40 |
| 2026-09-14 | 86.67% | +7.81 | 0.999 | $268.39 |
| 2026-09-11 | 85.55% | +4.32 | 1.010 | $261.30 |
| 2026-09-10 | 89.13% | +5.80 | 0.985 | $266.00 |
| 2026-09-09 | 89.21% | +2.89 | 0.989 | $279.02 |
| 2026-09-08 | 90.03% | +5.67 | 0.985 | $293.07 |
| 2026-09-04 | 85.65% | +6.03 | 1.020 | $303.55 |
| 2026-09-03 | 89.94% | +3.81 | 1.012 | $305.86 |
| 2026-09-02 | 89.28% | +8.36 | 1.015 | $311.81 |
| 2026-09-01 | 88.63% | +7.63 | 1.039 | $300.70 |
| 2026-08-31 | 90.16% | +5.87 | 1.029 | $296.31 |
| 2026-08-28 | 88.71% | +0.81 | 1.048 | $295.76 |
| 2026-08-27 | 92.42% | +2.02 | — | $331.23 |
| 2026-08-26 | 94.34% | +1.42 | — | $331.59 |
| 2026-08-25 | 96.63% | +1.43 | — | $335.54 |
| 2026-08-24 | 95.53% | +5.26 | — | $308.33 |
| 2025-10-22 | — | — | — | $113.11 |
| 2025-10-21 | 88.24% | -0.40 | — | $120.79 |
| 2025-10-20 | — | — | — | $123.11 |
| 2025-10-17 | — | — | — | $115.17 |
| 2025-10-16 | — | — | — | $116.04 |
| 2025-10-15 | — | — | — | $117.59 |
| 2025-10-14 | 90.10% | +8.71 | 0.963 | $107.36 |
| 2025-10-10 | — | — | — | $107.06 |
| 2025-10-09 | 85.36% | +5.76 | 0.988 | $112.02 |
| 2025-10-08 | 83.22% | +4.73 | 1.033 | $109.03 |
| 2025-10-07 | 84.15% | +6.35 | 0.997 | $103.53 |
| 2025-10-06 | 84.97% | +8.05 | 1.008 | $103.45 |
| 2025-10-03 | 79.80% | +6.67 | 1.014 | $103.28 |
| 2025-10-02 | 81.79% | +6.66 | 1.015 | $100.45 |
| 2025-10-01 | 84.07% | +6.77 | 0.999 | $97.16 |
| 2025-09-30 | 82.24% | +7.66 | 0.991 | $93.61 |
| 2025-09-29 | 81.40% | +6.90 | 0.996 | $91.51 |
| 2025-09-26 | 80.13% | -0.13 | 1.072 | $87.61 |
| 2025-09-25 | 83.20% | +1.12 | 0.987 | $82.49 |
| 2025-09-24 | 79.62% | +4.21 | 1.026 | $86.67 |
| 2025-09-23 | 80.50% | +3.75 | 0.970 | $84.96 |
| 2025-09-22 | 80.17% | +3.79 | 0.993 | $86.27 |
| 2025-09-19 | 77.43% | +1.13 | 1.027 | $82.12 |
| 2025-09-18 | 77.79% | +1.21 | 1.016 | $84.87 |
| 2025-09-17 | 80.40% | +3.24 | 1.001 | $77.65 |
| 2025-09-16 | 83.03% | +5.67 | 0.972 | $77.58 |
| 2025-09-15 | 77.58% | +6.06 | 1.007 | $76.85 |
| 2025-09-12 | 75.47% | +5.87 | 1.010 | $78.72 |
| 2025-09-11 | 78.80% | +7.57 | 1.013 | $82.74 |
| 2025-09-10 | 75.67% | +7.29 | 1.015 | $78.40 |
| 2025-09-09 | 76.84% | +8.24 | 0.969 | $81.20 |
| 2025-09-08 | 76.16% | +7.73 | 1.004 | $79.86 |
| 2025-09-05 | 76.72% | +10.97 | 0.996 | $82.54 |
| 2025-09-04 | 76.01% | +8.62 | 1.009 | $77.51 |
| 2025-09-03 | 82.19% | +13.93 | 0.909 | $77.97 |
| 2025-09-02 | 80.31% | +11.44 | 0.964 | $76.20 |
| 2025-08-29 | 75.20% | +8.66 | 0.975 | $69.35 |
| 2025-08-28 | 70.97% | +8.38 | 1.018 | $70.30 |
| 2025-08-27 | 70.64% | +13.09 | 1.028 | $70.31 |
| 2025-08-26 | 71.97% | +6.72 | 1.010 | $69.33 |
| 2025-08-25 | 73.26% | +1.74 | 1.007 | $67.02 |
| 2025-08-22 | 77.28% | +6.99 | 0.920 | $72.15 |
| 2025-08-21 | 71.59% | +7.38 | 0.976 | $69.76 |
| 2025-08-20 | 74.42% | +5.18 | 1.003 | $68.14 |
| 2025-08-19 | 75.31% | +6.59 | 0.981 | $67.28 |
| 2025-08-18 | 72.11% | +6.41 | 1.013 | $70.65 |
| 2025-08-15 | 70.77% | +5.31 | 1.048 | $71.69 |
| 2025-08-14 | 78.42% | +10.08 | — | $69.34 |
| 2025-08-13 | 73.39% | +7.89 | 1.043 | $69.12 |
| 2025-08-12 | 72.53% | +15.46 | 1.064 | $63.58 |
| 2025-08-11 | 75.98% | +8.88 | 1.021 | $59.90 |
| 2025-08-08 | 73.67% | +8.96 | 1.036 | $60.41 |
| 2025-08-07 | 78.91% | +8.92 | 0.973 | $60.11 |
| 2025-08-06 | 81.95% | +3.03 | 0.944 | $61.88 |
| 2025-08-05 | 77.94% | +7.20 | 1.022 | $63.53 |
| 2025-08-04 | 77.87% | +10.12 | 0.993 | $63.45 |
| 2025-08-01 | 78.75% | +8.49 | 0.976 | $61.51 |
| 2025-07-31 | 76.06% | +0.79 | 1.030 | $61.11 |
| 2025-07-30 | 75.60% | +6.96 | 1.024 | $62.50 |
| 2025-07-29 | 84.29% | +6.01 | 0.906 | $61.60 |
| 2025-07-28 | 76.96% | +8.08 | 1.007 | $63.01 |
| 2025-07-25 | 72.82% | +6.84 | 1.032 | $65.52 |
| 2025-07-24 | 72.59% | +8.01 | 1.037 | $65.32 |
| 2025-07-23 | 79.47% | +14.19 | 0.967 | $67.14 |
| 2025-07-22 | 81.97% | +9.58 | 0.970 | $63.65 |
图表覆盖存档中的全部交易日,共 338 个。表格列出最近的 120 个。
25-delta 风险逆转
最近 338 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
10d (2026-11-20) · 17d (2026-11-27) · 24d (2026-12-04)
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 | 10d | 17d | 24d |
|---|---|---|---|
| 10Δ 看涨 | 102.47% | — | — |
| 15Δ 看涨 | 102.15% | — | — |
| 20Δ 看涨 | 101.90% | — | — |
| 25Δ 看涨 | 101.69% | 92.77% | 91.72% |
| 30Δ 看涨 | 100.41% | 91.78% | 92.19% |
| 35Δ 看涨 | 101.22% | 93.58% | 92.37% |
| 40Δ 看涨 | 101.52% | 94.52% | 95.36% |
| 45Δ 看涨 | 104.19% | 96.10% | 95.50% |
| ATM | 104.16% | 97.73% | 95.96% |
| 45Δ 看跌 | 108.22% | 99.29% | 98.42% |
| 40Δ 看跌 | 110.68% | 100.08% | 99.87% |
| 35Δ 看跌 | 112.57% | 102.26% | 102.23% |
| 30Δ 看跌 | 114.14% | 102.92% | 103.23% |
| 25Δ 看跌 | 115.91% | 106.22% | 105.06% |
| 20Δ 看跌 | 119.14% | 108.85% | 107.72% |
| 15Δ 看跌 | 117.83% | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| 2026-11-20 | 10 | $236.00 | 104.16% | 115.91% | 101.69% | +14.22 | +4.65 | 23 |
| 2026-11-27 | 17 | $235.80 | 97.73% | 106.22% | 92.77% | +13.45 | +1.76 | 28 |
| 2026-12-04 | 24 | $236.19 | 95.96% | 105.06% | 91.72% | +13.34 | +2.43 | 22 |
| 2026-12-11 | 31 | $236.31 | 96.86% | 104.61% | 93.45% | +11.16 | +2.17 | 20 |
| 2026-12-18 | 38 | $235.90 | 98.19% | 104.36% | 93.12% | +11.24 | +0.55 | 47 |
| 2027-01-15 | 66 | $235.91 | 95.78% | 102.43% | 92.84% | +9.58 | +1.85 | 55 |
| 2027-03-19 | 129 | $236.27 | 95.28% | 100.44% | 92.88% | +7.56 | +1.38 | 69 |
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
7 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 |
|---|---|---|---|---|---|
| 2026-11-20 | 10 天 | $236.00 | 104.16% | $239.53 | 23 |
| 2026-11-27 | 17 天 | $235.80 | 97.73% | $241.11 | 28 |
| 2026-12-04 | 24 天 | $236.19 | 95.96% | $243.45 | 22 |
| 2026-12-11 | 31 天 | $236.31 | 96.86% | $245.92 | 20 |
| 2026-12-18 | 38 天 | $235.90 | 98.19% | $248.05 | 47 |
| 2027-01-15 | 66 天 | $235.91 | 95.78% | $256.31 | 55 |
| 2027-03-19 | 129 天 | $236.27 | 95.28% | $277.38 | 69 |
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
- 96.76%
- 60 天
- 96.11%
- 90 天
- 95.51%
- 180 天
- —
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 338 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。