ETF · 期权分析
LQD 期权分析
数据截至 2026年11月10日(收盘)
- 标的收盘价
- $103.88
- 30D ATM IV
- 7.79%
- IV 百分位 · 1年
- —
- 25Δ 风险逆转
- +1.08
- 期限斜率 90/30
- 1.042
▲ +0.48 pts 较前一交易日
概览
LQD 期权当前计入的 30 天平值隐含波动率为 7.8%,相当于未来一个月约 ±2.2% 的波动。它在本站的历史只有 338 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 1.08 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ⓘ
- 7.79%
- 25-delta 风险逆转ⓘ
- +1.08
- 25-delta 蝶式价差ⓘ
- -0.02
- 期限结构斜率ⓘ
- 1.042
对应 30 天内约 ±2.2% 的波动，平常一天约 ±0.5%。
距平值同样远时，put 比 call的隐含波动率高 1.08 个点。
两翼的隐含波动率与平值大致相同。
90 天的隐含波动率比 30 天高 4%。
30 天隐含波动率处在什么位置
对比此前 46 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
- $103.88
- 30 天隐含远期价
- $103.73
- 60 天 ATM IV
- 7.97%
- 90 天 ATM IV
- 8.12%
- 180 天 ATM IV
- 8.52%
- 使用的到期日数
- 15
- 总未平仓量
- 2,307,316
- Put / call 未平仓量比
- 1.27
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 | 7.79% | +1.08 | 1.042 | $103.88 |
| 2026-11-09 | 7.31% | +1.32 | 1.054 | $104.67 |
| 2026-11-06 | 7.08% | +1.20 | 1.089 | $104.53 |
| 2026-11-05 | 7.67% | +1.20 | 1.059 | $104.66 |
| 2026-11-04 | 7.26% | +1.42 | 1.077 | $104.50 |
| 2026-11-03 | 8.33% | +1.44 | 1.021 | $103.72 |
| 2026-11-02 | 8.35% | +1.36 | 1.024 | $103.71 |
| 2026-10-30 | 7.65% | +1.09 | 1.105 | $104.27 |
| 2026-10-29 | 7.58% | +0.95 | 1.094 | $104.22 |
| 2026-10-28 | 7.73% | +0.73 | 1.085 | $104.07 |
| 2026-10-27 | 7.61% | +0.69 | 1.093 | $104.30 |
| 2026-10-26 | 8.04% | +0.81 | 1.053 | $104.02 |
| 2026-10-23 | 8.33% | +0.82 | 1.039 | $103.85 |
| 2026-10-22 | 9.08% | +0.84 | 0.984 | $104.28 |
| 2026-10-21 | 8.36% | +1.03 | 1.028 | $103.21 |
| 2026-10-20 | 8.62% | +1.01 | 1.012 | $103.22 |
| 2026-10-19 | 8.94% | +1.24 | 0.993 | $102.88 |
| 2026-10-16 | 8.92% | +1.41 | 0.998 | $103.40 |
| 2026-10-15 | 7.03% | +1.33 | 1.190 | $103.50 |
| 2026-10-14 | 8.62% | +1.53 | 0.976 | $102.66 |
| 2026-10-13 | 8.65% | +1.38 | 0.954 | $102.55 |
| 2026-10-09 | 8.42% | +1.28 | 1.009 | $102.41 |
| 2026-10-08 | 8.62% | +1.54 | 0.999 | $102.47 |
| 2026-10-07 | 9.23% | +1.39 | 0.997 | $102.10 |
| 2026-10-06 | 9.08% | +0.99 | 0.997 | $102.14 |
| 2026-10-05 | 9.17% | +1.28 | 1.034 | $101.83 |
| 2026-10-02 | 9.75% | +1.15 | 0.980 | $101.83 |
| 2026-10-01 | 9.65% | +1.38 | 1.020 | $102.03 |
| 2026-09-30 | 10.15% | +1.32 | 0.992 | $102.18 |
| 2026-09-29 | 9.92% | +1.59 | 1.013 | $102.41 |
| 2026-09-28 | 9.31% | +1.59 | 1.053 | $102.47 |
| 2026-09-25 | 8.47% | +1.79 | 1.029 | $103.21 |
| 2026-09-24 | 8.15% | +1.61 | 1.037 | $103.15 |
| 2026-09-23 | 7.53% | +1.44 | 1.047 | $103.89 |
| 2026-09-22 | 6.40% | +1.33 | 1.142 | $105.09 |
| 2026-09-21 | 6.54% | +1.29 | 1.106 | $105.09 |
| 2026-09-18 | 6.47% | +1.32 | 1.126 | $104.70 |
| 2026-09-17 | 6.11% | +1.25 | 1.151 | $105.16 |
| 2026-09-16 | 6.89% | +1.95 | 1.117 | $104.45 |
| 2026-09-15 | — | — | — | $104.28 |
| 2026-09-14 | — | — | — | $104.30 |
| 2026-09-11 | — | — | — | $104.32 |
| 2026-09-10 | — | — | — | $104.36 |
| 2026-09-09 | — | — | — | $105.31 |
| 2026-09-08 | — | — | — | $105.48 |
| 2026-09-04 | — | — | — | $105.48 |
| 2026-09-03 | — | — | — | $105.50 |
| 2026-09-02 | — | — | — | $105.35 |
| 2026-09-01 | — | — | — | $105.22 |
| 2026-08-31 | — | — | — | $106.21 |
| 2026-08-28 | — | — | — | $106.35 |
| 2026-08-27 | — | — | — | $106.73 |
| 2026-08-26 | — | — | — | $106.78 |
| 2026-08-25 | — | — | — | $106.86 |
| 2026-08-24 | — | — | — | $106.18 |
| 2025-10-22 | — | — | — | $112.67 |
| 2025-10-21 | — | — | — | $112.56 |
| 2025-10-20 | — | — | — | $112.54 |
| 2025-10-17 | — | — | — | $112.20 |
| 2025-10-16 | — | — | — | $112.42 |
| 2025-10-15 | — | — | — | $112.10 |
| 2025-10-14 | — | — | — | $112.10 |
| 2025-10-10 | — | — | — | $111.35 |
| 2025-10-09 | — | — | — | $111.04 |
| 2025-10-08 | — | — | — | $111.26 |
| 2025-10-07 | — | — | — | $111.40 |
| 2025-10-06 | — | — | — | $111.19 |
| 2025-10-03 | — | — | — | $111.55 |
| 2025-10-02 | — | — | — | $111.69 |
| 2025-10-01 | — | — | — | $111.51 |
| 2025-09-30 | — | — | — | $111.47 |
| 2025-09-29 | — | — | — | $111.58 |
| 2025-09-26 | — | — | — | $111.21 |
| 2025-09-25 | — | — | — | $111.06 |
| 2025-09-24 | — | — | — | $111.26 |
| 2025-09-23 | — | — | — | $111.71 |
| 2025-09-22 | — | — | — | $111.49 |
| 2025-09-19 | — | — | — | $111.74 |
| 2025-09-18 | — | — | — | $111.83 |
| 2025-09-17 | — | — | — | $112.06 |
| 2025-09-16 | — | — | — | $112.26 |
| 2025-09-15 | — | — | — | $112.36 |
| 2025-09-12 | — | — | — | $112.01 |
| 2025-09-11 | — | — | — | $112.21 |
| 2025-09-10 | — | — | — | $111.69 |
| 2025-09-09 | — | — | — | $111.36 |
| 2025-09-08 | — | — | — | $111.56 |
| 2025-09-05 | — | — | — | $111.17 |
| 2025-09-04 | — | — | — | $110.45 |
| 2025-09-03 | — | — | — | $109.70 |
| 2025-09-02 | — | — | — | $109.05 |
| 2025-08-29 | — | — | — | $109.80 |
| 2025-08-28 | — | — | — | $110.20 |
| 2025-08-27 | — | — | — | $110.03 |
| 2025-08-26 | — | — | — | $109.99 |
| 2025-08-25 | — | — | — | $109.91 |
| 2025-08-22 | — | — | — | $110.20 |
| 2025-08-21 | — | — | — | $109.34 |
| 2025-08-20 | — | — | — | $109.76 |
| 2025-08-19 | — | — | — | $109.71 |
| 2025-08-18 | — | — | — | $109.54 |
| 2025-08-15 | — | — | — | $109.74 |
| 2025-08-14 | — | — | — | $109.88 |
| 2025-08-13 | — | — | — | $110.26 |
| 2025-08-12 | — | — | — | $109.68 |
| 2025-08-11 | — | — | — | $109.58 |
| 2025-08-08 | — | — | — | $109.41 |
| 2025-08-07 | — | — | — | $109.76 |
| 2025-08-06 | — | — | — | $109.87 |
| 2025-08-05 | — | — | — | $109.90 |
| 2025-08-04 | — | — | — | $109.82 |
| 2025-08-01 | — | — | — | $109.63 |
| 2025-07-31 | — | — | — | $109.11 |
| 2025-07-30 | — | — | — | $109.08 |
| 2025-07-29 | — | — | — | $109.49 |
| 2025-07-28 | — | — | — | $108.77 |
| 2025-07-25 | — | — | — | $108.99 |
| 2025-07-24 | — | — | — | $108.64 |
| 2025-07-23 | — | — | — | $108.80 |
| 2025-07-22 | — | — | — | $108.97 |
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
3d (2026-11-13) · 10d (2026-11-20) · 15d (2026-11-25)
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 | 15d |
|---|---|---|---|
| 5Δ 看涨 | — | 7.16% | 6.91% |
| 10Δ 看涨 | 7.81% | 6.82% | 6.73% |
| 15Δ 看涨 | 7.82% | 6.93% | 6.76% |
| 20Δ 看涨 | 7.83% | 7.04% | 6.79% |
| 25Δ 看涨 | 7.84% | 7.13% | 6.82% |
| 30Δ 看涨 | 7.86% | 7.19% | 6.89% |
| 35Δ 看涨 | 7.88% | 7.20% | 6.99% |
| 40Δ 看涨 | 7.90% | 7.19% | 7.09% |
| 45Δ 看涨 | 7.94% | 7.17% | 7.20% |
| ATM | 7.99% | 7.18% | 7.31% |
| 45Δ 看跌 | 8.08% | 7.30% | 7.40% |
| 40Δ 看跌 | 8.18% | 7.49% | 7.49% |
| 35Δ 看跌 | 8.31% | 7.66% | 7.60% |
| 30Δ 看跌 | 8.44% | 7.82% | 7.72% |
| 25Δ 看跌 | 8.61% | 8.01% | 7.89% |
| 20Δ 看跌 | 8.84% | 8.32% | 8.12% |
| 15Δ 看跌 | 9.18% | 8.75% | 8.47% |
| 10Δ 看跌 | 9.84% | 9.45% | 9.22% |
| 5Δ 看跌 | 12.42% | 11.22% | 10.72% |
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 | $103.86 | 7.99% | 8.61% | 7.84% | +0.77 | +0.23 | 10 |
| 2026-11-20 | 10 | $103.92 | 7.18% | 8.01% | 7.13% | +0.88 | +0.39 | 19 |
| 2026-11-25 | 15 | $103.96 | 7.31% | 7.89% | 6.82% | +1.06 | +0.05 | 13 |
| 2026-11-27 | 17 | $103.98 | 7.02% | 7.61% | 6.55% | +1.06 | +0.06 | 18 |
| 2026-12-04 | 24 | $103.74 | 7.79% | 8.28% | 7.11% | +1.17 | -0.09 | 14 |
| 2026-12-11 | 31 | $103.73 | 7.79% | 8.32% | 7.25% | +1.07 | -0.01 | 9 |
| 2026-12-18 | 38 | $103.55 | 8.27% | 8.72% | 7.68% | +1.04 | -0.07 | 18 |
| 2026-12-24 | 44 | $103.57 | 8.06% | 8.60% | 7.16% | +1.44 | -0.18 | 18 |
| 2027-01-15 | 66 | $103.61 | 7.94% | 8.52% | 7.39% | +1.13 | +0.01 | 18 |
| 2027-02-19 | 101 | $103.58 | 8.18% | 8.95% | 7.62% | +1.33 | +0.11 | 16 |
| 2027-03-19 | 129 | $103.46 | 8.19% | 9.10% | 7.50% | +1.59 | +0.11 | 13 |
| 2027-04-16 | 157 | $103.41 | 8.31% | 9.23% | 7.73% | +1.51 | +0.17 | 11 |
| 2027-05-21 | 192 | $103.33 | 8.60% | 9.58% | 7.63% | +1.95 | -0.00 | 14 |
| 2027-06-17 | 219 | $103.16 | 8.46% | 9.47% | 8.01% | +1.46 | +0.28 | 12 |
| 2027-09-17 | 311 | $103.13 | 8.83% | 9.56% | 7.95% | +1.61 | -0.08 | 11 |
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
15 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 | $103.86 | 7.99% | $103.87 | 10 |
| 2026-11-20 | 10 天 | $103.92 | 7.18% | $103.93 | 19 |
| 2026-11-25 | 15 天 | $103.96 | 7.31% | $103.98 | 13 |
| 2026-11-27 | 17 天 | $103.98 | 7.02% | $104.00 | 18 |
| 2026-12-04 | 24 天 | $103.74 | 7.79% | $103.76 | 14 |
| 2026-12-11 | 31 天 | $103.73 | 7.79% | $103.76 | 9 |
| 2026-12-18 | 38 天 | $103.55 | 8.27% | $103.59 | 18 |
| 2026-12-24 | 44 天 | $103.57 | 8.06% | $103.61 | 18 |
| 2027-01-15 | 66 天 | $103.61 | 7.94% | $103.67 | 18 |
| 2027-02-19 | 101 天 | $103.58 | 8.18% | $103.67 | 16 |
| 2027-03-19 | 129 天 | $103.46 | 8.19% | $103.58 | 13 |
| 2027-04-16 | 157 天 | $103.41 | 8.31% | $103.57 | 11 |
| 2027-05-21 | 192 天 | $103.33 | 8.60% | $103.54 | 14 |
| 2027-06-17 | 219 天 | $103.16 | 8.46% | $103.38 | 12 |
| 2027-09-17 | 311 天 | $103.13 | 8.83% | $103.47 | 11 |
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
- 7.79%
- 60 天
- 7.97%
- 90 天
- 8.12%
- 180 天
- 8.52%
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。