指数 · 期权分析
RUTW 期权分析
数据截至 2026年11月10日(收盘)
- 标的收盘价
- $2,821.38
- 30D ATM IV
- 19.09%
- IV 百分位 · 1年
- 第 15
- 25Δ 风险逆转
- +4.81
- 期限斜率 90/30
- 1.012
▼ -0.04 pts 较前一交易日
概览
RUTW 期权当前计入的 30 天平值隐含波动率为 19.1%,相当于未来一个月约 ±5.5% 的波动。这高于它过去一年 250 个交易日中 15% 的读数。
它的 25-delta put 比 call 的隐含波动率高 4.81 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ⓘ
- 19.09%
- 25-delta 风险逆转ⓘ
- +4.81
- 25-delta 蝶式价差ⓘ
- +0.68
- 期限结构斜率ⓘ
- 1.012
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 15% 的读数。
距平值同样远时，put 比 call的隐含波动率高 4.81 个点。
高于过去一年中 73% 的读数。
两翼的隐含波动率比平值高 0.68 个点。
90 天的隐含波动率比 30 天高 1%。
高于过去一年中 72% 的读数。
30 天隐含波动率处在什么位置
对比此前 250 个交易日(一年窗口)
17.0%46.6%
- IV 百分位,1 年
- 15%
- IV 排名,1 年
- 7%
- IV 百分位,2 年
- 13%
- IV 排名,2 年
- 7%
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
- $2,821.38
- 30 天隐含远期价
- $2,824.08
- 60 天 ATM IV
- 19.02%
- 90 天 ATM IV
- 19.32%
- 180 天 ATM IV
- 19.98%
- 使用的到期日数
- 23
- 总未平仓量
- 223,324
- Put / call 未平仓量比
- 1.64
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 295 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 | 19.09% | +4.81 | 1.012 | $2,821.38 |
| 2026-11-09 | 19.13% | +4.52 | 1.004 | $2,840.81 |
| 2026-11-06 | 21.89% | +6.73 | 0.960 | $2,754.11 |
| 2026-11-05 | 24.13% | +7.80 | 0.909 | $2,729.89 |
| 2026-11-04 | 17.03% | +3.71 | 1.058 | $2,856.95 |
| 2026-11-03 | 20.36% | +5.15 | 0.970 | $2,812.45 |
| 2026-11-02 | 20.53% | +5.44 | 0.970 | $2,805.88 |
| 2026-10-30 | 19.43% | +5.42 | 1.008 | $2,811.84 |
| 2026-10-29 | 17.04% | +3.82 | 1.075 | $2,859.22 |
| 2026-10-28 | 17.48% | +3.54 | 1.062 | $2,830.51 |
| 2026-10-27 | 18.23% | +3.68 | 1.036 | $2,818.87 |
| 2026-10-26 | 19.05% | +4.15 | 1.013 | $2,786.42 |
| 2026-10-23 | 20.05% | +4.72 | 0.988 | $2,775.90 |
| 2026-10-22 | 20.43% | +4.37 | 0.971 | $2,784.03 |
| 2026-10-21 | 18.75% | +3.34 | 1.010 | $2,781.02 |
| 2026-10-20 | 18.79% | +3.91 | 1.008 | $2,773.42 |
| 2026-10-19 | 19.18% | +4.47 | 0.992 | $2,728.30 |
| 2026-10-16 | 19.84% | +5.51 | 0.971 | $2,721.37 |
| 2026-10-15 | 18.24% | +3.33 | 1.011 | $2,767.27 |
| 2026-10-14 | 19.40% | +4.22 | 0.980 | $2,729.53 |
| 2026-10-13 | 18.36% | +3.10 | 1.011 | $2,783.37 |
| 2026-10-09 | 18.00% | +3.03 | 1.040 | $2,806.98 |
| 2026-10-08 | 18.90% | +3.32 | 1.010 | $2,794.13 |
| 2026-10-07 | 18.93% | +3.22 | 1.004 | $2,793.20 |
| 2026-10-06 | 18.52% | +2.83 | 1.011 | $2,830.30 |
| 2026-10-05 | 18.41% | +3.15 | 1.014 | $2,847.14 |
| 2026-10-02 | 18.07% | +3.48 | 1.033 | $2,832.90 |
| 2026-10-01 | 19.40% | +3.86 | 0.985 | $2,806.63 |
| 2026-09-30 | 19.03% | +3.58 | 0.992 | $2,796.86 |
| 2026-09-29 | 19.18% | +3.71 | 0.990 | $2,807.92 |
| 2026-09-28 | 18.82% | +3.78 | 0.999 | $2,817.91 |
| 2026-09-25 | 17.69% | +3.27 | 1.039 | $2,837.55 |
| 2026-09-24 | 18.31% | +3.53 | 1.029 | $2,835.57 |
| 2026-09-23 | 17.73% | +3.69 | 1.035 | $2,838.66 |
| 2025-10-22 | 22.38% | +4.51 | 0.965 | $2,451.55 |
| 2025-10-21 | 21.61% | +4.02 | 0.978 | $2,487.69 |
| 2025-10-20 | 21.92% | +4.15 | 0.971 | $2,499.91 |
| 2025-10-17 | 23.98% | +5.78 | 0.944 | $2,452.17 |
| 2025-10-16 | 26.11% | +7.35 | 0.920 | $2,467.02 |
| 2025-10-15 | 23.17% | +4.69 | 0.958 | $2,519.75 |
| 2025-10-14 | 23.57% | +4.89 | 0.944 | $2,495.50 |
| 2025-10-10 | 23.60% | +5.47 | 0.952 | $2,394.60 |
| 2025-10-09 | 20.08% | +2.89 | 1.032 | $2,468.85 |
| 2025-10-08 | 19.98% | +2.63 | 1.034 | $2,483.99 |
| 2025-10-07 | 20.59% | +3.15 | 1.015 | $2,458.42 |
| 2025-10-06 | 19.94% | +2.39 | 1.028 | $2,486.36 |
| 2025-10-03 | 19.83% | +2.64 | 1.028 | $2,476.18 |
| 2025-10-02 | 19.99% | +2.58 | 1.023 | $2,458.49 |
| 2025-10-01 | 19.78% | +2.50 | 1.028 | $2,442.35 |
| 2025-09-30 | 20.16% | +2.74 | 1.021 | $2,436.48 |
| 2025-09-29 | 20.20% | +2.42 | 1.021 | $2,435.25 |
| 2025-09-26 | 19.71% | +2.30 | 1.038 | $2,434.32 |
| 2025-09-25 | 21.08% | +2.81 | 1.012 | $2,411.04 |
| 2025-09-24 | 21.11% | +2.45 | 1.011 | $2,434.98 |
| 2025-09-23 | 21.16% | +2.44 | 1.006 | $2,457.51 |
| 2025-09-22 | 20.69% | +2.06 | 1.006 | $2,463.34 |
| 2025-09-19 | 19.67% | +2.27 | 1.029 | $2,448.77 |
| 2025-09-18 | 20.40% | +2.24 | 1.009 | $2,467.70 |
| 2025-09-17 | 20.65% | +2.53 | 0.989 | $2,407.35 |
| 2025-09-16 | 21.16% | +2.00 | 0.982 | $2,403.03 |
| 2025-09-15 | 21.15% | +2.41 | 0.973 | $2,405.13 |
| 2025-09-12 | 19.94% | +2.26 | 1.008 | $2,397.06 |
| 2025-09-11 | 20.10% | +2.09 | 1.000 | $2,421.53 |
| 2025-09-10 | 20.41% | +2.97 | 0.993 | $2,378.01 |
| 2025-09-09 | 20.41% | +3.11 | 0.989 | $2,381.82 |
| 2025-09-08 | 20.02% | +2.86 | 0.998 | $2,394.89 |
| 2025-09-05 | 19.84% | +2.82 | 1.012 | $2,391.05 |
| 2025-09-04 | 21.02% | +2.85 | 0.970 | $2,379.61 |
| 2025-09-03 | 21.31% | +3.50 | 0.962 | $2,349.97 |
| 2025-09-02 | 21.56% | +3.57 | 0.963 | $2,352.21 |
| 2025-08-29 | 19.99% | +2.74 | 1.013 | $2,366.42 |
| 2025-08-28 | 20.05% | +2.16 | 1.005 | $2,378.41 |
| 2025-08-27 | 20.66% | +2.33 | 0.991 | $2,373.80 |
| 2025-08-26 | 20.35% | +2.38 | 1.000 | $2,358.60 |
| 2025-08-25 | 20.46% | +2.38 | 1.000 | $2,339.17 |
| 2025-08-22 | 20.52% | +2.03 | 0.991 | $2,361.95 |
| 2025-08-21 | 21.99% | +3.48 | 0.957 | $2,274.10 |
| 2025-08-20 | 21.50% | +3.29 | 0.974 | $2,269.35 |
| 2025-08-19 | 21.07% | +3.21 | 0.980 | $2,276.61 |
| 2025-08-18 | 20.44% | +2.37 | 0.994 | $2,294.47 |
| 2025-08-15 | 20.33% | +2.75 | 1.007 | $2,286.52 |
| 2025-08-14 | 20.30% | +3.10 | 1.010 | $2,299.08 |
| 2025-08-13 | 20.31% | +2.21 | 1.007 | $2,328.06 |
| 2025-08-12 | 20.31% | +2.63 | 0.997 | $2,282.78 |
| 2025-08-11 | 22.20% | +4.00 | 0.946 | $2,216.51 |
| 2025-08-08 | 21.18% | +3.87 | 0.980 | $2,218.42 |
| 2025-08-07 | 22.08% | +4.40 | 0.961 | $2,214.72 |
| 2025-08-06 | 22.12% | +4.59 | 0.967 | $2,221.29 |
| 2025-08-05 | 22.68% | +4.91 | 0.960 | $2,225.67 |
| 2025-08-04 | 22.41% | +4.93 | 0.963 | $2,212.30 |
| 2025-08-01 | 24.40% | +6.30 | 0.929 | $2,166.78 |
| 2025-07-31 | 22.20% | +5.12 | 0.955 | $2,211.65 |
| 2025-07-30 | 20.94% | +4.62 | 0.973 | $2,232.40 |
| 2025-07-29 | 20.91% | +4.19 | 0.975 | $2,242.96 |
| 2025-07-28 | 20.46% | +3.71 | 0.979 | $2,256.73 |
| 2025-07-25 | 20.40% | +3.47 | 0.987 | $2,261.07 |
| 2025-07-24 | 20.89% | +3.58 | 0.979 | $2,252.13 |
| 2025-07-23 | 21.06% | +3.41 | 0.978 | $2,283.13 |
| 2025-07-22 | 21.95% | +4.36 | 0.959 | $2,248.76 |
| 2025-07-21 | 22.11% | +4.56 | 0.961 | $2,231.13 |
| 2025-07-18 | 21.83% | +4.19 | 0.977 | $2,240.01 |
| 2025-07-17 | 21.27% | +3.79 | 0.992 | $2,253.68 |
| 2025-07-16 | 22.24% | +4.22 | 0.968 | $2,226.99 |
| 2025-07-15 | 22.99% | +3.78 | 0.946 | $2,205.05 |
| 2025-07-14 | 22.23% | +3.68 | 0.960 | $2,249.73 |
| 2025-07-11 | 21.40% | +3.47 | 0.986 | $2,234.83 |
| 2025-07-10 | 20.64% | +2.73 | 1.002 | $2,263.41 |
| 2025-07-09 | 20.99% | +2.40 | 0.992 | $2,252.49 |
| 2025-07-08 | 21.80% | +3.01 | 0.978 | $2,228.74 |
| 2025-07-07 | 22.32% | +3.38 | 0.967 | $2,214.23 |
| 2025-07-03 | 20.85% | +2.67 | 0.989 | $2,249.04 |
| 2025-07-02 | 21.81% | +2.60 | 0.967 | $2,226.38 |
| 2025-07-01 | 21.34% | +2.38 | 0.987 | $2,197.54 |
| 2025-06-30 | 20.88% | +2.47 | 0.995 | $2,175.04 |
| 2025-06-27 | 20.05% | +2.24 | 1.024 | $2,172.53 |
| 2025-06-26 | 19.96% | +2.57 | 1.016 | $2,172.11 |
| 2025-06-25 | 19.91% | +3.44 | 1.019 | $2,136.18 |
| 2025-06-24 | 20.03% | +3.50 | 1.013 | $2,161.21 |
| 2025-06-23 | 21.44% | +5.11 | 0.995 | $2,132.68 |
| 2025-06-20 | 22.38% | +5.88 | 0.978 | $2,109.27 |
图表覆盖存档中的全部交易日,共 295 个。表格列出最近的 120 个。
25-delta 风险逆转
最近 295 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 | 17.36% | 17.37% | 17.51% |
| 10Δ 看涨 | 17.68% | 17.51% | 17.71% |
| 15Δ 看涨 | 17.85% | 17.73% | 17.86% |
| 20Δ 看涨 | 18.07% | 17.97% | 18.15% |
| 25Δ 看涨 | 18.23% | 18.21% | 18.36% |
| 30Δ 看涨 | 18.41% | 18.46% | 18.62% |
| 35Δ 看涨 | 18.65% | 18.66% | 18.93% |
| 40Δ 看涨 | 18.80% | 18.97% | 19.20% |
| 45Δ 看涨 | 18.98% | 19.20% | 19.46% |
| ATM | 19.21% | 19.44% | 19.74% |
| 45Δ 看跌 | 19.48% | 19.74% | 20.05% |
| 40Δ 看跌 | 19.77% | 20.02% | 20.36% |
| 35Δ 看跌 | 20.09% | 20.31% | 20.64% |
| 30Δ 看跌 | 20.46% | 20.67% | 21.03% |
| 25Δ 看跌 | 20.89% | 21.04% | 21.44% |
| 20Δ 看跌 | 21.36% | 21.47% | 21.91% |
| 15Δ 看跌 | 21.89% | 22.08% | 22.54% |
| 10Δ 看跌 | 22.67% | 22.97% | 23.53% |
| 5Δ 看跌 | 23.66% | 24.65% | 25.51% |
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 | $2,818.85 | 19.21% | 20.89% | 18.23% | +2.66 | +0.35 | 25 |
| 2026-11-12 | 2 | $2,818.90 | 19.44% | 21.04% | 18.21% | +2.84 | +0.19 | 40 |
| 2026-11-13 | 3 | $2,819.45 | 19.74% | 21.44% | 18.36% | +3.08 | +0.16 | 56 |
| 2026-11-16 | 6 | $2,819.05 | 16.70% | 18.34% | 15.45% | +2.89 | +0.20 | 79 |
| 2026-11-17 | 7 | $2,819.15 | 17.39% | 19.27% | 16.06% | +3.21 | +0.27 | 88 |
| 2026-11-18 | 8 | $2,819.46 | 18.04% | 20.13% | 16.58% | +3.55 | +0.32 | 84 |
| 2026-11-19 | 9 | $2,819.66 | 18.60% | 20.79% | 17.05% | +3.74 | +0.32 | 73 |
| 2026-11-20 | 10 | $2,820.40 | 18.98% | 21.22% | 17.39% | +3.83 | +0.33 | 161 |
| 2026-11-23 | 13 | $2,820.46 | 17.92% | 20.23% | 16.31% | +3.92 | +0.35 | 93 |
| 2026-11-24 | 14 | $2,820.55 | 18.20% | 20.64% | 16.58% | +4.06 | +0.41 | 64 |
| 2026-11-25 | 15 | $2,821.10 | 18.39% | 20.95% | 16.79% | +4.16 | +0.48 | 125 |
| 2026-11-27 | 17 | $2,821.85 | 17.87% | 20.42% | 16.27% | +4.15 | +0.47 | 164 |
| 2026-11-30 | 20 | $2,821.75 | 17.42% | 19.93% | 15.84% | +4.09 | +0.47 | 152 |
| 2026-12-04 | 24 | $2,822.74 | 18.44% | 21.26% | 16.76% | +4.49 | +0.57 | 197 |
| 2026-12-11 | 31 | $2,824.30 | 19.17% | 22.29% | 17.44% | +4.85 | +0.69 | 188 |
| 2026-12-18 | 38 | $2,825.53 | 19.29% | 22.46% | 17.49% | +4.97 | +0.68 | 180 |
| 2026-12-31 | 51 | $2,828.54 | 18.98% | 22.15% | 17.22% | +4.93 | +0.70 | 168 |
| 2027-01-08 | 59 | $2,831.88 | 19.01% | 22.23% | 17.24% | +4.99 | +0.73 | 12 |
| 2027-01-29 | 80 | $2,838.44 | 19.22% | 22.55% | 17.44% | +5.10 | +0.78 | 107 |
| 2027-02-26 | 108 | $2,845.80 | 19.44% | 22.81% | 17.66% | +5.15 | +0.80 | 102 |
| 2027-03-31 | 141 | $2,852.44 | 19.68% | 23.04% | 17.87% | +5.16 | +0.77 | 96 |
| 2027-06-30 | 232 | $2,878.41 | 20.21% | 23.47% | 18.53% | +4.94 | +0.79 | 88 |
| 2027-09-30 | 324 | $2,908.32 | 20.31% | 23.79% | 18.82% | +4.97 | +0.99 | 28 |
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
23 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 | $2,818.85 | 19.21% | $2,818.99 | 25 |
| 2026-11-12 | 2 天 | $2,818.90 | 19.44% | $2,819.19 | 40 |
| 2026-11-13 | 3 天 | $2,819.45 | 19.74% | $2,819.90 | 56 |
| 2026-11-16 | 6 天 | $2,819.05 | 16.70% | $2,819.70 | 79 |
| 2026-11-17 | 7 天 | $2,819.15 | 17.39% | $2,819.97 | 88 |
| 2026-11-18 | 8 天 | $2,819.46 | 18.04% | $2,820.46 | 84 |
| 2026-11-19 | 9 天 | $2,819.66 | 18.60% | $2,820.86 | 73 |
| 2026-11-20 | 10 天 | $2,820.40 | 18.98% | $2,821.79 | 161 |
| 2026-11-23 | 13 天 | $2,820.46 | 17.92% | $2,822.07 | 93 |
| 2026-11-24 | 14 天 | $2,820.55 | 18.20% | $2,822.34 | 64 |
| 2026-11-25 | 15 天 | $2,821.10 | 18.39% | $2,823.06 | 125 |
| 2026-11-27 | 17 天 | $2,821.85 | 17.87% | $2,823.95 | 164 |
| 2026-11-30 | 20 天 | $2,821.75 | 17.42% | $2,824.10 | 152 |
| 2026-12-04 | 24 天 | $2,822.74 | 18.44% | $2,825.90 | 197 |
| 2026-12-11 | 31 天 | $2,824.30 | 19.17% | $2,828.71 | 188 |
| 2026-12-18 | 38 天 | $2,825.53 | 19.29% | $2,831.01 | 180 |
| 2026-12-31 | 51 天 | $2,828.54 | 18.98% | $2,835.67 | 168 |
| 2027-01-08 | 59 天 | $2,831.88 | 19.01% | $2,840.16 | 12 |
| 2027-01-29 | 80 天 | $2,838.44 | 19.22% | $2,849.95 | 107 |
| 2027-02-26 | 108 天 | $2,845.80 | 19.44% | $2,861.75 | 102 |
| 2027-03-31 | 141 天 | $2,852.44 | 19.68% | $2,873.87 | 96 |
| 2027-06-30 | 232 天 | $2,878.41 | 20.21% | $2,916.01 | 88 |
| 2027-09-30 | 324 天 | $2,908.32 | 20.31% | $2,962.09 | 28 |
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
- 19.09%
- 60 天
- 19.02%
- 90 天
- 19.32%
- 180 天
- 19.98%
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 295 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。