ETF · 期权分析
SLV 期权分析
数据截至 2026年11月12日(收盘)
- 标的收盘价
- $45.12
- 30D ATM IV
- 39.24%
- IV 百分位 · 1年
- 第 87
- 25Δ 风险逆转
- +2.89
- 期限斜率 90/30
- 0.995
▼ -1.37 pts 较前一交易日
概览
SLV 期权当前计入的 30 天平值隐含波动率为 39.2%,相当于未来一个月约 ±11.3% 的波动。这高于它过去一年 252 个交易日中 87% 的读数。
它的 25-delta put 比 call 的隐含波动率高 2.89 个波动率点,过去一年里只有 2% 的交易日差距比这更大。
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ⓘ
- 39.24%
- 25-delta 风险逆转ⓘ
- +2.89
- 25-delta 蝶式价差ⓘ
- +1.23
- 期限结构斜率ⓘ
- 0.995
对应 30 天内约 ±11.3% 的波动，平常一天约 ±2.5%。
高于过去一年中 87% 的读数。
距平值同样远时，put 比 call的隐含波动率高 2.89 个点。
高于过去一年中 98% 的读数。
两翼的隐含波动率比平值高 1.23 个点。
90 天与 30 天期权的隐含波动率大致相同。
高于过去一年中 21% 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)
22.0%52.5%
- IV 百分位,1 年
- 87%
- IV 排名,1 年
- 56%
- IV 百分位,2 年
- 89%
- IV 排名,2 年
- 56%
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
- $45.12
- 30 天隐含远期价
- $45.29
- 60 天 ATM IV
- 38.67%
- 90 天 ATM IV
- 39.03%
- 180 天 ATM IV
- 39.08%
- 使用的到期日数
- 20
- 总未平仓量
- 4,106,258
- Put / call 未平仓量比
- 0.50
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 337 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 |
|---|---|---|---|---|
| 2026-11-12 | 39.24% | +2.89 | 0.995 | $45.12 |
| 2026-11-10 | 40.62% | +2.20 | 0.976 | $46.48 |
| 2026-11-09 | 39.36% | +0.46 | 0.987 | $48.14 |
| 2026-11-06 | 40.15% | +1.47 | 0.983 | $46.87 |
| 2026-11-05 | 41.62% | +1.94 | 0.960 | $46.93 |
| 2026-11-04 | 39.87% | +1.47 | 0.978 | $47.16 |
| 2026-11-03 | 41.55% | +3.53 | 0.961 | $44.84 |
| 2026-11-02 | 40.68% | +2.88 | 0.965 | $45.57 |
| 2026-10-30 | 44.07% | +4.79 | 0.962 | $44.60 |
| 2026-10-29 | 39.37% | +2.53 | 0.970 | $47.28 |
| 2026-10-28 | 37.27% | +1.47 | 0.992 | $49.06 |
| 2026-10-27 | 37.10% | +1.59 | 0.993 | $49.16 |
| 2026-10-26 | 37.57% | +1.66 | 0.987 | $48.66 |
| 2026-10-23 | 38.53% | +2.13 | 0.968 | $48.72 |
| 2026-10-22 | 39.11% | +0.86 | 0.953 | $49.34 |
| 2026-10-21 | 33.44% | -0.39 | 1.016 | $52.26 |
| 2026-10-20 | 33.27% | +0.04 | 1.012 | $52.12 |
| 2026-10-19 | 33.72% | +0.75 | 1.017 | $51.54 |
| 2026-10-16 | 35.45% | +0.44 | 1.014 | $51.51 |
| 2026-10-15 | 35.17% | +0.98 | 1.000 | $51.92 |
| 2026-10-14 | 37.10% | -0.41 | 0.956 | $50.22 |
| 2026-10-13 | 34.18% | -1.99 | 0.977 | $53.49 |
| 2026-10-09 | 33.06% | -1.73 | 1.011 | $54.78 |
| 2026-10-08 | 34.12% | -1.02 | 0.999 | $53.45 |
| 2026-10-07 | 34.13% | -1.65 | 1.001 | $53.82 |
| 2026-10-06 | 33.65% | -2.11 | 1.025 | $55.45 |
| 2026-10-05 | 32.96% | -0.25 | 1.042 | $55.13 |
| 2026-10-02 | 32.96% | +0.40 | 1.053 | $54.74 |
| 2026-10-01 | 34.00% | -0.52 | 1.039 | $55.02 |
| 2026-09-30 | 34.69% | -1.69 | 1.039 | $54.51 |
| 2026-09-29 | 35.92% | -2.38 | 1.016 | $55.48 |
| 2026-09-28 | 36.11% | -1.81 | 1.027 | $54.95 |
| 2026-09-25 | 32.51% | -3.16 | 1.106 | $58.14 |
| 2026-09-24 | 34.27% | -3.00 | 1.093 | $57.62 |
| 2026-09-23 | 36.14% | -4.16 | 1.075 | $58.16 |
| 2026-09-22 | 38.46% | -5.83 | 1.051 | $60.73 |
| 2026-09-21 | 36.29% | -3.54 | 1.103 | $59.63 |
| 2026-09-18 | 37.03% | -3.27 | 1.111 | $59.93 |
| 2026-09-17 | 39.13% | -3.32 | 1.094 | $58.97 |
| 2026-09-16 | 42.11% | -3.63 | 1.042 | $57.05 |
| 2026-09-15 | 41.74% | -4.11 | 1.055 | $57.53 |
| 2026-09-14 | 42.83% | -3.37 | 1.039 | $56.84 |
| 2026-09-11 | 41.01% | -2.93 | 1.077 | $58.12 |
| 2026-09-10 | 44.44% | -3.54 | 1.028 | $57.50 |
| 2026-09-09 | 44.29% | -4.60 | 1.058 | $60.72 |
| 2026-09-08 | 42.91% | -4.09 | 1.070 | $59.37 |
| 2026-09-04 | 42.11% | -4.91 | 1.088 | $59.82 |
| 2026-09-03 | 45.15% | -6.08 | 1.061 | $60.55 |
| 2026-09-02 | 42.66% | -3.00 | 1.068 | $59.07 |
| 2026-09-01 | 41.72% | -2.59 | 1.073 | $57.92 |
| 2026-08-31 | 41.41% | -3.78 | 1.090 | $60.13 |
| 2026-08-28 | 42.12% | -3.86 | 1.093 | $60.02 |
| 2026-08-27 | 44.77% | -5.94 | 1.078 | $62.77 |
| 2026-08-26 | 44.49% | -6.16 | 1.063 | $61.59 |
| 2026-08-25 | 44.27% | -6.27 | 1.074 | $62.32 |
| 2025-10-22 | 40.77% | -4.21 | 0.901 | $43.88 |
| 2025-10-21 | 44.07% | -3.72 | 0.879 | $43.79 |
| 2025-10-20 | 46.97% | -4.23 | 0.883 | $47.72 |
| 2025-10-17 | 49.93% | -2.83 | 0.844 | $46.99 |
| 2025-10-16 | 52.53% | -3.80 | 0.854 | $49.17 |
| 2025-10-15 | 48.16% | -0.85 | 0.872 | $48.33 |
| 2025-10-14 | 48.00% | -5.57 | 0.855 | $46.80 |
| 2025-10-10 | 43.61% | -2.79 | 0.832 | $45.43 |
| 2025-10-09 | 41.74% | -2.97 | 0.865 | $44.71 |
| 2025-10-08 | 34.40% | -4.83 | 0.920 | $44.56 |
| 2025-10-07 | 32.61% | -4.63 | 0.937 | $43.39 |
| 2025-10-06 | 32.60% | -4.04 | 0.943 | $44.06 |
| 2025-10-03 | 30.93% | -3.72 | 0.953 | $43.52 |
| 2025-10-02 | 30.40% | -3.55 | 0.953 | $42.53 |
| 2025-10-01 | 30.90% | -3.92 | 0.958 | $42.91 |
| 2025-09-30 | 30.23% | -3.66 | 0.959 | $42.37 |
| 2025-09-29 | 31.72% | -4.03 | 0.973 | $42.50 |
| 2025-09-26 | 29.97% | -3.81 | 0.999 | $41.86 |
| 2025-09-25 | 29.89% | -4.02 | 0.988 | $41.03 |
| 2025-09-24 | 27.06% | -3.68 | 1.034 | $39.82 |
| 2025-09-23 | 27.74% | -3.89 | 1.030 | $39.96 |
| 2025-09-22 | 28.72% | -4.89 | 1.012 | $40.04 |
| 2025-09-19 | 25.42% | -3.62 | 1.054 | $39.04 |
| 2025-09-18 | 23.40% | -2.82 | 1.085 | $37.99 |
| 2025-09-17 | 25.03% | -3.92 | 1.039 | $37.79 |
| 2025-09-16 | 25.63% | -3.51 | 1.038 | $38.60 |
| 2025-09-15 | 27.03% | -3.87 | 1.025 | $38.76 |
| 2025-09-12 | 25.30% | -3.48 | 1.051 | $38.34 |
| 2025-09-11 | 24.89% | -3.03 | 1.053 | $37.79 |
| 2025-09-10 | 24.17% | -2.49 | 1.054 | $37.41 |
| 2025-09-09 | 24.38% | -2.67 | 1.060 | $37.18 |
| 2025-09-08 | 25.84% | -2.54 | 1.030 | $37.51 |
| 2025-09-05 | 25.15% | -2.42 | 1.043 | $37.21 |
| 2025-09-04 | 25.72% | -2.12 | 1.045 | $36.93 |
| 2025-09-03 | 27.96% | -2.82 | 1.021 | $37.34 |
| 2025-09-02 | 27.31% | -3.21 | 1.060 | $37.15 |
| 2025-08-29 | 25.16% | -3.19 | 1.083 | $36.19 |
| 2025-08-28 | 24.05% | -2.82 | 1.103 | $35.52 |
| 2025-08-27 | 23.35% | -3.18 | 1.111 | $34.99 |
| 2025-08-26 | 23.68% | -3.64 | 1.089 | $35.02 |
| 2025-08-25 | 23.26% | -2.47 | 1.094 | $35.02 |
| 2025-08-22 | 23.47% | -2.69 | 1.093 | $35.34 |
| 2025-08-21 | 22.98% | -2.04 | 1.100 | $34.61 |
| 2025-08-20 | 22.54% | -1.37 | 1.102 | $34.43 |
| 2025-08-19 | 22.23% | -1.09 | 1.095 | $33.87 |
| 2025-08-18 | 22.07% | -1.49 | 1.108 | $34.55 |
| 2025-08-15 | 22.00% | -1.51 | 1.121 | $34.50 |
| 2025-08-14 | 22.41% | -1.90 | 1.110 | $34.50 |
| 2025-08-13 | 23.63% | -2.36 | 1.079 | $35.00 |
| 2025-08-12 | 22.83% | -1.98 | 1.094 | $34.41 |
| 2025-08-11 | 22.99% | -1.55 | 1.100 | $34.18 |
| 2025-08-08 | 23.71% | -2.36 | 1.086 | $34.88 |
| 2025-08-07 | 24.81% | -3.00 | 1.075 | $34.76 |
| 2025-08-06 | 23.84% | -2.73 | 1.086 | $34.35 |
| 2025-08-05 | 23.87% | -2.12 | 1.095 | $34.35 |
| 2025-08-04 | 23.46% | -2.63 | 1.089 | $33.98 |
| 2025-08-01 | 23.96% | -2.21 | 1.068 | $33.59 |
| 2025-07-31 | 23.16% | -1.57 | 1.065 | $33.32 |
| 2025-07-30 | 23.53% | -1.52 | 1.060 | $33.51 |
| 2025-07-29 | 23.49% | -1.70 | 1.072 | $34.66 |
| 2025-07-28 | 24.92% | -1.58 | 1.049 | $34.64 |
| 2025-07-25 | 24.64% | -2.49 | 1.069 | $34.66 |
| 2025-07-24 | 26.72% | -3.33 | 1.032 | $35.49 |
| 2025-07-23 | 27.94% | -4.07 | 1.021 | $35.69 |
| 2025-07-22 | 29.41% | -3.98 | 1.008 | $35.72 |
图表覆盖存档中的全部交易日,共 337 个。表格列出最近的 120 个。
25-delta 风险逆转
最近 337 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 (2026-11-13) · 4d (2026-11-16) · 6d (2026-11-18)
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 | 4d | 6d |
|---|---|---|---|
| 5Δ 看涨 | 55.80% | 38.42% | 43.20% |
| 10Δ 看涨 | 51.01% | 36.08% | 40.11% |
| 15Δ 看涨 | 47.77% | 35.47% | 39.59% |
| 20Δ 看涨 | 46.29% | 34.74% | 38.92% |
| 25Δ 看涨 | 46.04% | 34.73% | 38.55% |
| 30Δ 看涨 | 46.06% | 34.88% | 38.45% |
| 35Δ 看涨 | 46.08% | 34.85% | 38.59% |
| 40Δ 看涨 | 46.12% | 34.73% | 38.69% |
| 45Δ 看涨 | 46.45% | 34.71% | 38.78% |
| ATM | 47.01% | 34.78% | 39.25% |
| 45Δ 看跌 | 47.57% | 34.89% | 39.94% |
| 40Δ 看跌 | 47.93% | 35.13% | 40.37% |
| 35Δ 看跌 | 48.21% | 35.53% | 40.98% |
| 30Δ 看跌 | 48.52% | 36.05% | 41.93% |
| 25Δ 看跌 | 49.11% | 36.80% | 42.83% |
| 20Δ 看跌 | 50.40% | 37.80% | 44.00% |
| 15Δ 看跌 | 52.10% | 39.60% | 45.84% |
| 10Δ 看跌 | 54.08% | 42.15% | 47.68% |
| 5Δ 看跌 | 60.52% | 46.28% | 52.86% |
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 | 1 | $45.18 | 47.01% | 49.11% | 46.04% | +3.06 | +0.57 | 14 |
| 2026-11-16 | 4 | $45.17 | 34.78% | 36.80% | 34.73% | +2.06 | +0.99 | 22 |
| 2026-11-18 | 6 | $45.20 | 39.25% | 42.83% | 38.55% | +4.28 | +1.44 | 32 |
| 2026-11-20 | 8 | $45.20 | 40.77% | 44.08% | 39.95% | +4.13 | +1.25 | 40 |
| 2026-11-23 | 11 | $45.21 | 38.05% | 41.37% | 36.98% | +4.39 | +1.12 | 37 |
| 2026-11-25 | 13 | $45.21 | 39.24% | 42.29% | 38.44% | +3.85 | +1.13 | 37 |
| 2026-11-27 | 15 | $45.23 | 38.63% | 41.31% | 37.69% | +3.62 | +0.88 | 47 |
| 2026-12-04 | 22 | $45.27 | 38.48% | 41.42% | 37.68% | +3.74 | +1.06 | 48 |
| 2026-12-11 | 29 | $45.28 | 39.24% | 41.96% | 39.00% | +2.95 | +1.24 | 51 |
| 2026-12-18 | 36 | $45.32 | 39.25% | 41.76% | 39.19% | +2.57 | +1.23 | 54 |
| 2026-12-24 | 42 | $45.34 | 39.10% | 41.56% | 39.20% | +2.37 | +1.28 | 36 |
| 2026-12-31 | 49 | $45.38 | 38.59% | 41.06% | 38.93% | +2.13 | +1.40 | 97 |
| 2027-01-15 | 64 | $45.44 | 38.69% | 40.57% | 39.64% | +0.94 | +1.42 | 180 |
| 2027-03-19 | 127 | $45.70 | 39.28% | 40.16% | 41.37% | -1.21 | +1.48 | 85 |
| 2027-03-31 | 139 | $45.75 | 39.18% | 39.79% | 41.28% | -1.49 | +1.36 | 74 |
| 2027-04-16 | 155 | $45.85 | 38.96% | 39.68% | 41.49% | -1.82 | +1.63 | 38 |
| 2027-06-17 | 217 | $46.08 | 39.20% | 38.88% | 42.54% | -3.66 | +1.51 | 179 |
| 2027-06-30 | 230 | $46.13 | 39.29% | 38.52% | 42.61% | -4.09 | +1.28 | 42 |
| 2027-09-17 | 309 | $46.49 | 39.20% | 38.07% | 43.26% | -5.18 | +1.47 | 111 |
| 2027-09-30 | 322 | $46.53 | 39.41% | 37.97% | 43.48% | -5.52 | +1.32 | 37 |
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
20 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 | 1 天 | $45.18 | 47.01% | $45.19 | 14 |
| 2026-11-16 | 4 天 | $45.17 | 34.78% | $45.20 | 22 |
| 2026-11-18 | 6 天 | $45.20 | 39.25% | $45.25 | 32 |
| 2026-11-20 | 8 天 | $45.20 | 40.77% | $45.28 | 40 |
| 2026-11-23 | 11 天 | $45.21 | 38.05% | $45.30 | 37 |
| 2026-11-25 | 13 天 | $45.21 | 39.24% | $45.33 | 37 |
| 2026-11-27 | 15 天 | $45.23 | 38.63% | $45.36 | 47 |
| 2026-12-04 | 22 天 | $45.27 | 38.48% | $45.47 | 48 |
| 2026-12-11 | 29 天 | $45.28 | 39.24% | $45.56 | 51 |
| 2026-12-18 | 36 天 | $45.32 | 39.25% | $45.66 | 54 |
| 2026-12-24 | 42 天 | $45.34 | 39.10% | $45.74 | 36 |
| 2026-12-31 | 49 天 | $45.38 | 38.59% | $45.83 | 97 |
| 2027-01-15 | 64 天 | $45.44 | 38.69% | $46.04 | 180 |
| 2027-03-19 | 127 天 | $45.70 | 39.28% | $46.94 | 85 |
| 2027-03-31 | 139 天 | $45.75 | 39.18% | $47.10 | 74 |
| 2027-04-16 | 155 天 | $45.85 | 38.96% | $47.35 | 38 |
| 2027-06-17 | 217 天 | $46.08 | 39.20% | $48.23 | 179 |
| 2027-06-30 | 230 天 | $46.13 | 39.29% | $48.43 | 42 |
| 2027-09-17 | 309 天 | $46.49 | 39.20% | $49.62 | 111 |
| 2027-09-30 | 322 天 | $46.53 | 39.41% | $49.83 | 37 |
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
- 39.24%
- 60 天
- 38.67%
- 90 天
- 39.03%
- 180 天
- 39.08%
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 337 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。