ETF · 期权分析
TNA 期权分析
数据截至 2026年11月12日(收盘)
- 标的收盘价
- $56.31
- 30D ATM IV
- 55.83%
- IV 百分位 · 1年
- 第 19
- 25Δ 风险逆转
- +11.41
- 期限斜率 90/30
- 0.974
▼ -2.44 pts 较前一交易日
本交易日部分指标不可用
概览
TNA 期权当前计入的 30 天平值隐含波动率为 55.8%,相当于未来一个月约 ±16.0% 的波动。这高于它过去一年 250 个交易日中 19% 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 3%。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ⓘ
- 55.83%
- 25-delta 风险逆转ⓘ
- +11.41
- 25-delta 蝶式价差ⓘ
- -0.28
- 期限结构斜率ⓘ
- 0.974
对应 30 天内约 ±16.0% 的波动，平常一天约 ±3.5%。
高于过去一年中 19% 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 58% 的读数。
两翼的隐含波动率比平值低 0.28 个点。
90 天的隐含波动率比 30 天低 3%。
高于过去一年中 43% 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)
- IV 百分位,1 年
- 19%
- IV 排名,1 年
- 11%
- IV 百分位,2 年
- 15%
- 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
- $56.31
- 30 天隐含远期价
- $56.86
- 60 天 ATM IV
- 52.93%
- 90 天 ATM IV
- 54.37%
- 180 天 ATM IV
- —
- 使用的到期日数
- 7
- 总未平仓量
- 90,594
- Put / call 未平仓量比
- 1.05
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 335 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 | 55.83% | +11.41 | 0.974 | $56.31 |
| 2026-11-10 | 58.27% | +8.85 | 1.001 | $57.69 |
| 2026-11-09 | 52.22% | +15.06 | 1.060 | $58.90 |
| 2026-11-06 | 62.81% | +16.22 | 0.959 | $53.73 |
| 2026-11-05 | 70.61% | +19.28 | 0.850 | $52.28 |
| 2026-11-04 | 52.71% | +13.87 | 1.036 | $60.52 |
| 2026-11-03 | 61.08% | +16.07 | 0.944 | $57.97 |
| 2026-11-02 | 57.93% | +18.16 | 0.980 | $57.58 |
| 2026-10-30 | 57.12% | +20.61 | — | $57.77 |
| 2026-10-29 | 54.76% | +9.54 | 0.990 | $60.80 |
| 2026-10-28 | 52.36% | +10.76 | 1.005 | $59.09 |
| 2026-10-27 | 59.61% | +1.91 | 0.966 | $58.34 |
| 2026-10-26 | 55.30% | +11.46 | 1.047 | $56.42 |
| 2026-10-23 | 56.29% | +15.19 | 1.026 | $55.68 |
| 2026-10-22 | 57.20% | +10.83 | 0.998 | $56.34 |
| 2026-10-21 | 56.01% | +9.06 | 0.998 | $56.22 |
| 2026-10-20 | 54.98% | +10.92 | 0.995 | $55.78 |
| 2026-10-19 | 57.67% | +13.15 | 0.966 | $53.19 |
| 2026-10-16 | 57.00% | +17.30 | 0.974 | $52.71 |
| 2026-10-15 | 51.04% | +10.99 | 1.088 | $55.51 |
| 2026-10-14 | 62.59% | +16.42 | 0.865 | $53.39 |
| 2026-10-13 | 53.49% | +9.66 | 1.106 | $56.71 |
| 2026-10-09 | 53.53% | +7.73 | 1.026 | $58.11 |
| 2026-10-08 | 57.53% | +7.62 | 0.914 | $57.30 |
| 2026-10-07 | 56.26% | +6.82 | 0.971 | $57.43 |
| 2026-10-06 | 52.30% | +11.74 | 1.038 | $59.73 |
| 2026-10-05 | 55.59% | +5.12 | 0.977 | $61.07 |
| 2026-10-02 | 54.44% | +10.64 | 1.027 | $59.85 |
| 2026-10-01 | 58.13% | +9.38 | 0.990 | $58.37 |
| 2026-09-30 | 56.42% | +8.75 | 0.983 | $57.74 |
| 2026-09-29 | 58.34% | +7.32 | 0.918 | $58.44 |
| 2026-09-28 | 55.77% | +10.33 | 1.009 | $59.10 |
| 2026-09-25 | 54.54% | +8.74 | 1.032 | $60.36 |
| 2026-09-24 | 54.54% | +10.03 | 1.001 | $60.19 |
| 2026-09-23 | 51.43% | +12.43 | 0.999 | $60.43 |
| 2026-09-22 | 49.14% | +6.02 | 1.073 | $63.89 |
| 2026-09-21 | 49.33% | +7.38 | 1.083 | $62.88 |
| 2026-09-18 | 50.93% | +10.16 | 1.050 | $61.92 |
| 2026-09-17 | 48.35% | +14.00 | 1.105 | $62.83 |
| 2026-09-16 | 57.05% | +13.37 | 0.952 | $61.97 |
| 2026-09-15 | 55.39% | +15.19 | 1.012 | $62.78 |
| 2026-09-14 | 52.60% | +13.69 | 1.059 | $64.08 |
| 2026-09-11 | 54.36% | +11.25 | 1.038 | $64.81 |
| 2026-09-10 | 59.86% | +17.54 | 0.939 | $64.12 |
| 2026-09-09 | 55.75% | +9.30 | 0.984 | $66.12 |
| 2026-09-08 | 52.72% | +7.57 | 0.964 | $68.98 |
| 2026-09-04 | 51.64% | +6.93 | 1.008 | $69.89 |
| 2026-09-03 | 50.24% | +11.57 | 1.034 | $69.39 |
| 2026-09-02 | 48.70% | +13.71 | 1.088 | $68.59 |
| 2026-09-01 | 53.01% | +10.10 | 0.968 | $66.28 |
| 2026-08-31 | 51.55% | +8.66 | 1.037 | $68.61 |
| 2026-08-28 | 47.86% | +10.16 | 1.096 | $69.95 |
| 2026-08-27 | 47.95% | +6.94 | 1.120 | $72.93 |
| 2026-08-26 | 51.95% | +9.27 | 1.039 | $72.33 |
| 2025-10-22 | 60.99% | +11.26 | 1.095 | $45.26 |
| 2025-10-21 | 64.52% | +11.57 | 0.940 | $47.36 |
| 2025-10-20 | 64.51% | +15.60 | — | $48.04 |
| 2025-10-17 | 72.36% | +15.76 | 0.888 | $45.41 |
| 2025-10-16 | 70.67% | +20.09 | 1.043 | $46.46 |
| 2025-10-15 | 68.94% | +10.96 | 0.944 | $49.56 |
| 2025-10-14 | 65.40% | +10.54 | 0.993 | $48.12 |
| 2025-10-10 | 68.12% | +9.55 | 1.026 | $42.65 |
| 2025-10-09 | 59.35% | +7.46 | 1.034 | $46.89 |
| 2025-10-08 | 57.33% | +10.12 | 1.067 | $47.79 |
| 2025-10-07 | 60.52% | +7.49 | 1.016 | $46.40 |
| 2025-10-06 | 56.74% | +4.33 | 1.072 | $47.94 |
| 2025-10-03 | 56.81% | +6.50 | 1.063 | $47.37 |
| 2025-10-02 | 58.23% | +5.69 | 1.045 | $46.35 |
| 2025-10-01 | 61.20% | +5.13 | 0.984 | $45.56 |
| 2025-09-30 | 59.97% | +5.66 | 1.021 | $45.24 |
| 2025-09-29 | 63.64% | +4.66 | 0.964 | $45.05 |
| 2025-09-26 | 65.86% | -1.54 | 0.948 | $44.94 |
| 2025-09-25 | 61.77% | +11.49 | 1.051 | $43.87 |
| 2025-09-24 | 67.50% | -0.97 | 0.954 | $45.15 |
| 2025-09-23 | 60.31% | +5.51 | 1.035 | $46.43 |
| 2025-09-22 | 63.36% | +3.60 | 1.004 | $46.84 |
| 2025-09-19 | 62.08% | +6.65 | 1.022 | $45.99 |
| 2025-09-18 | 62.48% | +1.55 | 0.950 | $47.12 |
| 2025-09-17 | 61.32% | +6.04 | 0.996 | $43.95 |
| 2025-09-16 | 60.57% | +10.35 | 1.030 | $43.56 |
| 2025-09-15 | 62.97% | +10.68 | 1.003 | $43.83 |
| 2025-09-12 | 58.26% | +3.46 | 1.048 | $43.30 |
| 2025-09-11 | 60.87% | +0.91 | 0.994 | $44.63 |
| 2025-09-10 | 57.01% | +4.62 | 1.068 | $42.34 |
| 2025-09-09 | 60.89% | +5.89 | 0.978 | $42.56 |
| 2025-09-08 | 57.26% | +6.17 | 1.040 | $43.38 |
| 2025-09-05 | 59.33% | +9.25 | 1.033 | $43.09 |
| 2025-09-04 | 56.13% | +7.76 | 1.146 | $42.49 |
| 2025-09-03 | 62.49% | +8.27 | 1.043 | $41.00 |
| 2025-09-02 | 58.71% | +11.90 | 1.043 | $41.12 |
| 2025-08-29 | 59.81% | +5.83 | 1.013 | $41.83 |
| 2025-08-28 | 57.80% | +9.80 | 1.028 | $42.43 |
| 2025-08-27 | 67.10% | +6.67 | 0.927 | $42.28 |
| 2025-08-26 | 63.05% | +4.60 | 0.915 | $41.42 |
| 2025-08-25 | 64.53% | +4.27 | 0.992 | $40.46 |
| 2025-08-22 | 59.84% | +6.08 | 1.014 | $41.75 |
| 2025-08-21 | 65.19% | +12.30 | 0.958 | $37.40 |
| 2025-08-20 | 60.74% | +13.46 | 1.019 | $37.12 |
| 2025-08-19 | 59.25% | +7.06 | 1.024 | $37.53 |
| 2025-08-18 | 60.14% | +10.51 | 0.984 | $38.45 |
| 2025-08-15 | 58.93% | +6.37 | 0.990 | $38.04 |
| 2025-08-14 | 58.34% | +8.10 | 0.993 | $38.60 |
| 2025-08-13 | 59.70% | +4.28 | 1.018 | $40.19 |
| 2025-08-12 | 59.24% | +1.10 | 1.031 | $37.95 |
| 2025-08-11 | 65.01% | +9.90 | 0.921 | $34.89 |
| 2025-08-08 | 62.60% | +4.21 | 0.954 | $34.92 |
| 2025-08-07 | 68.72% | +12.93 | 0.893 | $34.75 |
| 2025-08-06 | 63.49% | +10.26 | 0.994 | $35.09 |
| 2025-08-05 | 68.81% | +13.92 | 0.893 | $35.22 |
| 2025-08-04 | 65.45% | +13.73 | 0.898 | $34.67 |
| 2025-08-01 | 72.13% | +12.48 | 0.900 | $32.54 |
| 2025-07-31 | 66.30% | +7.70 | 0.897 | $34.70 |
| 2025-07-30 | 58.70% | +10.30 | 1.027 | $35.75 |
| 2025-07-29 | 61.29% | +11.28 | 0.961 | $36.32 |
| 2025-07-28 | 59.23% | +10.55 | 0.960 | $37.03 |
| 2025-07-25 | 61.39% | +10.31 | 0.989 | $37.15 |
| 2025-07-24 | 62.36% | +5.86 | 0.870 | $36.81 |
| 2025-07-23 | 66.96% | +7.42 | 0.923 | $38.37 |
| 2025-07-22 | 64.88% | +15.57 | 0.949 | $36.70 |
| 2025-07-21 | 67.16% | +7.33 | 0.933 | $35.83 |
图表覆盖存档中的全部交易日,共 335 个。表格列出最近的 120 个。
25-delta 风险逆转
最近 335 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) · 8d (2026-11-20) · 15d (2026-11-27)
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 | 8d | 15d |
|---|---|---|---|
| 5Δ 看涨 | 66.35% | 49.28% | — |
| 10Δ 看涨 | 63.47% | 48.32% | 41.25% |
| 15Δ 看涨 | 63.56% | 50.20% | 40.37% |
| 20Δ 看涨 | 63.67% | 49.51% | 40.13% |
| 25Δ 看涨 | 63.78% | 50.40% | 40.08% |
| 30Δ 看涨 | 63.91% | 51.76% | 40.30% |
| 35Δ 看涨 | 64.09% | 51.45% | 42.50% |
| 40Δ 看涨 | 64.38% | 54.42% | 45.73% |
| 45Δ 看涨 | 65.38% | 54.63% | 48.75% |
| ATM | 66.75% | 55.86% | 49.57% |
| 45Δ 看跌 | 68.64% | 55.67% | 49.60% |
| 40Δ 看跌 | 70.30% | 51.43% | 55.44% |
| 35Δ 看跌 | 71.25% | 58.06% | 54.25% |
| 30Δ 看跌 | 72.45% | 61.23% | 52.91% |
| 25Δ 看跌 | 74.13% | 57.89% | 54.49% |
| 20Δ 看跌 | 75.65% | 62.18% | 60.40% |
| 15Δ 看跌 | 77.66% | 67.39% | 62.95% |
| 10Δ 看跌 | 84.53% | 73.30% | — |
| 5Δ 看跌 | 91.60% | 85.88% | — |
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 | $56.43 | 66.75% | 74.13% | 63.78% | +10.35 | +2.20 | 25 |
| 2026-11-20 | 8 | $56.47 | 55.86% | 57.89% | 50.40% | +7.49 | -1.71 | 25 |
| 2026-11-27 | 15 | $57.09 | 49.57% | 54.49% | 40.08% | +14.41 | -2.28 | 10 |
| 2026-12-18 | 36 | $56.77 | 56.81% | 62.31% | 51.29% | +11.02 | -0.01 | 18 |
| 2027-01-15 | 64 | $57.38 | 52.55% | 63.12% | 49.80% | +13.32 | +3.92 | 26 |
| 2027-03-19 | 127 | $57.92 | 55.65% | 62.39% | 51.09% | +11.30 | +1.10 | 32 |
| 2027-04-16 | 155 | $57.93 | 55.49% | 65.47% | 52.31% | +13.17 | +3.40 | 17 |
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 |
|---|---|---|---|---|---|
| 2026-11-13 | 1 天 | $56.43 | 66.75% | $56.46 | 25 |
| 2026-11-20 | 8 天 | $56.47 | 55.86% | $56.66 | 25 |
| 2026-11-27 | 15 天 | $57.09 | 49.57% | $57.38 | 10 |
| 2026-12-18 | 36 天 | $56.77 | 56.81% | $57.68 | 18 |
| 2027-01-15 | 64 天 | $57.38 | 52.55% | $58.78 | 26 |
| 2027-03-19 | 127 天 | $57.92 | 55.65% | $61.13 | 32 |
| 2027-04-16 | 155 天 | $57.93 | 55.49% | $61.84 | 17 |
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
- 55.83%
- 60 天
- 52.93%
- 90 天
- 54.37%
- 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 335 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。