ETF · 期权分析
UNG 期权分析
数据截至 2026年11月12日(收盘)
- 标的收盘价
- $10.46
- 30D ATM IV
- 68.42%
- IV 百分位 · 1年
- —
- 25Δ 风险逆转
- -11.02
- 期限斜率 90/30
- 0.992
▲ +0.95 pts 较前一交易日
本交易日部分指标不可用
概览
UNG 期权当前计入的 30 天平值隐含波动率为 68.4%,相当于未来一个月约 ±19.6% 的波动。它在本站的历史只有 335 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 call 比 put 的隐含波动率高 11.02 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ⓘ
- 68.42%
- 25-delta 风险逆转ⓘ
- -11.02
- 25-delta 蝶式价差ⓘ
- -1.02
- 期限结构斜率ⓘ
- 0.992
对应 30 天内约 ±19.6% 的波动，平常一天约 ±4.3%。
距平值同样远时，call 比 put的隐含波动率高 11.02 个点。
两翼的隐含波动率比平值低 1.02 个点。
90 天与 30 天期权的隐含波动率大致相同。
30 天隐含波动率处在什么位置
对比此前 146 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
- 92%
- IV 排名,2 年
- 80%
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
- $10.46
- 30 天隐含远期价
- $10.45
- 60 天 ATM IV
- 71.23%
- 90 天 ATM IV
- 67.90%
- 180 天 ATM IV
- —
- 使用的到期日数
- 6
- 总未平仓量
- 400,187
- Put / call 未平仓量比
- 0.26
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 | 68.42% | -11.02 | 0.992 | $10.46 |
| 2026-11-10 | 67.47% | -10.15 | 1.029 | $10.42 |
| 2026-11-09 | 66.18% | -6.36 | 1.045 | $10.08 |
| 2026-11-06 | 62.15% | -8.59 | — | $9.35 |
| 2026-11-05 | 60.59% | -10.14 | 1.013 | $9.27 |
| 2026-11-04 | 66.03% | -11.67 | — | $9.27 |
| 2026-11-03 | 64.63% | -10.63 | 1.060 | $9.13 |
| 2026-11-02 | 62.80% | -9.38 | 1.085 | $9.00 |
| 2026-10-30 | 64.50% | -14.75 | 1.063 | $9.08 |
| 2026-10-29 | 63.10% | -10.16 | 0.997 | $9.18 |
| 2026-10-28 | 64.93% | -9.50 | 0.963 | $9.50 |
| 2026-10-27 | 64.05% | -7.95 | 0.968 | $9.64 |
| 2026-10-26 | 63.04% | -6.36 | — | $9.56 |
| 2026-10-23 | 61.57% | -6.78 | 0.995 | $9.58 |
| 2026-10-22 | 62.33% | -5.39 | 1.034 | $9.89 |
| 2026-10-21 | 61.83% | -8.26 | 1.048 | $9.97 |
| 2026-10-20 | 59.77% | -5.32 | 1.042 | $10.50 |
| 2026-10-19 | 52.10% | -5.81 | 1.165 | $10.46 |
| 2026-10-16 | 52.13% | -6.10 | — | $10.66 |
| 2026-10-15 | 53.20% | -3.66 | 1.170 | $11.09 |
| 2026-10-14 | 53.90% | -6.31 | 1.096 | $11.22 |
| 2026-10-13 | 54.75% | -3.27 | 1.129 | $11.41 |
| 2026-10-09 | 51.91% | -9.71 | 1.152 | $11.01 |
| 2026-10-08 | 54.89% | -9.11 | 1.112 | $10.81 |
| 2026-10-07 | 51.89% | -3.24 | 1.130 | $11.03 |
| 2026-10-06 | 52.26% | -7.07 | 1.125 | $10.74 |
| 2026-10-05 | 51.45% | -6.31 | 1.153 | $10.55 |
| 2026-10-02 | 52.44% | -6.64 | 1.127 | $10.47 |
| 2026-10-01 | 48.49% | -3.57 | 1.141 | $10.16 |
| 2026-09-30 | 44.08% | -4.71 | 1.208 | $10.37 |
| 2026-09-29 | 41.45% | -2.35 | 1.225 | $10.35 |
| 2026-09-28 | 50.49% | -7.30 | 1.137 | $10.79 |
| 2026-09-25 | 48.25% | -6.00 | 1.183 | $11.13 |
| 2026-09-24 | 51.34% | -5.48 | 1.147 | $11.55 |
| 2026-09-23 | 42.96% | -2.57 | 1.254 | $10.87 |
| 2026-09-22 | 42.50% | -2.28 | 1.256 | $10.86 |
| 2026-09-21 | 37.64% | -4.50 | 1.412 | $10.26 |
| 2026-09-18 | 38.29% | -2.55 | — | $10.41 |
| 2026-09-17 | 38.26% | -0.50 | 1.327 | $10.33 |
| 2026-09-16 | — | — | — | $10.36 |
| 2026-09-15 | 40.90% | -0.05 | 1.320 | $10.54 |
| 2026-09-14 | — | — | — | $10.33 |
| 2026-09-11 | — | — | — | $10.17 |
| 2026-09-10 | — | — | — | $10.19 |
| 2026-09-09 | — | — | — | $10.09 |
| 2026-09-08 | — | — | — | $10.46 |
| 2026-09-04 | 41.42% | -1.77 | 1.439 | $10.56 |
| 2026-09-03 | 54.10% | -6.51 | 1.149 | $10.49 |
| 2026-09-02 | 44.40% | -4.97 | 1.320 | $10.75 |
| 2026-09-01 | — | — | — | $10.58 |
| 2026-08-31 | — | — | — | $10.54 |
| 2026-08-28 | 46.97% | -7.01 | 1.250 | $10.33 |
| 2026-08-27 | — | — | — | $10.43 |
| 2026-08-26 | 48.81% | -4.15 | 1.229 | $10.41 |
| 2025-10-22 | 56.21% | -2.80 | 1.213 | $13.06 |
| 2025-10-21 | 56.89% | -1.28 | 1.249 | $13.15 |
| 2025-10-20 | 57.79% | +1.23 | 1.238 | $12.93 |
| 2025-10-17 | — | — | — | $11.87 |
| 2025-10-16 | 57.43% | -3.98 | 1.156 | $11.58 |
| 2025-10-15 | — | — | — | $11.88 |
| 2025-10-14 | 54.15% | -4.51 | 1.274 | $11.95 |
| 2025-10-10 | 54.09% | -1.16 | 1.253 | $12.33 |
| 2025-10-09 | 48.43% | +0.21 | 1.376 | $12.74 |
| 2025-10-08 | 51.61% | -1.01 | 1.318 | $13.10 |
| 2025-10-07 | 55.12% | -4.58 | 1.242 | $13.78 |
| 2025-10-06 | 50.62% | +3.80 | 1.351 | $13.30 |
| 2025-10-03 | 51.34% | -0.08 | 1.281 | $13.05 |
| 2025-10-02 | 54.76% | -4.57 | 1.252 | $13.45 |
| 2025-10-01 | 54.09% | -1.07 | 1.290 | $13.62 |
| 2025-09-30 | 49.90% | +2.32 | 1.335 | $13.07 |
| 2025-09-29 | 49.53% | -0.74 | 1.348 | $12.82 |
| 2025-09-26 | 51.58% | +2.55 | 1.303 | $12.47 |
| 2025-09-25 | 62.37% | -6.35 | 1.100 | $12.59 |
| 2025-09-24 | 55.16% | +0.14 | 1.223 | $12.36 |
| 2025-09-23 | 59.84% | -1.82 | 1.148 | $12.36 |
| 2025-09-22 | 55.39% | +2.90 | 1.180 | $12.15 |
| 2025-09-19 | 49.13% | +1.56 | 1.314 | $12.57 |
| 2025-09-18 | 46.46% | -5.20 | 1.443 | $12.67 |
| 2025-09-17 | 49.96% | -2.56 | 1.215 | $13.10 |
| 2025-09-16 | 52.00% | +1.13 | 1.289 | $13.22 |
| 2025-09-15 | 49.88% | +1.54 | 1.312 | $12.91 |
| 2025-09-12 | 50.09% | -4.62 | 1.189 | $12.51 |
| 2025-09-11 | — | — | — | $12.42 |
| 2025-09-10 | 49.79% | -0.24 | 1.282 | $12.88 |
| 2025-09-09 | 49.51% | +0.32 | 1.278 | $13.26 |
| 2025-09-08 | 49.90% | +1.12 | 1.250 | $13.16 |
| 2025-09-05 | 49.91% | -3.00 | 1.242 | $12.94 |
| 2025-09-04 | 50.45% | -0.96 | 1.296 | $13.10 |
| 2025-09-03 | 49.99% | +1.31 | 1.292 | $13.06 |
| 2025-09-02 | 54.41% | +0.77 | 1.205 | $12.78 |
| 2025-08-29 | 41.32% | +3.40 | 1.498 | $12.83 |
| 2025-08-28 | 49.62% | -2.13 | 1.295 | $12.57 |
| 2025-08-27 | 57.74% | -3.72 | 1.169 | $12.19 |
| 2025-08-26 | 52.85% | +2.13 | 1.236 | $11.97 |
| 2025-08-25 | 53.23% | +7.43 | 1.200 | $11.95 |
| 2025-08-22 | — | — | — | $11.91 |
| 2025-08-21 | — | — | — | $12.40 |
| 2025-08-20 | 55.63% | +1.13 | 1.184 | $12.13 |
| 2025-08-19 | — | — | — | $12.16 |
| 2025-08-18 | 57.80% | +1.10 | 1.151 | $12.72 |
| 2025-08-15 | — | — | — | $12.83 |
| 2025-08-14 | 55.24% | +0.80 | 1.188 | $12.51 |
| 2025-08-13 | — | — | — | $12.40 |
| 2025-08-12 | 58.37% | +5.04 | 1.120 | $12.28 |
| 2025-08-11 | 56.77% | +3.90 | 1.106 | $13.07 |
| 2025-08-08 | 52.37% | +5.30 | 1.144 | $13.20 |
| 2025-08-07 | — | — | — | $13.53 |
| 2025-08-06 | — | — | — | $13.54 |
| 2025-08-05 | 58.12% | +4.45 | 1.044 | $13.19 |
| 2025-08-04 | 59.49% | -1.04 | 1.047 | $12.96 |
| 2025-08-01 | — | — | — | $13.62 |
| 2025-07-31 | — | — | — | $13.59 |
| 2025-07-30 | 56.01% | +7.50 | 1.149 | $13.35 |
| 2025-07-29 | — | — | — | $13.91 |
| 2025-07-28 | 58.48% | -4.16 | 1.061 | $13.67 |
| 2025-07-25 | 57.47% | +4.13 | 1.038 | $13.83 |
| 2025-07-24 | 58.96% | +2.23 | 1.061 | $13.86 |
| 2025-07-23 | 62.45% | -2.74 | 0.977 | $13.71 |
| 2025-07-22 | — | — | — | $14.47 |
| 2025-07-21 | 58.38% | -10.63 | 0.995 | $14.68 |
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
8d (2026-11-20) · 15d (2026-11-27) · 22d (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 | 8d | 15d | 22d |
|---|---|---|---|
| 5Δ 看涨 | 68.59% | 70.22% | — |
| 10Δ 看涨 | 65.33% | 69.50% | 72.62% |
| 15Δ 看涨 | 64.56% | 68.49% | 70.59% |
| 20Δ 看涨 | 63.94% | 67.46% | 69.84% |
| 25Δ 看涨 | 63.30% | 66.46% | 69.54% |
| 30Δ 看涨 | 62.96% | 64.67% | 69.46% |
| 35Δ 看涨 | 63.06% | 62.46% | 70.18% |
| 40Δ 看涨 | 63.48% | 62.61% | 71.27% |
| 45Δ 看涨 | 63.95% | 64.36% | 69.38% |
| ATM | 64.23% | 66.00% | 65.33% |
| 45Δ 看跌 | 64.11% | 66.10% | 62.92% |
| 40Δ 看跌 | 63.67% | 65.70% | 60.93% |
| 35Δ 看跌 | 63.04% | 65.18% | 59.28% |
| 30Δ 看跌 | 62.32% | 64.60% | 57.62% |
| 25Δ 看跌 | 61.38% | 63.78% | 56.43% |
| 20Δ 看跌 | 59.97% | 62.80% | 57.13% |
| 15Δ 看跌 | 58.59% | 61.83% | 59.64% |
| 10Δ 看跌 | 58.19% | 61.27% | 58.70% |
| 5Δ 看跌 | 58.89% | — | — |
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 | 8 | $10.47 | 64.23% | 61.38% | 63.30% | -1.93 | -1.89 | 9 |
| 2026-11-27 | 15 | $10.47 | 66.00% | 63.78% | 66.46% | -2.68 | -0.88 | 7 |
| 2026-12-04 | 22 | $10.40 | 65.33% | 56.43% | 69.54% | -13.11 | -2.34 | 8 |
| 2026-12-18 | 36 | $10.49 | 69.78% | 64.24% | 74.40% | -10.17 | -0.46 | 9 |
| 2027-01-15 | 64 | $10.52 | 71.37% | 63.43% | 78.35% | -14.92 | -0.47 | 11 |
| 2027-04-16 | 155 | $10.59 | 64.12% | 58.11% | 72.32% | -14.21 | +1.10 | 9 |
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
6 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 | 8 天 | $10.47 | 64.23% | $10.52 | 9 |
| 2026-11-27 | 15 天 | $10.47 | 66.00% | $10.56 | 7 |
| 2026-12-04 | 22 天 | $10.40 | 65.33% | $10.54 | 8 |
| 2026-12-18 | 36 天 | $10.49 | 69.78% | $10.75 | 9 |
| 2027-01-15 | 64 天 | $10.52 | 71.37% | $11.00 | 11 |
| 2027-04-16 | 155 天 | $10.59 | 64.12% | $11.55 | 9 |
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
- 68.42%
- 60 天
- 71.23%
- 90 天
- 67.90%
- 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。