如何看懂選擇權T字報價表 ? 想交易選擇權的新手們,第一個會碰到的問題就是 : 要如何看懂T字報價表 ? 如何了解選擇權價內與價外的差異 ? 要如何選擇適當的履約價 ? 有什麼細節需要留意 ? 我將為您詳細解答 : 1. 選擇權T字報價表介紹 2. 選擇權價內與價外 3. 看選擇權個別報價 4. 選擇權買權賣權 CALL PUT雙跌 5. 選擇權T字報價與選擇權價格關係
1. 選擇權T字報價表是什麼?
選擇權T字報價表其實很簡單,中間直的這一排就是選擇權履約價,它的左邊是買權Call,右邊是賣權Put。就像一個T字,中間一個T棒。選擇權T字報價表要看的就是指數的位置在哪裡。指數就是大盤,我們主要先看大盤。
下圖畫紅線是指數的位置,截圖的時間點剛好指數在11000點這個位置。要了解什麼是選擇權價內價外,要先知道行情在哪裡。所以我將指數的位置畫紅線標出來。
好用工具 : 選擇權T字報價表
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2. 選擇權價內與價外
在之前選擇權買方的單元有說過,選擇權買方BUY CALL 是看漲會漲去哪?假設行情在11000的時候,你覺得行情會漲到11100、11200、11300等等。那還沒有漲到的那些履約價對選擇權買方BUY CALL來說,全部都叫做價外。
下方箭頭就是價外CALL的位置,還沒漲到的地方全部都叫價外,箭頭標示的位置是價外的方向。
現在指數在11000,已經超過10900了,那麼已經超過指數的就叫做價內。左邊紅色箭頭的反向往上,以CALL來講就稱做價內。
相反的,PUT價外的方向跟CALL完全相反。PUT是看空、看跌到哪裡。
例如:價格在11000,我覺得行情會跌到10900,那就買進賣權BUY PUT 10900。去買一個還沒有跌到的地方,通通稱價外。對於PUT來說,還沒有跌到的地方全部稱為價外,就是右邊箭頭往上的地方。
相反的已經跌破的地方,就叫做價內,所以這個箭頭往下的地方,就是價內的位置。行情在11000,如果跌破11100就稱做價內。我們先分清楚選擇權價內跟選擇權價外的方向。
好用工具 : 選擇權T字報價表
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3. 先看成交量再看價格
除了看指數的位置以外,選擇權T字報價表首先要看的是成交量再看價格。
以履約價10300來說,左邊是10300的CALL。包括:成交價、漲跌、未平倉、總量(成交量)及交易時間,也就是選擇權CALL的交易資訊。履約價的左邊是選擇權買權CALL右邊是選擇權賣權PUT,然後對稱出去就是該商品報價的呈現。
而10300 CALL的總量(成交量)累積起來只有76口,等於一天只有76口,成交量很少。如果你用這個履約價交易,會很難進出!所以看到這種成交量太少的,我們不會去交易。
要找成交量大的,例如:履約價11200,成交量21142口,這才叫做熱絡的地方。我們會去找成交量比較大的那幾個履約價,稱做價外1檔、2檔、3檔。像是11000、11100、11200,成交量都是10000多口到15000多口,我們盡量去交易這些熱絡的地方。就是至少要交易10000多口以上的,如果交易量幾百幾十口這些叫價內。成交量太少很難進出!
要做交易的話,不要太天真的想去交易某某履約價,可能做出什麼樣的策略單。因為有可能成交不到也買不到,就算是買到了,也不是當下你想要的價格了。
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4. 選擇權T字報價表的交易時間
前面講了成交量,接下來看時間跟成交價。為什麼有些投資人會說:價格不合理,太高或太低?
因為它不是在同個時間點成交的。例如10300成交時間是23:55:11,這個時間是它的主要交易時段。下面其他價內的地方,成交量比較少價格比較貴,所以沒人買。因為它成交時間可能是昨晚11點或今天12點,那這個報價當然就不對。
每個時間點都有相應的報價,如果現在看的成交價格是成交在兩小時以前,這個價格就不足以參考。因為它是過去當時的報價,不是現在的。所以要看成交的時間跟價格,兩個做對照,確認是否跟其他商品同時間。我們要盡量找成交量大的做交易,通常都是價位1、2、3檔的位置。
看完左邊的選擇權買權CALL,我們再看右邊的賣權PUT,大部分都成交在1:40左右。有些成交量比較少的到1:33。所以右邊的選擇權賣權PUT,成交量比較大的是:10500的PUT,18000多口;10400的PUT,16000多口,這些是主要交易的區間。反正16000多口、18000多口不會差太多,都是可以去做交易的履約價。
選擇權成交時間跟成交價是有關係的,有些人會用這兩個報價去看看有沒有套利。如果不同時間,當然就不是正常價格,就不要想有套利的情況。關於套利我們之後進階再分享。
在看懂選擇權T字報價表之前,先要有一個概念:左邊的選擇權買權CALL跟右邊的選擇權賣權PUT,價格是有關係的。選擇權價格會有一個公式或一個現象,可能是其中一個跌一個漲或兩個同步漲、同步跌。加加減減後得到的數字,以這個數字跟期貨走勢圖做比較。先有概念之後有機會再分享,更進階的選擇權買權CALL跟選擇權賣權PUT與價格的關係。
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5. 選擇權未平倉量及選擇權個別報價
圖中的選擇權未平倉量是指留倉的量,也就是今天有多少人留倉。所以選擇權最大未平倉量就代表:市場上的大家聚集在什麼地方,也可以解讀為:行情的區間壓力支撐或方向。旁邊的總量就是當日成交的部分,這些資訊都要會看。不只看成交價及買進價跟賣出價,重點是要找比較大的成交量來做交易,價格價差比較不會這麼大。
前一張圖中圈起來的是10800的PUT,成交價119點。點開來看的話,可以看到10800 PUT這個商品,它的個別走勢圖報價。讓我們再複習一次:選擇權T字報價表像是一個商品櫥窗,它把所有的選擇權買權CALL跟選擇權賣權PUT寫在一起,並集合所有商品的報價。只要任點一個價格就可以進細部看選擇權個別的走勢圖。而每個商品都有各自的價格,也可以把它畫成曲線圖或K線圖。
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6. 什麼是CALL PUT雙跌?
看圖一畫紅線這天,漲跌的部分全部都是綠色的。對照選擇權買權CALL跟選擇權賣權PUT的價格,也發現兩邊都是下跌的。再看圖二大盤的最後一根K棒,這根K棒是先往下開低然後拉下引線,最後行情往上漲。所以價格是先下跌再上漲,走到跟昨天收盤價一樣的位置。走回原點就代表行情經過一段時間,竟然還在原地。那時間價值跟波動力會收斂,這種情況下選擇權買權CALL跟選擇權賣權PUT都會下跌。務必要留意這種行情在同個區間裡面折返跑,最後原地踏步的情形。選擇權買權CALL跟選擇權賣權PUT的時間價值會被消耗掉,所以兩邊的價格都會下跌。
好用工具 : 選擇權T字報價表
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7. 選擇權T字報價及價格的關係
最後的重點整理跟統計,就是看選擇權買權CALL跟選擇權賣權PUT的漲/跌情況。
先看最左邊的圖:如果選擇權買權CALL的價格上漲,選擇權賣權PUT的價格下跌,選擇權買權CALL是看多的。指數就是大盤指數或期貨指數,兩個通常是同步的。所以指數上漲選擇權買權CALL上漲,選擇權賣權PUT下跌。
中間的圖:如果指數下跌會變成選擇權賣權PUT上漲,等於看空開始上漲。如果這時看空看對方向,當然就賺錢了!那看多的選擇權買權CALL反向就是賠錢下跌了。
最右邊的圖:如果指數沒有上漲也沒有下跌,在原地盤整原地踏步。那代表看多的選擇權買權CALL沒有看對,看空的選擇權賣權PUT也沒有看對。行情還在原地,所以兩個都看錯,兩個都賠錢。
只要記住選擇權指數的漲/跌及選擇權的CALL/PUT,它們之間漲跌的關係,這樣一看就知道了。這是比較有交易經驗的人才會知道的,現在知道就可以很快的具備交易經驗。所以看選擇權T字報價表,除了要看報價、時間、成交量、未平倉量…等等資訊以外。還要看漲跌幅度跟大盤走勢圖、期貨走勢圖連動關係,要有這層關係的知識,才能快速看懂選擇權T字報價表。
看完這篇文章,是否讓你對選擇權T字報價表有更進一步的了解呢 ? 如果你想了解如何交易選擇權,可以加入選擇權獲利密技懶人包線上課程,我將帶你快速進入選擇權世界,一次學會更多選擇權交易的技巧 !
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