市場繁榮中的選擇機會：利用 Barchart 的裸賣看跌工具發現高 IV 股票

隨著市場表現出看漲情緒，現在是探索裸賣看跌期權篩選器的好時機。透過識別隱含波動率較高的股票（如 IV 百分位數高於 60% 所示），交易者可以考慮選擇權賣出策略，例如裸賣看跌選擇權。裸賣看跌期權篩選器提供精選的符合特定標準的大盤股，包括高 IV 百分位數、巨大的市值和較高的看漲期權量。本文提供了有關現金擔保看跌期權的更多背景信息，解釋了它們的細微差別和潛在回報。透過考慮 IV 百分位數、貨幣性和到期日等因素，交易者可以策略性地使用裸賣看跌期權篩選器來識別潛在盈利的期權交易想法。

Option Opportunities Amidst Market Optimism: A Comprehensive Analysis Using Barchart's Naked Put Screener

市場樂觀中的選擇機會：使用 Barchart 的裸賣看跌期權篩選器進行綜合分析

Implied Volatility as a Key Indicator

隱含波動率作為關鍵指標

In the current buoyant market climate, identifying stocks with elevated implied volatility (IV) presents potential opportunities for option traders. Implied volatility is a measure of market participants' expectations of future price movements, and high IV levels often indicate heightened uncertainty and potential for large price fluctuations.

在當前活躍的市場環境下，識別隱含波動率（IV）較高的股票為選擇權交易者提供了潛在的機會。隱含波動率是衡量市場參與者對未來價格變動的預期的指標，高 IV 水平通常表示不確定性增加以及價格大幅波動的可能性。

One metric commonly used to assess IV is the IV Rank, which compares the current IV level to the historical range over the past twelve months. An IV Rank of 100% indicates that the current IV is at its highest within the given period, while a 0% IV Rank denotes the lowest point. Notably, elevated IV Ranks can signal favorable conditions for option selling strategies.

評估 IV 的常用指標之一是 IV 排名，它將當前 IV 水平與過去 12 個月的歷史範圍進行比較。 IV Rank 為 100% 表示目前 IV 處於給定時間段內的最高點，而 0% IV Rank 表示最低點。值得注意的是，IV 排名的提高可能預示著期權銷售策略的有利條件。

Screening for Stocks with High IV

篩選高IV股票

To identify potential candidates for option strategies, we utilized Barchart's Naked Put Screener with the following parameters:

為了確定選擇策略的潛在候選者，我們使用了 Barchart 的裸賣看跌期權篩選器，其參數如下：

• IV Percentile: Above 60%
• Market Cap: Over $40 billion
• Total Call Volume: Exceeding 2,000

This screening process yielded a list of large-cap stocks with high implied volatility, providing a foundation for further research and option strategy development.

IV 百分位數：高於60% 市值：超過400 億美元總認購量：超過2,000 這個篩選過程產生了一系列具有高隱含波動率的大盤股，為進一步研究和期權策略開發奠定了基礎。

Naked Put Screener Results

裸賣看跌期權篩選結果

Applying the specified parameters to the Naked Put Screener generated a list of stocks, including Coinbase (COIN), Super Micro Computer (SMCI), Tesla (TSLA), Arm Holdings (ARM), and Nvidia (NVDA).

將指定的參數套用至 Naked Put Screener 會產生一個股票列表，其中包括 Coinbase (COIN)、Super Micro Computer (SMCI)、Tesla (TSLA)、Arm Holdings (ARM) 和 Nvidia (NVDA)。

The Naked Put Screener employs additional criteria to identify stocks suitable for selling naked puts. These criteria include:

裸賣看跌期權篩選器採用額外的標準來識別適合出售裸賣看跌期權的股票。這些標準包括：

• Market Cap: Greater than $40 billion
• Days to Expiration: 15-45
• Option Volume: Above 50
• Open Interest: Exceeding 100
• Moneyness: -15% to -5%

Implementing a Cash-Secured Put Strategy

市值：超過 400 億美元 到期天數：15-45 選擇權數量：高於 50 持倉量：超過 100 貨幣性：-15% 至 -5% 實施現金保證看跌策略

One option selling strategy suitable for stocks with elevated IV is the cash-secured put. This strategy involves writing an out-of-the-money or at-the-money put option while simultaneously setting aside sufficient cash to purchase the underlying stock at the strike price if assigned. The intent is to either profit from the option premium if the put expires worthless or acquire the stock at a reduced cost if the option is assigned.

適合高 IV 股票的選擇權出售策略是現金擔保看跌選擇權。此策略涉及賣出價外或平值看跌期權，同時留出足夠的現金，以按執行價購買標的股票（如果被分配）。其目的是，如果看跌期權到期時一文不值，則可以從期權費中獲利；如果期權被分配，則可以以較低的成本購買股票。

Example: Taiwan Semiconductor (TSM) Naked Put

例：台積電（TSM）裸賣看跌期權

To illustrate the cash-secured put strategy, let's consider Taiwan Semiconductor (TSM). As of the publication date, selling the April 19th, $133-strike naked put on TSM would yield a premium of $261 per share, which would be deposited into the trader's account.

為了說明現金擔保看跌策略，我們以台積電 (TSM) 為例。截至發布之日，出售 4 月 19 日執行價格為 133 美元的 TSM 裸賣權將產生每股 261 美元的溢價，該溢價將存入交易者的帳戶。

If TSM's stock price remains above $133 by the expiration date, the put option will expire worthless, resulting in a 2.0% return on capital at risk for the trader, which equates to an annualized return of 27.1%.

如果 TSM 的股價在到期日仍保持在 133 美元以上，看跌期權將在到期時一文不值，從而為交易者帶來 2.0% 的風險資本回報率，相當於 27.1% 的年化回報率。

Conversely, if TSM's stock price falls below $133 by the expiration date, the trader will be assigned and obligated to purchase 100 shares of TSM at the strike price of $133. However, due to the premium received, the effective net cost of the position would be reduced to $130.39 per share, effectively representing a purchase price 5.37% below the previous day's closing price.

相反，如果 TSM 的股價在到期日跌至 133 美元以下，則交易者將被指定並有義務以 133 美元的執行價格購買 100 股 TSM 股票。然而，由於收到的溢價，該部位的有效淨成本將減少至每股 130.39 美元，實際上相當於購買價格比前一天收盤價低 5.37%。

Risks and Rewards of Cash-Secured Puts

現金擔保看跌期權的風險和回報

Cash-secured puts offer several advantages. They require less capital than purchasing the underlying stock outright, allowing for potential returns without the full commitment of funds. Additionally, the premium received can provide a cushion against potential losses if the stock price declines.

現金擔保看跌期權具有多項優勢。與直接購買標的股票相比，它們所需的資金更少，無需全額投入資金即可獲得潛在回報。此外，如果股價下跌，收到的溢價可以為潛在損失提供緩衝。

However, selling cash-secured puts also carries risks. If the stock price falls significantly, the trader may be forced to purchase the stock at a higher price than the current market value. Furthermore, if the put is assigned, the trader is obligated to hold the stock until the expiration date, limiting flexibility.

然而，出售現金擔保看跌選擇權也存在風險。如果股價大幅下跌，交易者可能被迫以高於當前市場價值的價格購買股票。此外，如果看跌期權被指定，交易者有義務持有股票直至到期日，從而限制了靈活性。

Conclusion

結論

Barchart's Naked Put Screener is a valuable tool for identifying stocks with high IV and potential for option selling strategies. By selecting stocks with the desired characteristics and implementing a strategy such as the cash-secured put, investors can potentially generate income or acquire stocks at a reduced cost.

Barchart 的裸賣看跌期權篩選器是識別具有高 IV 和期權銷售策略潛力的股票的寶貴工具。透過選擇具有所需特徵的股票並實施現金擔保看跌期權等策略，投資者可能會產生收入或以較低的成本購買股票。

It is crucial to emphasize that options trading involves substantial risk, and investors could lose the entirety of their investment. Thorough research, due diligence, and understanding of the risks involved are essential before engaging in any option trading activities. Consultations with a financial advisor are highly recommended to ensure a comprehensive understanding of the complexities and potential implications of option strategies.

必須強調的是，選擇權交易涉及巨大風險，投資者可能會損失全部投資。在從事任何期權交易活動之前，徹底的研究、盡職調查和對所涉及風險的了解至關重要。強烈建議諮詢財務顧問，以確保全面了解選擇權策略的複雜性和潛在影響。