市场繁荣中的期权机会：利用 Barchart 的裸看跌工具发现高 IV 股票

随着市场表现出看涨情绪，现在是探索裸看跌期权筛选器的好时机。通过识别隐含波动率较高的股票（如 IV 百分位数高于 60% 所示），交易者可以考虑期权卖出策略，例如裸看跌期权。裸看跌期权筛选器提供精选的符合特定标准的大盘股，包括高 IV 百分位数、巨大的市值和较高的看涨期权量。本文提供了有关现金担保看跌期权的更多背景信息，解释了它们的细微差别和潜在回报。通过考虑 IV 百分位数、货币性和到期日等因素，交易者可以战略性地使用裸看跌期权筛选器来识别潜在盈利的期权交易想法。

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

市场乐观中的期权机会：使用 Barchart 的裸看跌期权筛选器进行综合分析

Implied Volatility as a Key Indicator

隐含波动率作为关键指标

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.

在当前活跃的市场环境下，识别隐含波动率（IV）较高的股票为期权交易者提供了潜在的机会。隐含波动率是衡量市场参与者对未来价格变动的预期的指标，高 IV 水平通常表明不确定性增加以及价格大幅波动的可能性。

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.

评估 IV 的常用指标之一是 IV 排名，它将当前 IV 水平与过去 12 个月的历史范围进行比较。 IV Rank 为 100% 表示当前 IV 处于给定时间段内的最高点，而 0% IV Rank 表示最低点。值得注意的是，IV 排名的提高可能预示着期权销售策略的有利条件。

Screening for Stocks with High IV

筛选高IV股票

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

为了确定期权策略的潜在候选者，我们使用了 Barchart 的裸看跌期权筛选器，其参数如下：

• 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 百分位数：高于 60% 市值：超过 400 亿美元 总认购量：超过 2,000 这一筛选过程产生了一系列具有高隐含波动率的大盘股，为进一步研究和期权策略开发奠定了基础。

Naked Put Screener Results

裸看跌期权筛选结果

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).

将指定的参数应用于 Naked Put Screener 会生成一个股票列表，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:

裸看跌期权筛选器采用额外的标准来识别适合出售裸看跌期权的股票。这些标准包括：

• 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：超过 400 亿美元 到期天数：15-45 期权数量：高于 50 持仓量：超过 100 货币性：-15% 至 -5% 实施现金担保看跌策略

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.

一种适合高 IV 股票的期权出售策略是现金担保看跌期权。该策略涉及卖出价外或平值看跌期权，同时留出足够的现金，以按执行价购买标的股票（如果被分配）。其目的是，如果看跌期权到期时一文不值，则可以从期权费中获利；如果期权被分配，则可以以较低的成本购买股票。

Example: Taiwan Semiconductor (TSM) Naked Put

示例：台积电（TSM）裸看跌期权

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.

为了说明现金担保看跌策略，我们以台积电 (TSM) 为例。截至发布之日，出售 4 月 19 日执行价格为 133 美元的 TSM 裸看跌期权将产生每股 261 美元的溢价，该溢价将存入交易者的账户。

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 的股价在到期日仍保持在 133 美元以上，看跌期权将在到期时一文不值，从而为交易者带来 2.0% 的风险资本回报率，相当于 27.1% 的年化回报率。

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 的股价在到期日跌至 133 美元以下，则交易者将被指定并有义务以 133 美元的执行价格购买 100 股 TSM 股票。然而，由于收到的溢价，该头寸的有效净成本将减少至每股 130.39 美元，实际上相当于购买价格比前一天收盘价低 5.37%。

Risks and Rewards of Cash-Secured Puts

现金担保看跌期权的风险和回报

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.

现金担保看跌期权具有多项优势。与直接购买标的股票相比，它们所需的资金更少，无需全额投入资金即可获得潜在回报。此外，如果股价下跌，收到的溢价可以为潜在损失提供缓冲。

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，出售现金担保看跌期权也存在风险。如果股价大幅下跌，交易者可能被迫以高于当前市场价值的价格购买股票。此外，如果看跌期权被指定，交易者有义务持有股票直至到期日，从而限制了灵活性。

Conclusion

结论

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 的裸看跌期权筛选器是识别具有高 IV 和期权销售策略潜力的股票的宝贵工具。通过选择具有所需特征的股票并实施现金担保看跌期权等策略，投资者可能会产生收入或以较低的成本购买股票。

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.

必须强调的是，期权交易涉及巨大风险，投资者可能会损失全部投资。在从事任何期权交易活动之前，彻底的研究、尽职调查和对所涉及风险的了解至关重要。强烈建议咨询财务顾问，以确保全面了解期权策略的复杂性和潜在影响。