{"id":378,"date":"2026-02-12T07:39:37","date_gmt":"2026-02-11T23:39:37","guid":{"rendered":"http:\/\/okx.biquan123.com\/blog\/?p=378"},"modified":"2026-02-12T07:51:34","modified_gmt":"2026-02-11T23:51:34","slug":"itm-%e6%9c%9f%e6%9d%83%e4%b8%8e-otm-%e6%9c%9f%e6%9d%83%ef%bc%9a%e5%8a%a0%e5%af%86%e8%b4%a7%e5%b8%81%e6%9c%9f%e6%9d%83%e4%ba%a4%e6%98%93%e8%80%85%e7%9a%84%e6%8c%87%e5%8d%97","status":"publish","type":"post","link":"http:\/\/okx.biquan123.com\/blog\/?p=378","title":{"rendered":"ITM \u671f\u6743\u4e0e OTM \u671f\u6743\uff1a\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u8005\u7684\u6307\u5357"},"content":{"rendered":"<div class=\"\">\n<p><span dir=\"auto\">\u4e0e\u73b0\u8d27\u6216\u671f\u8d27\u5408\u7ea6\u4ea4\u6613\u4e0d\u540c\uff0c\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u63d0\u4f9b\u4e86\u72ec\u7279\u7684\u673a\u4f1a\uff0c\u53ef\u4ee5\u540c\u65f6\u9501\u5b9a\u57fa\u4e8e\u6ce2\u52a8\u7387\u53d8\u5316\u7684\u6536\u76ca\u5e76\u7ba1\u7406\u6574\u4f53\u98ce\u9669\u655e\u53e3\u3002\u6700\u7ec8\uff0c\u6b63\u662f\u8fd9\u79cd\u591a\u529f\u80fd\u6027\u5438\u5f15\u4e86\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u8005\u91c7\u7528\u8fd9\u79cd\u7b56\u7565\u3002\u8981\u60f3\u957f\u671f\u4fdd\u6301\u6210\u529f\u7684\u4ea4\u200b\u200b\u6613\u8005\uff0c\u4e00\u4e2a\u5173\u952e\u7684\u671f\u6743\u4ea4\u6613\u6982\u5ff5\u662f\u638c\u63e1\u4ef7\u5185 (ITM) \u671f\u6743\u548c\u4ef7\u5916 (OTM) \u671f\u6743\u7684\u6982\u5ff5\u3002\u7531\u4e8e\u4ef7\u5185 (ITM) \u671f\u6743\u548c\u4ef7\u5916 (OTM) \u671f\u6743\u4ee3\u8868\u7740\u4e0d\u540c\u7684\u98ce\u9669\u548c\u56de\u62a5\u6c34\u5e73\uff0c\u6df1\u5165\u7814\u7a76\u5b83\u4eec\u53ef\u80fd\u4ee4\u4eba\u671b\u800c\u751f\u754f\u3002\u5728\u672c\u6307\u5357\u4e2d\uff0c\u6211\u4eec\u5c06\u6df1\u5165\u5206\u6790\u4ef7\u5185 (ITM) \u671f\u6743\u548c\u4ef7\u5916 (OTM) \u671f\u6743\u7684\u57fa\u672c\u77e5\u8bc6\uff0c\u6bd4\u8f83\u5b83\u4eec\u7684\u4f18\u7f3a\u70b9\uff0c\u4ee5\u53ca\u4ea4\u6613\u8005\u7528\u6765\u5728\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u4e2d\u83b7\u53d6\u4f18\u52bf\u7684\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u7b56\u7565\u3002<\/span><\/p>\n<h2 id=\"1\"><span dir=\"auto\">TL;DR<\/span><\/h2>\n<ul>\n<li><span dir=\"auto\">\u4ef7\u5185 (ITM) \u671f\u6743\u5177\u6709\u5185\u5728\u4ef7\u503c\uff0c\u63d0\u4f9b\u4f4e\u98ce\u9669\u673a\u4f1a\uff0c\u800c\u4ef7\u5916 (OTM) \u671f\u6743\u5219\u66f4\u5177\u6295\u673a\u6027\uff0c\u5982\u679c\u5e02\u573a\u6761\u4ef6\u5bf9\u5176\u6709\u5229\uff0c\u5219\u6709\u53ef\u80fd\u83b7\u5f97\u66f4\u9ad8\u7684\u56de\u62a5\u3002<\/span><\/li>\n<li><span dir=\"auto\">\u5b9e\u503c\u671f\u6743\u63d0\u4f9b\u66f4\u9ad8\u7684\u83b7\u5229\u673a\u4f1a\u548c\u66f4\u4f4e\u7684\u98ce\u9669\uff0c\u5e76\u4e14\u7531\u4e8e\u5176\u5185\u5728\u4ef7\u503c\uff0c\u975e\u5e38\u9002\u5408\u5bf9\u51b2\u5934\u5bf8\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u865a\u503c\u671f\u6743\u5219\u63d0\u4f9b\u6760\u6746\uff0c\u5e26\u6765\u6295\u673a\u6536\u76ca\uff0c\u4e14\u635f\u5931\u6709\u9650\u3002\u865a\u503c\u671f\u6743\u975e\u5e38\u9002\u5408\u770b\u6da8\u6216\u770b\u8dcc\u7b56\u7565\uff0c\u4ee5\u53ca\u53d7\u76ca\u4e8e\u6ce2\u52a8\u6027\u589e\u52a0\u7684\u7b56\u7565\uff0c\u4f8b\u5982\u8de8\u5f0f\u671f\u6743\u548c\u52d2\u5f0f\u671f\u6743\u3002<\/span><\/li>\n<li><span dir=\"auto\">\u5e73\u4ef7\uff08ATM\uff09\u671f\u6743\u63a5\u8fd1\u8d44\u4ea7\u7684\u5f53\u524d\u4ef7\u683c\u5e76\u5e73\u8861\u98ce\u9669\u548c\u56de\u62a5\uff0c\u4f7f\u5176\u9002\u5408\u5bfb\u6c42\u9002\u5ea6\u6210\u672c\u548c\u56de\u62a5\u6f5c\u529b\u7684\u4ea4\u6613\u8005\u3002<\/span><\/li>\n<li><span dir=\"auto\">\u5b9e\u503c\u671f\u6743\u9002\u5408\u7a33\u5065\u3001\u4f4e\u98ce\u9669\u7684\u7b56\u7565\uff1b\u865a\u503c\u671f\u6743\u9002\u5408\u9ad8\u56de\u62a5\u548c\u9ad8\u98ce\u9669\u7684\u7b56\u7565\uff1b\u81ea\u52a8\u63d0\u6b3e\u671f\u6743\u5219\u63d0\u4f9b\u66f4\u5747\u8861\u7684\u7b56\u7565\u3002\u6bcf\u79cd\u671f\u6743\u7c7b\u578b\u90fd\u652f\u6301\u4e0d\u540c\u7684\u4ea4\u6613\u98ce\u683c\u3001\u98ce\u9669\u627f\u53d7\u80fd\u529b\u548c\u5e02\u573a\u524d\u666f\u3002<\/span><\/li>\n<\/ul>\n<div class=\"index_embeddedButtonContainer__VnUpA index_custom__uZwjS\"><a class=\"academy academy-powerLink-a11y academy academy-btn btn-md btn-fill-highlight\" href=\"https:\/\/www.okx.com\/trade-option\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"btn-content\"><span dir=\"auto\">\u4e86\u89e3\u66f4\u591a<\/span><\/span><\/a><\/div>\n<h2 id=\"2\"><span dir=\"auto\">\u4ec0\u4e48\u662f\u52a0\u5bc6\u671f\u6743\uff1f<\/span><\/h2>\n<p><span dir=\"auto\">\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u8ba9\u4ea4\u6613\u8005\u53ef\u4ee5\u9009\u62e9\u5728\u7279\u5b9a\u5230\u671f\u65e5\u4e4b\u524d\u4ee5\u7279\u5b9a\u4ef7\u683c\u4e70\u5165\u6216\u5356\u51fa\u6807\u7684\u52a0\u5bc6\u8d27\u5e01\u8d44\u4ea7\u3002\u4e0eTradFi\u7c7b\u4f3c\uff0c\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4e5f\u662f\u4e00\u79cd\u884d\u751f\u54c1\uff0c\u5206\u4e3a\u4e24\u7c7b\u3002<\/span><\/p>\n<ul>\n<li><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/crypto-call-options-explained\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u770b\u6da8\u671f\u6743<\/span><\/a><span dir=\"auto\">\u8d4b\u4e88\u5728\u6307\u5b9a\u65f6\u95f4\u8303\u56f4\u5185\u4ee5\u8bbe\u5b9a\u7684\u6267\u884c\u4ef7\u683c\u8d2d\u4e70\u52a0\u5bc6\u8d44\u4ea7\u7684\u6743\u5229\u3002<\/span><\/li>\n<li><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/put-options\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u770b\u8dcc\u671f\u6743<\/span><\/a><span dir=\"auto\">\u8d4b\u4e88\u5728\u6307\u5b9a\u671f\u9650\u5185\u4ee5\u6267\u884c\u4ef7\u683c\u51fa\u552e\u52a0\u5bc6\u8d44\u4ea7\u7684\u6743\u5229\u3002<\/span><\/li>\n<\/ul>\n<p><span dir=\"auto\">\u4e86\u89e3 ITM \u548c OTM \u671f\u6743\u4e4b\u95f4\u7684\u533a\u522b\u6709\u52a9\u4e8e\u4ea4\u6613\u8005\u9009\u62e9\u7b26\u5408\u5176\u5e02\u573a\u524d\u666f\u548c\u98ce\u9669\u627f\u53d7\u80fd\u529b\u7684\u5934\u5bf8\u3002<\/span><\/p>\n<h2 id=\"3\"><span dir=\"auto\">\u5f53\u8c08\u5230\u52a0\u5bc6\u671f\u6743\u65f6\uff0cITM \u662f\u4ec0\u4e48\u610f\u601d\uff1f<\/span><\/h2>\n<p><span dir=\"auto\">\u5f53\u671f\u6743\u4e3a ITM \u65f6\uff0c\u5b83\u65e2\u5177\u6709\u5185\u5728\u4ef7\u503c\uff0c\u53c8\u5177\u6709\u5916\u5728\u4ef7\u503c\u3002\u8fd9\u610f\u5473\u7740\u5176\u884c\u6743\u4ef7\u76f8\u5bf9\u4e8e\u8d44\u4ea7\u7684\u5f53\u524d\u5e02\u573a\u4ef7\u683c\u800c\u8a00\u662f\u6709\u5229\u7684\u3002\u5bf9\u4e8e ITM \u770b\u6da8\u671f\u6743\uff0c\u5176\u884c\u6743\u4ef7\u4f4e\u4e8e\u5f53\u524d\u5e02\u573a\u4ef7\u683c\u3002\u5982\u679c\u6bd4\u7279\u5e01\u4ea4\u6613\u4ef7\u683c\u4e3a 70,000 \u7f8e\u5143\uff0c\u800c\u770b\u6da8\u671f\u6743\u7684\u884c\u6743\u4ef7\u4e3a 60,000 \u7f8e\u5143\uff0c\u5219\u8be5\u671f\u6743\u88ab\u89c6\u4e3a ITM\uff0c\u56e0\u4e3a\u884c\u4f7f\u8be5\u671f\u6743\u5141\u8bb8\u770b\u6da8\u671f\u6743\u6301\u6709\u8005\u4ee5\u4f4e\u4e8e\u5f53\u524d\u5e02\u573a\u4ef7\u683c\u7684\u4ef7\u683c\u8d2d\u4e70\u6bd4\u7279\u5e01\u3002\u8fd9\u4f7f\u5176\u5185\u5728\u4ef7\u503c\u4e3a 10,000 \u7f8e\u5143\uff0c\u5e76\u4ee3\u8868\u4e86\u884c\u4f7f\u770b\u6da8\u671f\u6743\u540e\u53ef\u5b9e\u73b0\u7684\u6536\u76ca\u91d1\u989d\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u81f3\u4e8eITM\u770b\u8dcc\u671f\u6743\uff0c\u5176\u6267\u884c\u4ef7\u683c\u9ad8\u4e8e\u5f53\u524d\u5e02\u573a\u4ef7\u683c\u3002\u4f8b\u5982\uff0c\u5982\u679c\u6bd4\u7279\u5e01\u4ea4\u6613\u4ef7\u683c\u4e3a70,000\u7f8e\u5143\uff0c\u800c\u770b\u8dcc\u671f\u6743\u7684\u6267\u884c\u4ef7\u683c\u4e3a75,000\u7f8e\u5143\uff0c\u90a3\u4e48\u5b83\u5c31\u5c5e\u4e8eITM\uff0c\u56e0\u4e3a\u5b83\u5141\u8bb8\u4ee5\u9ad8\u4e8e\u5f53\u524d\u5e02\u573a\u4ef7\u683c\u7684\u4ef7\u683c\u51fa\u552e\u6bd4\u7279\u5e01\u3002\u8fd9\u4f1a\u5bfc\u81f4\u5176\u5185\u5728\u4ef7\u503c\u4e3a5,000\u7f8e\u5143\uff0c\u5982\u679c\u770b\u8dcc\u671f\u6743\u88ab\u884c\u4f7f\uff0c\u8fd9\u7b14\u6536\u76ca\u5c06\u8f6c\u5316\u4e3a\u5df2\u5b9e\u73b0\u6536\u76ca\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u4ea4\u6613 ITM \u671f\u6743\u7684\u597d\u5904<\/span><\/h3>\n<p><span dir=\"auto\">\u4f5c\u4e3a\u66f4\u538c\u6076\u98ce\u9669\u7684\u52a0\u5bc6\u671f\u6743\u4ea4\u6613\u8005\u7684\u9996\u9009\u671f\u6743\u7c7b\u578b\uff0c\u4ea4\u6613 ITM \u671f\u6743\u6709\u5f88\u591a\u597d\u5904\uff0c\u4f8b\u5982\uff1a<\/span><\/p>\n<ul>\n<li><b><span dir=\"auto\">\u98ce\u9669\u8f83\u4f4e\uff1a<\/span><\/b><span dir=\"auto\">\u7531\u4e8e\u5b9e\u503c\u671f\u6743\u5177\u6709\u5185\u5728\u4ef7\u503c\uff0c\u5176\u4ef7\u503c\u4e0e\u6807\u7684\u8d44\u4ea7\u7684\u4ef7\u683c\u8d70\u52bf\u76f4\u63a5\u6302\u94a9\uff0c\u56e0\u6b64\u672c\u8d28\u4e0a\u662f\u4e00\u79cd\u4f4e\u98ce\u9669\u7684\u6760\u6746\u5f62\u5f0f\u3002\u5982\u679c\u52a0\u5bc6\u8d44\u4ea7\u7684\u4ef7\u683c\u8d70\u52bf\u5bf9\u60a8\u6709\u5229\uff0c\u60a8\u53ef\u4ee5\u4ece\u5185\u5728\u4ef7\u503c\u548c\u5916\u5728\u4ef7\u503c\u7684\u4e0a\u6da8\u4e2d\u83b7\u5f97\u6536\u76ca\u3002\u7136\u800c\uff0c\u5982\u679c\u8d44\u4ea7\u4ef7\u683c\u8d70\u52bf\u5bf9\u60a8\u4e0d\u5229\uff0c\u60a8\u7684\u6f5c\u5728\u635f\u5931\u4ec5\u9650\u4e8e\u60a8\u652f\u4ed8\u7684\u671f\u6743\u8d39\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u66f4\u9ad8\u7684\u83b7\u5229\u6982\u7387\uff1a<\/span><\/b><span dir=\"auto\">\u7531\u4e8e ITM \u671f\u6743\u5df2\u7ecf\u5177\u6709\u6b63\u7684\u5185\u5728\u4ef7\u503c\uff0c\u56e0\u6b64\u4e0e OTM \u671f\u6743\u76f8\u6bd4\uff0cITM \u671f\u6743\u66f4\u6709\u53ef\u80fd\u4e0d\u4f1a\u5230\u671f\u800c\u53d8\u5f97\u6beb\u65e0\u4ef7\u503c\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u9002\u7528\u4e8e\u5bf9\u51b2\uff1a<\/span><\/b><span dir=\"auto\">\u5b9e\u503c\u671f\u6743\u53ef\u7528\u4e8e<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/how-to-hedge-crypto-options\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u5bf9\u51b2<\/span><\/a><span dir=\"auto\">\u73b0\u6709\u4ed3\u4f4d\u6216\u9632\u8303\u6295\u8d44\u7ec4\u5408\u4e2d\u7684\u6f5c\u5728\u635f\u5931\u3002\u5176\u7528\u9014\u5e7f\u6cdb\uff0c\u4ece\u4fdd\u62a4\u6027\u770b\u8dcc\u671f\u6743\u6216\u770b\u6da8\u671f\u6743\u7b56\u7565\uff0c\u5230\u9886\u5b50\u671f\u6743\u7b49\u66f4\u9ad8\u7ea7\u7684<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/multi-leg-crypto-option-strategies\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u591a\u8fb9\u671f\u6743\u7b56\u7565<\/span><\/a><span dir=\"auto\">\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u63d0\u524d\u884c\u4f7f\u6f5c\u529b<\/span><\/b><span dir=\"auto\">\uff1a\u9274\u4e8e ITM \u671f\u6743\u7684\u6267\u884c\u4ef7\u683c\u901a\u5e38\u6709\u5229\u4e8e\u8d44\u4ea7\u7684\u5f53\u524d\u5e02\u573a\u4ef7\u683c\uff0c\u56e0\u6b64\uff0c\u5982\u679c\u6761\u4ef6\u6709\u5229\uff0c\u52a0\u5bc6\u671f\u6743\u4ea4\u6613\u8005\u53ef\u4ee5\u9009\u62e9\u5e76\u7075\u6d3b\u5730\u884c\u4f7f ITM \u671f\u6743\u3002<\/span><\/li>\n<\/ul>\n<h2 id=\"4\"><span dir=\"auto\">\u5f53\u8c08\u5230\u52a0\u5bc6\u671f\u6743\u65f6\uff0cOTM \u662f\u4ec0\u4e48\u610f\u601d\uff1f<\/span><\/h2>\n<p><span dir=\"auto\">\u4ef7\u5916\u671f\u6743\u7f3a\u4e4f\u5185\u5728\u4ef7\u503c\uff0c\u8fd9\u610f\u5473\u7740\u5176\u884c\u6743\u4ef7\u683c\u76f8\u5bf9\u4e8e\u8d44\u4ea7\u7684\u5e02\u573a\u4ef7\u683c\u800c\u8a00\u5e76\u4e0d\u6709\u5229\u3002\u5c31\u770b\u6da8\u671f\u6743\u548c\u770b\u8dcc\u671f\u6743\u800c\u8a00\uff0c\u8fd9\u610f\u5473\u7740\u4ee5\u4e0b\u5185\u5bb9\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u4ef7\u5916\u770b\u6da8\u671f\u6743\u7684\u6267\u884c\u4ef7\u683c\u9ad8\u4e8e\u5f53\u524d\u5e02\u573a\u4ef7\u683c\u3002\u5982\u679c\u6bd4\u7279\u5e01\u7684\u4ea4\u6613\u4ef7\u683c\u4e3a 65,000 \u7f8e\u5143\uff0c\u90a3\u4e48\u4ef7\u5916\u770b\u6da8\u671f\u6743\u7684\u6267\u884c\u4ef7\u683c\u53ef\u80fd\u4e3a 70,000 \u7f8e\u5143\u3002\u8fd9\u4e9b\u4ef7\u5916\u770b\u6da8\u671f\u6743\u5373\u4f7f\u884c\u4f7f\u4e5f\u4e0d\u4f1a\u7acb\u5373\u5e26\u6765\u6536\u76ca\uff0c\u56e0\u4e3a\u5b83\u4eec\u7684\u4ef7\u503c\u53d6\u51b3\u4e8e\u5176\u5916\u5728\u65f6\u95f4\u4ef7\u503c\uff0c\u8fd9\u53cd\u6620\u4e86\u8d44\u4ea7\u4ef7\u683c\u5728\u5230\u671f\u524d\u4e0a\u6da8\u81f3\u6267\u884c\u4ef7\u683c\u4e4b\u4e0a\u7684\u53ef\u80fd\u6027\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u81f3\u4e8e\u4ef7\u5916\u770b\u8dcc\u671f\u6743\uff0c\u5176\u6267\u884c\u4ef7\u683c\u4f4e\u4e8e\u5f53\u524d\u5e02\u573a\u4ef7\u683c\u3002\u5982\u679c\u6bd4\u7279\u5e01\u4ea4\u6613\u4ef7\u683c\u4e3a 65,000 \u7f8e\u5143\uff0c\u90a3\u4e48\u6267\u884c\u4ef7\u683c\u4e3a 60,000 \u7f8e\u5143\u7684\u770b\u8dcc\u671f\u6743\u5c31\u5c5e\u4e8e\u4ef7\u5916\u671f\u6743\u3002\u5982\u4e0a\u6240\u8ff0\uff0c\u4ef7\u5916\u770b\u8dcc\u671f\u6743\u5373\u4f7f\u884c\u4f7f\u4e5f\u4e0d\u4f1a\u7acb\u5373\u4ea7\u751f\u6536\u76ca\uff0c\u56e0\u4e3a\u5176\u4ef7\u503c\u53d6\u51b3\u4e8e\u5176\u5916\u5728\u65f6\u95f4\u4ef7\u503c\uff0c\u8fd9\u53cd\u6620\u4e86\u8d44\u4ea7\u4ef7\u683c\u5728\u5230\u671f\u524d\u8dcc\u7834\u6267\u884c\u4ef7\u683c\u7684\u53ef\u80fd\u6027\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u4ea4\u6613 OTM \u671f\u6743\u7684\u597d\u5904<\/span><\/h3>\n<p><span dir=\"auto\">\u867d\u7136 ITM \u671f\u6743\u56e0\u5176\u8f83\u4f4e\u7684\u98ce\u9669\u72b6\u51b5\u800c\u53d7\u6b22\u8fce\uff0c\u4f46 OTM \u671f\u6743\u4e5f\u5177\u6709\u67d0\u4e9b\u4f18\u52bf\uff0c\u7279\u522b\u662f\u5bf9\u4e8e\u90a3\u4e9b\u98ce\u9669\u627f\u53d7\u80fd\u529b\u8f83\u9ad8\u7684\u4eba\u800c\u8a00\u3002<\/span><\/p>\n<ul>\n<li><b><span dir=\"auto\">\u6760\u6746\uff1a<\/span><\/b><span dir=\"auto\">\u00a0OTM\u671f\u6743\u63d0\u4f9b\u663e\u8457\u7684\u6760\u6746\uff0c\u8fd9\u610f\u5473\u7740\u5982\u679c\u6807\u7684\u8d44\u4ea7\u7684\u8d70\u52bf\u5bf9\u60a8\u6709\u5229\uff0c\u5c3d\u7ba1\u60a8\u4f7f\u7528\u8f83\u5c11\u7684\u4ea4\u6613\u8d44\u672c\uff0c\u4e5f\u53ef\u80fd\u83b7\u5f97\u66f4\u5927\u7684\u6536\u76ca\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u6709\u9650\u635f\u5931\uff1a<\/span><\/b><span dir=\"auto\">\u5982\u679c\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u8d70\u52bf\u4e0d\u5229\u4e8e\u60a8\uff0c\u60a8\u7684\u635f\u5931\u5c06\u4ec5\u9650\u4e8e\u60a8\u652f\u4ed8\u7684\u671f\u6743\u8d39\u3002\u8be5\u91d1\u989d\u53ef\u80fd\u8fdc\u4f4e\u4e8e\u5b9e\u503c\u671f\u6743\u7684\u671f\u6743\u8d39\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u65b9\u4fbf\u770b\u6da8\u6216\u770b\u8dcc\u6295\u673a\uff1a<\/span><\/b><span dir=\"auto\">\u65e0\u9700\u6295\u5165\u8fc7\u591a\u8d44\u91d1\uff0cOTM \u671f\u6743\u53ef\u7528\u4e8e\u63a8\u6d4b\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u7684\u8d70\u5411\uff0c\u800c\u4e0d\u4f1a\u5192\u8d44\u4ea7\u672c\u8eab\u5168\u90e8\u4ef7\u503c\u7684\u98ce\u9669\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u6ce2\u52a8\u6027\u7b56\u7565\uff1a<\/span><\/b><span dir=\"auto\">\u5982\u679c\u60a8\u8ba4\u4e3a\u6807\u7684\u8d44\u4ea7\u7684\u4ef7\u683c\u6ce2\u52a8\u6027\u4f1a\u52a0\u5267\uff0c\u53ef\u4ee5\u5229\u7528\u4ef7\u5916\u671f\u6743\uff0c\u4ece\u671f\u6743\u8d39\u7684\u4e0a\u6da8\u4e2d\u83b7\u5229\u3002\u672c\u8d28\u4e0a\uff0c\u8fd9\u4e00\u7406\u5ff5\u6b63\u662f<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/crypto-options-trading-strategy-introduction-to-the-long-straddle\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u8de8\u5f0f\u671f\u6743<\/span><\/a><span dir=\"auto\">\u548c<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/strangle-explained\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u52d2\u5f0f\u671f\u6743<\/span><\/a><span dir=\"auto\">\u7b49\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u7b56\u7565\u80cc\u540e\u7684\u5168\u90e8\u57fa\u7840\u3002<\/span><\/li>\n<\/ul>\n<p><span dir=\"auto\">\u73b0\u5728\u60a8\u5df2\u7ecf\u719f\u6089\u4e86 ITM \u548c OTM \u671f\u6743\u7684\u6765\u9f99\u53bb\u8109\uff0c\u8ba9\u6211\u4eec\u770b\u770b\u52a0\u5bc6\u671f\u6743\u4ea4\u6613\u8005\u5982\u4f55\u5c06\u5b83\u4eec\u5e94\u7528\u4e8e\u52a0\u5bc6\u671f\u6743\u7b56\u7565\u3002<\/span><\/p>\n<h2 id=\"5\"><span dir=\"auto\">\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u7b56\u7565\uff1aITM \u4e0e OTM<\/span><\/h2>\n<p><span dir=\"auto\">\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u8005\u4f1a\u8fd0\u7528\u4e0d\u540c\u7684\u7b56\u7565\uff0c\u8fd0\u7528\u5b9e\u503c\u671f\u6743\u548c\u865a\u503c\u671f\u6743\uff0c\u4ee5\u5229\u7528\u4e0d\u540c\u7684\u5e02\u573a\u6761\u4ef6\u548c\u98ce\u9669\u504f\u597d\u3002\u4ee5\u4e0b\u662f\u4e00\u4e9b\u5e38\u89c1\u793a\u4f8b\uff0c\u4f9b\u53c2\u8003\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u4ee5 ITM \u4e3a\u91cd\u70b9\u7684\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u7b56\u7565<\/span><\/h3>\n<ul>\n<li><b><span dir=\"auto\">\u4fdd\u62a4\u6027\u770b\u8dcc\u671f\u6743\uff1a<\/span><\/b><span dir=\"auto\">\u4e70\u5165\u6807\u7684\u8d44\u4ea7\u591a\u5934\u4ed3\u4f4d\u7684\u5b9e\u503c\u770b\u8dcc\u671f\u6743\uff0c\u7c7b\u4f3c\u4e8e\u77ed\u671f\u5bf9\u51b2\uff0c\u53ef\u4ee5\u63d0\u4f9b\u4e0b\u884c\u4fdd\u62a4\uff0c\u4ee5\u62b5\u5fa1\u77ed\u671f\u50ac\u5316\u5242\u7684\u5f71\u54cd\u3002\u5982\u679c\u8d44\u4ea7\u4ef7\u683c\u8dcc\u7834\u6267\u884c\u4ef7\u683c\uff0c\u53ef\u4ee5\u884c\u4f7f\u770b\u8dcc\u671f\u6743\u6765\u62b5\u6d88\u635f\u5931\u3002<\/span><\/li>\n<li><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/covered-calls-explained\" target=\"_blank\" rel=\"noopener noreferrer\"><b><span dir=\"auto\">\u5907\u5151\u770b\u6da8\u671f\u6743<\/span><\/b><\/a><b><span dir=\"auto\">\uff1a<\/span><\/b><span dir=\"auto\">\u5b9a\u671f\u5356\u51fa\u6df1\u5ea6\u5b9e\u503c\u770b\u6da8\u671f\u6743\u6765\u62b5\u6d88\u6807\u7684\u8d44\u4ea7\u7684\u591a\u5934\u4ed3\u4f4d\uff0c\u867d\u7136\u4f1a\u9650\u5236\u60a8\u7684\u6f5c\u5728\u4e0a\u6da8\u6536\u76ca\uff0c\u4f46\u4f1a\u4e3a\u60a8\u63d0\u4f9b\u989d\u5916\u7684\u6d41\u52a8\u6027\uff0c\u60a8\u53ef\u4ee5\u5229\u7528\u8fd9\u4e9b\u6d41\u52a8\u6027\u8fdb\u884c\u4e00\u4e9b\u989d\u5916\u7684\u4ea4\u6613\u3002\u4f46\u662f\uff0c\u5982\u679c\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u4e0a\u6da8\u81f3\u884c\u4f7f\u4ef7\u4ee5\u4e0a\uff0c\u770b\u6da8\u671f\u6743\u5c06\u88ab\u884c\u4f7f\uff0c\u4ece\u800c\u5f3a\u5236\u5356\u51fa\u6807\u7684\u8d44\u4ea7\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u65e5\u5386\u4ef7\u5dee\uff1a<\/span><\/b>\u00a0<a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/call-calendar-spread-explained\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u65e5\u5386\u4ef7\u5dee<\/span><\/a><span dir=\"auto\">\u6d89\u53ca\u4e70\u5165\u5230\u671f\u65e5\u8f83\u957f\u7684\u5b9e\u503c\u671f\u6743\uff0c\u5e76\u5356\u51fa\u5230\u671f\u65e5\u8f83\u77ed\u7684\u5b9e\u503c\u671f\u6743\u3002\u8be5\u7b56\u7565\u53d7\u76ca\u4e8e\u77ed\u671f\u671f\u6743\u7684\u65f6\u95f4\u8870\u51cf\uff0c\u4ece\u800c\u5141\u8bb8\u5bf9\u6807\u7684\u8d44\u4ea7\u6301\u4e2d\u6027\u6216\u7565\u5fae\u770b\u8dcc\u60c5\u7eea\u7684\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u8005\u9501\u5b9a\u65f6\u95f4\u4ef7\u503c\u6ea2\u4ef7\u5e26\u6765\u7684\u6536\u76ca\u3002<\/span><\/li>\n<\/ul>\n<h3><span dir=\"auto\">\u4ee5OTM\u4e3a\u91cd\u70b9\u7684\u7b56\u7565<\/span><\/h3>\n<ul>\n<li><b><span dir=\"auto\">\u5bbd\u8de8\u5f0f\u671f\u6743\uff1a<\/span><\/b><span dir=\"auto\">\u540c\u65f6\u4e70\u5165\u884c\u4f7f\u4ef7\u4e0d\u540c\u4f46\u5230\u671f\u65e5\u76f8\u540c\u7684\u4ef7\u5916\u770b\u6da8\u671f\u6743\u548c\u4ef7\u5916\u770b\u8dcc\u671f\u6743\uff0c\u79f0\u4e3a\u5bbd\u8de8\u5f0f\u671f\u6743\u3002\u8fd9\u79cd\u591a\u8fb9\u671f\u6743\u7b56\u7565\u975e\u5e38\u9002\u5408\u9884\u671f\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u5927\u5e45\u6ce2\u52a8\uff0c\u4f46\u4e0d\u786e\u5b9a\u8d44\u4ea7\u6574\u4f53\u8d70\u52bf\u7684\u4ea4\u6613\u8005\u3002\u5982\u679c\u8d44\u4ea7\u4ef7\u683c\u5927\u5e45\u4e0a\u6da8\u6216\u4e0b\u8dcc\uff0c\u5176\u4e2d\u4e00\u4e2a\u671f\u6743\u5c06\u5347\u503c\uff0c\u800c\u53e6\u4e00\u4e2a\u671f\u6743\u5219\u53ef\u80fd\u5230\u671f\u4f5c\u5e9f\u3002\u603b\u4f53\u800c\u8a00\uff0c\u5bbd\u8de8\u5f0f\u671f\u6743\u7b56\u7565\u63d0\u4f9b\u4e86\u7075\u6d3b\u6027\uff0c\u5e76\u4e14\u5728\u8d44\u4ea7\u6ce2\u52a8\u6027\u6025\u5267\u4e0a\u5347\u65f6\uff0c\u6709\u53ef\u80fd\u83b7\u5f97\u5de8\u989d\u6536\u76ca\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u725b\u5e02\u770b\u6da8\u4ef7\u5dee<\/span><\/b><span dir=\"auto\">\u7b56\u7565\uff1a\u5728\u725b\u5e02\u770b\u6da8\u4ef7\u5dee\u7b56\u7565\u4e2d\uff0c\u4ea4\u6613\u8005\u4e70\u5165\u4e00\u4efd\u4ef7\u5916\u770b\u6da8\u671f\u6743\uff0c\u5e76\u5356\u51fa\u53e6\u4e00\u4efd\u884c\u4f7f\u4ef7\u66f4\u9ad8\u4f46\u5230\u671f\u65e5\u76f8\u540c\u7684\u770b\u6da8\u671f\u6743\u3002\u8be5\u7b56\u7565\u53d7\u76ca\u4e8e\u4ef7\u683c\u4e0a\u6da8\uff0c\u53ef\u4ee5\u901a\u8fc7\u7528\u5356\u51fa\u770b\u6da8\u671f\u6743\u83b7\u5f97\u7684\u671f\u6743\u8d39\u62b5\u6d88\u4e70\u5165\u770b\u6da8\u671f\u6743\u7684\u671f\u6743\u8d39\u6765\u9650\u5236\u6210\u672c\u3002\u725b\u5e02\u770b\u6da8\u4ef7\u5dee\u7b56\u7565\u5141\u8bb8\u4ea4\u6613\u8005\u4ee5\u8f83\u4f4e\u7684\u521d\u59cb\u8d44\u672c\u53c2\u4e0e\u4e0a\u6da8\u52bf\u5934\uff0c\u4f46\u7531\u4e8e\u5356\u51fa\u770b\u6da8\u671f\u6743\u7684\u884c\u4f7f\u4ef7\u8f83\u9ad8\uff0c\u5176\u76c8\u5229\u6f5c\u529b\u6709\u9650\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u718a\u5e02\u770b\u8dcc\u4ef7\u5dee<\/span><\/b><span dir=\"auto\">\uff1a\u5bf9\u4e8e\u770b\u8dcc\u7684\u4ea4\u6613\u8005\u6765\u8bf4\uff0c\u718a\u5e02\u770b\u8dcc\u4ef7\u5dee\u7b56\u7565\u662f\u6307\u4e70\u5165\u4ef7\u5916\u770b\u8dcc\u671f\u6743\uff0c\u540c\u65f6\u5356\u51fa\u884c\u4f7f\u4ef7\u8f83\u4f4e\u7684\u770b\u8dcc\u671f\u6743\u3002\u8fd9\u79cd\u7b56\u7565\u53d7\u76ca\u4e8e\u8d44\u4ea7\u4ef7\u683c\u7684\u4e0b\u8dcc\uff0c\u5e76\u901a\u8fc7\u6536\u53d6\u5356\u51fa\u770b\u8dcc\u671f\u6743\u7684\u6743\u5229\u91d1\u6765\u964d\u4f4e\u6743\u5229\u91d1\u6210\u672c\u3002\u4e0e\u725b\u5e02\u770b\u6da8\u4ef7\u5dee\u7b56\u7565\u7c7b\u4f3c\uff0c\u8fd9\u79cd\u7b56\u7565\u65e2\u9650\u5236\u4e86\u4e0a\u6da8\u6536\u76ca\uff0c\u4e5f\u9650\u5236\u4e86\u4e0b\u8dcc\u98ce\u9669\uff0c\u56e0\u6b64\u5bf9\u4e8e\u5e0c\u671b\u63a7\u5236\u6210\u672c\u7684\u4e2d\u5ea6\u770b\u8dcc\u4ea4\u6613\u8005\u6765\u8bf4\u9887\u5177\u5438\u5f15\u529b\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u94c1\u79c3\u9e70\u7b56\u7565<\/span><\/b><span dir=\"auto\">\uff1a\u94c1\u79c3\u9e70\u7b56\u7565\u662f\u4e00\u79cd\u66f4\u9ad8\u7ea7\u7684\u4e2d\u6027\u7b56\u7565\uff0c\u5305\u542b\u4e24\u4e2a\u90e8\u5206\u3002\u7b2c\u4e00\u90e8\u5206\u662f\u4ea4\u6613\u8005\u5356\u51fa\u4e00\u4efd\u6267\u884c\u4ef7\u683c\u63a5\u8fd1\u6807\u7684\u8d44\u4ea7\u6700\u65b0\u6210\u4ea4\u4ef7\u7684\u4ef7\u5916\u770b\u6da8\u671f\u6743\u548c\u4e00\u4efd\u4ef7\u5916\u770b\u8dcc\u671f\u6743\u3002\u7136\u540e\uff0c\u671f\u6743\u4ea4\u6613\u8005\u4ee5\u66f4\u9ad8\u7684\u4ef7\u5916\u6267\u884c\u4ef7\u683c\u4e70\u5165\u53e6\u4e00\u4efd\u770b\u6da8\u671f\u6743\u548c\u4e00\u4efd\u770b\u8dcc\u671f\u6743\u3002\u603b\u4f53\u800c\u8a00\uff0c\u5f53\u52a0\u5bc6\u8d44\u4ea7\u7684\u4ef7\u683c\u4fdd\u6301\u5728\u7279\u5b9a\u8303\u56f4\u5185\u65f6\uff0c\u8be5\u7b56\u7565\u5c06\u66f4\u5177\u76c8\u5229\u80fd\u529b\uff0c\u56e0\u4e3a\u7406\u60f3\u60c5\u51b5\u4e0b\uff0c\u671f\u6743\u7684\u4ef7\u503c\u4f1a\u4e0b\u964d\uff0c\u6700\u7ec8\u5931\u6548\u3002<\/span><\/li>\n<\/ul>\n<h3><span dir=\"auto\">\u9009\u62e9\u6b63\u786e\u7684\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u7b56\u7565<\/span><\/h3>\n<p><span dir=\"auto\">\u5bf9\u4e8e\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u8005\u6765\u8bf4\uff0c\u6700\u4f73\u7b56\u7565\u6700\u7ec8\u53d6\u51b3\u4e8e\u60a8\u7684\u98ce\u9669\u627f\u53d7\u80fd\u529b\u3001\u6295\u8d44\u671f\u9650\u4ee5\u53ca\u5bf9\u6807\u7684\u8d44\u4ea7\u7684\u9884\u671f\u3002\u4ef7\u5185\u671f\u6743\u901a\u5e38\u98ce\u9669\u8f83\u4f4e\uff0c\u4f46\u6f5c\u5728\u6536\u76ca\u4e5f\u8f83\u4f4e\uff1b\u800c\u4ef7\u5916\u671f\u6743\u5219\u63d0\u4f9b\u66f4\u9ad8\u7684\u6f5c\u5728\u6536\u76ca\uff0c\u4f46\u98ce\u9669\u4e5f\u8f83\u9ad8\u3002\u56e0\u6b64\uff0c\u5728\u8fdb\u884c\u4efb\u4f55\u671f\u6743\u4ea4\u6613\u4e4b\u524d\uff0c\u52a1\u5fc5\u4ed4\u7ec6\u6743\u8861\u6bcf\u79cd\u7b56\u7565\u7684\u5229\u5f0a\uff0c\u5e76\u5236\u5b9a\u5408\u7406\u7684\u4ea4\u6613\u8ba1\u5212\u3002<\/span><\/p>\n<h2 id=\"6\"><span dir=\"auto\">\u4ec0\u4e48\u662f\u5e73\u4ef7\uff08ATM\uff09\u671f\u6743\uff1f<\/span><\/h2>\n<p><span dir=\"auto\">\u867d\u7136\u5927\u591a\u6570\u8ba8\u8bba\u901a\u5e38\u56f4\u7ed5\u7740 ITM \u548c OTM \u671f\u6743\u4e4b\u95f4\u7684\u6bd4\u8f83\uff0c\u4f46\u5982\u679c\u60a8\u6b63\u5728\u5bfb\u627e\u66f4\u4e2d\u6027\u7684\u671f\u6743\u5934\u5bf8\uff0c\u6216\u8005\u60a8\u4e0d\u786e\u5b9a\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u7684\u8d70\u5411\uff0c\u90a3\u4e48\u5e73\u4ef7 (ATM) \u671f\u6743\u4e5f\u662f\u4e00\u4e2a\u6709\u6548\u7684\u9009\u62e9\u3002<\/span><\/p>\n<p><span dir=\"auto\">ATM\u671f\u6743\u7684\u6267\u884c\u4ef7\u683c\u63a5\u8fd1\u8d44\u4ea7\u7684\u5f53\u524d\u5e02\u573a\u4ef7\u683c\u3002\u4f8b\u5982\uff0c\u5982\u679c\u6bd4\u7279\u5e01\u7684\u4ea4\u6613\u4ef7\u683c\u4e3a65,000\u7f8e\u5143\uff0c\u90a3\u4e48ATM\u770b\u6da8\u671f\u6743\u6216\u770b\u8dcc\u671f\u6743\u7684\u6267\u884c\u4ef7\u683c\u5c06\u63a5\u8fd1\u8be5\u4ef7\u683c\u3002ATM\u671f\u6743\u65e2\u5305\u542b\u5185\u5728\u4ef7\u503c\uff0c\u4e5f\u5305\u542b\u5916\u5728\u4ef7\u503c\uff0c\u8fd9\u4f7f\u5f97\u5b83\u4eec\u6210\u4e3aITM\u5b89\u5168\u6027\u4e0eOTM\u6295\u673a\u4f18\u52bf\u4e4b\u95f4\u7684\u5e73\u8861\u70b9\u3002<\/span><\/p>\n<h2 id=\"7\"><span dir=\"auto\">ITM\u3001OTM \u548c ATM\uff1a\u6bd4\u8f83 ITM\u3001OTM \u548c ATM \u9009\u9879<\/span><\/h2>\n<p><span dir=\"auto\">\u5728\u9009\u62e9\u4ef7\u5185\u671f\u6743\u3001\u4ef7\u5916\u671f\u6743\u548c\u81ea\u52a8\u63d0\u6b3e\u671f\u6743\u65f6\uff0c\u52a1\u5fc5\u8003\u8651\u60a8\u7684\u4ea4\u6613\u76ee\u6807\u3001\u98ce\u9669\u627f\u53d7\u80fd\u529b\u548c\u5e02\u573a\u524d\u666f\u3002\u4ee5\u4e0b\u662f\u4e00\u4e9b\u5feb\u901f\u6bd4\u8f83\uff0c\u53ef\u5e2e\u52a9\u60a8\u786e\u5b9a\u54ea\u79cd\u671f\u6743\u66f4\u9002\u5408\u4e0d\u540c\u7684\u7b56\u7565\u548c\u573a\u666f\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u6d89\u53ca\u4fdd\u8d39<\/span><\/h3>\n<p><span dir=\"auto\">\u7531\u4e8e\u5176\u5185\u5728\u4ef7\u503c\uff0c\u5b9e\u503c\u671f\u6743\u7684\u6ea2\u4ef7\u6700\u9ad8\uff0c\u8fd9\u4f7f\u5f97\u5b83\u4eec\u7684\u524d\u671f\u6210\u672c\u66f4\u9ad8\uff0c\u4f46\u5982\u679c\u5e02\u573a\u4fdd\u6301\u76f8\u5bf9\u7a33\u5b9a\uff0c\u4e5f\u66f4\u6709\u53ef\u80fd\u4fdd\u503c\u3002\u81ea\u52a8\u63d0\u6b3e\u6743\u671f\u6743\u7684\u4ef7\u683c\u5904\u4e8e\u4e2d\u95f4\u6c34\u5e73\uff0c\u7531\u4e8e\u63a5\u8fd1\u5f53\u524d\u4ef7\u683c\uff0c\u6ea2\u4ef7\u9002\u4e2d\u3002\u4ef7\u5916\u671f\u6743\u662f\u4e09\u79cd\u671f\u6743\u7c7b\u578b\u4e2d\u6295\u673a\u6027\u6700\u5f3a\u7684\u9009\u62e9\uff0c\u7531\u4e8e\u4e0d\u5305\u542b\u5185\u5728\u4ef7\u503c\uff0c\u56e0\u6b64\u901a\u5e38\u6210\u672c\u6700\u4f4e\u3002<\/span><\/p>\n<h3><span dir=\"auto\">ITM \u5230\u671f\u7684\u6982\u7387<\/span><\/h3>\n<p><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/option-expiration-dates\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u5230\u671f\u65e5<\/span><\/a><span dir=\"auto\">\u662f\u4e00\u4e2a\u5173\u952e\u95ee\u9898\uff0c\u56e0\u4e3a\u5b83\u4f1a\u663e\u8457\u5f71\u54cd\u671f\u6743\u8d39\u6210\u672c\u3002\u4ef7\u5185\u671f\u6743\uff08ITM\uff09\u4ee5\u4ef7\u5185\u5230\u671f\u7684\u6982\u7387\u6700\u9ad8\uff0c\u8fd9\u80fd\u63d0\u4f9b\u66f4\u53ef\u9884\u6d4b\u7684\u7ed3\u679c\u5e76\u53ef\u80fd\u964d\u4f4e\u98ce\u9669\u3002ATM \u671f\u6743\u4ee5\u4ef7\u5185\u5230\u671f\u7684\u6982\u7387\u7ea6\u4e3a 50%\uff0c\u8fd9\u5bf9\u5bfb\u6c42\u5728\u6210\u672c\u548c\u6982\u7387\u4e4b\u95f4\u53d6\u5f97\u5e73\u8861\u7684\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u8005\u5f88\u6709\u5438\u5f15\u529b\u3002\u4ef7\u5916\u671f\u6743\uff08OTM\uff09\u4ee5\u4ef7\u5185\u5230\u671f\u7684\u6982\u7387\u6700\u4f4e\uff0c\u56e0\u6b64\u98ce\u9669\u8f83\u9ad8\uff0c\u4f46\u5982\u679c\u5e02\u573a\u671d\u7740\u9884\u671f\u65b9\u5411\u5927\u5e45\u6ce2\u52a8\uff0c\u5219\u53ef\u80fd\u83b7\u5f97\u9ad8\u56de\u62a5\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u6f5c\u5728\u6536\u76ca\u548c\u635f\u5931<\/span><\/h3>\n<p><span dir=\"auto\">\u5b9e\u503c\u671f\u6743 (ITM) \u901a\u5e38\u7531\u4e8e\u5176\u5185\u5728\u4ef7\u503c\u800c\u98ce\u9669\u8f83\u4f4e\uff0c\u4f46\u5982\u679c\u4ef7\u683c\u8d85\u51fa\u6267\u884c\u4ef7\uff0c\u6536\u76ca\u901a\u5e38\u4f1a\u53d7\u5230\u9650\u5236\u3002\u81ea\u52a8\u63d0\u6b3e\u6743 (ATM) \u63d0\u4f9b\u4e2d\u7b49\u6536\u76ca\u6f5c\u529b\uff0c\u800c\u98ce\u9669\u655e\u53e3\u901a\u5e38\u4ecb\u4e8e\u5b9e\u503c\u671f\u6743 (ITM) \u548c\u865a\u503c\u671f\u6743 (OTM) \u4e4b\u95f4\u3002\u865a\u503c\u671f\u6743 (OTM) \u98ce\u9669\u6700\u9ad8\uff0c\u56e0\u4e3a\u5982\u679c\u6807\u7684\u4ef7\u683c\u672a\u8fbe\u5230\u6267\u884c\u4ef7\uff0c\u5b83\u4eec\u53ef\u80fd\u4f1a\u5230\u671f\u4f5c\u5e9f\u3002\u4f46\u662f\uff0c\u5982\u679c\u4ef7\u683c\u8d70\u52bf\u4e0e\u6267\u884c\u4ef7\u4e00\u81f4\uff0c\u865a\u503c\u671f\u6743 (OTM) \u53ef\u4ee5\u83b7\u5f97\u76f8\u5bf9\u4e8e\u5176\u6210\u672c\u800c\u8a00\u7684\u53ef\u89c2\u6536\u76ca\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u6bcf\u79cd\u671f\u6743\u7c7b\u578b\u6700\u7ec8\u90fd\u5177\u6709\u72ec\u7279\u7684\u7279\u6027\uff0c\u4ee5\u9002\u5e94\u4e0d\u540c\u7684\u4ea4\u6613\u98ce\u683c\u548c\u76ee\u6807\u3002\u65e0\u8bba\u60a8\u7684\u76ee\u6807\u662f\u4fdd\u672c\u3001\u5bf9\u51b2\u8fd8\u662f\u9ad8\u6f5c\u5728\u6536\u76ca\uff0c\u4e86\u89e3\u8fd9\u4e9b\u5dee\u5f02\u90fd\u53ef\u4ee5\u5e2e\u52a9\u60a8\u6839\u636e\u5e02\u573a\u72b6\u51b5\u548c\u4e2a\u4eba\u76ee\u6807\u8c03\u6574\u7b56\u7565\u3002<\/span><\/p>\n<h2 id=\"8\"><span dir=\"auto\">\u54ea\u4e00\u4e2a\u6700\u9002\u5408\u52a0\u5bc6\u671f\u6743\u4ea4\u6613\u8005\uff1f<\/span><\/h2>\n<p><span dir=\"auto\">\u6700\u4f73\u9009\u62e9\u53d6\u51b3\u4e8e\u60a8\u7684\u98ce\u9669\u627f\u53d7\u80fd\u529b\u3001\u5e02\u573a\u524d\u666f\u548c\u4ea4\u6613\u76ee\u6807\uff1a<\/span><\/p>\n<ul>\n<li><b><span dir=\"auto\">ITM \u671f\u6743<\/span><\/b><span dir=\"auto\">\uff1a\u9002\u5408\u5bfb\u6c42\u7a33\u5b9a\u6027\u548c\u66f4\u9ad8\u76c8\u5229\u53ef\u80fd\u6027\u7684\u4ea4\u6613\u8005\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">OTM \u671f\u6743<\/span><\/b><span dir=\"auto\">\uff1a\u66f4\u9002\u5408\u90a3\u4e9b\u559c\u6b22\u8f83\u9ad8\u98ce\u9669\u4f46\u5e0c\u671b\u83b7\u5f97\u8d85\u989d\u56de\u62a5\u7684\u4eba\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">ATM \u9009\u9879<\/span><\/b><span dir=\"auto\">\uff1a\u9002\u5408\u5e73\u8861\u65b9\u6cd5\uff0c\u63d0\u4f9b\u9002\u4e2d\u7684\u6210\u672c\u548c\u5408\u7406\u7684\u56de\u62a5\u524d\u666f\u3002<\/span><\/li>\n<\/ul>\n<h2 id=\"9\"><span dir=\"auto\">\u7ed3\u8bed\u548c\u540e\u7eed\u6b65\u9aa4<\/span><\/h2>\n<p><span dir=\"auto\">\u638c\u63e1\u4ef7\u5185\u3001\u4ef7\u5916\u548c\u81ea\u52a8\u53d6\u6b3e\u673a (ITM)\u3001\u4ef7\u5916\u671f\u6743 (OTM) \u548c\u81ea\u52a8\u53d6\u6b3e\u673a (ATM) \u52a0\u5bc6\u8d27\u5e01\u671f\u6743\uff0c\u8ba9\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u8005\u80fd\u591f\u7075\u6d3b\u5730\u8fd0\u7528\u7b26\u5408\u5176\u98ce\u9669\u548c\u56de\u62a5\u504f\u597d\u7684\u5b9a\u5236\u7b56\u7565\u6765\u5e94\u5bf9\u5e02\u573a\u3002\u4ef7\u5185\u671f\u6743\u63d0\u4f9b\u66f4\u5b89\u5168\u4f46\u6ea2\u4ef7\u66f4\u9ad8\u7684\u9009\u62e9\uff1b\u4ef7\u5916\u671f\u6743\u5141\u8bb8\u4ee5\u66f4\u9ad8\u7684\u98ce\u9669\u4e3a\u4ee3\u4ef7\u83b7\u5f97\u9ad8\u56de\u62a5\uff1b\u800c\u81ea\u52a8\u53d6\u6b3e\u673a (ATM) \u671f\u6743\u5219\u5904\u4e8e\u98ce\u9669\u4e0e\u56de\u62a5\u5747\u8861\u7684\u4e2d\u95f4\u5730\u5e26\u3002\u5728\u63a2\u7d22\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u65f6\uff0c\u8bf7\u5148\u5236\u5b9a\u4e0e\u60a8\u7684\u5e02\u573a\u524d\u666f\u548c\u98ce\u9669\u627f\u53d7\u80fd\u529b\u76f8\u7b26\u7684\u7b56\u7565\uff0c\u4ee5\u4fbf\u5728\u8fd9\u4e2a\u5145\u6ee1\u6d3b\u529b\u7684\u4ea4\u6613\u9886\u57df\u4e2d\u83b7\u5f97\u4fe1\u5fc3\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u60f3\u5c1d\u8bd5\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u5417\uff1f\u5feb\u6765\u770b\u770b\u6211\u4eec\u63d0\u4f9b\u7684\u5404\u79cd<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/trade-option\/btc-usd\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u6bd4\u7279\u5e01\u671f\u6743\u5427\uff01\u6216\u8005\uff0c\u60a8\u4e5f\u53ef\u4ee5\u53c2\u8003\u6211\u4eec\u7684<\/span><\/a><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/options-wheel-strategy-crypto\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u671f\u6743\u8f6e\u76d8\u7b56\u7565<\/span><\/a><span dir=\"auto\">\u6307\u5357\uff0c\u4e86\u89e3\u5b9e\u503c\u671f\u6743\u548c\u865a\u503c\u671f\u6743\u7684\u7b56\u7565\uff0c\u4ee5\u53ca\u770b\u8dcc\u671f\u6743\u548c<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/how-to-put-call-parity-arbitrage-crypto-options\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u770b\u6da8\u671f\u6743\u5e73\u4ef7\u5957\u5229<\/span><\/a><span dir=\"auto\">\u3002<\/span><\/p>\n<div class=\"index_embeddedButtonContainer__VnUpA index_custom__uZwjS\"><a class=\"academy academy-powerLink-a11y academy academy-btn btn-md btn-fill-highlight\" href=\"https:\/\/www.okx.com\/trade-option\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"btn-content\"><span dir=\"auto\">\u4e86\u89e3\u66f4\u591a<\/span><\/span><\/a><\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<div class=\"index_faqContainer__rVhdE\">\n<h2 id=\"10\" class=\"index_header__NNzgI\"><span dir=\"auto\">\u5e38\u89c1\u95ee\u9898\u89e3\u7b54<\/span><\/h2>\n<div>\n<div class=\"academy academy-accordion index_item__gQUyy\">\n<div id=\":R6ir:-header\" class=\"academy-accordion-header academy-accordion-header-expanded index_contentHeader__DWIme academy-a11y-button\" role=\"button\" aria-controls=\":R6ir:-content\" aria-expanded=\"true\">\n<div class=\"academy-accordion-header-title index_contentTitle__+kG3g\"><span dir=\"auto\">\u671f\u6743\u4e2d\u7684 ITM\u3001OTM \u548c ATM \u662f\u4ec0\u4e48\u610f\u601d\uff1f<\/span><\/div>\n<p><i class=\"icon iconfont okds-arrow-chevron-down-sm academy-accordion-header-icon academy-accordion-header-icon-expanded index_iconArrow__HE2lN index_custom__EbXt5\" aria-hidden=\"true\"><\/i><\/div>\n<div id=\":R6ir:-content\" class=\"academy-accordion-content academy-accordion-content-expanded index_content__Zi13z\" role=\"region\" aria-labelledby=\":R6ir:-header\">\n<p><span dir=\"auto\">\u4ef7\u5185\u671f\u6743 (ITM)\u3001\u4ef7\u5916\u671f\u6743 (OTM) \u548c\u5e73\u4ef7\u671f\u6743 (ATM) \u63cf\u8ff0\u7684\u662f\u671f\u6743\u4e0e\u5f53\u524d\u5e02\u573a\u4ef7\u683c\u7684\u5173\u7cfb\u3002\u4ef7\u5185\u671f\u6743\u5177\u6709\u5185\u5728\u4ef7\u503c\uff0c\u800c\u4ef7\u5916\u671f\u6743\u548c\u5e73\u4ef7\u671f\u6743\u5219\u6ca1\u6709\u5185\u5728\u4ef7\u503c\u3002<\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"academy academy-accordion index_item__gQUyy\">\n<div id=\":Rair:-header\" class=\"academy-accordion-header academy-accordion-header-expanded index_contentHeader__DWIme academy-a11y-button\" role=\"button\" aria-controls=\":Rair:-content\" aria-expanded=\"true\">\n<div class=\"academy-accordion-header-title index_contentTitle__+kG3g\"><span dir=\"auto\">\u5bf9\u4e8e\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u65b0\u624b\u6765\u8bf4\uff0c\u4ea4\u6613 ITM \u8fd8\u662f OTM \u671f\u6743\u66f4\u597d\uff1f<\/span><\/div>\n<p><i class=\"icon iconfont okds-arrow-chevron-down-sm academy-accordion-header-icon academy-accordion-header-icon-expanded index_iconArrow__HE2lN index_custom__EbXt5\" aria-hidden=\"true\"><\/i><\/div>\n<div id=\":Rair:-content\" class=\"academy-accordion-content academy-accordion-content-expanded index_content__Zi13z\" role=\"region\" aria-labelledby=\":Rair:-header\">\n<p><span dir=\"auto\">\u65b0\u624b\u901a\u5e38\u4f1a\u4ece\u5b9e\u503c\u671f\u6743\u5165\u624b\uff0c\u56e0\u4e3a\u5176\u98ce\u9669\u8f83\u4f4e\u3002\u7136\u800c\uff0c\u90a3\u4e9b\u613f\u610f\u627f\u62c5\u66f4\u9ad8\u98ce\u9669\u4ee5\u83b7\u5f97\u6f5c\u5728\u6536\u76ca\u7684\u4eba\uff0c\u53ef\u4ee5\u8003\u8651\u865a\u503c\u671f\u6743\u3002<\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"academy academy-accordion index_item__gQUyy\">\n<div id=\":Reir:-header\" class=\"academy-accordion-header academy-accordion-header-expanded index_contentHeader__DWIme academy-a11y-button\" role=\"button\" aria-controls=\":Reir:-content\" aria-expanded=\"true\">\n<div class=\"academy-accordion-header-title index_contentTitle__+kG3g\"><span dir=\"auto\">\u4ea4\u6613 OTM \u671f\u6743\u65f6\u5982\u4f55\u964d\u4f4e\u98ce\u9669\uff1f<\/span><\/div>\n<p><i class=\"icon iconfont okds-arrow-chevron-down-sm academy-accordion-header-icon academy-accordion-header-icon-expanded index_iconArrow__HE2lN index_custom__EbXt5\" aria-hidden=\"true\"><\/i><\/div>\n<div id=\":Reir:-content\" class=\"academy-accordion-content academy-accordion-content-expanded index_content__Zi13z\" role=\"region\" aria-labelledby=\":Reir:-header\">\n<p><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/what-is-take-profit-and-stop-loss\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u8003\u8651\u8bbe\u7f6e\u6b62\u635f<\/span><\/a><span dir=\"auto\">\u9650\u989d\u3001\u5229\u7528 ITM \u671f\u6743\u5b9e\u73b0\u591a\u6837\u5316\u6216\u4ec5\u5c06\u4e00\u5c0f\u90e8\u5206\u4ea4\u6613\u8d44\u672c\u5206\u914d\u7ed9\u6295\u673a\u6027 OTM \u4ea4\u6613\u7b49\u7b56\u7565\u3002<\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"academy academy-accordion index_item__gQUyy\">\n<div id=\":Riir:-header\" class=\"academy-accordion-header academy-accordion-header-expanded index_contentHeader__DWIme academy-a11y-button\" role=\"button\" aria-controls=\":Riir:-content\" aria-expanded=\"true\">\n<div class=\"academy-accordion-header-title index_contentTitle__+kG3g\"><span dir=\"auto\">\u6211\u53ef\u4ee5\u5728\u5230\u671f\u524d\u884c\u4f7f ITM \u671f\u6743\u5417\uff1f<\/span><\/div>\n<p><i class=\"icon iconfont okds-arrow-chevron-down-sm academy-accordion-header-icon academy-accordion-header-icon-expanded index_iconArrow__HE2lN index_custom__EbXt5\" aria-hidden=\"true\"><\/i><\/div>\n<div id=\":Riir:-content\" class=\"academy-accordion-content academy-accordion-content-expanded index_content__Zi13z\" role=\"region\" aria-labelledby=\":Riir:-header\">\n<p><span dir=\"auto\">\u52a0\u5bc6\u8d27\u5e01\u4ef7\u5185\u671f\u6743\u7684\u63d0\u524d\u884c\u6743\u6700\u7ec8\u53d6\u51b3\u4e8e\u8be5\u671f\u6743\u662f\u7f8e\u5f0f\u671f\u6743\u8fd8\u662f\u6b27\u5f0f\u671f\u6743\u3002\u6b27\u5f0f\u4ef7\u5185\u671f\u6743\u65e0\u6cd5\u63d0\u524d\u884c\u6743\u3002<\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"academy academy-accordion index_item__gQUyy\">\n<div id=\":Rmir:-header\" class=\"academy-accordion-header academy-accordion-header-expanded index_contentHeader__DWIme academy-a11y-button\" role=\"button\" aria-controls=\":Rmir:-content\" aria-expanded=\"true\">\n<div class=\"academy-accordion-header-title index_contentTitle__+kG3g\"><span dir=\"auto\">\u52a0\u5bc6\u671f\u6743\u5728 ITM \u548c OTM \u65b9\u9762\u4e0e\u80a1\u7968\u671f\u6743\u6709\u4f55\u4e0d\u540c\uff1f<\/span><\/div>\n<p><i class=\"icon iconfont okds-arrow-chevron-down-sm academy-accordion-header-icon academy-accordion-header-icon-expanded index_iconArrow__HE2lN index_custom__EbXt5\" aria-hidden=\"true\"><\/i><\/div>\n<div id=\":Rmir:-content\" class=\"academy-accordion-content academy-accordion-content-expanded index_content__Zi13z\" role=\"region\" aria-labelledby=\":Rmir:-header\">\n<p><span dir=\"auto\">\u867d\u7136 ITM \u548c OTM \u7684\u6982\u5ff5\u76f8\u4f3c\uff0c\u4f46\u52a0\u5bc6\u671f\u6743\u53ef\u80fd\u6d89\u53ca\u4e0d\u540c\u7a0b\u5ea6\u7684\u6ce2\u52a8\u6027\u548c\u6d41\u52a8\u6027\uff0c\u53ef\u80fd\u4f1a\u5f71\u54cd\u6ea2\u4ef7\u548c\u6267\u884c\u65f6\u95f4\u3002<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u4e0e\u73b0\u8d27\u6216\u671f\u8d27\u5408\u7ea6\u4ea4\u6613\u4e0d\u540c\uff0c\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u63d0\u4f9b\u4e86\u72ec\u7279\u7684\u673a\u4f1a\uff0c\u53ef\u4ee5\u540c\u65f6\u9501\u5b9a\u57fa\u4e8e\u6ce2\u52a8\u7387\u53d8\u5316\u7684\u6536\u76ca\u5e76\u7ba1\u7406\u6574\u4f53\u98ce\u9669\u655e\u53e3&hellip; <a class=\"more-link\" href=\"http:\/\/okx.biquan123.com\/blog\/?p=378\">\u7ee7\u7eed\u9605\u8bfb<span class=\"screen-reader-text\">ITM \u671f\u6743\u4e0e OTM \u671f\u6743\uff1a\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u8005\u7684\u6307\u5357<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-378","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"_links":{"self":[{"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/378","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=378"}],"version-history":[{"count":2,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/378\/revisions"}],"predecessor-version":[{"id":3223,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/378\/revisions\/3223"}],"wp:attachment":[{"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=378"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}