{"id":551,"date":"2026-02-28T18:02:51","date_gmt":"2026-02-28T10:02:51","guid":{"rendered":"http:\/\/okx.biquan123.com\/blog\/?p=551"},"modified":"2026-02-28T18:03:33","modified_gmt":"2026-02-28T10:03:33","slug":"%e6%9c%9f%e6%9d%83%e5%b8%8c%e8%85%8a%e5%80%bc%e8%a7%a3%e6%9e%90%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%e6%8c%87%e5%8d%97","status":"publish","type":"post","link":"http:\/\/okx.biquan123.com\/blog\/?p=551","title":{"rendered":"\u671f\u6743\u5e0c\u814a\u503c\u89e3\u6790\uff1a\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u8005\u6307\u5357"},"content":{"rendered":"<div class=\"\">\n<p><span dir=\"auto\">\u5728\u4ea4\u6613\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u65f6\uff0c\u5145\u5206\u4e86\u89e3\u5e02\u573a\u884c\u4e3a\u548c\u98ce\u9669\u81f3\u5173\u91cd\u8981\u3002\u8bc4\u4f30\u548c\u7ba1\u7406\u8fd9\u4e9b\u98ce\u9669\u7684\u6700\u6709\u6548\u65b9\u6cd5\u4e4b\u4e00\u662f\u4f7f\u7528\u671f\u6743\u5e0c\u814a\u503c (\u5e0c\u814a\u5b57\u6bcd)\u3002\u671f\u6743\u5e0c\u814a\u503c\u662f\u4e00\u7ec4\u6307\u6807\uff0c\u53ef\u4ee5\u6d1e\u5bdf\u5404\u79cd\u56e0\u7d20\u5982\u4f55\u5f71\u54cd\u671f\u6743\u5b9a\u4ef7\uff0c\u671f\u6743\u4ea4\u6613\u8005\u53ef\u4ee5\u6839\u636e\u8fd9\u4e9b\u671f\u6743\u5e0c\u814a\u503c\u8fdb\u884c\u8ba1\u7b97\uff0c\u4ece\u800c\u8bc4\u4f30\u5176\u4ea4\u6613\u7684\u76c8\u5229\u80fd\u529b\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u60f3\u77e5\u9053\u8fd9\u4e9b\u6307\u6807\u5982\u4f55\u5e2e\u52a9\u60a8\u5e94\u5bf9\u671f\u6743\u4ea4\u6613\u7684\u590d\u6742\u6027\u5417\uff1f\u8ba9\u6211\u4eec\u6df1\u5165\u63a2\u8ba8\u671f\u6743\u5e0c\u814a\u503c\u7684\u4e16\u754c\uff0c\u5e76\u901a\u8fc7\u6df1\u5165\u5206\u6790\u671f\u6743\u5e0c\u814a\u503c\u53ca\u5176\u5728\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u4e2d\u7684\u5e94\u7528\uff0c\u63a2\u7d22\u5176\u91cd\u8981\u6027\u3002<\/span><\/p>\n<h2 id=\"1\"><span dir=\"auto\">TL;DR<\/span><\/h2>\n<ul>\n<li><span dir=\"auto\">\u671f\u6743\u5e0c\u814a\u503c\u662f\u50cf delta\u3001theta\u3001vega \u548c rho \u8fd9\u6837\u7684\u6307\u6807\uff0c\u7528\u4e8e\u8861\u91cf\u671f\u6743\u5bf9\u4ef7\u683c\u53d8\u5316\u3001\u65f6\u95f4\u8870\u51cf\u548c\u6ce2\u52a8\u6027\u7b49\u56e0\u7d20\u7684\u654f\u611f\u5ea6\uff0c\u5e2e\u52a9\u4ea4\u6613\u8005\u9884\u6d4b\u4ef7\u683c\u884c\u4e3a\u3002<\/span><\/li>\n<li><span dir=\"auto\">\u4e00\u9636\u5e0c\u814a\u5b57\u6bcd\u7684\u4f8b\u5b50\u5305\u62ec delta\uff08\u663e\u793a\u671f\u6743\u4ef7\u683c\u5982\u4f55\u968f\u6807\u7684\u8d44\u4ea7\u53d8\u52a8\uff09\u3001theta\uff08\u8868\u793a\u65f6\u95f4\u8870\u51cf\uff09\u3001vega\uff08\u8861\u91cf\u6ce2\u52a8\u6027\u654f\u611f\u5ea6\u7684\u6307\u6807\uff09\u548c rho\uff08\u8ddf\u8e2a\u5229\u7387\u5f71\u54cd\uff09\u3002<\/span><\/li>\n<li><span dir=\"auto\">\u4e8c\u9636\u5e0c\u814a\u5b57\u6bcd\u793a\u4f8b\u5305\u62ecgamma\u3001nanna\u548cvomma\u3002\u5b83\u4eec\u80fd\u591f\u66f4\u6df1\u5165\u5730\u6d1e\u5bdf\u4e00\u9636\u5e0c\u814a\u5b57\u6bcd\u7684\u53d8\u5316\u65b9\u5f0f\uff0c\u8fd9\u5bf9\u4e8e\u5728\u6ce2\u52a8\u5e02\u573a\u4e2d\u5fae\u8c03\u98ce\u9669\u7ba1\u7406\u81f3\u5173\u91cd\u8981\u3002<\/span><\/li>\n<li><span dir=\"auto\">\u4e0e\u4f20\u7edf\u5e02\u573a\u7684\u671f\u6743\u76f8\u6bd4\uff0c\u66f4\u9ad8\u7684\u6ce2\u52a8\u6027\u3001\u6f5c\u5728\u7684\u6d41\u52a8\u6027\u4e0d\u8db3\u4ee5\u53ca\u5168\u5929\u5019\u4ea4\u6613\u5468\u671f\u4f7f\u5f97\u7ba1\u7406\u52a0\u5bc6\u671f\u6743\u7684\u98ce\u9669\u66f4\u5927\u3001\u66f4\u590d\u6742\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\u671f\u6743\u5e0c\u814a\u503c\uff1f<\/span><\/h2>\n<p><span dir=\"auto\">\u671f\u6743\u5e0c\u814a\u503c\u662f\u4e00\u7ec4\u8861\u91cf\u671f\u6743\u4ef7\u683c\u5bf9\u5404\u79cd\u56e0\u7d20\u654f\u611f\u5ea6\u7684\u6307\u6807\u3002\u8fd9\u4e9b\u56e0\u7d20\u5305\u62ec\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\uff08Delta\uff09\u3001\u5230\u671f\u65f6\u95f4\uff08Theta\uff09\u548c\u9690\u542b\u6ce2\u52a8\u7387\uff08Vega\uff09\u3002\u6bcf\u4e2a\u5e0c\u814a\u503c\u8861\u91cf\u671f\u6743\u884c\u4e3a\u7684\u4e0d\u540c\u65b9\u9762\uff0c\u4e3a\u4ea4\u6613\u8005\u63d0\u4f9b\u4e86\u4e00\u79cd\u9884\u6d4b\u671f\u6743\u4ef7\u683c\u5982\u4f55\u968f\u4e0d\u540c\u5e02\u573a\u6761\u4ef6\u53d8\u5316\u7684\u65b9\u6cd5\u3002<\/span><\/p>\n<h2 id=\"3\"><span dir=\"auto\">\u4e00\u9636\u5e0c\u814a\u5b57\u6bcd\u4e0e\u4e8c\u9636\u5e0c\u814a\u5b57\u6bcd<\/span><\/h2>\n<p><span dir=\"auto\">\u5411\u4efb\u4f55\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u5458\u8be2\u95ee\u671f\u6743\u5e0c\u814a\u503c\uff08\u5e0c\u814a\u5b57\u6bcd\uff09\uff0c\u4ed6\u4eec\u5f88\u53ef\u80fd\u4f1a\u63d0\u5230Theta\u6216Delta\u3002\u7136\u800c\uff0c\u5982\u679c\u4f60\u6df1\u5165\u7814\u7a76\uff0c\u5c31\u4f1a\u53d1\u73b0\u671f\u6743\u5e0c\u814a\u503c\u5b9e\u9645\u4e0a\u5206\u4e3a\u4e24\u7c7b\uff1a\u4e00\u9636\u5e0c\u814a\u503c\uff08\u5e0c\u814a\u5b57\u6bcd\uff09\u548c\u4e8c\u9636\u5e0c\u814a\u503c\uff08\u5e0c\u814a\u5b57\u6bcd\uff09\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u4e00\u9636\u5e0c\u814a\u5b57\u6bcd\u8861\u91cf\u5e02\u573a\u53d8\u5316\u5bf9\u671f\u6743\u6ea2\u4ef7\u7684\u76f4\u63a5\u5f71\u54cd\uff0c\u800c\u4e8c\u9636\u5e0c\u814a\u5b57\u6bcd\u8861\u91cf\u4e00\u9636\u5e0c\u814a\u5b57\u6bcd\u672c\u8eab\u7684\u53d8\u5316\u7387\u3002\u8fd9\u79cd\u533a\u522b\u6709\u52a9\u4e8e\u671f\u6743\u4ea4\u6613\u8005\u8bc4\u4f30\u77ed\u671f\u98ce\u9669\u4ee5\u53ca\u66f4\u7ec6\u5fae\u7684\u957f\u671f\u98ce\u9669\u3002\u4e3a\u4e86\u8ba9\u60a8\u5168\u9762\u4e86\u89e3\u6bcf\u79cd\u671f\u6743\u5e0c\u814a\u5b57\u6bcd\uff0c\u6211\u4eec\u5c06\u5728\u4ee5\u4e0b\u7ae0\u8282\u4e2d\u63a2\u8ba8\u5b83\u4eec\u7684\u5206\u7c7b\u3002<\/span><\/p>\n<h2 id=\"4\"><span dir=\"auto\">\u4e00\u9636\u671f\u6743\u5e0c\u814a\u503c<\/span><\/h2>\n<p><span dir=\"auto\">\u4e00\u9636\u5e0c\u814a\u5b57\u6bcd\u662f\u4ea4\u6613\u8005\u6700\u5e38\u7528\u7684\u6307\u6807\uff0c\u7528\u4e8e\u8bc4\u4f30\u5176\u671f\u6743\u5934\u5bf8\u5728\u4e0d\u540c\u5e02\u573a\u6761\u4ef6\u4e0b\u7684\u8868\u73b0\u3002\u4eceTheta\u5230Delta\uff0c\u8ba9\u6211\u4eec\u4ed4\u7ec6\u7814\u7a76\u4e00\u4e0b\u5173\u952e\u7684\u4e00\u9636\u5e0c\u814a\u5b57\u6bcd\uff0c\u5b83\u4eec\u5c06\u6307\u5bfc\u60a8\u6210\u4e3a\u66f4\u5177\u6218\u7565\u6027\u7684\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u8005\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u4e09\u89d2\u6d32<\/span><\/h3>\n<p><span dir=\"auto\">Delta \u8868\u793a\u671f\u6743\u4ef7\u683c\u5bf9\u6807\u7684\u52a0\u5bc6\u8d44\u4ea7\u4ef7\u683c\u53d8\u52a8\u7684\u654f\u611f\u5ea6\u3002\u5177\u4f53\u6765\u8bf4\uff0cDelta \u8868\u793a\u5f53\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u53d8\u52a8 1 \u7f8e\u5143\u65f6\uff0c\u671f\u6743\u4ef7\u683c\u9884\u8ba1\u4f1a\u53d1\u751f\u591a\u5927\u7684\u53d8\u5316\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u8ba9\u6211\u4eec\u4ee5\u4ea4\u6613 ETH \u671f\u6743\u4e3a\u4f8b\u3002Delta \u4e3a 0.60 \u7684\u770b\u6da8\u671f\u6743\u610f\u5473\u7740 ETH \u4ef7\u683c\u6bcf\u4e0a\u6da8 100 \u7f8e\u5143\uff0c\u770b\u6da8<\/span><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\">\u671f\u6743<\/span><\/a><span dir=\"auto\">\u7684\u4ef7\u683c\u5c31\u4f1a\u4e0a\u6da8 60 \u7f8e\u5143\u3002\u53e6\u4e00\u65b9\u9762\uff0c Delta \u4e3a -0.60 \u7684<\/span><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\">\u610f\u5473\u7740\u6807\u7684\u52a0\u5bc6\u8d27\u5e01\u4ef7\u683c\u6bcf\u4e0a\u6da8 100 \u7f8e\u5143\uff0c\u770b\u8dcc\u671f\u6743\u7684\u4ef7\u683c\u5c31\u4f1a\u4e0b\u8dcc 60 \u7f8e\u5143\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u5728\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u4e2d\uff0cDelta \u503c\u5bf9\u4e8e\u786e\u5b9a\u5934\u5bf8\u7684\u65b9\u5411\u6027\u98ce\u9669\u81f3\u5173\u91cd\u8981\u3002\u9ad8 Delta \u503c\u7684\u671f\u6743\u5bf9\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u53d8\u52a8\u7684\u53cd\u5e94\u66f4\u5f3a\u70c8\uff0c\u56e0\u6b64\u5bf9\u5e0c\u671b\u5229\u7528\u5e02\u573a\u6ce2\u52a8\u83b7\u5229\u7684\u671f\u6743\u4ea4\u6613\u8005\u6765\u8bf4\u6781\u5177\u5438\u5f15\u529b\u3002\u521d\u5b66\u8005\u901a\u5e38\u4f1a\u4f7f\u7528 Delta \u503c\u6765\u5224\u65ad\u4ed6\u4eec\u7684\u671f\u6743\u4ef7\u683c\u662f\u5426\u53ef\u80fd\u4e0e\u6807\u7684\u52a0\u5bc6\u8d27\u5e01\u7684\u4ef7\u683c\u540c\u6b65\u6ce2\u52a8\uff0c\u4ece\u800c\u5e2e\u52a9\u4ed6\u4eec\u5728\u505a\u591a\u6216\u505a\u7a7a\u4e4b\u95f4\u505a\u51fa\u9009\u62e9\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u897f\u5854<\/span><\/h3>\n<p><span dir=\"auto\">Theta \u503c\u663e\u793a\u7684\u662f\u671f\u6743\u4ef7\u683c\u968f\u65f6\u95f4\u63a8\u79fb\u7684\u8870\u51cf\u5e45\u5ea6\u3002\u8fd9\u4e5f\u79f0\u4e3a\u201c\u65f6\u95f4\u8870\u51cf\u201d\uff0c\u5bf9\u4e8e\u9009\u62e9\u77ed<\/span><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\u671f\u6743<\/span><\/a><span dir=\"auto\">\u7684\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u8005\u6765\u8bf4\uff0c\u8fd9\u53ef\u80fd\u662f\u4e00\u4e2a\u75db\u70b9\u3002Theta \u503c\u53ef\u4ee5\u8ba9\u4ea4\u6613\u8005\u4e86\u89e3\u671f\u6743\u7684\u4ef7\u503c\u4f1a\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\u800c\u635f\u5931\u591a\u5c11\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u4f8b\u5982\uff0c\u5982\u679c\u4e00\u4e2a\u671f\u6743\u7684Theta\u503c\u4e3a-2.50\uff0c\u5219\u610f\u5473\u7740\u5047\u8bbe\u6240\u6709\u5176\u4ed6\u56e0\u7d20\u4fdd\u6301\u4e0d\u53d8\uff0c\u8be5\u671f\u6743\u6bcf\u5929\u5c06\u635f\u59312.50\u7f8e\u5143\u7684\u6743\u5229\u91d1\u3002\u65f6\u95f4\u8870\u51cf\u5bf9\u4e8e\u4ef7\u5916\u671f\u6743\u5c24\u5176\u91cd\u8981\uff0c\u7531\u4e8e\u5176\u7f3a\u4e4f\u5185\u5728\u4ef7\u503c\uff0c\u5b83\u4eec\u7684\u4ef7\u503c\u5728\u63a5\u8fd1\u5230\u671f\u65e5\u65f6\u4f1a\u66f4\u5feb\u5730\u8d2c\u503c\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u8005\u9700\u8981\u7559\u610fTheta\u503c\uff0c\u5c24\u5176\u662f\u5728\u4ea4\u6613\u77ed\u671f\u671f\u6743\u65f6\u3002\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u4e2d\u5e38\u89c1\u7684\u5feb\u901f\u4ef7\u683c\u6ce2\u52a8\u65e2\u662f\u673a\u9047\uff0c\u4e5f\u662f\u98ce\u9669\uff0c\u56e0\u6b64\u6709\u6548\u7ba1\u7406\u65f6\u95f4\u8870\u51cf\u6709\u52a9\u4e8e\u4fdd\u6301\u6574\u4f53\u4ea4\u6613\u6536\u76ca\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u7ef4\u52a0<\/span><\/h3>\n<p><span dir=\"auto\">Vega \u8868\u793a\u52a0\u5bc6\u671f\u6743\u4ef7\u683c\u5bf9\u6807\u7684\u52a0\u5bc6\u8d44\u4ea7<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/what-is-implied-volatility-iv-crypto-option-premiums\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u9690\u542b\u6ce2\u52a8\u7387\u53d8\u5316<\/span><\/a><span dir=\"auto\">\u7684\u654f\u611f\u5ea6\u3002\u5bf9\u4e8e\u4e0d\u4e86\u89e3\u7684\u4eba\u6765\u8bf4\uff0c\u9690\u542b\u6ce2\u52a8\u7387\u53cd\u6620\u4e86\u5e02\u573a\u5bf9\u672a\u6765\u4ef7\u683c\u6ce2\u52a8\u7684\u9884\u671f\u3002\u5f53\u6ce2\u52a8\u7387\u4e0a\u5347\u65f6\uff0c\u671f\u6743\u7684\u4ef7\u503c\u901a\u5e38\u4f1a\u4e0a\u5347\uff0c\u56e0\u4e3a\u4ef7\u683c\u5927\u5e45\u98d9\u5347\u7684\u53ef\u80fd\u6027\u66f4\u9ad8\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u4ee5\u6bd4\u7279\u5e01\u671f\u6743\u4e3a\u4f8b\u3002\u5982\u679c\u60a8\u6301\u6709\u4e00\u4efdVega\u4e3a7.50\u7684\u770b\u6da8\u671f\u6743\uff0c\u9690\u542b\u6ce2\u52a8\u7387\u4e0a\u53474%\uff0c\u671f\u6743\u4ef7\u683c\u5c06\u4e0a\u6da830\u7f8e\u5143\u3002\u53cd\u4e4b\uff0c\u5982\u679c\u9690\u542b\u6ce2\u52a8\u7387\u4e0b\u964d\u76f8\u540c\u5e45\u5ea6\uff0c\u671f\u6743\u4ef7\u683c\u5c06\u4e0b\u8dcc30\u7f8e\u5143\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u5728\u9ad8\u5ea6\u6ce2\u52a8\u7684\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u4e2d\uff0cVega \u5c24\u4e3a\u91cd\u8981\u3002\u671f\u6743\u4ea4\u6613\u8005\u53ef\u4ee5\u7528\u5b83\u6765\u9884\u6d4b\u5e02\u573a\u72b6\u51b5\u7684\u53d8\u5316\u5c06\u5982\u4f55\u5f71\u54cd\u5176\u671f\u6743\u4ef7\u683c\u3002Vega \u8f83\u9ad8\u7684\u671f\u6743\u4ef7\u683c\u901a\u5e38\u8f83\u9ad8\uff0c\u4f46\u5982\u679c\u6ce2\u52a8\u6027\u4e0a\u5347\uff0c\u5219\u53ef\u4ee5\u63d0\u4f9b\u5de8\u5927\u7684\u83b7\u5229\u673a\u4f1a\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u7f57<\/span><\/h3>\n<p><span dir=\"auto\">Rho \u8861\u91cf\u671f\u6743\u5bf9<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/interest-rate-cuts-fed-crypto-prices\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u5229\u7387<\/span><\/a><span dir=\"auto\">\u53d8\u5316\u7684\u654f\u611f\u5ea6\u3002\u867d\u7136\u5229\u7387\u901a\u5e38\u4e0d\u4f1a\u5bf9\u77ed\u671f\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea7\u751f\u663e\u8457\u5f71\u54cd\uff0c\u4f46\u5728\u5904\u7406\u957f\u671f\u671f\u6743\u6216\u5728\u5229\u7387\u56e0\u5f3a\u5236\u52a0\u606f\u6216\u964d\u606f\u800c\u53d1\u751f\u53d8\u5316\u7684\u73af\u5883\u4e2d\uff0cRho \u53d8\u5f97\u5c24\u4e3a\u91cd\u8981\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u4f8b\u5982\uff0c\u5982\u679c\u4e00\u4e2a\u671f\u6743\u7684rho\u4e3a1.40\uff0c\u5229\u7387\u4e0b\u964d0.25%\u5c06\u5bfc\u81f4\u671f\u6743\u4ef7\u683c\u4e0b\u8dcc0.35\u7f8e\u5143\u3002\u867d\u7136rho\u5728\u4f20\u7edf\u671f\u6743\u4ea4\u6613\u4e2d\u66f4\u4e3a\u91cd\u8981\uff0c\u4f46\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u8005\u4ecd\u5e94\u6ce8\u610f\u5176\u6f5c\u5728\u5f71\u54cd\uff0c\u5c24\u5176\u662f\u5728\u884c\u4e1a\u6210\u719f\u548c\u52a0\u5bc6\u8d44\u4ea7\u501f\u8d37\u5229\u7387\u4e0d\u65ad\u6f14\u53d8\u7684\u80cc\u666f\u4e0b\u3002<\/span><\/p>\n<h2 id=\"5\"><span dir=\"auto\">\u4e8c\u9636\u671f\u6743\u5e0c\u814a\u503c<\/span><\/h2>\n<p><span dir=\"auto\">\u4e8c\u9636\u5e0c\u814a\u5b57\u6bcd\u4e5f\u88ab\u79f0\u4e3a\u201c\u5e0c\u814a\u5b57\u6bcd\u7684\u5e0c\u814a\u5b57\u6bcd\u201d\uff0c\u5b83\u8861\u91cf\u7684\u662f\u4e00\u9636\u5e0c\u814a\u5b57\u6bcd\u7684\u53d8\u5316\u7387\u3002\u8fd9\u4e9b\u6307\u6807\u901a\u5e38\u88ab\u66f4\u9ad8\u7ea7\u7684\u671f\u6743\u4ea4\u6613\u8005\u7528\u6765\u5fae\u8c03\u4ed6\u4eec\u7684\u98ce\u9669\u7ba1\u7406\u7b56\u7565\uff0c\u5c24\u5176\u662f\u5728\u52a0\u5bc6\u8d27\u5e01\u7b49\u6ce2\u52a8\u6027\u5f88\u5927\u7684\u5e02\u573a\u4e2d\u3002<\/span><\/p>\n<h3><span dir=\"auto\">Gamma\uff1adelta \u7684\u53d8\u5316\u7387<\/span><\/h3>\n<p><span dir=\"auto\">Gamma \u8861\u91cf Delta \u76f8\u5bf9\u4e8e\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u7684\u53d8\u5316\u7387\u3002\u672c\u8d28\u4e0a\uff0c\u5b83\u544a\u8bc9\u4f60\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u6bcf\u53d8\u52a8 1 \u7f8e\u5143\uff0cDelta \u4f1a\u53d1\u751f\u591a\u5c11\u53d8\u5316\u3002Gamma \u5bf9\u4e8e\u7406\u89e3\u671f\u6743 Delta \u7684\u7a33\u5b9a\u6027\u81f3\u5173\u91cd\u8981\uff0cGamma \u8d8a\u9ad8\uff0c\u610f\u5473\u7740 Delta \u4f1a\u968f\u7740\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u7684\u53d8\u52a8\u800c\u6ce2\u52a8\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u4f8b\u5982\uff0c\u5982\u679c\u60a8\u6301\u6709Gamma\u503c\u4e3a0.002\u7684\u770b\u6da8\u671f\u6743\uff0c\u6807\u7684\u52a0\u5bc6\u8d27\u5e01\u7684\u4ef7\u683c\u4e0a\u6da81\u7f8e\u5143\uff0c\u60a8\u7684Delta\u503c\u5c06\u589e\u52a00.002\u3002Gamma\u503c\u8f83\u9ad8\u53ef\u80fd\u8868\u660e\u60a8\u7684\u671f\u6743\u5bf9\u4ef7\u683c\u53d8\u52a8\u7684\u654f\u611f\u5ea6\u53d8\u5316\u8f83\u5927\uff0c\u4ece\u800c\u53ef\u80fd\u653e\u5927\u6536\u76ca\u6216\u635f\u5931\u3002<\/span><\/p>\n<p><span dir=\"auto\">Gamma \u6700\u9002\u7528\u4e8e\u5e73\u4ef7\u671f\u6743\uff0c\u56e0\u4e3a\u6807\u7684\u8d44\u4ea7\u7684\u5fae\u5c0f\u53d8\u5316\u90fd\u53ef\u80fd\u5bfc\u81f4 Delta \u53d1\u751f\u663e\u8457\u6ce2\u52a8\u3002\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u8005\u4f7f\u7528 Gamma \u6765\u7ba1\u7406\u98ce\u9669\uff0c\u5c24\u5176\u662f\u5728\u5feb\u901f\u6ce2\u52a8\u7684\u5e02\u573a\u4e2d\uff0c\u6807\u7684\u8d44\u4ea7\u53ef\u80fd\u4f1a\u5927\u5e45\u6ce2\u52a8\u3002<\/span><\/p>\n<h3><span dir=\"auto\">Vanna\uff1a\u5bf9\u6ce2\u52a8\u6027\u548c delta \u53d8\u5316\u7684\u654f\u611f\u6027<\/span><\/h3>\n<p><span dir=\"auto\">Vanna \u7ed9\u51fa\u4e86 Delta \u5bf9\u9690\u542b\u6ce2\u52a8\u7387\u53d8\u5316\u7684\u654f\u611f\u5ea6\u3002\u5728\u4ef7\u683c\u548c\u6ce2\u52a8\u7387\u90fd\u5feb\u901f\u53d8\u5316\u7684\u73af\u5883\u4e2d\uff0c\u8fd9\u4e2a\u4e8c\u9636\u5e0c\u814a\u5b57\u6bcd\u81f3\u5173\u91cd\u8981\uff0c\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u901a\u5e38\u5c31\u662f\u8fd9\u79cd\u60c5\u51b5\u3002\u5b83\u7684\u8ba1\u7b97\u65b9\u6cd5\u662f\u5c06 Delta \u7684\u53d8\u5316\u9664\u4ee5\u9690\u542b\u6ce2\u52a8\u7387\u7684\u53d8\u5316\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u4f8b\u5982\uff0c\u5982\u679c\u4ea4\u6613\u8005\u6301\u6709Vanna\u503c\u8f83\u9ad8\u7684\u671f\u6743\uff0c\u5f53\u9690\u542b\u6ce2\u52a8\u7387\u4e0a\u5347\u65f6\uff0c\u4ed6\u4eec\u7684Delta\u503c\u53ef\u80fd\u4f1a\u53d1\u751f\u5927\u5e45\u53d8\u5316\uff0c\u8fd9\u53ef\u80fd\u4f1a\u5f71\u54cd\u5176\u5934\u5bf8\u7684\u6536\u76ca\u3002\u603b\u800c\u8a00\u4e4b\uff0cVanna\u53ef\u4ee5\u5e2e\u52a9\u4ea4\u6613\u8005\u4e86\u89e3\u5f53\u4ef7\u683c\u548c\u6ce2\u52a8\u7387\u540c\u65f6\u6ce2\u52a8\u65f6\uff0c\u4ed6\u4eec\u7684\u5934\u5bf8\u5c06\u5982\u4f55\u53cd\u5e94\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u9b45\u529b\uff1a\u65f6\u95f4\u8870\u51cf\u5bf9 delta \u7684\u5f71\u54cd<\/span><\/h3>\n<p><span dir=\"auto\">\u9b45\u529b\u6307\u6570\uff08Charm\uff09\u4e5f\u79f0\u4e3aDelta\u8870\u51cf\uff0c\u5b83\u80fd\u8ba9\u4ea4\u6613\u8005\u4e86\u89e3Delta\u968f\u65f6\u95f4\u7684\u53d8\u5316\u60c5\u51b5\uff0c\u5c24\u5176\u662f\u5728\u671f\u6743\u63a5\u8fd1\u5230\u671f\u65e5\u65f6\u3002\u9b45\u529b\u6307\u6570\u5bf9\u4e8e\u6301\u6709\u77ed\u671f\u671f\u6743\u7684\u4ea4\u6613\u8005\u5c24\u5176\u91cd\u8981\uff0c\u56e0\u4e3a\u968f\u7740\u5230\u671f\u65e5\u4e34\u8fd1\uff0cDelta\u7684\u53d8\u5316\u5f80\u5f80\u66f4\u5feb\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u4f8b\u5982\uff0c\u5982\u679c\u60a8\u6301\u6709\u4e00\u4e2a\u9b45\u529b\u503c\u4e3a -0.1 \u7684\u671f\u6743\uff0c\u90a3\u4e48\u968f\u7740\u671f\u6743\u63a5\u8fd1\u5230\u671f\u65e5\uff0cDelta \u503c\u5c06\u6bcf\u5929\u4e0b\u964d 0.1\u3002\u4e86\u89e3\u9b45\u529b\u503c\u5bf9\u4e8e\u7ba1\u7406\u77ed\u671f\u671f\u6743\u81f3\u5173\u91cd\u8981\uff0c\u56e0\u4e3a\u65f6\u95f4\u8870\u51cf\u4f1a\u663e\u8457\u5f71\u54cd\u671f\u6743\u7684\u884c\u4e3a\uff0c\u5e76\u5f71\u54cd\u77ed\u671f\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u7684\u76c8\u5229\u80fd\u529b\u3002<\/span><\/p>\n<h3><span dir=\"auto\">Vomma\uff1aVega \u5bf9\u6ce2\u52a8\u6027\u7684\u654f\u611f\u5ea6<\/span><\/h3>\n<p><span dir=\"auto\">Vomma \u8861\u91cf\u7684\u662f Vega \u968f\u9690\u542b\u6ce2\u52a8\u7387\u53d8\u5316\u7684\u60c5\u51b5\u3002\u8fd9\u5728\u52a0\u5bc6\u8d27\u5e01\u7b49\u6ce2\u52a8\u6027\u6781\u5f3a\u7684\u5e02\u573a\u4e2d\u5c24\u5176\u6709\u7528\uff0c\u56e0\u4e3a\u8fd9\u4e9b\u5e02\u573a\u7684\u6ce2\u52a8\u7387\u53ef\u80fd\u53d7\u591a\u79cd\u4e0d\u540c\u56e0\u7d20\u5f71\u54cd\u800c\u7a81\u7136\u98d9\u5347\u6216\u4e0b\u964d\u3002Vomma \u53ef\u4ee5\u5e2e\u52a9\u4ea4\u6613\u8005\u8bc4\u4f30\u5176\u671f\u6743\u5bf9\u6ce2\u52a8\u7387\u7684\u654f\u611f\u5ea6\u53d8\u5316\u901f\u5ea6\uff0c\u4ece\u800c\u63d0\u4f9b\u53e6\u4e00\u5c42\u98ce\u9669\u7ba1\u7406\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u5982\u679c vomma \u8f83\u9ad8\uff0c\u4ea4\u6613\u8005\u5e94\u505a\u597d\u51c6\u5907\uff0c\u5e94\u5bf9\u5e02\u573a\u6ce2\u52a8\u5bfc\u81f4\u671f\u6743\u4ef7\u503c\u5feb\u901f\u53d8\u52a8\u7684\u60c5\u51b5\u3002\u5728\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4e2d\uff0cvomma \u53ef\u4ee5\u5e2e\u52a9\u9884\u6d4b\u671f\u6743\u5bf9\u5e02\u573a\u7a81\u7136\u53d8\u5316\u7684\u53cd\u5e94\uff0c\u4ece\u800c\u5e2e\u52a9\u4ea4\u6613\u8005\u63d0\u524d\u8c03\u6574\u7b56\u7565\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u901f\u5ea6\uff1a\u4f3d\u9a6c\u53d8\u5316\u7387<\/span><\/h3>\n<p><span dir=\"auto\">\u901f\u5ea6\u8868\u793a Gamma \u76f8\u5bf9\u4e8e\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u7684\u53d8\u5316\u901f\u5ea6\u3002\u9ad8\u901f\u5ea6\u610f\u5473\u7740 Delta \u7684\u53d8\u5316\u901f\u5ea6\u52a0\u5feb\uff0c\u8fd9\u65e2\u662f\u673a\u9047\uff0c\u4e5f\u662f\u98ce\u9669\uff0c\u5c24\u5176\u662f\u5728\u50cf\u52a0\u5bc6\u8d27\u5e01\u8fd9\u6837\u6ce2\u52a8\u8f83\u5927\u7684\u5e02\u573a\u4e2d\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u4f8b\u5982\uff0c\u5982\u679c\u671f\u6743\u7684\u901f\u5ea6\u5f88\u9ad8\uff0c\u90a3\u4e48\u57fa\u7840\u52a0\u5bc6\u8d27\u5e01\u4ef7\u683c\u7684\u5fae\u5c0f\u53d8\u52a8\u53ef\u80fd\u4f1a\u5bfc\u81f4 delta \u53d1\u751f\u663e\u8457\u53d8\u5316\uff0c\u4ece\u800c\u5f71\u54cd\u5934\u5bf8\u7684\u6210\u529f\u3002<\/span><\/p>\n<h2 id=\"6\"><span dir=\"auto\">\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u5e0c\u814a\u503c vs. TradFi \u671f\u6743\u5e0c\u814a\u503c<\/span><\/h2>\n<p><span dir=\"auto\">\u4f5c\u4e3a\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u8005\uff0c\u4e86\u89e3\u671f\u6743\u5e0c\u814a\u503c\u5982\u4f55\u5e94\u7528\u4e8e\u8fd9\u4e00\u72ec\u7279\u7684\u8d44\u4ea7\u7c7b\u522b\uff0c\u5bf9\u4e8e\u505a\u51fa\u660e\u667a\u7684\u4ea4\u6613\u51b3\u7b56\u81f3\u5173\u91cd\u8981\u3002\u867d\u7136\u671f\u6743\u5e0c\u814a\u503c\u7684\u57fa\u672c\u539f\u7406\u4e0e\u4f20\u7edf\u91d1\u878d\u7684\u539f\u7406\u4e00\u81f4\uff0c\u4f46\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u6709\u51e0\u4e2a\u5173\u952e\u56e0\u7d20\u4e0e\u5176\u4e0d\u540c\uff0c\u5305\u62ec\u66f4\u9ad8\u7684\u6ce2\u52a8\u6027\u3001\u6d41\u52a8\u6027\u6ce2\u52a8\u4ee5\u53ca\u52a0\u5bc6\u8d27\u5e01\u72ec\u7279\u7684\u5e02\u573a\u7ed3\u6784\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u6ce2\u52a8\u6027\u52a0\u5267<\/span><\/h3>\n<p><span dir=\"auto\">\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ee5\u5176\u663e\u8457\u7684\u6ce2\u52a8\u6027\u800c\u95fb\u540d\uff0c\u5176\u6ce2\u52a8\u6027\u5f80\u5f80\u8fdc\u9ad8\u4e8e\u80a1\u7968\u6216\u5927\u5b97\u5546\u54c1\u7b49\u4f20\u7edf\u8d44\u4ea7\u3002\u8fd9\u79cd\u5267\u70c8\u7684\u6ce2\u52a8\u6027\u76f4\u63a5\u5f71\u54cd\u671f\u6743\u5e0c\u814a\u503c\uff08Greeks\uff09\u7684\u8d70\u52bf\u3002\u5982\u524d\u6240\u8ff0\uff0c\u671f\u6743\u5e0c\u814a\u503c\uff08Greeks\uff09\u7684\u4e00\u9636\u7ef4\u52a0\uff08Vega\uff09\u5728\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4e2d\u5c24\u4e3a\u91cd\u8981\u3002\u6ce2\u52a8\u6027\u7684\u7a81\u7136\u98d9\u5347\u53ef\u80fd\u5bfc\u81f4\u7ef4\u52a0\u503c\u6025\u5267\u4e0a\u5347\u3002\u8fd9\u4f7f\u5f97\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u5bf9\u9690\u542b\u6ce2\u52a8\u7387\u7684\u53d8\u5316\u66f4\u52a0\u654f\u611f\uff0c\u4ea4\u6613\u8005\u53ef\u80fd\u4f1a\u770b\u5230\u671f\u6743\u8d39\u56e0\u5e02\u573a\u884c\u60c5\u800c\u5927\u5e45\u4e0a\u6da8\u6216\u4e0b\u8dcc\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u6f5c\u5728\u7684\u6d41\u52a8\u6027\u4e0d\u8db3<\/span><\/h3>\n<p><span dir=\"auto\">\u6d41\u52a8\u6027\u662f\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u53e6\u4e00\u4e2a\u5173\u952e\u4f18\u52bf\u3002\u4e0e\u4f20\u7edf\u91d1\u878d\u5e02\u573a\u76f8\u6bd4\uff0c\u8bb8\u591a\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u5e02\u573a\u7684\u6d41\u52a8\u6027\u53ef\u80fd\u8f83\u4f4e\u3002\u5728 OKX \u7b49\u4e3b\u6d41\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u5e73\u53f0\u4e4b\u5916\u5c24\u5176\u5982\u6b64\u3002\u4e8b\u5b9e\u4e0a\uff0c\u8fd9\u79cd\u6d41\u52a8\u6027\u4e0d\u8db3\u53ef\u80fd\u4f1a\u626d\u66f2 delta\u3001gamma\u3001vega\u3001theta \u548c rho \u7684\u51c6\u786e\u6027\uff0c\u4f7f\u5f97\u4f9d\u8d56\u8fd9\u4e9b\u5e0c\u814a\u5b57\u6bcd\u8fdb\u884c\u7cbe\u786e\u8ba1\u7b97\u53d8\u5f97\u66f4\u52a0\u56f0\u96be\u3002<\/span><\/p>\n<p><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/bitcoin-bid-ask-price-guide\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u4f8b\u5982\uff0c\u5f53\u6d41\u52a8\u6027\u7a00\u8584\u65f6\uff0c\u5c0f\u989d\u4ea4\u6613\u53ef\u80fd\u4f1a\u6270\u4e71\u5e02\u573a\uff0c\u5bfc\u81f4\u4ef7\u683c\u6ce2\u52a8\uff0c\u8fdb\u800c\u626d\u66f2Delta\u503c\uff0c\u6700\u7ec8\u5bfc\u81f4\u5bf9\u51b2\u4ed3\u4f4d\u4e0d\u51c6\u786e\u3002\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u968f\u7740\u4e70\u5356\u4ef7\u5dee<\/span><\/a><span dir=\"auto\">\u6269\u5927\u548c\u8ba2\u5355\u7c3f\u53d8\u8584\uff0c\u5b9e\u65f6\u89e3\u8bfb\u5e0c\u814a\u5b57\u6bcd\uff08Greeks\uff09\u53d8\u5f97\u66f4\u52a0\u590d\u6742\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u5168\u5929\u5019\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a<\/span><\/h3>\n<p><span dir=\"auto\">\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u7684\u5168\u5929\u5019\u7279\u6027\u5e26\u6765\u4e86\u8fdb\u4e00\u6b65\u7684\u590d\u6742\u6027\u3002\u4e0e\u5728\u56fa\u5b9a\u4ea4\u6613\u65f6\u95f4\u5185\u8fd0\u4f5c\u7684TradFi\u671f\u6743\u4e0d\u540c\uff0c\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u5168\u5929\u5019\u4ea4\u6613\uff0c\u56e0\u6b64\u968f\u65f6\u90fd\u53ef\u80fd\u9762\u4e34\u4ef7\u683c\u6ce2\u52a8\u7684\u98ce\u9669\u3002\u4e0d\u5e78\u7684\u662f\uff0c\u8fd9\u5176\u4e2d\u4e5f\u5305\u62ec\u5468\u672b\u7b49\u4ea4\u6613\u91cf\u8f83\u4f4e\u7684\u65f6\u6bb5\u3002\u56e0\u6b64\uff0c\u8fd9\u79cd\u6301\u7eed\u7684\u4ea4\u6613\u5468\u671f\u589e\u52a0\u4e86\u7ba1\u7406\u65f6\u95f4\u8870\u51cf\u548c\u6ce2\u52a8\u6027\u53d8\u5316\u7684\u590d\u6742\u6027\uff0c\u56e0\u4e3a\u8fd9\u4e9b\u53d8\u5316\u53ef\u80fd\u5728\u6d41\u52a8\u6027\u7a00\u7f3a\u65f6\u53d1\u751f\uff0c\u4f7f\u5f97\u5e94\u5bf9\u548c\u89c4\u5212\u66f4\u52a0\u56f0\u96be\u3002<\/span><\/p>\n<h2 id=\"7\"><span dir=\"auto\">\u671f\u6743\u5e0c\u814a\u503c\u5728\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u4e2d\u7684\u5e94\u7528<\/span><\/h2>\n<p><span dir=\"auto\">\u73b0\u5728\u6211\u4eec\u5df2\u7ecf\u63a2\u8ba8\u4e86\u4e00\u9636\u548c\u4e8c\u9636\u5e0c\u814a\u5b57\u6bcd\uff0c\u5e76\u4e86\u89e3\u4e86\u52a0\u5bc6\u671f\u6743\u5e0c\u814a\u5b57\u6bcd\u4e0e TradFi \u5e0c\u814a\u5b57\u6bcd\u7684\u533a\u522b\uff0c\u8ba9\u6211\u4eec\u770b\u770b\u8fd9\u4e9b\u6307\u6807\u5982\u4f55\u5728\u52a0\u5bc6\u671f\u6743\u4ea4\u6613\u4e2d\u5b9e\u9645\u5e94\u7528\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u5bf9\u4e8e\u521d\u5b66\u8005\u6765\u8bf4\uff0c\u7ecf\u9a8c\u6cd5\u5219\u662f\u5148\u5173\u6ce8\u4e00\u4e9b\u6838\u5fc3\u671f\u6743\u5e0c\u814a\u503c\uff0c\u4f8b\u5982 delta \u548c theta\uff0c\u7136\u540e\u518d\u5c06\u66f4\u9ad8\u7ea7\u7684\u6307\u6807\uff08\u4f8b\u5982 gamma \u548c vanna\uff09\u7eb3\u5165\u5230\u4f60\u7684\u6574\u4f53\u52a0\u5bc6\u671f\u6743\u4ea4\u6613\u7b56\u7565\u4e2d\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u4f7f\u7528Delta\u8fdb\u884c\u5b9a\u5411\u4ea4\u6613<\/span><\/h3>\n<p><span dir=\"auto\">\u5728\u8fdb\u884c\u5b9a\u5411\u4ea4\u6613\u65f6\uff0cDelta \u662f\u4e3b\u8981\u5173\u6ce8\u7684\u5e0c\u814a\u5b57\u6bcd\u3002\u9ad8 Delta \u671f\u6743\u7684\u8d70\u52bf\u53ef\u80fd\u4e0e\u6807\u7684\u52a0\u5bc6\u8d27\u5e01\u7684\u4ef7\u683c\u540c\u6b65\uff0c\u800c\u4f4e Delta \u671f\u6743\u7684\u8d70\u52bf\u5219\u8f83\u4e3a\u5e73\u7f13\u3002\u5bf9\u4e8e\u5e0c\u671b\u62bc\u6ce8<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/bitcoin-explained-a-complete-guide-to-cryptos-first-token\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u6bd4\u7279\u5e01<\/span><\/a><span dir=\"auto\">\u6216<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/exploring-ethereum-a-comprehensive-look-at-eth-and-its-ecosystem\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u4ee5\u592a\u5e01\u770b\u6da8\u7684\u4ea4\u6613\u8005\u6765\u8bf4\uff0c\u9ad8 Delta \u671f\u6743\u63d0\u4f9b\u4e86\u66f4\u5927\u7684\u4e0a\u6da8\u6f5c\u529b\u3002\u4e3a\u4e86\u83b7\u5f97\u6700\u5927\u6536\u76ca\uff0c\u53ef\u4ee5\u5c06\u8fd9\u4e9b\u77e5\u8bc6\u5e94\u7528\u4e8e<\/span><\/a><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\u5b9a\u5411\u671f\u6743\u7b56\u7565\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u4f7f\u7528 Gamma \u548c Vega \u7ba1\u7406\u98ce\u9669<\/span><\/h3>\n<p><span dir=\"auto\">\u7ecf\u9a8c\u4e30\u5bcc\u7684\u671f\u6743\u4ea4\u6613\u5458\u8ba4\u4e3a\uff0cGamma \u548c Vega \u5f80\u5f80\u662f\u98ce\u9669\u7ba1\u7406\u4e2d\u6700\u5173\u952e\u7684\u671f\u6743\u5e0c\u814a\u503c\u3002Gamma \u503c\u9ad8\u610f\u5473\u7740\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u7684\u5fae\u5c0f\u53d8\u5316\u90fd\u53ef\u80fd\u663e\u8457\u6539\u53d8\u671f\u6743\u7684 Delta \u503c\uff0c\u4ece\u800c\u589e\u52a0\u5934\u5bf8\u7684\u6ce2\u52a8\u6027\u3002\u6b64\u5916\uff0cVega \u503c\u6709\u52a9\u4e8e\u4ea4\u6613\u5458\u4e86\u89e3\u6ce2\u52a8\u6027\u5bf9\u4ef7\u683c\u7684\u5f71\u54cd\u7a0b\u5ea6\uff0c\u4ece\u800c\u5e2e\u52a9\u4ed6\u4eec\u5728\u5feb\u901f\u6ce2\u52a8\u7684\u5e02\u573a\u4e2d\u76f8\u5e94\u5730\u5bf9\u51b2\u6216\u8c03\u6574\u5934\u5bf8\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u9501\u5b9a theta \u548c\u65f6\u95f4\u8870\u51cf\u5e26\u6765\u7684\u6536\u76ca<\/span><\/h3>\n<p><span dir=\"auto\">\u5bf9\u4e8e\u5e0c\u671b\u5229\u7528\u65f6\u95f4\u8870\u51cf\u83b7\u5229\u7684\u4ea4\u6613\u8005\u6765\u8bf4\uff0cTheta \u81f3\u5173\u91cd\u8981\u3002\u5728\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4e2d\uff0cTheta \u8870\u51cf\u53ef\u80fd\u975e\u5e38\u5feb\uff0c\u5c24\u5176\u662f\u5728\u77ed\u671f\u5408\u7ea6\u4e2d\u3002\u4ea4\u6613\u8005\u53ef\u4ee5\u901a\u8fc7\u51fa\u552e\u671f\u6743\u6765\u5229\u7528\u8fd9\u4e00\u70b9\uff0c\u8ba9\u65f6\u95f4\u8870\u51cf\u4e3a\u81ea\u5df1\u5e26\u6765\u4f18\u52bf\u3002\u5982\u679c\u60a8\u662f\u8f6e\u76d8\u7b49\u671f\u6743\u7b56\u7565\u7684\u7231\u597d\u8005<\/span><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\">\uff0c<\/span><\/a><span dir=\"auto\">\u4e86\u89e3 Theta \u7684\u8fd0\u4f5c\u65b9\u5f0f\u6709\u52a9\u4e8e\u60a8\u51b3\u5b9a\u4f55\u65f6\u5165\u573a\u6216\u51fa\u573a\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u5229\u7528\u4e8c\u9636\u5e0c\u814a\u5b57\u6bcd\u6765\u5e94\u5bf9\u6ce2\u52a8<\/span><\/h3>\n<p><span dir=\"auto\">\u50cf vanna \u548c vomma \u8fd9\u6837\u7684\u4e8c\u9636\u5e0c\u814a\u5b57\u6bcd\u5728\u6ce2\u52a8\u6027\u5e02\u573a\u4e2d\u5c24\u5176\u6709\u7528\u3002\u5f53\u6ce2\u52a8\u7387\u548c\u4ef7\u683c\u90fd\u5feb\u901f\u6ce2\u52a8\u65f6\uff0c\u8fd9\u4e9b\u5e0c\u814a\u5b57\u6bcd\u80fd\u4e3a\u4ea4\u6613\u8005\u63d0\u4f9b\u989d\u5916\u7684\u6d1e\u5bdf\u529b\uff0c\u5e2e\u52a9\u4ed6\u4eec\u505a\u51fa\u66f4\u660e\u667a\u7684\u51b3\u7b56\u3002\u4f8b\u5982\uff0cvanna \u5bf9 delta \u7684\u5f71\u54cd\u53ef\u4ee5\u5e2e\u52a9\u4ea4\u6613\u8005\u5728\u6ce2\u52a8\u7387\u5f00\u59cb\u4e0a\u5347\u65f6\u8c03\u6574\u4ed3\u4f4d\u3002\u8fd9\u5728\u89c4\u5212<\/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\">\u671f\u6743\u5bf9\u51b2\u7b56\u7565<\/span><\/a><span dir=\"auto\">\u548c\u964d\u4f4e\u6574\u4f53\u98ce\u9669\u655e\u53e3\u65f6\u5c24\u5176\u6709\u7528\u3002<\/span><\/p>\n<h2 id=\"8\"><span dir=\"auto\">\u5982\u4f55\u5229\u7528\u4e00\u9636\u548c\u4e8c\u9636\u671f\u6743\u5e0c\u814a\u503c<\/span><\/h2>\n<p><span dir=\"auto\">\u5728\u5b9e\u8df5\u4e2d\uff0c\u4e00\u9636\u5e0c\u814a\u5b57\u6bcd\u548c\u4e8c\u9636\u5e0c\u814a\u5b57\u6bcd\u5728\u5e2e\u52a9\u4ea4\u6613\u8005\u6df1\u5165\u4e86\u89e3\u5176\u671f\u6743\u5934\u5bf8\u7684\u98ce\u9669\u548c\u56de\u62a5\u72b6\u51b5\u65b9\u9762\u90fd\u53d1\u6325\u7740\u81f3\u5173\u91cd\u8981\u7684\u4f5c\u7528\u3002\u50cf delta \u548c vega \u8fd9\u6837\u7684\u4e00\u9636\u5e0c\u814a\u5b57\u6bcd\u53ef\u4ee5\u521d\u6b65\u4e86\u89e3\u5934\u5bf8\u7684\u6f5c\u5728\u884c\u4e3a\uff0c\u800c\u4e8c\u9636\u5e0c\u814a\u5b57\u6bcd\u5219\u53ef\u4ee5\u5ba2\u89c2\u5730\u63d0\u4f9b\u66f4\u6df1\u5165\u7684\u6d1e\u5bdf\uff0c\u4e86\u89e3\u8fd9\u4e9b\u654f\u611f\u6027\u56e0\u7d20\u5982\u4f55\u968f\u65f6\u95f4\u6216\u5e02\u573a\u6ce2\u52a8\u800c\u53d8\u5316\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u4f8b\u5982\uff0c\u50cf Gamma \u8fd9\u6837\u7684\u4e8c\u9636\u5e0c\u814a\u5b57\u6bcd\u53ef\u4ee5\u63ed\u793a\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u53d8\u52a8\u65f6\u7684\u6f5c\u5728\u76f2\u70b9\u3002\u5f53 Gamma \u8f83\u9ad8\u65f6\uff0cDelta \u53ef\u80fd\u4f1a\u5feb\u901f\u53d8\u5316\uff0c\u56e0\u6b64\uff0c\u5bf9\u4e8e\u5bfb\u6c42\u63a7\u5236\u98ce\u9669\u655e\u53e3\u7684\u4ea4\u6613\u8005\u6765\u8bf4\uff0c\u76d1\u63a7\u4e24\u4e2a\u5e0c\u814a\u5b57\u6bcd\u81f3\u5173\u91cd\u8981\u3002\u540c\u6837\uff0cvanna \u53ef\u4ee5\u6d1e\u5bdf\u5e02\u573a\u6ce2\u52a8\u5982\u4f55\u5f71\u54cd\u671f\u6743\u4ef7\u683c\u8d70\u52bf\u3002\u8fd9\u4e9b\u4e8c\u9636\u5e0c\u814a\u5b57\u6bcd\u53ef\u4ee5\u5e2e\u52a9\u4ea4\u6613\u8005\u9884\u6d4b\u4e00\u9636\u5e0c\u814a\u5b57\u6bcd\u7684\u53d8\u5316\uff0c\u4ece\u800c\u4f7f\u4ed6\u4eec\u80fd\u591f\u66f4\u51c6\u786e\u5730\u8c03\u6574\u5934\u5bf8\uff0c\u5e76\u66f4\u597d\u5730\u7ba1\u7406\u957f\u671f\u98ce\u9669\u3002\u8ba9\u6211\u4eec\u66f4\u6df1\u5165\u5730\u4e86\u89e3\u8fd9\u4e9b\u671f\u6743\u5e0c\u814a\u5b57\u6bcd\u4e4b\u95f4\u7684\u76f8\u4e92\u4f5c\u7528\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u5e73\u8861 delta \u548c gamma \u4ee5\u63a7\u5236\u98ce\u9669<\/span><\/h3>\n<p><span dir=\"auto\">\u540c\u65f6\u7ba1\u7406 Delta \u548c Gamma \u5bf9\u4e8e\u98ce\u9669\u63a7\u5236\u81f3\u5173\u91cd\u8981\uff0c\u5c24\u5176\u662f\u5728\u52a0\u5bc6\u8d27\u5e01\u7b49\u4ef7\u683c\u6ce2\u52a8\u5267\u70c8\u7684\u5e02\u573a\u4e2d\u3002Delta \u5e76\u975e\u9759\u6001\u7684\uff0c\u5b83\u4f1a\u968f\u7740\u6807\u7684\u4ef7\u683c\u53d8\u52a8\u800c\u53d8\u5316\u3002\u56e0\u6b64\uff0cGamma \u53d8\u5f97\u975e\u5e38\u91cd\u8981\uff0c\u56e0\u4e3a\u5b83\u8861\u91cf Delta \u672c\u8eab\u7684\u53d8\u5316\u7387\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u5728\u6ce2\u52a8\u7684\u5e02\u573a\u4e2d\uff0c\u6301\u6709\u9ad8 Delta \u671f\u6743\u610f\u5473\u7740\u60a8\u5c06\u9762\u4e34\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u5927\u5e45\u6ce2\u52a8\u7684\u98ce\u9669\u3002\u7136\u800c\uff0c\u968f\u7740\u8d44\u4ea7\u4ef7\u683c\u7684\u53d8\u5316\uff0cGamma \u4f1a\u5bfc\u81f4 Delta \u53d1\u751f\u53d8\u52a8\u3002\u5982\u679c Gamma \u8f83\u9ad8\uff0c\u8d44\u4ea7\u4ef7\u683c\u7684\u8f7b\u5fae\u6ce2\u52a8\u5c31\u53ef\u80fd\u663e\u8457\u6539\u53d8 Delta\uff0c\u4ece\u800c\u4ee5\u6bd4\u9884\u671f\u66f4\u5feb\u7684\u901f\u5ea6\u6539\u53d8\u60a8\u5934\u5bf8\u7684\u98ce\u9669\u72b6\u51b5\u3002\u9ad8\u7ea7\u671f\u6743\u4ea4\u6613\u8005\u901a\u5e38\u4f1a\u901a\u8fc7\u8c03\u6574 Gamma \u655e\u53e3\u6765\u5bf9\u51b2 Delta \u98ce\u9669\uff0c\u901a\u5e38\u91c7\u7528<\/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\">\u8de8\u5f0f\u671f\u6743\u6216\u52d2\u5f0f\u671f\u6743\u7b49\u591a\u8fb9\u7b56\u7565<\/span><\/a><span dir=\"auto\">\u3002\u8fd9\u4f7f\u60a8\u80fd\u591f\u66f4\u597d\u5730\u63a7\u5236\u5934\u5bf8\uff0c\u6700\u5927\u9650\u5ea6\u5730\u964d\u4f4e\u4ef7\u683c\u7a81\u7136\u6ce2\u52a8\u7684\u5f71\u54cd\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u8fd9\u79cd\u7b56\u7565\u7684\u4e00\u4e2a\u53ef\u80fd\u5e94\u7528\u662fGamma\u5265\u5934\u76ae\u4ea4\u6613\uff0c\u5373\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u8005\u968f\u7740\u6807\u7684\u8d44\u4ea7\u7684\u6ce2\u52a8\u4e0d\u65ad\u8c03\u6574\u5176Delta\u4e2d\u6027\u4ed3\u4f4d\uff0c\u4ece\u800c\u5728\u4fdd\u6301\u98ce\u9669\u63a7\u5236\u7684\u540c\u65f6\u9501\u5b9a\u6536\u76ca\u3002\u901a\u8fc7\u8fd9\u79cd\u65b9\u5f0f\uff0c\u60a8\u53ef\u4ee5\u6709\u6548\u5730\u5229\u7528Gamma\u5bf9\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u53d8\u5316\u7684\u654f\u611f\u6027\uff0c\u540c\u65f6\u4fdd\u6301\u8f83\u4f4e\u7684Delta\u655e\u53e3\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u4f7f\u7528 Vega \u548c Vanna \u7ba1\u7406\u6ce2\u52a8\u6027<\/span><\/h3>\n<p><span dir=\"auto\">Vega \u548c vanna \u534f\u540c\u5de5\u4f5c\uff0c\u6709\u6548\u5730\u4e3a\u4ea4\u6613\u8005\u63d0\u4f9b\u66f4\u5168\u9762\u7684\u6ce2\u52a8\u6027\u5982\u4f55\u5f71\u54cd\u5176\u671f\u6743\u7684\u89c6\u89d2\u3002\u5f53\u6ce2\u52a8\u6027\u4e0a\u5347\u65f6\uff0cVega \u4e5f\u4f1a\u4e0a\u5347\uff0c\u4ece\u800c\u63d0\u9ad8\u671f\u6743\u7684\u4ef7\u503c\u3002\u7136\u800c\uff0c\u8fd9\u4e5f\u610f\u5473\u7740\u66f4\u9ad8\u7684\u6ce2\u52a8\u6027\u4f1a\u4f7f\u671f\u6743\u4ef7\u683c\u66f4\u9ad8\uff0c\u5c24\u5176\u662f\u5728\u52a0\u5bc6\u8d27\u5e01\u9886\u57df\uff0c\u6ce2\u52a8\u6027\u5cf0\u503c\u53ef\u80fd\u9891\u7e41\u4e14\u96be\u4ee5\u9884\u6d4b\u3002\u968f\u7740\u9690\u542b\u6ce2\u52a8\u6027\u7684\u4e0a\u5347\uff0cDelta \u53ef\u80fd\u4f1a\u53d1\u751f\u53d8\u5316\uff0c\u5c24\u5176\u662f\u5728\u8003\u8651\u4ef7\u5916\u671f\u6743\u65f6\u3002\u8fd9\u6700\u7ec8\u53ef\u80fd\u4f7f\u5934\u5bf8\u770b\u8d77\u6765\u6bd4\u9884\u671f\u66f4\u5177\u98ce\u9669\u3002\u4f8b\u5982\uff0c\u6ce2\u52a8\u6027\u7684\u4e0a\u5347\u53ef\u80fd\u5bfc\u81f4\u5148\u524d Delta \u8f83\u4f4e\u7684\u671f\u6743 Delta \u7a81\u7136\u5927\u5e45\u4e0a\u5347\uff0c\u4ece\u800c\u589e\u52a0\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u6ce2\u52a8\u7684\u98ce\u9669\u655e\u53e3\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u901a\u8fc7\u540c\u65f6\u76d1\u6d4bVega\u548cVanna\uff0c\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u8005\u53ef\u4ee5\u66f4\u597d\u5730\u7ba1\u7406\u6ce2\u52a8\u6027\u9a71\u52a8\u7684\u4ef7\u683c\u53d8\u5316\u98ce\u9669\u3002\u4f8b\u5982\uff0c\u5982\u679c\u60a8\u9884\u8ba1\u4e00\u6bb5\u65f6\u95f4\u5185\u4f1a\u51fa\u73b0\u9ad8\u6ce2\u52a8\uff0c\u60a8\u53ef\u4ee5\u4f7f\u7528Vega\u6765\u8861\u91cf\u60a8\u53ef\u80fd\u83b7\u5f97\u6216\u635f\u5931\u7684\u671f\u6743\u8d39\u3002Vanna\u5219\u53ef\u4ee5\u5e2e\u52a9\u60a8\u8bc4\u4f30\u60a8\u7684Delta\u503c\u5c06\u5982\u4f55\u5e94\u5bf9\u6ce2\u52a8\u6027\u7684\u53d8\u5316\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u603b\u4f53\u800c\u8a00\uff0c\u8fd9\u4f7f\u5f97\u4ea4\u6613\u8005\u80fd\u591f\u66f4\u4e3b\u52a8\u5730\u8c03\u6574\u5bf9\u51b2\u7b56\u7565\uff0c\u786e\u4fdd\u4e0d\u4f1a\u88ab\u7a81\u7136\u7684\u5e02\u573a\u6ce2\u52a8\u6240\u56f0\u6270\u3002\u4e00\u4e9b\u4ea4\u6613\u8005\u53ef\u80fd\u4f1a\u4f7f\u7528\u6ce2\u52a8\u7387\u4ef7\u5dee\uff08\u4f8b\u5982\u8de8\u5f0f\u671f\u6743\u6216\u52d2\u5f0f\u671f\u6743\uff09\u6765\u5229\u7528\u8fd9\u4e9b\u52a8\u6001\uff0c\u65e2\u80fd\u5229\u7528Vega\u6307\u6807\uff0c\u53c8\u80fd\u6700\u5927\u9650\u5ea6\u5730\u964d\u4f4eVanna\u6307\u6807\u9884\u6d4b\u7684Delta\u53d8\u5316\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u672c\u8d28\u4e0a\uff0c\u5c06\u4e00\u9636\u5e0c\u814a\u5b57\u6bcd\u4e0e\u4e8c\u9636\u5e0c\u814a\u5b57\u6bcd\u7ed3\u5408\u8d77\u6765\uff0c\u53ef\u4ee5\u66f4\u4e30\u5bcc\u3001\u66f4\u590d\u6742\u5730\u4e86\u89e3\u60a8\u7684\u671f\u6743\u5934\u5bf8\uff0c\u8ba9\u60a8\u80fd\u591f\u5229\u7528\u8fd9\u4e9b\u65b0\u77e5\u8bc6\u5728\u52a8\u8361\u7684\u5e02\u573a\u4e2d\u505a\u51fa\u66f4\u597d\u7684\u51b3\u7b56\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u4f7f\u7528\u671f\u6743\u5e0c\u814a\u503c\u65f6\u5e38\u89c1\u7684\u9519\u8bef<\/span><\/h3>\n<p><span dir=\"auto\">\u867d\u7136\u671f\u6743\u5e0c\u814a\u503c\u662f\u65e0\u4ef7\u7684\u5de5\u5177\uff0c\u4f46\u5982\u679c\u88ab\u8bef\u89e3\u6216\u8fc7\u5ea6\u4f9d\u8d56\uff0c\u4e5f\u53ef\u80fd\u5bfc\u81f4\u9519\u8bef\u3002\u4ee5\u4e0b\u662f\u4e00\u4e9b\u9700\u8981\u907f\u514d\u7684\u5e38\u89c1\u9677\u9631\u3002<\/span><\/p>\n<ul>\n<li><b><span dir=\"auto\">\u8fc7\u5206\u5f3a\u8c03\u5355\u4e00\u5e0c\u814a\u5b57\u6bcd\uff1a<\/span><\/b><span dir=\"auto\">\u5bf9\u4e8e\u521d\u5b66\u8005\u6765\u8bf4\uff0c\u8fc7\u5206\u5f3a\u8c03\u50cf delta \u8fd9\u6837\u7684\u6d41\u884c\u5e0c\u814a\u5b57\u6bcd\u800c\u4e0d\u8003\u8651 gamma \u53ef\u80fd\u4f1a\u5bfc\u81f4\u7cdf\u7cd5\u7684\u98ce\u9669\u7ba1\u7406\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u5ffd\u7565\u4e8c\u9636\u5e0c\u814a\u5b57\u6bcd\uff1a<\/span><\/b><span dir=\"auto\">\u4e0d\u8003\u8651\u5173\u952e\u7684\u4e8c\u9636\u5e0c\u814a\u5b57\u6bcd\uff08\u5982\u4f3d\u9a6c\u6216 Vanna\uff09\u53ef\u80fd\u4f1a\u5bfc\u81f4\u671f\u6743\u5b9a\u4ef7\u65b9\u5f0f\u53d1\u751f\u610f\u5916\u53d8\u5316\uff0c\u5c24\u5176\u662f\u5728\u52a8\u8361\u7684\u5e02\u573a\u4e2d\uff0c\u5916\u90e8\u50ac\u5316\u5242\u53ef\u80fd\u4f1a\u77ac\u95f4\u52a8\u6447\u6ea2\u4ef7\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u9519\u8bef\u5224\u65ad\u65f6\u95f4\u8870\u51cf\uff1a<\/span><\/b><span dir=\"auto\">\u65b0\u4ea4\u6613\u8005\u7ecf\u5e38\u4f4e\u4f30 Theta \u7684\u5f71\u54cd\uff0c\u5bfc\u81f4\u5728\u4ea4\u6613\u5230\u671f\u65e5\u8f83\u77ed\u7684\u671f\u6743\u65f6\uff0c\u4ed6\u4eec\u7684\u671f\u6743\u4ef7\u503c\u4f1a\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\u800c\u8d2c\u503c\uff0c\u4ece\u800c\u9020\u6210\u635f\u5931\u3002<\/span><\/li>\n<\/ul>\n<h3><span dir=\"auto\">\u7ed3\u8bed\u548c\u540e\u7eed\u6b65\u9aa4<\/span><\/h3>\n<p><span dir=\"auto\">\u5bf9\u4e8e\u4efb\u4f55\u5e0c\u671b\u505a\u51fa\u660e\u667a\u51b3\u7b56\u5e76\u6709\u6548\u7ba1\u7406\u98ce\u9669\u7684\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u8005\u6765\u8bf4\uff0c\u638c\u63e1\u5e0c\u814a\u503c\u81f3\u5173\u91cd\u8981\u3002\u4ece\u7528\u4e8e\u57fa\u672c\u65b9\u5411\u6027\u4ea4\u6613\u7684 Delta \u548c Theta \u5230\u7528\u4e8e\u66f4\u7cbe\u7ec6\u98ce\u9669\u7ba1\u7406\u7684 Gamma \u548c Vanna\uff0c\u8fd9\u4e9b\u6307\u6807\u80fd\u591f\u63d0\u4f9b\u5b9d\u8d35\u7684\u6d1e\u89c1\uff0c\u5e2e\u52a9\u4ea4\u6613\u8005\u4e86\u89e3\u671f\u6743\u5728\u4e0d\u540c\u5e02\u573a\u6761\u4ef6\u4e0b\u7684\u8868\u73b0\u3002\u901a\u8fc7\u4e86\u89e3\u4e00\u9636\u5e0c\u814a\u503c\u548c\u4e8c\u9636\u5e0c\u814a\u503c\u4e4b\u95f4\u7684\u76f8\u4e92\u4f5c\u7528\uff0c\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u8005\u6700\u7ec8\u53ef\u4ee5\u5168\u9762\u4e86\u89e3\u5f71\u54cd\u5176\u5934\u5bf8\u7684\u56e0\u7d20\uff0c\u4ece\u800c\u81ea\u4fe1\u5730\u5728\u9ad8\u5ea6\u6ce2\u52a8\u7684\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u5e02\u573a\u4e2d\u6e38\u5203\u6709\u4f59\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u60f3\u8981\u4e86\u89e3\u66f4\u591a\u9ad8\u7ea7\u671f\u6743\u673a\u5236\uff1f\u63a2\u7d22\u6211\u4eec\u7684\u6307\u5357\uff0c\u4e86\u89e3\u5982\u4f55\u6267\u884c<\/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\u8dcc\u770b\u6da8\u5e73\u4ef7\u5957\u5229<\/span><\/a><span dir=\"auto\">\u548c<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/okex-crypto-options-principles-and-strategies-iii-delta-and-delta-neutral\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">Delta \u4e2d\u6027\u671f\u6743\u7b56\u7565<\/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=\"9\" class=\"index_header__NNzgI\"><span dir=\"auto\">\u5e38\u89c1\u95ee\u9898\u89e3\u7b54<\/span><\/h2>\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\u5e0c\u814a\u503c\u6709\u54ea\u4e9b\uff1f\u4e3a\u4ec0\u4e48\u5b83\u4eec\u5982\u6b64\u91cd\u8981\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\">\u671f\u6743\u5e0c\u814a\u503c\u662f\u4e00\u79cd\u6570\u5b66\u5de5\u5177\uff0c\u53ef\u4ee5\u5e2e\u52a9\u4ea4\u6613\u8005\u8bc4\u4f30\u4ef7\u683c\u53d8\u52a8\u3001\u6ce2\u52a8\u6027\u3001\u65f6\u95f4\u8870\u51cf\u548c\u5229\u7387\u7b49\u5e02\u573a\u53d8\u91cf\u5982\u4f55\u5f71\u54cd\u671f\u6743\u4ef7\u503c\u3002\u5b83\u4eec\u662f\u6b63\u786e\u98ce\u9669\u7ba1\u7406\u548c\u7b56\u7565\u4f18\u5316\u7684\u5173\u952e\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\">Delta \u5982\u4f55\u5f71\u54cd\u6211\u7684\u52a0\u5bc6\u671f\u6743\u4ea4\u6613\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\">Delta \u8861\u91cf\u7684\u662f\u6807\u7684\u52a0\u5bc6\u8d44\u4ea7\u6bcf\u6ce2\u52a8 1 \u7f8e\u5143\uff0c\u671f\u6743\u4ef7\u683c\u5c06\u53d1\u751f\u591a\u5927\u53d8\u5316\u3002\u5b83\u5bf9\u4e8e\u786e\u5b9a\u65b9\u5411\u6027\u655e\u53e3\u81f3\u5173\u91cd\u8981\uff0c\u4e5f\u662f\u6700\u53d7\u6b22\u8fce\u7684\u4e00\u9636\u671f\u6743\u5e0c\u814a\u503c\u6307\u6807\u4e4b\u4e00\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\">\u4e00\u9636\u5e0c\u814a\u5b57\u6bcd\u548c\u4e8c\u9636\u5e0c\u814a\u5b57\u6bcd\u4e4b\u95f4\u6709\u4ec0\u4e48\u533a\u522b\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><span dir=\"auto\">\u4e00\u9636\u5e0c\u814a\u5b57\u6bcd\u8861\u91cf\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u3001\u65f6\u95f4\u3001\u6ce2\u52a8\u7387\u548c\u5229\u7387\u53d8\u5316\u5bf9\u671f\u6743\u4ef7\u683c\u7684\u76f4\u63a5\u5f71\u54cd\u3002\u4e8c\u9636\u5e0c\u814a\u5b57\u6bcd\u8861\u91cf\u4e00\u9636\u5e0c\u814a\u5b57\u6bcd\u7684\u53d8\u5316\u7387\uff0c\u4ece\u800c\u63d0\u4f9b\u66f4\u7ec6\u81f4\u7684\u98ce\u9669\u6d1e\u5bdf\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\">\u4e3a\u4ec0\u4e48 Theta \u5728\u52a0\u5bc6\u671f\u6743\u4ea4\u6613\u4e2d\u5f88\u91cd\u8981\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\">Theta \u503c\u8861\u91cf\u7684\u662f\u65f6\u95f4\u8870\u51cf\uff0c\u5373\u671f\u6743\u4ef7\u683c\u968f\u7740\u5230\u671f\u65e5\u4e34\u8fd1\u800c\u4e0b\u964d\u7684\u5e45\u5ea6\u3002\u5b83\u5bf9\u4e8e\u77ed\u671f\u671f\u6743\u5c24\u5176\u91cd\u8981\uff0c\u56e0\u4e3a\u77ed\u671f\u671f\u6743\u7684\u4ef7\u503c\u53ef\u80fd\u4f1a\u968f\u7740\u5230\u671f\u65e5\u7684\u4e34\u8fd1\u800c\u8fc5\u901f\u8d2c\u503c\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\">\u6ce2\u52a8\u6027\u5982\u4f55\u901a\u8fc7 vega \u548c vanna \u5f71\u54cd\u671f\u6743\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\">Vega \u8861\u91cf\u9690\u542b\u6ce2\u52a8\u7387 1% \u53d8\u5316\u65f6\u671f\u6743\u4ef7\u683c\u7684\u53d8\u5316\u5e45\u5ea6\uff0c\u800c vanna \u8861\u91cf Delta \u968f\u6ce2\u52a8\u7387\u7684\u53d8\u5316\u5e45\u5ea6\u3002\u5728\u6ce2\u52a8\u5267\u70c8\u7684\u52a0\u5bc6\u8d27\u5e01\u4e16\u754c\u4e2d\uff0c\u8fd9\u4e24\u4e2a\u6307\u6807\u90fd\u81f3\u5173\u91cd\u8981\uff0c\u56e0\u4e3a\u4ef7\u683c\u5927\u5e45\u6ce2\u52a8\u5f88\u5e38\u89c1\u3002<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u5728\u4ea4\u6613\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u65f6\uff0c\u5145\u5206\u4e86\u89e3\u5e02\u573a\u884c\u4e3a\u548c\u98ce\u9669\u81f3\u5173\u91cd\u8981\u3002\u8bc4\u4f30\u548c\u7ba1\u7406\u8fd9\u4e9b\u98ce\u9669\u7684\u6700\u6709\u6548\u65b9\u6cd5\u4e4b\u4e00\u662f\u4f7f\u7528\u671f\u6743\u5e0c\u814a\u503c (\u5e0c&hellip; <a class=\"more-link\" href=\"http:\/\/okx.biquan123.com\/blog\/?p=551\">\u7ee7\u7eed\u9605\u8bfb<span class=\"screen-reader-text\">\u671f\u6743\u5e0c\u814a\u503c\u89e3\u6790\uff1a\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u8005\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-551","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\/551","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=551"}],"version-history":[{"count":2,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/551\/revisions"}],"predecessor-version":[{"id":3283,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/551\/revisions\/3283"}],"wp:attachment":[{"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=551"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}