{"id":736,"date":"2026-03-18T14:52:36","date_gmt":"2026-03-18T06:52:36","guid":{"rendered":"http:\/\/okx.biquan123.com\/blog\/?p=736"},"modified":"2026-03-18T14:57:33","modified_gmt":"2026-03-18T06:57:33","slug":"%e4%bb%80%e4%b9%88%e6%98%af%e9%9a%90%e5%90%ab%e6%b3%a2%e5%8a%a8%e7%8e%87%ef%bc%9a%e9%9a%90%e5%90%ab%e6%b3%a2%e5%8a%a8%e7%8e%87%e5%a6%82%e4%bd%95%e5%bd%b1%e5%93%8d%e5%8a%a0%e5%af%86%e8%b4%a7%e5%b8%81","status":"publish","type":"post","link":"http:\/\/okx.biquan123.com\/blog\/?p=736","title":{"rendered":"\u4ec0\u4e48\u662f\u9690\u542b\u6ce2\u52a8\u7387\uff1a\u9690\u542b\u6ce2\u52a8\u7387\u5982\u4f55\u5f71\u54cd\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u6ea2\u4ef7"},"content":{"rendered":"<div class=\"\">\n<p><span dir=\"auto\">\u60a8\u662f\u5426\u77e5\u9053\uff0c\u5373\u4f7f\u4ef7\u683c\u8d70\u52bf\u5bf9\u60a8\u6709\u5229\uff0c\u4ea4\u6613\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u65f6\u4ecd\u7136\u53ef\u80fd\u4e8f\u635f\uff1f\u8fd9\u662f\u7531\u4e8e\u9690\u542b\u6ce2\u52a8\u7387 (IV) \u5bf9\u671f\u6743\u6ea2\u4ef7\u7684\u5f71\u54cd\u3002<\/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\">\u548c<\/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<\/span><\/a><span dir=\"auto\">\u671f\u6743\u7684\u9690\u542b\u6ce2\u52a8\u7387\u5c31\u50cf\u8fc7\u5c71\u8f66\u4e00\u6837\uff0c\u5176\u9ad8\u70b9\u548c\u4f4e\u70b9\u5bf9\u4e8e\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u65b0\u624b\u6765\u8bf4\u53ef\u80fd\u96be\u4ee5\u628a\u63e1\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u60f3\u8981\u5728\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u4e2d\u6253\u4e0b\u575a\u5b9e\u7684\u57fa\u7840\uff1f\u6211\u4eec\u5173\u4e8e\u9690\u542b\u6ce2\u52a8\u7387\u53ca\u5176\u5bf9\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u6ea2\u4ef7\u5f71\u54cd\u7684\u6307\u5357\u5c06\u975e\u5e38\u9002\u5408\u60a8\uff0c\u6211\u4eec\u5c06\u89e3\u91ca\u4ec0\u4e48\u662f\u9690\u542b\u6ce2\u52a8\u7387\uff0c\u5e76\u8be6\u7ec6\u9610\u8ff0\u5229\u7528\u8fd9\u4e00\u5173\u952e\u6307\u6807\u7684\u671f\u6743\u4ea4\u6613\u7b56\u7565\u3002<\/span><\/p>\n<h2 id=\"1\"><span dir=\"auto\">TL;DR<\/span><\/h2>\n<ul>\n<li><span dir=\"auto\">\u9690\u542b\u6ce2\u52a8\u7387\u662f\u53cd\u6620\u5e02\u573a\u5bf9\u8d44\u4ea7\u4ef7\u683c\u9884\u671f\u6ce2\u52a8\u6027\u7684\u6307\u6807\u3002<\/span><\/li>\n<li><span dir=\"auto\">IV \u901a\u5e38\u4f7f\u7528 Black-Scholes \u6a21\u578b\u6765\u8ba1\u7b97\u3002<\/span><\/li>\n<li><span dir=\"auto\">\u5230\u671f\u65f6\u95f4\u548c\u5229\u7387\u53d8\u5316\u7b49\u56e0\u7d20\u90fd\u4f1a\u5f71\u54cd IV\u3002<\/span><\/li>\n<li><span dir=\"auto\">\u4ea4\u6613\u8005\u5728\u4ea4\u6613\u671f\u6743\u65f6\u5fc5\u987b\u8003\u8651 IV \u6324\u538b\u3002<\/span><\/li>\n<li><span dir=\"auto\">\u4e00\u4e9b\u5229\u7528\u9690\u542b\u6ce2\u52a8\u7387\u7684\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u7b56\u7565\u5305\u62ec\u52d2\u5f0f\u671f\u6743\u3001\u8de8\u5f0f\u671f\u6743\u3001\u65e5\u5386\u4ef7\u5dee\u671f\u6743\u548c\u5782\u76f4\u4ef7\u5dee\u671f\u6743<\/span><\/li>\n<\/ul>\n<h2 id=\"2\"><span dir=\"auto\">\u4ec0\u4e48\u662f\u9690\u542b\u6ce2\u52a8\u7387\uff1f<\/span><\/h2>\n<p><span dir=\"auto\">\u9690\u542b\u6ce2\u52a8\u7387 (IV) \u662f\u8861\u91cf\u5e02\u573a\u5bf9\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u5728\u7279\u5b9a\u65f6\u671f\u5185\u6ce2\u52a8\u5e45\u5ea6\u7684\u9884\u671f\u6307\u6807\u3002\u5728\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u4e2d\uff0cIV \u53cd\u6620\u4e86\u5e02\u573a\u5bf9\u52a0\u5bc6\u8d27\u5e01\u4ef7\u683c\u6ce2\u52a8\u7684\u9884\u671f\u3002IV \u503c\u8d8a\u9ad8\uff0c\u8868\u660e\u5e02\u573a\u9884\u671f\u4ef7\u683c\u6ce2\u52a8\u5e45\u5ea6\u8d8a\u5927\uff1bIV \u503c\u8d8a\u4f4e\uff0c\u5219\u8868\u660e\u4ef7\u683c\u524d\u666f\u66f4\u7a33\u5b9a\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u4f8b\u5982\uff0c\u5728\u5e02\u573a\u9ad8\u5ea6\u4e0d\u786e\u5b9a\u6216\u91cd\u5927\u65b0\u95fb\u4e8b\u4ef6\u671f\u95f4\uff0c\u9690\u542b\u6ce2\u52a8\u7387 (IV) \u5f80\u5f80\u4f1a\u4e0a\u5347\uff0c\u56e0\u4e3a\u4ea4\u6613\u8005\u9884\u671f\u4ef7\u683c\u6ce2\u52a8\u4f1a\u52a0\u5267\u3002\u76f8\u53cd\uff0c\u5728\u8f83\u4e3a\u5e73\u9759\u7684\u5e02\u573a\u73af\u5883\u4e0b\uff0c\u9690\u542b\u6ce2\u52a8\u7387\u53ef\u80fd\u4f1a\u4e0b\u964d\u3002\u4e86\u89e3\u9690\u542b\u6ce2\u52a8\u7387\u5bf9\u4ea4\u6613\u8005\u81f3\u5173\u91cd\u8981\uff0c\u56e0\u4e3a\u5b83\u6709\u52a9\u4e8e\u4ed6\u4eec\u8bc4\u4f30\u98ce\u9669\u3001\u505a\u51fa\u660e\u667a\u7684\u51b3\u7b56\uff0c\u5e76\u53ef\u80fd\u53d1\u73b0\u4ea4\u6613\u673a\u4f1a\u3002\u5728\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u9886\u57df\u5c24\u5176\u5982\u6b64\uff0c\u56e0\u4e3a\u9690\u542b\u6ce2\u52a8\u7387 (IV) \u4e3a\u52a0\u5bc6\u8d27\u5e01\u7684\u591a\u5934\u548c\u7a7a\u5934\u4ea4\u6613\u8005\u90fd\u63d0\u4f9b\u4e86\u673a\u4f1a\u3002<\/span><\/p>\n<h2 id=\"3\"><span dir=\"auto\">\u9690\u542b\u6ce2\u52a8\u7387\u5982\u4f55\u8ba1\u7b97\uff1f\u89e3\u91caBlack-Scholes\u6a21\u578b<\/span><\/h2>\n<p><span dir=\"auto\">\u7b80\u800c\u8a00\u4e4b\uff0c\u9690\u542b\u6ce2\u52a8\u7387\u662f\u6839\u636e\u671f\u6743\u4ef7\u683c\u4ee5\u53ca\u5176\u4ed6\u56e0\u7d20\uff08\u4f8b\u5982\u884c\u6743\u4ef7\u3001\u5230\u671f\u65f6\u95f4\u4ee5\u53ca\u73b0\u6709\u7684\u65e0\u98ce\u9669\u5229\u7387\uff09\u5f97\u51fa\u7684\u7edf\u8ba1\u6307\u6807\u3002\u5b83\u672c\u8d28\u4e0a\u662f\u5e02\u573a\u5bf9\u8d44\u4ea7\u4ef7\u683c\u9884\u671f\u6ce2\u52a8\u5e45\u5ea6\u7684\u5171\u8bc6\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u5bf9\u4e8e\u90a3\u4e9b\u4e0d\u4e86\u89e3\u7684\u4eba\u6765\u8bf4\uff0cIV\u901a\u5e38\u662f\u4f7f\u7528Black-Scholes\u6a21\u578b\u5f97\u51fa\u7684\uff0c\u8fd9\u662f\u4e00\u4e2a\u5e7f\u6cdb\u4f7f\u7528\u7684\u671f\u6743\u5b9a\u4ef7\u6570\u5b66\u516c\u5f0f\u3002\u8be5\u6a21\u578b\u8003\u8651\u4e86\u5404\u79cd\u56e0\u7d20\u6765\u786e\u5b9a\u671f\u6743\u7684\u7406\u8bba\u4ef7\u683c\u3002\u901a\u8fc7\u5c06\u7406\u8bba\u4ef7\u683c\u4e0e\u5e02\u573a\u4ef7\u683c\u8fdb\u884c\u6bd4\u8f83\uff0c\u53ef\u4ee5\u8ba1\u7b97\u51faIV\uff0c\u5e76\u5728\u8fdb\u884c\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u65f6\u5c06\u5176\u7eb3\u5165\u8003\u8651\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u7b80\u800c\u8a00\u4e4b\uff0cBlack-Scholes\u516c\u5f0f\u662f\u4e00\u4e2a\u6570\u5b66\u65b9\u7a0b\uff0c\u5c06\u6b27\u5f0f\u671f\u6743\u7684\u4ef7\u683c\u4e0e\u4ee5\u4e0b\u4e94\u4e2a\u53d8\u91cf\u8054\u7cfb\u8d77\u6765\u3002<\/span><\/p>\n<ol>\n<li><b><span dir=\"auto\">\u5f53\u524d\u8d44\u4ea7\u4ef7\u683c\uff1a<\/span><\/b><span dir=\"auto\">\u6807\u7684\u8d44\u4ea7\u7684\u5f53\u524d\u5e02\u573a\u4ef7\u683c\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u6267\u884c\u4ef7\u683c\uff1a<\/span><\/b><span dir=\"auto\">\u671f\u6743\u53ef\u4ee5\u884c\u4f7f\u7684\u4ef7\u683c\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u5230\u671f\u65f6\u95f4\uff1a<\/span><\/b><span dir=\"auto\">\u671f\u6743\u5230\u671f\u524d\u7684\u5269\u4f59\u65f6\u95f4\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u65e0\u98ce\u9669\u5229\u7387\uff1a<\/span><\/b><span dir=\"auto\">\u7f8e\u56fd\u56fd\u5e93\u5238\u7b49\u65e0\u98ce\u9669\u6295\u8d44\u6240\u83b7\u5f97\u7684\u5229\u7387\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u9690\u542b\u6ce2\u52a8\u7387\uff1a<\/span><\/b><span dir=\"auto\">\u5e02\u573a\u5bf9\u4ef7\u683c\u6ce2\u52a8\u7684\u9884\u671f\u3002<\/span><\/li>\n<\/ol>\n<p><span dir=\"auto\">\u8981\u8ba1\u7b97\u9690\u542b\u6ce2\u52a8\u7387 (IV)\uff0c\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u8005\u9996\u5148\u9700\u8981\u6536\u96c6\u4e0a\u8ff0\u5fc5\u8981\u6570\u636e\u3002\u7136\u540e\uff0c\u9700\u8981\u4e00\u4e9b\u6570\u5b66\u77e5\u8bc6\uff0c\u56e0\u4e3a\u9700\u8981\u91cd\u65b0\u6574\u7406 Black-Scholes \u516c\u5f0f\u5e76\u6c42\u89e3 \u03c3\uff08\u4ee3\u8868\u9690\u542b\u6ce2\u52a8\u7387\uff09\u65b9\u7a0b\u3002\u8fd9\u9700\u8981\u4f7f\u7528\u6570\u503c\u65b9\u6cd5\u627e\u5230\u4f7f\u8ba1\u7b97\u51fa\u7684\u671f\u6743\u4ef7\u683c\u4e0e\u89c2\u5bdf\u5230\u7684\u5e02\u573a\u4ef7\u683c\u76f8\u5339\u914d\u7684 \u03c3 \u503c\u3002\u6700\u540e\uff0c\u9700\u8981\u5bf9\u8ba1\u7b97\u51fa\u7684\u9690\u542b\u6ce2\u52a8\u7387\u8fdb\u884c\u89e3\u8bfb\uff0c\u56e0\u4e3a\u8f83\u9ad8\u7684 IV \u8868\u793a\u5e02\u573a\u9884\u671f\u4ef7\u683c\u6ce2\u52a8\u8f83\u5927\uff0c\u800c\u8f83\u4f4e\u7684 IV \u5219\u8868\u660e\u4ef7\u683c\u524d\u666f\u66f4\u7a33\u5b9a\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u4f9d\u8d56 Black-Scholes \u6a21\u578b\u7684\u5f31\u70b9<\/span><\/h3>\n<p><span dir=\"auto\">\u5c3d\u7ba1\u6709\u4e9b\u4eba\u53ef\u80fd\u5bf9 Black-Scholes \u6a21\u578b\u6df1\u4fe1\u4e0d\u7591\uff0c\u4f46\u8fd8\u662f\u9700\u8981\u8bb0\u4f4f\u4ee5\u4e0b\u51e0\u70b9\u3002<\/span><\/p>\n<ul>\n<li><b><span dir=\"auto\">\u5e02\u573a\u6548\u7387\uff1a<\/span><\/b><span dir=\"auto\">\u5e03\u83b1\u514b-\u65af\u79d1\u5c14\u65af\u6a21\u578b\u5047\u8bbe\u5e02\u573a\u6709\u6548\uff0c\u8fd9\u610f\u5473\u7740\u6240\u6709\u53ef\u7528\u4fe1\u606f\u90fd\u4f1a\u53cd\u6620\u5728\u671f\u6743\u4ef7\u683c\u4e2d\u3002\u4f46\u5b9e\u9645\u4e0a\uff0c\u5e02\u573a\u5e76\u975e\u603b\u662f\u5b8c\u5168\u6709\u6548\uff0c\u56e0\u4e3a\u5e02\u573a\u60c5\u7eea\u3001\u610f\u5916\u65b0\u95fb\u4e8b\u4ef6\u6216\u6d41\u52a8\u6027\u9650\u5236\u7b49\u56e0\u7d20\u90fd\u53ef\u80fd\u5bfc\u81f4\u5e02\u573a\u504f\u79bb\u5e03\u83b1\u514b-\u65af\u79d1\u5c14\u65af\u6a21\u578b\u7684\u5047\u8bbe\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u6ce2\u52a8\u7387\uff1a<\/span><\/b><span dir=\"auto\">\u00a0Black-Scholes \u6a21\u578b\u5047\u8bbe\u6807\u7684\u8d44\u4ea7\u7684\u6ce2\u52a8\u7387\u6052\u5b9a\u4e0d\u53d8\u3002\u7136\u800c\uff0c\u6ce2\u52a8\u7387\u7684\u53d8\u5316\u53ef\u80fd\u76f8\u5f53\u5267\u70c8\uff0c\u5c24\u5176\u662f\u5728\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u3002\u56e0\u6b64\uff0c\u6ce2\u52a8\u7387\u7684\u53d8\u5316\u53ef\u80fd\u4f1a\u663e\u8457\u5f71\u54cd\u671f\u6743\u4ef7\u683c\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u4ea4\u6613\u6210\u672c\uff1a<\/span><\/b><span dir=\"auto\">\u8be5\u6a21\u578b\u4e0d\u8003\u8651\u4ea4\u6613\u6210\u672c\uff0c\u5982\u679c\u60a8\u4e3b\u52a8\u8fdb\u5165\u548c\u9000\u51fa\u5934\u5bf8\uff0c\u4ea4\u6613\u6210\u672c\u53ef\u80fd\u4f1a\u4fb5\u8680\u4ea4\u6613\u6536\u76ca\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u6807\u7684\u8d44\u4ea7\u5047\u8bbe\uff1a<\/span><\/b><span dir=\"auto\">\u00a0Black-Scholes\u6a21\u578b\u5047\u8bbe\u6807\u7684\u8d44\u4ea7\u670d\u4ece\u5bf9\u6570\u6b63\u6001\u5206\u5e03\u3002\u5982\u679c\u8fdd\u53cd\u6b64\u5047\u8bbe\uff0c\u6a21\u578b\u7684\u51c6\u786e\u6027\u53ef\u80fd\u4f1a\u53d7\u5230\u5f71\u54cd\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u5176\u4ed6<\/span><\/b>\u00a0<b><span dir=\"auto\">\u671f\u6743\u5b9a\u4ef7\u6a21\u578b\uff1a<\/span><\/b><span dir=\"auto\">\u5176\u4ed6\u671f\u6743\u5b9a\u4ef7\u6a21\u578b\uff0c\u4f8b\u5982\u4e8c\u9879\u5f0f\u671f\u6743\u5b9a\u4ef7\u6a21\u578b\uff0c\u4e5f\u53ef\u7528\u4e8e\u8ba1\u7b97\u6ce2\u52a8\u7387 (IV)\u3002\u7136\u800c\uff0c\u4ee5 Black-Scholes \u6a21\u578b\u4e3a\u4ee3\u8868\u7684\u6ce2\u52a8\u7387 (IV) \u662f\u5927\u591a\u6570\u4ea4\u6613\u8005\u91c7\u7528\u7684\u4e3b\u8981\u6a21\u578b\u3002<\/span><\/li>\n<\/ul>\n<p><span dir=\"auto\">\u901a\u8fc7\u4e86\u89e3\u8fd9\u4e9b\u5c40\u9650\u6027\uff0c\u4ea4\u6613\u8005\u53ef\u4ee5\u66f4\u6709\u6548\u5730\u4f7f\u7528Black-Scholes\u6a21\u578b\uff0c\u907f\u514d\u4ec5\u4ec5\u4f9d\u8d56\u5176\u9884\u6d4b\u3002\u52a1\u5fc5\u8003\u8651\u5176\u4ed6\u56e0\u7d20\uff0c\u5e76\u5c06\u8be5\u6a21\u578b\u4f5c\u4e3a\u4f17\u591a\u4ea4\u6613\u5de5\u5177\u4e4b\u4e00\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u603b\u800c\u8a00\u4e4b\uff0c\u8ba1\u7b97\u9690\u542b\u6ce2\u52a8\u7387 (IV) \u9700\u8981\u4f7f\u7528 Black-Scholes \u516c\u5f0f\uff08\u5982\u679c\u60a8\u611f\u5174\u8da3\uff0c\u53ef\u4ee5\u5728\u672c\u6587\u9644\u5f55\u4e2d\u627e\u5230\uff09\u3002\u8fd9\u662f\u4e00\u4e2a\u590d\u6742\u7684\u8fc7\u7a0b\uff0c\u9700\u8981\u7cbe\u786e\u7684\u6570\u636e\u548c\u6570\u503c\u65b9\u6cd5\u3002\u5e78\u8fd0\u7684\u662f\uff0c\u5982\u4eca\u8bb8\u591a\u671f\u6743\u5e73\u53f0\u53ef\u4ee5\u81ea\u52a8\u8ba1\u7b97\u5e76\u663e\u793a\u5404\u79cd\u6807\u7684\u8d44\u4ea7\u7684\u9690\u542b\u6ce2\u52a8\u7387\uff0c\u4f7f\u4ea4\u6613\u8005\u66f4\u5bb9\u6613\u8bc4\u4f30\u5e02\u573a\u9884\u671f\u5e76\u505a\u51fa\u660e\u667a\u7684\u51b3\u7b56\u3002\u56e0\u6b64\uff0c\u4ea4\u6613\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u548c\u4e86\u89e3\u9690\u542b\u6ce2\u52a8\u7387 (IV) \u57fa\u7840\u77e5\u8bc6\u7684\u95e8\u69db\u5df2\u663e\u8457\u964d\u4f4e\u3002<\/span><\/p>\n<h2 id=\"4\"><span dir=\"auto\">\u5f71\u54cd\u52a0\u5bc6\u8d27\u5e01\u671f\u6743IV\u7684\u56e0\u7d20<\/span><\/h2>\n<p><span dir=\"auto\">\u73b0\u5728\u6211\u4eec\u5df2\u7ecf\u5b8c\u5168\u4e86\u89e3\u4e86\u7528\u4e8e\u8ba1\u7b97\u9690\u542b\u6ce2\u52a8\u7387\u7684\u5e95\u5c42\u6a21\u578b\uff0c\u4e0b\u9762\u662f\u5bf9\u5f71\u54cd\u52a0\u5bc6\u671f\u6743 IV \u7684\u51e0\u4e2a\u56e0\u7d20\u7684\u7ec6\u5206\u3002<\/span><\/p>\n<ul>\n<li><b><span dir=\"auto\">\u5e02\u573a\u60c5\u7eea\uff1a<\/span><\/b><span dir=\"auto\">\u6709\u5173\u52a0\u5bc6\u8d27\u5e01\u7684\u6b63\u9762\u6216\u8d1f\u9762\u6d88\u606f\u4f1a\u663e\u8457\u5f71\u54cd\u5176\u6ce2\u52a8\u7387 (IV)\u3002\u6b63\u9762\u60c5\u7eea\u7684\u6fc0\u589e\u901a\u5e38\u4f1a\u5bfc\u81f4\u6ce2\u52a8\u7387\u4e0a\u5347\uff0c\u8868\u660e\u4ef7\u683c\u6ce2\u52a8\u9884\u671f\u589e\u52a0\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u5230\u671f\u65f6\u95f4\uff1a<\/span><\/b><span dir=\"auto\">\u968f\u7740\u671f\u6743\u5230\u671f\u65e5\u7684\u4e34\u8fd1\uff0c\u5176\u9690\u542b\u6ce2\u52a8\u7387 (IV) \u5f80\u5f80\u4f1a\u4e0a\u5347\u3002\u8fd9\u662f\u56e0\u4e3a\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u5927\u5e45\u6ce2\u52a8\u7684\u65f6\u95f4\u7f29\u77ed\uff0c\u4ece\u800c\u589e\u52a0\u4e86\u4ef7\u683c\u5927\u5e45\u6ce2\u52a8\u7684\u53ef\u80fd\u6027\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u6ce2\u52a8\u7387\u6307\u6570\uff1a<\/span><\/b><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.investing.com\/indices\/crypto-volatility-index-chart\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u52a0\u5bc6\u8d27\u5e01\u6ce2\u52a8\u7387\u6307\u6570 (CVIX)<\/span><\/a><span dir=\"auto\">\u7b49\u6307\u6570\u53ef\u4ee5\u6d1e\u5bdf\u6574\u4f53\u5e02\u573a\u6ce2\u52a8\u7387\uff0c\u4ece\u800c\u5f71\u54cd IV\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u5229\u7387\uff1a<\/span><\/b><span dir=\"auto\">\u5229\u7387\u53d8\u5316\u4f1a\u5f71\u54cd\u65e0\u98ce\u9669\u5229\u7387\u548c\u671f\u6743\u5b9a\u4ef7\uff0c\u4ece\u800c\u95f4\u63a5\u5f71\u54cdIV\u3002<\/span><\/li>\n<\/ul>\n<h2 id=\"5\"><span dir=\"auto\">IV \u548c\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u6ea2\u4ef7\u4e4b\u95f4\u6709\u4ec0\u4e48\u5173\u7cfb\uff1f<\/span><\/h2>\n<p><span dir=\"auto\">\u9690\u542b\u6ce2\u52a8\u7387\u5728\u786e\u5b9a\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u7684\u6ea2\u4ef7\u65b9\u9762\u8d77\u7740\u81f3\u5173\u91cd\u8981\u7684\u4f5c\u7528\u3002\u9690\u542b\u6ce2\u52a8\u7387\u8d8a\u9ad8\uff0c\u671f\u6743\u6ea2\u4ef7\u901a\u5e38\u4e5f\u8d8a\u9ad8\uff0c\u53cd\u4e4b\u4ea6\u7136\u3002\u8fd9\u662f\u56e0\u4e3a\u9690\u542b\u6ce2\u52a8\u7387\u8d8a\u9ad8\uff0c\u8868\u660e\u4ef7\u683c\u6ce2\u52a8\u9884\u671f\u8d8a\u5927\uff0c\u4ece\u800c\u589e\u52a0\u4e86\u671f\u6743\u6700\u7ec8\u83b7\u5229\u7684\u53ef\u80fd\u6027\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u5bf9\u4e8e\u770b\u6da8\u671f\u6743\u800c\u8a00\uff0c\u9690\u542b\u6ce2\u52a8\u7387\u8d8a\u9ad8\uff0c\u6ea2\u4ef7\u4e5f\u5c31\u8d8a\u9ad8\u3002\u8fd9\u662f\u56e0\u4e3a\u6807\u7684\u52a0\u5bc6\u8d27\u5e01\u7684\u4ef7\u683c\u66f4\u6709\u53ef\u80fd\u8d85\u8fc7\u884c\u6743\u4ef7\uff0c\u4ece\u800c\u4f7f\u770b\u6da8\u671f\u6743\u6210\u529f\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u540c\u6837\uff0c\u66f4\u9ad8\u7684\u9690\u542b\u6ce2\u52a8\u7387 (IV) \u4e5f\u4f1a\u589e\u52a0\u770b\u8dcc\u671f\u6743\u7684\u6ea2\u4ef7\u3002\u8fd9\u662f\u56e0\u4e3a\u6807\u7684\u52a0\u5bc6\u8d27\u5e01\u7684\u4ef7\u683c\u8dcc\u7834\u6267\u884c\u4ef7\u683c\u7684\u53ef\u80fd\u6027\u66f4\u5927\uff0c\u4ece\u800c\u4f7f\u770b\u8dcc\u671f\u6743\u6210\u529f\u3002<\/span><\/p>\n<h2 id=\"6\"><span dir=\"auto\">\u4ec0\u4e48\u662f\u9759\u8109\u6324\u538b\uff1f<\/span><\/h2>\n<p><span dir=\"auto\">\u5982\u679c\u60a8\u662f\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u65b0\u624b\uff0c\u60a8\u5f88\u53ef\u80fd\u542c\u8bf4\u8fc7\u9690\u542b\u6ce2\u52a8\u7387 (IV) \u5d29\u76d8\uff0c\u4ee5\u53ca\u5b83\u5982\u4f55\u56e0\u671f\u6743\u6ea2\u4ef7\u7684\u5feb\u901f\u4e0b\u964d\u800c\u5bf9\u671f\u6743\u4ea4\u6613\u8005\u4ea7\u751f\u5f71\u54cd\u3002\u9690\u542b\u6ce2\u52a8\u7387\u5d29\u76d8\u662f\u6307\u9690\u542b\u6ce2\u52a8\u7387 (IV) \u7a81\u7136\u4e0b\u964d\uff0c\u5bfc\u81f4\u671f\u6743\u4ef7\u683c\u5927\u5e45\u4e0b\u8dcc\u3002\u5f53\u67d0\u79cd\u50ac\u5316\u5242\u672a\u80fd\u5e26\u6765\u9884\u671f\u7684\u4ef7\u683c\u53d8\u52a8\uff0c\u6216\u5176\u5f71\u54cd\u5c0f\u4e8e\u9884\u671f\u65f6\uff0c\u5c31\u4f1a\u53d1\u751f\u8fd9\u79cd\u60c5\u51b5\u3002\u52a0\u5bc6\u8d27\u5e01\u4e16\u754c\u4e2d\u7684\u4e00\u4e9b\u50ac\u5316\u5242\u5305\u62ec\u5927\u89c4\u6a21\u7f51\u7edc\u5347\u7ea7\uff08\u4f8b\u5982<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/ethereum-dencun-upgrade-eip-4844\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">Dencun \u5347\u7ea7\uff09<\/span><\/a><span dir=\"auto\">\u548c\u76d1\u7ba1\u53d8\u5316\uff08\u4f8b\u5982<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/ethereum-etf\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u73b0\u8d27 ETH ETF<\/span><\/a><span dir=\"auto\">\u516c\u544a\uff09\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u50ac\u5316\u5242\u7684\u4f5c\u7528\u53ca\u5176\u5bf9\u9690\u542b\u6ce2\u52a8\u7387\u7684\u5f71\u54cd<\/span><\/h3>\n<p><span dir=\"auto\">\u50ac\u5316\u5242\u5728\u6ce2\u52a8\u7387\u66b4\u8dcc\u4e2d\u8d77\u7740\u81f3\u5173\u91cd\u8981\u7684\u4f5c\u7528\u3002\u5f53\u4ea4\u6613\u5458\u9884\u671f\u91cd\u5927\u4e8b\u4ef6\u53d1\u751f\u65f6\uff0c\u4ed6\u4eec\u901a\u5e38\u4f1a\u8d2d\u4e70\u671f\u6743\u6765\u5bf9\u51b2\u4ed3\u4f4d\u6216\u6295\u673a\u6f5c\u5728\u7684\u4ef7\u683c\u8d70\u52bf\u3002\u671f\u6743\u9700\u6c42\u7684\u589e\u52a0\u63a8\u9ad8\u4e86\u6ce2\u52a8\u7387\u548c\u671f\u6743\u4ef7\u683c\u3002\u7136\u800c\uff0c\u5982\u679c\u4e8b\u4ef6\u6ca1\u6709\u6309\u9884\u671f\u53d1\u751f\uff0c\u671f\u6743\u9700\u6c42\u53ef\u80fd\u4f1a\u8fc5\u901f\u84b8\u53d1\uff0c\u5bfc\u81f4\u6ce2\u52a8\u7387\u548c\u671f\u6743\u4ef7\u683c\u66b4\u8dcc\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u9690\u542b\u6ce2\u52a8\u7387\u66b4\u8dcc\u5bf9\u671f\u6743\u4ea4\u6613\u8005\u7684\u5f71\u54cd\u53ef\u80fd\u975e\u5e38\u4e25\u91cd\u3002\u5bf9\u4e8e\u6301\u6709\u671f\u6743\u591a\u5934\u5934\u5bf8\u7684\u4ea4\u6613\u8005\u6765\u8bf4\uff0c\u9690\u542b\u6ce2\u52a8\u7387\u7684\u7a81\u7136\u4e0b\u8dcc\u53ef\u80fd\u5bfc\u81f4\u5de8\u989d\u635f\u5931\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u968f\u7740\u671f\u6743\u4ef7\u683c\u4e0b\u8dcc\uff0c\u505a\u7a7a\u671f\u6743\u5e76\u4ee5\u6ea2\u4ef7\u7b7e\u8ba2\u5408\u7ea6\u7684\u4ea4\u6613\u8005\u53ef\u80fd\u4f1a\u4ece\u9690\u542b\u6ce2\u52a8\u7387\u66b4\u8dcc\u4e2d\u83b7\u5229\u3002<\/span><\/p>\n<h3><span dir=\"auto\">\u9759\u8109\u6ce8\u5c04\u6324\u538b\u7f13\u89e3\u6280\u5de7<\/span><\/h3>\n<p><b><span dir=\"auto\">\u4fdd\u6301\u77e5\u60c5\uff1a<\/span><\/b><span dir=\"auto\">\u968f\u65f6\u4e86\u89e3\u53ef\u80fd\u5f71\u54cd\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u7684\u76f8\u5173\u65b0\u95fb\u548c\u4e8b\u4ef6\u3002<\/span><\/p>\n<p><b><span dir=\"auto\">\u76d1\u6d4b\u9759\u8109\u8840\uff1a<\/span><\/b><span dir=\"auto\">\u8ddf\u8e2a\u9759\u8109\u8840\u7684\u53d8\u5316\u4ee5\u8bc6\u522b\u9759\u8109\u8840\u6324\u538b\u7684\u6f5c\u5728\u8ff9\u8c61\u3002<\/span><\/p>\n<p><b><span dir=\"auto\">\u5206\u6563\u6295\u8d44\u7ec4\u5408\uff1a<\/span><\/b><span dir=\"auto\">\u4e0d\u8981\u628a\u9e21\u86cb\u653e\u5728\u4e00\u4e2a\u7bee\u5b50\u91cc\u3002\u8003\u8651\u901a\u8fc7\u4e0d\u540c\u7684\u6807\u7684\u8d44\u4ea7\u548c\u5230\u671f\u65e5\u5206\u6563\u60a8\u7684\u671f\u6743\u5934\u5bf8\u3002<\/span><\/p>\n<p><b><span dir=\"auto\">\u4f7f\u7528\u6b62\u635f\u5355\uff1a<\/span><\/b><span dir=\"auto\">\u8bbe\u7f6e<\/span><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\">\u6b62\u635f\u5355<\/span><\/a><span dir=\"auto\">\u4ee5\u9650\u5236 IV \u5927\u5e45\u4e0b\u964d\u65f6\u7684\u6f5c\u5728\u635f\u5931\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u901a\u8fc7\u4e86\u89e3 IV \u6324\u538b\u7684\u6982\u5ff5\u53ca\u5176\u6f5c\u5728\u5f71\u54cd\uff0c\u52a0\u5bc6\u671f\u6743\u4ea4\u6613\u8005\u53ef\u4ee5\u5728\u52a0\u5bc6\u671f\u6743\u5e02\u573a\u4e2d\u505a\u51fa\u66f4\u660e\u667a\u7684\u51b3\u7b56\u5e76\u6709\u6548\u5730\u7ba1\u7406\u98ce\u9669\u3002<\/span><\/p>\n<h2 id=\"7\"><span dir=\"auto\">\u5982\u4f55\u5206\u6790\u548c\u89e3\u91ca\u52a0\u5bc6\u671f\u6743\u7684 IV<\/span><\/h2>\n<p><span dir=\"auto\">\u5206\u6790\u548c\u89e3\u8bfbIV\u5bf9\u4e8e\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u7684\u6210\u529f\u81f3\u5173\u91cd\u8981\u3002\u4ee5\u4e0b\u662f\u4e00\u4e9b\u5173\u952e\u7b56\u7565\u3002<\/span><\/p>\n<h3><span dir=\"auto\">IV \u56fe\u8868\u548c\u6307\u6807<\/span><\/h3>\n<ul>\n<li><b><span dir=\"auto\">\u6ce2\u52a8\u7387\u767e\u5206\u4f4d\u6570\uff1a<\/span><\/b><span dir=\"auto\">\u8be5\u6307\u6807\u663e\u793a\u6ce2\u52a8\u7387\u76f8\u5bf9\u4e8e\u5176\u5386\u53f2\u8303\u56f4\u7684\u9ad8\u4f4e\u3002\u767e\u5206\u4f4d\u6570\u8f83\u9ad8\u8868\u793a\u6ce2\u52a8\u7387\u6c34\u5e73\u76f8\u5bf9\u8f83\u9ad8\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">IV \u504f\u5ea6\uff1a<\/span><\/b><span dir=\"auto\">\u8fd9\u8861\u91cf\u4e86\u9690\u542b\u6ce2\u52a8\u7387\u66f2\u7ebf\u7684\u4e0d\u5bf9\u79f0\u6027\uff0c\u8868\u660e\u5e02\u573a\u9884\u671f\u4e2d\u5b58\u5728\u6f5c\u5728\u504f\u5dee\u3002<\/span><\/li>\n<\/ul>\n<h3><span dir=\"auto\">\u5229\u7528IV\u8d8b\u52bf\u8bc6\u522b\u4ea4\u6613\u673a\u4f1a<\/span><\/h3>\n<ul>\n<li><b><span dir=\"auto\">\u671f\u6743\u6ce2\u52a8\u7387\u538b\u7f29\uff1a<\/span><\/b><span dir=\"auto\">\u5f53\u671f\u6743\u6ce2\u52a8\u7387\u8f83\u9ad8\u65f6\uff0c\u968f\u540e\u5f00\u59cb\u4e0b\u964d\uff0c\u8fd9\u88ab\u79f0\u4e3a\u671f\u6743\u6ce2\u52a8\u7387\u538b\u7f29\u3002\u8fd9\u53ef\u80fd\u662f\u671f\u6743\u7684\u6f5c\u5728\u4e70\u5165\u673a\u4f1a\uff0c\u56e0\u4e3a\u671f\u6743\u8d39\u53ef\u80fd\u4f1a\u88ab\u5938\u5927\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u9690\u542b\u6ce2\u52a8\u7387\u6269\u5f20\uff1a<\/span><\/b><span dir=\"auto\">\u5f53\u9690\u542b\u6ce2\u52a8\u7387\u8f83\u4f4e\u65f6\uff0c\u968f\u540e\u5f00\u59cb\u4e0a\u5347\uff0c\u8fd9\u88ab\u79f0\u4e3a\u9690\u542b\u6ce2\u52a8\u7387\u6269\u5f20\u3002\u8fd9\u53ef\u80fd\u662f\u671f\u6743\u7684\u6f5c\u5728\u5356\u51fa\u673a\u4f1a\uff0c\u56e0\u4e3a\u6ea2\u4ef7\u53ef\u80fd\u88ab\u4f4e\u4f30\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">IV \u6ce2\u52a8\u6027\uff1a<\/span><\/b><span dir=\"auto\">\u57fa\u4e8e IV \u672c\u8eab\u7684\u53d8\u5316\u8fdb\u884c\u4ea4\u6613\u53ef\u4ee5\u6210\u4e3a\u4e00\u79cd\u7b56\u7565\u3002\u4f8b\u5982\uff0c\u4e00\u4f4d\u7ecf\u9a8c\u4e30\u5bcc\u7684\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u8005\u53ef\u80fd\u4f1a\u8003\u8651\u5728 IV \u9884\u671f\u4e0a\u6da8\u65f6\u4e70\u5165\u671f\u6743\uff0c\u5728 IV \u9884\u671f\u4e0b\u8dcc\u65f6\u5356\u51fa\u671f\u6743\u3002<\/span><\/li>\n<\/ul>\n<h2 id=\"8\"><span dir=\"auto\">\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4e2d IV \u7684\u4ea4\u6613\u7b56\u7565<\/span><\/h2>\n<ul>\n<li><b><span dir=\"auto\">\u8de8\u5f0f\u671f\u6743\uff1a<\/span><\/b><span dir=\"auto\">\u8d2d\u4e70\u5177\u6709\u76f8\u540c\u6267\u884c\u4ef7\u683c\u548c\u5230\u671f\u65e5\u7684\u770b\u6da8\u671f\u6743\u548c\u770b\u8dcc\u671f\u6743\uff0c\u53ef\u4ee5\u4ece\u4efb\u4e00\u65b9\u5411\u7684\u5927\u5e45\u4ef7\u683c\u53d8\u52a8\u4e2d\u83b7\u5229\uff0c\u800c\u4e0d\u7ba1\u65b9\u5411\u5982\u4f55\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u5bbd\u8de8\u5f0f\u671f\u6743\uff1a<\/span><\/b><span dir=\"auto\">\u4e70\u5165\u6267\u884c\u4ef7\u683c\u4e0d\u540c\u3001\u5230\u671f\u65e5\u76f8\u540c\u7684\u770b\u6da8\u671f\u6743\u548c\u770b\u8dcc\u671f\u6743\uff0c\u53ef\u4ee5\u4ece\u4ef7\u683c\u5927\u5e45\u6ce2\u52a8\u4e2d\u83b7\u5229\uff0c\u4f46\u6210\u672c\u6bd4\u8de8\u5f0f\u671f\u6743\u4f4e\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u65e5\u5386\u4ef7\u5dee\uff1a<\/span><\/b><span dir=\"auto\">\u4e70\u5165\u5230\u671f\u65e5\u8f83\u957f\u7684\u671f\u6743\u5e76\u5356\u51fa\u5230\u671f\u65e5\u8f83\u77ed\u7684\u671f\u6743\uff0c\u53ef\u4ee5\u901a\u8fc7\u671f\u6743 IV \u6216\u65f6\u95f4\u4ef7\u503c\u7684\u53d8\u5316\u6765\u83b7\u5229\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u5782\u76f4\u4ef7\u5dee\uff1a<\/span><\/b><span dir=\"auto\">\u4e70\u5356\u6267\u884c\u4ef7\u683c\u4e0d\u540c\u4f46\u5230\u671f\u65e5\u76f8\u540c\u7684\u671f\u6743\u53ef\u7528\u4e8e\u521b\u5efa\u660e\u786e\u7684\u98ce\u9669\u548c\u56de\u62a5\u6982\u51b5\u3002<\/span><\/li>\n<\/ul>\n<h3><span dir=\"auto\">\u603b\u7ed3\u548c\u540e\u7eed\u6b65\u9aa4<\/span><\/h3>\n<p><span dir=\"auto\">\u9690\u542b\u6ce2\u52a8\u7387\u662f\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u4ea4\u6613\u4e2d\u7684\u4e00\u4e2a\u91cd\u8981\u6982\u5ff5\u3002\u4e86\u89e3\u9690\u542b\u6ce2\u52a8\u7387\u5982\u4f55\u5f71\u54cd\u671f\u6743\u6ea2\u4ef7\u5e76\u8fd0\u7528\u5404\u79cd\u7b56\u7565\uff0c\u53ef\u4ee5\u5e2e\u52a9\u4ea4\u6613\u8005\u628a\u63e1\u5e02\u573a\u673a\u4f1a\u3002\u7136\u800c\uff0c\u5728\u50cf\u52a0\u5bc6\u8d27\u5e01\u8fd9\u6837\u6ce2\u52a8\u5267\u70c8\u7684\u5e02\u573a\u4e2d\uff0c\u7ba1\u7406\u98ce\u9669\u5e76\u4ed4\u7ec6\u5206\u6790\u9690\u542b\u6ce2\u52a8\u7387\u7684\u53d8\u52a8\u81f3\u5173\u91cd\u8981\uff0c\u8fd9\u6837\u624d\u80fd\u505a\u51fa\u660e\u667a\u7684\u4ea4\u6613\u51b3\u7b56\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u60f3\u4e86\u89e3\u66f4\u591a\u5173\u4e8e\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u7b56\u7565\u7684\u4fe1\u606f\u5417\uff1f\u5feb\u6765\u67e5\u770b\u6211\u4eec\u7684<\/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\">\u671f\u6743\u8f6e\u76d8\u7b56\u7565<\/span><\/a><span dir=\"auto\">\u6307\u5357\u5427\uff01\u8be5\u7b56\u7565\u7ed3\u5408\u4e86<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/selling-put-options\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u73b0\u91d1\u62c5\u4fdd\u770b\u8dcc\u671f\u6743<\/span><\/a><span dir=\"auto\">\u548c<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/covered-calls-explained\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u5907\u5151\u770b\u6da8\u671f\u6743<\/span><\/a><span dir=\"auto\">\u3002<\/span><\/p>\n<h2 id=\"9\"><span dir=\"auto\">\u9644\u5f55\uff1aBlack-Scholes\u516c\u5f0f<\/span><\/h2>\n<p><span dir=\"auto\">C = S * N(d1) &#8211; K * e^(-rt) * N(d2)<\/span><\/p>\n<p><span dir=\"auto\">P = K * e^(-rt) * N(-d2) &#8211; S * N(-d1)<\/span><\/p>\n<p><b><span dir=\"auto\">C<\/span><\/b><span dir=\"auto\">\u662f\u770b\u6da8\u671f\u6743\u7684\u4ef7\u683c\u3002<\/span><\/p>\n<p><b><span dir=\"auto\">P<\/span><\/b><span dir=\"auto\">\u662f\u770b\u8dcc\u671f\u6743\u7684\u4ef7\u683c\u3002<\/span><\/p>\n<p><b><span dir=\"auto\">S<\/span><\/b><span dir=\"auto\">\u662f\u6807\u7684\u8d44\u4ea7\u7684\u5f53\u524d\u4ef7\u683c\u3002<\/span><\/p>\n<p><b><span dir=\"auto\">K<\/span><\/b><span dir=\"auto\">\u662f\u671f\u6743\u7684\u6267\u884c\u4ef7\u683c\u3002<\/span><\/p>\n<p><b><span dir=\"auto\">r<\/span><\/b><span dir=\"auto\">\u662f\u65e0\u98ce\u9669\u5229\u7387\u3002<\/span><\/p>\n<p><b><span dir=\"auto\">t<\/span><\/b><span dir=\"auto\">\u662f\u5230\u671f\u65f6\u95f4\uff08\u4ee5\u5e74\u4e3a\u5355\u4f4d\uff09\u3002<\/span><\/p>\n<p><b><span dir=\"auto\">N<\/span><\/b><span dir=\"auto\">\u662f<\/span><b>\u00a0<\/b><span dir=\"auto\">\u6807\u51c6\u6b63\u6001\u5206\u5e03\u7684\u7d2f\u79ef\u5206\u5e03\u51fd\u6570\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span dir=\"auto\">d1 = [ln(S\/K) + (r + \u03c3\u00b2\/2) * t] \/ (\u03c3 * \u221at)<\/span><\/p>\n<p><span dir=\"auto\">d2 = d1 &#8211; \u03c3 * \u221at<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b><span dir=\"auto\">d1<\/span><\/b><span dir=\"auto\">\u8868\u793a\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u5728\u5230\u671f\u65f6\u9ad8\u4e8e\u6267\u884c\u4ef7\u683c\u7684\u6982\u7387\u3002<\/span><\/p>\n<p><b><span dir=\"auto\">d2<\/span><\/b><span dir=\"auto\">\u8868\u793a\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u5728\u5230\u671f\u65f6\u4f4e\u4e8e\u6267\u884c\u4ef7\u683c\u7684\u6982\u7387\u3002<\/span><\/p>\n<p><b><span dir=\"auto\">\u03c3<\/span><\/b><span dir=\"auto\">\u662f\u6807\u7684\u8d44\u4ea7\u7684\u6ce2\u52a8\u7387<\/span><\/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 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\">\u5386\u53f2\u6ce2\u52a8\u7387\u548c\u9690\u542b\u6ce2\u52a8\u7387\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=\":R6ir:-content\" class=\"academy-accordion-content academy-accordion-content-expanded index_content__Zi13z\" role=\"region\" aria-labelledby=\":R6ir:-header\">\n<p><span dir=\"auto\">\u5386\u53f2\u6ce2\u52a8\u7387\u8861\u91cf\u8fc7\u53bb\u7684\u4ef7\u683c\u6ce2\u52a8\uff0c\u800c\u9690\u542b\u6ce2\u52a8\u7387\u53cd\u6620\u5e02\u573a\u5bf9\u672a\u6765\u4ef7\u683c\u8d70\u52bf\u7684\u9884\u671f\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\">\u5982\u4f55\u8ba1\u7b97\u9690\u542b\u6ce2\u52a8\u7387\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\">\u9690\u542b\u6ce2\u52a8\u7387\u901a\u5e38\u4f7f\u7528 Black-Scholes \u6a21\u578b\u8ba1\u7b97\uff0c\u8be5\u6a21\u578b\u8003\u8651\u4e86\u671f\u6743\u4ef7\u683c\u3001\u6267\u884c\u4ef7\u683c\u3001\u5230\u671f\u65f6\u95f4\u548c\u65e0\u98ce\u9669\u5229\u7387\u7b49\u5404\u79cd\u56e0\u7d20\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\">IV \u548c\u671f\u6743\u8d39\u4e4b\u95f4\u6709\u4ec0\u4e48\u5173\u7cfb\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\">\u66f4\u9ad8\u7684 IV \u901a\u5e38\u4f1a\u5bfc\u81f4\u66f4\u9ad8\u7684\u671f\u6743\u6ea2\u4ef7\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\">\u4f7f\u7528 IV \u8fdb\u884c\u4ea4\u6613\u6709\u54ea\u4e9b\u7b56\u7565\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\">\u4e00\u4e9b\u7b56\u7565\u5305\u62ec\u8de8\u5f0f\u671f\u6743\u3001\u52d2\u5f0f\u671f\u6743\u3001\u65e5\u5386\u4ef7\u5dee\u671f\u6743\u548c\u5782\u76f4\u4ef7\u5dee\u671f\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\">Black-Scholes \u6a21\u578b\u53ef\u4ee5\u5e94\u7528\u4e8e\u52a0\u5bc6\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=\":Rmir:-content\" class=\"academy-accordion-content academy-accordion-content-expanded index_content__Zi13z\" role=\"region\" aria-labelledby=\":Rmir:-header\">\n<p><span dir=\"auto\">\u4e0e\u666e\u904d\u7684\u770b\u6cd5\u76f8\u53cd\uff0c\u5e03\u83b1\u514b-\u65af\u79d1\u5c14\u65af\u516c\u5f0f\u53ef\u4ee5\u5e94\u7528\u4e8e\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u3002\u867d\u7136\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u5b58\u5728\u4e00\u4e9b\u7ec6\u5fae\u5dee\u522b\u548c\u7279\u5b9a\u8003\u8651\u56e0\u7d20\uff0c\u4f46\u671f\u6743\u5b9a\u4ef7\u7684\u57fa\u672c\u539f\u7406\u4fdd\u6301\u4e0d\u53d8\u3002<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u60a8\u662f\u5426\u77e5\u9053\uff0c\u5373\u4f7f\u4ef7\u683c\u8d70\u52bf\u5bf9\u60a8\u6709\u5229\uff0c\u4ea4\u6613\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u65f6\u4ecd\u7136\u53ef\u80fd\u4e8f\u635f\uff1f\u8fd9\u662f\u7531\u4e8e\u9690\u542b\u6ce2\u52a8\u7387 (IV) \u5bf9\u671f\u6743\u6ea2\u4ef7\u7684\u5f71&hellip; <a class=\"more-link\" href=\"http:\/\/okx.biquan123.com\/blog\/?p=736\">\u7ee7\u7eed\u9605\u8bfb<span class=\"screen-reader-text\">\u4ec0\u4e48\u662f\u9690\u542b\u6ce2\u52a8\u7387\uff1a\u9690\u542b\u6ce2\u52a8\u7387\u5982\u4f55\u5f71\u54cd\u52a0\u5bc6\u8d27\u5e01\u671f\u6743\u6ea2\u4ef7<\/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-736","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\/736","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=736"}],"version-history":[{"count":2,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/736\/revisions"}],"predecessor-version":[{"id":3347,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/736\/revisions\/3347"}],"wp:attachment":[{"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=736"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}