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@期权小班长：本周机构力推策略：价内跨式小杠杆同时控制风险

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href=\"https://laohu8.com/OPT/META%2020240621%20550.0%20CALL\">$META 20240621 550.0 CALL$</a> 组合。根据行权价计算预期，预期财报涨幅不超过5%。对于卖出看跌期，权行权价可以考虑475 <a data-mention-id=\"META 20240503 475.0 PUT\" class=\"teditor-mention\" data-mention-name=\"META\" href=\"https://laohu8.com/OPT/META%2020240503%20475.0%20PUT\">$META 20240503 475.0 PUT$</a> </p><p><a data-mention-id=\"MSFT\" class=\"teditor-mention\" data-mention-name=\"微软\" href=\"https://laohu8.com/S/MSFT\">$微软(MSFT)$</a> </p><p>预期波动率与META相仿，4.7%。但机构的期权大单比META更加稳健，他们买入的是价内跨式： <a data-mention-id=\"MSFT 20240517 380.0 CALL\" class=\"teditor-mention\" data-mention-name=\"MSFT\" href=\"https://laohu8.com/OPT/MSFT%2020240517%20380.0%20CALL\">$MSFT 20240517 380.0 CALL$</a> 和 <a data-mention-id=\"MSFT 20240517 380.0 PUT\" class=\"teditor-mention\" data-mention-name=\"MSFT\" href=\"https://laohu8.com/OPT/MSFT%2020240517%20380.0%20PUT\">$MSFT 20240517 380.0 PUT$</a> 。</p><p>这种5%左右的价内跨式好处在于，看涨期权主要由价内价值构成，更能应对下跌波动；而看跌期权虽然没有价内价值，但在下跌时可以一定程度上弥补损失，而且因为行权价属于价外，期权价格更便宜，相当于买了一份保险。对于这组期权来说，只要财报后微软股价超过412，就能实现赢亏平衡，相当于股价涨1.2%即可盈利。</p><p>5月10日也有一个类似的价内跨式期权组合： <a data-mention-id=\"MSFT 20240510 350.0 CALL\" class=\"teditor-mention\" data-mention-name=\"MSFT\" href=\"https://laohu8.com/OPT/MSFT%2020240510%20350.0%20CALL\">$MSFT 20240510 350.0 CALL$</a> 和  <a data-mention-id=\"MSFT 20240510 350.0 PUT\" class=\"teditor-mention\" data-mention-name=\"MSFT\" href=\"https://laohu8.com/OPT/MSFT%2020240510%20350.0%20PUT\">$MSFT 20240510 350.0 PUT$</a> 。不过我认为谨慎如此倒不如卖出<a data-mention-id=\"MSFT 20240510 350.0 PUT\" class=\"teditor-mention\" data-mention-name=\"MSFT\" href=\"https://laohu8.com/OPT/MSFT%2020240510%20350.0%20PUT\">$MSFT 20240510 350.0 PUT$</a> 做sell put，毕竟360美元是一个较强支撑位，股价大概率不会跌破。</p><p> <a data-mention-id=\"GOOG\" class=\"teditor-mention\" data-mention-name=\"谷歌\" href=\"https://laohu8.com/S/GOOG\">$谷歌(GOOG)$</a> </p><p>看了一眼googl的期权基本是散户参与，数据不太有参考价值，按下不表。<a data-mention-id=\"GOOG\" class=\"teditor-mention\" data-mention-name=\"谷歌\" href=\"https://laohu8.com/S/GOOG\">$谷歌(GOOG)$</a>  期权大单显示较为积极的看涨：机构买入 <a data-mention-id=\"GOOG 20240621 165.0 CALL\" class=\"teditor-mention\" data-mention-name=\"GOOG\" href=\"https://laohu8.com/OPT/GOOG%2020240621%20165.0%20CALL\">$GOOG 20240621 165.0 CALL$</a> 卖出 <a data-mention-id=\"GOOG 20240621 135.0 PUT\" class=\"teditor-mention\" data-mention-name=\"GOOG\" href=\"https://laohu8.com/OPT/GOOG%2020240621%20135.0%20PUT\">$GOOG 20240621 135.0 PUT$</a> 。根据行权价计算，预期涨幅为3.7%，虽然不高，但至少看涨期权的行权价是价外的。</p><p>谷歌下方有多个较强支撑位，如154、142、133美元，机构选择135美元当作卖出行权价，说明他们有意愿在该价位建仓。稳健策略可以考虑只做sell put即可： <a data-mention-id=\"GOOG 20240621 135.0 PUT\" class=\"teditor-mention\" data-mention-name=\"GOOG\" href=\"https://laohu8.com/OPT/GOOG%2020240621%20135.0%20PUT\">$GOOG 20240621 135.0 PUT$</a> 。</p><p>总的来说，市场对本周大型科技股财报的预期比较中性，机构更多采取了控制风险的策略。</p></body></html>","htmlText":"<html><head></head><body><p>据上周大跌的影响，本周科技股财报即使数据良好，也可能不会出现大涨，甚至还会下跌。所以科技股期权大单看起来全部变得十分稳健，机构开始通过价内期权组合来降低成本，把控风险。这反映市场对当前大盘反弹的持续性存有疑虑。</p><p><a data-mention-id=\"META\" class=\"teditor-mention\" data-mention-name=\"Meta Platforms\" href=\"https://laohu8.com/S/META\">$Meta Platforms(META)$</a> </p><p>我认为META依然是本财报季最强股，因为垄断地位优势突出。但不要抱有太高预期，由于前一阵大跌，525美元成为一个小阻力位，因此重现上季20%的飙升并不现实。不跌就足够了，因为sell put年化收益率很高，本周卖出平价看跌期权的年化收益达到355%。</p><p>不过稳健起见，本次卖出看跌期权策略就不选平价了。机构期权交易显示，他们买入 <a data-mention-id=\"META 20240621 475.0 CALL\" class=\"teditor-mention\" data-mention-name=\"META\" href=\"https://laohu8.com/OPT/META%2020240621%20475.0%20CALL\">$META 20240621 475.0 CALL$</a> 卖出 <a data-mention-id=\"META 20240621 550.0 CALL\" class=\"teditor-mention\" data-mention-name=\"META\" href=\"https://laohu8.com/OPT/META%2020240621%20550.0%20CALL\">$META 20240621 550.0 CALL$</a> 组合。根据行权价计算预期，预期财报涨幅不超过5%。对于卖出看跌期，权行权价可以考虑475 <a data-mention-id=\"META 20240503 475.0 PUT\" class=\"teditor-mention\" data-mention-name=\"META\" href=\"https://laohu8.com/OPT/META%2020240503%20475.0%20PUT\">$META 20240503 475.0 PUT$</a> </p><p><a data-mention-id=\"MSFT\" class=\"teditor-mention\" data-mention-name=\"微软\" href=\"https://laohu8.com/S/MSFT\">$微软(MSFT)$</a> </p><p>预期波动率与META相仿，4.7%。但机构的期权大单比META更加稳健，他们买入的是价内跨式： <a data-mention-id=\"MSFT 20240517 380.0 CALL\" class=\"teditor-mention\" data-mention-name=\"MSFT\" href=\"https://laohu8.com/OPT/MSFT%2020240517%20380.0%20CALL\">$MSFT 20240517 380.0 CALL$</a> 和 <a data-mention-id=\"MSFT 20240517 380.0 PUT\" class=\"teditor-mention\" data-mention-name=\"MSFT\" href=\"https://laohu8.com/OPT/MSFT%2020240517%20380.0%20PUT\">$MSFT 20240517 380.0 PUT$</a> 。</p><p>这种5%左右的价内跨式好处在于，看涨期权主要由价内价值构成，更能应对下跌波动；而看跌期权虽然没有价内价值，但在下跌时可以一定程度上弥补损失，而且因为行权价属于价外，期权价格更便宜，相当于买了一份保险。对于这组期权来说，只要财报后微软股价超过412，就能实现赢亏平衡，相当于股价涨1.2%即可盈利。</p><p>5月10日也有一个类似的价内跨式期权组合： <a data-mention-id=\"MSFT 20240510 350.0 CALL\" class=\"teditor-mention\" data-mention-name=\"MSFT\" href=\"https://laohu8.com/OPT/MSFT%2020240510%20350.0%20CALL\">$MSFT 20240510 350.0 CALL$</a> 和  <a data-mention-id=\"MSFT 20240510 350.0 PUT\" class=\"teditor-mention\" data-mention-name=\"MSFT\" href=\"https://laohu8.com/OPT/MSFT%2020240510%20350.0%20PUT\">$MSFT 20240510 350.0 PUT$</a> 。不过我认为谨慎如此倒不如卖出<a data-mention-id=\"MSFT 20240510 350.0 PUT\" class=\"teditor-mention\" data-mention-name=\"MSFT\" href=\"https://laohu8.com/OPT/MSFT%2020240510%20350.0%20PUT\">$MSFT 20240510 350.0 PUT$</a> 做sell put，毕竟360美元是一个较强支撑位，股价大概率不会跌破。</p><p> <a data-mention-id=\"GOOG\" class=\"teditor-mention\" data-mention-name=\"谷歌\" href=\"https://laohu8.com/S/GOOG\">$谷歌(GOOG)$</a> </p><p>看了一眼googl的期权基本是散户参与，数据不太有参考价值，按下不表。<a data-mention-id=\"GOOG\" class=\"teditor-mention\" data-mention-name=\"谷歌\" href=\"https://laohu8.com/S/GOOG\">$谷歌(GOOG)$</a>  期权大单显示较为积极的看涨：机构买入 <a data-mention-id=\"GOOG 20240621 165.0 CALL\" class=\"teditor-mention\" data-mention-name=\"GOOG\" href=\"https://laohu8.com/OPT/GOOG%2020240621%20165.0%20CALL\">$GOOG 20240621 165.0 CALL$</a> 卖出 <a data-mention-id=\"GOOG 20240621 135.0 PUT\" class=\"teditor-mention\" data-mention-name=\"GOOG\" href=\"https://laohu8.com/OPT/GOOG%2020240621%20135.0%20PUT\">$GOOG 20240621 135.0 PUT$</a> 。根据行权价计算，预期涨幅为3.7%，虽然不高，但至少看涨期权的行权价是价外的。</p><p>谷歌下方有多个较强支撑位，如154、142、133美元，机构选择135美元当作卖出行权价，说明他们有意愿在该价位建仓。稳健策略可以考虑只做sell put即可： <a data-mention-id=\"GOOG 20240621 135.0 PUT\" class=\"teditor-mention\" data-mention-name=\"GOOG\" href=\"https://laohu8.com/OPT/GOOG%2020240621%20135.0%20PUT\">$GOOG 20240621 135.0 PUT$</a> 。</p><p>总的来说，市场对本周大型科技股财报的预期比较中性，机构更多采取了控制风险的策略。</p></body></html>","text":"据上周大跌的影响，本周科技股财报即使数据良好，也可能不会出现大涨，甚至还会下跌。所以科技股期权大单看起来全部变得十分稳健，机构开始通过价内期权组合来降低成本，把控风险。这反映市场对当前大盘反弹的持续性存有疑虑。 $Meta Platforms(META)$ 我认为META依然是本财报季最强股，因为垄断地位优势突出。但不要抱有太高预期，由于前一阵大跌，525美元成为一个小阻力位，因此重现上季20%的飙升并不现实。不跌就足够了，因为sell put年化收益率很高，本周卖出平价看跌期权的年化收益达到355%。 不过稳健起见，本次卖出看跌期权策略就不选平价了。机构期权交易显示，他们买入 $META 20240621 475.0 CALL$ 卖出 $META 20240621 550.0 CALL$ 组合。根据行权价计算预期，预期财报涨幅不超过5%。对于卖出看跌期，权行权价可以考虑475 $META 20240503 475.0 PUT$ $微软(MSFT)$ 预期波动率与META相仿，4.7%。但机构的期权大单比META更加稳健，他们买入的是价内跨式： $MSFT 20240517 380.0 CALL$ 和 $MSFT 20240517 380.0 PUT$ 。 这种5%左右的价内跨式好处在于，看涨期权主要由价内价值构成，更能应对下跌波动；而看跌期权虽然没有价内价值，但在下跌时可以一定程度上弥补损失，而且因为行权价属于价外，期权价格更便宜，相当于买了一份保险。对于这组期权来说，只要财报后微软股价超过412，就能实现赢亏平衡，相当于股价涨1.2%即可盈利。 5月10日也有一个类似的价内跨式期权组合： $MSFT 20240510 350.0 CALL$ 和 $MSFT 20240510 350.0 PUT$ 。不过我认为谨慎如此倒不如卖出$MSFT 20240510 350.0 PUT$ 做sell put，毕竟360美元是一个较强支撑位，股价大概率不会跌破。 $谷歌(GOOG)$ 看了一眼googl的期权基本是散户参与，数据不太有参考价值，按下不表。$谷歌(GOOG)$ 期权大单显示较为积极的看涨：机构买入 $GOOG 20240621 165.0 CALL$ 卖出 $GOOG 20240621 135.0 PUT$ 。根据行权价计算，预期涨幅为3.7%，虽然不高，但至少看涨期权的行权价是价外的。 谷歌下方有多个较强支撑位，如154、142、133美元，机构选择135美元当作卖出行权价，说明他们有意愿在该价位建仓。稳健策略可以考虑只做sell put即可： $GOOG 20240621 135.0 PUT$ 。 总的来说，市场对本周大型科技股财报的预期比较中性，机构更多采取了控制风险的策略。","highlighted":1,"essential":2,"paper":2,"link":"https://laohu8.com/post/298442427146376","repostId":0,"isVote":1,"tweetType":1,"commentLimit":10,"symbols":["META","MSFT","GOOG"],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1742,"xxTargetLangEnum":"ZH_CN"},"isVote":1,"tweetType":1,"viewCount":1155,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":27,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/298467158007904"}