暴增2360%！看涨期权是如何引爆特斯拉股价的？_老虎社区_美港股上老虎

暴增2360%！看涨期权是如何引爆特斯拉股价的？

金十数据2021-10-27

特斯拉股价暴涨背后的原因是什么？当地时间10月26日，特斯拉股价最高涨至1094.94/每股，再创历史新高，总市值突破一万亿美元。这是继微软、苹果、谷歌和脸书之后，美股历史上又一只市值超过一万亿美元的股票，特斯拉也因此成为全球第五大上市公司。仅仅用了11年，特斯拉就完成了从上市到市值过1万亿美元的过程，其增值速度仅次于Facebook。从赫兹全球控股公司（Hertz Global Holdings...

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斗战胜佛巴菲特
·2021-10-27
万亿俱乐部少了亚马逊，哎
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- 滚股怪:
  G oing
  2021-10-27
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- 斗战胜佛巴菲特:
  我说的他文章少写一个亚马逊显得很不专业
  2021-10-27
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- 月落玉长河:
  是Facebook吧
  2021-10-27
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Kochuba绘制了特斯拉股票与delta的对比图，delta用来衡量股票价格的变动对于期权价值的影响程度。最简单的形式是，当有人买入看涨期权时，交易商必须买入特斯拉的股票，以对冲期权交易产生的delta风险。如果股票继续上涨，交易商就会被迫购买更多的股票，这一过程被称为伽马对冲。根据Kochuba的分析，周一交易员开始卖出看涨期权，导致delta指数小幅为负。当纽约股市上午10点左右开始上涨时，这些看涨卖方被迫补仓。与此同时，特斯拉的股价也上涨至980美元。中午时分，交易员开始购入看涨期权，这引发了delta对冲交易的激增，随着特斯拉股价攀升至1000美元。在随后的两个小时，另一波买入浪潮再次冲击了市场。特斯拉股价在1045美元附近见顶，随后delta对冲开始逐渐减弱。一半的看涨期权将于周五到期，而当天到期的特斯拉1050美元股价看涨期权合约从71美分飙升至18.19美元，上涨了25倍。Kochuba表示：这种集中在短期期权的交易可以被视为一种策略，一些交易员称之为“伽马挤压”。市场认为，随着特斯拉的股价接近期权的执行价格，经销商将不得不购买越来越多的标的股票。在某种程度上，这可能有助于解释为什么特斯拉的股价走势看起来与业务基本面脱节。周一收盘时，该股收于1025美元，已经比分析师预计的12个月后的水平高出38%。当然，并非所有期权买家都忽视了特斯拉的基本面，也可能是分析师低估了该公司的潜力。不过，不管特斯拉的运营前景如何，许多交易员可能都被目前这种追逐动量的游戏所吸引。值得注意的是周一的未平仓交易。虽然看涨期权的交易量比前一天增加了一倍，但未平仓合约仅增长了约5%。换句话说，很大一部分成交量来自日内交易者。佩珀斯通集团（Pepperstone Group）驻墨尔本的研究主管克里斯·韦斯顿（Chris Weston）表示：在SpotGamma的Kochuba看来，虽然周一的期权活动帮助推高了股价，但这种提振作用正在变得不稳固。首先，期权成本变得更加昂贵。此外，逾30%的交易商伽马敞口预计将在周五到期时减少，这意味着对冲基金将被迫在未来几天迅速调整。他表示：责任编辑：郭明煜","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":855381293,"gmtCreate":1635336585149,"gmtModify":1635336585149,"author":{"id":"3432276741707889","authorId":"3432276741707889","name":"斗战胜佛巴菲特","avatar":"https://static.tigerbbs.com/640a5089fbb2259ce7da62d8c047b9bc","vip":2,"hat":"https://static.tigerbbs.com/5c5b6ed6e3b5dcb14f9ef3ceb365e412","crmLevel":2,"crmLevelSwitch":1,"idStr":"3432276741707889","authorIdStr":"3432276741707889"},"htmlText":"万亿俱乐部少了亚马逊，哎","listText":"万亿俱乐部少了亚马逊，哎","text":"万亿俱乐部少了亚马逊，哎","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/855381293","repostId":2178333512,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6346165,"gmtCreate":1635343449644,"gmtModify":1635343449743,"authorId":4091089381144950,"author":{"id":4091089381144950,"idStr":"4091089381144950","authorId":4091089381144950,"name":"滚股怪","avatar":"https://static.tigerbbs.com/b67621b4133ca0db91bff9766152a448","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":855381293,"type":1,"supId":0,"prevId":0,"content":"G 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