目录

Ⅰ 基本概念（5课时）

第1课 什么是期权？ ·······················································2

第2课 未平仓量（Open Interest）与交易量（Volume）

 的概念和它们的区别 ···········································8

第3课 如何像交易股票那样交易期权？ ·····················14

第4课 期权的内在价值和时间价值 ·····························20

第5课 期权价格的平价关系 ·········································25

Ⅱ 

期权的定价以及期权中的Greeks含义（5课时）

第6课 二项期权定价模型 ·············································34

第7课 布莱克-舒尔兹模型定价模型

 （Black-Scholes model） ···································38

第8课 隐含波动率与历史波动率 ·································43

第9课 特殊事件——季报、分红等对期权价格的

 影响 ·····································································48

VIII 

期权36课基本知识与实战策略

第10课如何理解影响期权价值变化的因素

——Delta、Gamma、Theta、Vega？ ············· 53 

Ⅲ期权的交易（4课时）

第11课期权的基本操作——买入看涨/看跌期权 ······ 70 

第12课如何用看涨期权和看跌期权实现套保 ··········· 76 

第13课再谈备兑看涨期权和保护性看跌期权策略 ··· 81 

第14课由做市商所引发的思考 ··································· 87 

Ⅳ 期权的策略及如何利用高级期权策略组合

进行盈利（10课时）

第15课垂直期权组合策略的概念和应用 ··················· 94 

第16课跨式组合策略的概念和应用及如何调整 ····· 100 

第17课高级组合策略——铁鹰策略iron condor及

如何调整 ··························································110 

第18课跨时间期权组合——日历组合/对角组合的

概念和应用及如何调整 ··································119 

第19课双日历/双对角组合的概念和应用 ················ 128 

第20课蝶式策略的概念和应用及如何调整 ············· 133 

第21课比例组合的概念和应用 ································· 142 

第22课通过期权拟合对应标的 ································· 149 

第23课实战策略组合如何根据波动率进行交易 ····· 154 

第24课剥削Gamma Scalping策略 ····························· 160 

Ⅴ 

期权高级理论与实战系列（12课时）

第25课如何在波动率不稳定的市场稳定盈利？ ····· 166 

第26课怎样通过期权策略在美股财报季实现

利润？ ···························································· 172 

第27课深层次的理解波动率——历史波动率和

隐含波动率，波动率微笑曲线 ····················· 178 

第28课波动率曲面 ····················································· 183 

第29课波动率的预测模型 ········································· 187 

第30课如何在罕见的市场调整和波动前控制

风险？ ····························································· 193 

第31课预测和分析波动率的方法 ····························· 200 

第32课如何建立关于期权交易的风控体系和系统 ···206 

第33课期权实战答疑（1） ······································· 213 

第34课期权实战答疑（2） ······································· 218 

第35课期权交易新手经常犯的九个错误 ················· 223 

第36课关于中国期权的一些看法 ····························· 227 

参考文献 ················································································ 232