Stock splits can be one of the more confusing parts of trading, but they don't have to be.

股票分割可能是交易中最令人困惑的部分之一，但其實大可不必如此。

I'm Tom Preston, Chief Market Strategist at Tasty Live, and I'm going to cover that topic as well as a couple of trade ideas at the end of this video, so stick around for this week's cherry picks.

我是 Tasty Live 的首席市場策略師湯姆-普雷斯頓（Tom Preston），我將在本視頻的最後介紹這個話題以及一些交易理念，請繼續收看本週的精選內容。

Mike Rickentine and Nick Bautista put out a really interesting cherry picks this week talking about NVIDIA's upcoming stock split.

邁克-裡肯廷（Mike Rickentine）和尼克-包蒂斯塔（Nick Bautista）本週發表了一篇非常有趣的櫻桃精選，談論了英偉達即將進行的股票拆分。

It's going to split 10-for-1 on June 7th.

它將在 6 月 7 日以 10 比 1 的比分獲勝。

What does that mean?

這是什麼意思？

As they explain, if I have 100 shares of NVIDIA right now, and NVIDIA right now is about $1,000 a share, what's going to happen when that 10-for-1 split happens, the stock price of NVIDIA will be one-tenth of what it was, so it'll go from $1,000 to $100.

正如他們所解釋的那樣，如果我現在持有 100 股英偉達股票，而英偉達現在的股價約為每股 1,000 美元，那麼當 10 拆 1 發生時，英偉達的股價將是原來的十分之一，是以它將從 1,000 美元跌至 100 美元。

And you will get, instead of 100 shares, your 100 shares will turn into 1,000 shares.

你將得到的不是 100 股，而是 100 股變成 1000 股。

The net effect on your P&L is theoretically zero.

理論上，對損益的淨影響為零。

You'll have the same risk exposure to NVIDIA that you always had.

您在英偉達的風險敞口與以往相同。

In other words, the same dollar amount in your account in NVIDIA won't change.

換句話說，您在 NVIDIA 賬戶中的金額不會發生變化。

And here's the important thing to realize about all stock splits and corporate actions in general, is they don't change the company's value.

對於所有股票分割和一般的公司行為來說，最重要的一點是，它們不會改變公司的價值。

So a company won't be allowed to do, say, a, well, we'll do a stock split and increase our market cap by 10%.

是以，一家公司將不被允許這樣做，比如說，我們將進行股票拆分，並將我們的市值增加 10%。

That's not what happens, okay?

事情不是這樣的，好嗎？

You can't do that.

你不能這麼做。

A stock split is really a non-economic chain, theoretically.

從理論上講，股票分割實際上是一個非經濟鏈。

Why would they do this in the first place?

他們為什麼要這麼做？

Why would NVIDIA do this at all?

英偉達為什麼要這麼做？

It's to make their stock more accessible.

這是為了讓他們的股票更容易獲得。

Here's the deal.

事情是這樣的

If I want to buy 100 shares of a $10,000 or $1,000 stock, I need $5,000 of capital to invest in them.

如果我想買 100 股 10,000 美元或 1,000 美元的股票，我需要 5,000 美元的資金來投資。

If I make it a $100 stock, it's more accessible to more retail traders.

如果我把它變成 100 美元的股票，更多的散戶交易者就更容易買到。

That's why they're doing it.

這就是他們這樣做的原因。

And if it attracts more retail investors, there's an argument that you can make that it's a bullish signal for NVIDIA.

如果它能吸引更多的散戶投資者，你就可以說這是英偉達的一個看漲信號。

Maybe that'll happen, maybe it won't.

也許會，也許不會。

That's a treaty decision that you have to make on your own.

這是你必須自己做出的條約決定。

But what happens is, if you do own options in NVIDIA, the strike prices will be one-tenth of their size, and you'll get 10 times the number of options.

但是，如果你持有英偉達公司的期權，行權價將是其十分之一，而你獲得的期權數量將是其十倍。

They also point out the impact on the Greeks, like delta, gamma, things like that.

他們還指出了對希臘人的影響，如 delta、gamma 等。

The important one to realize is that delta does not change.

重要的一點是，Delta 不會改變。

Theta is going to decrease, mostly because the option prices are lower.

Theta 會減少，主要是因為期權價格降低了。

Again, option prices are linearly related to the stock price.

同樣，期權價格與股票價格呈線性關係。

So the option prices will be one-tenth of their value, but you'll get 10 times the quantity.

是以，期權價格將是其價值的十分之一，但你將得到 10 倍的數量。

So that's how you think about the NVIDIA stock split.

這就是你對英偉達股票拆分的看法。

If I were trading NVIDIA right now, or if I were thinking about opening up a new position in NVIDIA, I might wait until the split just to make it easier, so I don't have to deal with any adjustments.

如果我現在交易英偉達，或者如果我想在英偉達建立一個新的倉位，我可能會等到拆分時再做，這樣會更容易一些，因為我不必處理任何調整。

The big issue with NVIDIA, it is the major component of the SMH Semiconductor Index.

英偉達的最大問題是，它是 SMH 半導體指數的主要組成部分。

It's an ETF, Semiconductor Index.

這是一個 ETF，半導體指數。

It's got NVIDIA in a TSM, Taiwan Semiconductor, Broadcom, Texas Improvements, Qualcomm, etc., etc.

它有英偉達（NVIDIA）的 TSM、臺灣半導體（Taiwan Semiconductor）、博通（Broadcom）、德州改進（Texas Improvements）、高通（Qualcomm）等等。

But at 20.65% NVIDIA, it's one-fifth of the portfolio of SMH.

但是，英偉達的投資比例為 20.65%，佔 SMH 投資組合的五分之一。

So it's driving SMH.

所以它是在駕駛 SMH。

But one of the things that they've looked at is the semiconductor ETF has performed very well because of that.

但他們關注的問題之一是，半導體 ETF 是以表現出色。

And as NVIDIA has taken off, that you can see this lower chart right here, this blue line is NVIDIA compared to everything else.

隨著英偉達（NVIDIA）的騰飛，你可以看到下圖，這條藍線就是英偉達（NVIDIA）與其他公司的對比。

Up here, SMH has been rallying along with it, mainly because it's composed of its portfolio is 20% NVIDIA compared to Q's, SPDR, etc., etc.

在這裡，SMH 也隨之上漲，主要是因為與 Q 公司、SPDR 等公司相比，SMH 的投資組合中英偉達佔 20%。

That looked relatively flat, even though they've been pretty strong.

儘管他們的表現相當強勁，但看起來還是比較平淡。

One of the things that we might look at is a trade in SMH.

我們可能會考慮交易 SMH。

And we're going to take a look at that right now.

我們現在就來看看。

One of the things they point out, Mike and Nick point out, well, the NVIDIA split effect volatility in SMH.

邁克和尼克指出，英偉達分拆效應是 SMH 波動的原因之一。

Currently, NVIDIA accounts for over 22% of the weighting in the Semiconductor Index, Semiconductor ETF.

目前，英偉達™（NVIDIA®）在半導體 ETF 指數中的權重超過 22%。

If the volatility contracts in NVIDIA with a little bit of sideways action in iron condor in SMH could work nicely short the 215, 235 put spread and the 260, 280 call spread.

如果英偉達（NVIDIA）的波動性收縮，加上 SMH 的鐵套期保值套利略有橫盤整理，那麼 215、235 看跌期權價差和 260、280 看漲期權價差就能很好地做空。

So 20 points on either side.

所以雙方各得 20 分。

Let's see where they're doing that.

讓我們看看他們在哪裡這樣做。

Let's take a look at SMH.

讓我們看看 SMH。

Here's NVIDIA.

這就是英偉達™（NVIDIA®）。

And again, it's an $1,100 stock.

再說一遍，這是一支 1100 美元的股票。

So let's look at SMH here.

是以，讓我們來看看 SMH。

SMH has a 49% IV rank.

SMH 的 IV 排名為 49%。

Again, the first thing I look at is the IV rank to see its relative volatility.

同樣，我首先看的是 IV 排名，以瞭解其相對波動性。

Let's go into the July expiration.

讓我們進入七月份的到期日。

Click on the bid price of the 235 put.

點擊 235 認沽期權的買入價。

I will click on the ask price of the 215 put.

我將點擊 215 認沽期權的賣出價。

So this creates a short put spread of the iron condor.

是以，這就形成了鐵套的空頭看跌價差。

And the 260, click on that.

點擊 260。

And by the 280, this is an iron condor. 20 points wide.

280，這是一隻鐵禿鷹。20點寬

Collect $7.36 credit.

收款 7.36 美元。

That's about a third of the width of the strikes, a little bit more.

這大約是打擊寬度的三分之一，多一點點。

I like that.

我喜歡這樣。

That's my target.

這就是我的目標。

Very low deltas, about two deltas of exposure.

非常低的三角洲，大約兩個三角洲的暴露面積。

Most importantly, here are the numbers that I look at.

最重要的是，以下是我所關注的數字。

That has a 68% probability of making half of its max profit, which is theoretically $734 at the max.

這有 68% 的概率賺取最大利潤的一半，理論上最大利潤為 734 美元。

So about $350 or so, $360 is half of its profit.

是以，大約 350 美元左右，360 美元是其利潤的一半。

Has a 67% probability of making that.

成功的概率為 67%。

Max potential loss is $1,265.

最大潛在損失為 1,265 美元。

It's that you have to be comfortable taking that risk.

冒這個險，你必須得心安理得。

But it generates $7.56 of positive theta per day.

但它每天產生 7.56 美元的正 Theta 值。

These are numbers that I think make it a relatively attractive trade.

這些數據讓我覺得這是一筆相對有吸引力的交易。

So this is something that I would consider.

是以，這是我要考慮的問題。

If I wanted to take less risk, I would probably move these strikes down and turn it into a 10-point iron condor.

如果我想降低風險，我可能會將這些打擊向下移動，變成 10 點鐵套牢。

Collect $2.63.

收款 2.63 美元。

I'd like to see maybe $3 in this.

我想在這裡面看到 3 美元。

This is how I find trades.

我就是這樣找到交易的。

I just adjust the strikes up and down until I find what I'm looking for.

我只需上下調整打擊力度，直到找到我想要的效果。

So the 220, 230 on the put side, $2.65, $2.75 only has $643 of risk.

是以，220、230 美元的看跌期權，2.65、2.75 美元的風險只有 643 美元。

Still collects about a third of the width of the strikes. 71% probability of making half its profit and generating $3.90 of positive theta.

仍然收集了約三分之一的罷工寬度。賺取一半利潤併產生 3.90 美元正 Theta 的概率為 71%。

Either one of these trades, I think, is an interesting possibility.

我認為，這兩種交易中的任何一種，都是一種有趣的可能性。

The next trade that they talk about is Intel.

他們談論的下一個行業是英特爾。

Intel is a really interesting situation.

英特爾的情況非常有趣。

Intel, another semiconductor company, has been drastically underperforming the other semiconductor stocks.

另一家半導體公司英特爾（Intel）的表現大幅落後於其他半導體股票。

Why?

為什麼？

I don't know.

我不知道。

I don't really care.

我真的不在乎。

As a trader, that really doesn't bother me.

作為一名交易員，我對此並不感到困擾。

But to look at this stuff for a second, here is, and again, I'm not a big chart person, but here's NVIDIA surging.

不過，我想先看看這些東西，這裡有一張圖表，再說一遍，我不是一個喜歡看圖表的人，但這是英偉達（NVIDIA）飆升的圖表。

Here's Intel, okay?

這是英特爾，好嗎？

It's the complete opposite.

情況完全相反。

As much as NVIDIA has been rallying, Intel has been dropping.

就像英偉達（NVIDIA）一直在上漲一樣，英特爾（Intel）也一直在下跌。

The other point with Intel is it only has a 13.4 IV rank.

英特爾的另一點是，它只有 13.4 IV 級。

That means debit spreads look more attractive.

這意味著借貸利差看起來更有吸引力。

Let's see what the guys are taking a look at here.

讓我們來看看大家都在看什麼。

It's low volatility underlying.

這是低波動性的基礎。

That's right.

這就對了。

Which means the stock replacements, debit strategies trade very cheap.

這意味著股票替代品、借記策略的交易價格非常便宜。

Well, relatively cheap, okay?

嗯，相對便宜，好嗎？

I won't say very cheap.

我不會說非常便宜。

Everything's relative.

一切都是相對的。

If you think that Intel might catch up, might rally back in turn with the other semiconductor stock, they're looking at a zebra position, which is long 2x, two times the 29 calls in short, one time the 32 calls for around 100 deltas and a 463 debit.

如果你認為英特爾可能會迎頭趕上，可能會與其他半導體股票一起反彈，那麼你可以考慮斑馬倉位，即多頭 2 倍，空頭 2 倍，29 看漲期權 2 倍，32 看漲期權 1 倍，約有 100 個三角洲和 463 個借方。

Yeah, again, the zebra, the zero cost back ratio, I think is what they say it stands for.

是的，還是那句話，斑馬線，零成本回收率，我想就是他們說的那個意思。

You could do that sort of trade.

你可以做這樣的交易。

I might keep it a little simple and just do the 2932 call spread.

我可能會簡單一點，只做 2932 看漲期權價差。

Let's load that up in Intel.

讓我們把它加載到英特爾中。

And which expiration are they looking at?

他們在看哪些到期？

At the July 19th.

在 7 月 19 日

I open up July 19th, and let's see the 2932, just the call spread.

我打開 7 月 19 日，讓我們看看 2932，只是看漲價差。

That's an interesting trade.

這是一筆有趣的交易。

Again, it's bullish, has about 28 deltas of risk.

同樣，它是看漲的，有大約 28 個三角洲的風險。

So not as much risk as the zebra.

所以風險沒有斑馬那麼大。

What if I pull that to the 31s?

如果我把它調到 31 毫米呢？

Here's what I like about the 2931.

我喜歡 2931。

The two points wide, again, has a 58% probability of making half its max profit.

兩點寬，同樣有 58% 的概率賺取最大利潤的一半。

Max profit is about $92, so talk about 45 bucks.

最大利潤約為 92 美元，所以談 45 美元。

Max loss is 108, relatively low risk.

最大損失為 108，風險相對較低。

Almost a one-to-one profit to loss ratio.

幾乎是一比一的盈虧比。

But very interestingly, it has positive theta.

但有趣的是，它的θ值是正的。

I like trades, even debit spreads, to have positive theta.

我喜歡交易，即使是借方差價，也要有正的 Theta。

So yes, you could do the zebra, which is buying two of these 29 calls, selling a 32.

是的，你可以做斑馬線，即買入兩個 29 號看漲期權，賣出一個 32 號看漲期權。

Or keep it a little bit simpler, buy a 29 call, sell a 31 call.

或者簡單一點，買入 29 號看漲期權，賣出 31 號看漲期權。

Just a long call vertical, has positive theta, decent P50 number.

只是一個垂直的長呼叫，具有正的 Theta 值，P50 值也不錯。

And that's how I might trade a bullish trade in Intel.

這就是我看漲英特爾的交易方式。

Thanks for watching this video.

感謝您觀看本視頻。

If you want to get the cherry picks delivered to your inbox every week, and my daily cherry bombs with trade ideas every day, click on the link below.

如果您想獲得每週發送到收件箱的 "櫻桃精選"，以及我每天提供的 "櫻桃炸彈 "交易點子，請點擊下面的鏈接。