Name: BEFORE 期權交易學習希臘語 | 期權交易新手入門 (BEFORE Trading Options Learn The Greeks | Options Trading For Beginners)
Uploaded: 2024-10-24T06:40:24.000Z
Duration: 18 min 21 s

情態副詞

What's up guys welcome back so yes, I called the Greeks the cheat code of options the options cheat code And the reason I do so is because you don't necessarily need to understand the Greeks to trade options I mean when I first started doing I thought that they were just like a random bunch of numbers like Something that like the super geeks thought about and talked about and then I started hearing regular people talk about it, too And i'm like wait Is this something that I really need to know about and it just described as me as an opportunity in a way to give yourself an advantage to mitigate risks to make strategies and things like that and I found out that they weren't just random numbers And they're also very very easy to understand and very easy to apply to different options that you might be trading Whether you're buying calls and puts or selling them.

What's up guys welcome back so yes, I called the Greeks the cheat code of options the options cheat code And the reason I do so is because you don't necessarily need to understand the Greeks to trade options I mean when I first started doing I thought tha

It does not matter We can use the greeks to our advantage and like I said to make a couple extra dollars But even furthermore to protect us against the dangers and the risks of options.

沒關係，我們可以利用希臘人的優勢，就像我說的那樣，多賺幾塊錢，但更重要的是，保護我們免受選擇的危險和風險。

程度副詞

So this video we're going to talk delta We're going to talk gamma We're going to talk theta vega and even that weird kid down the block that nobody really likes to hang out with ro And like I said I'll explain them and apply them to each one of the options and show you how I use them in my everyday trading options Strategies.

在本視頻中，我們將討論 delta，討論 gamma，討論 theta vega，甚至討論街區裡那個大家都不喜歡一起玩的怪孩子 ro，就像我說的那樣，我會解釋它們，並將它們應用到每一種期權中，向你展示我是如何在日常期權交易中使用它們的。

So right now if we're looking at this tesla call right and this tesla call right now is eight hundred dollars Here right here is the greeks.

所以，現在，如果我們正在尋找 這個特斯拉電話的權利 而這個特斯拉電話 現在是800美元 這裡就在這裡是希臘人。

Now if you're on the app, you are going to have to click the bid s spread It's a blue hyperlink if you're using robinhood or whatever brokerage you're using This is where the greeks will pop up So i'm going to screenshot this and i'll put this into a digital whiteboard and then we can talk about it Now each one of these greece guys, they have like their specific definition But I think more importantly are the implied things and the theoretical things that these are going to give us That's really where we can use them the technical definitions.

現在，如果你在應用程序上，你將不得不點擊投標S傳播 這是一個藍色的超鏈接，如果你使用的是Robinhood或任何你正在使用的經紀商 這是希臘人會彈出，所以我要截圖，我會把這個數字白板，然後我們可以談論它 現在，每一個這些希臘人，他們有像他們的具體定義，但我認為更重要的是隱含的東西和理論的東西，這些將給我們，這確實是我們可以使用它們的技術定義、但我認為更重要的是，它們會給我們隱含的東西和理論上的東西，這才是我們可以使用它們的技術定義的地方。

They really don't mean that much But like I said, not that they don't mean that much but they don't really help us It's more the the other things that like the unspoken rules that are really really important And now those are the things I think can really add some value to you in this video first, let's talk delta So first the technical definition delta is how much the options value is going to increase or decrease with a one dollar Change in the share price.

但就像我說的，並不是說它們沒多大意義，而是它們並不能真正幫助我們，更重要的是其他的東西，就像那些潛規則一樣，它們才是真正重要的。

So let's break that down and make that a little bit simpler right now We can see that the current premium For this option is sixteen dollars and sixty five cents and let's say the current share price is eight hundred And twenty dollars what this delta of point six three means and guys these are going to be in terms of contracts or 100 shares So this is going to be per share What that means is if this were to go up that means the share price increased one dollar That means the options premium will be affected by this delta.

我們可以看到，這個期權的當前權利金是 16 美元 65 分，假設當前股價是 820 美元，這個 6.3 分的 Delta 值意味著什麼？

So that means that the option price will go up 63 cents and the option will now be worth eight two 17 28 now this works in reverse as well if the share price went down To eight hundred and nineteen dollars, then the premium would go down 63 cents So for calls guys delta is going to be anywhere between zero and one And the further we are in the money away from the share price the closer to one we're going to get we theoretically Can't get to one theoretically one is the delta if you own the share and we'll talk about that in one second But delta is going to be between zero and one for puts Delta is going to be between zero and negative one And the reason for that is in calls when the price goes up one dollar That's going to be positively correlated to our value.

如果股價下跌至 819 美元，那麼期權金將下降 63 美分、是以，對於看漲期權來說，Delta 值將介於 0 和 1 之間，而我們的資金離股價越遠，我們的 Delta 值就越接近 1，理論上我們無法達到 1，理論上，如果你擁有股票，1 就是 Delta 值，我們稍後將討論這個問題。

But with puts we want the share price to go down Okay, so as the share price goes down that's going to increase the value of our option So we see this range anywhere from negative one to zero to one and really a rule of thumb guys at the money That's usually going to be a point five delta and and we'll see that and the reasons for that in just a second as well Now I mentioned the difference between the textbook definitions and like theoretical things that we know Here are some theoretical things that delta tells us.

是以，我們可以看到從負 1 到 0 再到 1 的任何範圍，而真正的經驗法則是，當我們買入時，Delta 值通常是 5 點，我們馬上就會看到原因所在。

So here's one thing I tell people all the time and they just do not understand It's theoretically like owning that amount of shares and here's really what that means You theoretically you can't have a delta of one in a call option But let's just say we did just to prove a point if I had a call option with a delta of one That means that every single time the share price goes up one dollar That means the value of that option goes up one hundred dollars But now let's say I have a call option this call option here with a delta equal to point six three three When the share price goes up one dollar we make sixty three dollars So like I said It's like owning the shares because it goes up in value the same amount as if we own 63 shares of that particular stock So when we say things like oh we use delta to identify roughly how many shares we're leveraging or how many shares we have This is the reason why because as the share price goes up by a dollar Delta changes the value by that same exact amount So my leaps video from last week as I talked about how when I do leaps I like to look for a point seven delta or more if the share price goes up by one dollar The value of my option is going to go up seventy dollars It doesn't go up a hundred because I don't technically own the shares, but it is like owning 70 of those shares because the response in value is going to be the same Now another like rule of thumb that we use delta guys It is roughly equal to the percent chance that this option will become in the money at some point Before expiration, okay So this is where we can use delta To identify some of the risks that we want to take and this goes back to what I mentioned again And at the money option as a 0.5 delta It has a 50 50 chance of becoming in the money going out of the money or staying right at the money Like it has a 50 50 chance as we go down further in the money Right as we go down this way from the share price We know that the likelihood of success is going to be greater and that's why delta increases the further in the money we go So maybe you're new to buying options and you kind of want to dabble you want to try them out You don't want to take on a ton of risk.

我經常告訴人們一件事，但他們就是不明白 理論上說，擁有這麼多股票意味著什麼 理論上說，看漲期權的 Delta 值不可能是 1，但為了證明這一點， 假設我們擁有一個 Delta 值為 1 的看漲期權這意味著每當股價上漲一美元，期權的價值就會上漲一百美元。 但現在假設我有一個看漲期權，這個看漲期權的 delta 值等於 6.3.3。所以當我們說 "哦 "之類的話時，我們用 delta 來確定我們大概利用了多少股票的槓桿，或者我們有多少股票。所以我在上週的躍遷視頻中談到，當我做躍遷時，我喜歡尋找七點或更高的 d

You might go further into the money to say a delta of 0.9 even 0.95 That theoretically is going to give you a little bit of an idea that this has a 95 Chance of becoming in the money at some point and I also use this when i'm selling covered calls Right, I can use this delta as well Like if I don't want to get a sign right a covered call is a bearish strategy So what i'm going to do is i'm going to pick a very very small delta Which gives the buyer a very very small theoretical chance that this is going to expire in the money So I can sell a covered call with a delta of 0.2 That means that I have an 80 chance that it is going to expire worthless because the buyer only has a 20 chance That's going to finish in the money and here's where we kind of can use those rules to help us Manage the risks that we are willing to take so maybe you're like a yolo kind of guy and you want to save some money In premiums because premiums are less expensive when you're buying options at the money So you take on the 50 50 chance and you buy an option right at the money personally I don't do it because my risk tolerance is a lot lower So I use delta not only as a way to identify how many shares this is like owning But also the likelihood that i'll end up in the money at some point and because there's positive and negative delta guys This can kind of identify the direction or what we think the market's going to do, right?

你可以再進一步，比如將 Delta 值設為 0.9，甚至 0.95。我在賣出有價看漲期權時也會用到這一點 對，我也可以用這個 delta 值 比如，如果我不想得到一個正確的信號 有價看漲期權是一個看跌策略 所以我要做的是選擇一個非常小的 delta 值 這給了買方一個非常小的理論上有價期權到期的機會 所以我可以賣出一個 delta 值為 0.所以我可以賣出一個 Delta 值為 0 的有價看漲期權，這意味著我有 80 的機會讓它到期時一文不值，因為買方只有 20 的機會讓它到期時賺錢，這就是我們可以使用這

If we're selling a lot of positive delta, that means we're kind of bullish on the stock market We think the stock market's going to go up where if I have a bunch of negative deltas That means I think that the share prices in the stock market is going to go down so we can use this To kind of identify what type of trader if we're looking from the outside in and looking at people's options So now i'm talking about how much delta changes as I approach the money.

如果我們賣出很多正 Delta 值，就意味著我們看漲股市，認為股市會上漲；如果我賣出很多負 Delta 值，就意味著我認為股市的股價會下跌。

You're like, okay Well, how do we identify that we identify that change in delta using gamma?

你會想，好吧，那我們如何用伽馬來識別德爾塔的變化呢？

So gamma is how much delta changes with a one dollar change in the share price So both gamma and delta they are affected by the share price either going up a dollar or coming down a dollar So once again, let's take for example this premium that we have up here of sixteen dollars and sixty-five cents It currently has a delta of point six three.

是以，伽瑪和德爾塔都會受到股價上漲一美元或下跌一美元的影響。是以，讓我們再次以 16 美元 65 美分的溢價為例，它目前的德爾塔值為 6.3 點。

So if the share price goes up one dollar, okay So we can see that now it's going to be this it's going to be that 1728 But now after that one dollar change the new delta is going to be equal to point six three three three Plus gamma, which is going to be point zero one three one So we can see that now we have six four six four That is going to be the new delta at this price.

是以，如果股價上漲 1 美元，那麼我們可以看到，現在將是這個值，將是那個值 1728，但現在 1 美元的變化之後，新的 delta 值將等於 6 3 3 3 加 gamma 值，即 0 1 3 1，是以我們可以看到，現在我們有 6 4 6 4 這將是這個價格下的新 delta 值。

So essentially what's happening is gamma is Accelerating delta it's making it change which could be a good thing It can accelerate the value in our favor, but it could also be a bad thing could also accelerate delta Against us and we'll see gamma change also as we approach the money and as we go further away from the money whether that's out Of the money or in the money So we have to kind of look at how these two are playing together And this is kind of the reason why you might want to roll an option All right because as we get closer to expiration the the difference between gamma now and when gamma was far out of expiration Is very very different so we might roll to put some time back on our side and lower gamma just a little bit So that it doesn't accelerate delta and just have our value of our option making these major swings So when I get at the money gamma becomes very very large But as I move away from it What we'll see is that delta will really start to shoot towards one or negative one But then as I get further in the money out of the money what happens to delta is it kind of slows off?

是以，從本質上講，伽馬正在加速德爾塔的變化，這可能是一件好事，可以加速對我們有利的價值，但也可能是一件壞事，也可能加速對我們不利的德爾塔、我們會看到伽馬值的變化，當我們接近資金時，當我們離資金越來越遠時 不管是離資金還是在資金內，我們都會看到伽馬值的變化 所以我們要看看這兩者是如何相互作用的 這也是為什麼你可能會想要展期的原因所以我們可以通過轉滾期權把時間拉回來，把伽馬值降低一點，這樣就不會加速 delta 值的波動，也不會讓我們的期權價值大起大落。

So if I kind of like kind of just do a rough sketch of that If I had like a delta of one up here and this is at the money And then this is like increasing in the money At the money vega is going to make delta shoot up shoot up But then it's kind of going to kind of like slope off and never like I said reach one But the further in the money we go the less delta is going to change with the one dollar change in that share price so the next one we're going to talk about is theta probably the most popular one like The theta gang strategies and all that and all theta is is essentially it's pay to play So we've talked on this channel before between the difference between intrinsic and extrinsic value and all theta is Is how much your options value is going to decrease every single day because it eats away at the extrinsic value And this is assuming that we keep the share price and implied volatility pretty constant And like I said, that's the pay to play This is how much this option is going to cost you In extrinsic value every single day that you hold it and guys theta really ramps out about a month out Essentially if we have an option That data is going to kind of decrease decrease when you get to 35 45 days out It's really going to start to ramp up until we get to expiration here And we can see this option is at expiration We'll hop in and look at a couple different expirations and show you the difference But essentially right now this is losing 542.73 Every single day off of this 1665 Dollar premium it is just crushing this premium right now So this is where expiration date and choosing options can really really help you like when we're buying options, right?

如果我的 delta 值是 1，這是在本錢價位，然後這是在本錢價位上升，在本錢價位時，vega 會使 delta 值急劇上升，但之後就會像我說的那樣逐漸下降，永遠不會達到 1，但越是在本錢價位，股價每變化 1 美元，delta 值的變化就越小。我們之前在這個頻道上討論過內在價值和外在價值的區別，而所有的 Theta 就是你的期權價值每天會減少多少，因為它會侵蝕外在價值、基本上，如果我們有一個期權，當你持有到 35 45 天的時候，這個數據會逐漸減少，直到我們持有到到期日，這個數據才會真正開始增加，我們可以

We want to have a long out expiration because we want to protect we want to play in this zone from here to here Where theta is not eating away our premiums if we're selling options, right and we're looking to buy to close later We want the value of the option to go down.

如果我們賣出期權，theta 不會吃掉我們的權利金，對吧，我們希望買入以後平倉，我們希望期權的價值下降。

We've already collected the premium So if we're looking to buy to close to lock in some profits, we want to buy it for cheaper than we paid for it So we're going to place our options like our covered calls and things like that within 30 45 days So we can have this theta really really help us So theta is really really good for sellers really really bad for buyers Now students in my course and things like that ask me all the time like when does theta happen guys?

我們已經收取了期權費，所以如果我們想買入平倉以鎖定一些利潤，我們希望買入的價格比我們買入的價格更便宜，所以我們要在 30 45 天內買入我們的期權，比如我們的備兌看漲期權之類的東西，這樣我們就可以讓 Theta 真正真正地幫助我們，所以 Theta 對賣方來說真的真的很好，對買方來說真的真的很糟糕。

It doesn't happen I said we're we're assuming that we keep the price and implied volatility constant Which we know does not happen like it's at the end of the day and it's like boop.

我說過，我們假設價格和隱含波動率保持不變，但我們知道，這種情況不會發生，就像到了最後，就會 "嘭 "的一聲。

All right, there we go I'm gonna take that 542 off the premium it kind of just evolves and works itself out with all the other greeks over time So it's not like you have like you have to get your option plays done today because when the bell rings tomorrow all that Theta is going to be gone.

好了，我們走吧，我要把那 542 美元的溢價去掉，它會隨著時間的推移而演變，並與所有其他的格利克一起發揮作用，所以你不必像今天必須完成你的期權交易，因為當明天鐘聲敲響時，所有的 Theta 都會消失。

There's no specific time It's kind of just how it works in over a 24 hour period Like I said assuming that the share price and implied volatility stays the same now speaking now of implied volatility When I see volatility, I think vega so vega guys Very very very important and remember delta and gamma they deal with a one dollar change This is going to be a one percent change in the implied volatility, which is why I kept this up here as well and i've seen implied volatility really really hurt people and vega just crush hopes and dreams because We think when we buy a call and here's back to that cheat code We think when we buy a call if the share price continues to go up the value of the option should go up Right because of intrinsic value, but this is where vega can really really hurt you because if implied volatility dives Right if implied volatility dies, that's how much vega is going to hurt you so stocks with high volatilities that can dive out You can lose money Even if the share price is going up you can lose money on that option because applied volatility will just dive You might have heard something called iv crush before this really happens around earnings and why it's really really recommended That we don't buy calls before earnings because before earnings volatility is super high And then after the earnings call come out and we get all that information What happens implied volatility just dives and vega just crushes options premiums All right So we really we need to watch that and understand it that if you like say today was a little bit before earnings Right this value might be here.

就像我說的，假設股價和隱含波動率保持不變，現在說到隱含波動率，當我看到波動率，我就會想到 vega，所以 vega 非常非常重要，記住 delta 和 gamma，它們處理的是一美元的變化，這將是隱含波動率百分之一的變化、這就是為什麼我把這個也放在這裡，我看到過隱含波動率真的真的傷害了很多人，vega 只是粉碎了希望和夢想，因為我們認為當我們買入看漲期權時，如果股價繼續上漲，期權的價值就應該上漲，對，因為有內在價值，但這就是 vega 真的真的會傷害你的地方，因為如果隱含波動率跳水，對，如果隱含波動率死亡

Let's say this implied volatility was 168 Well after those earnings calls this could go down 68 Now we take this and we say point 15 15 dollars times 68 That's how much your option premium is going to get crushed after earnings.

假設隱含波動率為 168，那麼在財報電話會議之後，波動率可能會下降 68。

Please don't buy calls right before earnings guys I beg you and this is it This is how you can lose money on your option Even if the share price is going up even if delta is going up because implied volatility I stay away from implied volatilities over 100.

即使股價上漲，即使 delta 值上升，因為隱含波動率超過 100，我也不會買看漲期權。

It's just too risky for me Like I said, I look at 68 that's still even a little high You I think I think right now Spy has like a 14 implied volatility So vega is really not going to affect the options premium that much All right, and we saw last week with some implied volatilities.

對我來說風險太大了，我說過，我看 68 的隱含波動率還有點高，我覺得現在 Spy 的隱含波動率是 14，所以 vega 真的不會對期權溢價產生太大影響。

They go up to three four thousand percent If we get some information and that volatility goes down Your option premium is just going to get crushed and it might not ever Recover in the time that you have before expiration be careful about vega It's like one of the ones that like people don't know about and I said that ivy crush around earnings time That that can just destroy people's premiums and you're going to lose out Even if the share price continues to climb climb up until expiration the last one here guys row I'm, not even going to write it down.

如果我們得到一些資訊，波動率下降，你的期權溢價就會被壓垮，在到期前的時間內可能永遠不會恢復，要小心Vega，它就像一個像人們不知道的，我說，常春藤粉碎盈利時間前後，可以摧毀人們的溢價，你會損失慘重，即使股價繼續攀升攀升，直到到期，這裡的最後一個傢伙行我，甚至不會寫下來。

It doesn't really need to talk about it Even from the beginning even if I think if you're a little bit more advanced You really don't even need to worry about row that much It's how much the option value is going to change with changes in percentage interest rates with the treasury bonds Like I said That doesn't change very often.

從一開始就不需要討論這個問題，即使我認為如果你的水準稍高一些，你也不需要太 擔心這個問題，問題是期權的價值會隨著國債利率百分比的變化而變化，就像我說的那樣， 這種變化並不頻繁。

So this isn't something that's going to affect you on a month-to-month basis So I really I don't even worry too much about row Just know that that's a deal with the interest rates of the treasury bonds and things like that Let's shoot over to robin hood and see all these things.

是以，這並不會對你產生逐月的影響，所以我真的不用太擔心，只要知道國債利率和類似的東西是一筆交易就可以了，讓我們去羅賓漢兜帽看看這些東西吧。

It works at different strikes different expirations and things like that All right, so this expiration is literally tomorrow.

Okay, it's literally tomorrow So what do we expect we expect a really really high theta it is at the money We expect a delta 50 50 chance of this happening now as I move further away from the money I don't expect vega to change too much theta will change a little bit.

好吧，現在是明天，我們的預期是什麼呢？我們的預期是，theta值會非常非常高，這是在錢的位置，我們的預期是，delta值有50 50的概率會發生這種情況，現在隨著我離錢越來越遠，我預計vega值不會有太大變化，theta值會有一點變化。

So will delta and gamma So let's go a little bit here.

We can see right now 0.53 up to 0.6 We're further in the money theta still hurting us because that's mostly going to be time to expiration Let's move expiration out one week and see what it does to theta.

我們可以看到，現在 0.53 升至 0.6，theta 仍在資金中，這對我們不利，因為這主要是到期前的時間，讓我們將到期時間提前一週，看看它對 theta 有什麼影響。

So here's that same 805 strike price 164 every single day and this is only one week out so we can see how significant that one changes $164 if we go back to tomorrow at that same 805 strike we see 500 so $400 per day difference when we do that So, let's see how delta changes as I go farther into the money if I get down here We see that we have a delta of 0.97 So the further in the money you go These are things that you're going to look at if I want to sell a covered call say I own some shares I'm going to sell a call.

如果我們回到明天，同樣是 805 行權價，我們可以看到每天的差價為 500 美元，即每天 400 美元。如果我想賣出一個備兌看漲期權，比如我擁有一些股票，我就要賣出一個看漲期權。

I'm right at the money I see once again 50 50 chance even when you're selling the call if I go up to this 825 0.26 So now i'm giving myself even more likelihood that this covered call is going to expire worthless I go up here almost 0.2.

我再次看到 50 50 的機會，即使當你賣出看漲期權時，如果我漲到這個 825 0.26，那麼現在我給自己更大的可能性，這個覆蓋式看漲期權將在到期時毫無價值，我漲到這裡差不多 0.2。

This is about an 80 percent chance in my favor Okay, guys So this is how you are going to use the greeks to help strategize And eliminate some risks if you if you like this presentation guys This is how I break down everything that you have to know if you are a beginner options trader inside my options course I'll leave a link for it down description below.

這對我有利的機率約為 80% 好了，夥計們，這就是你們如何使用格利克來幫助制定戰略，並消除一些風險，如果你們喜歡這個演示文稿的話，夥計們，這就是我如何在我的期權課程中為初學者期權交易者提供的所有知識，我會在下面的說明中留下鏈接。

I'll give you 50 off if you use the code options I'll leave all that down there.

如果你使用代碼選項，我將給你 50 折優惠。

You can see everything from buying Calls and puts selling calls and puts the wheel strategy bid-ask prices.

您可以看到買入看漲期權和看跌期權、賣出看漲期權和看跌期權、輪盤策略買入價和賣出價等一切資訊。

I got everything click the link Just look at the description and then you can make the decision.

我什麼都有，點擊鏈接 看看說明，然後你就可以做出決定了。

I'm just letting you know that it's out there Yes, I know that you could probably find it And spend hours looking for them in the proper order or you could just take four hours and And watch it all in one spot guys I hope this helped if you have any questions leave them down in the description below If you want me to teach you something else you want me to break down another option saying please Let me know you guys helping me This is how I make this content from you guys giving me recommendations and telling me what you want me to explain Until I see you guys on the next one.

我只是讓你們知道它就在那裡，是的，我知道你們可能會找到它，然後花幾個小時按照正確的順序尋找它們，或者你們可以只花四個小時，然後在一個地方看完所有的內容，夥計們，我希望這對你們有幫助，如果你們有任何問題，請在下面的描述中提出來，如果你們想讓我教你們一些其他的東西，你們想讓我分解另一個選項，請讓我知道你們在幫助我，這就是我製作這些內容的方式，你們給我推薦，告訴我你們想讓我解釋什麼，直到我在下一個節目中看到你們。

Really really hard always I beg you Please be kind to other people.

真的真的很難，我求求你，請善待他人。

Hope you have yourself an amazing day an even better tomorrow.

希望你今天過得愉快，明天更好。

And oh, yeah I just hit 50 000 subs Thank you so much guys everybody.

哦，對了，我剛剛訂閱了 50000 次，非常感謝大家。

I appreciate all you watching you really do you make you make my freaking day So thank you 50 000 subscribers couldn't be more pumped about it I hope when we're watching this video in a year.

我很感謝你們的收看，你們真的讓我非常開心，謝謝你們，5 萬訂閱用戶讓我激動不已，我希望一年後我們再看這段視頻時，你們會更激動。

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BEFORE 期權交易學習希臘語 | 期權交易新手入門 (BEFORE Trading Options Learn The Greeks | Options Trading For Beginners)

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