市場大幅波動！期權波動率交易該怎麼玩？
波動率是一個用來描寫一隻股票、期貨或者指數的價格變化有多快的術語。在期權中也是如此，標的資產的波動率變化和期權價格呈正相關性，也就是說標的資產的波動率越大，期權價格越高，反之亦然。標的資產波動的幅度越大，對買方來說，實現自己預期的可能性越大，所以付出的成本就越高。對賣方則相反，標的資產的波動率高，賣方的風險就越大，所以收取的期權金就越高。
跟期權有關的波動率有三個，分別是歷史波動率HV、預測波動率以及隱含波動率IV。歷史波動率HV是指標的資產的歷史實際波動率，即通過對標的資產在過去一段時期內價格變化的統計得出的波動率。預測波動率是在統計歷史波動率的基礎上，推斷出來用來給期權理論定價的波動率。隱含波動率IV就是期權當下市場給出的波動率，是根據期權的現價倒推出來的，代表了市場當下對標的資產未來的波動率的看法。
但理論和實際是有差距的，隨着時間的推進，標的資產的實際波動情況和前一刻市場預計的波動情況會有偏差。這就是交易期權隱含波動率的基礎。
換一種說法，當隱含波動率下降時，期權的賣出者一般而言會感到高興，而期權的購買者則會虧損。波動率交易者的目標是要發現隱含波動率可能出現錯誤的情況，從而建立一個有利可圖的頭寸。
爲了方便理解，可以把期權隱含波動率交易想像成股票交易。假設沒有其他因素影響的情況下，期權價格越高，隱含波動率就越高，投資者預計隱含波動率會降低，那麼此時適合賣出期權，就好像是投資者覺得當下股價高了，預計要下跌，所以賣出股票一樣。反之，期權價格低，隱含波動率低，如果你預計隱含波動率會上漲，就適合買入期權。不管是買入call還是買入put，在波動率交易上，都是一樣的邏輯。
波動率交易策略的基本思路就是構建期權策略對衝掉其他因素對期權價格的影響，只剩下波動率對期權策略的影響，從而實現對股票期權的波動率交易。比如同時買入相同標的資產、到期日、行權價和數量的put和call，就是一個做多波動率的交易。這個策略對股票的價格方向沒有預期，但需要上漲或下跌一定的幅度才能獲利，這是一個常用的期權波動率交易策略。其他常見的期權波動率交易策略有買入賣出跨式、寬跨式組合、蝶式價差組合等。
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