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
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