<p>在期权交易中有一句流行的说法：卖出小额期权，买辆兰博基尼。</p>
<p>这当然是指卖出便宜的虚值期权并收取高概率押注的溢价。随着这些小额期权的增值，随着时间的推移，你可以赚取一笔小财富。当然，这其中也有反面，买入这些毫无价值期权的投资者。</p>
<p>周一英伟达的价格走势很好地说明了这个概念。</p>
<p>随着股票周一下跌超过 6.5%，英伟达的期权交易者又面临艰难的一天，这使得一些最受欢迎的短期合约再次变得毫无价值。</p>
<p>根据 SpotGamma 汇编的数据，周一中午超过 15% 的英伟达期权是将在当日结束时到期的合约。在最受欢迎的合约中，225 和 222.5 行权价的看涨期权各交易超过 220,000 次，并在周五到期时变得毫无价值。这是周五交易的重演，当时 235 行权价的看涨期权的 1.14 亿美元溢价滑出了虚值。</p>
<p>尽管市场疲软，牛市投资者似乎并不气馁。周一英伟达的期权交易量在市场中排名第五，落后于基准指数和特斯拉，交易合约超过 300 万，总溢价超过 13 亿美元。其中 10 亿美元与看涨期权相关。</p>
<p>周一看涨期权的交易量是看跌期权的两倍多，尽管更多的看涨期权是在买入价或以下交易，这意味着可能被卖出，根据 ThinkOrSwim 的数据。</p>
<p>尽管如此，股票中最大的四笔期权交易都是看涨期权买家，购买了到期日为周五的昂贵实值合约，每笔交易总额至少为 1000 万美元。</p>
<p>交易者预计基于隐含波动率，收益报告前将出现 6.25% 的波动，这与通常的预期相当，但大于平均实现波动的 3.2%，根据 Cboe LiveVol 的数据。超出预期的波动可能会为期权交易者节省大量资金。</p>
<p>对于持有看涨合约的投资者来说，他们需要改变节奏：英伟达在过去三次财报后都出现了下跌，包括 2 月份的 5.5% 下滑。</p>
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英伟达

英伟达期权收益策略 ETF - YieldMax

2 倍做多英伟达 ETF - Direxion

<p>随着周一股价下跌超过 6.5%，英伟达的期权交易者面临挑战，许多短期合约变得毫无价值。尽管如此，认购期权的交易量仍是认沽期权的两倍多，显示出看涨情绪。交易者预计基于隐含波动率，围绕财报的波动幅度为 6.25%，这超过了平均实际波动幅度。市场依然活跃，交易量超过 300 万份合约，反映出对英伟达期权的持续关注</p>

<p>There's a popular saying in the options pits: Sell a tiny, buy a Lamborghini.</p>
<div class="lb-trans"><p>在期权交易中有一句流行的说法：卖出小额期权，买辆兰博基尼。</p>
</div><p>It refers of course to the practice of selling dollar cheap out of the money options and collecting the premium for a high probability bet. As those tinies grow, you make a small fortune over time. Of course, there's a flip side to that, the investors who bought those worthless options.</p>
<div class="lb-trans"><p>这当然是指卖出便宜的虚值期权并收取高概率押注的溢价。随着这些小额期权的增值，随着时间的推移，你可以赚取一笔小财富。当然，这其中也有反面，买入这些毫无价值期权的投资者。</p>
</div><p>Nvidia price action Monday is a good illustration of that concept.</p>
<div class="lb-trans"><p>周一英伟达的价格走势很好地说明了这个概念。</p>
</div><p>Options traders in Nvidia are on pace for another rough session as the stock drops Monday, down more than 6.5% from highs on Thursday and rendering some of the most popular short-term contracts worthless – again.</p>
<div class="lb-trans"><p>随着股票周一下跌超过 6.5%，英伟达的期权交易者又面临艰难的一天，这使得一些最受欢迎的短期合约再次变得毫无价值。</p>
</div><p>Upwards of 15% of Nvidia options traded by midday Monday were contracts expiring at the end of the session, according to data compiled by SpotGamma. Among the most popular contracts were the 225 and 222.5-strike calls, each of which traded more than 220,000 times and were set to expire worthless after closing in the money on Friday. It's a repeat of Friday's session, when $114M of premium in the 235-strike calls slipped out of the money.</p>
<div class="lb-trans"><p>根据 SpotGamma 汇编的数据，周一中午超过 15% 的英伟达期权是将在当日结束时到期的合约。在最受欢迎的合约中，225 和 222.5 行权价的看涨期权各交易超过 220,000 次，并在周五到期时变得毫无价值。这是周五交易的重演，当时 235 行权价的看涨期权的 1.14 亿美元溢价滑出了虚值。</p>
</div><p>Bulls don't seem dismayed despite the weakness. Nvidia options were the fifth-most traded in the market Monday, trailing the benchmark indexes and Tesla, with more than 3 million in contracts traded and total premium worth over $1.3 billion. Of that, $1 billion was tied to calls.</p>
<div class="lb-trans"><p>尽管市场疲软，牛市投资者似乎并不气馁。周一英伟达的期权交易量在市场中排名第五，落后于基准指数和特斯拉，交易合约超过 300 万，总溢价超过 13 亿美元。其中 10 亿美元与看涨期权相关。</p>
</div><p>Call volume outpaced puts by more than double on Monday, though more calls were exchanged at the bid or below, meaning likely sold, according to ThinkOrSwim data.</p>
<div class="lb-trans"><p>周一看涨期权的交易量是看跌期权的两倍多，尽管更多的看涨期权是在买入价或以下交易，这意味着可能被卖出，根据 ThinkOrSwim 的数据。</p>
</div><p>Still, the four biggest options trades in the stock were all bullish call-buyers of expensive, in-the-money contracts expiring Friday, each totaling at least $10 million.</p>
<div class="lb-trans"><p>尽管如此，股票中最大的四笔期权交易都是看涨期权买家，购买了到期日为周五的昂贵实值合约，每笔交易总额至少为 1000 万美元。</p>
</div><p>Traders expect a 6.25% swing based on implied volatility around earnings, on par with usual expectations but larger than the average realized move of 3.2%, according to Cboe LiveVol data. A larger-than-expected move might save options traders a lot of money.</p>
<div class="lb-trans"><p>交易者预计基于隐含波动率，收益报告前将出现 6.25% 的波动，这与通常的预期相当，但大于平均实现波动的 3.2%，根据 Cboe LiveVol 的数据。超出预期的波动可能会为期权交易者节省大量资金。</p>
</div><p>For those holding call contracts, they'll need a change of pace: Nvidia's dropped after the past three reports, including a 5.5% decline in February.</p>
<div class="lb-trans"><p>对于持有看涨合约的投资者来说，他们需要改变节奏：英伟达在过去三次财报后都出现了下跌，包括 2 月份的 5.5% 下滑。</p>
</div><p>Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.</p>
<div class="lb-trans"><p>选择 CNBC 作为你在谷歌上的首选来源，永远不会错过来自商业新闻最可信赖名称的任何时刻。</p>
</div>

Nvidia bulls mount uphill battle into earnings

- Nvidia 周一股价下跌超过 6.5%，导致短期期权无效。  
- 交易数据显示，周一到期的期权中，有 15% 是无价值合约。  
- 尽管如此，Nvidia 期权仍是市场中交易量第五的股票，总交易额超过 13 亿美元。

英伟达的多头在财报发布前面临艰难的挑战