---
title: "期权 -- 如何正确选择行权价"
type: "Topics"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/topics/32398766.md"
description: "很多新手玩期权，觉得 Buy Call、Buy Put 听起来很美：杠杆高。 回报大。灵活可控。结果一买就亏。明明方向看对了，期权却赔钱，为什么？90% 的坑，都是 “行权价” 选错了。甚至很多人连行权价怎么选择都不知道！今天用简单易懂的话来和大家说道说道行权价到底该怎么选一、先搞懂基本定义什么是 Buy Call / Buy Put？这个在前面的文章中已经提过了，今天再次温习下..."
datetime: "2025-07-30T14:30:02.000Z"
locales:
  - [en](https://longbridge.com/en/topics/32398766.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/32398766.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/32398766.md)
author: "[四十五度阳光](https://longbridge.com/zh-HK/profiles/17463232.md)"
---

> 支持的語言: [English](https://longbridge.com/en/topics/32398766.md) | [简体中文](https://longbridge.com/zh-CN/topics/32398766.md)


# 期权 -- 如何正确选择行权价

很多新手玩期权，觉得 Buy Call、Buy Put 听起来很美：  
杠杆高。 回报大。灵活可控。结果一买就亏。明明方向看对了，期权却赔钱，为什么？  
**90% 的坑，都是 “行权价” 选错了。甚至很多人连行权价怎么选择都不知道****！**今天用简单易懂的话来和大家说道说道行权价到底该怎么选

* * *

### 一、先搞懂基本定义

#### 什么是 Buy Call / Buy Put？这个在前面的文章中已经提过了，今天再次温习下。加深大家的印象

**Buy Call**：你花钱买一个 “未来可以低价买入股票” 的权利。适合看涨。

**Buy Put**：你买一个 “未来可以高价卖出股票” 的权利。适合看跌。

#### 什么是 Sell Call / Sell Put？

**Sell Call**：你 “卖出别人低价买你股票的权利”，收权利金。适合震荡或偏空。

**Sell Put**：你 “卖出别人高价卖给你股票的权利”，收权利金。适合震荡或偏多。

####  什么是行权价（Strike Price）？

行权价，就是未来你可以以这个价格**买入或卖出股票**的价格。  
选对了，赚钱加速；选错了，方向对也可能亏。

* * *

### 二、行权价怎么选？核心是 \*\*“赢面 vs 收益率” 的权衡 \*\*

#### Buy Call / Buy Put 行权价怎么选？  
  
平值（ATM）：杠杆适中，胜率均衡（适合大多数情况）  
  
价外（OTM）：权利金便宜，回报高但难赚钱 (强趋势、博弈型策略)  
  
价内（ITM）:权利金贵但胜率高，时间损耗小 (稳健策略，长线持有)

**举个例子：**  
TSLA 当前价格 320，你 Buy Call：

买**320 行权价**（ATM）——胜率和风险平衡。

买**350 行权价**（OTM）——赌它暴涨，便宜，但容易变废纸。

买**290 行权价**（ITM）——贵，但更容易赚钱。

 **经验之谈：****刚入门用 ATM 或轻微 ITM，不建议 OTM 梭哈。**

* * *

####  Sell Put / Sell Call 行权价怎么选？  
  
远价外：权利金少但安全 (稳健保守型投资人)  
  
平值：权利金高但容易被行权 (高风险博收益策略)  
  
轻微价内：可用于配合建仓或调仓 (配合仓位管理使用)

**举例：**  
你想接 TSLA 在 300 买入，可以 Sell Put：

卖**300 行权价**的 Put：等于愿意 300 接货，同时拿权利金。

如果跌到 300，你自动买入，还多拿一笔 “折扣”。

**经验之谈：****Sell Put 配合自己真实愿意建仓的价格，是非常实用的策略。**

* * *

### 三、选错行权价的常见后果

**方向对了还亏钱**  
买了太远的 OTM，结果股票虽然涨，但没涨到你选的行权价，权利金直接归零。

**亏损放大**  
Sell Call 选太近被行权，股票暴涨被迫低价卖出；Sell Put 选太激进，市场崩盘你直接接飞刀。

**错过建仓机会**  
Sell Put 太保守，虽然收了权利金，但股票跌不到那个价，你根本买不到。

* * *

###  四、实战建议（适合新手和进阶者）

刚入门建议：Buy Call/Put 用 “平值” 或 “轻微价内”。

有方向有信心时：可以尝试价外，但仓位一定小。  
  
 Sell Put：一定配合你真实想接的价位，别为了权利金选太激进。

 Sell Call：如果你有正股（covered call），卖在你愿意止盈的价格，既能赚权利金，又能高位卖股。  
  
“玩期权，别只看收益，要先守住安全。”  
投资不是赌博，**选行权价的过程，其实就是一个风险管理的过程。**

赚慢一点没关系，但别被一口大饼砸得头破血流。  
$Tesla(TSLA.US)$NVIDIA(NVDA.US) $Apple(AAPL.US) $AMD(AMD.US) $Robinhood(HOOD.US) $Coinbase(COIN.US) $Meta Platforms(META.US) $Netflix(NFLX.US) $VG S&P 500(VOO.US) $Microsoft(MSFT.US) $Invesco QQQ Trust(QQQ.US)

### 相關股票

- [Apple (AAPL.US)](https://longbridge.com/zh-HK/quote/AAPL.US.md)
- [AMD (AMD.US)](https://longbridge.com/zh-HK/quote/AMD.US.md)
- [Meta Platforms (META.US)](https://longbridge.com/zh-HK/quote/META.US.md)
- [Netflix (NFLX.US)](https://longbridge.com/zh-HK/quote/NFLX.US.md)
- [VG S&P 500 (VOO.US)](https://longbridge.com/zh-HK/quote/VOO.US.md)
- [Tesla (TSLA.US)](https://longbridge.com/zh-HK/quote/TSLA.US.md)
- [NVIDIA (NVDA.US)](https://longbridge.com/zh-HK/quote/NVDA.US.md)
- [Robinhood (HOOD.US)](https://longbridge.com/zh-HK/quote/HOOD.US.md)
- [Coinbase (COIN.US)](https://longbridge.com/zh-HK/quote/COIN.US.md)
- [Microsoft (MSFT.US)](https://longbridge.com/zh-HK/quote/MSFT.US.md)
- [Invesco QQQ Trust (QQQ.US)](https://longbridge.com/zh-HK/quote/QQQ.US.md)

## 評論 (69)

- **孑孑 · 2026-01-26T15:44:17.000Z**: Hello senior, I have a question. You mentioned the exercise price in your article, so how should we choose the time?I'm a beginner. For example, according to the ATM mode or slight ITM mentioned in your article, will the exercise price be adjusted appropriately for a long call of six months or a yea
  - **四十五度阳光** (2026-02-06T21:52:40.000Z): This isn't something that can be explained in just a few sentences. It depends on your own market expectations, risk tolerance, IV, and your cost of capital to decide how to choose the timing. The str
  - **孑孑** (2026-02-06T23:50:14.000Z): Thank you, senior. I'll study a bit more.
  - **四十五度阳光** (2026-02-07T03:19:20.000Z): Learning is endless; life is always a journey of learning! I really appreciate young people who are humble and eager to learn. 👍 Feel free to leave a comment if you have any questions.
- **美股怎么玩 · 2025-11-06T00:29:11.000Z**: Big bro, as a newbie, I have a question: aren't options supposed to be sold when they rise? Or are many people waiting to exercise them? As a newbie, I feel exercising them won't make much money.
  - **四十五度阳光** (2026-02-06T21:41:56.000Z): This is the difference in timing. Selling when it rises is a quick in-and-out strategy. Long-term positions will be different.
- **否极泰来顺顺顺 · 2025-10-31T03:31:49.000Z**: Teacher, are you there?
- **否极泰来顺顺顺 · 2025-10-31T01:11:17.000Z**: Tesla's 455call dropped from 6.2 to 0.77 yesterday, I really can't accept it. I want to save myself and minimize losses before expiration, not sure if I should average down today.
- **否极泰来顺顺顺 · 2025-10-31T01:10:31.000Z**: Could the teacher please reply to me when you see this? Thank you so much. I couldn't find anyone to ask since last night, and the customer service's explanation was incomprehensible. I couldn't find the answer on Baidu either. I'm really about to break down.
- **否极泰来顺顺顺 · 2025-10-31T01:07:11.000Z**: Teacher, hello! I'm a newbie, I don't understand. I bought a Tesla 455 call expiring today yesterday, but it unexpectedly plunged to 440 yesterday. Does that mean my loss is 455-440=15, and the loss percentage is 95%? If it reaches 450 today, would I still be losing 5, and only if it reaches 455 tod
  - **四十五度阳光** (2025-12-13T04:44:53.000Z): Sorry, friend. I haven't checked here for a long time, and I don't check it often.
  - **否极泰来顺顺顺** (2025-12-13T05:19:22.000Z): It's okay, thank you for your reply, teacher. I need to quit options trading, I've paid a lot of tuition fees but still can't handle it, I admit defeat.
  - **四十五度阳光** (2025-12-13T05:30:30.000Z): Options are just a tool, don't rely on them too much. They test strategy and discipline.
- **鸽 · 2025-10-30T16:51:48.000Z**: Good article
- **Sasha想退休 · 2025-10-11T07:22:27.000Z**: If I had seen this insightful article earlier, I wouldn't have lost 200,000 on options 😭
  - **四十五度阳光** (2025-10-13T14:57:22.000Z): Investment is not gambling, but most people treat options as tools for gambling. No one has never suffered losses. I have also lost hundreds of thousands, it depends on how you look at it. These are a
  - **四十五度阳光** (2025-12-13T04:43:00.000Z): How are you doing, friend? The market is quite exciting😀
  - **Sasha想退休** (2025-12-16T15:02:12.000Z): 😅I've given up on options and will just hold the underlying stocks properly
- **Huanglina · 2025-10-10T14:20:41.000Z**: Thanks for the explanation, newbies should study hard
- **Orryx Invest · 2025-10-07T14:36:01.000Z**: 好的
- **吴屁事儿多 · 2025-09-01T08:05:20.000Z · 👍 1**: First exposure to the stock market in July 17th, learning about options. With limited capital and insufficient margin for selling options, I mainly traded single-leg options. By August 23rd, I made a 1.5x return. Later, I misjudged NVIDIA's stock movement post-earnings and lost 1/3 of the profits. P
  - **四十五度阳光** (2025-09-01T13:25:37.000Z): It's worth it to learn from every loss. Keep it up💪 A person can walk fast, but a group can go further🤝 Friends can check out my background image.
- **新用户_LwA3j91 · 2025-08-28T22:59:18.000Z**: Thanks, newbie is learning first
- **AceFantasy · 2025-08-28T02:41:44.000Z**: Study hard, thank you, boss
- **小马哥闯美股 · 2025-08-11T15:34:42.000Z**: May I ask, if the sold option is already in the money, will it be exercised early, and will I have to take the stock before the expiration?
  - **得得得** (2025-08-28T00:44:31.000Z): Yes, the buyer of US stock options can choose to exercise at any time.
- **维C美股成长记 · 2025-08-11T14:32:31.000Z**: Just wanted to learn! Perfect timing!
- **浙江忧郁二代 · 2025-08-08T02:02:08.000Z**: When does the class start? I want to sign up.
- **蓝帕帕蓝 · 2025-08-04T07:07:34.000Z**: Does the strike price need to be considered together with the expiration date, combined with your own trend judgment of the stock, to choose a strike price that is more likely to be achieved? Don't choose a strike price that is completely unattainable within the expiration date, right? The key to op
- **下午手冲一杯咖啡 · 2025-08-03T15:10:03.000Z**: Is there anyone who's completely confused after reading this? I really don't understand the difference between buying puts/short selling/buy low sell high.