1. Report Information - Report Title: Pioneer Futures Options Daily Report [1] - Report Date: June 6, 2025 [1] 2. Option Volatility Data 2.1 Volatility Ranking Table - The table presents the implied volatility of at - the - money options, 30 - day historical volatility, and the real - time amplitude of various option targets, along with their rankings [3][5]. - The implied volatility of at - the - money options reflects the market's expectation of future fluctuations of the variety. The larger the value, the more likely there will be a significant market trend. Trend traders can focus on the top - ranked varieties [6]. - The 30 - day historical volatility reflects the actual historical market size of the variety. If the value is smaller than the implied volatility, the option price may be relatively expensive. Option sellers can focus on the difference in rankings [6]. - The real - time amplitude reflects the intraday market size of the variety. Intraday traders can focus on the top - ranked varieties [6]. 2.2 Example of High - Ranking Varieties - For example, sc2507 has an implied volatility of 2.1% (ranked 1st), a 30 - day historical volatility of 2.2% (ranked 2nd), and a real - time amplitude of 1.4% (ranked 31st) [3]. 3. Exchange - Specific Option Analysis 3.1 Shanghai Stock Exchange Options 3.1.1 SSE 50 ETF - **Basic Information**: The trading volume of the SSE 50 ETF's main options is 460,055 lots, the open interest is 1,009,132 lots, the trading volume ratio of call options to put options is 1.25, and the weighted average implied volatility is 13.04% [19][22]. - **Volatility Trading**: Different execution prices and Delta values of SSE 50 ETF call options have corresponding implied volatility curves. The volatility trading strategy suggests selling options in months with higher curves and buying those in months with lower curves. For options in the same month, sell options with points above the curve and buy those below [23][28]. - **Risk - Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized return of 6.72% when traded at the settlement price and 0.43% when traded at the counter - party price [31][33]. 3.1.2 Huatai - PineBridge CSI 300 ETF - **Basic Information**: The trading volume of the main options is 341,419 lots, the open interest is 833,904 lots, the trading volume ratio of call options to put options is 1.18, and the weighted average implied volatility is 13.11% [34][36]. - **Volatility Trading**: Similar to the SSE 50 ETF, it has implied volatility curves for different execution prices and Delta values. The trading strategy is the same as above [37][40]. - **Risk - Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized return of 7.54% when traded at the settlement price and 1.24% when traded at the counter - party price [43][45]. 3.1.3 Southern CSI 500 ETF - **Basic Information**: The trading volume of the main options is 617,817 lots, the open interest is 905,761 lots, the trading volume ratio of call options to put options is 0.94, and the weighted average implied volatility is 16.54% [46][48]. - **Volatility Trading**: There are implied volatility curves for different execution prices and Delta values, and the trading strategy is consistent [49][52]. - **Risk - Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized return of 39.0% when traded at the settlement price and 8.20% when traded at the counter - party price [55][57]. 3.1.4 Huaxia SSE STAR Market 50 ETF - **Basic Information**: The trading volume of the main options is 263,623 lots, the open interest is 1,041,296 lots, the trading volume ratio of call options to put options is 1.29, and the weighted average implied volatility is 22.71% [58][60]. - **Volatility Trading**: There are implied volatility curves for different execution prices and Delta values, and the trading strategy is the same [61][64]. - **Risk - Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized return of 35.6% when traded at the settlement price and 5.50% when traded at the counter - party price [67][69]. 3.1.5 E Fund SSE STAR Market 50 ETF - **Basic Information**: The trading volume of the main options is 65,214 lots, the open interest is 305,756 lots, the trading volume ratio of call options to put options is 2.43, and the weighted average implied volatility is 21.84% [70][72]. - **Volatility Trading**: There are implied volatility curves for different execution prices and Delta values, and the trading strategy is consistent [73][74].

先锋期货期权日报 2025-6-5 风险揭示 本报告中的信息或所表述的意见并不构成对任何人的投资建议。本报告所载 的资料、工具、意见及推测只提供给客户作参考之用。过去的表现并不代表未来 的表现，未来的回报也无法保证，投资者可能会损失本金。 在任何情况下,我们不对任何人因使用本报告中的任何内容所引致的任何损 失负任何责任,投资者需自行承担风险。此报告中所指的投资及服务可能不适合 阁下,我们建议阁下如有任何疑问应咨询独立投资顾问。 | 标的 | 平值期权隐 | 排名 | 标的30天历 | 排名 | 标的当日 | 排名 | | --- | --- | --- | --- | --- | --- | --- | | | 含波动率 | | 史波动率 | | 真实波幅 | | | sc2507 | 2.3% | 1 | 2.3% | 2 | 2.0% | 10 | | sn2507 | 2.1% | 2 | 1.3% | 17 | 0.8% | 42 | | ps2507 | 2.1% | 3 | 1.9% | 4 | 2.0% | 11 | | si2507 | 2.1% | 4 | 1.8% | 8 | 2.6% | ...

Report Information - Report Name: Pioneer Futures Options Daily Report - Date: June 4, 2025 [1] Industry Investment Rating - Not provided in the report Core Viewpoints - The report provides a comprehensive analysis of various options, including their implied volatility, historical volatility, and real - time volatility. It also offers trading suggestions for different types of traders based on these volatility indicators [3][6] Directory Summary 1. Shanghai Stock Exchange Options 1.1 Shanghai 50ETF - **Basic Information**: The trading volume of the main Shanghai 50ETF options is 500,820 lots, the open interest is 971,866 lots, the trading volume ratio of call options to put options is 1.22, and the weighted - average implied volatility is 13.37% [19][22] - **Volatility Trading**: Suggestions include selling options in months with higher implied volatility curves and buying those in months with lower curves; also, selling options with higher points on the curve and buying those with lower points within the same month [25] - **Risk - free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 5.13% at the settlement price and 0.45% at the counter - price [29][31] 1.2 Huatai - Berry SSE 300ETF - **Basic Information**: The trading volume of the main Huatai - Berry SSE 300ETF options is 413,524 lots, the open interest is 816,520 lots, the trading volume ratio of call options to put options is 1.22, and the weighted - average implied volatility is 13.84% [32][34] - **Volatility Trading**: Similar to the Shanghai 50ETF, sell options in months with higher curves and buy those in months with lower curves; sell high - point options and buy low - point options within the same month [38] - **Risk - free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 8.41% at the settlement price and 2.06% at the counter - price [41][43] 1.3 Southern CSI 500ETF - **Basic Information**: The trading volume of the main Southern CSI 500ETF options is 784,596 lots, the open interest is 883,992 lots, the trading volume ratio of call options to put options is 0.91, and the weighted - average implied volatility is 17% [44][47] - **Volatility Trading**: Follow the rule of selling high - curve months and buying low - curve months, and selling high - point options and buying low - point options within the same month [49] - **Risk - free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 36.9% at the settlement price and 8.92% at the counter - price [53][55] 1.4 Huaxia SSE STAR 50ETF - **Basic Information**: The trading volume of the main Huaxia SSE STAR 50ETF options is 215,664 lots, the open interest is 987,709 lots, the trading volume ratio of call options to put options is 1.45, and the weighted - average implied volatility is 25.5% [56][58] - **Volatility Trading**: Adopt the strategy of selling high - curve months and buying low - curve months, and selling high - point options and buying low - point options within the same month [62] - **Risk - free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 47.8% at the settlement price and 8.12% at the counter - price [65][67] 1.5 E Fund SSE STAR 50ETF - **Basic Information**: The trading volume of the main E Fund SSE STAR 50ETF options is 64,662 lots, the open interest is 298,160 lots, the trading volume ratio of call options to put options is 1.09, and the weighted - average implied volatility is 29.55% [68][70] - **Volatility Trading**: Use the method of selling high - curve months and buying low - curve months, and selling high - point options and buying low - point options within the same month [72] - **Risk - free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 47.7% at the settlement price [76]

先锋期货期权日报 2025-6-3 风险揭示 本报告中的信息或所表述的意见并不构成对任何人的投资建议。本报告所载 的资料、工具、意见及推测只提供给客户作参考之用。过去的表现并不代表未来 的表现，未来的回报也无法保证，投资者可能会损失本金。 在任何情况下，我们不对任何人因使用本报告中的任何内容所引致的任何损 失负任何责任，投资者需自行承担风险。此报告中所指的投资及服务可能不适合 阁下，我们建议阁下如有任何疑问应咨询独立投资顾问。 | 标 的 | 平值期权隐 | 排 名 | 标的30天历 | 排 名 | 标的当日 | 排 名 | | --- | --- | --- | --- | --- | --- | --- | | | 含波动率 | | 史波动率 | | 真实波幅 | | | ps2507 | 2.4% | 1 | 1.9% | 5 | 3.9% | 5 | | sc2507 | 2.4% | 2 | 2.3% | 2 | 4.5% | 2 | | si2507 | 2.3% | 3 | 1.6% | 12 | 1.8% | 28 | | lc2507 | 2.3% | 4 | 1.7% | 10 | 2.6 ...

先锋期货期权日报 2025-5-29 风险揭示 本报告中的信息或所表述的意见并不构成对任何人的投资建议。本报告所载 的资料、工具、意见及推测只提供给客户作参考之用。过去的表现并不代表未来 的表现，未来的回报也无法保证，投资者可能会损失本金。 在任何情况下，我们不对任何人因使用本报告中的任何内容所引致的任何损 失负任何责任，投资者需自行承担风险。此报告中所指的投资及服务可能不适合 阁下，我们建议阁下如有任何疑问应咨询独立投资顾问。 | 标 的 | 平值期权隐 | 排 名 | 标的30天历 | 排 名 | 标的当日 | 排 名 | | --- | --- | --- | --- | --- | --- | --- | | | 含波动率 | | 史波动率 | | 真实波幅 | | | sc2507 | 2.3% | 1 | 2.2% | 2 | 3.2% | 4 | | ps2507 | 2.2% | 2 | 1.8% | 8 | 2.1% | 17 | | si2507 | 2.1% | 3 | 1.7% | 9 | 2.6% | 11 | | sn2507 | 2.1% | 4 | 0.9% | 33 | 1. ...

先锋期货期权日报 2025-5-28 风险揭示 本报告中的信息或所表述的意见并不构成对任何人的投资建议。本报告所载 的资料、工具、意见及推测只提供给客户作参考之用。过去的表现并不代表未来 的表现，未来的回报也无法保证，投资者可能会损失本金。 在任何情况下,我们不对任何人因使用本报告中的任何内容所引致的任何损 失负任何责任,投资者需自行承担风险。此报告中所指的投资及服务可能不适合 阁下,我们建议阁下如有任何疑问应咨询独立投资顾问。 平值期权隐含波动率反映了市场对该品种未来波动的预期，数值越大越可能有大行情 （趋势交易者可以关注排名靠前的品种）；标的 30 天历史波动率则反映了该品种过去实际 的行情大小，数值比前者小意味着期权价格可能偏贵（期权卖方可以关注与前者排名的差 异）；而标的当日真实波幅则反映了该品种当日日内行情的大小（日内交易者可以关注排名 靠前的品种）。 期市有风险,投资需谨慎 目录 | 1.上交所期权 | | --- | | 1.1 上证 50ETF . | | 1.1.1 基本信息 ……………………………………………………………………………………１ | | 1.1.2 波动率交易 …………………… ...

Report Summary 1. Report Industry Investment Rating No information provided in the document. 2. Core View of the Report The report presents the option market data of various ETFs and futures on May 27, 2025, including T - type quotes, trading volume, open interest, implied volatility, and potential arbitrage opportunities [3][18][31]. 3. Summary by Directory 3.1 Option Volatility Ranking - The report lists the implied volatility, 30 - day historical volatility, and daily true volatility rankings of multiple option underlying assets. For example, ao2507 ranks 1st in daily true volatility with 3.1%, and sr507 ranks 63rd in implied volatility with 0.6% [3][4]. - Different types of volatility have different implications. Implied volatility reflects market expectations of future fluctuations, historical volatility shows past actual market conditions, and daily true volatility reflects intraday market movements [5]. 3.2 Shanghai Stock Exchange Options - **Basic Information**: - For 50ETF, the trading volume of the main - contract options is 514,537 lots, the open interest is 628,705 lots, the call - to - put trading volume ratio is 1.03, and the weighted - average implied volatility is 15.7% [18][21]. - For 300ETF, the trading volume of the main - contract options is 328,716 lots, the open interest is 446,587 lots, the call - to - put trading volume ratio is 1.01, and the weighted - average implied volatility is 16.29% [30][33]. - For 500ETF, the trading volume of the main - contract options is 478,621 lots, the open interest is 678,701 lots, the call - to - put trading volume ratio is 0.99, and the weighted - average implied volatility is 18.89% [44][47]. - For Huaxia Science and Technology Innovation 50ETF, the trading volume of the main - contract options is 185,697 lots, the open interest is 667,441 lots, the call - to - put trading volume ratio is 1.11, and the weighted - average implied volatility is 44.45% [56][58]. - For E Fund Science and Technology Innovation 50ETF, the trading volume of the main - contract options is 65,905 lots, the open interest is 187,089 lots, the call - to - put trading volume ratio is 0.94, and the weighted - average implied volatility is 36.71% [67][68]. - **Volatility Trading**: - The report provides implied volatility curves for different execution prices and Deltas of call options, as well as implied volatility curves for call and put options in the main - contract months. The trading advice is to sell options with higher curves or points and buy those with lower ones [23][37][50]. - **Risk - Free Arbitrage**: - For 50ETF, the minimum annualized return of the optimal arbitrage portfolio is 55.2% at the settlement price and 13.0% at the counter - party price [28][30]. - For 300ETF, the minimum annualized return of the optimal arbitrage portfolio is 93.6% at the settlement price and 10.7% at the counter - party price [42][43]. - For 500ETF, the minimum annualized return of the optimal arbitrage portfolio is 38.1% at the settlement price and 8.48% at the counter - party price [53][55]. - For Huaxia Science and Technology Innovation 50ETF, the minimum annualized return of the optimal arbitrage portfolio is 577% at the settlement price and 95.3% at the counter - party price [65][66]. - For E Fund Science and Technology Innovation 50ETF, the minimum annualized return of the optimal arbitrage portfolio is 273% at the settlement price and 13.0% at the counter - party price [77][78]. 3.3 Shenzhen Stock Exchange Options - **Basic Information**: - For Harvest CSI 300ETF, the trading volume of the main - contract options is 79,402 lots, the open interest is 116,394 lots, the call - to - put trading volume ratio is 1.26, and the weighted - average implied volatility is 22.69% [79][82]. - **Volatility Trading**: - Similar to the Shanghai Stock Exchange options, it provides implied volatility curves and trading advice [87]. - **Risk - Free Arbitrage**: - The minimum annualized return of the optimal arbitrage portfolio is 193% at the settlement price and 8.18% at the counter - party price [90][92].

先锋期货期权日报 2025-5-26 风险揭示 本报告中的信息或所表述的意见并不构成对任何人的投资建议。本报告所载 的资料、工具、意见及推测只提供给客户作参考之用。过去的表现并不代表未来 的表现，未来的回报也无法保证，投资者可能会损失本金。 在任何情况下，我们不对任何人因使用本报告中的任何内容所引致的任何损 失负任何责任，投资者需自行承担风险。此报告中所指的投资及服务可能不适合 阁下，我们建议阁下如有任何疑问应咨询独立投资顾问。 | 标 的 | 平值期权隐 | 排 名 | 标的30天历 | 排 名 | 标的当日 | 排 名 | | --- | --- | --- | --- | --- | --- | --- | | | 含波动率 | | 史波动率 | | 真实波幅 | | | sc2507 | 2.5% | 1 | 2.2% | 2 | 2.3% | 9 | | ao2507 | 2.2% | 2 | 2.8% | 1 | 3.9% | 2 | | ps2507 | 2.2% | 3 | 1.9% | 7 | 3.8% | 3 | | lc2507 | 2.1% | 4 | 1.6% | 10 | 2.2% ...

Report Summary 1. Report Information - Report Name: Pioneer Futures Options Daily Report - Date: May 23, 2025 [1] 2. Option Volatility Ranking - The report provides a ranking of options based on at-the-money option implied volatility, 30-day historical volatility, and daily true range for various underlying assets. For example, ao2506 ranks first in at-the-money option implied volatility with 2.4%, and sm507 ranks first in daily true range with 5.1% [3][5]. 3. Core Views - At-the-money option implied volatility reflects the market's expectation of future price fluctuations of the underlying asset. Higher values indicate a greater likelihood of significant price movements, which can be of interest to trend traders. - The 30-day historical volatility reflects the actual price movements of the underlying asset in the past. If this value is smaller than the implied volatility, it may suggest that option prices are relatively expensive, which can be of interest to option sellers. - The daily true range reflects the intraday price movements of the underlying asset, which can be of interest to intraday traders [6]. 4. Exchange Option Analysis 4.1 Shanghai Stock Exchange Options - **上证50ETF (SSE 50 ETF)**: - **Basic Information**: The trading volume of the main options is 836,591 contracts, the open interest is 745,131 contracts, the trading volume ratio of call options to put options is 1.05, and the weighted average implied volatility is 14.36%. - **Volatility Trading**: Suggestions include selling options in months with higher implied volatility curves and buying options in months with lower curves. For options in the same month, sell options with higher points on the curve and buy those with lower points. - **Risk-Free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 44.6% when trading at the settlement price and 9.17% when trading at the counterparty price [19][22][24][28][30]. - **华泰柏瑞沪深300ETF (Huatai-PineBridge CSI 300 ETF)**: - **Basic Information**: The trading volume of the main options is 674,867 contracts, the open interest is 529,907 contracts, the trading volume ratio of call options to put options is 0.89, and the weighted average implied volatility is 14.92%. - **Volatility Trading**: Similar trading suggestions as for the SSE 50 ETF. - **Risk-Free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 58.7% when trading at the settlement price and 11.1% when trading at the counterparty price [31][33][37][41][43]. - **南方中证500ETF (Southern CSI 500 ETF)**: - **Basic Information**: The trading volume of the main options is 1,105,783 contracts, the open interest is 578,593 contracts, the trading volume ratio of call options to put options is 1.04, and the weighted average implied volatility is 19.3%. - **Volatility Trading**: Similar trading suggestions as above. - **Risk-Free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 92.4% when trading at the settlement price and 23.2% when trading at the counterparty price [44][47][50][54][56]. - **华夏上证科创板50ETF (Huaxia SSE STAR Market 50 ETF)**: - **Basic Information**: The trading volume of the main options is 402,764 contracts, the open interest is 753,563 contracts, the trading volume ratio of call options to put options is 1.34, and the weighted average implied volatility is 28.18%. - **Volatility Trading**: Similar trading suggestions as above. - **Risk-Free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 91.5% when trading at the settlement price and 13.3% when trading at the counterparty price [57][59][63][66][67]. - **易方达上证科创板50ETF (E Fund SSE STAR Market 50 ETF)**: - **Basic Information**: The trading volume of the main options is 94,593 contracts, the open interest is 212,957 contracts, the trading volume ratio of call options to put options is 1.18, and the weighted average implied volatility is 31.7%. - **Volatility Trading**: Similar trading suggestions as above. - **Risk-Free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 145% when trading at the settlement price and 19.4% when trading at the counterparty price [68][70][72][76][78]. 4.2 Shenzhen Stock Exchange Options - **嘉实沪深300ETF (Harvest CSI 300 ETF)**: - **Basic Information**: The trading volume of the main options is 124,797 contracts, the open interest is 142,389 contracts, the trading volume ratio of call options to put options is 1.06, and the weighted average implied volatility is 15.38%. - **Volatility Trading**: Similar trading suggestions as above. - **Risk-Free Arbitrage**: No specific arbitrage yield data is provided in the current text [79][82].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report presents a comprehensive analysis of various options, including their basic information, volatility trading, and risk - free arbitrage. It provides data on option prices, trading volumes, open interests, and implied volatilities for different underlying assets such as ETFs and commodities, and offers suggestions for volatility trading and potential arbitrage opportunities [3][19][22]. 3. Summary by Directory 3.1 Shanghai Stock Exchange Options - **1.1 Shanghai 50ETF** - **Basic Information**: The trading volume of the main options of Shanghai 50ETF is 588,611 lots, the open interest is 765,403 lots, the trading volume ratio of call options to put options is 1.08, and the weighted - average implied volatility is 13.48%. The T - type quotation table shows the prices of call and put options at different strike prices [19][22]. - **Volatility Trading**: Suggestions are to sell the options in the months with higher curves and buy those in the months with lower curves; for the same month, sell the options with points above the curve and buy those below the curve [25]. - **Risk - free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 29.9% at the settlement price and 4.86% at the counter - price [28][30]. - **1.2 Huatai - Berry CSI 300ETF** - **Basic Information**: The trading volume of the main options is 438,983 lots, the open interest is 573,354 lots, the trading volume ratio of call options to put options is 0.94, and the weighted - average implied volatility is 14.19%. The T - type quotation table shows option prices at different strike prices [31][33]. - **Volatility Trading**: Similar to the Shanghai 50ETF, sell high - curve months and high - point options, buy low - curve months and low - point options [34]. - **Risk - free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 48.6% at the settlement price and 0.68% at the counter - price [38][40]. - **1.3 Southern CSI 500ETF** - **Basic Information**: The trading volume of the main options is 905,183 lots, the open interest is 611,848 lots, the trading volume ratio of call options to put options is 1, and the weighted - average implied volatility is 17.68%. The T - type quotation table shows option prices at different strike prices [41][44]. - **Volatility Trading**: Follow the rule of selling high - curve months and high - point options, buying low - curve months and low - point options [45]. - **Risk - free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 59.9% at the settlement price and 8.05% at the counter - price [49][51]. - **1.4 Huaxia Shanghai Science and Technology Innovation 50ETF** - **Basic Information**: The trading volume of the main options is 265,685 lots, the open interest is 826,335 lots, the trading volume ratio of call options to put options is 1.52, and the weighted - average implied volatility is 28.19%. The T - type quotation table shows option prices at different strike prices [52][54]. - **Volatility Trading**: Adopt the strategy of selling high - curve months and high - point options, buying low - curve months and low - point options [57]. - **Risk - free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 58.2% at the settlement price and 11.5% at the counter - price [61][63]. - **1.5 E Fund Shanghai Science and Technology Innovation 50ETF** - **Basic Information**: The trading volume of the main options is 59,919 lots, the open interest is 221,356 lots, the trading volume ratio of call options to put options is 1.5, and the weighted - average implied volatility is 27.09%. The T - type quotation table shows option prices at different strike prices [64][66]. - **Volatility Trading**: Use the method of selling high - curve months and high - point options, buying low - curve months and low - point options [70]. - **Risk - free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 36.6% at the settlement price and 5.34% at the counter - price [73][75]. 3.2 Other Exchanges' Options The report also lists options on the Shenzhen Stock Exchange, China Financial Futures Exchange, Zhengzhou Commodity Exchange, Dalian Commodity Exchange, Shanghai Futures Exchange, Shanghai International Energy Exchange, and Guangzhou Futures Exchange, including basic information, volatility trading, and risk - free arbitrage for each option, but detailed data is not fully presented here [8][9][10]. 3.3 Option Volatility Ranking The report provides a ranking of the implied volatility of at - the - money options, 30 - day historical volatility of the underlying, and the real - time volatility of the underlying for various options. It explains that the implied volatility of at - the - money options reflects market expectations of future fluctuations, the 30 - day historical volatility reflects past actual fluctuations, and the real - time volatility reflects the intraday fluctuations of the day [3][6].