金融期权：回调降波，可考虑波动率逢低买入看跌期权保护

Report Industry Investment Rating - Not provided in the report Core Viewpoint of the Report - During the callback and volatility decline, investors can consider buying put options for protection at low volatility levels [1] Summary by Directory 1. Option Market Trading Overview Review - The daily average trading data of various options, including call and put trading volume, total trading volume, call and put open interest, total open interest, and trading turnover, are presented. For example, the daily average call trading volume of Shanghai - Shenzhen 300 Index Options is 11.56 million lots, and the total trading turnover is 1.4862648 billion yuan [1] 2. Option Liquidity - Figures such as the changes in total trading volume, total open interest, total trading turnover, total trading market value, and total open - interest market value of financial options are provided, as well as the trading volume and open - interest proportions of each option variety [4][5][7][9] 3. Option Volatility Level - By comparing the at - the - money implied volatility (ATM - IV) and historical volatility (HV) of various options, it is found that last week, the ATM - IV and HV of options showed signs of convergence. For example, the current ATM - IV of Shanghai 50 Index Options is 17.60%. The correlation between the underlying asset and ATM - IV varies among different options. For instance, the correlation coefficient between the underlying asset of Shanghai 50 Index Options and ATM - IV last week was 52.46% [9][10] 4. Option Market Bull - Bear Sentiment - The Put - Call - Ratio (PCR) indicator of options can reflect the market's bull - bear sentiment to some extent. The report presents the PCR trends and daily -环比 incremental percentages of various options [38] 5. Market Support and Resistance Level Information - The trading volume and open interest at each strike price of options can help reveal the support and resistance levels of the underlying assets. For example, the key support level of the Shanghai 50 Index is 2850, and the resistance level is 3000 [53]