贵金属期权早报-20260318

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - For silver options, the ag2606 contract closed at 20306 yuan yesterday, down 244 yuan or 1.18% from the previous day, with a trading volume of 550109 lots (down 173852 lots) and an open interest of 218466 lots (up 1808 lots). The implied volatility of AG (silver options) fluctuates above the mean of 0.4540. The AG option open interest PCR is 0.9045, at the 6.12% level in the past year. The pressure level is 37600 and the support level is 15000 [7]. - For gold options, the au2604 contract closed at 1116.2 yuan yesterday, down 8.92 yuan or 0.79% from the previous day, with a trading volume of 146932 lots (down 67362 lots) and an open interest of 90930 lots (down 3598 lots). The implied volatility of AU (gold options) fluctuates above the mean of 0.2661. The AU option open interest PCR is 0.734, at the 43.67% level in the past year. The pressure level is 1200 and the support level is 1000 [20]. 3. Summary by Relevant Catalogs 3.1 Silver Options 3.1.1标的期货市场数据 - The ag2606 contract of AG (silver options) had a closing price of 20308, a decrease of 144, a decline rate of 18%, a trading volume of 550109 lots (down 173852 lots), and an open interest of 218466 lots (up 1808 lots) [4]. 3.1.2期权因子 - 量仓PCR - For AG (silver call options), the trading volume was 152708 (down 37425), the open interest was 131190 (up 3858), the trading volume PCR was 1.17 (down 0.2), and the open interest PCR was 0.9 (down 0.03). For AG (silver put options), the trading volume was 179034 (down 81175), and the open interest was 118667 (up 174) [5]. 3.1.3期权因子 - 压力支撑 - For AG (silver options) with the aq2604 contract, the at - the - money strike price was 20400, the pressure level was 37600, the support level was 15000, the weighted implied volatility was 88.13% (down 2.97%), the annual average implied volatility was 45.40%, and HISV20 was 83.33% [6]. 3.1.4行情解读与策略建议 - 行情解析: As mentioned in the core viewpoints. - 策略建议: No directional strategy. For volatility strategy, construct a neutral short - volatility option seller portfolio strategy to obtain option time value, and dynamically adjust the positions to make the position delta neutral, such as S_AG2604P19600, S_AG2604P2000, S_AG2604C21800, S_AG2604C22000 [8]. 3.2 Gold Options 3.2.1标的期货市场数据 - The au2604 contract of AU (gold options) had a closing price of 1116.2 (down 8.92, 0.79% decline), a trading volume of 146932 lots (down 67362 lots), and an open interest of 90930 lots (down 3598 lots) [20]. 3.2.2期权因子 - 量仓PCR - For AU (gold call options), the trading volume was 46472 (down 9660), the open interest was 59515 (down 132), the trading volume PCR was 0.9 (down 0.24), and the open interest PCR was 0.73. For AU (gold put options), the trading volume was 41738 (down 21981), and the open interest was 43682 (up 190) [18]. 3.2.3期权因子 - 压力支撑 - For AU (gold options) with the au2604 contract, the at - the - money strike price was 1120, the pressure level was 1200, the support level was 1000, the weighted implied volatility was 35.02% (down 2.31%), the annual average implied volatility was 26.61%, and HISV20 was 26.39% [19]. 3.2.4行情解读与策略建议 - 行情解析: As mentioned in the core viewpoints. - 策略建议: No directional strategy. For volatility strategy, construct a short call + put option combination strategy to obtain option time value, and dynamically adjust the positions to keep the position delta neutral, such as S_AU2604P1096, S_AU2604C1152 [21].