期权交易中常用的波动率类型

Core Viewpoint - Volatility plays a crucial role in options pricing, trading, and risk management, and understanding different types of volatility can enhance trading effectiveness [1][2]. Summary by Categories Types of Volatility - There are three commonly used types of volatility: historical volatility, implied volatility, and actual volatility [1]. - Historical volatility refers to the standard deviation of price changes of the underlying asset over a past period, representing past volatility patterns [1]. - Implied volatility is derived from the option price using an options pricing model, reflecting the market's expectations of future price fluctuations of the underlying security [2]. - Actual volatility indicates the true volatility of stock prices over a future period, which is unknown at the time of trading and can only be estimated using historical volatility and current market information [2]. Trading Implications - In actual trading, implied volatility can be used to assess whether the option price is reasonable. If implied volatility is lower than the predicted actual volatility, the option is considered undervalued and can be bought. Conversely, if implied volatility is higher than the predicted actual volatility, the option is deemed overvalued and can be sold [2]. - The core of volatility trading is to profit from the price difference between implied volatility and future actual volatility [2].