隐波指教分位教与波动率价差分位数排名图 波动率数据日报 1、隐疲分位数代表当前品种隐波在历史上的水平 · 分位数高代表当前隐波偏高 · 分位数低代表隐疫偏低 · 2 、波动率 价差书急疫指数十历史皮 动率。 永安期货期权总部 更新时间: 2026/3/2 隐含波动率分位数据 隐含波动率指数、历史波动率及其价差走势图 历史波动率分位数排名 1、金融期权隐含波动率指数反映截止上一交易日的30日隐波走势,商品期权隐含波动 率指数通过主力月平值期权上下两档隐波加权所得,反映主力合约的隐波变化趋势。2 隐波指数与历史波动率的差值,差值越大反映隐波相对历史波动率越高,差值越小代 表隐波相对历史波动率越低。 70 300股指 IV 300股指HV IV-HV美 IV-HV SOETF IV FOETF HV 20 025/6/5 025/7/5 024/9/5 024/10/5 024/11/5 025/2/5 025/3/5 025/4/5 2025/8/5 2025/9/5 025/11/5 026/1/5 024/11/5 024/12/5 025/2/5 025/3/5 025/4/5 025/5/5 025/6/ ...

（来源：吴说） 来源：市场资讯 吴说获悉，据 GreeksLive，2 月 27 日将有 11.6 万张 BTC 期权到期，Put Call Ratio 为 0.76，最大痛点 75000 美元，名义价值 79 亿美元；同时有 20.6 万张 ETH 期权到期，Put Call Ratio 为 0.77，最大痛点 2200 美元，名义价值 9.8 亿美元。分析指出，明天到期的期权占总持仓 20%，共计近 90 亿美元，其中 BTC 持仓占比达近几年峰值。得益于近两日反弹，本周 BTC 和 ETH 隐含波动率（IV）有所上升，主 要期限 IV 分别在 47% 和 65%。 ...

周度报告——商品期权 商品期权周报：2026 年第 8 周 期权市场情绪：当前沥青、白银、合成橡胶、玻璃成交量 PCR 位于历史高位，市场短期集中博弈下跌预期；烧碱、LPG 成 交量 PCR 处于近一年低位，市场集中博弈上涨预期；沥青、 合成橡胶、纸浆、PVC 持仓量 PCR 位于历史高位，市场对 下跌的博弈情绪已积累至较高水平；而棕榈油、菜油、白银、 黄金、多晶硅、铁矿石等持仓量 PCR 位于近一年低位，市场 对看涨的博弈情绪积累。 ★ 风险提示 模型风险、政策风险、末日轮极端行情 报告日期： 2026 年 2 月 23 日 ★ 商品期权市场活跃度 节前最后一周（2026.02.09-2026.02.13）商品期权市场成交活 跃度继续下滑，日均成交量为 663 万手，日均持仓量为 821 万手，环比变化分别为-22.34%和-11.72%。分品种来看，日均 成交活跃的品种主要包括白银（83 万手）、PTA（60 万手）、 玻璃（34 万手）。此外，成交量增长较为显著的品种为豆一 （+214%）、镍（+100%）。与此同时，成交量下降较为明 显的品种则有多晶硅（-94%）、燃油（-89%）、工业硅（-88%） ...

Core Viewpoint - Investors in IQVIA Holdings Inc. should closely monitor the stock due to significant movements in the options market, particularly the high implied volatility of the Feb 20, 2026 $105.00 Call option [1] Company Analysis - IQVIA is currently rated as Zacks Rank 4 (Sell) within the Medical - Instruments Industry, which ranks in the top 34% of the Zacks Industry Rank [3] - Over the past 60 days, no analysts have increased their earnings estimates for the current quarter, while four analysts have revised their estimates downward, leading to a decrease in the Zacks Consensus Estimate from $2.94 per share to $2.87 per share [3] Options Market Insights - The high implied volatility surrounding IQVIA shares suggests that options traders are anticipating a significant price movement, which could indicate an upcoming event that may lead to a substantial rally or sell-off [2][4] - Options traders often seek to capitalize on high implied volatility by selling premium, aiming for the underlying stock to not move as much as initially expected by expiration [4]

Group 1 - The core viewpoint indicates that despite Bitcoin's price rebound from around $60,000 to nearly $70,000, the derivatives market signals a defensive stance among traders, with no significant bullish bets emerging [1] - Data shows that the funding rate for Bitcoin perpetual contracts remains below zero, suggesting that market participants are preparing for downside risks and require compensation to hold long positions [1] - The open interest in Bitcoin perpetual contracts has not recovered from a decline since October last year, highlighting a lack of confidence behind the recent price rebound, with current open interest down approximately 51% from the peak in October [1] Group 2 - The options market also conveys cautious signals, with Bitcoin's implied volatility dropping from about 83% to around 60%, indicating a decrease in expectations for short-term volatility [2] - The positioning structure remains defensive, with a significant skew towards put options, reflecting strong demand for downside protection among investors [2] - Macro-level uncertainties are reinforcing cautious sentiment in the market, with participants remaining extremely cautious due to potential market-moving events, including political changes in Japan and fluctuations in the precious metals market [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoint of the Report - It is the right time to adopt the long straddle strategy for CSI 300 index options as the PCR of open interest and the at - the - money implied volatility of CSI 300 index options have both fallen to relatively low historical quantile levels. Although the short - term stock market risk appetite has been negatively disturbed, with the approaching of the Spring Festival, the expectation of consumption recovery is rising, and the CSI 300 index has the potential for "catch - up growth" [1][18] 3. Summary by Relevant Catalogs 3.1 Market Performance of CSI 300 Index - Since the beginning of the year, the CSI 300 index has shown a trend of rising first and then falling, with a maximum of 4836.95 points, presenting a range - bound market. Compared with the CSI 500 and CSI 1000 indexes, the CSI 300 index has been relatively stable. However, since January 26, the CSI 500 and CSI 1000 indexes have significantly corrected, while the CSI 300 index has remained relatively robust, indicating a possible shift in market style [2] 3.2 Analysis from the Perspective of Open Interest PCR - As of February 4, the open interest PCR of CSI 300 index options was 63.47%, at the 43.8% quantile level since 2023, and has been continuously declining since January 8. This indicates that investors' risk preference has weakened marginally, and the current low level implies a possibility of bottom - out recovery [3] 3.3 Analysis from the Perspective of Implied Volatility - As of February 4, the at - the - money implied volatility of CSI 300 index options was 14.79%, at the 39.9% quantile level since 2023, and has been continuously decreasing since January 7. The current low level is more favorable for option buyers [4] 3.4 Analysis of the Direction of the Underlying Index 3.4.1 Macro - fundamental Aspect - The problem of insufficient effective demand still exists. In January, the manufacturing PMI was 49.3%, down 0.8 percentage points from the previous month, returning to the contraction range. The new order index declined more than the production index, indicating that the demand side is the main drag. The price scissors - gap dilemma has been alleviated to some extent, and there is an obvious differentiation in the economic prosperity among enterprises [9] 3.4.2 Policy Aspect - Policy needs to stabilize domestic demand at the overall level and support technology and consumption at the structural level. Stabilizing domestic demand is a short - term measure to stabilize growth, while structural support for technology and consumption aims at long - term kinetic energy transformation [12] 3.4.3 Market Style and Capital Flow - Since the beginning of the year, stocks related to strategic emerging industries and future industries mentioned in the "15th Five - Year Plan" have been favored by funds, and the valuations of the CSI 500 and CSI 1000 indexes have significantly increased. However, with the regulatory signal of de - leveraging and risk control, the market driven by valuation has ended. As the Spring Festival approaches, the CSI 300 index has the potential for "catch - up growth" due to consumption recovery expectations. Since mid - January, the inflow of margin trading funds into the stock market has slowed down [13][14] 3.4.4 External Factors - The news about the next Fed chairman at the end of January and early February has caused market volatility, and the stock market has been under pressure. However, this is mainly a short - term disturbance, and the stock market logic will eventually return to its fundamentals [17] 3.5 Conclusion and Operation Ideas - It is advisable to choose the long straddle strategy to layout the Spring Festival market. This strategy involves buying the same number of call and put options with the same expiration month and strike price. It can profit whether the market breaks upward as expected or experiences an unexpected downward risk, and can control the risk exposure [18]

Core Viewpoint - Investors in Levi Strauss & Co. should closely monitor stock movements due to significant implied volatility in the options market, particularly the Feb. 20, 2026 $6 Call option [1] Company Analysis - Levi Strauss & Co. currently holds a Zacks Rank of 4 (Sell) within the Retail - Apparel and Shoes industry, which is positioned in the top 16% of the Zacks Industry Rank [3] - Over the past 30 days, no analysts have increased earnings estimates for the current quarter, while two analysts have lowered their estimates, resulting in a decrease of the Zacks Consensus Estimate from 39 cents per share to 37 cents [3] Options Market Insights - The high implied volatility suggests that options traders are anticipating a significant price movement for Levi Strauss & Co. shares, indicating potential upcoming events that could lead to a major rally or sell-off [2][3] - Options traders often seek high implied volatility options to sell premium, a strategy that aims to benefit from the decay of option value, hoping that the underlying stock does not move as much as expected by expiration [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - The report presents daily volatility data including implied volatility indices, historical volatility, and their spreads for various financial and commodity options. It also shows the implied volatility quantile data and historical volatility quantile ranking for some products [3][5][6]. 3. Summary by Related Content Implied Volatility Index and Historical Volatility - The financial option implied volatility index reflects the 30 - day implied volatility (IV) trend as of the previous trading day. The commodity option implied volatility index is obtained by weighted average of the IVs of the two - strike options above and below the at - the - money option of the main contract, reflecting the IV change trend of the main contract [3]. - The difference between the implied volatility index and historical volatility (HV) indicates the relative level of IV to HV. A larger difference means IV is relatively higher than HV, and a smaller difference means IV is relatively lower [3]. Implied Volatility Quantile and Volatility Spread Quantile - The implied volatility quantile represents the current level of a product's IV in history. A high quantile means the current IV is high, and a low quantile means the current IV is low [5]. - The volatility spread is related to the implied volatility index and historical volatility [5]. Data Display - There are charts showing the trends of IV, HV, and IV - HV spreads for various products such as 300股指, 50ETF, 1000股指, etc., from 2024 to 2026. Also, there is a chart presenting the implied volatility quantile data and historical volatility quantile ranking for products like PTA, 500ETF, 50ETF, etc [4][6][7].

Core Insights - On February 6, approximately 33,000 BTC options expired, with a Put/Call ratio of 0.54 and a maximum pain point at $80,000, representing a notional value of about $2.1 billion [1] Group 1 - The market experienced a significant downturn, with BTC dropping below $60,000 and ETH falling below $1,750 [1] - Implied volatility surged notably, with BTC's main expiration implied volatility exceeding 60%, and some short-term at-the-money implied volatility surpassing 110% [1]

Group 1: Implied Volatility Index and Historical Volatility - The financial option implied volatility index reflects the 30 - day implied volatility trend as of the previous trading day, and the commodity option implied volatility index is obtained by weighting the implied volatility of the two - level options above and below the at - the - money option of the main contract month, reflecting the implied volatility change trend of the main contract [3] - The difference between the implied volatility index and historical volatility indicates the relative level of implied volatility to historical volatility. A larger difference means the implied volatility is relatively higher, and a smaller difference means it is relatively lower [3] Group 2: Implied Volatility Quantile and Volatility Spread - The implied volatility quantile represents the current level of the implied volatility of a variety in history. A high quantile means the current implied volatility is high, and a low quantile means it is low [5] - The volatility spread is related to the implied volatility index and historical volatility [5] Group 3: Implied Volatility Quantile Data - Implied volatility quantile data is presented for various items such as 500E, 50E, 1000 ta za, 300 index, and rebar [7]