能源化工期权 2025-08-22 能源化工期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | -- ...

Group 1: Report Overview - The report is an energy and chemical options strategy morning report dated August 21, 2025 [2] - It covers various energy and chemical option varieties, including energy, polyolefins, polyesters, alkali chemicals, and others [3] - The recommended strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered call strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - The report provides the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of multiple energy and chemical futures contracts [4] Group 3: Option Factors - Volume and Open Interest PCR - The volume and open interest PCR data of different option varieties are presented, which are used to describe the strength of the option underlying market and the turning points of the underlying market [5] Group 4: Option Factors - Pressure and Support Levels - The pressure and support levels of option underlying assets are analyzed based on the strike prices with the largest open interest of call and put options [6] Group 5: Option Factors - Implied Volatility - The implied volatility data of different option varieties are provided, including at-the-money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [7] Group 6: Option Strategies and Recommendations Energy Options - **Crude Oil**: The fundamental analysis shows that OPEC+ will increase supply in September, and Russia will cut production. The market is in a short - term recovery with resistance. Option strategies include constructing a neutral call + put option selling strategy and a long collar strategy for spot hedging [8] - **LPG**: The supply is abundant, and the market is short - term bearish. Option strategies include constructing a bearish call + put option selling strategy and a long collar strategy for spot hedging [10] Alcohol Options - **Methanol**: The port inventory is increasing, and the market is weak. Option strategies include constructing a bearish call + put option selling strategy and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: The port inventory is expected to accumulate, and the market is in a weak and wide - range oscillation. Option strategies include constructing a volatility - selling strategy and a long collar strategy for spot hedging [11] Polyolefin Options - **Polypropylene**: The PE inventory is decreasing, while the PP inventory has different trends. The market is weak. Option strategies include a long collar strategy for spot hedging [11] Rubber Options - **Rubber**: The tire production has different trends in operating rates. The market is short - term weak. Option strategies include constructing a neutral call + put option selling strategy [12] Polyester Options - **PTA**: The inventory is increasing, and the market is in a weak consolidation. Option strategies include constructing a neutral call + put option selling strategy [13] Alkali Chemical Options - **Caustic Soda**: The production capacity utilization rate has changed, and the market is in a short - term bullish recovery. Option strategies include a long collar strategy for spot hedging [14] - **Soda Ash**: The inventory is increasing, and the market is in an oscillatory state. Option strategies include constructing a volatility - selling strategy and a long collar strategy for spot hedging [14] Other Options - **Urea**: The inventory is at a high level, and the market is in a low - level oscillation. Option strategies include constructing a bearish call + put option selling strategy and a long collar strategy for spot hedging [15] Group 7: Option Charts - The report includes price charts, trading volume and open interest charts, PCR charts, implied volatility charts, and historical volatility cone charts of various option varieties such as crude oil, LPG, methanol, etc. [17][35][54]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The energy and chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [9] - For strategy, it is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered call strategies to enhance returns [3] 3. Summary According to Related Catalogs 3.1 Market Overview of Underlying Futures - Different option varieties have different latest prices, price changes, trading volumes, and open interest. For example, the latest price of crude oil (SC2510) is 489, with a price increase of 3 and a trading volume of 11.05 million lots [4] 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of various option varieties are presented, which are used to describe the strength of the underlying option market and the turning point of the market trend [5] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various option varieties are analyzed from the perspective of the strike prices with the largest open interest of call and put options [6] 3.4 Option Factors - Implied Volatility - The implied volatility of various option varieties is provided, including at - the - money implied volatility and weighted implied volatility [7] 3.5 Strategy and Recommendations for Different Option Types 3.5.1 Energy - related Options (Crude Oil, LPG) - **Crude Oil**: The OPEC+ production increase cycle has ended, and Russia has announced production cuts. The market shows a short - term upward受阻 pattern. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [8] - **LPG**: Supply is abundant, and the market is short - term bearish. It is recommended to construct a bearish short call + put option combination strategy and a long collar strategy for spot hedging [10] 3.5.2 Alcohol - related Options (Methanol, Ethylene Glycol) - **Methanol**: Port inventory is rising, and the market is bearish. It is recommended to construct a bearish short call + put option combination strategy and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Port inventory is expected to accumulate, and the market is in a wide - range volatile pattern. It is recommended to construct a short volatility strategy and a long collar strategy for spot hedging [11] 3.5.3 Polyolefin - related Options (Polypropylene, PVC, Plastic, Styrene) - **Polypropylene**: The inventory situation of PE and PP is different, and the market is weak. It is recommended to construct a long collar strategy for spot hedging [11] - **PVC**: The market is in a certain trend, and specific strategies are not fully detailed in the summary [113] - **Plastic**: No detailed strategy summary provided in the current output - **Styrene**: No detailed strategy summary provided in the current output 3.5.4 Rubber - related Options (Rubber, Synthetic Rubber) - **Rubber**: The tire industry's operating rate has changed, and the market is short - term weak. It is recommended to construct a neutral short call + put option combination strategy [12] - **Synthetic Rubber**: No detailed strategy summary provided in the current output 3.5.5 Polyester - related Options (PX, PTA, Short - fiber, Bottle Chip) - **PTA**: Social inventory is rising, and the market is in a weak consolidation pattern. It is recommended to construct a neutral short call + put option combination strategy [13] - **PX**: No detailed strategy summary provided in the current output - **Short - fiber**: No detailed strategy summary provided in the current output - **Bottle Chip**: No detailed strategy summary provided in the current output 3.5.6 Alkali - related Options (Caustic Soda, Soda Ash) - **Caustic Soda**: The capacity utilization rate has changed, and the market is in a rebound pattern. It is recommended to construct a long collar strategy for spot hedging [14] - **Soda Ash**: Factory inventory and social inventory are rising, and the market is in a consolidation pattern. It is recommended to construct a short volatility combination strategy and a long collar strategy for spot hedging [14] 3.5.7 Other Options (Urea) - Urea: Port inventory is decreasing, and enterprise inventory is rising. The market is in a low - level volatile pattern. It is recommended to construct a bearish short call + put option combination strategy and a long collar strategy for spot hedging [15]

能源化工期权 2025-08-13 能源化工期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | -- ...

能源化工期权 2025-08-12 能源化工期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | -- ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and suggestions are provided for selected varieties. Each option variety's strategy report includes analysis of the underlying market, research on option factors, and option strategy suggestions [9]. - It is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical option underlying futures contracts, such as crude oil, liquefied petroleum gas (LPG), methanol, etc. [4]. 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - It shows the trading volume, volume change, open interest, open interest change, volume PCR, volume PCR change, open interest PCR, and open interest PCR change of various option varieties. Volume PCR is used to describe whether the underlying market has a turning point, and open interest PCR is used to describe the strength of the underlying option market [5]. 3.2.2 Pressure and Support Levels - The pressure points, pressure point offsets, support points, support point offsets, maximum call option positions, and maximum put option positions of various option varieties are provided. These are determined from the strike prices of the maximum call and put option positions [6]. 3.2.3 Implied Volatility - The report shows the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call option implied volatility, put option implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility for each option variety [7]. 3.3 Option Strategies and Suggestions 3.3.1 Energy - related Options - **Crude Oil**: The U.S. crude oil inventory decreased last week. The market showed a short - term upward rebound受阻 pattern with pressure above. The implied volatility of crude oil options fluctuates around the mean. The open interest PCR indicates a weak - oscillating market. Strategies include constructing a neutral call + put option selling portfolio, and a long collar strategy for spot hedging [8]. - **LPG**: Factory inventories decreased slightly, while port inventories are at a high level and oscillating. The market is short - term bearish. The implied volatility of LPG options is at a relatively high historical level. The open interest PCR indicates strong bearish power. Strategies include a bearish put option spread, a bearish call + put option selling portfolio, and a long collar strategy for spot hedging [10]. 3.3.2 Alcohol - related Options - **Methanol**: China's methanol production and capacity utilization are expected to increase, and import volumes are estimated. The market shows a weak pattern with pressure above. The implied volatility of methanol options is falling and fluctuating below the mean. The open interest PCR indicates a weak - oscillating market. Strategies include a bearish call + put option selling portfolio and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The inventory in East China's main ports decreased significantly. The market shows a weak and wide - range oscillating pattern with pressure above. The implied volatility of ethylene glycol options fluctuates around the lower - than - mean level. The open interest PCR indicates an oscillating market. Strategies include a volatility - selling strategy and a long collar strategy for spot hedging [11]. 3.3.3 Polyolefin - related Options - **Polypropylene**: The inventory of polyethylene and polypropylene production enterprises is expected to change. The market shows a weak pattern with bearish pressure above. The implied volatility of polypropylene options fluctuates around the historical mean. The open interest PCR indicates a weakening trend. Strategies include a long collar strategy for spot hedging [12]. 3.3.4 Rubber - related Options - **Rubber**: The import volume of natural and synthetic rubber in July increased. The market shows a short - term weak pattern with pressure above. The implied volatility of rubber options first rises sharply and then falls to around the mean. The open interest PCR indicates a weak market. Strategies include a neutral call + put option selling portfolio [13]. 3.3.5 Polyester - related Options - **PTA**: The industry inventory has decreased, but there is inventory accumulation in finished filament. The market shows a weak - oscillating pattern with pressure above. The implied volatility of PTA options fluctuates at a relatively high level above the mean. The open interest PCR indicates a weakening trend. Strategies include a neutral call + put option selling portfolio [14]. 3.3.6 Alkali - related Options - **Caustic Soda**: Enterprises have high production starts, but it is the off - season for demand, and export orders are few. The market shows a weak - oscillating pattern with pressure above. The implied volatility of caustic soda options first rises sharply and then falls but remains at a high level. The open interest PCR indicates strong bearish pressure. Strategies include a long collar strategy for spot hedging [15]. - **Soda Ash**: The total inventory of domestic soda ash manufacturers is high, and production has increased. The market shows a weak - bearish pattern. The implied volatility of soda ash options first rises sharply and then falls but remains at a high level. The open interest PCR indicates strong bearish pressure. Strategies include a volatility - selling portfolio and a long collar strategy for spot hedging [15]. 3.3.7 Other Options - **Urea**: The total inventory of urea enterprises has decreased. The market shows a low - level oscillating pattern. The implied volatility of urea options fluctuates slightly around the historical mean. The open interest PCR indicates strong bearish pressure. Strategies include a bearish call + put option selling portfolio and a long collar strategy for spot hedging [16].

能源化工期权 2025-08-05 能源化工期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | -- ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies suggest constructing option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [3][9]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices of various energy - chemical futures showed different trends. For example, crude oil (SC2509) was at 513, down 15 (-2.86%); liquefied petroleum gas (PG2509) was at 3,923, down 64 (-1.61%); methanol (MA2509) was at 2,383, down 20 (-0.83%) [4]. 3.2 Option Factor - Quantity and Position PCR - The PCR indicators of different option varieties varied. For instance, the volume PCR of crude oil was 1.01 with a change of 0.46, and the position PCR was 0.85 with a change of 0.01. These indicators are used to describe the strength of the option underlying market and the turning point of the market [5]. 3.3 Option Factor - Pressure and Support Levels - Each option variety has corresponding pressure and support levels. For example, the pressure level of crude oil was 640 and the support level was 500; the pressure level of liquefied petroleum gas was 5,200 and the support level was 3,800 [6]. 3.4 Option Factor - Implied Volatility - The implied volatility of different option varieties also differed. For example, the at - the - money implied volatility of crude oil was 33.445, and the weighted implied volatility was 36.36 with a change of - 1.17 [7]. 3.5 Strategy and Recommendations for Each Option Variety 3.5.1 Energy - related Options (Crude Oil, Liquefied Petroleum Gas) - **Crude Oil**: The US crude oil inventories increased. The market showed a short - term upward受阻and then downward trend. Implied volatility fluctuated around the mean. Recommended strategies included constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [8]. - **Liquefied Petroleum Gas**: Factory and port inventories were at high levels. The market was short - term bearish. Implied volatility was at a relatively high historical level. Recommended strategies included constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [10]. 3.5.2 Alcohol - related Options (Methanol, Ethylene Glycol) - **Methanol**: Production enterprise inventories and orders decreased. The market was weakly bullish with pressure. Implied volatility fluctuated around the mean. Recommended strategies included constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The overall operating rate was stable, but production profits were under pressure. The market was weakly bullish with pressure. Implied volatility fluctuated around the historical mean. Recommended strategies included constructing a short - volatility strategy and a long collar strategy for spot hedging [11]. 3.5.3 Polyolefin - related Options (Polypropylene, Polyvinyl Chloride, Plastic, Styrene) - **Polypropylene**: The number of maintenance production lines decreased, and production increased. The market was weakly bearish. Implied volatility was around the historical mean. Recommended strategies included a long collar strategy for spot hedging [11]. 3.5.4 Rubber - related Options (Rubber, Synthetic Rubber) - **Rubber**: Hainan's natural rubber production decreased. The market was bearish. Implied volatility decreased to around the mean after a sharp increase. Recommended strategies included constructing a neutral short call + put option combination strategy [12]. 3.5.5 Polyester - related Options (Para - xylene, PTA, Short - fiber, Bottle - chip) - **PTA**: Factory inventories continued to accumulate, and prices were under pressure. The market was slightly bullish with pressure. Implied volatility was at a relatively high level. Recommended strategies included constructing a neutral short call + put option combination strategy [13]. 3.5.6 Alkali - related Options (Caustic Soda, Soda Ash, Urea) - **Caustic Soda**: The average utilization rate of production capacity decreased slightly. The market was weakly bullish with pressure. Implied volatility was at a relatively high level. Recommended strategies included a long collar strategy for spot hedging [14]. - **Soda Ash**: Inventories continued to accumulate at a high level. The market was bearish after a sharp decline. Implied volatility was at a relatively high level. Recommended strategies included constructing a short - volatility combination strategy and a long collar strategy for spot hedging [14]. - **Urea**: Supply decreased slightly, and demand was weak. The market was bearish with fluctuations. Implied volatility was below the historical mean. Recommended strategies included constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [15].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [9]. - For each selected option variety, the report provides analysis of the underlying market, option factor research, and option strategy recommendations [9]. - Overall, it is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices of various energy - chemical option underlying futures contracts are presented, along with their price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes. For example, the latest price of crude oil SC2509 is 502, down 7 (-1.32%), with a trading volume of 15.26 million lots and an open interest of 4.00 million lots [4]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - Volume PCR and open interest PCR for different option varieties are given, which can be used to analyze the strength of the market and the turning points of the underlying assets. For example, the volume PCR of crude oil is 0.48, and the open interest PCR is 0.53 [5]. 3.2.2 Pressure and Support Levels - Pressure and support levels for each option variety are determined from the exercise prices with the maximum open interest of call and put options. For example, the pressure level of crude oil is 640, and the support level is 500 [6]. 3.2.3 Implied Volatility - Implied volatility data for different option varieties are provided, including at - the - money implied volatility, weighted implied volatility, call implied volatility, put implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil is 29.53% [7]. 3.3 Option Strategies and Recommendations 3.3.1 Energy - related Options - **Crude Oil**: The short - term market is weak. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [8]. - **LPG**: The short - term market is bearish. It is recommended to construct a bearish short call + put option combination strategy and a long collar strategy for spot hedging [10]. 3.3.2 Alcohol - related Options - **Methanol**: The market is weak with resistance above. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The market is weakly bullish with resistance above. It is recommended to construct a short - volatility strategy and a long collar strategy for spot hedging [11]. 3.3.3 Polyolefin - related Options - For polyolefins such as polypropylene, it is recommended to hold a long spot position + buy an at - the - money put option + sell an out - of - the - money call option for spot hedging [11]. 3.3.4 Rubber - related Options - **Rubber**: The market is in a low - level consolidation. It is recommended to construct a neutral short call + put option combination strategy [12]. 3.3.5 Polyester - related Options - For polyester options such as PTA, it is recommended to construct a neutral short call + put option combination strategy [13]. 3.3.6 Alkali - related Options - **Caustic Soda**: The market has resistance above and is in a downward trend. It is recommended to use a long collar strategy for spot hedging [14]. - **Soda Ash**: The market has resistance above and is in a significant decline. It is recommended to construct a short - volatility combination strategy and a long collar strategy for spot hedging [14]. 3.3.7 Urea Options - The market is in a range - bound under bearish pressure. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [15].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The energy - chemical sector includes energy, alcohols, polyolefins, rubber, polyesters, alkalis, etc. [9] - For each sub - sector, options strategies are formulated based on fundamental analysis, market trend analysis, and option factor research of underlying assets [9] - The overall strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various energy - chemical futures contracts are presented, such as the latest price of crude oil SC2509 is 509, down 6 with a decline of 1.20% [4] 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - The volume - to - open - interest PCR of various energy - chemical options is provided, which reflects the strength of the underlying asset's market and the turning point of the market trend. For example, the volume PCR of crude oil options is 0.49, with a change of - 0.00 [5] 3.2.2 Pressure and Support Levels - The pressure and support levels of various energy - chemical options are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil options is 640, and the support level is 500 [6] 3.2.3 Implied Volatility - The implied volatility of various energy - chemical options is presented, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil options is 27, and the weighted implied volatility is 31.12 [7] 3.3 Strategies and Recommendations 3.3.1 Energy - related Options (Crude Oil, LPG) - **Crude Oil**: OPEC + increases supply, and the US supply rebounds with oil prices. The short - term market is weak. Implied volatility fluctuates around the average, and the short - selling power increases. Strategies include constructing a neutral call + put option selling combination and a long collar strategy for spot hedging [8] - **LPG**: The futures price is weak, and the demand side has potential risks. The short - term market is bearish. Implied volatility fluctuates around the historical average, and the short - selling power increases. Strategies include constructing a bearish call + put option selling combination and a long collar strategy for spot hedging [10] 3.3.2 Alcohol - related Options (Methanol, Ethylene Glycol) - **Methanol**: Port inventory increases, and the market shows a weak rebound. Implied volatility is below the historical average, and the market is in a weak shock. Strategies include constructing a neutral call + put option selling combination and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Port inventory decreases in the short term, and the market shows a narrow - range shock. Implied volatility fluctuates around the historical average, and the market is in a shock. Strategies include constructing a short - volatility strategy and a long collar strategy for spot hedging [11] 3.3.3 Polyolefin - related Options (Polypropylene, PVC, Plastic, Styrene) - **Polypropylene**: The inventory of traders decreases, and the market is weak. Implied volatility fluctuates around the historical average, and the market weakens. Strategies include a long collar strategy for spot hedging [11] 3.3.4 Rubber - related Options - **Rubber**: The production of synthetic rubber and butadiene rubber increases. The market shows a low - level consolidation. Implied volatility fluctuates around the average, and the short - selling power increases. Strategies include constructing a neutral call + put option selling combination [12] 3.3.5 Polyester - related Options (PX, PTA, Short - fiber, Bottle - chip) - **PTA**: The load is stable, and the market is weak. Implied volatility fluctuates around the average, and the market weakens. Strategies include constructing a neutral call + put option selling combination [12] 3.3.6 Alkali - related Options (Caustic Soda, Soda Ash) - **Caustic Soda**: The average utilization rate of production capacity decreases slightly, and the market shows a short - term upward trend. Implied volatility fluctuates around the average. Strategies include a long collar strategy for spot hedging [13] - **Soda Ash**: The inventory is at a historical high, and the market shows a short - term upward trend. Implied volatility fluctuates around the historical average, and the market is in a weak shock. Strategies include constructing a neutral call + put option selling combination and a long collar strategy for spot hedging [13] 3.3.7 Urea Options - The port inventory increases, and the market shows a shock under bearish pressure. Implied volatility fluctuates slightly below the historical average, and the market weakens. Strategies include constructing a neutral call + put option selling combination and a long collar strategy for spot hedging [14]