Report Information - Report Title: Rubber and Paper Options Morning Report [1] - Date: April 1, 2026 [1] - Analysts: Li Liqin, Huang Kehan [2] Industry Investment Rating - Not provided Core Viewpoints - The closing price of the br2605 contract yesterday was 17,350 yuan, a decrease of 450 yuan or 2.52% from the previous day. The trading volume was 683,189 lots, a decrease of 117,690 lots from the previous day, and the open interest was 72,237 lots, a decrease of 14,966 lots from the previous day [6] - The implied volatility of BR (synthetic rubber options) fluctuates above the average of 0.3405 [6] - The PCR of BR option open interest is reported at 1.1733, at the 93.06% level in the past year [6] - From the perspective of options, the resistance level of the BR option underlying is 20,600, and the support level is 15,000 [6] - The closing price of the ru2605 contract yesterday was 16,345 yuan, a decrease of 135 yuan or 0.81% from the previous day. The trading volume was 181,782 lots, a decrease of 1,811 lots from the previous day, and the open interest was 71,598 lots, a decrease of 9,869 lots from the previous day [18] - The implied volatility of RU (rubber options) fluctuates above the average of 0.2494 [18] - The PCR of RU option open interest is reported at 0.4688, at the 69.80% level in the past year [18] - From the perspective of options, the resistance level of the RU option underlying is 17,000, and the support level is 15,000 [18] Summary by Directory Synthetic Rubber (BR) Futures Market Data - Contract: br2605 - Closing Price: 17,350 yuan, -2.52% [3] - Trading Volume: 683,189 lots, -117,690 lots [3] - Open Interest: 70,007 lots, -14,968 lots [3] Option Factor - Volume and Open Interest PCR - Call Option Volume: 35,418, -7,230 - Call Option Open Interest: 15,071, -2,178 - Put Option Volume: 23,499, -7,565 - Put Option Open Interest: 17,683, +1,185 - Volume PCR: 0.66, -0.06 - Open Interest PCR: 1.17, +0.22 [4] Option Factor - Pressure and Support - Resistance Level: 20,600 - Support Level: 15,000 - Weighted Implied Volatility Change: -9.85% - Annual Average Implied Volatility: 34.05% [5] Option Strategy Recommendations - Directional Strategy: Construct a bull call spread strategy, such as B BR2605C16000 and S BR2605C18600 [7] - Volatility Strategy: Due to high geopolitical risks, strategies based on selling (such as single selling and double selling) are not recommended [7] Rubber (RU) Futures Market Data - Contract: ru2605 - Closing Price: 16,345 yuan, -0.81% [15] - Trading Volume: 181,782 lots, -1,811 lots [15] - Open Interest: 71,598 lots, -9,869 lots [15] Option Factor - Volume and Open Interest PCR - Call Option Volume: 25,896, -1,657 - Call Option Open Interest: 47,092, -1,538 - Put Option Volume: 13,773, +4,216 - Put Option Open Interest: 22,078, -1,524 - Volume PCR: 0.53, +0.18 - Open Interest PCR: 0.47, -0.02 [16] Option Factor - Pressure and Support - Resistance Level: 17,000 - Support Level: 15,000 - Weighted Implied Volatility Change: -1.48% - Annual Average Implied Volatility: 24.94% [17] Option Strategy Recommendations - Directional Strategy: None [19] - Volatility Strategy: Construct a neutral short call + put option combination strategy to obtain time value and directional returns. Dynamically adjust the open positions to keep the delta of the positions neutral, such as S_RU2605P15250, S_RU2605P15750, S_RU2605C16750, and S_RU2605C17000 [19]

Group 1: Volatility Index Explanation - The implied volatility index of financial options reflects the 30 - day implied volatility trend as of the previous trading day. The implied volatility index of commodity options is obtained by weighting the implied volatilities of the two - strike options above and below the at - the - money option of the main contract month, reflecting the implied volatility change trend of the main contract [1] - The difference between the implied volatility index and historical volatility indicates the relative level of implied volatility compared to historical volatility. A larger difference means the implied volatility is relatively higher, and a smaller difference means it is relatively lower [1] Group 2: Implied Volatility Quantile Explanation - The implied volatility quantile represents the current level of a variety's implied volatility in history. A high quantile means the current implied volatility is high, and a low quantile means it is low [3] - Volatility spread is the implied volatility index minus historical volatility [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The long - term upward logic of natural rubber remains unchanged. In the second quarter, the supply - demand structure may keep it in a slightly stronger oscillating pattern, but price fluctuations may widen due to overseas macro and synthetic rubber price uncertainties [114]. - The price of synthetic rubber in the second quarter mainly depends on the overall atmosphere of the energy - chemical sector and cost - side transmission. As long as the crude oil price does not significantly decline, the BR futures price is still expected to be strong [116]. 3. Summary by Relevant Catalogs Rubber - related Variety Disk Trends - As of March 26, the closing price of the RU main contract was 16,460 yuan/ton, with a quarterly increase of 4.24%. The quarterly high was 17,600 yuan/ton, and the quarterly low was 15,525 yuan/ton [8]. - The closing price of the NR main contract was 13,635 yuan/ton, with a quarterly increase of 6.48%. The quarterly high was 14,110 yuan/ton, and the quarterly low was 12,465 yuan/ton [8]. - The closing price of the BR main contract was 17,975 yuan/ton, with a quarterly increase of 54.36%. The quarterly high was 18,265 yuan/ton, and the quarterly low was 11,420 yuan/ton [8]. Supply Situation - In the second quarter, the Yunnan, Hainan, and Vietnam rubber - producing areas will enter the new tapping season. The current phenological conditions are suitable for natural rubber raw material supply. The Thai production area will fully stop tapping from March to April and resume tapping after the Songkran Festival from late April to early May [11]. - The ENSO report indicates that the La Nina phenomenon persisted in February 2026. It is expected to transition to the ENSO neutral state next month, which will last until May - July 2026 (probability of 55%). There is a 62% probability that the El Nino phenomenon will reappear from June - August 2026 and last at least until the end of 2026. El Nino may affect rubber production in Southeast Asia [18]. - ANRPC's January 2026 report predicts that the global natural rubber production in 2026 will increase by 2.2% year - on - year to 15.324 billion tons, with different growth or decline rates in each country [31]. Demand Situation - ANRPC's January 2026 report predicts that the global natural rubber consumption in 2026 will increase by 1.4% year - on - year to 15.602 billion tons, with different growth or decline rates in each country [41]. - From January - February 2026, China's automobile production and sales decreased year - on - year, but the export continued to grow strongly. The cumulative export volume was 1.55 million vehicles, a 61% increase compared to the same period in 2025 [62]. - From January - February 2026, the cumulative export volume of truck and bus tires was 730,100 tons, a 13.07% year - on - year increase, and the cumulative export volume of passenger car tires was 543,200 tons, an 8.42% year - on - year increase [70][71]. Inventory Situation - The domestic natural rubber inventory shows signs of a turning point, and it is expected to enter the seasonal de - stocking period in the second quarter. The current high inventory level makes the de - stocking speed an important leading indicator for judging supply - demand changes [113]. - The synthetic rubber inventory is at a relatively high historical level, but due to the tightening supply, the inventory digestion speed is expected to accelerate [116]. Cost and Profit Situation - The high cost of synthetic rubber may lead to continued significant losses, which will cause the operating rate of synthetic rubber enterprises to decline passively [115]. - The cost of raw materials and the de - stocking situation will affect the cost - profit performance of rubber products [113][116]. Strategy Suggestions - For natural rubber futures, it is recommended to be cautiously bullish, open positions close to technical supports, and pay attention to position management. Enterprises should control hedging positions [114]. - For synthetic rubber futures, it is recommended to view them as strong as long as the crude oil price does not significantly decline [116]. - For rubber options, consider constructing a bull spread portfolio for RU and focus on protective strategies for BR. For arbitrage, maintain the reverse arbitrage idea for RU and NR and temporarily wait and see for inter - monthly arbitrage [119].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - For synthetic rubber (BR) options, the br2605 contract closed at 17,720 yuan yesterday, up 725 yuan or 4.26% from the previous day. The implied volatility of BR options fluctuates above the mean level of 0.0000. The PCR of BR option positions is at 0.7746, at the 64.90% level in the past year. The pressure level of the BR option underlying is 18,600, and the support level is 15,000. Directional strategy: Construct a bull spread combination strategy of call options. Volatility strategy: Due to high geopolitical risks, strategies mainly based on sellers are not recommended [6][7]. - For rubber (RU) options, the ru2605 contract closed at 16,430 yuan yesterday, up 230 yuan or 1.41% from the previous day. The implied volatility of RU options fluctuates above the mean level of 0.0000. The PCR of RU option positions is at 0.4557, at the 64.49% level in the past year. The pressure level of the RU option underlying is 17,000, and the support level is 15,000. Directional strategy: None. Volatility strategy: Construct a combination strategy of selling relatively neutral call + put options to obtain option time value and directional returns, and dynamically adjust positions to keep the position delta neutral [18][19]. 3. Summary by Relevant Catalogs 3.1 Synthetic Rubber (BR) 3.1.1 Futures Market Data - The closing price of the br2605 contract is 17,975 yuan, up 740 yuan or 4.29% [3]. 3.1.2 Option Factor - Volume and Position PCR - The trading volume of BR (synthetic rubber call options) is 95,107, with a change of -201,988; the position is 14,787, with a change of 6,175; the trading volume PCR is 0.27, with a change of -0.4; the position PCR is 0.79, with a change of 0.01. The trading volume of BR (synthetic rubber put options) is 25,224, with a change of -173,106; the position is 11,673, with a change of 5,002 [4]. 3.1.3 Option Factor - Pressure and Support - The pressure level of the BR (synthetic rubber option) br2605 contract is 20,600, and the support level is 5,000. The weighted implied volatility rate is 67.88%, and the change in the weighted implied volatility rate is 94%. The annual average implied volatility rate is 33.49%, and HISV20 is 57.70% [5]. 3.1.4 Market Interpretation and Strategy Recommendations - The br2605 contract closed at 17,720 yuan yesterday, up 725 yuan or 4.26% from the previous day. The trading volume is 890,104 lots, an increase of 292,353 lots from the previous day; the position is 115,005 lots, an increase of 40,340 lots from the previous day. Directional strategy: Construct a bull spread combination strategy of call options, such as B BR2605C16000 and S BR2605C18600. Volatility strategy: Due to high geopolitical risks, strategies mainly based on sellers are not recommended [6][7]. 3.2 Rubber (RU) 3.2.1 Futures Market Data - The closing price of the ru2605 contract is 6,460 yuan, up 90 yuan or 0.54%. The trading volume is 205,890 lots, a decrease of 37,968 lots from the previous day; the position is 102,159 lots, a decrease of 5,068 lots from the previous day [15]. 3.2.2 Option Factor - Volume and Position PCR - The trading volume of RU (rubber call options) is 25,818, with a change of -7,998; the position is 50,328, with a change of -340; the trading volume PCR is 0.32, with a change of 0.07; the position PCR is 0.47, with a change of 0.01. The trading volume of RU (rubber put options) is 8,306, with a change of -168; the position is 23,677, with a change of 289 [16]. 3.2.3 Option Factor - Pressure and Support - The at - the - money strike price of the RU (rubber option) ru2605 contract is 16,500. The pressure level is 17,000, and the support level is 15,000. The weighted implied volatility rate is 29.64%, with a change of -0.93%. The annual average implied volatility rate is 24.86%, and HISV20 is 18.66% [17]. 3.2.4 Market Interpretation and Strategy Recommendations - The ru2605 contract closed at 16,430 yuan yesterday, up 230 yuan or 1.41% from the previous day. The trading volume is 243,858 lots, a decrease of 55,550 lots from the previous day; the position is 107,227 lots, a decrease of 4,547 lots from the previous day. Directional strategy: None. Volatility strategy: Construct a combination strategy of selling relatively neutral call + put options, such as S_RU2605P15250, S_RU2605P15750 and S_RU2605C16750, S_RU2605C17000 [18][19].

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - For synthetic rubber (BR) options, the br2605 contract showed a significant increase, with the price rising 11.98% to 17470 yuan. The implied volatility remained above the mean of 0.3282, and the option's pressure and support levels were 18400 and 14000 respectively. The BR option's open interest PCR was at 1.3487, at the 99.18% level in the past year [7]. - For natural rubber (RU) options, the ru2605 contract rose 0.84% to 16145 yuan. The implied volatility remained above the mean of 0.2471, and the option's pressure and support levels were 17000 and 16000 respectively. The RU option's open interest PCR was at 0.4026, at the 31.43% level in the past year [20]. 3. Summary by Directory 3.1 Synthetic Rubber (BR) - **Futures Market Data**: The br2605 contract closed at 17470 yuan, up 11.98% from the previous day. The trading volume was 493113 lots, an increase of 122662 lots, and the open interest was 88892 lots, an increase of 7771 lots [7]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of BR call options was 179765, with a change of 99546, and the open interest was 24549, with a change of 1067. The trading volume of BR put options was 78665, with a change of 26957, and the open interest was 33110, with a change of 6029. The trading volume PCR was 0.44, a decrease of 0.21, and the open interest PCR was 1.35, an increase of 0.2 [5]. - **Option Factor - Pressure and Support**: The pressure level of BR options was 18400, and the support level was 14000 [7]. - **Option Strategy Suggestions**: For directional strategies, construct a bull call spread strategy to obtain directional returns. For volatility strategies, due to high geopolitical risks, strategies based on selling (such as single - selling and double - selling) are not recommended [8]. 3.2 Natural Rubber (RU) - **Futures Market Data**: The ru2605 contract closed at 16145 yuan, up 0.84% from the previous day. The trading volume was 326382 lots, an increase of 74744 lots, and the open interest was 116891 lots, an increase of 391 lots [20]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of RU call options was 44606, with a change of 16263, and the open interest was 56122, with a change of 2729. The trading volume of RU put options was 10223, with a change of - 3365, and the open interest was 22596, with a change of 351. The trading volume PCR was 0.23, a decrease of 0.25, and the open interest PCR was 0.4, a decrease of 0.01 [18]. - **Option Factor - Pressure and Support**: The pressure level of RU options was 17000, and the support level was 16000. The weighted implied volatility was 40.06%, with a change of 10.75%, and the annual average implied volatility was 24.71% [19]. - **Option Strategy Suggestions**: For directional strategies, there is no suggestion. For volatility strategies, construct a neutral - biased short call + put option combination strategy to obtain option time value and directional returns, and dynamically adjust the position to keep the position delta neutral, such as S_RU2605P15250, S_RU2605P15750, S_RU2605C16750, and S_RU2605C17000 [21].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report No relevant content provided. 3. Summary by Directory 3.1 Market Overview - The trading volume of the entire market this week was 9,012,194.8, a decrease of 0.88% from last week; the open interest was 9,470,619.0, an increase of 0.04% from last week. Among them, the trading volume of agricultural products decreased by 0.97%, energy and chemical products decreased by 1.45%, black products decreased by 0.36%, precious metals increased by 3.71%, and non - ferrous and new energy products increased by 1.36% [4]. 3.2 Market Data 3.2.1 Market Overview - Lists the flat - value volatility, 60 - day quantile, Skew, and 60 - day quantile of various commodity options, such as the flat - value volatility of corn options is 12.54%, and the Skew is 34.99% [7]. 3.2.2 - 3.2.61 Various Commodity Options - For each type of commodity option (such as corn, soybean meal, etc.), it provides detailed data including the closing price, trading volume, open interest, volume PCR, open interest PCR, flat - value volatility, HV - 10 days, HV - 20 days, and Skew of the main and secondary contracts, as well as the overall contract data. For example, for soybean meal options, the main contract m2605 had a closing price of 3029 this week, a decrease of 99 from last week; the trading volume of call options this week was 276,811, a decrease of 221,158 from last week [8][9].

Report Industry Investment Rating - Not provided Core Viewpoints - For synthetic rubber options, the br2605 contract closed at 15,540 yuan yesterday, up 180 yuan or 1.17% from the previous day. The implied volatility of BR options fluctuated above the mean of 0.3235. The PCR of BR option positions was reported at 1.1192, at the 92.65% level in the past year. The pressure level of the BR option underlying is 18,400, and the support level is 14,000 [6]. - For rubber options, the ru2605 contract closed at 16,090 yuan yesterday, down 415 yuan or 2.51% from the previous day. The implied volatility of RU options fluctuated above the mean of 0.2459. The PCR of RU option positions was reported at 0.4453, at the 54.69% level in the past year. The pressure level of the RU option underlying is 17,000, and the support level is 16,000 [17]. Summary by Directory Synthetic Rubber Options 1. Underlying Futures Market Data - The br2605 contract of synthetic rubber options closed at 15,540 yuan, up 180 yuan or 1.17% from the previous day. The trading volume was 301,188 lots, an increase of 28,366 lots from the previous day, and the open interest was 63,800 lots, a decrease of 2,574 lots from the previous day [3][6]. 2. Option Factor - Volume and Open Interest PCR - The trading volume of synthetic rubber call options was 68,954 lots, with a change of 46,677 lots, and the open interest was 21,795 lots, with a change of 3,439 lots. The trading volume of put options was 31,471 lots, with a change of 7,875 lots, and the open interest was 24,392 lots, with a change of 1,504 lots. The trading volume PCR was 0.46, with a change of -0.6, and the open interest PCR was 1.12, with a change of -0.13 [4]. 3. Option Factor - Pressure and Support - For the br2604 contract of synthetic rubber options, the pressure level is 18,400, the support level is 14,000, and the implied volatility is 66.59%, with a change of 7.29% [5]. 4. Option Strategy Recommendations - Directional strategy: Construct a bull spread strategy of call options to obtain directional returns, such as B_BR2604C15000 and S_BR2604C16000 [7]. - Volatility strategy: Due to high geopolitical risks, strategies based on selling (such as single - selling and double - selling) are not recommended [7]. Rubber Options 1. Underlying Futures Market Data - The ru2605 contract of rubber options closed at 16,090 yuan, down 415 yuan or 2.51% from the previous day. The trading volume was 303,515 lots, an increase of 4,638 lots from the previous day, and the open interest was 117,267 lots, a decrease of 99,005 lots from the previous day [14][17]. 2. Option Factor - Volume and Open Interest PCR - The trading volume of rubber call options was 35,325 lots, with a change of - 1,154 lots, and the open interest was 51,861 lots, with a change of - 2,046 lots. The trading volume of put options was 15,274 lots, with a change of - 163 lots, and the open interest was 23,096 lots, with a change of 467 lots. The trading volume PCR was 0.43, with a change of 0.01, and the open interest PCR was 0.45, with a change of 0.03 [15]. 3. Option Factor - Pressure and Support - For the ru2605 contract of rubber options, the pressure level is 17,000, the support level is 16,000, and the implied volatility is 30.82%, with a change of 0.77% [16]. 4. Option Strategy Recommendations - Directional strategy: None [18]. - Volatility strategy: Construct a combination strategy of selling neutral - biased call and put options to obtain option time value and directional returns. Dynamically adjust the positions to keep the delta of the positions neutral, such as S_RU2605P15250, S_RU2605P15750, S_RU2605C16750, and S_RU2605C17000 [18].

Report Overview - The report focuses on rubber and paper options, specifically analyzing synthetic rubber (BR) and natural rubber (RU) options [1] 1. BR (Synthetic Rubber) Options 1.1. Market Data - The closing price of the br2605 contract was 15,530 yuan, down 255 yuan or 1.61% from the previous day. The trading volume was 263,947 lots, an increase of 263,947 lots, and the open interest was 66,416 lots, a decrease of 92 lots [3][6] 1.2. Option Factors - The implied volatility of BR options fluctuated above the average of 0.3202 - The open interest PCR of BR options was 1.2602, at the 96.73% level in the past year - The resistance level of the BR option underlying was 18,400, and the support level was 14,000 [6] 1.3. Option Strategies - Directional strategy: Construct a bull call spread strategy, such as buying BR2604C15000 and selling BR2604C16000 - Volatility strategy: Due to high geopolitical risks, strategies based on selling options (such as single - selling or double - selling) are not recommended [7] 2. RU (Rubber) Options 2.1. Market Data - The closing price of the ru2605 contract was 16,800 yuan, down 35 yuan or 0.20% from the previous day. The trading volume was 258,506 lots, a decrease of 19,595 lots, and the open interest was 133,055 lots, a decrease of 1,814 lots [18] 2.2. Option Factors - The implied volatility of RU options fluctuated above the average of 0.2450 - The open interest PCR of RU options was 0.408, at the 33.47% level in the past year - The resistance level of the RU option underlying was 18,000, and the support level was 15,000 [18] 2.3. Option Strategies - Directional strategy: None - Volatility strategy: Construct a neutral - biased short call + put option combination strategy to obtain option time value and directional returns. Dynamically adjust the positions to keep the delta neutral, such as selling RU2605P16250, RU2605P16500, RU2605C17500, and RU2605C17750 [19]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - The br2604 contract of synthetic rubber (BR) closed at 15,700 yuan yesterday, down 130 yuan or 0.82% from the previous day, with a trading volume of 199,466 lots, a decrease of 30,647 lots, and an open interest of 19,379 lots, a decrease of 2,314 lots. The implied volatility of BR options remained above the average of 0.3186. The PCR of open interest of BR options was reported at 1.2945, at the 97.96% level in the past year. The resistance level of the BR option underlying is 18,400, and the support level is 12,000 [3][6]. - The ru2605 contract of rubber (RU) closed at 16,870 yuan yesterday, down 120 yuan or 0.70% from the previous day, with a trading volume of 278,101 lots, a decrease of 62,803 lots, and an open interest of 134,869 lots, a decrease of 5,436 lots. The implied volatility of RU options remained above the average of 0.2445. The PCR of open interest of RU options was reported at 0.4007, at the 28.57% level in the past year. The resistance level of the RU option underlying is 18,000, and the support level is 15,000 [15][18]. 3. Summary by Relevant Catalogs Synthetic Rubber (BR) - **Futures Market Data**: The br2604 contract closed at 15,700 yuan, down 0.82%, with a trading volume of 199,466 lots and an open interest of 19,379 lots [3]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of BR call options was 24,377, an increase of 762, and the open interest was 15,224, an increase of 887. The trading volume of BR put options was 13,292, an increase of 734, and the open interest was 19,707, an increase of 1,405. The trading volume PCR was 0.55, an increase of 0.01, and the open interest PCR was 1.29, an increase of 0.02 [4]. - **Option Factor - Pressure and Support**: The resistance level of the BR option underlying is 18,400, and the support level is 12,000. The weighted implied volatility is 31.86% [5]. - **Option Strategy Suggestions**: Directional strategy - Construct a bull spread strategy of call options, such as B BR2604C15000 and S BR2604C16000. Volatility strategy - Due to high geopolitical risks, strategies based on selling (such as single - selling and double - selling) are not recommended [7]. Rubber (RU) - **Futures Market Data**: The ru2605 contract closed at 16,870 yuan, down 0.70%, with a trading volume of 278,101 lots and an open interest of 134,869 lots [15]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of RU call options was 22,565, a decrease of 12,019, and the open interest was 54,216, an increase of 2,088. The trading volume of RU put options was 6,766, a decrease of 3,484. The trading volume PCR was 0.3, and the open interest PCR was 0.4, a decrease of 0.01 [16]. - **Option Factor - Pressure and Support**: The resistance level of the RU option underlying is 18,000, and the support level is 15,000. The weighted implied volatility is 33.36%, with a change of 1.32%, and the annual average implied volatility is 24.45% [17]. - **Option Strategy Suggestions**: Directional strategy - None. Volatility strategy - Construct a neutral - biased combination strategy of selling call and put options to obtain option time value and directional returns, and dynamically adjust the positions to keep the delta of the positions neutral, such as S_RU2605P16250, S_RU2605P16500, S_RU2605C17500, and S_RU2605C17750 [19].

Group 1: Volatility Index Explanation - The implied volatility index of financial options reflects the 30 - day implied volatility trend as of the previous trading day. The implied volatility index of commodity options is obtained by weighting the implied volatilities of the two - strike options above and below the at - the - money option of the main contract, reflecting the implied volatility change trend of the main contract [3] - The difference between the implied volatility index and historical volatility: a larger difference indicates that the implied volatility is relatively higher than historical volatility, while a smaller difference means the opposite [3] Group 2: Volatility Data Graphs - There are graphs showing the implied volatility (IV), historical volatility (HV), and the difference between them (IV - HV) for various financial and commodity options, including 300股指, 1000股指, 50ETF, 500ETF, corn, cotton, methanol, rubber, iron ore, PTA, crude oil, aluminum, PVC, rebar, urea, and palm oil [4] Group 3: Implied Volatility Quantile and Volatility Spread Quantile - Implied volatility quantile represents the current level of a variety's implied volatility in history. A high quantile means high implied volatility, and a low quantile means low implied volatility [5] - Volatility spread is the difference between the implied volatility index and historical volatility [5]