2026-03-02 ⚫ 综述 上周市场震荡回升，各大指数周度收涨。其中中证 1000 指数 领涨，周度涨幅为 4.34%。板块方面，钢铁和有色金属等行业板块 表现突出，周度涨幅分别为 12.27%和 9.77%；传媒等板块走势偏 弱，周度跌幅约为 5.10%。上周市场焦点集中于地缘局势演变与美 元流动性变化。周末美以空袭伊朗，对地缘局势造成较大扰动， 贵金属和原油等商品明显上涨，市场避险情绪有所升温。汇率方 面，短期来看，美元虽然有所走强，但上行空间受日元走势制约。 人民币目前仍维持震荡偏强的格局，对股指有一定的支撑。继续 关注地缘局势变化以及国内的政策信号。 ⚫ 期权市场 市场或延续震荡偏强格局，部分金融品种期权隐波有所回落。 策略思路：上周钢铁和有色金属等行业板块表现突出，传媒 等板块走势偏弱。当前地缘局势对市场的风险偏好有所扰动，但 偏强的人民币汇率对市场仍有支撑，预计市场中长期走势仍保持 积极。可以继续持有估值相对合理的指数，例如沪深 300、中证 A500，目前期权 IV 略有回落，也可以买入对应指数的远月浅虚值 看涨期权。对近期波动较大、静态估值仍然偏高的科创 50 指数， 如果持有现货可考虑买 ...

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/ ...

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 金融期权 | 日报 2026 年 3 月 2 日 金融期权 专业研究·创造价值 股市放量整理，股指震荡整理 核心观点 今日各股指均震荡整理。消息面，上周末美伊冲突突然爆发，地缘风 险快速升温，中东战火导致霍尔木兹海峡通行受到实质性影响，油气、 航运、军工、黄金等股票大幅上涨，股市成交额突破 3 万亿，放量整理。 不过地缘风险的影响更多是短线扰动，最终股市仍将回归自身基本面。 政策利好预期以及资金净流入趋势构成股指的中长期主要逻辑。本周将 召开两会，宏观政策面托底需求以及扶持科技创新的政策决心较强，能 够较好地稳定宏观需求预期，并且推动产业转型升级，有利于提升上市 公司利润率水平。不过随着股指接近前期高点的位置，政策面实际落地 若无法超出市场预期，资金获利止盈的意愿将有所上升，进而制约股指 继续上行的空间。总的来说，短期内股指以区间震荡为主。 期权方面，由于股指中长期上行的逻辑较为牢靠，可以维持牛市价差 的思路。 （仅供参考，不构成任何投资建议） 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电 ...

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].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The stock indexes fluctuated and consolidated today. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2992.3 billion yuan, a 70.8 - billion - yuan increase from the previous day. Currently, the stock market is in a consolidation phase, with a divergence in the capital market between chasing up and taking profits, leading to increased intraday volatility. In the short term, the upward drive of the stock index is weakening due to the regulatory authorities' clear intention to control risks and the fact that the recent stock price rebound is mainly driven by valuation. In the long term, positive policy expectations and the continuous inflow of incremental funds into the stock market are the main supporting forces for the upward movement of the stock index, and the risk appetite of the stock market remains positive. Overall, the stock index will mainly fluctuate and consolidate in the short term. For options, a bull - spread strategy can be considered due to the relatively reliable long - term upward trend of the stock index [4]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On January 28, 2026, the 50ETF rose 0.22% to close at 3.138; the 300ETF (Shanghai Stock Exchange) rose 0.32% to close at 4.725; the 300ETF (Shenzhen Stock Exchange) rose 0.43% to close at 4.931; the CSI 300 Index rose 0.26% to close at 4717.99; the CSI 1000 Index rose 0.21% to close at 8399.79; the 500ETF (Shanghai Stock Exchange) rose 0.84% to close at 8.691; the 500ETF (Shenzhen Stock Exchange) rose 0.58% to close at 3.452; the ChiNext ETF fell 0.60% to close at 3.307; the Shenzhen 100ETF fell 0.40% to close at 3.470; the SSE 50 Index rose 0.27% to close at 3060.56; the STAR 50ETF fell 0.30% to close at 1.64; the E Fund STAR 50ETF fell 0.25% to close at 1.58 [6]. - The trading volume PCR and open - interest PCR of various options showed different changes compared with the previous trading day. For example, the trading volume PCR of the 50ETF option was 86.52 (previous day: 76.09), and the open - interest PCR was 71.82 (previous day: 71.72) [7]. - The implied volatility of the at - the - money options in February 2026 and the 30 - trading - day historical volatility of the underlying assets of various options were also provided. For instance, the implied volatility of the at - the - money 50ETF option in February 2026 was 15.11%, and the 30 - trading - day historical volatility of the underlying asset was 11.57% [8]. 3.2 Related Charts - **SSE 50ETF Option**: Included charts of the SSE 50ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [10]. - **Shanghai Stock Exchange 300ETF Option**: Included charts of the Shanghai Stock Exchange 300ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [19]. - **Shenzhen Stock Exchange 300ETF Option**: Included charts of the Shenzhen Stock Exchange 300ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [22]. - **CSI 300 Index Option**: Included charts of the CSI 300 Index's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [36]. - **CSI 1000 Index Option**: Included charts of the CSI 1000 Index's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [39]. - **Shanghai Stock Exchange 500ETF Option**: Included charts of the Shanghai Stock Exchange 500ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [53]. - **Shenzhen Stock Exchange 500ETF Option**: Included charts of the Shenzhen Stock Exchange 500ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [66]. - **ChiNext ETF Option**: Included charts of the ChiNext ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [79]. - **Shenzhen 100ETF Option**: Included charts of the Shenzhen 100ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [91]. - **SSE 50 Index Option**: Included charts of the SSE 50 Index's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [104]. - **STAR 50ETF Option**: Included charts of the STAR 50ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [117]. - **E Fund STAR 50ETF Option**: Included charts of the E Fund STAR 50ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [128].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Today, each stock index fluctuated and showed differentiation. The CSI 1000 and CSI 500 led the gains, while the SSE 50 and CSI 300 slightly declined. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 3.1181 trillion yuan, an increase of 401.7 billion yuan from the previous day [4]. - The positive policy expectations and the continuous net - inflow of incremental funds into the stock market are the main supporting forces for the upward movement of the stock index. These two factors remain unchanged in the medium and long term, and the logic of the medium - and long - term upward movement of the stock index is relatively solid [4]. - In the short term, the policy support needs, the promotion of technological innovation, and the expectation of boosting consumption are relatively clear, which strongly support the stock index. Although the regulatory authorities have sent signals to control risks, the trading volume of the stock market remains at a relatively high level, indicating that market sentiment is still optimistic. In general, the stock index will mainly fluctuate and consolidate in the short term [4]. - Regarding options, since the medium - and long - term upward logic of the stock index is relatively solid, a bull spread strategy can be considered [4]. 3. Summary According to the Directory 3.1 Option Indicators - On January 23, 2026, the 50ETF fell 0.80% to close at 3.106; the 300ETF (SSE) fell 0.49% to close at 4.704; the 300ETF (SZSE) fell 0.57% to close at 4.898; the CSI 300 index fell 0.45% to close at 4702.50; the CSI 1000 index rose 1.94% to close at 8470.74; the 500ETF (SSE) rose 2.95% to close at 8.719; the 500ETF (SZSE) rose 2.94% to close at 3.466; the ChiNext ETF rose 0.66% to close at 3.337; the Shenzhen 100ETF fell 0.43% to close at 3.502; the SSE 50 index fell 0.69% to close at 3032.19; the STAR 50ETF rose 0.80% to close at 1.64; the E Fund STAR 50ETF rose 0.76% to close at 1.58 [6]. - The trading volume PCR and position PCR of various options on January 23, 2026, and their changes compared with the previous trading day are provided [7]. - The implied volatility of at - the - money options in February 2026 and the 30 - trading - day historical volatility of the underlying assets of various options are presented [8][9]. 3.2 Relevant Charts 3.2.1 SSE 50ETF Options - Charts include the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [10][11][12]. 3.2.2 SSE 300ETF Options - Charts cover the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [22][23]. 3.2.3 SZSE 300ETF Options - Charts involve the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [25][26][27]. 3.2.4 CSI 300 Index Options - Charts contain the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [37][38][39]. 3.2.5 CSI 1000 Index Options - Charts include the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [40][41][42]. 3.2.6 SSE 500ETF Options - Charts cover the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [55][56][57]. 3.2.7 SZSE 500ETF Options - Charts involve the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [68][69][70]. 3.2.8 ChiNext ETF Options - Charts include the ChiNext ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [81][82][83]. 3.2.9 Shenzhen 100ETF Options - Charts cover the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [94][95][96]. 3.2.10 SSE 50 Index Options - Charts involve the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [107][108][109]. 3.2.11 STAR 50ETF Options - Charts include the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [120][121][122]. 3.2.12 E Fund STAR 50ETF Options - Charts cover the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [130][131][132].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - Today, the performance of each stock index was differentiated. CSI 500 and CSI 1000 performed strongly, while SSE 50 and SSE 300 performed weakly. The total trading volume of the stock market was 262.36 billion yuan, a decrease of 18.05 billion yuan from the previous day. With the policy signals of the regulatory authorities to reduce leverage and control risks, the optimistic sentiment in the stock market has cooled down, and the trading volume of the stock market has declined. The stock index has entered a volatile consolidation market. [4] - From the latest macroeconomic indicators, the macroeconomy has strong resilience, but the problem of weak domestic demand still exists. The expectation of macro - policy support for demand in the future is relatively clear. On the other hand, the policy side has a strong determination to support technological innovation and boost consumption. A series of subsequent policies will form a positive policy expectation for small - and medium - cap technology - growth stocks. [4] - In the short term, the inflow of margin trading funds has slowed down, and the driving effect of funds on the stock index has weakened. The upside and downside space of the stock index is limited in the short term. However, the positive policy expectation and the trend of continuous net inflow of incremental funds into the stock market remain unchanged. The main logic for the medium - and long - term upward movement of the stock index remains unchanged. In general, it is expected that the stock index will mainly consolidate in the short term. [4] - In terms of options, since the medium - and long - term upward logic of the stock index is relatively solid, it can be treated with a bull spread strategy. [4] 3. Summary by Relevant Catalogs 3.1 Option Indicators - On January 21, 2026, 50ETF fell 0.16% to close at 3.145; 300ETF (SSE) rose 0.13% to close at 4.730; 300ETF (SZSE) rose 0.02% to close at 4.924; SSE 300 Index rose 0.09% to close at 4723.07; CSI 1000 Index rose 0.79% to close at 8247.68; 500ETF (SSE) rose 1.30% to close at 8.432; 500ETF (SZSE) rose 1.18% to close at 3.348; GEM ETF rose 0.55% to close at 3.281; SZSE 100ETF rose 0.17% to close at 3.503; SSE 50 Index fell 0.11% to close at 3067.18; STAR 50ETF rose 3.59% to close at 1.62; E Fund STAR 50ETF rose 3.64% to close at 1.57. [6] - The trading volume PCR and position PCR of various options on January 21, 2026 and the previous trading day are provided, including 50ETF options, SSE 300ETF options, SZSE 300ETF options, SSE 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, GEM ETF options, SZSE 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options. [7] - The implied volatility of at - the - money options and the 30 - trading - day historical volatility of the underlying assets of various options in January or February 2026 are provided, including 50ETF options, SSE 300ETF options, SZSE 300ETF options, SSE 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, GEM ETF options, SZSE 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options. [8][9] 3.2 Relevant Charts - For each type of option (such as 50ETF options, SSE 300ETF options, etc.), there are charts showing the underlying asset trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and term - at - the - money implied volatility. [10][21][24][37][46][60][73][86][99][112][125][135]

1. Report's Industry Investment Rating No information provided in the content about the report's industry investment rating. 2. Core Viewpoints of the Report - The market showed a volatile trend last week, with most indices rising after falling and closing higher on a weekly basis. The Sci - Tech Innovation 50 Index led the gains with a weekly increase of 2.58%. The computer and electronics sectors were outstanding with weekly gains of 3.82% and 3.77% respectively, while the national defense and military industry sector was weak with a weekly decline of about 4.92% [1]. - The market focus last week was on the US dollar liquidity environment and domestic policy dynamics. The strengthening of the US dollar index due to geopolitical situations disturbed global risk - asset prices. Domestically, the central bank introduced a structural relending rate - cut tool, and the market generally interpreted it as aiming to guide liquidity to the real economy more effectively. After the stock indices rose for several consecutive trading days, regulatory authorities took measures such as raising the margin ratio for margin trading to cool the market moderately [1]. - It is expected that the short - term market may change from a smooth upward trend to a relatively strong volatile pattern, and the medium - to - long - term trend remains positive. Attention should continue to be paid to changes in US dollar liquidity and domestic policy signals [1]. - In the options market last week, the implied volatility (IV) of most financial options varieties rebounded slightly and was generally slightly higher than the one - year median. The IV of most financial options' position - volume PCR was in the range of 80% - 110%, showing a slight decline compared with the previous week [2]. - The market may continue to be volatile and relatively strong, and the IV of most financial options has rebounded. Investment strategies include: continuing to hold indices with relatively reasonable valuations such as the CSI 300 and CSI A500, and selling out - of - the - money put options on the corresponding indices; for the Sci - Tech Innovation 50 Index, which has large recent fluctuations and relatively high static valuations, if holding the underlying asset, one can consider buying out - of - the - money put options or selling out - of - the - money call options to reduce exposure risks; if there are substantial spot - market gains, one can consider taking profits on the spot and keeping a small amount of long - term call options to cope with irrational market rallies, such as for the ChiNext Index; for the CSI 1000 - 2603 stock index futures with converging discounts, one can consider moving positions to the 2606 contract with a higher discount to continue a covered - call strategy [3]. 3. Summary by Relevant Catalogs Overview - Market trend: Most indices rose after falling last week, with the Sci - Tech Innovation 50 Index leading the gains at 2.58%. The computer and electronics sectors were strong, while the national defense and military industry sector was weak [1]. - Market focus: US dollar liquidity environment and domestic policy dynamics. The strengthening US dollar index disturbed global risk - asset prices, and the central bank introduced a structural relending rate - cut tool. Regulatory authorities took measures to cool the market [1]. - Market outlook: The short - term market may shift to a volatile pattern, and the medium - to - long - term trend is positive. Attention should be paid to US dollar liquidity and domestic policies [1]. Options Market - Implied volatility: The IV of most financial options varieties rebounded slightly and was generally slightly higher than the one - year median. For example, the IV of the Sci - Tech Innovation 50 options was 29%, and that of the ChiNext Index options was 24%, approaching the one - year median. The IV of 50 and 300 options was in the 13% - 16% range, and the IV of CSI 500 and CSI 1000 options was in the 20% - 22% range [2]. - Position - volume PCR: The position - volume PCR of most financial options was in the 80% - 110% range, showing a slight decline compared with the previous week [2]. Strategy Outlook - Market situation: The market may continue to be volatile and relatively strong, and the IV of most financial options has rebounded [3]. - Investment strategies: Hold reasonable - valued indices and sell out - of - the - money put options on them; for high - volatility and high - valuation indices, take risk - reduction measures; consider taking profits on spot and keeping long - term call options; move positions for stock index futures with converging discounts to continue a covered - call strategy [3]. Market Overview - Multiple tables show the closing prices, price changes, IV, historical quantiles of IV, option trading volumes, and position - volume PCR of various underlying assets such as the SSE 50ETF, CSI 300ETF, and others from January 12 - 15, 2026, providing detailed information on market performance [5].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Today, all stock indices fluctuated and consolidated. The total market turnover was 30,547 billion yuan, an increase of 1,163 billion yuan compared to the previous day. The stock market turnover dropped to around 3 trillion, indicating a cooling of the optimistic sentiment in the stock market as the market absorbed the policy signals from the regulatory authorities to reduce leverage and control risks. Since the beginning of the year, the rise in the stock market has mainly come from the increase in the valuation side under the loose liquidity. From the perspective of macro - economic indicators, the expectation of performance recovery is not strong. The market divergence has led to intensified long - short games. Therefore, after this significant rebound, the stock indices need to fluctuate and consolidate, and the short - term volatility of the stock indices will intensify. In the medium - to - long - term, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remain unchanged, and the main logic for the medium - to - long - term upward movement of the stock indices remains unchanged. In general, it is expected that the stock indices will continue to fluctuate and consolidate in the short term. - For options, since the logic for the medium - to - long - term upward movement of the stock indices is relatively solid, a bull spread strategy can be considered [4]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - **Index Performance**: On January 16, 2026, the 50ETF fell 0.63% to close at 3.160; the 300ETF (SSE) fell 0.33% to close at 4.859; the 300ETF (SZSE) fell 0.26% to close at 4.935; the CSI 300 Index fell 0.41% to close at 4,731.87; the CSI 1000 Index fell 0.10% to close at 8,232.73; the 500ETF (SSE) rose 0.22% to close at 8.295; the 500ETF (SZSE) fell 0.03% to close at 3.298; the GEM ETF fell 0.18% to close at 3.346; the Shenzhen 100ETF fell 0.14% to close at 3.538; the SSE 50 Index fell 0.83% to close at 3,079.76; the STAR 50ETF rose 1.27% to close at 1.59; and the E Fund STAR 50ETF rose 1.31% to close at 1.54 [6]. - **Volume and Open Interest PCR**: The report provides the volume PCR and open interest PCR for various options, such as the 50ETF option, 300ETF option (SSE and SZSE), CSI 300 index option, CSI 1000 index option, etc., both for the current day and the previous trading day [7]. - **Implied Volatility and Historical Volatility**: The report presents the implied volatility of at - the - money options and the 30 - day historical volatility of the underlying assets for different options in January or February 2026, including the 50ETF option, 300ETF option (SSE and SZSE), CSI 300 index option, etc. [8][9] 3.2 Relevant Charts - The report includes a series of charts for different options, such as the SSE 50ETF option, SSE 300ETF option, SZSE 300ETF option, CSI 300 index option, etc. These charts show the trends, volatility, volume PCR, open interest PCR, implied volatility curves, and at - the - money implied volatility of different terms of the options [10][21][24].

Group 1: Implied Volatility Index and Historical Volatility - The financial options implied volatility index reflects the 30 - day implied volatility trend as of the previous trading day. The commodity options implied volatility index 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 [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: Implied Volatility Quantile and Volatility Spread Quantile - 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 [5] - The volatility spread involves the implied volatility index and historical volatility [5]