OPTIONS/HANDBOOK

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期权策略手册The Options Strategy Handbook

从买第一张 Call 到运转一套 Wheel 系统。每个策略讲清楚三件事：它在表达什么观点、什么场景该用它、历史上它如何扩大了利润或减少了亏损。 From your first call option to running a systematic Wheel. Every strategy answers three questions: what view it expresses, when to reach for it, and how it amplified profits or contained losses in real historical episodes.

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目录Contents

  1. 01期权的本质：权利、义务与定价直觉What an Option Is: Rights, Obligations, Pricing Intuition
  2. 02单腿策略：Long Call · Long Put · Covered Call · CSPSingle-Leg Strategies: Long Call · Long Put · Covered Call · CSP
  3. 03Greeks：读懂期权的仪表盘The Greeks: Reading the Instrument Panel
  4. 04垂直价差：把观点做成有限风险的结构Vertical Spreads: Views with Defined Risk
  5. 05波动率策略：Straddle · Strangle · Iron CondorVolatility Structures: Straddle · Strangle · Iron Condor
  6. 06事件交易：财报、IV Crush 与价差的用法Event Trading: Earnings, IV Crush, and Spread Design
  7. 07Wheel 系统：CSP → 指派 → Covered Call 的闭环The Wheel: CSP → Assignment → Covered Call
  8. 08反面教材：裸卖、杠杆与波动率的墓碑Cautionary Tales: Naked Shorts, Leverage, and Volatility's Graveyard
  9. 09仓位与纪律：状态判断、资金管理与"不交易"Sizing and Discipline: Regimes, Risk Budgets, and "No Trade"
  10. 10平价关系与合成头寸：期权世界的守恒律Parity and Synthetics: The Conservation Law of Options
  11. 11时间维度：Calendar · Diagonal · PMCCThe Time Dimension: Calendars, Diagonals, and the PMCC
  12. 12蝶式与结构工程：腿数不平衡时会发生什么Butterflies and Structural Engineering: When the Legs Don't Balance
  13. 13对冲的工程学：尾部保险的成本核算Hedging Engineering: Costing Out Tail Protection
  14. 14管理与运维：Roll、止盈规则与到期日的坑Management and Operations: Rolls, Exit Rules, and Expiry Hazards
  15. 15证据素养：这一切长期到底值不值得做Evidence Literacy: Was Any of This Worth Doing
  16. §附录：术语表 GlossaryAppendix: Glossary
  17. §附录：来源与方法Appendix: Sources and Methodology

本手册仅为教育用途，不构成投资建议。历史案例中的价格为约值，用于说明策略结构。打印本页或任意章节（Ctrl/Cmd + P）即可导出当前语言的 PDF 版本。 This handbook is for education only and is not investment advice. Prices in historical cases are approximate, used to illustrate strategy structure. Print any page (Ctrl/Cmd + P) to export a PDF in the current language.