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期权聚焦 | 机构豪掷5600万美元押注SPY看跌期权，同时大举卖出深度虚值Put“收租”，Put/Call未平仓比飙至3.9

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11:50","market":"us","language":"zh","title":"期权聚焦 | 机构豪掷5600万美元押注SPY看跌期权，同时大举卖出深度虚值Put“收租”，Put/Call未平仓比飙至3.9","url":"https://stock-news.laohu8.com/highlight/detail?id=1103766921","media":"期权女巫","summary":"更值得关注的是，在4月17日到期的期权链中，看跌期权的未平仓合约总量显著高于看涨期权。其中，行权价535的Put OI超过20万张，成为该到期日OI最高的合约之一。后者属于远月深度虚值看跌，可能代表了对中长期风险的防范或看空押注。$SPY 20260430 660.0 PUT$$SPY 20260618 585.0 PUT$来源：Tiger Trade App大规模卖出虚值Put：市场同时出现了对5月15日到期、行权价530和580的深度虚值Put的巨额卖出交易，合计成交量近22.5万张。旨在收取权利金。","content":"<html><head></head><body><p style=\"text-align: start;\"><strong><a href=\"https://laohu8.com/S/SPY\">标普500 ETF</a></strong>周三收报676.01美元，涨2.55%。ETF当前市盈率TTM仅6.78倍，估值处于历史低位；股息率1.09%。近期美债收益率回落与对美联储年内降息预期升温提振美股大盘情绪，资金面上近五日呈净流出但4月8日已转为净流入，短线波动仍受战争局势与美联储官员讲话影响。</p><p style=\"text-align: start;\"><strong>期权指标分析</strong></p><p style=\"text-align: start;\"><strong>1. 隐含波动率与未平仓合约显露市场焦虑</strong></p><p style=\"text-align: start;\">截至4月9日，SPY期权的隐含波动率（IV）为22.77%，其历史百分位高达78%，表明期权定价处于历史较高水平，市场预期未来波动加剧。更值得关注的是，在4月17日到期的期权链中，<strong>看跌期权（Put）的未平仓合约（OI）总量显著高于看涨期权（Call）</strong>。其中，行权价535的Put OI超过20万张，成为该到期日OI最高的合约之一。行权价590的Put OI则超过16万张。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c000b20af1cbcf16aec34fbe884bbd9\" alt=\"来源：Option Charts\" title=\"来源：Option Charts\" tg-width=\"1317\" tg-height=\"720\"/><span>来源：Option Charts</span></p><p style=\"text-align: start;\"><strong>2. 千万美元级大单揭示机构多空博弈</strong></p><p style=\"text-align: start;\">近期期权市场出现多笔引人注目的大宗交易，揭示了机构间复杂的策略博弈：</p><ul style=\"list-style-type: disc;\"><li><p><strong>巨额看跌押注</strong>：两笔合计超5600万美元的<strong>买入看跌期权（Buy Put）</strong> 大单最为突出。一笔是5万张4月30日到期、行权价660的Put（成交额3210万），另一笔是6万张6月18日到期、行权价585的Put（成交额2460万）。后者属于远月深度虚值看跌，可能代表了对中长期风险的防范或看空押注。</p></li></ul><p><strong><a class=\"teditor-mention\" data-mention-id=\"SPY 20260430 660.0 PUT\" data-mention-name=\"SPY\" href=\"https://laohu8.com/OPT/SPY%2020260430%20660.0%20PUT\">$SPY 20260430 660.0 PUT$</a></strong></p><p><strong><a class=\"teditor-mention\" data-mention-id=\"SPY 20260618 585.0 PUT\" data-mention-name=\"SPY\" href=\"https://laohu8.com/OPT/SPY%2020260618%20585.0%20PUT\">$SPY 20260618 585.0 PUT$</a></strong></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7c1ed79181630a01eaaa90c83c67baa6\" alt=\"来源：Tiger Trade App\" title=\"来源：Tiger Trade App\" tg-width=\"1170\" tg-height=\"867\"/><span>来源：Tiger Trade App</span></p><ul style=\"list-style-type: disc;\"><li><p><strong>大规模卖出虚值Put</strong>：市场同时出现了对5月15日到期、行权价530和580的深度虚值Put的巨额卖出交易，合计成交量近22.5万张。旨在收取权利金。</p></li></ul><p><strong><a class=\"teditor-mention\" data-mention-id=\"SPY 20260515 530.0 PUT\" data-mention-name=\"SPY\" href=\"https://laohu8.com/OPT/SPY%2020260515%20530.0%20PUT\">$SPY 20260515 530.0 PUT$</a></strong></p><p><strong><a class=\"teditor-mention\" data-mention-id=\"SPY 20260515 580.0 PUT\" data-mention-name=\"SPY\" href=\"https://laohu8.com/OPT/SPY%2020260515%20580.0%20PUT\">$SPY 20260515 580.0 PUT$</a></strong></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f9d88bc137963a620722249895d2f8b8\" alt=\"来源：Tiger Trade App\" title=\"来源：Tiger Trade App\" tg-width=\"1170\" tg-height=\"900\"/><span>来源：Tiger Trade App</span></p><ul style=\"list-style-type: disc;\"><li><p><strong>卖出看涨组合策略</strong>：另有资金在4月10日/13日到期合约上，同步卖出行权价668和677的Call，表达了认为SPY不会大涨的观点。</p></li></ul><p><strong><a class=\"teditor-mention\" data-mention-id=\"SPY 20260410 668.0 CALL\" data-mention-name=\"SPY\" href=\"https://laohu8.com/OPT/SPY%2020260410%20668.0%20CALL\">$SPY 20260410 668.0 CALL$</a></strong></p><p><strong><a class=\"teditor-mention\" data-mention-id=\"SPY 20260413 677.0 CALL\" data-mention-name=\"SPY\" href=\"https://laohu8.com/OPT/SPY%2020260413%20677.0%20CALL\">$SPY 20260413 677.0 CALL$</a></strong></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d81d728908b7cf10f964c2fb492fb112\" alt=\"来源：Tiger Trade App\" title=\"来源：Tiger Trade App\" tg-width=\"1169\" tg-height=\"379\"/><span>来源：Tiger Trade App</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2a2a1fcac970e0b0dc51f2764a9c0d0e\" alt=\"来源：Tiger Trade App\" title=\"来源：Tiger Trade App\" tg-width=\"1170\" tg-height=\"515\"/><span>来源：Tiger Trade App</span></p><p style=\"text-align: start;\"><strong>策略参考</strong></p><p style=\"text-align: start;\">当前IV百分位高企，期权权利金丰厚，对卖方有利。若考虑卖出期权，可选择行权价远离现价、概率优势显著的深度虚值合约（如观察到的行权价530/580的Put）。若不愿承担过多保证金风险，可优先采用价差策略（如熊市价差、铁鹰式价差）来限定风险，同时从高波动率溢价中获利。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>期权聚焦 | 机构豪掷5600万美元押注SPY看跌期权，同时大举卖出深度虚值Put“收租”，Put/Call未平仓比飙至3.9</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n期权聚焦 | 机构豪掷5600万美元押注SPY看跌期权，同时大举卖出深度虚值Put“收租”，Put/Call未平仓比飙至3.9\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1020040791\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/7471350466f20d36ee3112d77c72cd89);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">期权女巫 </p>\n<p class=\"h-time\">2026-04-09 11:50</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: start;\"><strong><a href=\"https://laohu8.com/S/SPY\">标普500 ETF</a></strong>周三收报676.01美元，涨2.55%。ETF当前市盈率TTM仅6.78倍，估值处于历史低位；股息率1.09%。近期美债收益率回落与对美联储年内降息预期升温提振美股大盘情绪，资金面上近五日呈净流出但4月8日已转为净流入，短线波动仍受战争局势与美联储官员讲话影响。</p><p style=\"text-align: start;\"><strong>期权指标分析</strong></p><p style=\"text-align: start;\"><strong>1. 隐含波动率与未平仓合约显露市场焦虑</strong></p><p style=\"text-align: start;\">截至4月9日，SPY期权的隐含波动率（IV）为22.77%，其历史百分位高达78%，表明期权定价处于历史较高水平，市场预期未来波动加剧。更值得关注的是，在4月17日到期的期权链中，<strong>看跌期权（Put）的未平仓合约（OI）总量显著高于看涨期权（Call）</strong>。其中，行权价535的Put OI超过20万张，成为该到期日OI最高的合约之一。行权价590的Put OI则超过16万张。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c000b20af1cbcf16aec34fbe884bbd9\" alt=\"来源：Option Charts\" title=\"来源：Option Charts\" tg-width=\"1317\" tg-height=\"720\"/><span>来源：Option Charts</span></p><p style=\"text-align: start;\"><strong>2. 千万美元级大单揭示机构多空博弈</strong></p><p style=\"text-align: start;\">近期期权市场出现多笔引人注目的大宗交易，揭示了机构间复杂的策略博弈：</p><ul style=\"list-style-type: disc;\"><li><p><strong>巨额看跌押注</strong>：两笔合计超5600万美元的<strong>买入看跌期权（Buy Put）</strong> 大单最为突出。一笔是5万张4月30日到期、行权价660的Put（成交额3210万），另一笔是6万张6月18日到期、行权价585的Put（成交额2460万）。后者属于远月深度虚值看跌，可能代表了对中长期风险的防范或看空押注。</p></li></ul><p><strong><a class=\"teditor-mention\" data-mention-id=\"SPY 20260430 660.0 PUT\" data-mention-name=\"SPY\" href=\"https://laohu8.com/OPT/SPY%2020260430%20660.0%20PUT\">$SPY 20260430 660.0 PUT$</a></strong></p><p><strong><a class=\"teditor-mention\" data-mention-id=\"SPY 20260618 585.0 PUT\" data-mention-name=\"SPY\" href=\"https://laohu8.com/OPT/SPY%2020260618%20585.0%20PUT\">$SPY 20260618 585.0 PUT$</a></strong></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7c1ed79181630a01eaaa90c83c67baa6\" alt=\"来源：Tiger Trade App\" title=\"来源：Tiger Trade App\" tg-width=\"1170\" tg-height=\"867\"/><span>来源：Tiger Trade App</span></p><ul style=\"list-style-type: disc;\"><li><p><strong>大规模卖出虚值Put</strong>：市场同时出现了对5月15日到期、行权价530和580的深度虚值Put的巨额卖出交易，合计成交量近22.5万张。旨在收取权利金。</p></li></ul><p><strong><a class=\"teditor-mention\" data-mention-id=\"SPY 20260515 530.0 PUT\" data-mention-name=\"SPY\" href=\"https://laohu8.com/OPT/SPY%2020260515%20530.0%20PUT\">$SPY 20260515 530.0 PUT$</a></strong></p><p><strong><a class=\"teditor-mention\" data-mention-id=\"SPY 20260515 580.0 PUT\" data-mention-name=\"SPY\" href=\"https://laohu8.com/OPT/SPY%2020260515%20580.0%20PUT\">$SPY 20260515 580.0 PUT$</a></strong></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f9d88bc137963a620722249895d2f8b8\" alt=\"来源：Tiger Trade App\" title=\"来源：Tiger Trade App\" tg-width=\"1170\" tg-height=\"900\"/><span>来源：Tiger Trade App</span></p><ul style=\"list-style-type: disc;\"><li><p><strong>卖出看涨组合策略</strong>：另有资金在4月10日/13日到期合约上，同步卖出行权价668和677的Call，表达了认为SPY不会大涨的观点。</p></li></ul><p><strong><a class=\"teditor-mention\" data-mention-id=\"SPY 20260410 668.0 CALL\" data-mention-name=\"SPY\" href=\"https://laohu8.com/OPT/SPY%2020260410%20668.0%20CALL\">$SPY 20260410 668.0 CALL$</a></strong></p><p><strong><a class=\"teditor-mention\" data-mention-id=\"SPY 20260413 677.0 CALL\" data-mention-name=\"SPY\" href=\"https://laohu8.com/OPT/SPY%2020260413%20677.0%20CALL\">$SPY 20260413 677.0 CALL$</a></strong></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d81d728908b7cf10f964c2fb492fb112\" alt=\"来源：Tiger Trade App\" title=\"来源：Tiger Trade App\" tg-width=\"1169\" tg-height=\"379\"/><span>来源：Tiger Trade App</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2a2a1fcac970e0b0dc51f2764a9c0d0e\" alt=\"来源：Tiger Trade App\" title=\"来源：Tiger Trade App\" tg-width=\"1170\" tg-height=\"515\"/><span>来源：Tiger Trade App</span></p><p style=\"text-align: start;\"><strong>策略参考</strong></p><p style=\"text-align: start;\">当前IV百分位高企，期权权利金丰厚，对卖方有利。若考虑卖出期权，可选择行权价远离现价、概率优势显著的深度虚值合约（如观察到的行权价530/580的Put）。若不愿承担过多保证金风险，可优先采用价差策略（如熊市价差、铁鹰式价差）来限定风险，同时从高波动率溢价中获利。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/55eb327f580527889cf30bafa92692ae","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103766921","content_text":"标普500 ETF周三收报676.01美元，涨2.55%。ETF当前市盈率TTM仅6.78倍，估值处于历史低位；股息率1.09%。近期美债收益率回落与对美联储年内降息预期升温提振美股大盘情绪，资金面上近五日呈净流出但4月8日已转为净流入，短线波动仍受战争局势与美联储官员讲话影响。期权指标分析1. 隐含波动率与未平仓合约显露市场焦虑截至4月9日，SPY期权的隐含波动率（IV）为22.77%，其历史百分位高达78%，表明期权定价处于历史较高水平，市场预期未来波动加剧。更值得关注的是，在4月17日到期的期权链中，看跌期权（Put）的未平仓合约（OI）总量显著高于看涨期权（Call）。其中，行权价535的Put OI超过20万张，成为该到期日OI最高的合约之一。行权价590的Put OI则超过16万张。来源：Option Charts2. 千万美元级大单揭示机构多空博弈近期期权市场出现多笔引人注目的大宗交易，揭示了机构间复杂的策略博弈：巨额看跌押注：两笔合计超5600万美元的买入看跌期权（Buy Put） 大单最为突出。一笔是5万张4月30日到期、行权价660的Put（成交额3210万），另一笔是6万张6月18日到期、行权价585的Put（成交额2460万）。后者属于远月深度虚值看跌，可能代表了对中长期风险的防范或看空押注。$SPY 20260430 660.0 PUT$$SPY 20260618 585.0 PUT$来源：Tiger Trade App大规模卖出虚值Put：市场同时出现了对5月15日到期、行权价530和580的深度虚值Put的巨额卖出交易，合计成交量近22.5万张。旨在收取权利金。$SPY 20260515 530.0 PUT$$SPY 20260515 580.0 PUT$来源：Tiger Trade App卖出看涨组合策略：另有资金在4月10日/13日到期合约上，同步卖出行权价668和677的Call，表达了认为SPY不会大涨的观点。$SPY 20260410 668.0 CALL$$SPY 20260413 677.0 CALL$来源：Tiger Trade App来源：Tiger Trade App策略参考当前IV百分位高企，期权权利金丰厚，对卖方有利。若考虑卖出期权，可选择行权价远离现价、概率优势显著的深度虚值合约（如观察到的行权价530/580的Put）。若不愿承担过多保证金风险，可优先采用价差策略（如熊市价差、铁鹰式价差）来限定风险，同时从高波动率溢价中获利。","news_type":1,"symbols_score_info":{".SPX":2,"SPY":2}},"isVote":1,"tweetType":1,"viewCount":3,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":25,"optionInvolvedFlag":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/551673383076104"}