ตอนที่ 3

倉倡俱倕俷倇倨倉倌們倄倣倌倩倹倅倧倸倉俲倦倹倉倰個倷倉倌倩倹倅倧倸倉倓倩倹倰倛倉倧倝們倉倨候倒值 倊倇倇倥倸 3

‘俹倡倉俴倗倓倰倓倥倒俱倚倐倢倎俲倝俷倅倡倗倰倝俷倅倝倉倉倥倹倗倸倢倝倠倴倓倄倥?’

們倡倉倰倛們倧倝倉俱倡倊倗倸倢俹倡倉俱倣倕倡俷倳俺倹倚們倝俷倝倒倸倢俷倰倅倷們俲倥倄俸倣俱倡倄

倳倉倱俷倸倇倥倸倗倸倢倘倡俱倒倐倢倎倇倥倸俻倸倝倉倝倒倩倸倴倄倹倅倧倸倉俲倦倹倉們倢 俴倣倗倸倢 “俱倢倓倅倧倸倉倎倕倡俷” 俴俷倰倛們倢倠倇倥倸倚倨倄

倛倕倡俷俸倢俱倅倓倗俸倇倢倉俱倕倒倨倇倈值俱倢倓倕俷倇倨倉倱倕倹倗 倰倗倕倢俱倸倝倉倆倦俷倇倥倸倛們倢倒倒倡俷倰倛倕倧倝倝倥俱們倢俱 俹倡倉倰倕倒倳俺倹倰倗倕倢倉倥倹倇倄倚倝倊俴倗倢們倚倢們倢倓倆倇倢俷個倡俽俽倢倇倥倸倅倧倸倉俲倦倹倉倳倛們倸倉倥倹倅倸倝倴個

‘倉倥倸們倡倉… 倇倣倴倄倹俸倓値俷倶倰倛倓倝?’

俴倗倢們倚倢們倢倓倆倳倉俱倢倓俸倣倚値倸俷倇倥倸倰俴倒倰倛倷倉倛倓倧倝倴倄倹倒値倉倰倎倥倒俷俴倓倡倹俷倰倄倥倒倗 們倡倉倉倸倢倇倦倸俷倰俱値倉們倉倨候倒值俸倓値俷倶

俴倗倢們俸倣俲倝俷俹倡倉倓倢倗俱倡倊倚倢們倢倓倆俲倨倄倕倦俱倕俷倴個倳倉俸値倅倳倅倹倚倣倉倦俱倱倕倠倄倦俷俲倹倝們倩倕倇倨俱倝倒倸倢俷倝倝俱們倢倴倄倹

倱倅倸俴倗倢們倚倢們倢倓倆倄倹倢倉俴倣倉倗倃倱倕倠俱倢倓倗値倰俴倓倢倠倛值倰俺値俷倚倆値倅値俱倷倴們倸倱倎倹俱倡倉倰倕倒

俹倡倉倅倡倹俷倚倅値倱倕倠倕倝俷倲倒倉個倡俽倛倢倝倥俱俲倹倝倳倛倹倅倡倗倰倝俷

俴倓倢倗倉倥倹倰個倷倉倲俸倇倒值 “俱倢倓俸倡倄倎倝倓值倅倕俷倇倨倉倝倒倸倢俷倰倛們倢倠倚們倇倥倸倚倨倄”

『 倲俸倇倒值: 俸俷俸倡倄倎倝倓值倅俱倢倓倕俷倇倨倉倇倥倸倰倛們倢倠倚們倇倥倸倚倨倄倅倢們倰俷倧倸倝倉倴俲倇倥倸俱倣倛倉倄倅倸倝倴個倉倥倹

• 倚値倉倇倓倡倎倒值 A: 倌倕倅倝倊倱倇倉 10%, 俴倗倢們倌倡倉倌倗倉 12%

• 倚値倉倇倓倡倎倒值 B: 倌倕倅倝倊倱倇倉 15%, 俴倗倢們倌倡倉倌倗倉 18%

• 倚倛倚倡們倎倡倉倈值: 0.3

倰個倹倢倛們倢倒: 俴倣倉倗倃倚倡倄倚倸倗倉倇倥倸倰倛們倢倠倚們倇倥倸倚倨倄 倰倎倧倸倝倳倛倹倎倝倓值倅們倥倌倕倅倝倊倱倇倉俴倢倄倛倗倡俷 12% 倲倄倒們倥俴倗倢們倌倡倉倌倗倉倅倸倣倇倥倸倚倨倄 』

倇倡倉倇倥倇倥倸俹倡倉倅倡倹俷倲俸倇倒值倴倗倹倳倉倛倡倗

倱個债倠 倱個倸俱倱個倸俱―

倰倛們倧倝倉倛倕倝倄倴倏倳倉倛倡倗倆倩俱倰個値倄俲倦倹倉們倢

倚們倝俷倚倗倸倢俷倗倢倊 倓倩倹倚倦俱倴倄倹倆倦俷倱倚俷倇倥倸倱倌倸俸倢俱倇倨俱倚倸倗倉倳倉倛倡倗倴個倇倡倸倗倓倸倢俷

倅倡倗倰倕俲倉倡倊倴們倸倆倹倗倉倛們倨倉倗倉倳倉倛倡倗俱倸倝倉俸倠倓倗們俱倡倉倰個倷倉倐倢倎倰倄倥倒倗倝倒倸倢俷們倥倓倠倰倊倥倒倊

倱倕倠倉倥倸俴倧倝倌倕倕倡倎倈值倚倨倄倇倹倢倒!

…0.005184+0.005184+0.001944 = 0.012312

‘倆倹倢倆倝倄倓倩倇倚倨倄倇倹倢倒俸倠倴倄倹 0.111 倱個倕倗倸倢俴倗倢們倌倡倉倌倗倉俲倝俷倎倝倓值倅俸倠倕倄倰倛倕倧倝 11.1%’

‘倚倡倄倚倸倗倉倇倥倸倰倛們倢倠倚們倰倎倧倸倝倳倛倹倌倕倅倝倊倱倇倉俴倢倄倛倗倡俷 12% 俴倧倝 倕俷倇倨倉倳倉倚値倉倇倓倡倎倒值 A 60% 倱倕倠倚値倉倇倓倡倎倒值 B 40%’

‘倉倥倸倱倛倕倠俴倣倅倝倊!’

俹倡倉倅倓倗俸俴倣倅倝倊倝倥俱俴倓倡倹俷

倅倓俷倰個债倠倇倨俱倅倡倗倰倕俲

俴倗倢們倅倧倸倉倰倅倹倉倇倥倸倆倢倲倆們倇倣倳倛倹倓倸倢俷俱倢倒倚倡倸倉倚倠倇倹倢倉

“倞倦倸俱!”

俹倡倉倰倛倕倥倒倗們倝俷俲倹倢俷倶 俱倕倡倗倗倸倢倅倡倗倰倝俷俸倠倰倌倕倝俴倓倢俷倝倝俱們倢

俹倡倉倄倦俷倌倹倢倛倸們倇倥倸倛倕倸倉俸倢俱俲倢倱們倸俲倦倹倉俴倕倨們倳倛倹 倱倕倹倗俴倸倝倒倶 倚倩倄倕們倛倢倒倳俸

‘俷倡倹倉倰倎値倸們俴倗倢們倒倢俱俲倦倹倉倝倥俱倛倉倸倝倒’

俹倡倉倰倎値倸們倚値倉倇倓倡倎倒值倝倥俱倛倉倦倸俷倅倡倗倰俲倹倢倴個倳倉倎倝倓值倅倇倥倸們倥倚倝俷倅倡倗倰倄値們

倇倨俱俴倓倡倹俷倇倥倸倰倎値倸們倚値倉倇倓倡倎倒值 俴倗倢們倚倡們倎倡倉倈值倇倥倸倅倹倝俷俴倣倉倗倃俱倷倰倎値倸們俲倦倹倉 倇倣倳倛倹倚倩倅倓俻倡倊俻倹倝倉俲倦倹倉倝倒倸倢俷們倛倢倘倢倕

倎倩倄倴倄倹倰倅倷們個倢俱倰倕倒倗倸倢 倅倸倝倳倛倹倰個倷倉倝倡俸俹倓値倒倠倇倢俷俴倃値倅倘倢倚倅倓值俱倷倱倇倊倴們倸們倥倳俴倓倱俱倹倲俸倇倒值倉倥倹倄倹倗倒俱倢倓俴値倄倳倉倛倡倗倴倄倹

倱倅倸倎倓倠倰俸倹倢…

‘倉倥倸俱倷倇倣倴倄倹倰倛倓倝?’

倳俺倹倰倗倕倢倴個倱俴倸倚値倊倉倢倇倥倰倘候倰倇倸倢倉倡倹倉

‘倛倓倧倝倗倸倢倆倹倢倚値倊倚値倉倇倓倡倎倒值俱倷倒倡俷倇倣倴倄倹?’

倴們倸倉倸倢倰個倷倉倴個倴倄倹倛倓倝俱

倰倎倓倢倠倉倡倸倉們倡倉倰俱値倉俲倝倊倰俲倅俲倝俷們倉倨候倒值倴個倱倕倹倗

* * *

倱們倹倰倚倥倒俷倓倊俱倗倉倱倕倠俱倢倓倚倡倸倉俲倝俷倰俴倓倧倸倝俷倊値倉俸倠倄倡俷倰倎倥倒俷倳倄

倛倡倗俲倝俷俹倡倉倰倅倷們倴個倄倹倗倒倅倡倗倰倕俲 倚們俱倢倓 倱倕倠俱倢倓俴倣倉倗倃俴倸倢俴倗倢們倌倡倉倌倗倉

俹倡倉倛們倨倉倚們俱倢倓倳倉倛倡倗倰倎倧倸倝倱俱倹倲俸倇倒值倎倝倓值倅倚値倊倚値倉倇倓倡倎倒值

俴倣倉倗倃俴倸倢俴倗倢們倚倡們倎倡倉倈值倓倠倛倗倸倢俷倚値倉倇倓倡倎倒值

俱倓倠倊倗倉俱倢倓倓倗們倌倕倅倝倊倱倇倉倇倡倹俷倛們倄倉倡倹倉倓倢倗俱倡倊俱倢倓倗値倸俷們倢倓倢倈倝倉倇倢俷俸値倅倳俸

倰倎倓倢倠們倡倉倅倹倝俷倳俺倹倚們倢倈値倅倸倝倰倉倧倸倝俷倒倢倗倉倢倉們倢俱

倇倡倉倳倄倉倡倹倉俱倷們倥們倧倝們倢倚倠俱値倄個倕倨俱俹倡倉

“倆倦俷倱倕倹倗倉倠”

倴倄倹倒値倉倰倚倥倒俷倱們倸倎倩倄

倎倝倕倧們倅倢俲倦倹倉 倊倓倓倒倢俱倢倘倗倨倸倉倗倢倒倳倉倰俴倓倧倸倝俷倊値倉俱倷倰俲倹倢們倢倳倉倚倢倒倅倢

倉倸倢倰倚倥倒倄倢倒 倱倅倸俴俷倅倹倝俷倛倒倨倄倴倗倹倱俴倸倉倥倹

俱倢倓倱俱倹倲俸倇倒值倚値倊倚値倉倇倓倡倎倒值倳倉倅倝倉倉倥倹倒倡俷倴們倸倚倣倰倓倷俸 倴們倸倳俺倸倰倎倓倢倠倚們倝俷倴們倸倆倦俷 倱倅倸倰倎倓倢倠倰倗倕倢倴們倸倎倝

俹倡倉俴倢倄倗倸倢倅倹倝俷倳俺倹倰倗倕倢俴値倄倳倉倛倡倗倓倢倗 25 俺倡倸倗倲們俷倆倦俷俸倠倰倚倓倷俸

倱倅倸倚値倸俷倇倥倸們倡倸倉倳俸倱倉倸倶俴倧倝 倆倹倢們倥倰倗倕倢倎倝 俹倡倉倚倢們倢倓倆倱俱倹倴倄倹倱倉倸倉倝倉

俴倗倢們倚倢們倢倓倆倳倉俱倢倓俴倣倉倗倃倚們俱倢倓俻倡倊俻倹倝倉

倚們倢倈値倇倥倸俴俷倝倒倩倸倴倄倹倅倕倝倄 25 俺倡倸倗倲們俷

倱倕倠俴倗倢們俸倣倇倥倸倚倢們倢倓倆倰俱倷倊倇倨俱俲倡倹倉倅倝倉俱倢倓俴倣倉倗倃倴倗倹倴倄倹 倇倡倹俷倛們倄倉倥倹俹倡倉們倥俴倓倊

俹倡倉倝倒倢俱倇倄倚倝倊倝倥俱倛倕倢倒倝倒倸倢俷 倱倅倸倅倝倉倉倥倹倅倹倝俷俱倕倡倊倚倩倸俴倗倢們倰個倷倉俸倓値俷俱倸倝倉

“倕倩俱… 倰個倕倥倸倒倉倴個倰倒倝倠倰倕倒倉倠”

倱們倸倎倦們倎倣倰倊倢倶 倎倕倢俷倰倄値倉俺倹倢倶 倴個倅倢們倇倢俷倳倉倚倉倢們倊値倉

倊倉倳倊倛倉倹倢倰倛倉倧倸倝倒倕倹倢俲倝俷倱們倸們倥倝倢倓們倃值倚倡倊倚倉倛倕倢倒倝倒倸倢俷個倉倝倒倩倸

倚倢倒倅倢俲倝俷倱們倸俱倗倢倄們倝俷倓倝倊倶 倱倕倠倊倢俷俴倓倡倹俷俱倷倆倝倉倛倢倒倳俸倒倢倗倰倛們倧倝倉俱倣倕倡俷俴倓倨倸倉俴値倄倝倠倴倓倊倢俷倝倒倸倢俷

倛倕倡俷俸倢俱倌倸倢倉倴個倒倥倸倚値倊個倥 俱倢倓俱倕倡倊們倢倰俱倢倛倕倥倝倥俱俴倓倡倹俷倒倸倝們倇倣倳倛倹倱們倸倓倩倹倚倦俱倱個倕俱倇倥倸倴們倸俴倨倹倉倰俴倒倱倉倸

“倅倝倉倉倡倹倉倴們倸倳俺倸倗倸倢倕俷俱値們倲個倰倛倓倝?”

倱們倸們倝俷俹倡倉倲倄倒倴們倸倎倩倄倝倠倴倓 倰倛們倧倝倉俸倠倊倝俱倗倸倢倉倡倸倉倴們倸倳俺倸倰倓倧倸倝俷倚倣俴倡俽倛倓倝俱

倅倝倉倉倥倹倰倗倕倢倰俱倢倛倕倥 4 倇倨倸們

倱倅倸倆倹倢倰倇倥倒倊倰倗倕倢倳倉倉値倗倒倝倓值俱 俱倷倰倎値倸俷倱個倄倲們俷倰俺倹倢

倝倥俱倴們倸倉倢倉倅倕倢倄倛倨倹倉俱倷俸倠倰個値倄

“倱們倸俴倓倡倊 倝倥俱倚倡俱倚倝俷俺倡倸倗倲們俷俴倸倝倒倴個倴倄倹倴倛們?”

倱們倸倄倩倰倛們倧倝倉俱倣倕倡俷俺倡倸俷倳俸倝倒倩倸俴倓倩倸倛倉倦倸俷

倴們倸倳俺倸倰倎倓倢倠倝倒倢俱倓倥倊倴個倰倒倥倸倒們俴倨倃個倩倸倇倥倸俸倢俱倴個倱倕倹倗倱倉倸倶

倚倢倒倅倢倱們倸們倝俷倴個倒倡俷俱倓倠倰個倻倢倇倥倸倊倓倓俸倨俲倝俷倳俺倹俲倝俷俴倨倃個倩倸倴倗倹

倳倉倱倗倗倅倢倉倡倹倉俹倡倉倰倛倷倉俴倗倢們俱倡俷倗倕俲倝俷倱們倸倝倒倸倢俷俺倡倄倰俸倉

倉倡倸倉倴們倸倳俺倸俴倗倢們俱倡俷倗倕倰倓倧倸倝俷倇倥倸俹倡倉倕倢倝倝俱 倛倓倧倝倰倓倧倸倝俷俱倢倓倅倢倒俲倝俷俴倨倃個倩倸

倱倅倸倱們倸倒倡俷俴俷俱倕倡倗倚値倸俷倴們倸倄倥倇倥倸倝倢俸倰俱値倄俲倦倹倉俱倡倊俹倡倉倝倒倩倸倰倛們倧倝倉倰倄値們

倆倦俷倝倒倸倢俷倉倡倹倉 倆倹倢俹倡倉個倸倗倒倛倓倧倝倰倛倷倉倌倥倰倛們倧倝倉倅倝倉倰倄倷俱倶俱倷俴俷倝倥俱倰倓倧倸倝俷倛倉倦倸俷

倱倅倸俱倢倓倰個倕倥倸倒倉倱個倕俷俴倓倡倹俷倉倥倹們倡倉倴們倸倳俺倸倰倓倧倸倝俷倰倕倗倓倹倢倒倱倊倊倉倡倹倉倰倕倒

們倡倉俴倧倝倱倚俷倝倡倉倰俸値倄俸倹倢倇倥倸倇倠倕倡俱倰俲倹倢們倢 倇倣倳倛倹俹倡倉倓倩倹倚倦俱倰倛們倧倝倉倆倩俱個倕倨俱倳倛倹俱倕倢倒倰個倷倉倚値倸俷倇倥倸倰倛倉倧倝俱倗倸倢們倉倨候倒值…

們倡倉倰個倷倉俱倢倓倰個倕倥倸倒倉倱個倕俷倇倥倸倒値倸俷倳倛俽倸俸倓値俷倶

倱倅倸俱倢倓倝倈値倊倢倒倰倓倧倸倝俷倉倥倹倳倛倹倱們倸倏倡俷 倝倢俸倇倣倳倛倹倱們倸倒値倸俷俱倡俷倗倕 俹倡倉俸倦俷倅倡倄倚値倉倳俸倇倣倰倛們倧倝倉倰倄値們

倝倒倸倢俷倉倹倝倒... 俱倷俲倝倰俱倷倊倰個倷倉俴倗倢們倕倡倊俸倢俱倱們倸倴個俱倸倝倉

倴們倸倉倢倉倛倕倡俷俸倢俱倉倡倹倉

倰倓倢倉倡倸俷倝倒倩倸倳倉倚倅倢倓值倊倡俴倚值倚倉倢們倊値倉 倲倄倒們倥倱俱倹倗俱倢倱倏俴倉倕倠倱俱倹倗倝倒倩倸倅倓俷倛倉倹倢

俱倸倝倉俸倠倰個値倄倲倉倹倅倊倨债俱倰俺倷俱倇値倘倇倢俷倅倕倢倄 俹倡倉倒倡俷倅倹倝俷俸倡倄俱倢倓俷倢倉倰倅倓倥倒們俱倢倓倛倕倢倒倝倒倸倢俷倳倛倹倰倚倓倷俸俱倸倝倉

倱們倸俱倕倡倗俸倠倓倊俱倗倉倰倕倒倒倹倢倒倴個倉倡倸俷倝倥俱倲倅债倠倛倉倦倸俷

倅倝倉倝倒倩倸倊倓値候倡倇 俹倡倉倳俺倹倓倠倊倊 Bloomberg Terminal 倇倥倸倰俺倧倸倝們俱倡倊倊倡俽俺倥 Prime Brokerage

倱倅倸倅倝倉倉倥倹 俹倡倉俱倷倱俴倸 “倉倡俱倕俷倇倨倉倓倢倒倒倸倝倒” 俴倉倛倉倦倸俷

倲俺俴倄倥倇倥倸倊倡俽俺倥倲倊倓俱倰俱倝倓值倚倸倗倉倅倡倗倚們倡倒倰倓倥倒倉倇倥倸 Wharton School 倒倡俷倳俺倹俷倢倉倴倄倹 倰倕倒倴們倸倅倹倝俷倰倚倥倒倰倗倕倢俲倝倰個値倄倊倡俽俺倥倳倛們倸倳倛倹倒倨倸俷倒倢俱

倎倩倄倅倢們倅倓俷 倅倝倉倉倥倹倅倹倝俷個倓倠倛倒倡倄倇倨俱倄倝倕倕倢倓值倰倎倧倸倝倕俷倇倨倉 俱倢倓倰倚倥倒倰俷値倉倚倝俷倛們倧倸倉倄倝倕倕倢倓值倅倸倝個倥倰倎倧倸倝 Bloomberg Terminal 倆倧倝倰個倷倉俴倗倢們倏倨倸們倰倏倧倝倒倰俱値倉倴個

倄倡俷倉倡倹倉俹倡倉倰倕倧倝俱倳俺倹倲個倓倱俱倓們倰倇倓倄倇倡倸倗倴個 Trader Workstation (TWS) 俸倢俱 Interactive Brokers 倱倇倉

俱倕倒倨倇倈值倎倓倹倝們倝倒倩倸倱倕倹倗

倚倣倛倓倡倊倰倇倓倄倇倡倸倗倴個 倲個倓倱俱倓們倉倥倹俱倷倰倎倥倒俷倎倝

‘倰倝倢倕倸倠... 倕倨倒!’

倛倉倹倢俸倝倇倥倸俴倨倹倉倰俴倒個倓倢俱俿俲倦倹倉倅倓俷倛倉倹倢

倆倹倢俹倡倉俴倢倄倆倩俱倗倸倢倲倓俴個倝倄倝倡俱倰倚倊俸倢俱倝倩倸倞倡倸倉俸倠俱倕倢倒倰個倷倉俱倢倓倓倠倊倢倄倳倛俽倸倇倡倸倗倲倕俱 俱倷倚倢們倢倓倆倳俺倹倴倄倹倛倕倢倒俱倕倒倨倇倈值

俸倠倰倄値們倎倡倉俲倢倕俷倄倹倗倒俱倢倓俺倝倓值倅倳倉倅倕倢倄倛倨倹倉俱倷倴倄倹

倛倓倧倝俸倠倰倕倧倝俱倕俷倇倨倉倳倉倊倓値候倡倇倒倢倇倥倸俸倠倎倡倂倉倢 “倗倡俴俻倥倉” 倱倕倠 “倒倢倓倡俱候倢” 俱倷倴倄倹

倛倓倧倝俸倠倕俷倇倨倉倳倉 ETF 倇倥倸倰俱倥倸倒倗俲倹倝俷俱倷倰個倷倉倝倥俱倇倢俷倛倉倦倸俷

倛倓倧倝俸倠倆倧倝倚値倉倇倓倡倎倒值個倕倝倄倐倡倒倝倒倸倢俷倇倝俷俴倣倰倎倧倸倝倓倡倊們倧倝俱倡倊俴倗倢們倴們倸倱倉倸倉倝倉倇倢俷倰倘倓候倀俱値俸俱倷倴倄倹

倱倅倸倆倹倢倴們倸倳俺倸倱俴倸 “俴倢倄俱倢倓倃值” 倱倅倸俴倧倝 “俴倗倢們們倡倸倉倳俸” 倕倸倠俱倷 倰倓倧倸倝俷們倡倉倰個倕倥倸倒倉倴個倰倕倒

倅倹倝俷俱倓倠倲俸倉倰俲倹倢倚倩倸倅倕倢倄倇倥倸倚倢們倢倓倆倚倓倹倢俷倌倕倅倝倊倱倇倉倚倩俷倚倨倄倴倄倹

倄倡俷倉倡倹倉... 倴們倸倅倹倝俷倕倡俷倰倕

俴倣倅倝倊倰倄倥倒倗 倅倕倢倄倝倝個俺倡倉!

倰倚倥倒俷倎値們倎值倱個倹倉俴倥倒值倊倝倓值倄俸倡俷倛倗倠倰倊倢倶 俴倗倢們倓倩倹倚倦俱俲倝俷倰們倢倚值倇倥倸倕倢俱倌倸倢倉倱倌倸倉倓倝俷 倱倕倠倰倚倥倒俷俴倕値俱 倇倨俱倚倡們倌倡倚倇倣倳倛倹倛倡倗倳俸俹倡倉倰倅倹倉倱倓俷倒値倸俷俲倦倹倉 俲倃倠俱倹倢倗倰俲倹倢倚倩倸倅倕倢倄倇倥倸倓倝倝倒倩倸

倅倦俱倅倡俱 倅倦俱倅倡俱

‘倰俸倝倱倕倹倗’

[ TVIX MAR20 50C ]

倉倥倸倱倛倕倠 倛倨倹倉倇倥倸俸倠倇倣倳倛倹俹倡倉俱倕倢倒倰個倷倉 “倄倢倗倰倄倸倉倱倛倸俷倗俷俱倢倓” 倳倉倇倡倉倇倥

* * *

[俱倢倓俻倧倹倝俲倢倒倰倚倓倷俸倚値倹倉] TVIX MAR20 50C : 俻倧倹倝 125 倚倡俽俽倢 倚倣倰倓倷俸倰倓倥倒倊倓倹倝倒

TVIX 俴倧倝俺倧倸倝俲倝俷倚値倉倇倓倡倎倒值

MAR20 倛們倢倒倆倦俷倗倡倉倛們倄倝倢倒倨俴倧倝 20 們倥倉倢俴們

50C 俴倧倝 Call Option 倇倥倸們倥倓倢俴倢倳俺倹倚値倇倈値 50 倄倝倕倕倢倓值

倎倩倄俷倸倢倒倶 俴倧倝倰個倷倉倚値倉倇倓倡倎倒值倱倊倊倰倕倰倗倝倰倓俸 倇倥倸俸倠倚倓倹倢俷俱倣倴倓們倛倢倘倢倕倇倡倉倇倥倇倥倸倓倢俴倢倇倠倕倨 50 倄倝倕倕倢倓值

倗倡倉倉倥倹倓倢俴倢倝倝個俺倡倉俲倝俷 TVIX 倝倒倩倸倇倥倸 40 倄倝倕倕倢倓值

俹倡倉倳俺倹倰俷値倉 25,000 倄倝倕倕倢倓值俻倧倹倝倴個 125 倚倡俽俽倢

‘倉倥倸倰倓倢俻倧倹倝們倡倉俸倓値俷倶倚値倉倠…’

[ 倊倡俽俺倥倚倸倗倉倅倡倗

• 俺倧倸倝倝倝個俺倡倉: TVIX MAR20 50C

• 倰俷値倉倕俷倇倨倉: $25,000

• 俸倣倉倗倉倚倡俽俽倢: 125

• 倓倢俴倢俻倧倹倝: 2.00

• 倓倢俴倢個倡俸俸倨倊倡倉: 1.80

• 們倩倕俴倸倢個倓倠倰們値倉: $22,500

• 俱倣倴倓/俲倢倄倇倨倉: -$2,500

• 倝倡倅倓倢倌倕倅倝倊倱倇倉: -10% ]

倌倕倅倝倊倱倇倉倅値倄倕倊倇倡倉倇倥倛倕倡俷俸倢俱俻倧倹倝

倱倅倸俱倢倓俻倧倹倝倝倝個俺倡倉倱倕倹倗俲倢倄倇倨倉俺倸倗俷倱倓俱倰個倷倉倰倓倧倸倝俷個俱倅値倝倒倩倸倱倕倹倗 倴們倸倅倹倝俷倳倚倸倳俸

倚値倸俷倚倣俴倡俽俴倧倝倌倕倅倝倊倱倇倉倇倥倸俸倠倰俱値倄俲倦倹倉倰們倧倸倝倳俱倕倹倗倡倉倛們倄倝倢倒倨

倛倕倡俷俻倧倹倝倰倚倓倷俸 俹倡倉倊倝俱倱們倸倗倸倢倕俷倇倨倉倳倉 TVIX Call Option 倱倕倹倗 倱們倸倆倦俷俱倡倊倇倣倛倉倹倢倰倛倗倝倱倕倹倗倲倊俱們倧倝個俿値倰倚倈倇倡倉倇倥

“倝倒倸倢倎倩倄倰倓倧倸倝俷倕俷倇倨倉倳倉倇倥倸俴倉倰倒倝倠倶倚値倕倩俱 倴們倸們倥們倢倓倒倢倇倰倕倒”

“俱倷倱們倸倝倒倢俱倓倩倹倉倥倸俴倓倡倊 倌們倰倕倒倊倝俱”

“倱們倸倴個倝倒倢俱倓倩倹倅倝倉倴倛倉俱倡倉倕倸倠?”

俹倡倉倉倦俱倆倦俷倐倢倎倱們倸倇倥倸俴倝倒們倝俷俹倡倉倰個倷倉倎倡俱倶 倱倕倹倗俱倷倛倕倨倄倒値倹們倝倝俱們倢

“倱們倸倄倩倴倗倹倅倝倉倉倥倹倱倛倕倠倄倥倱倕倹倗倉倠 倰倎倓倢倠倉倥倸倝倢俸倰個倷倉俴倓倡倹俷倚倨倄倇倹倢倒倇倥倸倱們倸俸倠倴倄倹倰倛倷倉 倎倝倌們倅倡倹俷俱倝俷倇倨倉倰們倧倸倝倴倓 倇倡倹俷倇倢俷俱俾倛們倢倒倱倕倠俸倓倓倒倢倊倓倓倃 倱們倸俸倠倒倨倸俷倴們倸倴倄倹倰倕倒”

“倛倧倝?”

“倱俴倸倄倥倕倉倥倹倄倥倕倰倄倥倒倗 倉倡俱倕俷倇倨倉俸倠倰俲倹倢們倢倰倎倥倒倊倱倉倸 俲倝俷倰倓倢俱倷俸倠倰倎値倸們俲倦倹倉們倛倢倘倢倕”

倛倕倡俷俸倢俱倝倝俱俸倢俱倚倅倢倓值倊倡俴倚值

倱們倸倆倦俷倰倝倸倒倆倢們倆倦俷倚値倸俷倇倥倸俹倡倉倰倕倧倝俱

“倕倩俱… 倱倕倹倗 TVIX 們倡倉俴倧倝倝倠倴倓倰倛倓倝?”

倱們倸倇倥倸倐倩們値倳俸俱倡倊俴倗倢們倓倩倹倰倘倓候倀倘倢倚倅倓值俲倝俷倅倡倗倰倝俷 倄倩倰俲値倉倶倇倥倸倅倹倝俷倆倢們俴倣倉倥倹

“們倡倉們倥倄倡俺倉倥俺倧倸倝 VIX 倰倝倢倴倗倹倗倡倄俴倗倢們倌倡倉倌倗倉俲倝俷倅倕倢倄 倴們倸倗倸倢俸倠俲倦倹倉倛倓倧倝倕俷 俱倷倗倡倄倰俹倎倢倠 ‘俲倉倢倄俲倝俷俱倢倓倰俴倕倧倸倝倉倴倛倗’ 倰倕倒倆倩俱倰倓倥倒俱倗倸倢 ‘倄倡俺倉倥俴倗倢們俱倕倡倗’ 倄倹倗倒”

俹倡倉們倝俷倛倉倹倢倱們倸俱倸倝倉倝倈値倊倢倒倅倸倝

“倱們倸俱倷倓倩倹倳俺倸倴倛們俴倓倡倊 倗倸倢們倥倌倕値倅倐倡倃倁值倇倢俷俱倢倓倰俷値倉倅倡倹俷們倢俱們倢倒倇倥倸倚倓倹倢俷俲倦倹倉倊倉倎倧倹倉倀倢倉俲倝俷倄倡俺倉倥倎倗俱倉倥倹”

倱們倸倎倒倡俱倛倉倹倢倰俲倹倢倳俸

“TVIX 俱倷倰個倷倉倛倉倦倸俷倳倉倉倡倹倉 倰個倷倉倚値倉俴倹倢個倓倠倰倐倇倰倕倰倗倝倰倓俸倇倥倸倝値俷俱倡倊 VIX 倲倄倒倅倓俷”

倎倩倄倳倛倹倕倠倰倝倥倒倄俱倗倸倢倉倡倹倉 們倡倉俴倧倝 ETN 倇倥倸倰倕倥倒倉倱倊倊俴倗倢們倌倡倉倌倗倉俲倝俷 VIX 倚倝俷倰倇倸倢

倚倸倗倉倝倝個俺倡倉倇倥倸俹倡倉俻倧倹倝俸倠俲倒倡倊倅倢們倄倡俺倉倥倉倥倹倲倄倒倅倓俷 倒値倸俷倅倕倢倄倌倡倉倌倗倉們倢俱倰倇倸倢倴倓 俱倣倴倓俲倝俷俹倡倉俱倷俸倠倒値倸俷倎倨倸俷倚倩俷俲倦倹倉倰倇倸倢倉倡倹倉

倱們倸倎倒倡俱倛倉倹倢倰倊倢倶

“俷倡倹倉倕倩俱俱倣倕倡俷倰倄値們倎倡倉倗倸倢倅倕倢倄俸倠倎倨倸俷倱倓俷倚値倉倠? 倕倩俱倅倹倝俷俴値倄倆倩俱倱倉倸 倱們倸俱倷倛倗倡俷倗倸倢俸倠倰個倷倉倱倊倊倉倡倹倉 倱們倸倰俺倧倸倝倕倩俱倝倒倩倸倱倕倹倗”

倚値倸俷倇倥倸倱們倸倰俲倹倢倳俸倆倩俱倱俴倸俴倓倦倸俷倰倄倥倒倗

俹倡倉倰倄値們倎倡倉俱倡倊 “俴倗倢們倌倡倉倌倗倉們倛倢倘倢倕俲倝俷倅倕倢倄” 俱倷俸倓値俷 倱倅倸倴們倸倴倄倹倛們倢倒俴倗倢們倗倸倢倅倕倢倄俸倠俲倦倹倉

俹倡倉倰倄値們倎倡倉倗倸倢 “倅倕倢倄俸倠倎倡俷倇倕倢倒倅倸倢俷倛倢俱”

倰倎倓倢倠倲倓俴個倝倄倝倡俱倰倚倊俸倢俱倝倩倸倞倡倸倉

* * *

倅倝倉倉倥倹倴們倸倗倸倢倴個倆倢們倳俴倓倳倉倗倝倕倕值倚倅倓倥倇 倎倗俱倰俲倢俱倷俴俷俴値倄倰倛們倧倝倉倱們倸倇倨俱俴倉

倇倨俱俴倉們倝俷倰倛倷倉倱倅倸俲倢俲倦倹倉 倴們倸們倥倳俴倓俱倕倹倢俴倢倄倰倄倢俱倢倓倓倸倗俷倕俷

倉倡倸倉俴倧倝倚倐倢倎倅倕倢倄倳倉倅倝倉倉倥倹

倱們倹倱倅倸倰倓倧倸倝俷倲倓俴俸倢俱倝倩倸倞倡倸倉俱倷倰倛們倧倝倉俱倡倉

倌倩倹俴倉倚倸倗倉倳倛俽倸俴値倄倗倸倢們倡倉俱倷倱俴倸倲倓俴倱倊倊俻倢倓值倚倛倓倧倝倰們倝倓值倚 倰個倷倉倰倓倧倸倝俷俺倡倸倗俴倓倢倗倰倇倸倢倉倡倹倉

倎倗俱倰俲倢倒倡俷倛倕俷倓倠倰倓値俷俱倡倊俴倗倢們倛倗倢倉俺倧倸倉俸倢俱俱倢倓俴倕倥倸俴倕倢倒倚俷俴倓倢們俱倢倓俴倹倢倓倠倛倗倸倢俷倚倛倓倡倀借 俱倡倊俸倥倉倝倒倩倸倰倕倒

們倥倰倎倥倒俷俹倡倉倰倇倸倢倉倡倹倉倇倥倸們倝俷倰倛倷倉 “倲倝俱倢倚們倛倢倘倢倕” 俸倢俱倲倓俴倓倠倊倢倄倉倥倹

“倅倕俱倄倥倉倠”

倱們倸倛倡倗倰倓倢倠倰倊倢倶 倎倕倢俷俱倕倡倊們倢們倥倚倥倛倉倹倢倌倸倝倉俴倕倢倒

倝倒倸倢俷倴倓俱倷倅倢們 倅倝倉倉倥倹俹倡倉倴倄倹 “倅倣倱倛倉倸俷” 們倢倱倕倹倗

倰倛倕倧倝倱俴倸倓倝倰倗倕倢

倱俴倸俴値倄倆倦俷俱倣倴倓倇倥倸俸倠倴倄倹 俱倷倱倇倊俸倠俱倕倡倗倳倉俴倗倢們們倡倸俷俴倡倸俷倇倥倸俸倠倆倢倲倆們倰俲倹倢們倢倱倕倹倗