在期权交易中，什么是价外(OTM)？
期权交易，有时候不就是一场迷宫吗？你会听到"实值"、“平值"这样的术语，还有"虚值”。如果你曾经对"虚值"(OTM)真正意味着什么以及它在期权世界中为何重要感到有些迷茫，你并不孤单。相信我，在我穿越金融市场的旅程中，我见过无数人对这些区别感到困惑。但一旦你明白了，整个战略交易的新层面就会向你打开。
想象一下:期权给你权利，但不是义务，在特定价格(行使价)之前以特定价格买入或卖出资产。期权的"价值"简单地描述了行使价与基础资产当前市场价格之间的关系。当我们谈论OTM时，我们讨论的是此刻没有内在价值的期权。它们基本上是在希望未来股价的变化使其变得有价值。
让我们分析一下OTM(价外)期权，包括看涨期权和看跌期权，因为它们在市场的两面运作。
想象一下你正在购买一个看涨期权。你在押注股票价格会上涨。如果其行使价格高于基础资产的当前市场价格，则看涨期权被视为价外期权 (OTM)。
示例: 如果一只股票的交易价格为100美元，而您购买了一个行使价格为105美元的看涨期权，那么该看涨期权是OTM。为什么？因为当您可以在公开市场以100美元购买股票时，您不会行使以105美元购买的权利。这没有意义，对吧？为了使这个期权变为"实值"(ITM)，股票价格需要上涨到105美元以上。
现在，让我们转向看跌期权。您是在押注股票价格会下跌。如果看跌期权的行使价格低于基础资产的当前市场价格，则被视为价外(OTM)。
示例: 相同的股票，交易价格为100美元。如果您购买一个行使价格为95美元的卖出期权，那么该卖出期权是OTM。当您可以在公开市场以100美元出售股票时，您不会行使以95美元出售的权利。为了使这个卖出期权变为ITM，股票价格需要跌破95美元。
看到这个模式了吗？对于一个OTM期权来说，要获得内在价值，市场价格需要超过其行使价格。在那之前，它的价值纯粹是时间价值和隐含波动率。
购买当前没有内在价值的东西可能看起来违反直觉，但有几个战略原因使得OTM期权成为交易者的热门选择。是的，根据我的观察，这些策略通常围绕利用感知的低成本以获得潜在的高回报或产生收入。
买家的低保费: * One of the most appealing aspects for buyers of OTM options is their price tag. OTM options are generally cheaper than their “at the money” (ATM) or “in the money” (ITM) counterparts. Why? Because the probability of them expiring in the money is lower. This lower cost means you can control more shares for the same amount of capital, offering higher leverage if your directional bet pays off.
卖家的收入生成: * This is where OTM options truly shine for certain strategies, especially for those looking to generate consistent income. Selling OTM options (also known as “writing” options) allows you to collect premium upfront. The hope is that the option will expire worthless, allowing you to keep the entire premium. * Consider the strategy of selling short Out Of The Money (OTM) put options. As Mark Hake, CFA, noted, investors could make over a 2.0% monthly yield by selling short 6% OTM put options on Amazon (AMZN) when its stock was at $220.18 on Tuesday, July 8, 2025 (TalkMarkets, “Amazon Stock Bargain”). Similarly, he highlighted that selling short OTM put options expiring in just over one month could provide investors a 1.67% monthly yield on Chevron (CVX), given CVX’s closing price of $148.37 on July 3, 2025 (Dummersgrain, “Chevron Stock’s Dividend Yield”). This strategy appeals to those who are bullish or neutral on a stock and believe it won’t drop below the chosen OTM strike price before expiration.
投机性玩法: * If you have a strong conviction about a sudden, significant move in a stock, OTM options can offer outsized returns. A small premium paid could explode in value if the stock makes a big move in your favor, turning your OTM option into ITM. It’s a high-risk, high-reward game, akin to hitting a grand slam in baseball – rare, but impactful when it happens.
投资组合对冲(纯OTM较少见): * While more often associated with ITM or ATM options, OTM options can, in some niche scenarios, serve as very cheap “disaster insurance.” However, due to their distance from the current price, they offer less robust protection than closer strikes.
现在，并不是所有的阳光和高收益。OTM 期权有其自身的一系列风险，在深入了解之前，理解这些风险至关重要。
时间衰减(Theta): * This is perhaps the biggest enemy of OTM option buyers. Every day that passes, an OTM option loses value, even if the stock price doesn’t move. The closer you get to expiration, the faster this time value erodes. If an OTM option doesn’t become ITM before expiration, it expires worthless. This is why sellers of OTM options love time decay!
买家的成功概率较低: * By definition, OTM options are “out of the money” because they are less likely to end up ITM. You’re betting on a larger price move in your favor. This means a higher probability of losing the entire premium paid if the stock doesn’t move as expected.
裸露OTM卖方(看跌期权)的无限风险: * While selling OTM puts can generate income, remember that if the stock crashes below your chosen strike price, you could be obligated to buy shares at a much higher price than their current market value. This risk is theoretically unlimited for naked options (those not covered by holding the underlying asset).
资金实际上是如何利用OTM期权构建其期权头寸的？我们可以从像Purpose Investments的Premium Yield Fund(PYF)这样的基金如何分配其书面卖出期权中获得一些见解。截至2025年7月7日，他们的短期卖出期权中有相当一部分是OTM，这表明他们在这些类型的合约中有战略性地倾向于收入生成(Purpose Investments，“Premium Yield Fund”)。
让我们看看他们的细分:
- 短期卖出期权到期 <1 个月:
- 93.48% (a strong preference for short-dated options, which decay faster).
短期卖出期权到期 1-3 个月: * 6.52%
截至2025年7月7日，他们所写的看跌期权的"货币性"细分:
在价内 (ITM): * 0.00% (No ITM puts written, which makes sense for an income-focused fund avoiding immediate assignment risk).
平价 (ATM): * 11.02%
价外(OTM): * <-4%: 23.79% (These are OTM puts where the strike price is at least 4% below the current market price). * <-8%: 12.56% (Even further OTM, indicating a belief the stock won’t drop that far). * <-12%: 52.63% (A whopping majority are deep OTM, suggesting a strategy focused on collecting premiums with a high probability of expiry worthless.)
这种数据提供了一个现实世界的例子，说明一个基金如何构建其头寸，利用OTM期权中固有的时间衰减和卖方的低风险，特别是深度OTM期权，以生成收益。这证明了虽然OTM期权对买方来说风险较大，但对于那些优先考虑概率而非巨额投机收益的卖方来说，它们可能非常吸引人。
理解虚值期权不仅仅是知道一个定义；它是关于认识到期权交易工具箱中的一个强大工具。无论你是寻求高杠杆进行投机下注的买家，还是旨在获得稳定收入的卖家，虚值期权都扮演着关键角色。请记住，像任何金融工具一样，它们也伴随着风险。始终权衡潜在的回报与成功的概率以及潜在的损失。对我来说，关键始终在于理解所涉及的概率和管理风险。在不了解基本机制的情况下，不要追逐大赢，尤其是在处理虚值合约的微妙世界时。
参考文献
在期权交易中，虚值是什么意思？
价外(OTM)期权是指当前没有内在价值的期权，这意味着它们的行使价格与当前市场价格相比并不有利。
交易者为什么购买虚值期权？
交易者购买OTM期权以获得较低的溢价、潜在的高回报和收入生成策略，尽管存在风险。