當(dāng)股票橫盤沒有行情吃不到肉怎么辦？

你需要期權(quán)這個(gè)強(qiáng)力的工具，并幫助你持續(xù)在沒有行情的情況下持續(xù)獲利。

D君收錄了以下策略，并會(huì)在接下來整合成技術(shù)轉(zhuǎn)帖，和老鐵們分享。

A major reason why trading options is so popular is because of the number of opportunities there are for making profits. For example, unlike other forms of investment, options give traders the chance to profit when an underlying security remains neutral i.e. it doesn’t move in price.

交易期權(quán)如此受歡迎的一個(gè)主要原因是因?yàn)楂@利的機(jī)會(huì)很多。 例如，與其他形式的投資不同，期權(quán)使交易者有機(jī)會(huì)在基礎(chǔ)證券保持中立時(shí)獲利，即它不會(huì)在價(jià)格上移動(dòng)。

This function is unique to options, because there are no other financial instruments that can be traded to generate profits from a lack of price movement. There are a large number of neutral options trading strategies (also known as non-directional strategies) that can be used when you have a neutral outlook on an underlying security, and if you can gain a good understanding of these then you will open up many opportunities for making profits.

此功能對(duì)于期權(quán)而言是獨(dú)一無二的，因?yàn)闆]有其他金融工具可以交易以從缺乏價(jià)格變動(dòng)中獲利。 有大量的中性期權(quán)交易策略（也稱為非定向策略），當(dāng)交易者對(duì)底層證券有中性展望時(shí)可以使用，如果交易者能夠很好地理解這些，那么交易者將會(huì)創(chuàng)造很多的賺錢的機(jī)會(huì)。

On this page we explain the concept of a neutral trend and discuss the advantages and disadvantages of using neutral trading strategies. In addition, we provide a list of strategies that you can use to profit from a neutral outlook.

在這篇文章里，我們解釋了中性趨勢(shì)的概念，并討論了使用中性交易策略的優(yōu)缺點(diǎn)。 此外，我們提供了一系列可用于從中性展望中獲利的策略。

What is a Neutral Trend?

Advantages of Neutral Strategies

Disadvantages of Neutral Strategies

List of Neutral Strategies

什么是中性趨勢(shì)？

中立策略的優(yōu)勢(shì)

中立策略的缺點(diǎn)

中立戰(zhàn)略清單

What is a Neutral Trend?

什么是中性趨勢(shì)？（就是股票橫盤）

In investment terms, the word neutral is generally used to describe a financial instrument that doesn’t move in price. While this is technically accurate, in the context of options trading the word has a slightly broader meaning. When we talk about neutral trading strategies, we are talking about strategies that not only profit from an underlying security staying at the same price but also profit when that security moves within a tight range of prices.

在投資方面，“中性”一詞通常用于描述價(jià)格不變的金融工具。 雖然這在技術(shù)上是準(zhǔn)確的，但在期權(quán)交易的背景下，這個(gè)詞具有稍微寬泛的含義。 當(dāng)我們談?wù)撝行越灰撞呗詴r(shí)，我們談?wù)摰牟呗圆粌H是從基礎(chǔ)證券中獲得相同價(jià)格的利潤(rùn)，還可以在證券在較窄的價(jià)格范圍內(nèi)移動(dòng)時(shí)獲利。

When the price of a security goes up and down by small amounts over a period of time, it's said to be moving sideways. This is because if you plotted the price movements on a graph, the graph line wouldn’t show any real incline or decline, but it would basically be moving sideways. When a price is moving sideways the underlying security is in what's known as a neutral trend.

當(dāng)證券的價(jià)格在一段時(shí)間內(nèi)上下波動(dòng)時(shí)，據(jù)說它正在橫向移動(dòng)。 這是因?yàn)槿绻趫D表上繪制價(jià)格變動(dòng)，圖表線不會(huì)顯示任何實(shí)際的傾斜或下降，但它基本上會(huì)橫向移動(dòng)。 當(dāng)價(jià)格橫向移動(dòng)時(shí)，潛在的證券處于所謂的中性趨勢(shì)中。

During such a trend the price of the underlying security is consistently going up and down, but not usually by a huge amount and it's always remaining with a certain range. A neutral trend will typically occur after a sustained increase in price or a sustained decrease in price when the price starts hitting levels of resistance or support accordingly.

在這種趨勢(shì)中，基礎(chǔ)證券的價(jià)格一直在上漲和下跌，但通常不會(huì)大幅增加，并且總是保持在一定范圍內(nèi)。 當(dāng)價(jià)格開始達(dá)到阻力位或相應(yīng)支撐位時(shí)價(jià)格持續(xù)上漲或價(jià)格持續(xù)下跌后，通常會(huì)出現(xiàn)中性趨勢(shì)。

These trends can continue for weeks or even months at a time. Stock traders and other investors will really struggle to profit under these circumstances and they will typically leave securities that are in a neutral trend alone. However, options traders can take advantage of them by using appropriate strategies.

這些趨勢(shì)可以持續(xù)數(shù)周甚至數(shù)月。 股票交易商和其他投資者在這種情況下真的很難獲利，他們通常會(huì)留下僅僅處于中性趨勢(shì)的證券。 但是，期權(quán)交易者可以通過使用適當(dāng)?shù)牟呗詠砝盟鼈儭?/p>

Advantages of Neutral Strategies

中性策略的優(yōu)勢(shì)

The biggest advantage of neutral options trading strategies is really the simple fact that they exist. Being able to profit from stocks and other financial instruments that remain relatively stable in price gives investors who use options many more opportunities than those who don’t.

中性期權(quán)交易策略的最大優(yōu)勢(shì)實(shí)際上就是它們存在的簡(jiǎn)單事實(shí)。 能夠從價(jià)格保持相對(duì)穩(wěn)定的股票和其他金融工具中獲利，使得投資者使用期權(quán)的機(jī)會(huì)比不投資的投資者多得多。

Many financial instruments go through prolonged periods of being neutral, or in a neutral trend, and this gives options traders plenty of chances to generate returns. It's somewhat obvious that the more potentially profitable opportunities there are, the greater the chance there is of being successful on a consistent basis.

許多金融工具經(jīng)歷了長(zhǎng)期的中性或中性趨勢(shì)，這使期權(quán)交易者有很多機(jī)會(huì)獲得回報(bào)。 顯而易見的是，潛在的盈利機(jī)會(huì)越多，在一致的基礎(chǔ)上獲得成功的機(jī)會(huì)就越大。

The other main advantage of these strategies is that by using them you can profit from three different outcomes. If the underlying security doesn’t move at all, you will make a profit. If the underlying security increases in price or decreases in price, you will still make a profit, providing the price movements stay within an appropriate range.

這些策略的另一個(gè)主要優(yōu)點(diǎn)是，通過使用它們，您可以從三種不同的結(jié)果中獲益。 如果基礎(chǔ)證券根本沒有移動(dòng)，交易者將獲利。 如果基礎(chǔ)證券價(jià)格上漲或價(jià)格下跌，交易者仍然可以賺取利潤(rùn)，只要價(jià)格變動(dòng)保持在適當(dāng)?shù)姆秶鷥?nèi)。

Some strategies need the price of the underlying security to remain in a very tight range to return a profit, while others can profit from a wider range. To some extent, you can control just how wide you want the range to be and this is another example of just how flexible options trading can be.

一些策略需要基礎(chǔ)證券的價(jià)格保持在非常窄的范圍內(nèi)才能獲得利潤(rùn)，而其他策略則可以從更廣泛的范圍中獲利。 在某種程度上，交易者可以控制希望范圍的寬度，這是另一個(gè)靈活的期權(quán)交易的例子。

Other advantages include the fact that you can turn time decay into a positive and also control your risk exposure to some extent. When using some of the more basic strategies, it's very simple to work out the maximum potential profit and maximum potential loss, and this can be very useful for when planning trades and managing risk.

其他優(yōu)勢(shì)包括可以將時(shí)間衰減轉(zhuǎn)化為積極因素，并在一定程度上控制風(fēng)險(xiǎn)敞口。 當(dāng)使用一些更基本的策略時(shí)，計(jì)算最大潛在利潤(rùn)和最大潛在損失非常簡(jiǎn)單，這對(duì)于規(guī)劃交易和管理風(fēng)險(xiǎn)非常有用。

Finally, the fact that there are so many different strategies you can use means you have plenty of choice and a good chance of finding one that fits well with your personal objectives.

最后，你可以使用許多不同的策略這一事實(shí)意味著你有很多選擇，很有可能找到一個(gè)適合你個(gè)人目標(biāo)的策略。

Disadvantages of Neutral Strategies

中立策略的缺點(diǎn)

There isn’t many major disadvantages when it comes to using strategies of this type. The biggest drawback is the fact that the potential profits of these is always limited, because the maximum amount of profit that can be made from any trade is essentially fixed at the moment it's executed.

在使用這種策略時(shí)，沒有太多的主要缺點(diǎn)。 最大的缺點(diǎn)是這些的潛在利潤(rùn)總是有限的，因?yàn)槿魏谓灰卓梢垣@得的最大利潤(rùn)額在執(zhí)行時(shí)基本上是固定的。

Another disadvantage is that the strategies all require at least two transactions, and some of them more, so you will potentially pay a fair amount in commissions. This is actually true of most options trading strategies. Also, some of them can be quite complicated and certainly not suitable for beginners.

另一個(gè)缺點(diǎn)是策略都需要至少兩筆交易，其中一些交易更多，因此您可能需要支付相當(dāng)數(shù)量的傭金。 大多數(shù)期權(quán)交易策略實(shí)際上都是如此。 此外，其中一些可能非常復(fù)雜，當(dāng)然不適合初學(xué)者。

These disadvantages are all relatively minor though, and it should be clear that they are far outweighed by the benefits.

然而，這些缺點(diǎn)都相對(duì)較小，應(yīng)該清楚它們遠(yuǎn)遠(yuǎn)超過它們的好處。

List of Neutral StrategiesBelow, we have listed a range of neutral options trading strategies that are commonly used by options traders. We’ve included a little information about each one, but for further details you should click on the relevant link. If you are struggling to choose a suitable strategy, you may like to take a look at our Selection Tool.

中性交易策略清單

下面，我們列出了期權(quán)交易者常用的一系列中性期權(quán)交易策略。 我們已經(jīng)包含了關(guān)于每個(gè)信息的一些信息， 如果交易者正在努力選擇合適的策略，可以查看我們的選擇工具。

Covered CallThis is relatively simple and would typically be used if you already own a security and want to profit from it being in a neutral trend. It's suitable for beginners.

掩蓋性的買權(quán)策略

持有股票，并賣出對(duì)應(yīng)的看漲期權(quán)(long equity+sell call)

單純的賣出一個(gè)看漲期權(quán)，由于股價(jià)上漲理論上沒有上限，因此賣出看漲的期權(quán)只有有限的收益但是卻有無限的虧損可能。

然而，如果擁有股票，而同時(shí)賣出看漲期權(quán)。那么當(dāng)股價(jià)無限上漲的時(shí)候，雖然做空的看漲期權(quán)導(dǎo)致了損失，股票上的收益卻能彌補(bǔ)損失。

這是最基本的交易策略，也非常常見。如果你本身持有股票，并且想要從中性市場(chǎng)（就是橫盤）中賺取利潤(rùn)，可以考慮使用該策略。對(duì)于期權(quán)新手來說較為合適。

Covered Call Collar （保護(hù)性領(lǐng)子/利率上下限買權(quán)策略）This is fairly simple and you would generally use it if you already own a security and want to profit from it being in a neutral trend and protect it against any losses should it fall in price. It is suitable for beginners.

這相對(duì)來說較為容易，你將在握有正股并且想要從中性市場(chǎng)趨勢(shì)（橫盤）中賺取利潤(rùn)并且捍衛(wèi)你的倉(cāng)位以對(duì)抗當(dāng)股價(jià)下跌所帶來的潛在的虧損。對(duì)期權(quán)初學(xué)者來說也是常見的策略。

Covered Put（保護(hù)性賣權(quán)策略）This is reasonably complex and combines short selling a security and writing put options. It's not suitable for beginners.

對(duì)于初學(xué)者來說這個(gè)策略較為復(fù)雜，因?yàn)樵摬呗园速u空該股票同時(shí)交易沽空期權(quán)。并不適合初學(xué)者操作。

Short Straddle 賣出跨式期權(quán)策略This is a relatively simple trading strategy, but it's not really suitable for beginners due to the high trading level required. It involves two transactions and creates a credit spread.

相對(duì)來說較為簡(jiǎn)單的策略，然而由于其對(duì)交易技巧的高要求，這并不適合初學(xué)者，這包含了兩組交易并且需要你創(chuàng)建一個(gè)貸方差價(jià)期權(quán)。

Short Strangle 空頭勒式期權(quán)交易This is quite straightforward but requires a high trading level so it's not suitable for beginners. It creates a credit spread and involves two transactions.

該策略較為直接然而其要求較高的交易技能，因此不適合初學(xué)者開始使用。這套策略同時(shí)要求創(chuàng)建一個(gè)貸方差價(jià)期權(quán)，并且包含了兩組交易。

Short GutThis combines two transactions to create a credit spread. It's quite simple, but it requires a high trading level meaning it isn't suitable for a beginner.

該策略包含了兩組交易并且創(chuàng)造了價(jià)差組合，較為容易，但仍然需要較高的交易技術(shù)，并不適合初學(xué)者。

Calendar Call Spread 日歷多頭套利策略This is simple enough to be used by beginners. Two transactions are involved and a debit spread is created.

對(duì)于初學(xué)者來說足夠簡(jiǎn)單，需要兩組交易，同時(shí)將創(chuàng)建一個(gè)借方價(jià)差策略。

Calendar Put Spread 日歷空頭套利策略This is straightforward and involves two transactions. It creates a debit spread and is suitable for beginners.

此交易策略直接，同時(shí)包含了兩個(gè)交易。這將為初學(xué)者創(chuàng)造一個(gè)借方價(jià)差期權(quán)，較適合初學(xué)者。

Call Ratio Spread 多頭比率價(jià)差策略This is a complicated trading strategy that is not suitable for beginners. There are two transactions involved and a credit spread is created.

這是一個(gè)復(fù)雜的交易策略，并不適合交易初學(xué)者。其中有包含兩個(gè)交易并且其中包含了貸方價(jià)差期權(quán)。

Put Ratio Spread 空頭比率價(jià)差策略This is complex and not for beginners. It creates a credit spread with two transactions.

這是復(fù)雜的交易策略，并不適合初學(xué)者。這將創(chuàng)建一個(gè)貸方價(jià)差期權(quán)同時(shí)包含了兩組交易。

Calendar Straddle 日歷跨式套利This involves four separate transactions to create a debit spread. It isn't suitable for beginners.

這交易策略包含了四組各自獨(dú)立的交易并且要求創(chuàng)建一個(gè)借方價(jià)差期權(quán)組合，對(duì)于新手并不友好。

Calendar Strangle 日歷勒式套利This creates a debit spread. There are four transactions involved and it isn't suitable for beginners.

該策略要求創(chuàng)建一個(gè)借方價(jià)差期權(quán)組合，同時(shí)包含了四個(gè)交易，不適合新手。

Butterfly Spread 蝴蝶價(jià)差策略This is complex and involves three transactions to create a debit spread. It isn't suitable for beginners.

復(fù)雜并且包含了3組交易策略，并且要求創(chuàng)建一個(gè)借方價(jià)差期權(quán)組合，并不適合新手。

Condor Spread 禿鷹價(jià)差策略This is complex and it creates a debit spread using four separate transactions. It isn't suitable for beginners.

復(fù)雜的策略，同時(shí)創(chuàng)造了一個(gè)借方價(jià)差期權(quán)組合，運(yùn)用了四個(gè)獨(dú)立的期權(quán)交易，并不適合初學(xué)者。

Albatross Spread 信天翁價(jià)差策略This involves four transactions and is complicated. It creates a debit spread and is not suitable for beginners.

Iron Butterfly Spread 鐵蝴蝶價(jià)差策略This is complex and creates a credit spread. It involves four transactions and it's not suitable for beginners.

復(fù)雜，將創(chuàng)造貸方價(jià)差期權(quán)組合，這包含了四個(gè)交易并且不適合初學(xué)者使用。

Iron Condor Spread 鐵禿鷹價(jià)差策略This is complex, involving four transactions, and it's not suitable for beginners. It creates a credit spread.

復(fù)雜，包含了四組交易，并不適合新手，同時(shí)要求創(chuàng)建貸方價(jià)差期權(quán)組合。

Iron Albatross Spread 鐵信天翁價(jià)差策略This is complicated and not suitable for beginners. It involves four transactions and creates a credit spread.

復(fù)雜，不適合新手，包含了四組交易，包含了貸方價(jià)差期權(quán)（ long OTM+ short ATM ）