今天为大家解释一个建立在痛苦上的期权概念和相关交易策略——期权最痛点理论！
美股期权里的Max Pain理论在中文里叫最痛点理论，是对价格锁定的延展，它是说存在大量期权交易的股票的股价总是倾向于靠近能对最买期权的人产生最大损失的行权价，也就是说股价总会朝着让期权的call和put两种合同价值最低的行权价走，这时候期权买家为买期权支付的权利金会最大程度的作废，期权卖家的利润会最大化。
而价格锁定也就是Stock Pinning指的是每个存在期权交易的股票在期权到期日的星期5股价都倾向于接触或靠近未平仓合同最多的行权价。注意这里的表述并不是说每月第3个周5股价一定会到未平仓合同最多的行权价，而是说相比较这一周的其他天，周5接近这个价格的可能性更大。
在运用max pain理论时的3点注意：
1️⃣ 不是所有存在期权交易的股票都有价格锁定的现象，只有期权交易量非常大的股票才可能出现该现象，在使用这条策略是先多做功课，多观察，在maximum pain网站确认open interest和max pain等数字，再结合价格走势来挑出最有可能性的股票
2️⃣ 确认在这一周内不会有财报和其他事件，例子中aapl昨天刚发布完财报
3️⃣ 这条理论本身存在争议，有可能在你实际运用前需要自己先做功课和测试
关于Delta对冲Delta Hedging的详细解释：https://seekingalpha.com/article/270466-digging-deeper-options-expert-discusses-pinning-max-pain-and-apple-part-two
Max Pain Calculator: http://www.maximum-pain.com/options
🌸特别鸣谢Ying (@yingyinguw) 提供素材！🌸
🍒期权开户，请使用我的tastyworks邀请链接：https://bit.ly/3fLA7AW 🍒
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回顾2021年7月23日美国股市盘点。
这里有高胜率的期权交易策略，以及期权交易背后的理念，记得观看！别忘了如何在tastyworks里添加关注列表！
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