Functions Defined
The core of extensible programming is defining functions. Python allows mandatory and optional arguments, keyword arguments, and even arbitrary argument lists. More about defining functions in Python 3
Compound Data Types
Lists (known as arrays in other languages) are one of the compound data types that Python understands. Lists can be indexed, sliced and manipulated with other built-in 選擇權交易時間暗藏3個玄機 functions. More about lists in Python 3
Intuitive Interpretation
Calculations are simple with Python, and expression syntax is straightforward: the operators 選擇權交易時間暗藏3個玄機 選擇權交易時間暗藏3個玄機 + , - , * and / work as expected; parentheses () can be used for grouping. More about simple math functions in Python 3.
Quick & Easy to Learn
Experienced programmers in any other language can pick up Python very quickly, and 選擇權交易時間暗藏3個玄機 選擇權交易時間暗藏3個玄機 beginners find the clean syntax and indentation structure easy to learn. Whet your appetite with our Python 3 overview.
All the Flow You’d Expect
Python knows the usual control flow statements that other languages speak — if , for , while and range — with some of its own twists, of course. More control flow tools in Python 3
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選擇權交易時間暗藏3個玄機
買買權(long call): 看大漲；買賣權(long put): 看大跌。
賣買權(short call): 看小跌；賣賣權(short put): 看小漲。
- a. 享受權利者即為選擇權之買方，或稱作持有人。有權利但無義務履約，所以必定在履約可獲利時執行權利。
- b. 負擔或有義務者即為賣方，先收取買方所支付之權利金，當買方要求履約時，有義務依約履行。為防止有違約之虞，故賣方需繳交保證金。
- 選擇權的一大特色即為權利和義務的不對稱職務。
權利金代表選擇權的價格，影響選擇權價格的因素包括了標的市價S、履約價格K、無風險利率i、權利期限t、標的波動性 σ ；而選擇權的價值可以分為兩部分：一是內含價值(INTRINSIC VALUE)，二是時間價值(TIME VALUE)。內含價值係指立即履約可獲得的利潤，時間價值則是隱含的期望價值，隨時間縮短遞減。買方在進場時即支付權利金予賣方以取得權利。
| 買權 (Call) | 賣權 (Put) | |
|---|---|---|
| 價內(獲利) | S>K | S |
| 價平 | S=K | S=K |
| 價外(損失) | S | S>K |
| 內含價值 | 時間價值 |
|---|---|
| 價內選擇權立即履約所獲得之利潤。時間價值說明說明內含價值，需要將買權與賣權分開來說。對買權而言，內含價值是指「現貨指數高於履約價的部份」，若用數學式表示即"MAX（大盤-履約價，0）"，上式是指取「大盤-履約價」與「0」之間較大值的意思；對賣權而言，剛好相反，即「履約價高於現貨指數的部份」，用數學式 Max(S-K,0) 及 Max(K-S,選擇權交易時間暗藏3個玄機 0)， 表示即"MAX（履約價-大盤，0）"。 | 選擇權的價值可分為兩部分：一是內含價值；二是時間價值。 所謂的內含價值，就是價內選擇權立即履約所獲得之利潤。 而時間價值就是買方對價平或價外選擇權進入價內或已為價內但更深入價內的一種期望，所願意支付的權利金，這種期望會隨著時間的消逝而機會愈來愈少，直至到期日為零，所以稱作時間價值。 |
| 影響因素 | 1目前價格S | 2履約價格K | 3無風險利率R+ | 4權利期限T | 5波動性σ |
|---|---|---|---|---|---|
| 買權CALL | + | - | + | + | + |
| 賣權PUT | - | + | - | + | + |
-
a. 獲利無限，風險有限
| 看大漲: Buy Call | 看大跌: Buy Put |
| 盤整看漲: Sell Put | 價差: Bull Call(Put) spread、Bear Call(Put) Spread |
| 盤整: Straddles、Strangles | 避險: Buy Protective Put、Buy Protective Call |
| 盤整看跌: Sell Call | 其他組合運用 |
- (1) 若以買權來組合，則買入履約價較低之Call，並賣出履約價較高之Call
- (2) 若以賣權來組合，則買入履約價較低之Put，並賣出履約價較高之Put
- (1) 若以買權來組合，則買入履約價較高之Call，並賣出履約價較低之Call
- (2) 若以賣權來組合，則買入履約價較高低之Put，並賣出履約價較低之Put
混合部位指的是同時買進或賣出權利期間相同的Call或 Put，若履約價相同，則形成跨式(Straddle) ，若履約價不同則組合成垂直混合式(Strangle)。
- a. 買進履約價相同的Call 選擇權交易時間暗藏3個玄機 和Put，形成下跨式，當期貨大漲或大跌時獲利。
- b. 賣出履約價相同的Call 和Put，形成上跨式，當期貨在損益兩平區間盤整時獲利。
在預期行情沒有明顯趨勢情況下, 可於選擇權到期前四週進場,同時賣出相同或不同strike price的買權及賣權。而交易商品的篩選條件首要符合風險報酬比，且當時價位未在新高或新低。
| 是計算指數現貨在過去一段時間（通常為一個月）內的歷史波動率，依這個歷史波動率，計算出選擇權在理論上的價格，做為評斷選擇權實際在市場成的現價是否合理的基準，這種評價如同無視市場波動程度的現況，一味照事先的認定作出評斷，其結論較不適合做為主要的參考依據； | 則是計算選擇權的隱含波動率。所謂的隱含波動率，是依選擇權實際在市場上成交的價格，取得該價格所反映出的指數波動程度，也可以解釋為市場對指數未來波動程度的看法；一般認為，追蹤隱含波動率的改變，較能合理地解釋選擇權價格的變化。故我們皆以隱含波動率代表指數波動率，來解釋選擇權價格，另以歷史波動率為輔。 |
用賣權除以買權之比例；"Ratio"：中文為「比例」的意思，我們在使用Put/Call 選擇權交易時間暗藏3個玄機 Ratio的時，都會指出是哪一種Put/Call Ratio；例如成交量的Put/Call Ratio、未平倉量的Put/Call Ratio…等等。若是指「成交量的Put/Call Ratio」，用整句用中文表達即「用Put的成交量除以Call的成交量之比例」，若是指「未平倉量的Put/Call Ratio」，即「用Put的未平倉量除以Call的未平倉量之比例」的意思。上述兩者也是最常用的Put/Call Ratio。另外，所謂的「Put的成交量」或「Put的未平倉量」皆是指Put的所有履約價之總合量，在Call的方面亦然，若另有所指，則會另加註明。
在成交量的Put/Call Ratio方面，若成交量的Put/Call Ratio越大，代表Put的交易越較Call的交易活絡，市場偏空的氣氛越濃；反之亦然。在未平倉量的Put/Call Ratio方面，若未平倉量的Put/Call Ratio越大，代表Put的未平倉量越大於Call的未平倉量，亦代表市場偏空的氣氛越濃，反之亦然。三、範例91/6/10成交量的Put/Call Ratio約為0.4，直至91/6/26約上升至0.6，亦即選擇擇市場透露出偏空的預期，而此期間大盤指數也由5499點跌至5123點，印證了這個看法。
p = f ( v . t . i . p .選擇權交易時間暗藏3個玄機 s. ….)
p = Time Value + Intrinsic Value
pc= TV+IVc pp= TV+IVp
假設在市場上同時買進或賣出Call Option & Put Option 各一口，接近到期日時， 損益變化如下：
別管金融機構的交易排行 投信商品暗藏玄機
投資基金最重要的是充分了解基金的運作機制。圖／freepik
Download 選擇權交易時間暗藏3個玄機 the latest version of Python
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History
Python was created in the early 1990s by Guido van Rossum at Stichting Mathematisch Centrum in 選擇權交易時間暗藏3個玄機 the Netherlands as a successor of a language called ABC. Guido remains Python’s principal author, although it includes many 選擇權交易時間暗藏3個玄機 contributions from others.
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Source and binary executables are signed by the release manager or binary builder using their OpenPGP key. Release files for currently supported releases are signed by the following:
-
(key id: 64E628F8D684696D) (key id: FC62 4643 4870 選擇權交易時間暗藏3個玄機 選擇權交易時間暗藏3個玄機 34E5) (key id: B269 95E3 1025 0568) (key ids: 2D34 7EA6 AA65 421D, FB99 2128 6F5E 1540, and Apple Developer ID DJ3H93M7VJ)
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Release files for older releases which have now reached end-of-life may have been signed by one of the following:
- Anthony Baxter (key id: 0EDD C5F2 6A45 C816)
- Georg Brandl (key id: 0A5B 1018 3658 0288)
- Martin v. Löwis (key id: 6AF0 53F0 7D9D C8D2)
- Ronald Oussoren (key id: C9BE 28DE E6DF 025C) (key ids: 126E B563 A74B 選擇權交易時間暗藏3個玄機 06BF, D986 6941 EA5B BD71, and ED9D77D5)
You can import 選擇權交易時間暗藏3個玄機 a person's public keys from a public keyserver network server you trust by running a command like:
or, in many cases, public keys can also be found at 選擇權交易時間暗藏3個玄機 keybase.io. On the version-specific download pages, you should see 選擇權交易時間暗藏3個玄機 a link to both the downloadable file and a 選擇權交易時間暗藏3個玄機 detached signature file. To verify the authenticity of the download, 選擇權交易時間暗藏3個玄機 grab both files and then run this command:
Note that you must use the name of the signature file, and you should use the one that's appropriate to the download you're verifying.
- (These instructions are geared to GnuPG and Unix command-line users.)
Other Useful Items
- Looking for 3rd party Python modules? The Package Index has many of them.
- You can view the standard documentation online, or you can download it in HTML, PostScript, PDF and other formats. See the main Documentation page. 選擇權交易時間暗藏3個玄機
- Information on tools for unpacking archive files provided on python.org is available.
- Tip: even if you download 選擇權交易時間暗藏3個玄機 a ready-made binary for your platform, it makes sense to also download the source. This lets you browse the standard library (the subdirectory Lib) and the standard collections of demos (Demo) and tools (Tools) that come with it. There's a lot you can learn from the source!
- There is also a collection of Emacs packages that the Emacsing Pythoneer might find useful. This includes major modes for editing Python, C, C++, Java, etc., Python debugger interfaces 選擇權交易時間暗藏3個玄機 and more. Most packages are compatible with Emacs and XEmacs.
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