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2021-12-23
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Best Buy Option Traders See Slide Continuing<blockquote>百思买期权交易者看到下滑仍在继续</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":691451290,"tweetId":"691451290","gmtCreate":1640231246267,"gmtModify":1640231246407,"author":{"id":4100687947135470,"idStr":"4100687947135470","authorId":4100687947135470,"authorIdStr":"4100687947135470","name":"bukit timah","avatar":"https://static.tigerbbs.com/c3bea381621b9878c63fee3e3e41dbda","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":10,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body><p>Please like</p></body></html>","htmlText":"<html><head></head><body><p>Please like</p></body></html>","text":"Please like","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/691451290","repostId":2193111443,"repostType":4,"repost":{"id":"2193111443","kind":"news","pubTimestamp":1640229918,"share":"https://www.laohunote.com/m/news/2193111443?lang=zh_CN&edition=full","pubTime":"2021-12-23 11:25","market":"us","language":"en","title":"Best Buy Option Traders See Slide Continuing<blockquote>百思买期权交易者看到下滑仍在继续</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2193111443","media":"Investopedia","summary":"Put/call ratio climbing rapidly","content":"<p><h3>Key Takeaways</h3> <ul> <li>Best Buy stock remains in a sharp downward trend.</li> <li>Recent trading volumes appear bullish at first glance, but finer aspects of recent changes to the open interest appear bearish.</li> <li>The share price for Best Buy remains well below its 20-day moving average.</li> <li>Volatility-based support and resistance levels allow for a larger move to the upside.</li> </ul> The share price of Best Buy Co., Inc. (BBY) has remained in a downward trend since the company fell 12% the day after its latest earnings report was released in late November. Despite beating analyst expectations, investors bid down the share prices of Best Buy as analysts expressed fear toward consumer demand and high supply chain costs. Recent market volatility has not provided a foundation on which Best Buy stock can pivot to the upside.</p><p><blockquote><h3>主要要点</h3><ul><li>百思买股票仍处于大幅下跌趋势。</li><li>最近的交易量乍一看似乎是看涨的，但最近未平仓合约变化的细微方面似乎是看跌的。</li><li>百思买的股价仍远低于 20 天移动平均线。</li><li>基于波动性的支撑位和阻力位允许更大的上行。</li></ul>Best Buy Co., Inc. (BBY) 的股价自 11 月下旬发布最新收益报告后的第二天下跌 12% 以来一直处于下跌趋势。尽管超出分析师预期，但由于分析师对消费者需求和高供应链成本表示担忧，投资者仍下调了百思买的股价。最近的市场波动并没有为百思买股票的上涨提供基础。</blockquote></p><p> At first glance, it appears thatr option traders are positioned for the Best Buy share price to reverse its recent downward trend. However, a deeper dive into the finer aspects of the Best Buy open interest paints a clearer picture. In addition, aspects of the Best Buy implied volatility suggest that the market is predicting further downside in the near term for Best Buy.</p><p><blockquote>乍一看，期权交易者似乎准备让百思买股价扭转近期的下跌趋势。然而，深入研究百思买未平仓合约的细节会描绘出一幅更清晰的画面。此外，百思买隐含波动性的各个方面表明，市场预测百思买在短期内将进一步下跌。</blockquote></p><p> Whereas recent trading volumes for Best Buy appear bullish at first glance, a more in-depth analysis of recent open interest changes and the impact of implied volatility suggests that option traders are buying put options and selling calls.</p><p><blockquote>尽管百思买最近的交易量乍一看似乎看涨，但对最近未平仓合约变化和隐含波动性影响的更深入分析表明，期权交易者正在购买看跌期权并出售评级。</blockquote></p><p> Chart watchers can gain valuable insight into the overall sentiment toward Best Buy stock by combining an assessment of recent option activity with technical analysis of share price activity. The chart below depicts the recent price action for the Best Buy share price as of Tuesday, Dec 21.</p><p><blockquote>图表观察者可以通过将近期期权活动的评估与股价活动的技术分析相结合，获得对百思买股票整体情绪的宝贵见解。下图描述了截至 12 月 21 日星期二百思买股价的近期价格走势。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2881b79593f655bc029301a1fe1c433c\" tg-width=\"1722\" tg-height=\"775\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <h2> Chart Analysis </h2> The chart illustrates the share price action of Best Buy over the course of the past three months. Each candle represents <a href=\"https://laohu8.com/S/AONE.U\">one</a> trading day. The blue lines are a historical volatility range formed by 20-day Keltner Channel indicators, which depict price levels that represent a multiple of the average true fange (ATR) for Best Buy stock. ATR is a standard tool for illustrating historical volatility over time. The outer bands of the historical volatility range widened after the earnings-based share price drop and appear to be further pushing outwards to the downside as the share price continues to decline.</p><p><blockquote><h2>图表分析</h2>该图表说明了百思买过去三个月的股价走势。每根蜡烛代表<a href=\"https://laohu8.com/S/AONE.U\">一</a>交易日。蓝线是由 20 天 Keltner 通道指标形成的历史波动范围，该指标描述了代表百思买股票平均真实价格 (ATR) 倍数的价格水平。ATR 是说明随时间变化的历史波动性的标准工具。基于盈利的股价下跌后，历史波动范围的外带扩大，并随着股价持续下跌，似乎进一步向外推向下行。</blockquote></p><p> From the left-hand side of the chart, Best Buy stock was in a mild downward trend, trading below its 20-day moving average. This is highlighted by the red arrow. This trend reversed at the beginning of October. This upward trend is highlighted by the green arrow. This helps to highlight the way that Best Buy stock rose to the extreme highs of the volatility range, topping out with its 52-week high the day before releasing earnings in late November.</p><p><blockquote>从图表左侧来看，百思买股票呈温和下跌趋势，交易价格低于 20 日移动平均线。红色箭头突出显示了这一点。这一趋势在10月初逆转。绿色箭头突出显示了这种上升趋势。这有助于凸显百思买股票如何升至波动性范围的极端高点，并在 11 月下旬发布财报的前一天触及 52 周高点。</blockquote></p><p> After dropping 12% the day after reporting earnings, Best Buy stock has remained in a strong downward trend at the extreme low of the volatility range. This trend is highlighted in blue. It's interesting to note that, at this time, Best Buy stock has failed to trade above its 20-day moving average, even on an intraday basis.</p><p><blockquote>在公布财报后的第二天下跌 12% 后，百思买股票在波动率范围的极低位置仍处于强劲下跌趋势。这种趋势用蓝色突出显示。有趣的是，目前百思买股票的交易价格未能高于其 20 天移动平均线，即使是盘中也是如此。</blockquote></p><p> In the past month, the highest Best Buy share price was $141.97, a 52-week high, in late November. This price is highlighted by the green balloon. Conversely, the lower share price during this time was $94.54 in mid-December, highlighted by the red balloon.</p><p><blockquote>过去一个月，百思买最高股价为 11 月下旬的 141.97 美元，创 52 周新高。绿色气球突出显示了这个价格。相反，这段时间的较低股价是12月中旬的94.54美元，突出显示为红色气球。</blockquote></p><p> <h3>Tip</h3> The <b>Keltner Channel indicator</b> displays a set of semi-parallel lines based on a 20-day simple moving average and an upper and lower line. Because the upper lines are drawn by adding a multiple of ATR to the average and the lower lines are drawn by subtracting a multiple of ATR from the average price, this channel indicator makes for an excellent visualization tool when charting historical volatility.</p><p><blockquote><h3>尖端</h3>这个<b>凯尔特纳通道指示器</b>显示一组基于20天简单移动平均线和上线和下线的半平行线。由于上线是通过将 ATR 的倍数添加到平均值中来绘制的，而下线是通过从平均价格中减去 ATR 的倍数来绘制的，因此该通道指标是绘制历史波动性图表时的出色可视化工具。</blockquote></p><p> <h2> Option Analysis </h2> Recent trading volumes of Best Buy options greatly favor calls over puts. On Tuesday, Dec. 21, over 8,000 calls were traded compared to 4,100 puts. This is nearly double the number of calls than puts, which, at first glance, appears bullish. However, trading volumes alone only tell one part of the story.</p><p><blockquote><h2>期权分析</h2>百思买期权最近的交易量大大有利于评级而不是看跌期权。12 月 21 日星期二，交易量超过 8,000 份评级，而看跌期权为 4,100 份。这几乎是看跌期权数量的两倍，看跌期权乍一看似乎看涨。然而，单靠交易量只能说明问题的一部分。</blockquote></p><p> An analysis of a stock's open interest can provide greater context into the sentiment of option traders. The current open interest for Best Buy features 75,000 calls against 82,000 puts. While recent trading volumes are incredibly bullish, these open interest figures illustrate a more moderate view of Best Buy's share price from option traders. However, much like trading volumes, open interest figures require further analysis to provide deeper insights into option trader sentiment.</p><p><blockquote>对股票未平仓合约的分析可以更好地了解期权交易者的情绪。百思买目前的未平仓合约为 75,000 份评级，而看跌期权为 82,000 份。虽然最近的交易量令人难以置信地看涨，但这些未平仓合约数据表明期权交易员对百思买股价的看法更为温和。然而，就像交易量一样，未平仓合约数据需要进一步分析，以更深入地了解期权交易者的情绪。</blockquote></p><p></p><p> For Jan. 21, the next monthly option expiration date, there are a greater number of put options in the open interest than calls. The single option with the highest open interest is the $90 put with 4,400. This represents 7% downside to the current share price of Best Buy.</p><p><blockquote>对于下一个月度期权到期日 1 月 21 日，未平仓合约中的看跌期权数量多于评级。未平仓合约最高的单一期权是 90 美元的 4,400 美元看跌期权。这意味着百思买当前股价下跌了 7%。</blockquote></p><p> Considering at-the-money options and one strike in either direction up or down the option chain, there are more than 2.5-to-1 puts than calls in the open interest for Jan. 21. This is important to consider, as these strikes perhaps reflect more realistic price action based on current share prices rather than far out-of-the-money options, which may have numbers skewed by speculators and option sellers collecting premium. The current number, with far more puts than calls, expresses a bearish sentiment.</p><p><blockquote>考虑到平价期权以及期权链上下方向的一次行权，1 月 21 日未平仓合约中的看跌期权比评级多 2.5 比 1。这一点需要考虑，因为这些行权可能反映了基于当前股价的更现实的价格行为，而不是远远超值的期权，后者的数字可能会因投机者和期权卖家收取权利金而扭曲。目前的数字，看跌期权远远多于评级，表达了看跌情绪。</blockquote></p><p> While the open interest is slightly bearish in total, option open interest as a whole is noticeably down. Over the past five days, total open interest has decreased 34%. While the open interest of puts has decreased by 22%, the call open interest has declined by 43% over this time period. This means that, while fewer option traders are willing to hold Best Buy options, more traders are taking positions with put options than calls. This is reflected in the put/call ratio, which has risen 36% in the past five days.</p><p><blockquote>虽然未平仓合约总体上略有看跌，但期权未平仓合约整体明显下降。过去五天，未平仓合约总额下降了 34%。虽然看跌期权的未平仓合约下降了22%，但看涨期权未平仓合约在此期间下降了43%。这意味着，虽然愿意持有百思买期权的期权交易者较少，但持有看跌期权的交易者却多于评级。这反映在看跌/看涨期权比率上，该比率在过去五天中上涨了36%。</blockquote></p><p> A key measure for option trader sentiment in open interest is implied volatility. For options expiring Jan. 21, implied volatility suggests that traders are selling calls and buying puts. That's because for call options, the open interest is rising while implied volatility is falling, suggesting that traders are selling more contracts on short positions in the option. Conversely, for put options, open interest is rising while implied volatility is also rising, indicating that traders are adding to long positions in the option.</p><p><blockquote>衡量期权交易者对未平仓合约情绪的一个关键指标是隐含波动率。对于 1 月 21 日到期的期权，隐含波动率表明交易者正在出售评级并购买看跌期权。这是因为对于看涨期权期权来说，未平仓合约正在上升，而隐含波动率正在下降，这表明交易者正在出售更多期权空头合约。相反，对于看跌期权，未平仓合约正在上升，而隐含波动率也在上升，这表明交易者正在增加期权的多头头寸。</blockquote></p><p> While considering implied volatility, it is helpful to understand a concept known as volatility skew. Volatility skew is a measure of market implied volatility to both the upside and the downside, and the comparison of how they relate to each other. Current implied volatility skew is very bearish toward Best Buy. That's because the implied volatility for downside puts is greatly increasing relative to upside calls, which suggests that the market is pricing in a larger fear of a downside move for Best Buy. This skew can also be seen visually by the expanding volatility bands on the chart.</p><p><blockquote>在考虑隐含波动率时，理解波动率偏差的概念是有帮助的。波动性偏差是衡量市场上行和下行隐含波动性的指标，以及它们之间相互关系的比较。当前隐含波动率偏差非常看跌百思买。这是因为相对于上行评级，下行看跌期权的隐含波动性大幅增加，这表明市场对百思买下行的担忧加大了。这种偏差也可以通过图表上不断扩大的波动带直观地看到。</blockquote></p><p> The chart below illustrates at-the-money options expiring Jan. 21. The green box represents the pricing that call option sellers are offering and it implies a 38% probability that Best Buy shares will close inside this range or higher by expiration. The red box illustrates the pricing for puts, with a 37% chance if prices go lower by expiration.</p><p><blockquote>下图说明了 1 月 21 日到期的实值期权。绿色方框代表看涨期权期权卖方提供的定价，这意味着百思买股票到期时收盘价在该范围内或更高的概率为 38%。红框显示了看跌期权的定价，如果到期价格下跌，则有 37% 的可能性。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bace0981b0d5f72264fe230de94b232a\" tg-width=\"1727\" tg-height=\"773\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <h2>The Bottom Line </h2> Over the past month, Best Buy shares have fallen 29.6%. The share price decrease and current downward trend was kick started by a 12% single day earnings-based share decline. Option traders appear to be positioned for the Best Buy share price to continue to fall in the near term. That's because the Best Buy put option open interest percentage is declining less rapidly than the call option open interest percentage, and the put call ratio has recently risen an alarming amount.</p><p><blockquote><h2>底线</h2>过去一个月，百思买股价下跌了 29.6%。股价下跌和当前的下跌趋势是由基于单日收益的股价下跌 12% 引发的。期权交易员似乎预计百思买股价将在短期内继续下跌。这是因为百思买看跌期权未平仓合约百分比的下降速度低于看涨期权期权未平仓合约百分比，而且看跌看涨期权比率最近上升了惊人的幅度。</blockquote></p><p></p>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Best Buy Option Traders See Slide Continuing<blockquote>百思买期权交易者看到下滑仍在继续</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBest Buy Option Traders See Slide Continuing<blockquote>百思买期权交易者看到下滑仍在继续</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Investopedia</strong><span class=\"h-time small\">2021-12-23 11:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p><h3>Key Takeaways</h3> <ul> <li>Best Buy stock remains in a sharp downward trend.</li> <li>Recent trading volumes appear bullish at first glance, but finer aspects of recent changes to the open interest appear bearish.</li> <li>The share price for Best Buy remains well below its 20-day moving average.</li> <li>Volatility-based support and resistance levels allow for a larger move to the upside.</li> </ul> The share price of Best Buy Co., Inc. (BBY) has remained in a downward trend since the company fell 12% the day after its latest earnings report was released in late November. Despite beating analyst expectations, investors bid down the share prices of Best Buy as analysts expressed fear toward consumer demand and high supply chain costs. Recent market volatility has not provided a foundation on which Best Buy stock can pivot to the upside.</p><p><blockquote><h3>主要要点</h3><ul><li>百思买股票仍处于大幅下跌趋势。</li><li>最近的交易量乍一看似乎是看涨的，但最近未平仓合约变化的细微方面似乎是看跌的。</li><li>百思买的股价仍远低于 20 天移动平均线。</li><li>基于波动性的支撑位和阻力位允许更大的上行。</li></ul>Best Buy Co., Inc. (BBY) 的股价自 11 月下旬发布最新收益报告后的第二天下跌 12% 以来一直处于下跌趋势。尽管超出分析师预期，但由于分析师对消费者需求和高供应链成本表示担忧，投资者仍下调了百思买的股价。最近的市场波动并没有为百思买股票的上涨提供基础。</blockquote></p><p> At first glance, it appears thatr option traders are positioned for the Best Buy share price to reverse its recent downward trend. However, a deeper dive into the finer aspects of the Best Buy open interest paints a clearer picture. In addition, aspects of the Best Buy implied volatility suggest that the market is predicting further downside in the near term for Best Buy.</p><p><blockquote>乍一看，期权交易者似乎准备让百思买股价扭转近期的下跌趋势。然而，深入研究百思买未平仓合约的细节会描绘出一幅更清晰的画面。此外，百思买隐含波动性的各个方面表明，市场预测百思买在短期内将进一步下跌。</blockquote></p><p> Whereas recent trading volumes for Best Buy appear bullish at first glance, a more in-depth analysis of recent open interest changes and the impact of implied volatility suggests that option traders are buying put options and selling calls.</p><p><blockquote>尽管百思买最近的交易量乍一看似乎看涨，但对最近未平仓合约变化和隐含波动性影响的更深入分析表明，期权交易者正在购买看跌期权并出售评级。</blockquote></p><p> Chart watchers can gain valuable insight into the overall sentiment toward Best Buy stock by combining an assessment of recent option activity with technical analysis of share price activity. The chart below depicts the recent price action for the Best Buy share price as of Tuesday, Dec 21.</p><p><blockquote>图表观察者可以通过将近期期权活动的评估与股价活动的技术分析相结合，获得对百思买股票整体情绪的宝贵见解。下图描述了截至 12 月 21 日星期二百思买股价的近期价格走势。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2881b79593f655bc029301a1fe1c433c\" tg-width=\"1722\" tg-height=\"775\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <h2> Chart Analysis </h2> The chart illustrates the share price action of Best Buy over the course of the past three months. Each candle represents <a href=\"https://laohu8.com/S/AONE.U\">one</a> trading day. The blue lines are a historical volatility range formed by 20-day Keltner Channel indicators, which depict price levels that represent a multiple of the average true fange (ATR) for Best Buy stock. ATR is a standard tool for illustrating historical volatility over time. The outer bands of the historical volatility range widened after the earnings-based share price drop and appear to be further pushing outwards to the downside as the share price continues to decline.</p><p><blockquote><h2>图表分析</h2>该图表说明了百思买过去三个月的股价走势。每根蜡烛代表<a href=\"https://laohu8.com/S/AONE.U\">一</a>交易日。蓝线是由 20 天 Keltner 通道指标形成的历史波动范围，该指标描述了代表百思买股票平均真实价格 (ATR) 倍数的价格水平。ATR 是说明随时间变化的历史波动性的标准工具。基于盈利的股价下跌后，历史波动范围的外带扩大，并随着股价持续下跌，似乎进一步向外推向下行。</blockquote></p><p> From the left-hand side of the chart, Best Buy stock was in a mild downward trend, trading below its 20-day moving average. This is highlighted by the red arrow. This trend reversed at the beginning of October. This upward trend is highlighted by the green arrow. This helps to highlight the way that Best Buy stock rose to the extreme highs of the volatility range, topping out with its 52-week high the day before releasing earnings in late November.</p><p><blockquote>从图表左侧来看，百思买股票呈温和下跌趋势，交易价格低于 20 日移动平均线。红色箭头突出显示了这一点。这一趋势在10月初逆转。绿色箭头突出显示了这种上升趋势。这有助于凸显百思买股票如何升至波动性范围的极端高点，并在 11 月下旬发布财报的前一天触及 52 周高点。</blockquote></p><p> After dropping 12% the day after reporting earnings, Best Buy stock has remained in a strong downward trend at the extreme low of the volatility range. This trend is highlighted in blue. It's interesting to note that, at this time, Best Buy stock has failed to trade above its 20-day moving average, even on an intraday basis.</p><p><blockquote>在公布财报后的第二天下跌 12% 后，百思买股票在波动率范围的极低位置仍处于强劲下跌趋势。这种趋势用蓝色突出显示。有趣的是，目前百思买股票的交易价格未能高于其 20 天移动平均线，即使是盘中也是如此。</blockquote></p><p> In the past month, the highest Best Buy share price was $141.97, a 52-week high, in late November. This price is highlighted by the green balloon. Conversely, the lower share price during this time was $94.54 in mid-December, highlighted by the red balloon.</p><p><blockquote>过去一个月，百思买最高股价为 11 月下旬的 141.97 美元，创 52 周新高。绿色气球突出显示了这个价格。相反，这段时间的较低股价是12月中旬的94.54美元，突出显示为红色气球。</blockquote></p><p> <h3>Tip</h3> The <b>Keltner Channel indicator</b> displays a set of semi-parallel lines based on a 20-day simple moving average and an upper and lower line. Because the upper lines are drawn by adding a multiple of ATR to the average and the lower lines are drawn by subtracting a multiple of ATR from the average price, this channel indicator makes for an excellent visualization tool when charting historical volatility.</p><p><blockquote><h3>尖端</h3>这个<b>凯尔特纳通道指示器</b>显示一组基于20天简单移动平均线和上线和下线的半平行线。由于上线是通过将 ATR 的倍数添加到平均值中来绘制的，而下线是通过从平均价格中减去 ATR 的倍数来绘制的，因此该通道指标是绘制历史波动性图表时的出色可视化工具。</blockquote></p><p> <h2> Option Analysis </h2> Recent trading volumes of Best Buy options greatly favor calls over puts. On Tuesday, Dec. 21, over 8,000 calls were traded compared to 4,100 puts. This is nearly double the number of calls than puts, which, at first glance, appears bullish. However, trading volumes alone only tell one part of the story.</p><p><blockquote><h2>期权分析</h2>百思买期权最近的交易量大大有利于评级而不是看跌期权。12 月 21 日星期二，交易量超过 8,000 份评级，而看跌期权为 4,100 份。这几乎是看跌期权数量的两倍，看跌期权乍一看似乎看涨。然而，单靠交易量只能说明问题的一部分。</blockquote></p><p> An analysis of a stock's open interest can provide greater context into the sentiment of option traders. The current open interest for Best Buy features 75,000 calls against 82,000 puts. While recent trading volumes are incredibly bullish, these open interest figures illustrate a more moderate view of Best Buy's share price from option traders. However, much like trading volumes, open interest figures require further analysis to provide deeper insights into option trader sentiment.</p><p><blockquote>对股票未平仓合约的分析可以更好地了解期权交易者的情绪。百思买目前的未平仓合约为 75,000 份评级，而看跌期权为 82,000 份。虽然最近的交易量令人难以置信地看涨，但这些未平仓合约数据表明期权交易员对百思买股价的看法更为温和。然而，就像交易量一样，未平仓合约数据需要进一步分析，以更深入地了解期权交易者的情绪。</blockquote></p><p></p><p> For Jan. 21, the next monthly option expiration date, there are a greater number of put options in the open interest than calls. The single option with the highest open interest is the $90 put with 4,400. This represents 7% downside to the current share price of Best Buy.</p><p><blockquote>对于下一个月度期权到期日 1 月 21 日，未平仓合约中的看跌期权数量多于评级。未平仓合约最高的单一期权是 90 美元的 4,400 美元看跌期权。这意味着百思买当前股价下跌了 7%。</blockquote></p><p> Considering at-the-money options and one strike in either direction up or down the option chain, there are more than 2.5-to-1 puts than calls in the open interest for Jan. 21. This is important to consider, as these strikes perhaps reflect more realistic price action based on current share prices rather than far out-of-the-money options, which may have numbers skewed by speculators and option sellers collecting premium. The current number, with far more puts than calls, expresses a bearish sentiment.</p><p><blockquote>考虑到平价期权以及期权链上下方向的一次行权，1 月 21 日未平仓合约中的看跌期权比评级多 2.5 比 1。这一点需要考虑，因为这些行权可能反映了基于当前股价的更现实的价格行为，而不是远远超值的期权，后者的数字可能会因投机者和期权卖家收取权利金而扭曲。目前的数字，看跌期权远远多于评级，表达了看跌情绪。</blockquote></p><p> While the open interest is slightly bearish in total, option open interest as a whole is noticeably down. Over the past five days, total open interest has decreased 34%. While the open interest of puts has decreased by 22%, the call open interest has declined by 43% over this time period. This means that, while fewer option traders are willing to hold Best Buy options, more traders are taking positions with put options than calls. This is reflected in the put/call ratio, which has risen 36% in the past five days.</p><p><blockquote>虽然未平仓合约总体上略有看跌，但期权未平仓合约整体明显下降。过去五天，未平仓合约总额下降了 34%。虽然看跌期权的未平仓合约下降了22%，但看涨期权未平仓合约在此期间下降了43%。这意味着，虽然愿意持有百思买期权的期权交易者较少，但持有看跌期权的交易者却多于评级。这反映在看跌/看涨期权比率上，该比率在过去五天中上涨了36%。</blockquote></p><p> A key measure for option trader sentiment in open interest is implied volatility. For options expiring Jan. 21, implied volatility suggests that traders are selling calls and buying puts. That's because for call options, the open interest is rising while implied volatility is falling, suggesting that traders are selling more contracts on short positions in the option. Conversely, for put options, open interest is rising while implied volatility is also rising, indicating that traders are adding to long positions in the option.</p><p><blockquote>衡量期权交易者对未平仓合约情绪的一个关键指标是隐含波动率。对于 1 月 21 日到期的期权，隐含波动率表明交易者正在出售评级并购买看跌期权。这是因为对于看涨期权期权来说，未平仓合约正在上升，而隐含波动率正在下降，这表明交易者正在出售更多期权空头合约。相反，对于看跌期权，未平仓合约正在上升，而隐含波动率也在上升，这表明交易者正在增加期权的多头头寸。</blockquote></p><p> While considering implied volatility, it is helpful to understand a concept known as volatility skew. Volatility skew is a measure of market implied volatility to both the upside and the downside, and the comparison of how they relate to each other. Current implied volatility skew is very bearish toward Best Buy. That's because the implied volatility for downside puts is greatly increasing relative to upside calls, which suggests that the market is pricing in a larger fear of a downside move for Best Buy. This skew can also be seen visually by the expanding volatility bands on the chart.</p><p><blockquote>在考虑隐含波动率时，理解波动率偏差的概念是有帮助的。波动性偏差是衡量市场上行和下行隐含波动性的指标，以及它们之间相互关系的比较。当前隐含波动率偏差非常看跌百思买。这是因为相对于上行评级，下行看跌期权的隐含波动性大幅增加，这表明市场对百思买下行的担忧加大了。这种偏差也可以通过图表上不断扩大的波动带直观地看到。</blockquote></p><p> The chart below illustrates at-the-money options expiring Jan. 21. The green box represents the pricing that call option sellers are offering and it implies a 38% probability that Best Buy shares will close inside this range or higher by expiration. The red box illustrates the pricing for puts, with a 37% chance if prices go lower by expiration.</p><p><blockquote>下图说明了 1 月 21 日到期的实值期权。绿色方框代表看涨期权期权卖方提供的定价，这意味着百思买股票到期时收盘价在该范围内或更高的概率为 38%。红框显示了看跌期权的定价，如果到期价格下跌，则有 37% 的可能性。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bace0981b0d5f72264fe230de94b232a\" tg-width=\"1727\" tg-height=\"773\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <h2>The Bottom Line </h2> Over the past month, Best Buy shares have fallen 29.6%. The share price decrease and current downward trend was kick started by a 12% single day earnings-based share decline. Option traders appear to be positioned for the Best Buy share price to continue to fall in the near term. That's because the Best Buy put option open interest percentage is declining less rapidly than the call option open interest percentage, and the put call ratio has recently risen an alarming amount.</p><p><blockquote><h2>底线</h2>过去一个月，百思买股价下跌了 29.6%。股价下跌和当前的下跌趋势是由基于单日收益的股价下跌 12% 引发的。期权交易员似乎预计百思买股价将在短期内继续下跌。这是因为百思买看跌期权未平仓合约百分比的下降速度低于看涨期权期权未平仓合约百分比，而且看跌看涨期权比率最近上升了惊人的幅度。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investopedia.com/best-buy-option-traders-see-slide-continuing-5214215\">Investopedia</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4567":"ESG概念","BBY":"百思买","BK4076":"电脑与电子产品零售","BK4533":"AQR资本管理(全球第二大对冲基金)"},"source_url":"https://www.investopedia.com/best-buy-option-traders-see-slide-continuing-5214215","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2193111443","content_text":"Key Takeaways\n\nBest Buy stock remains in a sharp downward trend.\nRecent trading volumes appear bullish at first glance, but finer aspects of recent changes to the open interest appear bearish.\nThe share price for Best Buy remains well below its 20-day moving average.\nVolatility-based support and resistance levels allow for a larger move to the upside.\n\nThe share price of Best Buy Co., Inc. (BBY) has remained in a downward trend since the company fell 12% the day after its latest earnings report was released in late November. Despite beating analyst expectations, investors bid down the share prices of Best Buy as analysts expressed fear toward consumer demand and high supply chain costs. Recent market volatility has not provided a foundation on which Best Buy stock can pivot to the upside.\nAt first glance, it appears thatr option traders are positioned for the Best Buy share price to reverse its recent downward trend. However, a deeper dive into the finer aspects of the Best Buy open interest paints a clearer picture. In addition, aspects of the Best Buy implied volatility suggest that the market is predicting further downside in the near term for Best Buy.\nWhereas recent trading volumes for Best Buy appear bullish at first glance, a more in-depth analysis of recent open interest changes and the impact of implied volatility suggests that option traders are buying put options and selling calls.\nChart watchers can gain valuable insight into the overall sentiment toward Best Buy stock by combining an assessment of recent option activity with technical analysis of share price activity. The chart below depicts the recent price action for the Best Buy share price as of Tuesday, Dec 21.\n\n Chart Analysis \nThe chart illustrates the share price action of Best Buy over the course of the past three months. Each candle represents one trading day. The blue lines are a historical volatility range formed by 20-day Keltner Channel indicators, which depict price levels that represent a multiple of the average true fange (ATR) for Best Buy stock. ATR is a standard tool for illustrating historical volatility over time. The outer bands of the historical volatility range widened after the earnings-based share price drop and appear to be further pushing outwards to the downside as the share price continues to decline.\nFrom the left-hand side of the chart, Best Buy stock was in a mild downward trend, trading below its 20-day moving average. This is highlighted by the red arrow. This trend reversed at the beginning of October. This upward trend is highlighted by the green arrow. This helps to highlight the way that Best Buy stock rose to the extreme highs of the volatility range, topping out with its 52-week high the day before releasing earnings in late November.\nAfter dropping 12% the day after reporting earnings, Best Buy stock has remained in a strong downward trend at the extreme low of the volatility range. This trend is highlighted in blue. It's interesting to note that, at this time, Best Buy stock has failed to trade above its 20-day moving average, even on an intraday basis.\nIn the past month, the highest Best Buy share price was $141.97, a 52-week high, in late November. This price is highlighted by the green balloon. Conversely, the lower share price during this time was $94.54 in mid-December, highlighted by the red balloon.\nTip\nThe Keltner Channel indicator displays a set of semi-parallel lines based on a 20-day simple moving average and an upper and lower line. Because the upper lines are drawn by adding a multiple of ATR to the average and the lower lines are drawn by subtracting a multiple of ATR from the average price, this channel indicator makes for an excellent visualization tool when charting historical volatility.\n Option Analysis \nRecent trading volumes of Best Buy options greatly favor calls over puts. On Tuesday, Dec. 21, over 8,000 calls were traded compared to 4,100 puts. This is nearly double the number of calls than puts, which, at first glance, appears bullish. However, trading volumes alone only tell one part of the story.\nAn analysis of a stock's open interest can provide greater context into the sentiment of option traders. The current open interest for Best Buy features 75,000 calls against 82,000 puts. While recent trading volumes are incredibly bullish, these open interest figures illustrate a more moderate view of Best Buy's share price from option traders. However, much like trading volumes, open interest figures require further analysis to provide deeper insights into option trader sentiment.\nFor Jan. 21, the next monthly option expiration date, there are a greater number of put options in the open interest than calls. The single option with the highest open interest is the $90 put with 4,400. This represents 7% downside to the current share price of Best Buy.\nConsidering at-the-money options and one strike in either direction up or down the option chain, there are more than 2.5-to-1 puts than calls in the open interest for Jan. 21. This is important to consider, as these strikes perhaps reflect more realistic price action based on current share prices rather than far out-of-the-money options, which may have numbers skewed by speculators and option sellers collecting premium. The current number, with far more puts than calls, expresses a bearish sentiment.\nWhile the open interest is slightly bearish in total, option open interest as a whole is noticeably down. Over the past five days, total open interest has decreased 34%. While the open interest of puts has decreased by 22%, the call open interest has declined by 43% over this time period. This means that, while fewer option traders are willing to hold Best Buy options, more traders are taking positions with put options than calls. This is reflected in the put/call ratio, which has risen 36% in the past five days.\nA key measure for option trader sentiment in open interest is implied volatility. For options expiring Jan. 21, implied volatility suggests that traders are selling calls and buying puts. That's because for call options, the open interest is rising while implied volatility is falling, suggesting that traders are selling more contracts on short positions in the option. Conversely, for put options, open interest is rising while implied volatility is also rising, indicating that traders are adding to long positions in the option.\nWhile considering implied volatility, it is helpful to understand a concept known as volatility skew. Volatility skew is a measure of market implied volatility to both the upside and the downside, and the comparison of how they relate to each other. Current implied volatility skew is very bearish toward Best Buy. That's because the implied volatility for downside puts is greatly increasing relative to upside calls, which suggests that the market is pricing in a larger fear of a downside move for Best Buy. This skew can also be seen visually by the expanding volatility bands on the chart.\nThe chart below illustrates at-the-money options expiring Jan. 21. The green box represents the pricing that call option sellers are offering and it implies a 38% probability that Best Buy shares will close inside this range or higher by expiration. The red box illustrates the pricing for puts, with a 37% chance if prices go lower by expiration.\n\nThe Bottom Line \nOver the past month, Best Buy shares have fallen 29.6%. The share price decrease and current downward trend was kick started by a 12% single day earnings-based share decline. Option traders appear to be positioned for the Best Buy share price to continue to fall in the near term. That's because the Best Buy put option open interest percentage is declining less rapidly than the call option open interest percentage, and the put call ratio has recently risen an alarming amount.","news_type":1,"symbols_score_info":{"BBY":0.9}},"isVote":1,"tweetType":1,"viewCount":1540,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":10,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/691451290"}
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