It does not matter We can use the greeks to our advantage and like I said to make a couple extra dollars But even furthermore to protect us against the dangers and the risks of options.

私たちはギリシャ人をうまく利用することができるし、私が言ったように2、3ドル余分に稼ぐこともできる。

So this video we're going to talk delta We're going to talk gamma We're going to talk theta vega and even that weird kid down the block that nobody really likes to hang out with ro And like I said I'll explain them and apply them to each one of the options and show you how I use them in my everyday trading options Strategies.

そこでこのビデオでは、デルタについて、ガンマについて、シータ・ベガについて、そして誰も好んで付き合おうとしない奇妙な子供について、そして私が言ったように、それらを説明し、それぞれのオプションに適用し、私が普段の取引でどのようにそれらを使っているかを紹介する。

So right now if we're looking at this tesla call right and this tesla call right now is eight hundred dollars Here right here is the greeks.

だから今、このテスラ・コールを見ていて、今このテスラ・コールが800ドルだとしたら、ここにいるのはグリークスだ。

All right.

分かった。

Now if you're on the app, you are going to have to click the bid s spread It's a blue hyperlink if you're using robinhood or whatever brokerage you're using This is where the greeks will pop up So i'm going to screenshot this and i'll put this into a digital whiteboard and then we can talk about it Now each one of these greece guys, they have like their specific definition But I think more importantly are the implied things and the theoretical things that these are going to give us That's really where we can use them the technical definitions.

robinhoodやその他のブローカーをお使いの場合は、青いハイパーリンクが表示されます、しかし、もっと重要なのは、このような暗黙の了解や理論的なことだ。

They really don't mean that much But like I said, not that they don't mean that much but they don't really help us It's more the the other things that like the unspoken rules that are really really important And now those are the things I think can really add some value to you in this video first, let's talk delta So first the technical definition delta is how much the options value is going to increase or decrease with a one dollar Change in the share price.

このビデオでは、まずデルタについてお話ししましょう。技術的な定義ですが、デルタとは、株価が1ドル変動すると、オプションの価値がどれだけ増減するかということです。

So let's break that down and make that a little bit simpler right now We can see that the current premium For this option is sixteen dollars and sixty five cents and let's say the current share price is eight hundred And twenty dollars what this delta of point six three means and guys these are going to be in terms of contracts or 100 shares So this is going to be per share What that means is if this were to go up that means the share price increased one dollar That means the options premium will be affected by this delta.

このオプションの現在のプレミアムは16ドル65セントで、現在の株価が800ドル20セントだとすると、このデルタが何を意味するのか。

So that means that the option price will go up 63 cents and the option will now be worth eight two 17 28 now this works in reverse as well if the share price went down To eight hundred and nineteen dollars, then the premium would go down 63 cents So for calls guys delta is going to be anywhere between zero and one And the further we are in the money away from the share price the closer to one we're going to get we theoretically Can't get to one theoretically one is the delta if you own the share and we'll talk about that in one second But delta is going to be between zero and one for puts Delta is going to be between zero and negative one And the reason for that is in calls when the price goes up one dollar That's going to be positively correlated to our value.

つまり、オプション価格は63セント上がり、オプションの価値は82ドル17セント28セントになる、コールの場合、デルタはゼロから1の間になり、株価がイン・ザ・マネーから遠ざかれば遠ざかるほど、デルタは1に近づくことになります。

But with puts we want the share price to go down Okay, so as the share price goes down that's going to increase the value of our option So we see this range anywhere from negative one to zero to one and really a rule of thumb guys at the money That's usually going to be a point five delta and and we'll see that and the reasons for that in just a second as well Now I mentioned the difference between the textbook definitions and like theoretical things that we know Here are some theoretical things that delta tells us.

しかし、プットでは、株価が下がることを望みます。株価が下がれば、オプションの価値も上がります。ですから、この範囲はマイナス1からゼロ、1まであり、経験則では、通常、5ポイントのデルタになります。

So here's one thing I tell people all the time and they just do not understand It's theoretically like owning that amount of shares and here's really what that means You theoretically you can't have a delta of one in a call option But let's just say we did just to prove a point if I had a call option with a delta of one That means that every single time the share price goes up one dollar That means the value of that option goes up one hundred dollars But now let's say I have a call option this call option here with a delta equal to point six three three When the share price goes up one dollar we make sixty three dollars So like I said It's like owning the shares because it goes up in value the same amount as if we own 63 shares of that particular stock So when we say things like oh we use delta to identify roughly how many shares we're leveraging or how many shares we have This is the reason why because as the share price goes up by a dollar Delta changes the value by that same exact amount So my leaps video from last week as I talked about how when I do leaps I like to look for a point seven delta or more if the share price goes up by one dollar The value of my option is going to go up seventy dollars It doesn't go up a hundred because I don't technically own the shares, but it is like owning 70 of those shares because the response in value is going to be the same Now another like rule of thumb that we use delta guys It is roughly equal to the percent chance that this option will become in the money at some point Before expiration, okay So this is where we can use delta To identify some of the risks that we want to take and this goes back to what I mentioned again And at the money option as a 0.5 delta It has a 50 50 chance of becoming in the money going out of the money or staying right at the money Like it has a 50 50 chance as we go down further in the money Right as we go down this way from the share price We know that the likelihood of success is going to be greater and that's why delta increases the further in the money we go So maybe you're new to buying options and you kind of want to dabble you want to try them out You don't want to take on a ton of risk.

理論的には、コール・オプションでデルタが1になることはありえないが、仮にデルタが1のコール・オプションがあったとしよう。株価が1ドル上がるたびに、そのオプションの価値は100ドル上がることになる。株価が1ドル上がると、デルタは63ドルになる。株価が1ドル上がれば、オプションの価値は70ドル上がる、しかし、価値の反応が同じになるため、そのうちの70株を所有しているようなものです さて、デルタを使用するもう一つの経験則のようなものです それは、このオプションが期限切れの前のある時点でイン・ザ・マネーになる確率

You might go further into the money to say a delta of 0.9 even 0.95 That theoretically is going to give you a little bit of an idea that this has a 95 Chance of becoming in the money at some point and I also use this when i'm selling covered calls Right, I can use this delta as well Like if I don't want to get a sign right a covered call is a bearish strategy So what i'm going to do is i'm going to pick a very very small delta Which gives the buyer a very very small theoretical chance that this is going to expire in the money So I can sell a covered call with a delta of 0.2 That means that I have an 80 chance that it is going to expire worthless because the buyer only has a 20 chance That's going to finish in the money and here's where we kind of can use those rules to help us Manage the risks that we are willing to take so maybe you're like a yolo kind of guy and you want to save some money In premiums because premiums are less expensive when you're buying options at the money So you take on the 50 50 chance and you buy an option right at the money personally I don't do it because my risk tolerance is a lot lower So I use delta not only as a way to identify how many shares this is like owning But also the likelihood that i'll end up in the money at some point and because there's positive and negative delta guys This can kind of identify the direction or what we think the market's going to do, right?

このデルタを、カバードコールを売るときにも使います。95というのは、理論的には95の確率でイン・ザ・マネーになるということです。2 つまり、80％の確率で無価値となり、買い手は20％の確率でしかイン・ザ・マネーにならないからだ。個人的には、リスク許容度がかなり低いので、そんなことはしません。だから、デルタは、何株所有しているかを確認する方法としてだけでなく、ある時点でお金になる可能性も確認するために使います、でしょ？

If we're selling a lot of positive delta, that means we're kind of bullish on the stock market We think the stock market's going to go up where if I have a bunch of negative deltas That means I think that the share prices in the stock market is going to go down so we can use this To kind of identify what type of trader if we're looking from the outside in and looking at people's options So now i'm talking about how much delta changes as I approach the money.

プラスのデルタをたくさん売っていれば、株式市場に対して強気であることを意味します。 株式市場が上昇すると考えているのに対し、マイナスのデルタをたくさん持っていれば、株式市場の株価が下がると考えていることを意味します。

It's not a constant number.

一定の数字ではない。

You're like, okay Well, how do we identify that we identify that change in delta using gamma?

じゃあ、ガンマを使ってどうやってデルタの変化を特定するんだ？

So gamma is how much delta changes with a one dollar change in the share price So both gamma and delta they are affected by the share price either going up a dollar or coming down a dollar So once again, let's take for example this premium that we have up here of sixteen dollars and sixty-five cents It currently has a delta of point six three.

ガンマとは、株価が1ドル変動するとデルタがどれだけ変化するかということで、ガンマもデルタも株価が1ドル上がったり下がったりすると影響を受けます。

So if the share price goes up one dollar, okay So we can see that now it's going to be this it's going to be that 1728 But now after that one dollar change the new delta is going to be equal to point six three three three Plus gamma, which is going to be point zero one three one So we can see that now we have six four six four That is going to be the new delta at this price.

株価が1ドル上がれば、1728となり、1ドル変動後の新しいデルタは6 3 3 3ポイントに等しくなり、さらにガンマは0 1 3 1ポイントになります。

So essentially what's happening is gamma is Accelerating delta it's making it change which could be a good thing It can accelerate the value in our favor, but it could also be a bad thing could also accelerate delta Against us and we'll see gamma change also as we approach the money and as we go further away from the money whether that's out Of the money or in the money So we have to kind of look at how these two are playing together And this is kind of the reason why you might want to roll an option All right because as we get closer to expiration the the difference between gamma now and when gamma was far out of expiration Is very very different so we might roll to put some time back on our side and lower gamma just a little bit So that it doesn't accelerate delta and just have our value of our option making these major swings So when I get at the money gamma becomes very very large But as I move away from it What we'll see is that delta will really start to shoot towards one or negative one But then as I get further in the money out of the money what happens to delta is it kind of slows off?

つまり、本質的に起こっていることは、ガンマがデルタを加速させ、デルタを変化させているということです、そして、この2つがどのように作用しているのかを見ていく必要があります。デルタが加速してオプションの価値が大きく変動するのを防ぐために、ロールして時間を戻し、ガンマをほんの少し下げます。

So if I kind of like kind of just do a rough sketch of that If I had like a delta of one up here and this is at the money And then this is like increasing in the money At the money vega is going to make delta shoot up shoot up But then it's kind of going to kind of like slope off and never like I said reach one But the further in the money we go the less delta is going to change with the one dollar change in that share price so the next one we're going to talk about is theta probably the most popular one like The theta gang strategies and all that and all theta is is essentially it's pay to play So we've talked on this channel before between the difference between intrinsic and extrinsic value and all theta is Is how much your options value is going to decrease every single day because it eats away at the extrinsic value And this is assuming that we keep the share price and implied volatility pretty constant And like I said, that's the pay to play This is how much this option is going to cost you In extrinsic value every single day that you hold it and guys theta really ramps out about a month out Essentially if we have an option That data is going to kind of decrease decrease when you get to 35 45 days out It's really going to start to ramp up until we get to expiration here And we can see this option is at expiration We'll hop in and look at a couple different expirations and show you the difference But essentially right now this is losing 542.73 Every single day off of this 1665 Dollar premium it is just crushing this premium right now So this is where expiration date and choosing options can really really help you like when we're buying options, right?

もしデルタが1だとしたら、それを大雑把にスケッチしてみると...... マネーベガはデルタを急上昇させますが、その後は傾斜していき、1には達しません。このチャンネルでは以前、本源的価値と外在的価値の違いについてお話ししました、このオプションは、保有する日ごとに外在価値にどれだけのコストがかかるかを示しています。73 この 1665 ドルのプレミアムから毎日外れている。

We want to have a long out expiration because we want to protect we want to play in this zone from here to here Where theta is not eating away our premiums if we're selling options, right and we're looking to buy to close later We want the value of the option to go down.

このゾーンで勝負したい。オプションの売りなら、テータがプレミアムを食いつぶしてしまうようなことはない。

We've already collected the premium So if we're looking to buy to close to lock in some profits, we want to buy it for cheaper than we paid for it So we're going to place our options like our covered calls and things like that within 30 45 days So we can have this theta really really help us So theta is really really good for sellers really really bad for buyers Now students in my course and things like that ask me all the time like when does theta happen guys?

だから、もし利益を確定するためにクローズで買おうとするなら、買った値段より安く買いたい。だから、30日45日以内にカバード・コールなどのオプションを置くことになる。

There's no like theoretical time.

理論的な時間のようなものはない。

It doesn't happen I said we're we're assuming that we keep the price and implied volatility constant Which we know does not happen like it's at the end of the day and it's like boop.

価格とインプライド・ボラティリティを一定に保つと仮定しているんだ。

All right, there we go I'm gonna take that 542 off the premium it kind of just evolves and works itself out with all the other greeks over time So it's not like you have like you have to get your option plays done today because when the bell rings tomorrow all that Theta is going to be gone.

よし、これでプレミアムから542ドルを差し引こう。時間が経てば、他のグリークと一緒に進化し、解決していくものだ。

There's no specific time It's kind of just how it works in over a 24 hour period Like I said assuming that the share price and implied volatility stays the same now speaking now of implied volatility When I see volatility, I think vega so vega guys Very very very important and remember delta and gamma they deal with a one dollar change This is going to be a one percent change in the implied volatility, which is why I kept this up here as well and i've seen implied volatility really really hurt people and vega just crush hopes and dreams because We think when we buy a call and here's back to that cheat code We think when we buy a call if the share price continues to go up the value of the option should go up Right because of intrinsic value, but this is where vega can really really hurt you because if implied volatility dives Right if implied volatility dies, that's how much vega is going to hurt you so stocks with high volatilities that can dive out You can lose money Even if the share price is going up you can lose money on that option because applied volatility will just dive You might have heard something called iv crush before this really happens around earnings and why it's really really recommended That we don't buy calls before earnings because before earnings volatility is super high And then after the earnings call come out and we get all that information What happens implied volatility just dives and vega just crushes options premiums All right So we really we need to watch that and understand it that if you like say today was a little bit before earnings Right this value might be here.

このような場合、私は、このような "vega "のような、非常に非常に重要な、デルタとガンマを覚えておいてください、このため、私はインプライド・ボラティリティが人々を本当に苦しめ、ベガが夢や希望を打ち砕くのを見てきた、株価が上昇していても、ボラティリティが急降下するだけで、オプションで損をする可能性があります。決算前はボラティリティが超高く、決算発表後にすべての情報が入ってくると、インプライド・ボラティリティが急降下し、ベガがオプション・プレミアムを押しつぶすからです。

Let's say this implied volatility was 168 Well after those earnings calls this could go down 68 Now we take this and we say point 15 15 dollars times 68 That's how much your option premium is going to get crushed after earnings.

仮にこのインプライド・ボラティリティが168だったとしましょう。決算発表の後、このインプライド・ボラティリティは68まで下がる可能性があります。

Please don't buy calls right before earnings guys I beg you and this is it This is how you can lose money on your option Even if the share price is going up even if delta is going up because implied volatility I stay away from implied volatilities over 100.

お願いだから、決算直前にはコールを買わないでくれ。株価が上がっても、デルタが上がっても、オプションで損をする可能性があるんだ。

It's just too risky for me Like I said, I look at 68 that's still even a little high You I think I think right now Spy has like a 14 implied volatility So vega is really not going to affect the options premium that much All right, and we saw last week with some implied volatilities.

だから、ベガはオプション・プレミアムにそれほど大きな影響を与えないだろう。

They go up to three four thousand percent If we get some information and that volatility goes down Your option premium is just going to get crushed and it might not ever Recover in the time that you have before expiration be careful about vega It's like one of the ones that like people don't know about and I said that ivy crush around earnings time That that can just destroy people's premiums and you're going to lose out Even if the share price continues to climb climb up until expiration the last one here guys row I'm, not even going to write it down.

もし何らかの情報が入ってボラティリティが下がれば、あなたのオプション・プレミアムはただ押しつぶされるだけで、期限までに回復することはないかもしれない。

It doesn't really need to talk about it Even from the beginning even if I think if you're a little bit more advanced You really don't even need to worry about row that much It's how much the option value is going to change with changes in percentage interest rates with the treasury bonds Like I said That doesn't change very often.

オプションの価値が、国庫債券の金利の変化によってどれだけ変化するかということだ。

So this isn't something that's going to affect you on a month-to-month basis So I really I don't even worry too much about row Just know that that's a deal with the interest rates of the treasury bonds and things like that Let's shoot over to robin hood and see all these things.

だから、これは月単位で影響するようなことではないんだ。だから、僕は本当に行のことはあまり気にしないんだ。ただ、国債の金利とか、そういうことは知っておいた方がいい。

It works at different strikes different expirations and things like that All right, so this expiration is literally tomorrow.

この有効期限は文字通り明日だ。

Okay, it's literally tomorrow So what do we expect we expect a really really high theta it is at the money We expect a delta 50 50 chance of this happening now as I move further away from the money I don't expect vega to change too much theta will change a little bit.

さて、それは文字通り明日だ。では何を期待すればいいのだろう。本当に本当に高いテータを期待する。それはマネーのところにある。デルタ50 50の可能性を期待する。マネーから遠ざかるにつれて、ベガはあまり変化しないと思う。

So will delta and gamma So let's go a little bit here.

デルタとガンマもそうだ。

We can see right now 0.53 up to 0.6 We're further in the money theta still hurting us because that's mostly going to be time to expiration Let's move expiration out one week and see what it does to theta.

現在、0.53から0.6まで上昇しているのがわかります。テータがさらにマネー・インしているのは、ほとんどが期限切れまでの時間だからです。期限切れを1週間ずらして、テータがどうなるか見てみましょう。

So here's that same 805 strike price 164 every single day and this is only one week out so we can see how significant that one changes $164 if we go back to tomorrow at that same 805 strike we see 500 so $400 per day difference when we do that So, let's see how delta changes as I go farther into the money if I get down here We see that we have a delta of 0.97 So the further in the money you go These are things that you're going to look at if I want to sell a covered call say I own some shares I'm going to sell a call.

同じ 805 権利行使価格の 164 が毎日、そしてこれは 1 週間だけ先なので、この 1 つがどれほど大きく変化しているかがわかります。同じ 805 権利行使価格で明日に戻ると、164 ドルが 500 ドルになるので、1 日あたり 400 ドルの差があります。97 つまり、マネー・イン・ザ・マネーに行くほど、デルタは0.0になる。

I'm right at the money I see once again 50 50 chance even when you're selling the call if I go up to this 825 0.26 So now i'm giving myself even more likelihood that this covered call is going to expire worthless I go up here almost 0.2.

この825 0.26まで上がれば、コールを売っているときでも50 50の可能性がある。

This is about an 80 percent chance in my favor Okay, guys So this is how you are going to use the greeks to help strategize And eliminate some risks if you if you like this presentation guys This is how I break down everything that you have to know if you are a beginner options trader inside my options course I'll leave a link for it down description below.

これは、私の好意で約80％の確率です さて、みんな だから、これはあなたが戦略を立てるのを助けるためにグリークを使用しようとしている方法であり、いくつかのリスクを排除する場合は、このプレゼンテーションが好きなら、みんな これは、私はあなたが私のオプションコースの中で初心者オプショントレーダーであれば知っておく必要があるすべてのものを分解する方法です 私は下の説明の下にそれのためのリンクを残しておきます。

I'll give you 50 off if you use the code options I'll leave all that down there.

コード・オプションを使ってくれたら50ドル引きにするよ。

You can see everything from buying Calls and puts selling calls and puts the wheel strategy bid-ask prices.

コールとプットの買いから、コールとプットの売り、ホイール戦略のビッド-アスク価格まで、すべてを見ることができます。

I got everything click the link Just look at the description and then you can make the decision.

リンクをクリックすればすべて見られる。

I'm just letting you know that it's out there Yes, I know that you could probably find it And spend hours looking for them in the proper order or you could just take four hours and And watch it all in one spot guys I hope this helped if you have any questions leave them down in the description below If you want me to teach you something else you want me to break down another option saying please Let me know you guys helping me This is how I make this content from you guys giving me recommendations and telling me what you want me to explain Until I see you guys on the next one.