查看“︁價值狀況”︁的源代码

'''價值狀況'''（'''Moneyness'''）用來描述[[期權合約]]的內在值，即履約價與現價的關係。<ref name="Investopedia">{{cite web |author1=Will Kenton |title=Moneyness Defnition and Intrinsic Value of Options |url=https://www.investopedia.com/terms/m/moneyness.asp |website=Investopedia |language=en |access-date=2024-06-11 |archive-date=2024-06-11 |archive-url=https://web.archive.org/web/20240611143151/https://www.investopedia.com/terms/m/moneyness.asp |dead-url=no }}</ref>

==術語==
;OTM
:價外（Out of the Money）指期權合約沒有內在價值。
;ATM
:價平（又稱平價）（At the Money）指[[期權合約]]的履約價與現價相等。在現實中，即期價格甚少與履約價格完全相同，所以通常把最接近現價的一個（或兩個）履約價視為ATM。
;ITM
:價內（In the Money）指期權合約具有內在價值。
;Deep OTM
:深入價外（又稱極價外）（Deep Out of the Money）指期權合約的Delta值接近0，期權不太可能以價內結算。長倉極價外期權的風險較高，大多數屬於[[投機]]活動。
;Deep ITM
:深入價內（又稱極價內）（Deep In the Money）指期權合約的Delta值接近1，期權價格幾乎全部都是內在值。<ref>{{cite web |author1=James Chen |title=Deep in the Money: Definition and How They're Used in Trade |url=https://www.investopedia.com/terms/d/deepinthemoney.asp |website=Investopedia |language=en |access-date=2024-06-11 |archive-date=2024-06-11 |archive-url=https://web.archive.org/web/20240611143152/https://www.investopedia.com/terms/d/deepinthemoney.asp |dead-url=no }}</ref>[[美國國稅局]]對極價內期權交易實施不同稅制。<ref>{{cite web |title=Publication 550 (2023), Investment Income and Expenses {{!}} Internal Revenue Service |url=https://www.irs.gov/publications/p550#en_US_2023_publink100010648 |website=www.irs.gov |language=en |access-date=2024-06-11 |archive-date=2022-04-03 |archive-url=https://web.archive.org/web/20220403143407/https://www.irs.gov/publications/p550#en_US_2023_publink100010648 |dead-url=no }}</ref>

==內在價值==
對於採用固定履約價的香草期權，認購期權（Call）和認沽期權（Put）的內在價值分別是
:<math> IV_{Call} = max(S-K,0) </math>
:<math> IV_{Put} = max(K-S,0) </math>

所以，履約價與現價的關係是
{| class="wikitable"
|-
!  !! 認購 (Call) !! 認沽 (Put)
|-
| S<K || OTM || ITM
|-
| S=K || ATM || ATM
|-
| S>K || ITM || OTM
|}
其中：
*S代表現價（Spot）
*K代表履約價（Strike）

== 參考文獻 ==
{{Reflist}}
{{金融市场}}

[[Category:選擇權]]
[[Category:金融工程学]]
[[Category:金融衍生工具|Option]]