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Welles Wilder Jr. 于 1978 年提出，能捕捉包含隔夜跳空在内的真实区间，并以该商品自身的价格单位报价，因此可以直接套用于止损与仓位规模的计算。ATR 仅衡量波动率，不提供任何方向性信号。",[11,55,56,58],{},[20,57,22],{}," ATR 是真实区间的平滑平均值，通常取 14 个周期",{"title":25,"searchDepth":26,"depth":26,"links":60},[],{},"\u002Fglossary\u002Faverage-true-range-atr",[64,33,34],"True range",{"description":50},"Corporate Finance Institute: Average True Range (ATR)","https:\u002F\u002Fcorporatefinanceinstitute.com\u002Fresources\u002Fcapital-markets\u002Faverage-true-range\u002F","glossary\u002Faverage-true-range-atr","平均真实区间 (ATR)","0Ik46KlN8VGWf2Hv_qhhpQLas05FcL020ZkX3Unlk14",{"id":72,"title":73,"body":74,"description":78,"extension":28,"meta":84,"navigation":30,"path":85,"related":86,"seo":90,"sourceName":91,"sourceUrl":92,"stem":93,"term":94,"theme":95,"__hash__":96},"glossary\u002Fglossary\u002Faveraging-down.md","Averaging 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Hedging","https:\u002F\u002Fwww.cftc.gov\u002FLearnAndProtect\u002FEducationCenter\u002FCFTCGlossary\u002Fglossary_h.html","glossary\u002Fhedge","对冲","NgAv7iFZqp59hejJ14rdaLFdFOv28Dz5lof494XsYBM",{"id":748,"title":749,"body":750,"description":754,"extension":28,"meta":760,"navigation":30,"path":761,"related":762,"seo":763,"sourceName":764,"sourceUrl":765,"stem":766,"term":767,"theme":121,"__hash__":768},"glossary\u002Fglossary\u002Findex-price.md","Index Price",{"type":8,"value":751,"toc":758},[752,755],[11,753,754],{},"指数价格是标的资产在数个主要市场的现货价格平均值，代表其外部公允价值。",[11,756,757],{},"由于它汇集了多个交易场所的数据，因此刻意设计成难以操纵。标记价格以指数价格为基础构建，使得估值与强制平仓能反映真实市场。",{"title":25,"searchDepth":26,"depth":26,"links":759},[],{},"\u002Fglossary\u002Findex-price",[674,415,219],{"description":754},"CF Benchmarks: CME CF Bitcoin Reference Rate (BRR)","https:\u002F\u002Fwww.cfbenchmarks.com\u002Fdata\u002Findices\u002FBRR","glossary\u002Findex-price","指数价格","a-jc_Fu9SaNhcLAF4APz5uHKpos47HOzo0R3mbqU2Jc",{"id":770,"title":771,"body":772,"description":776,"extension":28,"meta":787,"navigation":30,"path":788,"related":789,"seo":791,"sourceName":792,"sourceUrl":793,"stem":794,"term":795,"theme":397,"__hash__":796},"glossary\u002Fglossary\u002Finitial-margin.md","Initial Margin",{"type":8,"value":773,"toc":785},[774,777,780],[11,775,776],{},"初始保证金是开立杠杆仓位所需的金额。",[11,778,779],{},"它是杠杆的倒数：在 10 倍杠杆下，你需缴纳名义价值的 10%；在 100 倍下则只需 1%。杠杆越高，所需的保证金越低，但在陷入麻烦前的缓冲空间也越小。",[11,781,782,784],{},[20,783,22],{}," 初始保证金 = 名义价值 ÷ 杠杆",{"title":25,"searchDepth":26,"depth":26,"links":786},[],{},"\u002Fglossary\u002Finitial-margin",[392,790,292],"Leverage",{"description":776},"FINRA: Margin 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Kelly Jr. 于 1956 年发表，在增长与破产风险之间取得平衡。完整凯利非常激进，因此大多数交易者只采用它的一个分数。",[11,832,833,835],{},[20,834,22],{}," 交易形式：Kelly % = W - (1 - W) \u002F R，其中 W 为胜率，R 为回报风险比",{"title":25,"searchDepth":26,"depth":26,"links":837},[],{},"\u002Fglossary\u002Fkelly-criterion",[604,494,244],{"description":827},"J. L. 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乘数",{"title":25,"searchDepth":26,"depth":26,"links":1207},[],{},"\u002Fglossary\u002Fmultiplier",[719,1211,341,270],"Tick value",{"description":1197},"glossary\u002Fmultiplier","乘数","fSqRj_dvmgTWgjajvxM3iuIiLoLwNgttgyNy84yHeRg",{"id":1217,"title":1218,"body":1219,"description":1223,"extension":28,"meta":1229,"navigation":30,"path":1230,"related":1231,"seo":1232,"sourceName":1233,"sourceUrl":1234,"stem":1235,"term":1236,"theme":41,"__hash__":1237},"glossary\u002Fglossary\u002Fnormal-distribution.md","Normal Distribution",{"type":8,"value":1220,"toc":1227},[1221,1224],[11,1222,1223],{},"正态分布是一条对称的钟形概率曲线，常用于模拟回报，其中大多数结果都集中在平均值附近。",[11,1225,1226],{},"它是一种有用的简化，但真实的市场回报具有更肥厚的尾部，意味着极端变动发生的频率高于正态曲线的预测。切勿仅因为某些大幅变动在曲线上很罕见，就认定它们不可能发生。",{"title":25,"searchDepth":26,"depth":26,"links":1228},[],{},"\u002Fglossary\u002Fnormal-distribution",[34,33,35],{"description":1223},"NIST\u002FSEMATECH e-Handbook of Statistical Methods: Normal Distribution","https:\u002F\u002Fwww.itl.nist.gov\u002Fdiv898\u002Fhandbook\u002Feda\u002Fsection3\u002Feda3661.htm","glossary\u002Fnormal-distribution","正态分布","Xor6DDEA9o_7lxPPJZr5u1Cb9dBfq79ZCXSCinxfl50",{"id":1239,"title":1240,"body":1241,"description":1245,"extension":28,"meta":1256,"navigation":30,"path":1257,"related":1258,"seo":1260,"sourceName":1261,"sourceUrl":1262,"stem":1263,"term":1264,"theme":397,"__hash__":1265},"glossary\u002Fglossary\u002Fnotional-value.md","Notional Value",{"type":8,"value":1242,"toc":1254},[1243,1246,1249],[11,1244,1245],{},"名义价值是你所控制仓位的完整规模，对线性合约而言，计算方式为数量乘以价格。",[11,1247,1248],{},"它代表合约带给你的风险敞口，在杠杆下远大于所投入的保证金。资金费用与许多费用都按名义价值计收，而非按你的保证金计收。",[11,1250,1251,1253],{},[20,1252,22],{}," 名义价值 = 数量 × 价格。1 单位以 $60,000 计为 $60,000 名义价值",{"title":25,"searchDepth":26,"depth":26,"links":1255},[],{},"\u002Fglossary\u002Fnotional-value",[790,292,1259],"Notional versus risk",{"description":1245},"CME Group: About Contract Notional Value","https:\u002F\u002Fwww.cmegroup.com\u002Feducation\u002Fcourses\u002Fintroduction-to-futures\u002Fabout-contract-notional-value","glossary\u002Fnotional-value","名义价值","flmRNPj-PYAe5p_V_w5wgwBCHLjuU0VVEeIwfsmyiRo",{"id":1267,"title":1268,"body":1269,"description":1273,"extension":28,"meta":1284,"navigation":30,"path":1285,"related":1286,"seo":1287,"sourceName":1288,"sourceUrl":1289,"stem":1290,"term":1291,"theme":250,"__hash__":1292},"glossary\u002Fglossary\u002Fnotional-versus-risk.md","Notional Versus Risk",{"type":8,"value":1270,"toc":1282},[1271,1274,1277],[11,1272,1273],{},"名义价值是一个仓位的完整市场价值，而风险仅是止损被触发时所损失的金额；两者并不相同。",[11,1275,1276],{},"一个 $10,000 的仓位，若止损设在 5% 之外，其名义价值为 $10,000，但风险仅有 $500。务必以风险、而非名义价值来计算仓位规模，才不会被杠杆误导。",[11,1278,1279,1281],{},[20,1280,22],{}," 风险 = 止损距离 × 仓位规模，而非完整的名义价值",{"title":25,"searchDepth":26,"depth":26,"links":1283},[],{},"\u002Fglossary\u002Fnotional-versus-risk",[341,790,595],{"description":1273},"BIS Statistics Glossary: Notional amount outstanding","https:\u002F\u002Fdata.bis.org\u002Fhelp\u002Fglossary?item=notional+amount+outstanding","glossary\u002Fnotional-versus-risk","名义价值与风险","lh8Pfuha0udN-2IkhUWgnebpNepToKuZcsXSk2Pu_6w",{"id":1294,"title":1295,"body":1296,"description":1300,"extension":28,"meta":1306,"navigation":30,"path":1307,"related":1308,"seo":1309,"sourceName":1310,"sourceUrl":1311,"stem":1312,"term":1313,"theme":176,"__hash__":1314},"glossary\u002Fglossary\u002Fopen-interest.md","Open Interest",{"type":8,"value":1297,"toc":1304},[1298,1301],[11,1299,1300],{},"持仓量是指目前仍然持有、尚未平仓或结算的衍生品合约总数。",[11,1302,1303],{},"它衡量投入某一合约的资金规模，并与成交量一同反映市场参与程度与流动性。持仓量上升，意味着有新的仓位正在建立。",{"title":25,"searchDepth":26,"depth":26,"links":1305},[],{},"\u002Fglossary\u002Fopen-interest",[195,115,219],{"description":1300},"U.S. CFTC: CFTC Glossary — Open Interest","https:\u002F\u002Fwww.cftc.gov\u002FConsumerProtection\u002FEducationCenter\u002FCFTCGlossary\u002Fglossary_o.html","glossary\u002Fopen-interest","持仓量","usWJYs4xg00F5AyqOav7Nz4fwrEQq-m5dI9enlK7XUw",{"id":1316,"title":1317,"body":1318,"description":1322,"extension":28,"meta":1328,"navigation":30,"path":1329,"related":1330,"seo":1331,"sourceName":647,"sourceUrl":648,"stem":1332,"term":1333,"theme":121,"__hash__":1334},"glossary\u002Fglossary\u002Fperpetual-contract.md","Perpetual Contract",{"type":8,"value":1319,"toc":1326},[1320,1323],[11,1321,1322],{},"永续合约，又称永续掉期（perpetual swap），是一种没有到期日的期货型合约，因此可以无限期持有。",[11,1324,1325],{},"由于没有到期日将其价格拉向现货，它通过资金费率与标记价格机制，使自身价格锚定于相关资产。永续合约是加密货币衍生品中的主流工具。",{"title":25,"searchDepth":26,"depth":26,"links":1327},[],{},"\u002Fglossary\u002Fperpetual-contract",[115,169,674,675,343,344],{"description":1322},"glossary\u002Fperpetual-contract","永续合约","fdmHy-md1UnYcPgknC4gnATIqSVY5jV2MHuJE7OXVUQ",{"id":1336,"title":1337,"body":1338,"description":1342,"extension":28,"meta":1348,"navigation":30,"path":1349,"related":1350,"seo":1351,"sourceName":1352,"sourceUrl":118,"stem":1353,"term":1354,"theme":121,"__hash__":1355},"glossary\u002Fglossary\u002Fphysical-settlement.md","Physical Settlement",{"type":8,"value":1339,"toc":1346},[1340,1343],[11,1341,1342],{},"实物交割是指通过交付实际的标的资产来了结合约，例如若干金衡盎司的黄金。",[11,1344,1345],{},"持有实物交割合约的投机者，必须在交割前平仓或移仓，以免收到该商品实物。这在商品期货中相当常见。",{"title":25,"searchDepth":26,"depth":26,"links":1347},[],{},"\u002Fglossary\u002Fphysical-settlement",[571,719,115,343,344],{"description":1342},"CFTC Glossary: Delivery","glossary\u002Fphysical-settlement","实物交割","pOB269W7HvR-yl8zv34Pov3wbThKDc02GauES5Xxw2U",{"id":1357,"title":1358,"body":1359,"description":1363,"extension":28,"meta":1374,"navigation":30,"path":1375,"related":1376,"seo":1378,"sourceName":1379,"sourceUrl":1380,"stem":1381,"term":1382,"theme":250,"__hash__":1383},"glossary\u002Fglossary\u002Fportfolio-heat.md","Portfolio Heat",{"type":8,"value":1360,"toc":1372},[1361,1364,1367],[11,1362,1363],{},"组合风险敞口是同时涵盖所有未平仓位的总风险，而不仅是任何单一交易的风险。",[11,1365,1366],{},"六个互不相关的仓位各承担 1% 风险，合计就让账户的 6% 一同暴露于风险之中；而相关性高的仓位在单一波动中全部触及止损的可能性要高得多，因此这 6% 有可能一次全部亏掉。审慎的交易者会在单笔风险上限之外，再为总未平仓风险设定上限（通常为 3% 到 6%）。",[11,1368,1369,1371],{},[20,1370,22],{}," 8 笔相关性高的 1% 交易可能在单一波动中亏损 8%",{"title":25,"searchDepth":26,"depth":26,"links":1373},[],{},"\u002Fglossary\u002Fportfolio-heat",[1377,353,89],"Risk per trade",{"description":1363},"CFA Institute: Measuring and Managing Market Risk","https:\u002F\u002Fwww.cfainstitute.org\u002Finsights\u002Fprofessional-learning\u002Frefresher-readings\u002F2026\u002Fmeasuring-managing-market-risk","glossary\u002Fportfolio-heat","组合风险敞口","DKkfW_F8MFhLQdkck_m619YAX9vfFmMLr9TX96C6FVY",{"id":1385,"title":1386,"body":1387,"description":1391,"extension":28,"meta":1402,"navigation":30,"path":1403,"related":1404,"seo":1405,"sourceName":597,"sourceUrl":598,"stem":1406,"term":1407,"theme":250,"__hash__":1408},"glossary\u002Fglossary\u002Fposition-size-formula.md","Position Size Formula",{"type":8,"value":1388,"toc":1400},[1389,1392,1395],[11,1390,1391],{},"仓位规模公式将以金额计算的风险与止损距离换算成交易数量：规模等于风险除以止损距离。",[11,1393,1394],{},"较宽的止损会迫使仓位缩小，较窄的止损则容许较大的仓位，而以金额计算的风险维持不变。市场结构决定止损距离，而止损距离决定仓位规模。",[11,1396,1397,1399],{},[20,1398,22],{}," 仓位规模 = 账户风险 ÷ 止损距离。风险 $400，止损距离 $2，得出 200 单位",{"title":25,"searchDepth":26,"depth":26,"links":1401},[],{},"\u002Fglossary\u002Fposition-size-formula",[595,88,1377],{"description":1391},"glossary\u002Fposition-size-formula","仓位规模公式","WLEvkhq7nI4v2reBmxIAq1eLTHzGR3saH6LyRY4Pm7g",{"id":1410,"title":1411,"body":1412,"description":1416,"extension":28,"meta":1427,"navigation":30,"path":1428,"related":1429,"seo":1430,"sourceName":1431,"sourceUrl":1432,"stem":1433,"term":1434,"theme":250,"__hash__":1435},"glossary\u002Fglossary\u002Fposition-sizing.md","Position Sizing",{"type":8,"value":1413,"toc":1425},[1414,1417,1420],[11,1415,1416],{},"仓位管理是指从固定的金额风险反推，来决定要交易多少单位，而非凭感觉挑选一个数量。",[11,1418,1419],{},"你先选定自己愿意承受的亏损，再让止损的距离决定仓位规模。如此一来，无论交易哪一种商品，任何一笔交易的亏损都能维持在一个已知且一致的金额。",[11,1421,1422,1424],{},[20,1423,22],{}," 仓位规模（单位）= 以金额计算的账户风险 ÷ 每单位的止损距离",{"title":25,"searchDepth":26,"depth":26,"links":1426},[],{},"\u002Fglossary\u002Fposition-sizing",[1377,88,594,1164],{"description":1416},"Sewell (2011), Money Management, UCL Dept. of Computer Science Research Note RN\u002F11\u002F05","https:\u002F\u002Ffinance.martinsewell.com\u002Fmoney-management\u002F","glossary\u002Fposition-sizing","仓位管理","y03i_8cw2t5fRAHbh0h3t4aWe2UoNyafH-DdZDt-GQ8",{"id":1437,"title":1438,"body":1439,"description":1443,"extension":28,"meta":1454,"navigation":30,"path":1455,"related":1456,"seo":1457,"sourceName":1458,"sourceUrl":1459,"stem":1460,"term":1461,"theme":95,"__hash__":1462},"glossary\u002Fglossary\u002Fr-multiple.md","R Multiple",{"type":8,"value":1440,"toc":1452},[1441,1444,1447],[11,1442,1443],{},"R 倍数是将一笔交易的结果，表达为所承担风险金额的倍数，其中 1R 即为初始风险。",[11,1445,1446],{},"一笔赚得风险三倍的获利交易就是 +3R，而完整触及止损出场则是 -1R。以 R 来思考，能把结果与美元金额脱钩，让你在同一个尺度上比较不同的交易与策略。",[11,1448,1449,1451],{},[20,1450,22],{}," 若风险为 $200，$600 的获利就是 +3R",{"title":25,"searchDepth":26,"depth":26,"links":1453},[],{},"\u002Fglossary\u002Fr-multiple",[523,494,496],{"description":1443},"MIT OpenCourseWare, Introduction to Probability: Expectation","https:\u002F\u002Focw.mit.edu\u002Fcourses\u002Fres-6-012-introduction-to-probability-spring-2018\u002Fresources\u002Fexpectation\u002F","glossary\u002Fr-multiple","R 倍数","aWanpkY5oYn8S-PZMOAfhGveWLGZAmreid-25k3Ee7c",{"id":1464,"title":1465,"body":1466,"description":1470,"extension":28,"meta":1476,"navigation":30,"path":1477,"related":1478,"seo":1479,"sourceName":1480,"sourceUrl":1481,"stem":1482,"term":1483,"theme":250,"__hash__":1484},"glossary\u002Fglossary\u002Frisk-management.md","Risk Management",{"type":8,"value":1467,"toc":1474},[1468,1471],[11,1469,1470],{},"风险管理是一种纪律，指的是预先决定你在单笔交易以及一连串交易中最多可以损失多少，好让任何单一亏损或连续亏损都无法终结你的账户。",[11,1472,1473],{},"它是交易中你能完全掌控的部分：你无法控制一笔交易是否获利，但你始终能控制它在亏损时让你付出多少代价。稳健的风险管理，正是让一项微小的统计优势能够在多笔交易中复利累积，而不至于被一次糟糕的连败一举抹去。",{"title":25,"searchDepth":26,"depth":26,"links":1475},[],{},"\u002Fglossary\u002Frisk-management",[595,244,471,243],{"description":1470},"ISO 31000:2018 Risk management — Guidelines","https:\u002F\u002Fwww.iso.org\u002Fstandard\u002F65694.html","glossary\u002Frisk-management","风险管理","Zd90g6yqm_u__t3hX545lRHIG3J-asQY4gez3QCcqBU",{"id":1486,"title":1487,"body":1488,"description":1492,"extension":28,"meta":1498,"navigation":30,"path":1499,"related":1500,"seo":1501,"sourceName":1502,"sourceUrl":1503,"stem":1504,"term":1505,"theme":250,"__hash__":1506},"glossary\u002Fglossary\u002Frisk-of-ruin.md","Risk Of Ruin",{"type":8,"value":1489,"toc":1496},[1490,1493],[11,1491,1492],{},"破产风险是指在策略的优势尚未发挥之前，一连串亏损就将账户耗损至无法使用的水平之下的概率。",[11,1494,1495],{},"即使是有利可图的策略也会遇到连续亏损；问题在于仓位规模能否让你撑过这些亏损。较小的单笔风险会将破产风险推向零。",{"title":25,"searchDepth":26,"depth":26,"links":1497},[],{},"\u002Fglossary\u002Frisk-of-ruin",[594,595,243],{"description":1492},"Grinstead & Snell, Introductory Probability (LibreTexts): Gambler's Ruin","https:\u002F\u002Fstats.libretexts.org\u002FBookshelves\u002FProbability_Theory\u002FIntroductory_Probability_(Grinstead_and_Snell)\u002F12:_Random_Walks\u002F12.02:_Gambler's_Ruin","glossary\u002Frisk-of-ruin","破产风险","LDhVJpZJGmpOmjH_X90eDoegse-HDoK6APUnDu5Lq6w",{"id":1508,"title":1509,"body":1510,"description":1514,"extension":28,"meta":1526,"navigation":30,"path":1527,"related":1528,"seo":1529,"sourceName":1431,"sourceUrl":1432,"stem":1530,"term":1531,"theme":250,"__hash__":1532},"glossary\u002Fglossary\u002Frisk-per-trade.md","Risk Per Trade",{"type":8,"value":1511,"toc":1524},[1512,1515,1518],[11,1513,1514],{},"单笔风险是指当一笔交易触及其止损时，你将损失的账户净值金额，通常设定为一个固定的小百分比。",[11,1516,1517],{},"它是该笔交易的亏损，而非整个仓位的价值。将其维持在较小水平（常见为 1%）意味着即使经历一段长时间的连续亏损，也只会损耗账户中一个不大的比例。",[11,1519,1520,1523],{},[20,1521,1522],{},"公式／示例："," $25,000 账户的 1% 即为每笔交易 $250 的风险",{"title":25,"searchDepth":26,"depth":26,"links":1525},[],{},"\u002Fglossary\u002Frisk-per-trade",[594,595,1259],{"description":1514},"glossary\u002Frisk-per-trade","单笔风险","rOHsqYKQvXNO02OdF761qNpwYoyVPxkeG-d6CyWNHdw",{"id":1534,"title":1535,"body":1536,"description":1540,"extension":28,"meta":1551,"navigation":30,"path":1552,"related":1553,"seo":1554,"sourceName":1458,"sourceUrl":1459,"stem":1555,"term":1556,"theme":95,"__hash__":1557},"glossary\u002Fglossary\u002Frisk-reward-ratio.md","Risk Reward Ratio",{"type":8,"value":1537,"toc":1549},[1538,1541,1544],[11,1539,1540],{},"风险回报比是比较“到获利目标的距离”与“到止损的距离”，例如冒 1 的风险去赚取 3。",[11,1542,1543],{},"它决定了获利相对于亏损的大小。胜率与风险回报彼此之间存在取舍，唯有期望值能把两者结合，对一套系统是否能获利做出定论。",[11,1545,1546,1548],{},[20,1547,1522],{}," 冒 $200 的风险去赚取 $600，就是 3:1 的回报风险比",{"title":25,"searchDepth":26,"depth":26,"links":1550},[],{},"\u002Fglossary\u002Frisk-reward-ratio",[524,494,496],{"description":1540},"glossary\u002Frisk-reward-ratio","风险回报比","4wa2Y33pPyvB1wY4D5vN7GFQy__J3o3W5DoLAjO5igc",{"id":1559,"title":570,"body":1560,"description":1564,"extension":28,"meta":1570,"navigation":30,"path":1571,"related":1572,"seo":1573,"sourceName":1574,"sourceUrl":1575,"stem":1576,"term":1577,"theme":121,"__hash__":1578},"glossary\u002Fglossary\u002Froll.md",{"type":8,"value":1561,"toc":1568},[1562,1565],[11,1563,1564],{},"移仓是平掉一个接近到期的期货仓位，并在一个较晚到期的合约中重新开仓，以维持风险敞口。",[11,1566,1567],{},"投机者移仓是为了避开到期以及任何交割义务。两份合约之间的价差（即跨期价差）会影响移仓的成本。",{"title":25,"searchDepth":26,"depth":26,"links":1569},[],{},"\u002Fglossary\u002Froll",[556,114,115],{"description":1564},"CME Group: Rolling an Equity Position Using 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slippage","https:\u002F\u002Fwww.sec.gov\u002Fnewsroom\u002Fspeeches-statements\u002Fstaff-statement-regarding-broker-dealer-registration-certain-user-interfaces-utilized-prepare-staff-statement-regarding-broker-dealer-registration-certain-user-interfaces-utilized","glossary\u002Fslippage","滑点","vUBNSVYNwSsrSc8Wv60Nd0FtTXZvBqWq2DHvJOxveE8",{"id":1651,"title":1652,"body":1653,"description":1657,"extension":28,"meta":1663,"navigation":30,"path":1664,"related":1665,"seo":1666,"sourceName":1667,"sourceUrl":1668,"stem":1669,"term":1670,"theme":121,"__hash__":1671},"glossary\u002Fglossary\u002Fspot-market.md","Spot Market",{"type":8,"value":1654,"toc":1661},[1655,1658],[11,1656,1657],{},"现货市场是即时交割的市场，你当下支付当前价格，并当下拥有实际资产。",[11,1659,1660],{},"盈亏就是你所持有资产的价格变动，而多方最多只会亏损所支付的金额。现货是直接持有资产，与衍生品不同。",{"title":25,"searchDepth":26,"depth":26,"links":1662},[],{},"\u002Fglossary\u002Fspot-market",[401,115,571],{"description":1657},"CFTC Glossary: Spot","https:\u002F\u002Fwww.cftc.gov\u002FLearnAndProtect\u002FEducationCenter\u002FCFTCGlossary\u002Fglossary_s.html","glossary\u002Fspot-market","现货市场","a-WtvZ2i0sPN9zcFoUSg_EwbOIk48eh4szMYODl-T2A",{"id":1673,"title":1674,"body":1675,"description":1679,"extension":28,"meta":1690,"navigation":30,"path":1691,"related":1692,"seo":1694,"sourceName":1695,"sourceUrl":1696,"stem":1697,"term":1698,"theme":41,"__hash__":1699},"glossary\u002Fglossary\u002Fstandard-deviation.md","Standard Deviation",{"type":8,"value":1676,"toc":1688},[1677,1680,1683],[11,1678,1679],{},"标准差是一种统计度量，用以衡量各数值围绕其平均数分散的程度，在金融领域中，它是波动率的经典衡量指标。",[11,1681,1682],{},"收益的标准差越高，代表波动幅度越大、越难以预测。它是方差的平方根，并以与收益相同的单位表示。",[11,1684,1685,1687],{},[20,1686,1522],{}," 波动率就是收益的标准差",{"title":25,"searchDepth":26,"depth":26,"links":1689},[],{},"\u002Fglossary\u002Fstandard-deviation",[35,33,1693],"Normal distribution",{"description":1679},"NIST\u002FSEMATECH e-Handbook of Statistical Methods: Measures of Scale","https:\u002F\u002Fwww.itl.nist.gov\u002Fdiv898\u002Fhandbook\u002Feda\u002Fsection3\u002Feda356.htm","glossary\u002Fstandard-deviation","标准差","nBxOkImVIRZkVgh6TRLUguAZtOBya2acxGXDIDlOuPU",{"id":1701,"title":1702,"body":1703,"description":1707,"extension":28,"meta":1713,"navigation":30,"path":1714,"related":1715,"seo":1716,"sourceName":1717,"sourceUrl":1718,"stem":1719,"term":1720,"theme":176,"__hash__":1721},"glossary\u002Fglossary\u002Fstock-index.md","Stock Index",{"type":8,"value":1704,"toc":1711},[1705,1708],[11,1706,1707],{},"股票指数是一个追踪特定一篮子股票整体价值的数字，例如涵盖 500 家大型企业的广泛市场。",[11,1709,1710],{},"它是现金结算期货常见的标的，也是可交易市场的标准通用示例。你无法直接持有指数，只能持有追踪该指数的工具。",{"title":25,"searchDepth":26,"depth":26,"links":1712},[],{},"\u002Fglossary\u002Fstock-index",[571,340,115],{"description":1707},"U.S. SEC Investor.gov: Market Index","https:\u002F\u002Fwww.investor.gov\u002Fintroduction-investing\u002Finvesting-basics\u002Fglossary\u002Fmarket-index","glossary\u002Fstock-index","股票指数","-GNdzBUoiOZuJg24ILriITSkQo8mondL0vcW9vqcb1Y",{"id":1723,"title":1724,"body":1725,"description":1729,"extension":28,"meta":1735,"navigation":30,"path":1736,"related":1737,"seo":1739,"sourceName":1740,"sourceUrl":1741,"stem":1742,"term":1743,"theme":250,"__hash__":1744},"glossary\u002Fglossary\u002Fstop-loss.md","Stop Loss",{"type":8,"value":1726,"toc":1733},[1727,1730],[11,1728,1729],{},"止损是一种预先规划的离场委托，一旦价格触及设定的水平便将交易平仓，借此限制亏损。",[11,1731,1732],{},"它把预期中的风险转化为实际可控的风险，并在进场之前就为仓位设定一个已知的最大亏损。止损是一项离场指令，而非成交价格的保证：在快速波动或出现跳空的市场中，实际成交价可能比止损水平更差。",{"title":25,"searchDepth":26,"depth":26,"links":1734},[],{},"\u002Fglossary\u002Fstop-loss",[595,889,1738,194],"Trailing stop",{"description":1729},"U.S. SEC Investor Bulletin: Stop, Stop-Limit, and Trailing Stop 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(Risk Management Essentials)","https:\u002F\u002Fcorporatefinanceinstitute.com\u002Fresources\u002Fcareer\u002Fday-trader\u002F","glossary\u002Fthe-1-percent-rule","1% 法则","kUPtEk6mJIbrZ8P5CZWH56EDZhWN1P42douJL-rxEug",{"id":1794,"title":1795,"body":1796,"description":1800,"extension":28,"meta":1806,"navigation":30,"path":1807,"related":1808,"seo":1809,"sourceName":573,"sourceUrl":574,"stem":1810,"term":1811,"theme":121,"__hash__":1812},"glossary\u002Fglossary\u002Ftick-size.md","Tick Size",{"type":8,"value":1797,"toc":1804},[1798,1801],[11,1799,1800],{},"最小跳动点是合约获准变动的最小价格增量。",[11,1802,1803],{},"它决定了价格变动的精细程度，并结合乘数或合约规模，决定一个跳动点的金额价值。标准的股票指数期货的最小跳动点为 0.25 个指数点。",{"title":25,"searchDepth":26,"depth":26,"links":1805},[],{},"\u002Fglossary\u002Ftick-size",[1211,340,719],{"description":1800},"glossary\u002Ftick-size","最小跳动点","_z3HVvLw45CJmQi3zrrGFaLBdwYMzr8a4X_0FiHVm4w",{"id":1814,"title":1815,"body":1816,"description":1820,"extension":28,"meta":1831,"navigation":30,"path":1832,"related":1833,"seo":1834,"sourceName":573,"sourceUrl":574,"stem":1835,"term":1836,"theme":121,"__hash__":1837},"glossary\u002Fglossary\u002Ftick-value.md","Tick Value",{"type":8,"value":1817,"toc":1829},[1818,1821,1824],[11,1819,1820],{},"跳动点价值是指在一张合约上，价格变动一个跳动点所对应的金额。",[11,1822,1823],{},"它让你能够直接把价格变动换算成赚取或亏损的金额。对于标准的股票指数期货，0.25 点的跳动点价值为 12.50 美元。",[11,1825,1826,1828],{},[20,1827,22],{}," 跳动点价值 = 最小跳动点 × 乘数（或 × 合约规模）",{"title":25,"searchDepth":26,"depth":26,"links":1830},[],{},"\u002Fglossary\u002Ftick-value",[342,340,719],{"description":1820},"glossary\u002Ftick-value","跳动点价值","g9wrtXV2kYVKSz5N9789UtCiAuG4-LOb-kgRDjDYIb4",{"id":1839,"title":1840,"body":1841,"description":1845,"extension":28,"meta":1851,"navigation":30,"path":1852,"related":1853,"seo":1854,"sourceName":1762,"sourceUrl":1741,"stem":1855,"term":1856,"theme":176,"__hash__":1857},"glossary\u002Fglossary\u002Ftrailing-stop.md","Trailing Stop",{"type":8,"value":1842,"toc":1849},[1843,1846],[11,1844,1845],{},"追踪止损是一种止损单，会以设定的距离跟随对你有利的价格变动，随着交易朝你有利的方向发展而锁定获利。",[11,1847,1848],{},"它只会朝获利方向移动，绝不会退回到进场点。它让获利的仓位持续发展，同时保护已累积的利润。",{"title":25,"searchDepth":26,"depth":26,"links":1850},[],{},"\u002Fglossary\u002Ftrailing-stop",[88,889,243],{"description":1845},"glossary\u002Ftrailing-stop","追踪止损","WTK6x5T45Y3NaLF_WTWrwaS8FwdIg-RE4Tm-Pcy2u5c",{"id":1859,"title":1860,"body":1861,"description":1865,"extension":28,"meta":1876,"navigation":30,"path":1877,"related":1878,"seo":1880,"sourceName":66,"sourceUrl":67,"stem":1881,"term":1882,"theme":41,"__hash__":1883},"glossary\u002Fglossary\u002Ftrue-range.md","True Range",{"type":8,"value":1862,"toc":1874},[1863,1866,1869],[11,1864,1865],{},"真实区间是某根 K 线三段区间中的最大值：最高价减最低价、最高价减前一收盘价的绝对值，以及前一收盘价减最低价的绝对值。",[11,1867,1868],{},"它能捕捉包含跳空在内的完整变动，而单纯的最高价减最低价区间会遗漏这部分。将数根 K 线的真实区间取平均，即可得出 ATR。",[11,1870,1871,1873],{},[20,1872,22],{}," TR = max(最高价 − 最低价, |最高价 − 前一收盘价|, |前一收盘价 − 最低价|)",{"title":25,"searchDepth":26,"depth":26,"links":1875},[],{},"\u002Fglossary\u002Ftrue-range",[1879,33],"Average True Range (ATR)",{"description":1865},"glossary\u002Ftrue-range","真实区间","na7lxFzsVF8Wh04Sc58ttimgR1223vBhNu3uD0VYyHg",{"id":1885,"title":35,"body":1886,"description":1890,"extension":28,"meta":1901,"navigation":30,"path":1902,"related":1903,"seo":1905,"sourceName":1695,"sourceUrl":1696,"stem":1906,"term":1907,"theme":41,"__hash__":1908},"glossary\u002Fglossary\u002Fvariance.md",{"type":8,"value":1887,"toc":1899},[1888,1891,1894],[11,1889,1890],{},"方差是各数值与其平均数之差的平方的平均值，而标准差则是方差的平方根。",[11,1892,1893],{},"具有跨独立期间可加性的是方差，而非标准差，这正是波动率随时间的平方根缩放、而非随时间本身缩放的原因。",[11,1895,1896,1898],{},[20,1897,22],{}," 标准差 = 方差的平方根",{"title":25,"searchDepth":26,"depth":26,"links":1900},[],{},"\u002Fglossary\u002Fvariance",[34,33,1904],"Annualized volatility",{"description":1890},"glossary\u002Fvariance","方差","Slyn8VfLB7kpnZIYBcFYkG0e_sVGl5-9OZqZVE5QvXU",{"id":1910,"title":33,"body":1911,"description":1915,"extension":28,"meta":1921,"navigation":30,"path":1922,"related":1923,"seo":1924,"sourceName":1925,"sourceUrl":1926,"stem":1927,"term":1928,"theme":41,"__hash__":1929},"glossary\u002Fglossary\u002Fvolatility.md",{"type":8,"value":1912,"toc":1919},[1913,1916],[11,1914,1915],{},"波动率是指一项金融工具的价格随时间上下移动的幅度，无论方向为何。",[11,1917,1918],{},"它并不说明价格会朝哪个方向走，只说明波动幅度倾向于有多大。波动率越高，代表结果的范围越广，这正是它应当决定止损距离与仓位规模的原因。",{"title":25,"searchDepth":26,"depth":26,"links":1920},[],{},"\u002Fglossary\u002Fvolatility",[34,1879,1904,525],{"description":1915},"FINRA: Volatility","https:\u002F\u002Fwww.finra.org\u002Finvestors\u002Finvesting\u002Finvesting-basics\u002Fvolatility","glossary\u002Fvolatility","波动率","fq1u3KvIEx8FW5-V_a5KUTVednGNoC88GUEC3yqqvP8",{"id":1931,"title":1932,"body":1933,"description":1937,"extension":28,"meta":1948,"navigation":30,"path":1949,"related":1950,"seo":1951,"sourceName":1458,"sourceUrl":1459,"stem":1952,"term":1953,"theme":95,"__hash__":1954},"glossary\u002Fglossary\u002Fwin-rate.md","Win Rate",{"type":8,"value":1934,"toc":1946},[1935,1938,1941],[11,1936,1937],{},"胜率是以获利收场的交易所占的百分比。",[11,1939,1940],{},"单看胜率本身完全说明不了获利能力，因为它忽略了获利与亏损的大小。高胜率若搭配糟糕的赔率，仍然可能是一套亏损的系统。",[11,1942,1943,1945],{},[20,1944,22],{}," 70% 的胜率搭配 1:3 的赔率，得出 (0.7x1) - (0.3x3) = -0.2R",{"title":25,"searchDepth":26,"depth":26,"links":1947},[],{},"\u002Fglossary\u002Fwin-rate",[494,523,524],{"description":1937},"glossary\u002Fwin-rate","胜率","wqGw7qIb_sIZ_kmsL4w67xLRxuXEF-qIwul3z7y7Xm0",1786956033539]