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Welles Wilder Jr. 於 1978 年提出，能捕捉包含隔夜跳空在內的真實區間，並以該商品自身的價格單位報價，因此可以直接套用於止損與倉位規模的計算。ATR 僅衡量波動率，不提供任何方向性訊號。",[11,55,56,58],{},[20,57,22],{}," ATR 是真實區間的平滑平均值，通常取 14 個週期",{"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","平均真實區間 (ATR)","CYCYu2x1WsQ5twwzK9pZAWMFyidgEgO2XvrdcLCT5FU",{"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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Regulation","https:\u002F\u002Fwww.finra.org\u002Frules-guidance\u002Fkey-topics\u002Fmargin-accounts","glossary\u002Finitial-margin","初始保證金","ZpUssJoi5Z7pty-7KGDmMj1rb4yiZdhoAaLiYYpyyJY",{"id":798,"title":799,"body":800,"description":804,"extension":28,"meta":810,"navigation":30,"path":811,"related":812,"seo":815,"sourceName":816,"sourceUrl":817,"stem":818,"term":819,"theme":397,"__hash__":820},"glossary\u002Fglossary\u002Fisolated-margin.md","Isolated Margin",{"type":8,"value":801,"toc":808},[802,805],[11,803,804],{},"逐倉是為單一倉位分配固定金額的保證金，因此該倉位最多只會損失所分配的這筆保證金。",[11,806,807],{},"它把風險限縮在單一交易之內，而非牽連整個帳戶。為逐倉倉位增加保證金，會使其強制平倉價進一步拉遠。",{"title":25,"searchDepth":26,"depth":26,"links":809},[],{},"\u002Fglossary\u002Fisolated-margin",[813,392,814],"Cross margin","Liquidation price",{"description":804},"CME Group Education: Margin — Know What's 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Kelly Jr. 於 1956 年發表，在成長與破產風險之間取得平衡。完整凱利非常激進，因此大多數交易者只採用它的一個分數。",[11,832,833,835],{},[20,834,22],{}," 交易形式：Kelly % = W - (1 - W) \u002F R，其中 W 為勝率，R 為報酬風險比",{"title":25,"searchDepth":26,"depth":26,"links":837},[],{},"\u002Fglossary\u002Fkelly-criterion",[604,494,244],{"description":827},"J. L. 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Order","https:\u002F\u002Fwww.investor.gov\u002Fintroduction-investing\u002Finvesting-basics\u002Fglossary\u002Fmarket-order","glossary\u002Fmarket-order","市價單","Jji0yzGc57Ttmd6BObSuutuNxWl3wMfTWTOCu7g2f5w",{"id":1149,"title":87,"body":1150,"description":1154,"extension":28,"meta":1160,"navigation":30,"path":1161,"related":1162,"seo":1165,"sourceName":1166,"sourceUrl":1167,"stem":1168,"term":1169,"theme":95,"__hash__":1170},"glossary\u002Fglossary\u002Fmartingale.md",{"type":8,"value":1151,"toc":1158},[1152,1155],[11,1153,1154],{},"馬丁格爾策略是一種下注方式，在每次虧損後將注碼加倍，企圖以一次獲勝收回全部損失，而它最終傾向於走向破產。",[11,1156,1157],{},"它恰好在你最錯的時候把風險敞口推到最大，因此一段長時間的連續虧損就足以使帳戶破產。為了拉低平均價格而不斷向虧損倉位加碼，就是同一個錯誤在交易上常見的版本。",{"title":25,"searchDepth":26,"depth":26,"links":1159},[],{},"\u002Fglossary\u002Fmartingale",[1163,244,1164],"Averaging down","Fixed-fractional position sizing",{"description":1154},"Grinstead and Snell, Introduction to Probability (American Mathematical 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Drawdown",{"type":8,"value":1175,"toc":1182},[1176,1179],[11,1177,1178],{},"最大回撤是指帳戶淨值在一段期間內，由高峰到低谷的最大百分比跌幅。",[11,1180,1181],{},"它是衡量一項策略在最壞情況下痛苦程度、以及其存活能力的最佳單一指標。最大回撤較小的策略，一般而言較容易長期持有下去。",{"title":25,"searchDepth":26,"depth":26,"links":1183},[],{},"\u002Fglossary\u002Fmaximum-drawdown",[243,443,89],{"description":1178},"glossary\u002Fmaximum-drawdown","最大回撤","78p2IiWSR8PbgK44xeq0jEhUZfUZjSghYOG5tj5VyLM",{"id":1192,"title":340,"body":1193,"description":1197,"extension":28,"meta":1208,"navigation":30,"path":1209,"related":1210,"seo":1212,"sourceName":573,"sourceUrl":574,"stem":1213,"term":1214,"theme":121,"__hash__":1215},"glossary\u002Fglossary\u002Fmultiplier.md",{"type":8,"value":1194,"toc":1206},[1195,1198,1201],[11,1196,1197],{},"乘數是金融期貨合約中為每一個指數點所賦予的美元價值，用來取代實物數量。",[11,1199,1200],{},"標準的股票指數期貨採用 50 美元乘數，因此當指數為 5,000 時，一張合約代表 250,000 美元的敞口，而指數每變動一點的價值為 50 美元。",[11,1202,1203,1205],{},[20,1204,22],{}," 名義價值 = 指數點位 × 乘數",{"title":25,"searchDepth":26,"depth":26,"links":1207},[],{},"\u002Fglossary\u002Fmultiplier",[719,1211,341,270],"Tick value",{"description":1197},"glossary\u002Fmultiplier","乘數","m5-paOL3zo8wAhQ47JvpP2SLoaMv2iOIg1U0hhAP0Ig",{"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],{},"常態分布是一條對稱的鐘形機率曲線，常用於模擬報酬，其中大多數結果都集中在平均值附近。",[11,1225,1226],{},"它是一種有用的簡化，但真實的市場報酬具有更肥厚的尾部，意味著極端變動發生的頻率高於常態曲線的預測。切勿僅因為某些大幅變動在曲線上很罕見，就認定它們不可能發生。",{"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","常態分布","kgv8ukEYrS0ER41kdRcMDFCLuU4bVjeHRcXiq53WMig",{"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],{},"名義價值是你所控制倉位的完整規模，對線性合約而言，計算方式為數量乘以價格。",[11,1247,1248],{},"它代表合約帶給你的風險敞口，在槓桿下遠大於所投入的保證金。資金費用與許多費用都按名義價值計收，而非按你的保證金計收。",[11,1250,1251,1253],{},[20,1252,22],{}," 名義價值 = 數量 × 價格。1 單位以 $60,000 計為 $60,000 名義價值",{"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","名義價值","md-LHHv5nooM5oXsBO_dhlikCFlhKv1rluRkrV1lO4o",{"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],{},"名義價值是一個倉位的完整市場價值，而風險僅是止損被觸發時所損失的金額；兩者並不相同。",[11,1275,1276],{},"一個 $10,000 的倉位，若止損設在 5% 之外，其名義價值為 $10,000，但風險僅有 $500。務必以風險、而非名義價值來計算倉位規模，才不會被槓桿誤導。",[11,1278,1279,1281],{},[20,1280,22],{}," 風險 = 止損距離 × 倉位規模，而非完整的名義價值",{"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","名義價值與風險","HzbR-9lz2bmquUbKA8KWHgO1UIFC1GDxxgXXzKIyfuI",{"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],{},"未平倉量是指目前仍然持有、尚未平倉或結算的衍生工具合約總數。",[11,1302,1303],{},"它衡量投入某一合約的資金規模，並與成交量一同反映市場參與程度與流動性。未平倉量上升，意味著有新的倉位正在建立。",{"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","未平倉量","EHXgQ0iog6kO3BnjaQLxv05LIjJPZTUrrwvKcK9pPEI",{"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],{},"永續合約，又稱永續掉期（perpetual swap），是一種沒有到期日的期貨型合約，因此可以無限期持有。",[11,1324,1325],{},"由於沒有到期日將其價格拉向現貨，它透過資金費率與標記價格機制，使自身價格錨定於相關資產。永續合約是加密貨幣衍生工具中的主流工具。",{"title":25,"searchDepth":26,"depth":26,"links":1327},[],{},"\u002Fglossary\u002Fperpetual-contract",[115,169,674,675,343,344],{"description":1322},"glossary\u002Fperpetual-contract","永續合約","X3BgN7TpUXJekvaJKbfEe2Cvvv5aHaU3-OsvPBFqsYM",{"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],{},"實物交割是指透過交付實際的標的資產來了結合約，例如若干金衡盎司的黃金。",[11,1344,1345],{},"持有實物交割合約的投機者，必須在交割前平倉或轉倉，以免收到該商品實物。這在商品期貨中相當常見。",{"title":25,"searchDepth":26,"depth":26,"links":1347},[],{},"\u002Fglossary\u002Fphysical-settlement",[571,719,115,343,344],{"description":1342},"CFTC Glossary: Delivery","glossary\u002Fphysical-settlement","實物交割","CQRp-ih0sNv1Fma3HUfTXayHKBrq-a8jgSOTYLR9VBk",{"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],{},"組合風險敞口是同時涵蓋所有未平倉位的總風險，而不僅是任何單一交易的風險。",[11,1365,1366],{},"六個互不相關的倉位各承擔 1% 風險，合計就讓帳戶的 6% 一同暴露於風險之中；而相關性高的倉位在單一波動中全部觸及止損的可能性要高得多，因此這 6% 有可能一次全部虧掉。審慎的交易者會在單筆風險上限之外，再為總未平倉風險設定上限（通常為 3% 到 6%）。",[11,1368,1369,1371],{},[20,1370,22],{}," 8 筆相關性高的 1% 交易可能在單一波動中虧損 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","組合風險敞口","oQOrH-_8xWFNwuMOsKX_H2HC9hBES8jZx_-BiVdvv0o",{"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],{},"倉位規模公式將以金額計算的風險與止損距離換算成交易數量：規模等於風險除以止損距離。",[11,1393,1394],{},"較寬的止損會迫使倉位縮小，較窄的止損則容許較大的倉位，而以金額計算的風險維持不變。市場結構決定止損距離，而止損距離決定倉位規模。",[11,1396,1397,1399],{},[20,1398,22],{}," 倉位規模 = 帳戶風險 ÷ 止損距離。風險 $400，止損距離 $2，得出 200 單位",{"title":25,"searchDepth":26,"depth":26,"links":1401},[],{},"\u002Fglossary\u002Fposition-size-formula",[595,88,1377],{"description":1391},"glossary\u002Fposition-size-formula","倉位規模公式","VmbHodtXxV0ZT29IpJ9qTwp7d9aH_tBassjC9wmzx_k",{"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],{},"倉位規模是指從固定的金額風險反推，來決定要交易多少單位，而非憑感覺挑選一個數量。",[11,1418,1419],{},"你先選定自己願意承受的虧損，再讓止損的距離決定倉位規模。如此一來，無論交易哪一種商品，任何一筆交易的虧損都能維持在一個已知且一致的金額。",[11,1421,1422,1424],{},[20,1423,22],{}," 倉位規模（單位）= 以金額計算的帳戶風險 ÷ 每單位的止損距離",{"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","倉位規模","hZpkeRapCyMDztPTUpz3xEKBkrmWHT-vfoi_dtcIuY4",{"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 倍數是將一筆交易的結果，表達為所承擔風險金額的倍數，其中 1R 即為初始風險。",[11,1445,1446],{},"一筆賺得風險三倍的獲利交易就是 +3R，而完整觸及止損出場則是 -1R。以 R 來思考，能把結果與美元金額脫鉤，讓你在同一個尺度上比較不同的交易與策略。",[11,1448,1449,1451],{},[20,1450,22],{}," 若風險為 $200，$600 的獲利就是 +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 倍數","QncwUR09z_CvFrEzqSkqJR5J5S287a8ZIPFfblFy7kw",{"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],{},"風險管理是一種紀律，指的是預先決定你在單筆交易以及一連串交易中最多可以損失多少，好讓任何單一虧損或連續虧損都無法終結你的帳戶。",[11,1472,1473],{},"它是交易中你能完全掌控的部分：你無法控制一筆交易是否獲利，但你始終能控制它在虧損時讓你付出多少代價。穩健的風險管理，正是讓一項微小的統計優勢能夠在多筆交易中複利累積，而不至於被一次糟糕的連敗一舉抹去。",{"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","風險管理","tW3swK_dD-RfjBOJ1uqK1l27hgc2OzvOIcH4AwHrXSA",{"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],{},"破產風險是指在策略的優勢尚未發揮之前，一連串虧損就將帳戶耗損至無法使用的水準之下的機率。",[11,1494,1495],{},"即使是有利可圖的策略也會遇到連續虧損；問題在於倉位規模能否讓你撐過這些虧損。較小的單筆風險會將破產風險推向零。",{"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","破產風險","9Q7ki_cR19vkL4wfr2zG4SONgDiwQVA6NWknUB79VHQ",{"id":1508,"title":1509,"body":1510,"description":1514,"extension":28,"meta":1525,"navigation":30,"path":1526,"related":1527,"seo":1528,"sourceName":1431,"sourceUrl":1432,"stem":1529,"term":1530,"theme":250,"__hash__":1531},"glossary\u002Fglossary\u002Frisk-per-trade.md","Risk Per Trade",{"type":8,"value":1511,"toc":1523},[1512,1515,1518],[11,1513,1514],{},"單筆風險是指當一筆交易觸及其止損時，你將損失的帳戶淨值金額，通常設定為一個固定的小百分比。",[11,1516,1517],{},"它是該筆交易的虧損，而非整個倉位的價值。將其維持在較小水平（常見為 1%）意味著即使經歷一段長時間的連續虧損，也只會損耗帳戶中一個不大的比例。",[11,1519,1520,1522],{},[20,1521,22],{}," $25,000 帳戶的 1% 即為每筆交易 $250 的風險",{"title":25,"searchDepth":26,"depth":26,"links":1524},[],{},"\u002Fglossary\u002Frisk-per-trade",[594,595,1259],{"description":1514},"glossary\u002Frisk-per-trade","單筆風險","FREYJgwolkmhg3jZiQ3D9Wiw_aLM2eyYS_C4tv6eTiw",{"id":1533,"title":1534,"body":1535,"description":1539,"extension":28,"meta":1550,"navigation":30,"path":1551,"related":1552,"seo":1553,"sourceName":1458,"sourceUrl":1459,"stem":1554,"term":1555,"theme":95,"__hash__":1556},"glossary\u002Fglossary\u002Frisk-reward-ratio.md","Risk Reward Ratio",{"type":8,"value":1536,"toc":1548},[1537,1540,1543],[11,1538,1539],{},"風險報酬比是比較「到獲利目標的距離」與「到止損的距離」，例如冒 1 的風險去賺取 3。",[11,1541,1542],{},"它決定了獲利相對於虧損的大小。勝率與風險報酬彼此之間存在取捨，唯有期望值能把兩者結合，對一套系統是否能獲利做出定論。",[11,1544,1545,1547],{},[20,1546,22],{}," 冒 $200 的風險去賺取 $600，就是 3:1 的報酬風險比",{"title":25,"searchDepth":26,"depth":26,"links":1549},[],{},"\u002Fglossary\u002Frisk-reward-ratio",[524,494,496],{"description":1539},"glossary\u002Frisk-reward-ratio","風險報酬比","CLtYtGD8odBqAkJx4G4eMev0OG4n9zGOSe2UHqQLLhs",{"id":1558,"title":570,"body":1559,"description":1563,"extension":28,"meta":1569,"navigation":30,"path":1570,"related":1571,"seo":1572,"sourceName":1573,"sourceUrl":1574,"stem":1575,"term":1576,"theme":121,"__hash__":1577},"glossary\u002Fglossary\u002Froll.md",{"type":8,"value":1560,"toc":1567},[1561,1564],[11,1562,1563],{},"轉倉是平掉一個接近到期的期貨倉位，並在一個較晚到期的合約中重新開倉，以維持風險敞口。",[11,1565,1566],{},"投機者轉倉是為了避開到期以及任何交割義務。兩份合約之間的價差（即跨期價差）會影響轉倉的成本。",{"title":25,"searchDepth":26,"depth":26,"links":1568},[],{},"\u002Fglossary\u002Froll",[556,114,115],{"description":1563},"CME Group: Rolling an Equity Position Using Spreads","https:\u002F\u002Fwww.cmegroup.com\u002Feducation\u002Fcourses\u002Funderstanding-futures-spreads\u002Frolling-an-equity-position-using-spreads.html","glossary\u002Froll","轉倉","BlUHQ1lYYhD_QChQ2vq27KWO2DAor8kQmlMjBMveSZA",{"id":1579,"title":1580,"body":1581,"description":1585,"extension":28,"meta":1596,"navigation":30,"path":1597,"related":1598,"seo":1599,"sourceName":1600,"sourceUrl":1601,"stem":1602,"term":1603,"theme":41,"__hash__":1604},"glossary\u002Fglossary\u002Fsharpe-ratio.md","Sharpe Ratio",{"type":8,"value":1582,"toc":1594},[1583,1586,1589],[11,1584,1585],{},"夏普比率衡量每承擔一單位風險所賺取的報酬，計算方式為超額報酬除以報酬的標準差。",[11,1587,1588],{},"夏普比率越高，代表在所承擔的波動率下獲得越多報酬。它讓你能以風險調整後的基準比較不同策略，而不僅僅是比較原始報酬。",[11,1590,1591,1593],{},[20,1592,22],{}," 夏普比率 =（報酬 − 無風險利率）÷ 報酬的標準差",{"title":25,"searchDepth":26,"depth":26,"links":1595},[],{},"\u002Fglossary\u002Fsharpe-ratio",[34,33,494],{"description":1585},"William F. Sharpe, Stanford University: The Sharpe Ratio","https:\u002F\u002Fweb.stanford.edu\u002F~wfsharpe\u002Fart\u002Fsr\u002Fsr.htm","glossary\u002Fsharpe-ratio","夏普比率","sWZlZp9QeBbDgOt_hbJEJC5110yY3swZXSYtqCN0Wfs",{"id":1606,"title":1607,"body":1608,"description":1612,"extension":28,"meta":1618,"navigation":30,"path":1619,"related":1620,"seo":1622,"sourceName":1623,"sourceUrl":1624,"stem":1625,"term":1626,"theme":176,"__hash__":1627},"glossary\u002Fglossary\u002Fshort-selling.md","Short Selling",{"type":8,"value":1609,"toc":1616},[1610,1613],[11,1611,1612],{},"賣空是建立一個在價格下跌時獲利的倉位，做法是先賣出、之後再買回。",[11,1614,1615],{},"在衍生工具中，你只需賣出開倉即可做空，無需事先持有該資產。做空是期貨與永續合約的主要吸引力之一。",{"title":25,"searchDepth":26,"depth":26,"links":1617},[],{},"\u002Fglossary\u002Fshort-selling",[1621,401,368],"Long position",{"description":1612},"U.S. SEC (Investor.gov): Short Sales","https:\u002F\u002Fwww.investor.gov\u002Fintroduction-investing\u002Finvesting-basics\u002Fglossary\u002Fshort-sales-0","glossary\u002Fshort-selling","賣空","LV1tY-jayCVAwtnuxoDon7WB5k5SqSBOgv8SsPXrOfs",{"id":1629,"title":194,"body":1630,"description":1634,"extension":28,"meta":1640,"navigation":30,"path":1641,"related":1642,"seo":1643,"sourceName":1644,"sourceUrl":1645,"stem":1646,"term":1647,"theme":176,"__hash__":1648},"glossary\u002Fglossary\u002Fslippage.md",{"type":8,"value":1631,"toc":1638},[1632,1635],[11,1633,1634],{},"滑價是你預期的價格與實際成交價格之間的差異。",[11,1636,1637],{},"在走勢快速、出現跳空或交投清淡的市場中，滑價會擴大，這也是止損無法保證成交價格的原因。在計算倉位規模時預留一點滑價空間，可以避免既定的虧損在不知不覺中擴大。",{"title":25,"searchDepth":26,"depth":26,"links":1639},[],{},"\u002Fglossary\u002Fslippage",[890,196,88],{"description":1634},"U.S. SEC Staff Statement: definition of price 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","滑價","xzHToPTl17pwpi8XwGskDeqGNGtnYClOrXRZFMv1mRk",{"id":1650,"title":1651,"body":1652,"description":1656,"extension":28,"meta":1662,"navigation":30,"path":1663,"related":1664,"seo":1665,"sourceName":1666,"sourceUrl":1667,"stem":1668,"term":1669,"theme":121,"__hash__":1670},"glossary\u002Fglossary\u002Fspot-market.md","Spot Market",{"type":8,"value":1653,"toc":1660},[1654,1657],[11,1655,1656],{},"現貨市場是即時交割的市場，你當下支付當前價格，並當下擁有實際資產。",[11,1658,1659],{},"盈虧就是你所持有資產的價格變動，而多方最多只會虧損所支付的金額。現貨是直接持有資產，與衍生工具不同。",{"title":25,"searchDepth":26,"depth":26,"links":1661},[],{},"\u002Fglossary\u002Fspot-market",[401,115,571],{"description":1656},"CFTC Glossary: Spot","https:\u002F\u002Fwww.cftc.gov\u002FLearnAndProtect\u002FEducationCenter\u002FCFTCGlossary\u002Fglossary_s.html","glossary\u002Fspot-market","現貨市場","009zssZoEMcwwxAVD4e4Ce3Hkmx5kNXAnDqUjyl0NLM",{"id":1672,"title":1673,"body":1674,"description":1678,"extension":28,"meta":1689,"navigation":30,"path":1690,"related":1691,"seo":1693,"sourceName":1694,"sourceUrl":1695,"stem":1696,"term":1697,"theme":41,"__hash__":1698},"glossary\u002Fglossary\u002Fstandard-deviation.md","Standard Deviation",{"type":8,"value":1675,"toc":1687},[1676,1679,1682],[11,1677,1678],{},"標準差是一種統計量度，用以衡量各數值圍繞其平均數分散的程度，在金融領域中，它是波動率的經典衡量指標。",[11,1680,1681],{},"報酬的標準差越高，代表波動幅度越大、越難以預測。它是變異數的平方根，並以與報酬相同的單位表示。",[11,1683,1684,1686],{},[20,1685,22],{}," 波動率就是報酬的標準差",{"title":25,"searchDepth":26,"depth":26,"links":1688},[],{},"\u002Fglossary\u002Fstandard-deviation",[35,33,1692],"Normal distribution",{"description":1678},"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","標準差","VZrBbmX-oxVppaQvMhyubkuZui-OnznFIGGhW8276hc",{"id":1700,"title":1701,"body":1702,"description":1706,"extension":28,"meta":1712,"navigation":30,"path":1713,"related":1714,"seo":1715,"sourceName":1716,"sourceUrl":1717,"stem":1718,"term":1719,"theme":176,"__hash__":1720},"glossary\u002Fglossary\u002Fstock-index.md","Stock Index",{"type":8,"value":1703,"toc":1710},[1704,1707],[11,1705,1706],{},"股票指數是一個追蹤特定一籃子股票整體價值的數字，例如涵蓋 500 家大型企業的廣泛市場。",[11,1708,1709],{},"它是現金結算期貨常見的標的，也是可交易市場的標準通用範例。你無法直接持有指數，只能持有追蹤該指數的工具。",{"title":25,"searchDepth":26,"depth":26,"links":1711},[],{},"\u002Fglossary\u002Fstock-index",[571,340,115],{"description":1706},"U.S. SEC Investor.gov: Market Index","https:\u002F\u002Fwww.investor.gov\u002Fintroduction-investing\u002Finvesting-basics\u002Fglossary\u002Fmarket-index","glossary\u002Fstock-index","股票指數","Iy9NrFqt_QTqp6G96pYJIkAVT0__zzd9nvXMOqj4CNs",{"id":1722,"title":1723,"body":1724,"description":1728,"extension":28,"meta":1734,"navigation":30,"path":1735,"related":1736,"seo":1738,"sourceName":1739,"sourceUrl":1740,"stem":1741,"term":1742,"theme":250,"__hash__":1743},"glossary\u002Fglossary\u002Fstop-loss.md","Stop Loss",{"type":8,"value":1725,"toc":1732},[1726,1729],[11,1727,1728],{},"止損是一種預先規劃的離場委託，一旦價格觸及設定的水平便將交易平倉，藉此限制虧損。",[11,1730,1731],{},"它把預期中的風險轉化為實際可控的風險，並在進場之前就為倉位設定一個已知的最大虧損。止損是一項離場指令，而非成交價格的保證：在快速波動或出現跳空的市場中，實際成交價可能比止損水平更差。",{"title":25,"searchDepth":26,"depth":26,"links":1733},[],{},"\u002Fglossary\u002Fstop-loss",[595,889,1737,194],"Trailing stop",{"description":1728},"U.S. SEC Investor Bulletin: Stop, Stop-Limit, and Trailing Stop Orders","https:\u002F\u002Fwww.investor.gov\u002Fintroduction-investing\u002Fgeneral-resources\u002Fnews-alerts\u002Falerts-bulletins\u002Finvestor-bulletins-15","glossary\u002Fstop-loss","止損","7mBYcUFDFki1xStX5vsWGWb33O3XsOmI00ea3Dc6MJw",{"id":1745,"title":1746,"body":1747,"description":1751,"extension":28,"meta":1757,"navigation":30,"path":1758,"related":1759,"seo":1760,"sourceName":1761,"sourceUrl":1740,"stem":1762,"term":1763,"theme":176,"__hash__":1764},"glossary\u002Fglossary\u002Fstop-order.md","Stop Order",{"type":8,"value":1748,"toc":1755},[1749,1752],[11,1750,1751],{},"止損單一旦價格觸及所設定的觸發價位，便會轉為市價單，這也是止損背後的運作機制。",[11,1753,1754],{},"由於它會轉為市價單，在行情快速變動或出現跳空的市場中，成交價可能比觸發價位更差。它可用於限制虧損，或在價格突破時進場。",{"title":25,"searchDepth":26,"depth":26,"links":1756},[],{},"\u002Fglossary\u002Fstop-order",[88,1737,194],{"description":1751},"U.S. SEC: Investor Bulletin — Stop, Stop-Limit, and Trailing Stop Orders","glossary\u002Fstop-order","止損單","AiqzzdY72vr8nnpfdyO48ZdcjoirzOxnoOrz32mpTvU",{"id":1766,"title":1767,"body":1768,"description":1772,"extension":28,"meta":1783,"navigation":30,"path":1784,"related":1785,"seo":1786,"sourceName":1787,"sourceUrl":1788,"stem":1789,"term":1790,"theme":250,"__hash__":1791},"glossary\u002Fglossary\u002Fthe-1-percent-rule.md","The 1 Percent Rule",{"type":8,"value":1769,"toc":1781},[1770,1773,1776],[11,1771,1772],{},"1% 法則是一項準則，指在任何單一交易中所承擔的風險，不應超過帳戶總淨值的約 1%。",[11,1774,1775],{},"有些交易者最高會採用 2%。重點是生存：在 1% 之下，連續十次虧損大約只損耗帳戶的 10%，這是可以回復的；而過大的單筆風險則可能是致命的。",[11,1777,1778,1780],{},[20,1779,22],{}," 十次 1% 的虧損後，帳戶約剩下 0.99^10 = 90.4%",{"title":25,"searchDepth":26,"depth":26,"links":1782},[],{},"\u002Fglossary\u002Fthe-1-percent-rule",[1377,595,244],{"description":1772},"Corporate Finance Institute: What Is Day Trading? (Risk Management Essentials)","https:\u002F\u002Fcorporatefinanceinstitute.com\u002Fresources\u002Fcareer\u002Fday-trader\u002F","glossary\u002Fthe-1-percent-rule","1% 法則","lA9d8NAq-POlIH96juFPzqhGQKeY32AGTJKNUhdCy-I",{"id":1793,"title":1794,"body":1795,"description":1799,"extension":28,"meta":1805,"navigation":30,"path":1806,"related":1807,"seo":1808,"sourceName":573,"sourceUrl":574,"stem":1809,"term":1810,"theme":121,"__hash__":1811},"glossary\u002Fglossary\u002Ftick-size.md","Tick Size",{"type":8,"value":1796,"toc":1803},[1797,1800],[11,1798,1799],{},"最小跳動點是合約獲准變動的最小價格增量。",[11,1801,1802],{},"它決定了價格變動的精細程度，並結合乘數或合約規模，決定一個跳動點的金額價值。標準的股票指數期貨的最小跳動點為 0.25 個指數點。",{"title":25,"searchDepth":26,"depth":26,"links":1804},[],{},"\u002Fglossary\u002Ftick-size",[1211,340,719],{"description":1799},"glossary\u002Ftick-size","最小跳動點","6MmJPdUPIXDnJFiNFTULJX1gTy6R73W8CnTHL1u5jQ4",{"id":1813,"title":1814,"body":1815,"description":1819,"extension":28,"meta":1830,"navigation":30,"path":1831,"related":1832,"seo":1833,"sourceName":573,"sourceUrl":574,"stem":1834,"term":1835,"theme":121,"__hash__":1836},"glossary\u002Fglossary\u002Ftick-value.md","Tick Value",{"type":8,"value":1816,"toc":1828},[1817,1820,1823],[11,1818,1819],{},"跳動點價值是指在一張合約上，價格變動一個跳動點所對應的金額。",[11,1821,1822],{},"它讓你能夠直接把價格變動換算成賺取或虧損的金額。對於標準的股票指數期貨，0.25 點的跳動點價值為 12.50 美元。",[11,1824,1825,1827],{},[20,1826,22],{}," 跳動點價值 = 最小跳動點 × 乘數（或 × 合約規模）",{"title":25,"searchDepth":26,"depth":26,"links":1829},[],{},"\u002Fglossary\u002Ftick-value",[342,340,719],{"description":1819},"glossary\u002Ftick-value","跳動點價值","4LLTbEp2uWkm95WIbxFlQajUsEXVYqhRWiLnIW9sUNo",{"id":1838,"title":1839,"body":1840,"description":1844,"extension":28,"meta":1850,"navigation":30,"path":1851,"related":1852,"seo":1853,"sourceName":1761,"sourceUrl":1740,"stem":1854,"term":1855,"theme":176,"__hash__":1856},"glossary\u002Fglossary\u002Ftrailing-stop.md","Trailing Stop",{"type":8,"value":1841,"toc":1848},[1842,1845],[11,1843,1844],{},"追蹤止損是一種止損單，會以設定的距離跟隨對你有利的價格變動，隨著交易朝你有利的方向發展而鎖定獲利。",[11,1846,1847],{},"它只會朝獲利方向移動，絕不會退回到進場點。它讓獲利的倉位持續發展，同時保護已累積的利潤。",{"title":25,"searchDepth":26,"depth":26,"links":1849},[],{},"\u002Fglossary\u002Ftrailing-stop",[88,889,243],{"description":1844},"glossary\u002Ftrailing-stop","追蹤止損","8pGDItVLj3Fzw9aSbLSTCevT09irVwZ77r9_R22oYIE",{"id":1858,"title":1859,"body":1860,"description":1864,"extension":28,"meta":1875,"navigation":30,"path":1876,"related":1877,"seo":1879,"sourceName":66,"sourceUrl":67,"stem":1880,"term":1881,"theme":41,"__hash__":1882},"glossary\u002Fglossary\u002Ftrue-range.md","True Range",{"type":8,"value":1861,"toc":1873},[1862,1865,1868],[11,1863,1864],{},"真實區間是某根 K 棒三段區間中的最大值：最高價減最低價、最高價減前一收盤價的絕對值，以及前一收盤價減最低價的絕對值。",[11,1866,1867],{},"它能捕捉包含跳空在內的完整變動，而單純的最高價減最低價區間會遺漏這部分。將數根 K 棒的真實區間取平均，即可得出 ATR。",[11,1869,1870,1872],{},[20,1871,22],{}," TR = max(最高價 − 最低價, |最高價 − 前一收盤價|, |前一收盤價 − 最低價|)",{"title":25,"searchDepth":26,"depth":26,"links":1874},[],{},"\u002Fglossary\u002Ftrue-range",[1878,33],"Average True Range (ATR)",{"description":1864},"glossary\u002Ftrue-range","真實區間","fQET01NZih8G8MTFWJRVLU9vs4YoZSzAZLbFSoqaq8c",{"id":1884,"title":35,"body":1885,"description":1889,"extension":28,"meta":1900,"navigation":30,"path":1901,"related":1902,"seo":1904,"sourceName":1694,"sourceUrl":1695,"stem":1905,"term":1906,"theme":41,"__hash__":1907},"glossary\u002Fglossary\u002Fvariance.md",{"type":8,"value":1886,"toc":1898},[1887,1890,1893],[11,1888,1889],{},"變異數是各數值與其平均數之差的平方的平均值，而標準差則是變異數的平方根。",[11,1891,1892],{},"具有跨獨立期間可加性的是變異數，而非標準差，這正是波動率隨時間的平方根縮放、而非隨時間本身縮放的原因。",[11,1894,1895,1897],{},[20,1896,22],{}," 標準差 = 變異數的平方根",{"title":25,"searchDepth":26,"depth":26,"links":1899},[],{},"\u002Fglossary\u002Fvariance",[34,33,1903],"Annualized volatility",{"description":1889},"glossary\u002Fvariance","變異數","0P_Qlw_yw1H98H2Cvs2H6pMgMhKAhnes84DQiofBBD8",{"id":1909,"title":33,"body":1910,"description":1914,"extension":28,"meta":1920,"navigation":30,"path":1921,"related":1922,"seo":1923,"sourceName":1924,"sourceUrl":1925,"stem":1926,"term":1927,"theme":41,"__hash__":1928},"glossary\u002Fglossary\u002Fvolatility.md",{"type":8,"value":1911,"toc":1918},[1912,1915],[11,1913,1914],{},"波動率是指一項金融工具的價格隨時間上下移動的幅度，無論方向為何。",[11,1916,1917],{},"它並不說明價格會朝哪個方向走，只說明波動幅度傾向於有多大。波動率越高，代表結果的範圍越廣，這正是它應當決定止損距離與倉位規模的原因。",{"title":25,"searchDepth":26,"depth":26,"links":1919},[],{},"\u002Fglossary\u002Fvolatility",[34,1878,1903,525],{"description":1914},"FINRA: Volatility","https:\u002F\u002Fwww.finra.org\u002Finvestors\u002Finvesting\u002Finvesting-basics\u002Fvolatility","glossary\u002Fvolatility","波動率","MewQVeG4lqR4gZUAWaIWlVc8gatOZetQoEBPNA0GMQs",{"id":1930,"title":1931,"body":1932,"description":1936,"extension":28,"meta":1947,"navigation":30,"path":1948,"related":1949,"seo":1950,"sourceName":1458,"sourceUrl":1459,"stem":1951,"term":1952,"theme":95,"__hash__":1953},"glossary\u002Fglossary\u002Fwin-rate.md","Win Rate",{"type":8,"value":1933,"toc":1945},[1934,1937,1940],[11,1935,1936],{},"勝率是以獲利收場的交易所佔的百分比。",[11,1938,1939],{},"單看勝率本身完全說明不了獲利能力，因為它忽略了獲利與虧損的大小。高勝率若搭配差勁的賠率，仍然可能是一套虧損的系統。",[11,1941,1942,1944],{},[20,1943,22],{}," 70% 的勝率搭配 1:3 的賠率，得出 (0.7x1) - (0.3x3) = -0.2R",{"title":25,"searchDepth":26,"depth":26,"links":1946},[],{},"\u002Fglossary\u002Fwin-rate",[494,523,524],{"description":1936},"glossary\u002Fwin-rate","勝率","Gw8J1F3BzHTjNkR2VJx-PZEoDkper_yApc2ZnnUwtY4",1786955980105]