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500 \u5168\u4f53\u306e\u5909\u52d5\u682a\u4fa1\u53ce\u76ca\u7387\u306f 30.78 \u500d\u306b\u9054\u3057\u3001\u3053\u308c\u306f\u53f2\u4e0a 86.7% \u306b\u76f8\u5f53\u3057\u307e\u3059\u3002\u9ad8\u3044\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306b\u3088\u308a\u3001\u4e8b\u524d\u306b\u4e88\u60f3\u3055\u308c\u3066\u3044\u305f\u4eca\u5f8c\u6570\u5e74\u9593\u306e\u696d\u7e3e\u306e\u4f38\u3073\u3092\u4e0a\u56de\u308a\u307e\u3057\u305f\u3002<\/li>\n<\/ol>\n<p><img decoding=\"async\" width=\"835\" height=\"710\" class=\"wp-image-9784\" src=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/04\/img_256-6.png\" alt=\"IMG_256\" srcset=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/04\/img_256-6.png 835w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/04\/img_256-6-300x255.png 300w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/04\/img_256-6-768x653.png 768w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/04\/img_256-6-14x12.png 14w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/04\/img_256-6-600x510.png 600w\" sizes=\"(max-width: 835px) 100vw, 835px\" \/><\/p>\n<p><a id=\"post-9781-heading_3\"><\/a><strong>\u5e02\u5834\u69cb\u9020\u306e\u7570\u8cea: \u30c1\u30c3\u30d7\u4ea4\u63db\u304b\u3089\u7570\u5e38\u306a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u307e\u3067<\/strong><\/p>\n<p>\u4eca\u56de\u306e\u7c73\u56fd\u682a\u306e\u6700\u9ad8\u5024\u66f4\u65b0\u306e\u6700\u3082\u6182\u616e\u3059\u3079\u304d\u7279\u5fb4\u306f\u3001\u5e02\u5834\u306e\u5e45\u304c\u6975\u7aef\u306b\u6b6a\u3093\u3067\u3044\u308b\u3053\u3068\u3068\u3001\u53d6\u5f15\u30b7\u30b0\u30ca\u30eb\u5168\u4f53\u304c\u7570\u5e38\u3067\u3042\u308b\u3053\u3068\u3060\u3002 Wmax \u30c1\u30fc\u30e0\u306f\u3001\u6700\u65b0\u306e\u5e02\u5834\u30c7\u30fc\u30bf\u3068\u30d0\u30f3\u30af\u30fb\u30aa\u30d6\u30fb\u30a2\u30e1\u30ea\u30ab\u30fb\u30b0\u30ed\u30fc\u30d0\u30eb\u30fb\u30ea\u30b5\u30fc\u30c1\u306e\u76f8\u4e92\u691c\u8a3c\u3092\u7d44\u307f\u5408\u308f\u305b\u3001\u73fe\u5728\u306e\u5e02\u5834\u304c\u5178\u578b\u7684\u306a\u300c\u30d0\u30d6\u30eb\u306e\u7d42\u308f\u308a\u300d\u306e\u7279\u5fb4\u7684\u306a\u6bb5\u968e\u306b\u3042\u308b\u3053\u3068\u3092\u767a\u898b\u3057\u307e\u3057\u305f\u3002\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u5e02\u5834\u306e\u72c2\u6c17\u306f\u3001\u611f\u60c5\u306e\u4e0d\u5408\u7406\u6027\u3092\u3055\u3089\u306b\u8a3c\u660e\u3057\u3066\u3044\u307e\u3059\u3002 CBOE\u306e\u30c7\u30fc\u30bf\u306b\u3088\u308b\u3068\u3001S&amp;P500\u7a2e\u306e\u30d7\u30c3\u30c8\u30fb\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u51fa\u6765\u9ad8\u6bd4\u7387\u306f\u5148\u9031\u30012019\u5e7411\u6708\u4ee5\u6765\u521d\u3081\u30661\u3092\u4e0b\u56de\u308a\u3001\u4e0a\u5024\u3078\u306e\u61f8\u5ff5\u304c\u4e0b\u5024\u3078\u306e\u61f8\u5ff5\u3092\u5b8c\u5168\u306b\u4e0a\u56de\u3063\u305f\u3053\u3068\u3092\u793a\u3057\u305f\u3002 Wmax\u6c0f\u306f\u3001\u5c0f\u58f2\u6d41\u52d5\u6027\u3068\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30ec\u30d0\u30ec\u30c3\u30b8\u306b\u3088\u3063\u3066\u652f\u3048\u3089\u308c\u3066\u3044\u308b\u9ad8\u3044\u8a55\u4fa1\u6c34\u6e96\u306f\u3001\u3072\u3068\u305f\u3073\u5916\u90e8\u89e6\u5a92\u304c\u73fe\u308c\u308b\u3068\u7c21\u5358\u306b\u9023\u9396\u7684\u66b4\u8d70\u3092\u5f15\u304d\u8d77\u3053\u3059\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u5f37\u8abf\u3057\u305f\u3002<\/p>\n<p>\u4e00\u65b9\u3067\u3001\u30a8\u30af\u30b9\u30dd\u30cd\u30f3\u30b7\u30e3\u30eb\u30d6\u30fc\u30e0\u306f\u300c1-9-9\u500d\u300d\u3068\u3044\u3046\u6975\u7aef\u306a\u5e7b\u60f3\u3092\u3082\u305f\u3089\u3057\u307e\u3059\u3002 S&amp;P 500\u6307\u6570\u304c13\u5e74\u9023\u7d9a\u3067\u9ad8\u5024\u3092\u66f4\u65b0\u3059\u308b\u306e\u306f\u904e\u53bb30\u5e74\u9593\u3067\u307e\u308c\u3060\u304c\u3001\u540c\u6642\u306b\u65b0\u9ad8\u5024\u3092\u66f4\u65b0\u3057\u305f\u500b\u5225\u9298\u67c4\u306f\u308f\u305a\u304b5\uff05\u3060\u3063\u305f\u3002\u4e0a\u4f4d5\u9298\u67c4\u304c\u6307\u6570\u4e0a\u6607\u5206\u306e100\uff05\u306b\u5bc4\u4e0e\u3057\u3001\u6b8b\u308a\u306e\u69cb\u6210\u9298\u67c4495\u9298\u67c4\u306f\u6307\u6570\u3078\u306e\u5bc4\u4e0e\u306f\u307b\u3068\u3093\u3069\u306a\u304b\u3063\u305f\u3002\u540c\u6642\u306b\u3001\u58ee\u5927\u306a\u30c1\u30c3\u30d7\u306e\u4ea4\u63db\u304c\u5b8c\u4e86\u3057\u3064\u3064\u3042\u308a\u307e\u3059\u3002\u30a6\u30a9\u30fc\u30eb\u8857\u306e\u91d1\u878d\u6a5f\u95a2\u3068\u30b7\u30b9\u30c6\u30df\u30c3\u30af\u30d5\u30a1\u30f3\u30c9\u306f\u5bc6\u304b\u306b\u4f55\u5343\u5104\u3082\u306e\u5229\u76ca\u3092\u596a\u3044\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u524a\u6e1b\u3057\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002\u4e00\u65b9\u3001\u5f37\u6c17\u306a\u500b\u4eba\u6295\u8cc7\u5bb6\u306e\u5272\u5408\u306f\u3053\u30531\u5e74\u3067\u6700\u9ad8\u3068\u306a\u308b46\uff05\u306b\u4e0a\u6607\u3057\u3066\u304a\u308a\u3001\u591a\u304f\u306e\u500b\u4eba\u6295\u8cc7\u5bb6\u304cFOMO\u611f\u60c5\u306b\u7a81\u304d\u52d5\u304b\u3055\u308c\u3066\u5e02\u5834\u3092\u5360\u62e0\u3057\u3088\u3046\u3068\u71b1\u72c2\u3057\u3066\u3044\u308b\u3002<\/p>\n<p>\u4e00\u65b9\u3001Wmax \u306f\u975e\u5e38\u306b\u6182\u616e\u3059\u3079\u304d\u7570\u5e38\u306b\u6c17\u3065\u304d\u307e\u3057\u305f\u3002\u30ca\u30b9\u30c0\u30c3\u30af 100 \u306f\u300116 \u53d6\u5f15\u65e5\u4e2d 14 \u65e5\u306e 10 \u65e5\u9593\u306e\u5b9f\u73fe\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3068\u9023\u52d5\u3057\u3066\u4e0a\u6607\u3057\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u3001\u300c\u682a\u5f0f\u5e02\u5834\u306e\u4e0a\u6607\u5c40\u9762\u3067\u306f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u5f90\u3005\u306b\u7e2e\u5c0f\u3059\u308b\u300d\u3068\u3044\u3046\u6b74\u53f2\u7684\u898f\u7bc4\u306b\u5b8c\u5168\u306b\u53cd\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u9023\u52d5\u6027\u306f\u901a\u5e38\u3001\u5371\u6a5f\u7684\u5b89\u5024\u5f8c\u306e\u56de\u5fa9\u5c40\u9762\u3067\u306e\u307f\u767a\u751f\u3057\u307e\u3059\u3002\u4eca\u56de\u306e\u5e02\u6cc1\u3067\u306f\u3001\u30ca\u30b9\u30c0\u30c3\u30af 100 \u6307\u6570\u306f\u524d\u56de\u306e\u30d4\u30fc\u30af\u304b\u3089 12% \u3057\u304b\u4e0b\u843d\u305b\u305a\u3001S&amp;P 500 \u6307\u6570\u306e\u4e0b\u843d\u7387\u306f 10% \u672a\u6e80\u3067\u3042\u308a\u3001\u6df1\u523b\u306a\u5f31\u6c17\u76f8\u5834\u306e\u53cd\u767a\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p><img decoding=\"async\" width=\"1018\" height=\"515\" class=\"wp-image-9785\" src=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/04\/20260428_154118.png\" alt=\"\u90e8\u5206\u7684\u508d\u53d7_20260428_154118\" srcset=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/04\/20260428_154118.png 1018w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/04\/20260428_154118-300x152.png 300w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/04\/20260428_154118-768x389.png 768w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/04\/20260428_154118-18x9.png 18w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/04\/20260428_154118-900x455.png 900w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/04\/20260428_154118-600x304.png 600w\" sizes=\"(max-width: 1018px) 100vw, 1018px\" \/><\/p>\n<p><a id=\"post-9781-heading_4\"><\/a><strong>Wmax \u30c8\u30ec\u30fc\u30c7\u30a3\u30f3\u30b0\u6226\u7565: \u592a\u6975\u62f3\u30c7\u30a3\u30d5\u30a7\u30f3\u30b9\u3001\u30b9\u30c8\u30e9\u30a4\u30af\u30be\u30fc\u30f3\u3092\u5f85\u3064<\/strong><\/p>\n<p>\u30c8\u30ec\u30f3\u30c9\u304c\u660e\u78ba\u306b\u5d29\u308c\u308b\u524d\u306b\u3001\u5f93\u6765\u306e\u30d0\u30ea\u30e5\u30fc\u6295\u8cc7\u306e\u8a55\u4fa1\u67a0\u7d44\u307f\u306f\u4e00\u6642\u7684\u306b\u671f\u9650\u5207\u308c\u306b\u306a\u308a\u307e\u3059\u3002\u73fe\u5728\u306e\u6975\u7aef\u306a\u5e02\u5834\u74b0\u5883\u306b\u76f4\u9762\u3057\u3066\u3001Wmax 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