本文来源：Dorian君 (ID:ravenrock123)，华尔街见闻专栏作者
当股票横盘没有行情吃不到肉怎么办？
你需要期权这个强力的工具，并帮助你持续在没有行情的情况下持续获利。
D君收录了以下策略，并会在接下来整合成技术转帖，和老铁们分享。
A major reason why trading options is so popular is because of the number of opportunities there are for making profits. For example, unlike other forms of investment, options give traders the chance to profit when an underlying security remains neutral i.e. it doesn’t move in price.
交易期权如此受欢迎的一个主要原因是因为获利的机会很多。 例如，与其他形式的投资不同，期权使交易者有机会在基础证券保持中立时获利，即它不会在价格上移动。
This function is unique to options, because there are no other financial instruments that can be traded to generate profits from a lack of price movement. There are a large number of neutral options trading strategies (also known as non-directional strategies) that can be used when you have a neutral outlook on an underlying security, and if you can gain a good understanding of these then you will open up many opportunities for making profits.
此功能对于期权而言是独一无二的，因为没有其他金融工具可以交易以从缺乏价格变动中获利。 有大量的中性期权交易策略（也称为非定向策略），当交易者对底层证券有中性展望时可以使用，如果交易者能够很好地理解这些，那么交易者将会创造很多的赚钱的机会。
On this page we explain the concept of a neutral trend and discuss the advantages and disadvantages of using neutral trading strategies. In addition, we provide a list of strategies that you can use to profit from a neutral outlook.
在这篇文章里，我们解释了中性趋势的概念，并讨论了使用中性交易策略的优缺点。 此外，我们提供了一系列可用于从中性展望中获利的策略。
什么是中性趋势？
中立策略的优势
中立策略的缺点
中立战略清单
What is a Neutral Trend?
什么是中性趋势？（就是股票横盘）
In investment terms, the word neutral is generally used to describe a financial instrument that doesn’t move in price. While this is technically accurate, in the context of options trading the word has a slightly broader meaning. When we talk about neutral trading strategies, we are talking about strategies that not only profit from an underlying security staying at the same price but also profit when that security moves within a tight range of prices.
在投资方面，“中性”一词通常用于描述价格不变的金融工具。 虽然这在技术上是准确的，但在期权交易的背景下，这个词具有稍微宽泛的含义。 当我们谈论中性交易策略时，我们谈论的策略不仅是从基础证券中获得相同价格的利润，还可以在证券在较窄的价格范围内移动时获利。
When the price of a security goes up and down by small amounts over a period of time, it's said to be moving sideways. This is because if you plotted the price movements on a graph, the graph line wouldn’t show any real incline or decline, but it would basically be moving sideways. When a price is moving sideways the underlying security is in what's known as a neutral trend.
当证券的价格在一段时间内上下波动时，据说它正在横向移动。 这是因为如果在图表上绘制价格变动，图表线不会显示任何实际的倾斜或下降，但它基本上会横向移动。 当价格横向移动时，潜在的证券处于所谓的中性趋势中。
During such a trend the price of the underlying security is consistently going up and down, but not usually by a huge amount and it's always remaining with a certain range. A neutral trend will typically occur after a sustained increase in price or a sustained decrease in price when the price starts hitting levels of resistance or support accordingly.
在这种趋势中，基础证券的价格一直在上涨和下跌，但通常不会大幅增加，并且总是保持在一定范围内。 当价格开始达到阻力位或相应支撑位时价格持续上涨或价格持续下跌后，通常会出现中性趋势。
These trends can continue for weeks or even months at a time. Stock traders and other investors will really struggle to profit under these circumstances and they will typically leave securities that are in a neutral trend alone. However, options traders can take advantage of them by using appropriate strategies.
这些趋势可以持续数周甚至数月。 股票交易商和其他投资者在这种情况下真的很难获利，他们通常会留下仅仅处于中性趋势的证券。 但是，期权交易者可以通过使用适当的策略来利用它们。
Advantages of Neutral Strategies
中性策略的优势
The biggest advantage of neutral options trading strategies is really the simple fact that they exist. Being able to profit from stocks and other financial instruments that remain relatively stable in price gives investors who use options many more opportunities than those who don’t.
中性期权交易策略的最大优势实际上就是它们存在的简单事实。 能够从价格保持相对稳定的股票和其他金融工具中获利，使得投资者使用期权的机会比不投资的投资者多得多。
Many financial instruments go through prolonged periods of being neutral, or in a neutral trend, and this gives options traders plenty of chances to generate returns. It's somewhat obvious that the more potentially profitable opportunities there are, the greater the chance there is of being successful on a consistent basis.
许多金融工具经历了长期的中性或中性趋势，这使期权交易者有很多机会获得回报。 显而易见的是，潜在的盈利机会越多，在一致的基础上获得成功的机会就越大。
The other main advantage of these strategies is that by using them you can profit from three different outcomes. If the underlying security doesn’t move at all, you will make a profit. If the underlying security increases in price or decreases in price, you will still make a profit, providing the price movements stay within an appropriate range.
这些策略的另一个主要优点是，通过使用它们，您可以从三种不同的结果中获益。 如果基础证券根本没有移动，交易者将获利。 如果基础证券价格上涨或价格下跌，交易者仍然可以赚取利润，只要价格变动保持在适当的范围内。
Some strategies need the price of the underlying security to remain in a very tight range to return a profit, while others can profit from a wider range. To some extent, you can control just how wide you want the range to be and this is another example of just how flexible options trading can be.
一些策略需要基础证券的价格保持在非常窄的范围内才能获得利润，而其他策略则可以从更广泛的范围中获利。 在某种程度上，交易者可以控制希望范围的宽度，这是另一个灵活的期权交易的例子。
Other advantages include the fact that you can turn time decay into a positive and also control your risk exposure to some extent. When using some of the more basic strategies, it's very simple to work out the maximum potential profit and maximum potential loss, and this can be very useful for when planning trades and managing risk.
其他优势包括可以将时间衰减转化为积极因素，并在一定程度上控制风险敞口。 当使用一些更基本的策略时，计算最大潜在利润和最大潜在损失非常简单，这对于规划交易和管理风险非常有用。
Finally, the fact that there are so many different strategies you can use means you have plenty of choice and a good chance of finding one that fits well with your personal objectives.
最后，你可以使用许多不同的策略这一事实意味着你有很多选择，很有可能找到一个适合你个人目标的策略。
Disadvantages of Neutral Strategies
中立策略的缺点
There isn’t many major disadvantages when it comes to using strategies of this type. The biggest drawback is the fact that the potential profits of these is always limited, because the maximum amount of profit that can be made from any trade is essentially fixed at the moment it's executed.
在使用这种策略时，没有太多的主要缺点。 最大的缺点是这些的潜在利润总是有限的，因为任何交易可以获得的最大利润额在执行时基本上是固定的。
Another disadvantage is that the strategies all require at least two transactions, and some of them more, so you will potentially pay a fair amount in commissions. This is actually true of most options trading strategies. Also, some of them can be quite complicated and certainly not suitable for beginners.
另一个缺点是策略都需要至少两笔交易，其中一些交易更多，因此您可能需要支付相当数量的佣金。 大多数期权交易策略实际上都是如此。 此外，其中一些可能非常复杂，当然不适合初学者。
These disadvantages are all relatively minor though, and it should be clear that they are far outweighed by the benefits.
然而，这些缺点都相对较小，应该清楚它们远远超过它们的好处。
List of Neutral StrategiesBelow, we have listed a range of neutral options trading strategies that are commonly used by options traders. We’ve included a little information about each one, but for further details you should click on the relevant link. If you are struggling to choose a suitable strategy, you may like to take a look at ourSelection Tool.
中性交易策略清单
下面，我们列出了期权交易者常用的一系列中性期权交易策略。 我们已经包含了关于每个信息的一些信息， 如果交易者正在努力选择合适的策略，可以查看我们的选择工具。
Covered CallThis is relatively simple and would typically be used if you already own a security and want to profit from it being in a neutral trend. It's suitable for beginners.
掩盖性的买权策略
持有股票，并卖出对应的看涨期权(long equity+sell call)
单纯的卖出一个看涨期权，由于股价上涨理论上没有上限，因此卖出看涨的期权只有有限的收益但是却有无限的亏损可能。
然而，如果拥有股票，而同时卖出看涨期权。那么当股价无限上涨的时候，虽然做空的看涨期权导致了损失，股票上的收益却能弥补损失。
这是最基本的交易策略，也非常常见。如果你本身持有股票，并且想要从中性市场（就是横盘）中赚取利润，可以考虑使用该策略。对于期权新手来说较为合适。
Covered Call Collar （保护性领子/利率上下限买权策略）This is fairly simple and you would generally use it if you already own a security and want to profit from it being in a neutral trend and protect it against any losses should it fall in price. It is suitable for beginners.
这相对来说较为容易，你将在握有正股并且想要从中性市场趋势（横盘）中赚取利润并且捍卫你的仓位以对抗当股价下跌所带来的潜在的亏损。对期权初学者来说也是常见的策略。
Covered Put（保护性卖权策略）This is reasonably complex and combines short selling a security and writing put options. It's not suitable for beginners.
对于初学者来说这个策略较为复杂，因为该策略包含了卖空该股票同时交易沽空期权。并不适合初学者操作。
Short Straddle 卖出跨式期权策略This is a relatively simple trading strategy, but it's not really suitable for beginners due to the high trading level required. It involves two transactions and creates a credit spread.
相对来说较为简单的策略，然而由于其对交易技巧的高要求，这并不适合初学者，这包含了两组交易并且需要你创建一个贷方差价期权。
Short Strangle 空头勒式期权交易This is quite straightforward but requires a high trading level so it's not suitable for beginners. It creates a credit spread and involves two transactions.
该策略较为直接然而其要求较高的交易技能，因此不适合初学者开始使用。这套策略同时要求创建一个贷方差价期权，并且包含了两组交易。
Short GutThis combines two transactions to create a credit spread. It's quite simple, but it requires a high trading level meaning it isn't suitable for a beginner.
该策略包含了两组交易并且创造了价差组合，较为容易，但仍然需要较高的交易技术，并不适合初学者。
Calendar Call Spread 日历多头套利策略This is simple enough to be used by beginners. Two transactions are involved and a debit spread is created.
对于初学者来说足够简单，需要两组交易，同时将创建一个借方价差策略。
Calendar Put Spread 日历空头套利策略This is straightforward and involves two transactions. It creates a debit spread and is suitable for beginners.
此交易策略直接，同时包含了两个交易。这将为初学者创造一个借方价差期权，较适合初学者。
Call Ratio Spread 多头比率价差策略This is a complicated trading strategy that is not suitable for beginners. There are two transactions involved and a credit spread is created.
这是一个复杂的交易策略，并不适合交易初学者。其中有包含两个交易并且其中包含了贷方价差期权。
Put Ratio Spread 空头比率价差策略This is complex and not for beginners. It creates a credit spread with two transactions.
这是复杂的交易策略，并不适合初学者。这将创建一个贷方价差期权同时包含了两组交易。
Calendar Straddle 日历跨式套利This involves four separate transactions to create a debit spread. It isn't suitable for beginners.
这交易策略包含了四组各自独立的交易并且要求创建一个借方价差期权组合，对于新手并不友好。
Calendar Strangle 日历勒式套利This creates a debit spread. There are four transactions involved and it isn't suitable for beginners.
该策略要求创建一个借方价差期权组合，同时包含了四个交易，不适合新手。
Butterfly Spread 蝴蝶价差策略This is complex and involves three transactions to create a debit spread. It isn't suitable for beginners.
复杂并且包含了3组交易策略，并且要求创建一个借方价差期权组合，并不适合新手。
Condor Spread 秃鹰价差策略This is complex and it creates a debit spread using four separate transactions. It isn't suitable for beginners.
复杂的策略，同时创造了一个借方价差期权组合，运用了四个独立的期权交易，并不适合初学者。
Albatross Spread 信天翁价差策略This involves four transactions and is complicated. It creates a debit spread and is not suitable for beginners.
Iron Butterfly Spread 铁蝴蝶价差策略This is complex and creates a credit spread. It involves four transactions and it's not suitable for beginners.
复杂，将创造贷方价差期权组合，这包含了四个交易并且不适合初学者使用。
Iron Condor Spread 铁秃鹰价差策略This is complex, involving four transactions, and it's not suitable for beginners. It creates a credit spread.
复杂，包含了四组交易，并不适合新手，同时要求创建贷方价差期权组合。
Iron Albatross Spread 铁信天翁价差策略This is complicated and not suitable for beginners. It involves four transactions and creates a credit spread.
复杂，不适合新手，包含了四组交易，包含了贷方价差期权（long OTM+ short ATM）。
原标题《期权交易者必读——Option Neutral Market Trading Strategies 期权中性市场交易策略》