作者： 目前 IV Rank 最高股票
列出當前 IV rank 最高的美國股票與 ETF，並附上 IV percentile 數據供您參考。
IV rank 指的是個股隱含波動率在其 52 週區間內的位置，範圍從區間低點的 0 到高點的 100。數值接近頂端，代表選擇權市場預期該股未來的波動幅度，比過去一年中的任何交易日都大；數值接近底端，則代表預期波動最小。下表列出截至 2026-07-22 最新交易日，IV rank 最高的美國股票與 ETF，並附上 IV percentile，因為這兩個數值雖然計算方式不同，但回答的是相同的問題。
目前 IV rank 最高之股票
每個數據背後的精確 SQL 語法
WITH per_session AS (
SELECT underlying_symbol AS u,
date AS d,
quantileExact(0.5)(implied_volatility) AS iv,
sum(volume) AS vol
FROM global_markets.options_greeks
WHERE date >= (SELECT max(date) FROM global_markets.options_greeks) - 380
AND iv_converged AND implied_volatility BETWEEN 0.02 AND 5
AND abs(strike_price / underlying_close - 1) <= 0.05
AND expiration_date BETWEEN date + 20 AND date + 60
AND underlying_symbol NOT IN ('SPCX','KORU','SOXL','SOXS','TQQQ','SQQQ','NVDL','NVDS','NVD','TSLL','TSLQ','TSLZ','SPXL','SPXS','UPRO','SPXU','LABU','LABD','FAS','FAZ','TNA','TZA','YINN','YANG','UDOW','SDOW','BOIL','KOLD','UCO','SCO','USD','SSO','SDS','QLD','QID','ERX','ERY','DRN','DRV','CURE','SOXY','MUU','SNXX','UVXY','SVXY','UVIX','SVIX','BULZ','WEBL','WEBS','DPST','DRIP','GUSH','AGQ','ZSL','BITX','ETHU','MSTX','MSTU','CONL','DUST','JNUG','JDST','NUGT','AMDL','NUAI','VXX','VIXY')
GROUP BY u, d
HAVING count() >= 10
),
ranked AS (
SELECT u, d, iv, vol,
row_number() OVER w AS rn,
first_value(iv) OVER w AS iv_latest,
first_value(d) OVER w AS d_latest
FROM per_session
WINDOW w AS (PARTITION BY u ORDER BY d DESC)
),
agg AS (
SELECT u,
any(iv_latest) AS iv_cur,
any(d_latest) AS last_d,
count() AS sessions,
min(iv) AS iv_lo,
max(iv) AS iv_hi,
countIf(iv < iv_latest) AS below_now,
sumIf(vol, rn <= 20) AS vol_20d
FROM ranked
WHERE rn <= 252
GROUP BY u
)
SELECT u AS ticker,
round(100 * iv_cur, 1) AS iv_now_pct,
round(100 * (iv_cur - iv_lo) / (iv_hi - iv_lo), 1) AS iv_rank,
round(100 * below_now / sessions, 1) AS iv_percentile,
round(100 * iv_lo, 1) AS iv_52w_low_pct,
round(100 * iv_hi, 1) AS iv_52w_high_pct,
toString(last_d) AS session_date
FROM agg
WHERE sessions >= 200
AND vol_20d >= 20000
AND iv_hi > iv_lo
AND last_d = (SELECT max(date) FROM global_markets.options_greeks)
ORDER BY iv_rank DESC, vol_20d DESC, ticker
LIMIT 15請參考首列。MO 的平值隱含波動率（at-the-money implied volatility）收於 31.7%，其 52 週波動區間介於 12.9% 至 31.7% 之間。這使得其 IV rank 為 100，且 IV percentile 為 99.6。
排名位居量表頂端具有單一明確含義：該交易日的隱含波動率，是該衡量區間內最高的數值。該數值並不代表該股票的絕對波動率高。這僅是該標的相對於自身歷史表現的陳述。
這種區別至關重要。在所有篩選樣本中，排名在前 10% 的股票，其當前隱含波動率介於 27.3% 至 174.2% 之間，中位數為 79.4%。一檔處於自身低波動區間頂端的平穩股票，其得分與一檔處於自身高波動區間頂端的劇烈波動股票相同。若要查看絕對水平而非相對水平，請參考 最高隱含波動率股票看板，該看板依據原始 IV 進行排名。
IV rank 與 IV percentile 之比較
這兩個數值皆是將當前的隱含波動率（implied volatility）與過去 52 週的歷史數據進行比較，但計算方式不同。
- IV rank 是將（當前 IV 減去 52 週最低值）除以（52 週最高值減去最低值），並以百分比表示。它僅讀取當前數值與該區間內的兩個極端值。
- IV percentile 是指過去 252 個交易日內，隱含波動率收盤低於今日數值的交易天數佔比。它讀取該區間內的所有交易日。
年度內單一劇烈的交易日會設定一個天花板，這會讓基於區間的 rank 永遠無法忘記該數值；而基於計數的 percentile 則僅將其視為 252 個交易日中的單一數據點。下方的面板依據兩者差異的方向進行排序：以 IV percentile 減去 IV rank，並由大到小排列。若數值呈現相反趨勢（即 rank 高於 percentile），則屬於另一種篩選條件，不會顯示在此處。
每個數據背後的精確 SQL 語法
WITH per_session AS (
SELECT underlying_symbol AS u,
date AS d,
quantileExact(0.5)(implied_volatility) AS iv,
sum(volume) AS vol
FROM global_markets.options_greeks
WHERE date >= (SELECT max(date) FROM global_markets.options_greeks) - 380
AND iv_converged AND implied_volatility BETWEEN 0.02 AND 5
AND abs(strike_price / underlying_close - 1) <= 0.05
AND expiration_date BETWEEN date + 20 AND date + 60
AND underlying_symbol NOT IN ('SPCX','KORU','SOXL','SOXS','TQQQ','SQQQ','NVDL','NVDS','NVD','TSLL','TSLQ','TSLZ','SPXL','SPXS','UPRO','SPXU','LABU','LABD','FAS','FAZ','TNA','TZA','YINN','YANG','UDOW','SDOW','BOIL','KOLD','UCO','SCO','USD','SSO','SDS','QLD','QID','ERX','ERY','DRN','DRV','CURE','SOXY','MUU','SNXX','UVXY','SVXY','UVIX','SVIX','BULZ','WEBL','WEBS','DPST','DRIP','GUSH','AGQ','ZSL','BITX','ETHU','MSTX','MSTU','CONL','DUST','JNUG','JDST','NUGT','AMDL','NUAI','VXX','VIXY')
GROUP BY u, d
HAVING count() >= 10
),
ranked AS (
SELECT u, d, iv, vol,
row_number() OVER w AS rn,
first_value(iv) OVER w AS iv_latest,
first_value(d) OVER w AS d_latest
FROM per_session
WINDOW w AS (PARTITION BY u ORDER BY d DESC)
),
agg AS (
SELECT u,
any(iv_latest) AS iv_cur,
any(d_latest) AS last_d,
count() AS sessions,
min(iv) AS iv_lo,
max(iv) AS iv_hi,
countIf(iv < iv_latest) AS below_now,
sumIf(vol, rn <= 20) AS vol_20d
FROM ranked
WHERE rn <= 252
GROUP BY u
),
board AS (
SELECT u,
round(100 * iv_cur, 1) AS iv_now_pct,
round(100 * (iv_cur - iv_lo) / (iv_hi - iv_lo), 1) AS iv_rank,
round(100 * below_now / sessions, 1) AS iv_percentile,
round(100 * iv_hi, 1) AS iv_52w_high_pct
FROM agg
WHERE sessions >= 200
AND vol_20d >= 20000
AND iv_hi > iv_lo
AND last_d = (SELECT max(date) FROM global_markets.options_greeks)
)
SELECT u AS ticker,
iv_now_pct,
iv_rank,
iv_percentile,
round(iv_percentile - iv_rank, 1) AS percentile_minus_rank,
iv_52w_high_pct
FROM board
ORDER BY percentile_minus_rank DESC, iv_now_pct DESC, ticker
LIMIT 12在此方向中，差距最大的是 AMZN：其 IV percentile 為 92.1，而 IV rank 為 26.7；基於相同的交易日與數據，兩者差距為 65.4 個點。該標的的當前隱含波動率為 43%，52 週最高值為 99.4%。Percentile 是計算交易天數，該標的在該區間內多數交易日的波動都比最新一次低。Rank 則是衡量與極端值的距離，而該 52 週最高值仍高於目前的讀數。數據相同，卻有兩種答案。
這兩個數值都不是絕對正確的答案。Rank 回答的是最新讀數與極端值的接近程度。Percentile 回答的是相對於典型交易日，目前的波動有多異常。
高 IV rank 的實際樣貌
每個數據背後的精確 SQL 語法
WITH per_session AS (
SELECT underlying_symbol AS u,
date AS d,
quantileExact(0.5)(implied_volatility) AS iv,
sum(volume) AS vol
FROM global_markets.options_greeks
WHERE date >= (SELECT max(date) FROM global_markets.options_greeks) - 380
AND iv_converged AND implied_volatility BETWEEN 0.02 AND 5
AND abs(strike_price / underlying_close - 1) <= 0.05
AND expiration_date BETWEEN date + 20 AND date + 60
AND underlying_symbol NOT IN ('SPCX','KORU','SOXL','SOXS','TQQQ','SQQQ','NVDL','NVDS','NVD','TSLL','TSLQ','TSLZ','SPXL','SPXS','UPRO','SPXU','LABU','LABD','FAS','FAZ','TNA','TZA','YINN','YANG','UDOW','SDOW','BOIL','KOLD','UCO','SCO','USD','SSO','SDS','QLD','QID','ERX','ERY','DRN','DRV','CURE','SOXY','MUU','SNXX','UVXY','SVXY','UVIX','SVIX','BULZ','WEBL','WEBS','DPST','DRIP','GUSH','AGQ','ZSL','BITX','ETHU','MSTX','MSTU','CONL','DUST','JNUG','JDST','NUGT','AMDL','NUAI','VXX','VIXY')
GROUP BY u, d
HAVING count() >= 10
),
ranked AS (
SELECT u, d, iv, vol,
row_number() OVER w AS rn,
first_value(iv) OVER w AS iv_latest,
first_value(d) OVER w AS d_latest
FROM per_session
WINDOW w AS (PARTITION BY u ORDER BY d DESC)
),
agg AS (
SELECT u,
any(iv_latest) AS iv_cur,
any(d_latest) AS last_d,
count() AS sessions,
min(iv) AS iv_lo,
max(iv) AS iv_hi,
sumIf(vol, rn <= 20) AS vol_20d
FROM ranked
WHERE rn <= 252
GROUP BY u
),
leader AS (
SELECT u, iv_lo, iv_hi
FROM agg
WHERE sessions >= 200
AND vol_20d >= 20000
AND iv_hi > iv_lo
AND last_d = (SELECT max(date) FROM global_markets.options_greeks)
ORDER BY round(100 * (iv_cur - iv_lo) / (iv_hi - iv_lo), 1) DESC, vol_20d DESC, u
LIMIT 1
)
SELECT toString(toMonday(r.d)) AS week,
round(100 * quantileExact(0.5)(r.iv), 1) AS iv_pct,
round(100 * any(l.iv_hi), 1) AS iv_52w_high_pct,
round(100 * any(l.iv_lo), 1) AS iv_52w_low_pct
FROM ranked AS r
INNER JOIN leader AS l ON r.u = l.u
WHERE r.rn <= 252
GROUP BY week
HAVING uniqExact(r.d) >= 3
OR max(r.d) = (SELECT max(date) FROM global_markets.options_greeks)
ORDER BY week這是該板塊龍頭股 MO 的週線走勢，並以 52 週最高價與最低價作為水平參考線。每個 plotted point 皆為該週每日讀數的中位數，因此該線在結構上會落在每日高低價區間內，而非觸及任何一條參考線。此量測區間從 22.3% 開始，並以 30.9% 的最新交易日數據結束，其上限為 31.7%，下限為 12.9%。該 rank 所取得的單一交易日數值，即為上方板塊中 31.7% 的每日讀數。IV rank 處於量表頂端的情況即為此圖示：最新的讀數位於其自身區間的上限，無論該區間位於何處。
走勢形狀與數值同樣重要。一個持續攀升數月的標的，與一個在一週內跳空至相同水準的標的，會呈現完全相同的 rank。關於預期事件後高讀數的常見走勢，請參閱 實際盈餘測算的 IV crush。
市場整體 IV rank 概況
每個數據背後的精確 SQL 語法
WITH per_session AS (
SELECT underlying_symbol AS u,
date AS d,
quantileExact(0.5)(implied_volatility) AS iv,
sum(volume) AS vol
FROM global_markets.options_greeks
WHERE date >= (SELECT max(date) FROM global_markets.options_greeks) - 380
AND iv_converged AND implied_volatility BETWEEN 0.02 AND 5
AND abs(strike_price / underlying_close - 1) <= 0.05
AND expiration_date BETWEEN date + 20 AND date + 60
AND underlying_symbol NOT IN ('SPCX','KORU','SOXL','SOXS','TQQQ','SQQQ','NVDL','NVDS','NVD','TSLL','TSLQ','TSLZ','SPXL','SPXS','UPRO','SPXU','LABU','LABD','FAS','FAZ','TNA','TZA','YINN','YANG','UDOW','SDOW','BOIL','KOLD','UCO','SCO','USD','SSO','SDS','QLD','QID','ERX','ERY','DRN','DRV','CURE','SOXY','MUU','SNXX','UVXY','SVXY','UVIX','SVIX','BULZ','WEBL','WEBS','DPST','DRIP','GUSH','AGQ','ZSL','BITX','ETHU','MSTX','MSTU','CONL','DUST','JNUG','JDST','NUGT','AMDL','NUAI','VXX','VIXY')
GROUP BY u, d
HAVING count() >= 10
),
ranked AS (
SELECT u, d, iv, vol,
row_number() OVER w AS rn,
first_value(iv) OVER w AS iv_latest,
first_value(d) OVER w AS d_latest
FROM per_session
WINDOW w AS (PARTITION BY u ORDER BY d DESC)
),
agg AS (
SELECT u,
any(iv_latest) AS iv_cur,
any(d_latest) AS last_d,
count() AS sessions,
min(iv) AS iv_lo,
max(iv) AS iv_hi,
sumIf(vol, rn <= 20) AS vol_20d
FROM ranked
WHERE rn <= 252
GROUP BY u
),
screened AS (
SELECT least(intDiv(toUInt16(floor(100 * (iv_cur - iv_lo) / (iv_hi - iv_lo))), 10), 9) AS b,
100 * iv_cur AS iv_now_pct
FROM agg
WHERE sessions >= 200
AND vol_20d >= 20000
AND iv_hi > iv_lo
AND last_d = (SELECT max(date) FROM global_markets.options_greeks)
),
buckets AS (
SELECT b,
count() AS names,
round(quantileExact(0.5)(iv_now_pct), 1) AS median_iv_pct,
round(min(iv_now_pct), 1) AS lowest_iv_pct,
round(max(iv_now_pct), 1) AS highest_iv_pct
FROM screened
GROUP BY b
)
SELECT concat(toString(b * 10), '-', toString(b * 10 + 10)) AS iv_rank_bucket,
names,
sum(names) OVER (ORDER BY b DESC) AS names_cumulative,
median_iv_pct,
round(median_iv_pct - first_value(median_iv_pct) OVER (ORDER BY b DESC), 1) AS median_gap_to_top_pct,
lowest_iv_pct,
highest_iv_pct
FROM buckets
ORDER BY b DESC在本交易日中，228 檔個股突破了流動性與歷史底線。若按排名十分位數進行分組，其中 30 檔位於 90-100 區間，而另一端的 6 檔則位於 0-10 區間。隨著排名下降，目前隱含波動率的中位數呈現下降趨勢，從最高區間的 79.4% 下降至最低區間的 37% 與 0-10，而差距欄位則是將各個區間與最高區間的中位數進行比較。請觀察整張表格的趨勢，而非單一區間：僅包含少數個股的區間其中位數可能含有雜訊，且相鄰的兩個區間可能會出現反轉。
單一數據需要透過分布狀況來建立背景資訊。單獨看高排名意義不大，除非您了解同時處於該排名的高位個股數量。
熱門個股的 IV rank
每個數據背後的精確 SQL 語法
WITH per_session AS (
SELECT underlying_symbol AS u,
date AS d,
quantileExact(0.5)(implied_volatility) AS iv
FROM global_markets.options_greeks
WHERE date >= (SELECT max(date) FROM global_markets.options_greeks) - 380
AND underlying_symbol IN ('SPY','QQQ','AAPL','MSFT','AMZN','META','NVDA','AMD','TSLA','COIN','MSTR','PLTR')
AND iv_converged AND implied_volatility BETWEEN 0.02 AND 5
AND abs(strike_price / underlying_close - 1) <= 0.05
AND expiration_date BETWEEN date + 20 AND date + 60
GROUP BY u, d
HAVING count() >= 10
),
ranked AS (
SELECT u, d, iv,
row_number() OVER w AS rn,
first_value(iv) OVER w AS iv_latest,
first_value(d) OVER w AS d_latest
FROM per_session
WINDOW w AS (PARTITION BY u ORDER BY d DESC)
),
agg AS (
SELECT u,
any(iv_latest) AS iv_cur,
any(d_latest) AS last_d,
count() AS sessions,
min(iv) AS iv_lo,
max(iv) AS iv_hi,
countIf(iv < iv_latest) AS below_now
FROM ranked
WHERE rn <= 252
GROUP BY u
)
SELECT u AS ticker,
round(100 * iv_cur, 1) AS iv_now_pct,
round(100 * (iv_cur - iv_lo) / (iv_hi - iv_lo), 1) AS iv_rank,
round(100 * below_now / sessions, 1) AS iv_percentile,
round(100 * iv_lo, 1) AS iv_52w_low_pct,
round(100 * iv_hi, 1) AS iv_52w_high_pct,
toString(last_d) AS session_date
FROM agg
WHERE sessions >= 200
AND iv_hi > iv_lo
AND last_d = (SELECT max(date) FROM global_markets.options_greeks)
ORDER BY iv_rank DESC, ticker針對十二檔熱門個股進行相同指標的測量。AMD 的 IV rank 在該群組中最高，數值為 83.7，對應的隱含波動率為 85.8%。TSLA 則位居清單另一端，IV rank 為 0，隱含波動率為 37%。請注意，單一列中的 rank 與百分位數欄位可能存在顯著差異，這與差異面板（divergence panel）所測量的範圍與數量算術邏輯相同。
每檔個股皆有獨立的 IV 頁面：NVDA 隱含波動率、TSLA 隱含波動率、AAPL 隱含波動率 以及 AMD 隱含波動率，皆提供完整的交易日歷史數據與期限結構。若欲了解本頁面各項分數背後的概念，請參閱 何謂隱含波動率。
數據計算方式
所有數據均來自單一來源：每日選擇權希臘字母檔案。該檔案針對每個交易時段的每份契約各儲存一列，涵蓋美股上市公司與 ETF 的選擇權。
- 每檔標的每個交易時段僅有一個 IV。 此數值為該標的平值附近契約的隱含波動率中位數。平值定義為執行價與股票收盤價差距在 5% 以內，且到期日在 20 至 60 個日曆天之間。採用中位數而非平均值，因此單一定價錯誤的契約不會影響讀數。
- 交易量門檻。 只有當至少有 10 份契約符合上述篩選條件時，該交易時段才會被納入計算。交易量過低的時段會被剔除，不予發布。
- 僅包含收斂解。 隱含波動率是從選擇權價格計算而出的，檔案會標記計算是否收斂。未收斂的列會被排除，低於 2% 或高於 500% 的讀數亦同。未收斂的解屬於數值計算失敗，而非市場價格。
- 時間窗口為最近 252 個交易時段。 範圍限定在 380 個日曆天的回溯期內。標的必須至少有 200 個已測量的交易時段，才會顯示在此頁面上。
- IV rank 計算方式為：（當前值減去窗口最小值）除以（窗口最大值減去窗口最小值），再乘以 100。IV percentile 為窗口內隱含波動率嚴格低於當前交易時段的時段數量，除以總時段數。
- 流動性底線。 標的在最近 20 個已測量的交易時段中，必須至少有 20,000 份選擇權契約成交，才能進入篩選範圍。知名標的面板適用交易時段門檻、歷史時段門檻及相同的最新時段篩選，但不適用成交量門檻，因為該面板的 12 檔代號是明確指定的，而非透過篩選產生。
- 槓桿、反向及波動率期貨基金被排除在外。 篩選機制設有明確的排除清單。由於設計上其隱含波動率是指數的三倍，會擠壓單一股票的數據空間。持有 VIX 期貨而非股票的產品也列入排除清單，因為其隱含波動率描述的是期貨曲線而非公司。
- 週趨勢面板繪製的是中位數，而非單一交易時段。 每個點位都是該週排名第一標的每日讀數的中位數，因此繪製出的線條在設計上會落在每日最高與最低區間內。測量時段少於三個的週會被剔除，但有一個例外：包含最新交易時段的週會被繪製，即使該週僅包含一個交易日。
- 檔案不包含的內容。 當日到期 (0DTE) 契約與現金結算指數選擇權不在此數據集中，因此 0DTE 的波動率飆升不會反映在這些數據中。SPY 與 QQQ 則作為一般 ETF 出現。此資料庫中不包含未平倉量 (open interest) 欄位，因此上述所有流動性門檻均指成交量，而非未平倉量。
- 日期標記代表實際交易時段。 希臘字母檔案的更新會比股票行情晚幾個交易時段，因此每個看板顯示的都是其所使用的交易時段日期，且每個看板的每一列數據均來自該特定時段。週趨勢面板是刻意設計的例外：它繪製了排名第一標的一整年的歷史數據。這些並非即時報價。
常見問題
什麼是 IV rank？
IV rank 是衡量單一股票目前的隱含波動率（implied volatility）在其過去 52 週範圍內所處的位置。數值範圍從 0（最低）到 100（最高）。計算公式為：當前 IV 減去 52 週最低值，再除以 52 週最高值減去最低值。此指標僅將該標的與自身的歷史數據進行比較，而非與其他股票比較；因此，兩檔波動率差異巨大的股票，可能擁有相同的 rank。
賣出選擇權時，多少 IV rank 才算理想？
並沒有任何特定的 rank 能保證賣出選擇權一定正確，本頁面亦不提供建議。高 rank 代表選擇權權利金處於該標的過去一年收費範圍的高位；低 rank 則代表處於低位。賣方通常偏好高數值，買方則偏好低數值；然而，無論哪一方都面臨風險，即股票的實際走勢可能與選擇權定價的走勢不符。
IV rank 與 IV percentile 有何區別？
IV rank 僅使用當前的隱含波動率以及 52 週範圍的兩個極值進行計算。IV percentile 則是計算過去 252 個交易日中，有多少天的收盤值低於今日數值。單一極端交易日會拉大範圍並降低 rank，但對 percentile 的影響卻微乎其微；因此，如上方圖表所示，同一個標的的這兩項指標可能會出現數十點的落差。
哪裡可以免費查詢 IV rank？
本頁面提供免費的 IV rank 查詢工具：它會根據完整的美國選擇權報價進行定期更新，並公開每個單元格背後的 SQL 查詢指令。個別標的擁有獨立頁面，而 波動率偏斜頁面 則涵蓋了單一到期日中，隱含波動率如何隨履約價變動的資訊。
此處的每個面板都儲存了各自的查詢指令。您可以開啟任何一個面板來審核完整的測量流程，或在 Strasmore 終端機上針對任何時間範圍或標的範圍執行相同的 IV rank 篩選。