{"id":204926,"date":"2026-07-15T14:24:12","date_gmt":"2026-07-15T05:24:12","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=204926"},"modified":"2026-07-21T18:03:03","modified_gmt":"2026-07-21T09:03:03","slug":"option-black-scholes","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/","title":{"rendered":"\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb(BS\u30e2\u30c7\u30eb)\u3068\u306f\uff1f\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u8a08\u7b97\u306e\u4ed5\u7d44\u307f\u30fb\u516c\u5f0f\u30fb\u9650\u754c\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac"},"content":{"rendered":"\n<p class=\"u-mb-ctrl u-mb-0 wp-block-paragraph\"><strong>ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide u-mb-ctrl u-mb-10\"\/>\n\n\n\n<ul class=\"wp-block-list -list-under-dashed is-style-index\">\n<li><strong><span class=\"swl-marker mark_yellow\">BS\u30e2\u30c7\u30eb\u306f\u300c\u5c06\u6765\u306e\u5024\u52d5\u304d\u306e\u5927\u304d\u3055\uff08\u03c3\uff09\u300d\u3060\u3051\u304c\u672a\u77e5\u6570\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u8a08\u7b97\u5f0f<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>1973\u5e74\u306bBlack\u30fbScholes\u304c\u767a\u8868\u3001\u30de\u30fc\u30c8\u30f3\u3068\u3068\u3082\u306b1997\u5e74\u306b\u30ce\u30fc\u30d9\u30eb\u7d4c\u6e08\u5b66\u8cde\u3092\u53d7\u8cde\u3057\u305f\u91d1\u878d\u5de5\u5b66\u306e\u57fa\u790e\u7406\u8ad6<\/li>\n\n\n\n<li>\u30b3\u30fc\u30eb\u4fa1\u683c C = S\u00d7N(d1) \u2212 K\u00d7e^(\u2212rT)\u00d7N(d2) \u3068\u3044\u3046\u516c\u5f0f\u3067\u3001\u539f\u8cc7\u7523\u4fa1\u683c\u30fb\u884c\u4f7f\u4fa1\u683c\u30fb\u6b8b\u5b58\u671f\u9593\u30fb\u7121\u30ea\u30b9\u30af\u91d1\u5229\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e5\u5909\u6570\u304b\u3089\u7406\u8ad6\u4fa1\u683c\u3092\u7b97\u51fa\u3059\u308b<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong><span class=\"swl-marker mark_yellow\">BS\u30e2\u30c7\u30eb\u304b\u3089IV\uff08\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u3092\u9006\u7b97\u3067\u304d\u308b\uff1d\u30aa\u30d7\u30b7\u30e7\u30f3\u5e02\u5834\u306e\u5171\u901a\u8a00\u8a9e<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>\u5e02\u5834\u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u3092BS\u516c\u5f0f\u306b\u4ee3\u5165\u3057\u3001\u03c3\u306b\u3064\u3044\u3066\u9006\u7b97\u3059\u308b\u3068IV\u304c\u6c42\u3081\u3089\u308c\u308b<\/li>\n\n\n\n<li>Deribit\u3084Bitget\u306a\u3069\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u6240\u3067\u3082\u3001BS\u30e2\u30c7\u30eb\u30d9\u30fc\u30b9\u306e\u4fa1\u683c\u8868\u793a\u30fbGreeks\u8a08\u7b97\u304c\u6a19\u6e96<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong><span class=\"swl-marker mark_yellow\">BS\u30e2\u30c7\u30eb\u306e\u9650\u754c\uff5c\u4eee\u60f3\u901a\u8ca8\u3067\u306f\u300c\u4eee\u5b9a\u306e\u5d29\u308c\u300d\u3092\u7406\u89e3\u3059\u308b\u3053\u3068\u304c\u5b9f\u6226\u3067\u91cd\u8981<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>BS\u306f\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u4e00\u5b9a\u300d\u300c\u5bfe\u6570\u6b63\u898f\u5206\u5e03\u300d\u3092\u4eee\u5b9a\u3059\u308b\u304c\u3001\u73fe\u5b9f\u306b\u306fIV\u30b9\u30ad\u30e5\u30fc\u3084\u30d5\u30a1\u30c3\u30c8\u30c6\u30fc\u30eb\u304c\u767a\u751f\u3059\u308b<\/li>\n\n\n\n<li>1987\u5e74\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u30842024\u5e748\u6708\u65e5\u9280\u5229\u4e0a\u3052\u30b7\u30e7\u30c3\u30af\u306a\u3069\u3001BS\u306e\u60f3\u5b9a\u5916\u306e\u6025\u843d\u306f\u7e70\u308a\u8fd4\u3057\u8d77\u304d\u3066\u3044\u308b<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong><span class=\"swl-marker mark_yellow\">\u5b9f\u6226\u3067\u306e\u4f7f\u3044\u65b9\uff5cBS\u30e2\u30c7\u30eb\u306f\u300c\u5b8c\u74a7\u306a\u7b54\u3048\u300d\u3067\u306f\u306a\u304f\u300c\u5171\u901a\u306e\u7269\u5dee\u3057\u300d<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>Greeks\uff08\u30c7\u30eb\u30bf\u30fb\u30ac\u30f3\u30de\u30fb\u30bb\u30fc\u30bf\u30fb\u30d9\u30ac\uff09\u306f\u3059\u3079\u3066BS\u516c\u5f0f\u304b\u3089\u5c0e\u51fa\u3055\u308c\u308b\u3002\u30dd\u30b8\u30b7\u30e7\u30f3\u7ba1\u7406\u306e\u571f\u53f0\u306b\u306a\u308b<\/li>\n\n\n\n<li>BS\u306e\u9650\u754c\u3092\u77e5\u3063\u305f\u4e0a\u3067\u4f7f\u3046\u3053\u3068\u304c\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u30c8\u30ec\u30fc\u30c0\u30fc\u3068\u3057\u3066\u306e\u30b9\u30bf\u30fc\u30c8\u30e9\u30a4\u30f3\u306b\u306a\u308b<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n<div class=\"swell-block-balloon\"><div class=\"c-balloon -bln-left\" data-col=\"gray\"><div class=\"c-balloon__icon -square\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png\" alt=\"\" class=\"c-balloon__iconImg\" width=\"80px\" height=\"80px\"><span class=\"c-balloon__iconName\">\u6728\u7530 \u967d\u4ecb<\/span><\/div><div class=\"c-balloon__body -speaking -border-none\"><div class=\"c-balloon__text\">\n<p><span class=\"swl-fz u-fz-s\">BS\u30e2\u30c7\u30eb\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u300c\u5171\u901a\u8a00\u8a9e\u300d\u3067\u3059\u3002\u4eee\u60f3\u901a\u8ca8\u3067\u3082\u682a\u5f0f\u3067\u3082\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u89e6\u308b\u306a\u3089\u907f\u3051\u3066\u901a\u308c\u306a\u3044\u3002\u305f\u3060\u3057\u300cBS\u304c\u6b63\u3057\u3044\u304b\u3089\u4f7f\u3046\u300d\u306e\u3067\u306f\u306a\u304f\u300cBS\u306e\u9650\u754c\u3092\u77e5\u3063\u305f\u4e0a\u3067\u4f7f\u3046\u300d\u306e\u304c\u30d7\u30ed\u306e\u8996\u70b9\u3002\u3053\u306e\u8a18\u4e8b\u3067\u306f\u6570\u5f0f\u306e\u610f\u5473\u3092\u565b\u307f\u7815\u3044\u3066\u3001\u5b9f\u6226\u3067\u3069\u3046\u5f79\u7acb\u3064\u304b\u307e\u3067\u8e0f\u307f\u8fbc\u307f\u307e\u3059\u3002<\/span><\/p>\n<span class=\"c-balloon__shapes\"><span class=\"c-balloon__before\"><\/span><span class=\"c-balloon__after\"><\/span><\/span><\/div><\/div><\/div><\/div>\n\n<div class=\"p-blogParts post_content\" data-partsID=\"201302\">\n<div class=\"wp-block-columns pc_only border_main\">\n<div class=\"wp-block-column\">\n<div class=\"swell-block-columns u-mb-ctrl u-mb-0\"><div class=\"swell-block-columns__inner\">\n<div class=\"swell-block-column swl-has-mb--s\" style=\"--clmn-w--pc:20%\">\n<figure class=\"wp-block-image size-full is-resized is-style-rounded\"><img decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png\" alt=\"\" class=\"wp-image-203458\" style=\"width:119px;height:auto\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png 500w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-300x300.png 300w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png 150w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.3\"><strong><span class=\"swl-fz u-fz-s\">\u6728\u7530 \u967d\u4ecb<\/span><\/strong><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\"><br>(\u682a)ICHIZEN HOLDINGS<\/mark><\/span><\/p>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1\"><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\">\u4ee3\u8868\u53d6\u7de0\u5f79<\/mark><\/span><\/p>\n<\/div>\n\n\n\n<div class=\"swell-block-column swl-has-mb--s\" data-valign=\"center\" style=\"--clmn-w--pc:80%\">\n<div class=\"wp-block-columns u-mb-ctrl u-mb-0\">\n<div class=\"wp-block-column\">\n<p class=\"u-mb-ctrl u-mb-0 wp-block-paragraph\"><strong><span style=\"text-decoration: underline;\"><span class=\"swl-fz u-fz-l\">\u3053\u306e\u8a18\u4e8b\u306e\u57f7\u7b46\u8005\/\u76e3\u4fee\u8005<\/span><\/span><\/strong><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column\">\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"https:\/\/twitter.com\/yosuke_kida\" target=\"_blank\" rel=\"noopener\" title=\"\">X<\/a>\u30fb<span class=\"swl-fz u-fz-s\"><a href=\"https:\/\/www.facebook.com\/p\/%E6%9C%A8%E7%94%B0%E9%99%BD%E4%BB%8B-100018641115746\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Facebook<\/a><\/span>\u30fb<a href=\"https:\/\/www.linkedin.com\/in\/%E9%99%BD%E4%BB%8B-%E6%9C%A8%E7%94%B0-68609327b\/?originalSubdomain=jp\" target=\"_blank\" rel=\"noopener\" title=\"\">Linkedin<\/a><\/p>\n<\/div>\n<\/div>\n\n\n\n<p class=\"u-mb-ctrl u-mb-10 wp-block-paragraph\" style=\"line-height:1.4\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\"><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\">2016\u5e74\u304b\u3089\u4eee\u60f3\u901a\u8ca8\u30c8\u30ec\u30fc\u30c9\u3092\u958b\u59cb\u30022017\u5e74\u306b\u682a\u5f0f\u4f1a\u793eCoinOtaku\u3092\u5171\u540c\u3067\u5275\u696d\u3002\u540c\u5e74CoinOtaku\u306e\u4ee3\u8868\u306b\u5c31\u4efb\u30022020\u5e74\u306b\u6771\u8a3c\u4e8c\u90e8\u4e0a\u5834\u4f01\u696d\u306b6\u5104\u5186\u3067M&amp;A\u3002bitget\u306e\u6708\u9593\u53d6\u5f15\u9ad8\u3067\u4e16\u754c4\u4f4d\u3092\u7372\u5f97\u30022025\u5e74\u306bCoinOtaku\u4ee3\u8868\u3092\u9000\u4efb\u3057\u3001\u540c\u5e745\u6708\u306b\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS\u306e\u4ee3\u8868\u53d6\u7de0\u5f79\u306b\u5c31\u4efb\u3002<\/mark><\/span><\/mark><\/p>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns border_gray sp_only\">\n<div class=\"wp-block-column\">\n<figure class=\"wp-block-image size-full is-resized is-style-rounded\"><img decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png\" alt=\"\" class=\"wp-image-203458\" style=\"width:85px\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png 500w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-300x300.png 300w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png 150w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-social-links has-small-icon-size u-mb-ctrl u-mb-10 is-content-justification-center is-layout-flex wp-container-core-social-links-is-layout-fe48e5de wp-block-social-links-is-layout-flex\"><li class=\"wp-social-link wp-social-link-twitter wp-block-social-link\"><a href=\"https:\/\/twitter.com\/yosuke_kida\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M22.23,5.924c-0.736,0.326-1.527,0.547-2.357,0.646c0.847-0.508,1.498-1.312,1.804-2.27 c-0.793,0.47-1.671,0.812-2.606,0.996C18.324,4.498,17.257,4,16.077,4c-2.266,0-4.103,1.837-4.103,4.103 c0,0.322,0.036,0.635,0.106,0.935C8.67,8.867,5.647,7.234,3.623,4.751C3.27,5.357,3.067,6.062,3.067,6.814 c0,1.424,0.724,2.679,1.825,3.415c-0.673-0.021-1.305-0.206-1.859-0.513c0,0.017,0,0.034,0,0.052c0,1.988,1.414,3.647,3.292,4.023 c-0.344,0.094-0.707,0.144-1.081,0.144c-0.264,0-0.521-0.026-0.772-0.074c0.522,1.63,2.038,2.816,3.833,2.85 c-1.404,1.1-3.174,1.756-5.096,1.756c-0.331,0-0.658-0.019-0.979-0.057c1.816,1.164,3.973,1.843,6.29,1.843 c7.547,0,11.675-6.252,11.675-11.675c0-0.178-0.004-0.355-0.012-0.531C20.985,7.47,21.68,6.747,22.23,5.924z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Twitter<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-facebook wp-block-social-link\"><a href=\"https:\/\/www.facebook.com\/p\/%E6%9C%A8%E7%94%B0%E9%99%BD%E4%BB%8B-100018641115746\/\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 2C6.5 2 2 6.5 2 12c0 5 3.7 9.1 8.4 9.9v-7H7.9V12h2.5V9.8c0-2.5 1.5-3.9 3.8-3.9 1.1 0 2.2.2 2.2.2v2.5h-1.3c-1.2 0-1.6.8-1.6 1.6V12h2.8l-.4 2.9h-2.3v7C18.3 21.1 22 17 22 12c0-5.5-4.5-10-10-10z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Facebook<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-linkedin wp-block-social-link\"><a href=\"https:\/\/www.linkedin.com\/in\/%E9%99%BD%E4%BB%8B-%E6%9C%A8%E7%94%B0-68609327b\/?originalSubdomain=jp\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M19.7,3H4.3C3.582,3,3,3.582,3,4.3v15.4C3,20.418,3.582,21,4.3,21h15.4c0.718,0,1.3-0.582,1.3-1.3V4.3 C21,3.582,20.418,3,19.7,3z M8.339,18.338H5.667v-8.59h2.672V18.338z M7.004,8.574c-0.857,0-1.549-0.694-1.549-1.548 c0-0.855,0.691-1.548,1.549-1.548c0.854,0,1.547,0.694,1.547,1.548C8.551,7.881,7.858,8.574,7.004,8.574z M18.339,18.338h-2.669 v-4.177c0-0.996-0.017-2.278-1.387-2.278c-1.389,0-1.601,1.086-1.601,2.206v4.249h-2.667v-8.59h2.559v1.174h0.037 c0.356-0.675,1.227-1.387,2.526-1.387c2.703,0,3.203,1.779,3.203,4.092V18.338z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">LinkedIn<\/span><\/a><\/li><\/ul>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.7\"><span class=\"swl-fz u-fz-xs\">\u76e3\u4fee<\/span>\u3000<strong><span style=\"font-size:19px\" class=\"swl-fz\">\u6728\u7530 \u967d\u4ecb<\/span><\/strong><br><span class=\"swl-fz u-fz-xs\">\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS \u4ee3\u8868\u53d6\u7de0\u5f79<\/span><\/p>\n\n\n\n<p class=\"has-text-align-left u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.7\"><span class=\"swl-fz u-fz-xs\">2016\u5e74\u304b\u3089\u4eee\u60f3\u901a\u8ca8\u30c8\u30ec\u30fc\u30c9\u3092\u958b\u59cb\u30022017\u5e74\u306b\u682a\u5f0f\u4f1a\u793eCoinOtaku\u3092\u5171\u540c\u3067\u5275\u696d\u3002\u540c\u5e74CoinOtaku\u306e\u4ee3\u8868\u306b\u5c31\u4efb\u30022020\u5e74\u306b\u6771\u8a3c\u4e8c\u90e8\u4e0a\u5834\u4f01\u696d\u306b6\u5104\u5186\u3067M&amp;A\u3002bitget\u306e\u6708\u9593\u53d6\u5f15\u9ad8\u3067\u4e16\u754c4\u4f4d\u3092\u7372\u5f97\u30022025\u5e74\u306bCoinOtaku\u4ee3\u8868\u3092\u9000\u4efb\u3057\u3001\u540c\u5e745\u6708\u306b\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS\u306e\u4ee3\u8868\u53d6\u7de0\u5f79\u306b\u5c31\u4efb\u3002<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\uff08BS\u30e2\u30c7\u30eb\uff09\u3068\u306f\uff1f\u57fa\u672c\u60c5\u5831<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><span class=\"swl-marker mark_yellow\">\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\uff08Black-Scholes\u30e2\u30c7\u30eb\u3001\u4ee5\u4e0bBS\u30e2\u30c7\u30eb\uff09\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u7406\u8ad6\u4fa1\u683c\u3092\u6570\u5b66\u7684\u306b\u7b97\u51fa\u3059\u308b\u305f\u3081\u306e\u4fa1\u683c\u8a08\u7b97\u30e2\u30c7\u30eb\u3067\u3059\u3002<\/span><\/strong>1973\u5e74\u306b\u30d5\u30a3\u30c3\u30b7\u30e3\u30fc\u30fb\u30d6\u30e9\u30c3\u30af\uff08Fischer Black\uff09\u3068\u30de\u30a4\u30ed\u30f3\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\uff08Myron Scholes\uff09\u304c\u8ad6\u6587\u3067\u767a\u8868\u3057\u3001\u540c\u6642\u671f\u306b\u30ed\u30d0\u30fc\u30c8\u30fb\u30de\u30fc\u30c8\u30f3\uff08Robert Merton\uff09\u304c\u6570\u5b66\u7684\u57fa\u76e4\u3092\u62e1\u5f35\u3057\u307e\u3057\u305f\u3002\u30b7\u30e7\u30fc\u30eb\u30ba\u3068\u30de\u30fc\u30c8\u30f3\u306f1997\u5e74\u306b\u30ce\u30fc\u30d9\u30eb\u7d4c\u6e08\u5b66\u8cde\u3092\u53d7\u8cde\u3057\u3066\u3044\u307e\u3059\uff08\u203b1\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BS\u30e2\u30c7\u30eb\u304c\u753b\u671f\u7684\u3060\u3063\u305f\u306e\u306f\u3001<strong>\u300c\u539f\u8cc7\u7523\u4fa1\u683c\u30fb\u884c\u4f7f\u4fa1\u683c\u30fb\u6b8b\u5b58\u671f\u9593\u30fb\u7121\u30ea\u30b9\u30af\u91d1\u5229\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u300d\u306e5\u3064\u306e\u5909\u6570\u3060\u3051\u3067\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u516c\u6b63\u4fa1\u683c\u3092\u5c0e\u51fa\u3067\u304d\u308b<\/strong>\u70b9\u3067\u3059\u3002\u305d\u308c\u307e\u3067\u7d4c\u9a13\u5247\u3084\u76f4\u611f\u306b\u983c\u3063\u3066\u3044\u305f\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u683c\u4ed8\u3051\u306b\u3001\u521d\u3081\u3066\u518d\u73fe\u6027\u306e\u3042\u308b\u6570\u5b66\u7684\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u3092\u4e0e\u3048\u307e\u3057\u305f\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u9805\u76ee<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><th>\u6b63\u5f0f\u540d\u79f0<\/th><td>Black-Scholes\u30e2\u30c7\u30eb\uff08\u30d6\u30e9\u30c3\u30af-\u30b7\u30e7\u30fc\u30eb\u30ba-\u30de\u30fc\u30c8\u30f3\u30e2\u30c7\u30eb\u3068\u3082\uff09<\/td><\/tr><tr><th>\u767a\u8868\u5e74<\/th><td>1973\u5e74<\/td><\/tr><tr><th>\u63d0\u5531\u8005<\/th><td>Fischer Black\u30fbMyron Scholes\uff08Robert Merton\u304c\u62e1\u5f35\uff09<\/td><\/tr><tr><th>\u30ce\u30fc\u30d9\u30eb\u8cde<\/th><td>1997\u5e74\u30ce\u30fc\u30d9\u30eb\u7d4c\u6e08\u5b66\u8cde\uff08\u30b7\u30e7\u30fc\u30eb\u30ba\u30fb\u30de\u30fc\u30c8\u30f3\uff09<\/td><\/tr><tr><th>\u5bfe\u8c61<\/th><td>\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\uff08\u6e80\u671f\u65e5\u306e\u307f\u884c\u4f7f\u53ef\u80fd\u306a\u30bf\u30a4\u30d7\uff09<\/td><\/tr><tr><th>\u5165\u529b\u5909\u6570<\/th><td>S\uff08\u539f\u8cc7\u7523\u4fa1\u683c\uff09\u3001K\uff08\u884c\u4f7f\u4fa1\u683c\uff09\u3001T\uff08\u6b8b\u5b58\u671f\u9593\uff09\u3001r\uff08\u7121\u30ea\u30b9\u30af\u91d1\u5229\uff09\u3001\u03c3\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09<\/td><\/tr><tr><th>\u4e3b\u306a\u7528\u9014<\/th><td>\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u7406\u8ad6\u4fa1\u683c\u7b97\u51fa\u3001IV\uff08\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u306e\u9006\u7b97\u3001Greeks\uff08\u30ea\u30b9\u30af\u6307\u6a19\uff09\u306e\u7b97\u51fa<\/td><\/tr><tr><th>\u6697\u53f7\u8cc7\u7523\u3067\u306e\u5229\u7528<\/th><td>Deribit\u30fbBitget\u7b49\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u6240\u3067\u6a19\u6e96\u63a1\u7528<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u73fe\u5728\u3067\u3082BS\u30e2\u30c7\u30eb\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u5e02\u5834\u306e\u300c\u5171\u901a\u8a00\u8a9e\u300d\u3068\u3057\u3066\u6a5f\u80fd\u3057\u3066\u3044\u307e\u3059\u3002\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u6700\u5927\u624b\u306eDeribit\u3092\u306f\u3058\u3081\u3001BTC\u30fbETH\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u7406\u8ad6\u4fa1\u683c\u3084Greeks\u306e\u7b97\u51fa\u306b\u306fBS\u30e2\u30c7\u30eb\u30d9\u30fc\u30b9\u306e\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u304c\u4f7f\u308f\u308c\u3066\u3044\u307e\u3059\u3002\u6b21\u306e\u7ae0\u304b\u3089\u3001BS\u516c\u5f0f\u306e\u5177\u4f53\u7684\u306a\u69cb\u9020\u3092\u6398\u308a\u4e0b\u3052\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">BS\u516c\u5f0f\u306e\u69cb\u9020\uff5c5\u3064\u306e\u5909\u6570\u3068\u30b3\u30fc\u30eb\u4fa1\u683c\u306e\u8a08\u7b97<\/h2>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-onpoint\"><div class=\"cap_box_ttl\"><span><strong>\u3053\u306e\u7ae0\u306e\u5185\u5bb9<\/strong><\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>BS\u516c\u5f0f\uff08\u30b3\u30fc\u30eb\u30fb\u30d7\u30c3\u30c8\uff09\u306e\u5168\u4f53\u50cf<\/li>\n\n\n\n<li>5\u3064\u306e\u5165\u529b\u5909\u6570\u306e\u610f\u5473\u3068\u300c\u03c3\u3060\u3051\u304c\u7279\u5225\u300d\u306a\u7406\u7531<\/li>\n\n\n\n<li>d1\u30fbd2\u304c\u8a08\u7b97\u3057\u3066\u3044\u308b\u3053\u3068<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">BS\u30e2\u30c7\u30eb\u306e\u30b3\u30fc\u30eb\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u516c\u5f0f\u306f\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u8868\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>C = S \u00d7 N(d1) \u2212 K \u00d7 e^(\u2212rT) \u00d7 N(d2)<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30d7\u30c3\u30c8\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5834\u5408\u306f\u3001\u30d7\u30c3\u30c8\u30fb\u30b3\u30fc\u30eb\u30fb\u30d1\u30ea\u30c6\u30a3\u306e\u95a2\u4fc2\u304b\u3089\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>P = K \u00d7 e^(\u2212rT) \u00d7 N(\u2212d2) \u2212 S \u00d7 N(\u2212d1)<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u3067 d1 \u3068 d2 \u306f\u4ee5\u4e0b\u306e\u88dc\u52a9\u8a08\u7b97\u5f0f\u3067\u6c42\u3081\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>d1 = [ln(S\/K) + (r + \u03c3\u00b2\/2)T] \/ (\u03c3\u221aT)<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>d2 = d1 \u2212 \u03c3\u221aT<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5\u3064\u306e\u5165\u529b\u5909\u6570\uff5c\u03c3\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u3060\u3051\u304c\u300c\u672a\u77e5\u6570\u300d<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">BS\u516c\u5f0f\u306b\u5165\u529b\u3059\u308b5\u3064\u306e\u5909\u6570\u306e\u3046\u3061\u30014\u3064\u306f\u5e02\u5834\u3067\u76f4\u63a5\u89b3\u5bdf\u3067\u304d\u307e\u3059\u3002<strong>\u552f\u4e00\u03c3\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u3060\u3051\u304c\u300c\u5c06\u6765\u306e\u5024\u52d5\u304d\u306e\u5927\u304d\u3055\u300d\u3092\u8868\u3057\u3066\u304a\u308a\u3001\u8ab0\u306b\u3082\u308f\u304b\u3089\u306a\u3044<\/strong>\u306e\u3067\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u5909\u6570<\/th><th>\u610f\u5473<\/th><th>\u89b3\u5bdf\u53ef\u80fd\u304b<\/th><\/tr><\/thead><tbody><tr><td>S\uff08\u539f\u8cc7\u7523\u4fa1\u683c\uff09<\/td><td>\u73fe\u5728\u306e\u5e02\u5834\u4fa1\u683c<\/td><td>\u677f\u3092\u898b\u308c\u3070\u308f\u304b\u308b<\/td><\/tr><tr><td>K\uff08\u884c\u4f7f\u4fa1\u683c\uff09<\/td><td>\u30aa\u30d7\u30b7\u30e7\u30f3\u5951\u7d04\u306b\u8a18\u8f09\u3055\u308c\u305f\u884c\u4f7f\u4fa1\u683c<\/td><td>\u5951\u7d04\u3067\u78ba\u5b9a\u6e08\u307f<\/td><\/tr><tr><td>T\uff08\u6b8b\u5b58\u671f\u9593\uff09<\/td><td>\u6e80\u671f\u307e\u3067\u306e\u6642\u9593\uff08\u5e74\u5358\u4f4d\u30023\u304b\u6708\u306a\u30890.25\uff09<\/td><td>\u6e80\u671f\u65e5\u304b\u3089\u8a08\u7b97\u53ef\u80fd<\/td><\/tr><tr><td>r\uff08\u7121\u30ea\u30b9\u30af\u91d1\u5229\uff09<\/td><td>\u56fd\u50b5\u91d1\u5229\u306e\u3088\u3046\u306a\u30ea\u30b9\u30af\u306e\u306a\u3044\u904b\u7528\u5229\u56de\u308a<\/td><td>\u56fd\u50b5\u5229\u56de\u308a\u3067\u78ba\u8a8d\u53ef\u80fd<\/td><\/tr><tr><td><strong>\u03c3\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09<\/strong><\/td><td><strong>\u5c06\u6765\u306e\u5024\u52d5\u304d\u306e\u5927\u304d\u3055\uff08\u5e74\u7387\u306e\u6a19\u6e96\u504f\u5dee\uff09<\/strong><\/td><td><strong>\u672a\u6765\u306e\u3053\u3068\u306a\u306e\u3067\u308f\u304b\u3089\u306a\u3044<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u300c\u03c3\u3060\u3051\u304c\u672a\u77e5\u6570\u300d\u3068\u3044\u3046\u69cb\u9020\u3053\u305d\u304c\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u5e02\u5834\u306e\u672c\u8cea\u3067\u3059\u3002<strong>\u5e02\u5834\u3067\u5b9f\u969b\u306b\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u3092BS\u516c\u5f0f\u306b\u4ee3\u5165\u3057\u3001\u03c3\u306b\u3064\u3044\u3066\u53cd\u5fa9\u8a08\u7b97\u3067\u9006\u7b97\u3057\u305f\u3082\u306e\u304cIV\uff08\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u3067\u3059\u3002<\/strong>\u3064\u307e\u308a\u3001BS\u30e2\u30c7\u30eb\u304c\u8a95\u751f\u3057\u305f\u3053\u3068\u3067IV\u3092\u9006\u7b97\u3059\u308b\u8a08\u7b97\u5f0f\u304c\u751f\u307e\u308c\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u300c\u516c\u6b63\u4fa1\u683c\u300d\u3092\u5224\u65ad\u3059\u308b\u7269\u5dee\u3057\u304c\u521d\u3081\u3066\u624b\u306b\u5165\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">d1\u3068d2\u304c\u8a08\u7b97\u3057\u3066\u3044\u308b\u3053\u3068<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">d1\u3068d2\u306f\u4e00\u898b\u3059\u308b\u3068\u8907\u96d1\u306b\u898b\u3048\u307e\u3059\u304c\u3001\u8a08\u7b97\u3057\u3066\u3044\u308b\u3053\u3068\u306f\u30b7\u30f3\u30d7\u30eb\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>d2\u306f\u300c\u30b3\u30fc\u30eb\u304cITM\uff08\u30a4\u30f3\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\uff09\u3067\u6e80\u671f\u3092\u8fce\u3048\u308b\u78ba\u7387\u300d\u3092\u30ea\u30b9\u30af\u8abf\u6574\u5f8c\u306b\u6c42\u3081\u308b\u3082\u306e<\/strong>\u3067\u3059\u3002\u6b63\u898f\u5206\u5e03\u306e\u4e2d\u5fc3\u3092\u57fa\u6e96\u306b\u3001\u884c\u4f7f\u4fa1\u683cK\u304c\u5206\u5e03\u306e\u3069\u3053\u306b\u4f4d\u7f6e\u3059\u308b\u304b\u3092\u6a19\u6e96\u504f\u5dee\u3067\u6e2c\u308a\u3001\u73fe\u5728\u4fa1\u683cS\u304cK\u3092\u4e0a\u56de\u3063\u3066\u7d42\u308f\u308b\u78ba\u7387\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u65b9\u3001<strong>d1\u306f\u300cITM\u3067\u7d42\u308f\u308b\u3068\u304d\u306e\u682a\u4fa1\u306e\u52a0\u91cd\u5e73\u5747\u671f\u5f85\u5024\u300d\u3092\u6c42\u3081\u308b\u3082\u306e<\/strong>\u3067\u3059\u3002d2\u304c\u300c\u4f55\u56deITM\u3067\u7d42\u308f\u308b\u304b\uff08\u78ba\u7387\uff09\u300d\u3092\u6570\u3048\u308b\u306e\u306b\u5bfe\u3057\u3001d1\u306f\u300cITM\u3067\u7d42\u308f\u3063\u305f\u3068\u304d\u3001\u682a\u4fa1\u304c\u3044\u304f\u3089\u304b\uff08\u91d1\u984d\u306e\u91cd\u307f\u4ed8\u3051\uff09\u300d\u307e\u3067\u8003\u616e\u3057\u307e\u3059\u3002\u682a\u4fa1\u304c\u5927\u304d\u3044\u307b\u3069\u671f\u5f85\u5024\u3078\u306e\u5f71\u97ff\u304c\u5927\u304d\u3044\u305f\u3081\u3001d1\u306fd2\u3088\u308a\u03c3\u221aT\u5206\u3060\u3051\u5927\u304d\u304f\u306a\u308a\u307e\u3059\uff08d1 = d2 + \u03c3\u221aT\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">N(d1)\u304c\u30b3\u30fc\u30eb\u306e\u30c7\u30eb\u30bf\uff08\u539f\u8cc7\u7523\u4fa1\u683c\u304c1\u52d5\u3044\u305f\u3068\u304d\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306e\u5909\u5316\u91cf\uff09\u3068\u4e00\u81f4\u3059\u308b\u306e\u306f\u3001\u3053\u306e\u300c\u682a\u4fa1\u52a0\u91cd\u306e\u671f\u5f85\u5024\u300d\u3068\u3044\u3046\u69cb\u9020\u306b\u7531\u6765\u3057\u3066\u3044\u307e\u3059\u3002\u30c7\u30eb\u30bf\uff1dN(d2)\uff08ITM\u78ba\u7387\uff09\u3068\u6df7\u540c\u3055\u308c\u304c\u3061\u3067\u3059\u304c\u3001\u6b63\u3057\u304f\u306f\u30c7\u30eb\u30bf\uff1dN(d1)\u3067\u3059\uff08\u203b2\uff09\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">BS\u30e2\u30c7\u30eb\u306e\u524d\u63d0\uff5c\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u3068\u5bfe\u6570\u6b63\u898f\u5206\u5e03<\/h2>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-onpoint\"><div class=\"cap_box_ttl\"><span><strong>\u3053\u306e\u7ae0\u306e\u5185\u5bb9<\/strong><\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>BS\u30e2\u30c7\u30eb\u304c\u7f6e\u3044\u3066\u3044\u308b7\u3064\u306e\u524d\u63d0\u6761\u4ef6<\/li>\n\n\n\n<li>\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\uff08GBM\uff09\u3068\u306f\u4f55\u304b<\/li>\n\n\n\n<li>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30b0\uff08\u2212\u03c3\u00b2\/2\uff09\u306e\u6b63\u4f53<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>BS\u30e2\u30c7\u30eb\u306f\u300c\u539f\u8cc7\u7523\u306e\u52d5\u304d\u3092\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\uff08GBM\uff09\u3067\u8868\u3059\u300d\u3068\u4eee\u5b9a\u3057\u3001\u305d\u306e\u4eee\u5b9a\u306e\u4e0b\u3067\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u3092\u8a08\u7b97\u3059\u308b\u30e2\u30c7\u30eb<\/strong>\u3067\u3059\u3002\u3064\u307e\u308aBS\u306f\u3001\u539f\u8cc7\u7523\u304c\u3069\u3046\u52d5\u304f\u304b\u3092\u7279\u5b9a\u306e\u6570\u5f0f\u3067\u4eee\u5b9a\u3057\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u3001\u305d\u306e\u30e2\u30c7\u30eb\u304cGBM\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">BS\u30e2\u30c7\u30eb\u306e7\u3064\u306e\u524d\u63d0\u6761\u4ef6<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">BS\u30e2\u30c7\u30eb\u304c\u6b63\u3057\u304f\u6a5f\u80fd\u3059\u308b\u306b\u306f\u3001\u4ee5\u4e0b\u306e\u524d\u63d0\u304c\u6210\u308a\u7acb\u3063\u3066\u3044\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u73fe\u5b9f\u306e\u5e02\u5834\u3067\u306f\u3053\u308c\u3089\u306e\u524d\u63d0\u304c\u3059\u3079\u3066\u6210\u7acb\u3059\u308b\u3053\u3068\u306f\u306a\u304f\u3001\u305d\u306e\u30ba\u30ec\u304cBS\u30e2\u30c7\u30eb\u306e\u9650\u754c\uff08\u5f8c\u8ff0\uff09\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08\u03c3\uff09\u306f\u4e00\u5b9a<\/strong>\uff08\u671f\u9593\u4e2d\u306b\u5909\u52d5\u3057\u306a\u3044\uff09<\/li>\n\n\n\n<li><strong>\u539f\u8cc7\u7523\u4fa1\u683c\u306f\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u306b\u5f93\u3046<\/strong>\uff08\u30ea\u30bf\u30fc\u30f3\u304c\u5bfe\u6570\u6b63\u898f\u5206\u5e03\u3059\u308b\uff09<\/li>\n\n\n\n<li><strong>\u53d6\u5f15\u30b3\u30b9\u30c8\uff08\u624b\u6570\u6599\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\uff09\u304c\u30bc\u30ed<\/strong><\/li>\n\n\n\n<li><strong>\u914d\u5f53\u304c\u306a\u3044<\/strong>\uff08\u6697\u53f7\u8cc7\u7523\u306b\u306fFunding Rate\u306e\u554f\u984c\u304c\u3042\u308b\uff09<\/li>\n\n\n\n<li><strong>\u7121\u30ea\u30b9\u30af\u91d1\u5229\u306f\u4e00\u5b9a<\/strong><\/li>\n\n\n\n<li><strong>\u5e02\u5834\u306f\u5b8c\u5168\u306b\u52b9\u7387\u7684<\/strong>\uff08\u7a7a\u58f2\u308a\u53ef\u80fd\u3001\u7121\u5236\u9650\u306b\u53d6\u5f15\u53ef\u80fd\uff09<\/li>\n\n\n\n<li><strong>\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u304c\u5bfe\u8c61<\/strong>\uff08\u6e80\u671f\u65e5\u306b\u306e\u307f\u884c\u4f7f\u53ef\u80fd\uff09<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\uff08GBM\uff09\uff5c\u539f\u8cc7\u7523\u306e\u52d5\u304d\u65b9\u306e\u4eee\u5b9a<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u306e\u5f0f\u306f <strong>dS = \u03bcSdt + \u03c3SdW<\/strong> \u3067\u8868\u3055\u308c\u307e\u3059\u3002\u3053\u306e\u5f0f\u306f\u3001\u539f\u8cc7\u7523\u306e\u5909\u5316\uff08dS\uff09\u304c2\u3064\u306e\u8981\u7d20\u304b\u3089\u6210\u308b\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7b2c1\u9805\u306e\u300c\u03bcSdt\u300d\u306f\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u00d7\u4fa1\u683c\u00d7\u7d4c\u904e\u6642\u9593\u3067\u3001\u7de9\u3084\u304b\u306a\u6210\u9577\u3092\u8868\u3057\u307e\u3059\u3002\u7b2c2\u9805\u306e\u300c\u03c3SdW\u300d\u306f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u00d7\u4fa1\u683c\u00d7\u30e9\u30f3\u30c0\u30e0\u306a\u63fa\u3089\u304e\u3067\u3001\u65e5\u3005\u306e\u4fa1\u683c\u5909\u52d5\uff08\u30d6\u30ec\uff09\u3092\u751f\u307f\u307e\u3059\u3002<strong>\u4e21\u65b9\u306bS\uff08\u539f\u8cc7\u7523\u4fa1\u683c\uff09\u304c\u542b\u307e\u308c\u3066\u3044\u308b\u70b9\u304c\u6838\u5fc3\u3067\u3001\u5909\u5316\u306f\u7d76\u5bfe\u984d\u3067\u306f\u306a\u304f\u4fa1\u683c\u306b\u6bd4\u4f8b\u3057\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5177\u4f53\u4f8b\u3092\u6319\u3052\u308b\u3068\u3001\u4fa1\u683c100\u30c9\u30eb\u30fb\u5e74\u7387\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a320%\u306e\u5834\u5408\u30011\u65e5\u3042\u305f\u308a\u306e\u5178\u578b\u7684\u306a\u5024\u52d5\u304d\u306f dS = 0.20 \u00d7 100 \u00d7 \u221a(1\/252) \u2252 1.26\u30c9\u30eb\u3068\u8a08\u7b97\u3067\u304d\u307e\u3059\u3002\u5e74\u7387\u30dc\u30e920%\u306a\u30891\u65e5\u3042\u305f\u308a\u7d041.26\u30c9\u30eb\u52d5\u304f\u3001\u3068\u3044\u3046\u76ee\u5b89\u304cGBM\u304b\u3089\u5c0e\u51fa\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30b0\uff08\u2212\u03c3\u00b2\/2\uff09\u306e\u6b63\u4f53<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">GBM\u3067\u52d5\u304f\u539f\u8cc7\u7523\u306e\u5bfe\u6570\u30ea\u30bf\u30fc\u30f3\u306f\u3001\u5e73\u5747\u304c\u300c\u03bc \u2212 \u03c3\u00b2\/2\u300d\u306b\u306a\u308a\u307e\u3059\u3002\u03bc\u3060\u3051\u3067\u306a\u304f\u03c3\u00b2\/2\u3092\u5f15\u304f\u5fc5\u8981\u304c\u3042\u308b\u306e\u306f\u3001<strong>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c9\u30e9\u30b0\uff08Vol Drag\uff09<\/strong>\u3068\u547c\u3070\u308c\u308b\u73fe\u8c61\u304c\u3042\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3068\u3048\u3070100\u30c9\u30eb\u306e\u8cc7\u7523\u304c\u6bce\u65e5+50%\u304b\u221250%\u3092\u7e70\u308a\u8fd4\u3059\u3068\u30015\u65e5\u5f8c\u306b\u306f84.38\u30c9\u30eb\u307e\u3067\u76ee\u6e1b\u308a\u3057\u307e\u3059\u3002\u4e00\u65b9\u3001\u6bce\u65e5+5%\u304b\u22125%\u306a\u30895\u65e5\u5f8c\u3067\u3082\u307b\u307c\u5143\u5024\u306b\u623b\u308a\u307e\u3059\u3002<strong>\u5024\u52d5\u304d\u304c\u5927\u304d\u3044\u307b\u3069\u639b\u3051\u7b97\u306e\u975e\u5bfe\u79f0\u6027\u3067\u76ee\u6e1b\u308a\u3059\u308b<\/strong>\u306e\u304cVol Drag\u3067\u3042\u308a\u3001\u305d\u306e\u76ee\u6e1b\u308a\u5e45\u304c\u3061\u3087\u3046\u3069\u03c3\u00b2\/2\u306b\u6bd4\u4f8b\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BS\u516c\u5f0f\u3067\u306f\u3001\u3053\u306e\u300c\u03bc \u2212 \u03c3\u00b2\/2\u300d\u304c\u5b9f\u52b9\u30ea\u30bf\u30fc\u30f3\u3068\u3057\u3066\u7d44\u307f\u8fbc\u307e\u308c\u3066\u3044\u307e\u3059\u3002<strong>\u03c3\u304c\u5927\u304d\u3044\uff08\u30dc\u30e9\u304c\u9ad8\u3044\uff09\u307b\u3069\u5b9f\u52b9\u30ea\u30bf\u30fc\u30f3\u304c\u62bc\u3057\u4e0b\u3052\u3089\u308c\u308b<\/strong>\u3068\u3044\u3046\u69cb\u9020\u3092\u3001\u6570\u5f0f\u306e\u4e2d\u306b\u304d\u3061\u3093\u3068\u53cd\u6620\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">BS\u30e2\u30c7\u30eb\u3068Greeks\uff08\u30ea\u30b9\u30af\u6307\u6a19\uff09\u306e\u95a2\u4fc2<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u30c7\u30eb\u30bf\u30fb\u30ac\u30f3\u30de\u30fb\u30bb\u30fc\u30bf\u30fb\u30d9\u30ac\u3068\u3044\u3063\u305fGreeks\uff08\u30ae\u30ea\u30b7\u30e3\u6307\u6a19\uff09\u306f\u3001\u3059\u3079\u3066BS\u516c\u5f0f\u3092\u504f\u5fae\u5206\u3059\u308b\u3053\u3068\u3067\u5c0e\u51fa\u3055\u308c\u307e\u3059\u3002<\/strong>Greeks\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u30ea\u30b9\u30af\u7ba1\u7406\u306b\u4e0d\u53ef\u6b20\u306a\u6307\u6a19\u3067\u3042\u308a\u3001BS\u30e2\u30c7\u30eb\u304c\u300c\u8a08\u7b97\u306e\u571f\u53f0\u300d\u3068\u3057\u3066\u6a5f\u80fd\u3057\u3066\u3044\u308b\u6700\u5927\u306e\u7406\u7531\u3067\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>Greeks<\/th><th>\u5b9a\u7fa9\uff08\u4f55\u306e\u5909\u5316\u306b\u5bfe\u3059\u308b\u611f\u5fdc\u5ea6\u304b\uff09<\/th><th>BS\u516c\u5f0f\u304b\u3089\u306e\u5c0e\u51fa<\/th><\/tr><\/thead><tbody><tr><td><strong>\u30c7\u30eb\u30bf\uff08\u0394\uff09<\/strong><\/td><td>\u539f\u8cc7\u7523\u4fa1\u683c\u304c1\u52d5\u3044\u305f\u3068\u304d\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306e\u5909\u5316<\/td><td>\u30b3\u30fc\u30eb\u306e\u30c7\u30eb\u30bf = N(d1)\u3002N(d2)\u3067\u306f\u306a\u3044\u70b9\u306b\u6ce8\u610f<\/td><\/tr><tr><td><strong>\u30ac\u30f3\u30de\uff08\u0393\uff09<\/strong><\/td><td>\u539f\u8cc7\u7523\u4fa1\u683c\u304c\u52d5\u3044\u305f\u3068\u304d\u306e\u30c7\u30eb\u30bf\u306e\u5909\u5316\u91cf<\/td><td>\u0393 = N'(d1) \/ (S \u00d7 \u03c3 \u00d7 \u221aT)\u3002ATM\u3067\u6700\u5927<\/td><\/tr><tr><td><strong>\u30bb\u30fc\u30bf\uff08\u0398\uff09<\/strong><\/td><td>\u6642\u9593\u304c1\u65e5\u7d4c\u904e\u3057\u305f\u3068\u304d\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306e\u76ee\u6e1b\u308a<\/td><td>BS\u65b9\u7a0b\u5f0f\u3067\u306f\u0398 = \u2212\u00bd\u03c3\u00b2S\u00b2\u0393\uff08\u30ac\u30f3\u30de\u3068\u8868\u88cf\u4e00\u4f53\uff09<\/td><\/tr><tr><td><strong>\u30d9\u30ac\uff08\u03bd\uff09<\/strong><\/td><td>IV\u304c1%\u52d5\u3044\u305f\u3068\u304d\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306e\u5909\u5316<\/td><td>\u03bd = S \u00d7 \u221aT \u00d7 N'(d1)\u3002\u9577\u671f\u307b\u3069\u5927\u304d\u3044<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u7279\u306b\u91cd\u8981\u306a\u306e\u306f\u3001<strong>BS\u65b9\u7a0b\u5f0f\uff08\u30c7\u30eb\u30bf\u30d8\u30c3\u30b8\u6e08\u307f\u72b6\u614b\uff09\u3067\u306f\u300c\u0398 = \u2212\u00bd\u03c3\u00b2S\u00b2\u0393\u300d\u304c\u6210\u308a\u7acb\u3064<\/strong>\u70b9\u3067\u3059\u3002\u3053\u308c\u306f\u30ac\u30f3\u30de\u3068\u30bb\u30fc\u30bf\u304c\u03c3\u00b2\u3092\u4ecb\u3057\u3066\u3064\u306a\u304c\u3063\u3066\u304a\u308a\u3001BS\u516c\u5f0f\u304c\u6210\u308a\u7acb\u3064\u305f\u3081\u306b\u306f\u8868\u88cf\u4e00\u4f53\u306e\u95a2\u4fc2\u306b\u3042\u308b\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002\u30ac\u30f3\u30de\u304c\u5927\u304d\u3051\u308c\u3070\u30bb\u30fc\u30bf\u3082\u5927\u304d\u3044\u2014\u2014\u3053\u306e\u6cd5\u5247\u306e\u6570\u5b66\u7684\u6839\u62e0\u304cBS\u65b9\u7a0b\u5f0f\u306b\u5185\u5305\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3060\u3057\u3001\u0398\u306e\u03c3\u306fIV\uff08\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u30d9\u30fc\u30b9\u3001\u0393\u306e\u03c3\u306fRV\uff08\u5b9f\u73fe\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u30d9\u30fc\u30b9\u3067\u4f5c\u7528\u3059\u308b\u305f\u3081\u3001<strong>IV\u3068RV\u306e\u5dee\u5206\u304c\u30aa\u30d7\u30b7\u30e7\u30f3\u58f2\u8cb7\u306e\u640d\u76ca\u3092\u5de6\u53f3\u3057\u307e\u3059\u3002<\/strong>\u5b9f\u73fe\u30dc\u30e9\u304cIV\u3092\u4e0a\u56de\u308c\u3070\u8cb7\u3044\u624b\u304c\u3001\u4e0b\u56de\u308c\u3070\u58f2\u308a\u624b\u304c\u6709\u5229\u306b\u306a\u308b\u2014\u2014\u3053\u308c\u304c\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u640d\u76ca\u30e1\u30ab\u30cb\u30ba\u30e0\u306e\u6838\u5fc3\u3067\u3059\u3002<\/p>\n\n\n<div class=\"swell-block-balloon\"><div class=\"c-balloon -bln-left\" data-col=\"gray\"><div class=\"c-balloon__icon -square\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png\" alt=\"\" class=\"c-balloon__iconImg\" width=\"80px\" height=\"80px\"><span class=\"c-balloon__iconName\">\u6728\u7530 \u967d\u4ecb<\/span><\/div><div class=\"c-balloon__body -speaking -border-none\"><div class=\"c-balloon__text\">\n<p><span class=\"swl-fz u-fz-s\">Greeks\u5168\u90e8\u304cBS\u516c\u5f0f\u304b\u3089\u51fa\u3066\u304f\u308b\u3068\u3044\u3046\u4e8b\u5b9f\u306f\u610f\u5916\u3068\u898b\u843d\u3068\u3055\u308c\u304c\u3061\u3067\u3059\u3002BS\u30e2\u30c7\u30eb\u3092\u7406\u89e3\u3059\u308b\u3068Greeks\u306e\u76f8\u4e92\u95a2\u4fc2\u304c\u300c\u306a\u305c\u305d\u3046\u306a\u308b\u304b\u300d\u307e\u3067\u8179\u843d\u3061\u3059\u308b\u306e\u3067\u3001\u30c7\u30eb\u30bf\u30d8\u30c3\u30b8\u3084\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30c8\u30ec\u30fc\u30c9\u306e\u5224\u65ad\u7cbe\u5ea6\u304c\u5909\u308f\u3063\u3066\u304d\u307e\u3059\u3002<\/span><\/p>\n<span class=\"c-balloon__shapes\"><span class=\"c-balloon__before\"><\/span><span class=\"c-balloon__after\"><\/span><\/span><\/div><\/div><\/div><\/div>\n\n\n<h2 class=\"wp-block-heading\">BS\u30e2\u30c7\u30eb\u306e\u9650\u754c\uff5c\u73fe\u5b9f\u5e02\u5834\u3067\u300c\u4eee\u5b9a\u304c\u5d29\u308c\u308b\u300d\u30dd\u30a4\u30f3\u30c8<\/h2>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-onpoint\"><div class=\"cap_box_ttl\"><span><strong>\u3053\u306e\u7ae0\u306e\u5185\u5bb9<\/strong><\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>IV\u30b9\u30ad\u30e5\u30fc\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30b9\u30de\u30a4\u30eb\uff09\u304c\u751f\u307e\u308c\u308b\u7406\u7531<\/li>\n\n\n\n<li>\u30d5\u30a1\u30c3\u30c8\u30c6\u30fc\u30eb\uff1aBS\u304c\u300c\u5b87\u5b99\u306e\u5bff\u547d\u3088\u308a\u7a00\u300d\u3068\u8a55\u4fa1\u3059\u308b\u6025\u843d\u304c\u73fe\u5b9f\u306b\u8d77\u304d\u308b<\/li>\n\n\n\n<li>\u6697\u53f7\u8cc7\u7523\u7279\u6709\u306eBS\u30e2\u30c7\u30eb\u306e\u5d29\u308c<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">BS\u30e2\u30c7\u30eb\u306e\u6700\u5927\u306e\u9650\u754c\u306f\u3001<strong>\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u4e00\u5b9a\u300d\u3068\u3044\u3046\u524d\u63d0\u304c\u73fe\u5b9f\u306e\u5e02\u5834\u3067\u306f\u6210\u308a\u7acb\u305f\u306a\u3044<\/strong>\u3053\u3068\u3067\u3059\u3002\u5b9f\u969b\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u30c1\u30a7\u30fc\u30f3\u3092\u898b\u308b\u3068\u3001\u30b9\u30c8\u30e9\u30a4\u30af\uff08\u884c\u4f7f\u4fa1\u683c\uff09\u3054\u3068\u306bIV\u306e\u6570\u5024\u306f\u7570\u306a\u308a\u307e\u3059\u3002Deep ITM\u3067\u3082Far OTM\u3067\u3082IV\u304c\u540c\u3058\u306b\u306a\u308b\u306f\u305a\u2014\u2014\u3068\u3044\u3046BS\u306e\u4eee\u5b9a\u306f\u3001\u73fe\u5b9f\u3068\u306f\u5927\u304d\u304f\u4e56\u96e2\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">IV\u30b9\u30ad\u30e5\u30fc\u304c\u751f\u307e\u308c\u308b\u7406\u7531<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u30aa\u30d7\u30b7\u30e7\u30f3\u30c1\u30a7\u30fc\u30f3\u3067\u306f\u4e00\u822c\u7684\u306b\u3001ATM\uff08\u30a2\u30c3\u30c8\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\uff09\u306eIV\u304c\u4f4e\u304f\u3001OTM\uff08\u30a2\u30a6\u30c8\u30fb\u30aa\u30d6\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\uff09\u3001\u7279\u306bOTM\u30d7\u30c3\u30c8\u306eIV\u304c\u9ad8\u304f\u306a\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u3092<strong>IV\u30b9\u30ad\u30e5\u30fc\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30b9\u30ad\u30e5\u30fc\uff09<\/strong>\u3068\u547c\u3073\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BS\u30e2\u30c7\u30eb\u304c\u6b63\u3057\u3051\u308c\u3070\u5168\u30b9\u30c8\u30e9\u30a4\u30af\u3067\u540c\u3058IV\u306b\u306a\u308b\u306f\u305a\u3067\u3059\u304c\u3001\u5b9f\u969b\u306b\u306f\u7570\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u306f<strong>\u5e02\u5834\u304c\u300cBS\u304c\u60f3\u5b9a\u3059\u308b\u5bfe\u6570\u6b63\u898f\u5206\u5e03\u300d\u3068\u306f\u9055\u3046\u3001\u975e\u5bfe\u79f0\u306a\u5206\u5e03\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u308b<\/strong>\u3053\u3068\u306e\u8a3c\u62e0\u3067\u3059\u3002IV\u30b9\u30ad\u30e5\u30fc\u304c\u751f\u307e\u308c\u308b\u4e3b\u306a\u8981\u56e0\u306f2\u3064\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u69cb\u9020\u7684\u306a\u30d7\u30c3\u30c8\u9700\u8981<\/strong>\uff1a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u4e0b\u843d\u30d8\u30c3\u30b8\u3068\u3057\u3066OTM\u30d7\u30c3\u30c8\u3092\u5e38\u306b\u8cb7\u3046\u9700\u8981\u304c\u3042\u308a\u3001\u30d7\u30c3\u30c8\u5074\u306eIV\u304c\u6052\u5e38\u7684\u306b\u9ad8\u304f\u306a\u308a\u307e\u3059<\/li>\n\n\n\n<li><strong>\u6b74\u53f2\u7684\u306a\u6025\u843d\u30ea\u30b9\u30af\u306e\u7e54\u308a\u8fbc\u307f<\/strong>\uff1a\u5e02\u5834\u53c2\u52a0\u8005\u306f\u904e\u53bb\u306e\u66b4\u843d\u7d4c\u9a13\u304b\u3089\u3001\u975e\u5bfe\u79f0\u306a\u6025\u843d\u30ea\u30b9\u30af\u3092\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306b\u53cd\u6620\u3055\u305b\u3066\u3044\u307e\u3059<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">\u30d5\u30a1\u30c3\u30c8\u30c6\u30fc\u30eb\uff5cBS\u306e\u300c\u3042\u308a\u3048\u306a\u3044\u78ba\u7387\u300d\u304c\u73fe\u5b9f\u306b\u8d77\u304d\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">BS\u30e2\u30c7\u30eb\u306f\u300c\u30ea\u30bf\u30fc\u30f3\u306f\u5bfe\u6570\u6b63\u898f\u5206\u5e03\u306b\u5f93\u3046\u300d\u3068\u4eee\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002\u5bfe\u6570\u6b63\u898f\u5206\u5e03\u306e\u7aef\u306f\u6307\u6570\u7684\u306b\u6e1b\u8870\u3059\u308b\u305f\u3081\u3001\u305f\u3068\u3048\u30706\u03c3\uff08\u6a19\u6e96\u504f\u5dee\u306e6\u500d\uff09\u96e2\u308c\u305f\u4e8b\u8c61\u306f\u300c\u5b87\u5b99\u306e\u5bff\u547d\u3088\u308a\u7a00\u300d\u3068\u8a55\u4fa1\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3057\u304b\u3057\u73fe\u5b9f\u306e\u76f8\u5834\u3067\u306f\u3001\u305d\u306e\u30ec\u30d9\u30eb\u306e\u52d5\u304d\u304c\u5b9f\u969b\u306b\u767a\u751f\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1987\u5e74 \u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\uff081\u65e5\u3067\u7d0422%\u306e\u66b4\u843d\uff09<\/li>\n\n\n\n<li>2020\u5e743\u6708 COVID\u30b7\u30e7\u30c3\u30af<\/li>\n\n\n\n<li>2024\u5e748\u6708 \u65e5\u9280\u5229\u4e0a\u3052\u30b7\u30e7\u30c3\u30af<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u3053\u306e\u3088\u3046\u306a\u300c\u6b63\u898f\u5206\u5e03\u304c\u60f3\u5b9a\u3059\u308b\u3088\u308a\u306f\u308b\u304b\u306b\u9ad8\u3044\u78ba\u7387\u3067\u6975\u7aef\u306a\u5024\u52d5\u304d\u304c\u8d77\u304d\u308b\u300d\u73fe\u8c61\u3092\u30d5\u30a1\u30c3\u30c8\u30c6\u30fc\u30eb\uff08\u88fe\u306e\u539a\u3044\u5206\u5e03\uff09\u3068\u547c\u3073\u307e\u3059\u3002<\/strong>BS\u30e2\u30c7\u30eb\u306e\u5bfe\u6570\u6b63\u898f\u5206\u5e03\u304c\u30d5\u30a1\u30c3\u30c8\u30c6\u30fc\u30eb\u3067\u5d29\u308c\u308b\u3053\u3068\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u5e02\u5834\u306b\u304a\u3051\u308b\u6700\u3082\u91cd\u8981\u306a\u300c\u4eee\u5b9a\u3068\u73fe\u5b9f\u306e\u30ba\u30ec\u300d\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u6697\u53f7\u8cc7\u7523\u7279\u6709\u306eBS\u30e2\u30c7\u30eb\u306e\u5d29\u308c<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u6697\u53f7\u8cc7\u7523\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u3067\u306f\u3001\u682a\u5f0f\u4ee5\u4e0a\u306bBS\u306e\u524d\u63d0\u304b\u3089\u306e\u4e56\u96e2\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>BS\u306e\u524d\u63d0<\/th><th>\u6697\u53f7\u8cc7\u7523\u5e02\u5834\u306e\u73fe\u5b9f<\/th><\/tr><\/thead><tbody><tr><td>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u4e00\u5b9a<\/td><td>BTC\/ETH\u306eIV\u306f\u671f\u9593\u30fb\u30b9\u30c8\u30e9\u30a4\u30af\u3067\u5927\u304d\u304f\u7570\u306a\u308b\u3002IV\u30b9\u30ad\u30e5\u30fc\u3082\u6025\u5909\u3059\u308b<\/td><\/tr><tr><td>\u914d\u5f53\u306f\u306a\u3044<\/td><td>Funding Rate\uff08\u8cc7\u91d1\u8abf\u9054\u7387\uff09\u304c\u5b9f\u8cea\u7684\u306a\u914d\u5f53\u306e\u3088\u3046\u306b\u6a5f\u80fd\u3059\u308b<\/td><\/tr><tr><td>\u53d6\u5f15\u306f\u55b6\u696d\u6642\u9593\u5185<\/td><td>24\u6642\u9593365\u65e5\u53d6\u5f15\u3002\u9031\u672b\u3082\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30a4\u30d9\u30f3\u30c8\u304c\u767a\u751f\u3059\u308b<\/td><\/tr><tr><td>\u5e02\u5834\u306f\u52b9\u7387\u7684<\/td><td>\u6d41\u52d5\u6027\u306e\u504f\u308a\u3001\u53d6\u5f15\u6240\u9593\u306eIV\u5dee\u304c\u5927\u304d\u3044<\/td><\/tr><tr><td>\u5bfe\u6570\u6b63\u898f\u5206\u5e03\u306b\u5f93\u3046<\/td><td>\u6697\u53f7\u8cc7\u7523\u306e\u30d5\u30a1\u30c3\u30c8\u30c6\u30fc\u30eb\u306f\u682a\u5f0f\u3088\u308a\u3055\u3089\u306b\u9855\u8457<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3046\u3057\u305f\u4e56\u96e2\u304c\u3042\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001Deribit\u3084Bitget\u3092\u306f\u3058\u3081\u3068\u3059\u308b\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u6240\u3067\u306f<strong>BS\u30e2\u30c7\u30eb\u304c\u30c7\u30d5\u30a1\u30af\u30c8\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u3068\u3057\u3066\u4f7f\u308f\u308c\u3066\u3044\u307e\u3059<\/strong>\u3002\u300c\u5b8c\u74a7\u3060\u304b\u3089\u4f7f\u3046\u300d\u306e\u3067\u306f\u306a\u304f\u3001\u300c\u5168\u54e1\u304c\u540c\u3058\u7269\u5dee\u3057\u3067\u4f1a\u8a71\u3059\u308b\u305f\u3081\u306e\u5171\u901a\u57fa\u76e4\u300d\u3068\u3057\u3066\u6a5f\u80fd\u3057\u3066\u3044\u308b\u306e\u304c\u5b9f\u614b\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">BS\u30e2\u30c7\u30eb\u3092\u5b66\u3076\u969b\u306e\u6ce8\u610f\u70b9\u30fb\u3088\u304f\u3042\u308b\u8aa4\u89e3<\/h2>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-good_list\"><div class=\"cap_box_ttl\"><span><strong>BS\u30e2\u30c7\u30eb\u3092\u7406\u89e3\u3059\u308b\u30e1\u30ea\u30c3\u30c8<\/strong><\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>Greeks\u306e\u76f8\u4e92\u95a2\u4fc2\u304c\u6570\u5b66\u7684\u306b\u7406\u89e3\u3067\u304d\u3001\u30ea\u30b9\u30af\u7ba1\u7406\u306e\u7cbe\u5ea6\u304c\u4e0a\u304c\u308b<\/li>\n\n\n\n<li>IV\u306e\u9006\u7b97\u65b9\u6cd5\u304c\u308f\u304b\u308a\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5272\u5b89\u30fb\u5272\u9ad8\u3092\u81ea\u5206\u3067\u5224\u65ad\u3067\u304d\u308b<\/li>\n\n\n\n<li>\u30c7\u30eb\u30bf\u30d8\u30c3\u30b8\u3084\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30c8\u30ec\u30fc\u30c9\u306e\u7406\u8ad6\u7684\u57fa\u76e4\u304c\u8eab\u306b\u3064\u304f<\/li>\n\n\n\n<li>\u6697\u53f7\u8cc7\u7523\u30fb\u682a\u5f0f\u554f\u308f\u305a\u30aa\u30d7\u30b7\u30e7\u30f3\u5e02\u5834\u306e\u300c\u5171\u901a\u8a00\u8a9e\u300d\u3067\u4f1a\u8a71\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-bad_list\"><div class=\"cap_box_ttl\"><span><strong>\u3088\u304f\u3042\u308b\u8aa4\u89e3\u30fb\u6ce8\u610f\u70b9<\/strong><\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>\u300c\u30c7\u30eb\u30bf\uff1dITM\u306b\u306a\u308b\u78ba\u7387\uff08N(d2)\uff09\u300d\u3068\u6df7\u540c\u3055\u308c\u308b\u304c\u3001\u6b63\u3057\u304f\u306f\u30c7\u30eb\u30bf\uff1dN(d1)\uff08\u682a\u4fa1\u52a0\u91cd\u306e\u671f\u5f85\u5024\uff09<\/li>\n\n\n\n<li>BS\u30e2\u30c7\u30eb\u306e\u7406\u8ad6\u4fa1\u683c\u3092\u300c\u6b63\u89e3\u306e\u4fa1\u683c\u300d\u3068\u601d\u3044\u8fbc\u3080\u3002\u5b9f\u969b\u306f\u300c\u4eee\u5b9a\u304c\u6210\u308a\u7acb\u3064\u5834\u5408\u306e\u4fa1\u683c\u300d\u306b\u3059\u304e\u306a\u3044<\/li>\n\n\n\n<li>BS\u306e\u4eee\u5b9a\u3092\u77e5\u3089\u305a\u306b\u4f7f\u3044\u3001\u30c6\u30fc\u30eb\u30ea\u30b9\u30af\uff08\u6975\u7aef\u306a\u6025\u843d\uff09\u3092\u904e\u5c0f\u8a55\u4fa1\u3057\u3066\u3057\u307e\u3046<\/li>\n\n\n\n<li>\u300cBS\u30e2\u30c7\u30eb\u306f\u53e4\u3044\u304b\u3089\u4f7f\u3048\u306a\u3044\u300d\u3068\u3044\u3046\u8aa4\u89e3\u3002\u9650\u754c\u306f\u3042\u308b\u304c\u3001\u5e02\u5834\u306e\u5171\u901a\u57fa\u76e4\u3068\u3057\u3066\u73fe\u5f79\u3067\u4f7f\u308f\u308c\u3066\u3044\u308b<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">ICHIZEN Capital\u306e\u8996\u70b9\uff5cBS\u30e2\u30c7\u30eb\u306f\u300c\u5d29\u308c\u65b9\u300d\u3092\u77e5\u308b\u3053\u3068\u306b\u4fa1\u5024\u304c\u3042\u308b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">ICHIZEN Capital\u3067\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5206\u6790\u30d7\u30ed\u30bb\u30b9\u306b\u304a\u3044\u3066BS\u30e2\u30c7\u30eb\u306e\u77e5\u8b58\u3092\u65e5\u5e38\u7684\u306b\u6d3b\u7528\u3057\u3066\u3044\u307e\u3059\u3002\u305f\u3060\u3057\u91cd\u8981\u306a\u306e\u306f\u3001<strong>BS\u30e2\u30c7\u30eb\u305d\u306e\u3082\u306e\u3092\u300c\u6b63\u89e3\u300d\u3068\u3057\u3066\u4f7f\u3046\u3053\u3068\u3067\u306f\u306a\u304f\u3001BS\u306e\u4eee\u5b9a\u304c\u3069\u3053\u3067\u30fb\u306a\u305c\u5d29\u308c\u308b\u304b\u3092\u7406\u89e3\u3057\u3001\u305d\u306e\u5d29\u308c\u3092\u53ce\u76ca\u6a5f\u4f1a\u306b\u5909\u3048\u308b\u3053\u3068<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3068\u3048\u3070BS\u30e2\u30c7\u30eb\u3067\u306f\u300c\u03c3\u306f\u4e00\u5b9a\u300d\u3068\u4eee\u5b9a\u3057\u307e\u3059\u304c\u3001\u73fe\u5b9f\u306b\u306fIV\u30b9\u30ad\u30e5\u30fc\uff08IV\u304c\u30b9\u30c8\u30e9\u30a4\u30af\u3054\u3068\u306b\u7570\u306a\u308b\uff09\u3084IV\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\uff08\u6e80\u671f\u3054\u3068\u306bIV\u304c\u7570\u306a\u308b\uff09\u304c\u5b58\u5728\u3057\u307e\u3059\u3002<strong>\u3053\u306e\u300cBS\u3068\u73fe\u5b9f\u306e\u30ba\u30ec\u300d\u3053\u305d\u304c\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30c8\u30ec\u30fc\u30c9\u306e\u5229\u76ca\u6e90\u6cc9<\/strong>\u3067\u3059\u3002\u81ea\u793e\u306e\u5206\u6790\u3067\u306f\u3001IV\u3068HV\uff08\u5b9f\u73fe\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u306e\u4e56\u96e2\u3092\u89b3\u6e2c\u3057\u3001VRP\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff09\u3068\u3057\u3066\u6570\u5024\u5316\u3059\u308b\u3053\u3068\u3067\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u58f2\u8cb7\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u5224\u65ad\u306b\u5f79\u7acb\u3066\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u307e\u305f\u3001<strong>\u30c7\u30eb\u30bf\u30d8\u30c3\u30b8\u306e\u5b9f\u52d9\u306b\u304a\u3044\u3066\u3082\u3001BS\u30c7\u30eb\u30bf\uff08N(d1)\uff09\u3092\u305d\u306e\u307e\u307e\u4f7f\u3046\u304b\u88dc\u6b63\u3059\u308b\u304b\u304c\u8ad6\u70b9<\/strong>\u306b\u306a\u308a\u307e\u3059\u3002Sticky Strike\uff08\u30b9\u30ad\u30e5\u30fc\u304c\u30b9\u30c8\u30e9\u30a4\u30af\u306b\u56fa\u5b9a\uff09\u306e\u74b0\u5883\u3067\u306fBS\u30c7\u30eb\u30bf\u304c\u305d\u306e\u307e\u307e\u4f7f\u3048\u307e\u3059\u304c\u3001Sticky Delta\uff08\u30b9\u30ad\u30e5\u30fc\u304c\u30c7\u30eb\u30bf\u306b\u56fa\u5b9a\u3001\u30c8\u30ec\u30f3\u30c9\u76f8\u5834\u3067\u591a\u3044\uff09\u306e\u74b0\u5883\u3067\u306f\u30d9\u30ac\u00d7\u30b9\u30ad\u30e5\u30fc\u5909\u52d5\u306e\u88dc\u6b63\u9805\u3092\u52a0\u3048\u305f\u300c\u771f\u306e\u30c7\u30eb\u30bf\u300d\u3067\u30d8\u30c3\u30b8\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3046\u3057\u305f\u5224\u65ad\u306f\u3001BS\u30e2\u30c7\u30eb\u306e\u69cb\u9020\u3092\u7406\u89e3\u3057\u305f\u4e0a\u3067\u521d\u3081\u3066\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<strong>BS\u30e2\u30c7\u30eb\u306f\u300c\u6b63\u3057\u3044\u304b\u3089\u4f7f\u3046\u300d\u306e\u3067\u306f\u306a\u304f\u300c\u5d29\u308c\u65b9\u306e\u30d1\u30bf\u30fc\u30f3\u3092\u77e5\u308b\u305f\u3081\u306b\u5b66\u3076\u300d<\/strong>\u2014\u2014\u3053\u308c\u304cICHIZEN Capital\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u5206\u6790\u306b\u304a\u3051\u308b\u57fa\u672c\u59ff\u52e2\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u3088\u304f\u3042\u308b\u8cea\u554f<\/h2>\n\n\n\n<div class=\"swell-block-faq\" itemscope itemtype=\"https:\/\/schema.org\/FAQPage\"><div class=\"faq_q_wrap\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\">\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\uff08BS\u30e2\u30c7\u30eb\uff09\u3068\u306f\u4f55\u3067\u3059\u304b\uff1f<\/h3><div class=\"faq_a_wrap\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u7406\u8ad6\u4fa1\u683c\u3092\u8a08\u7b97\u3059\u308b\u6570\u5b66\u30e2\u30c7\u30eb\u3067\u3059\u30021973\u5e74\u306bBlack\u3068Scholes\u304c\u767a\u8868\u3057\u3001\u539f\u8cc7\u7523\u4fa1\u683c\u30fb\u884c\u4f7f\u4fa1\u683c\u30fb\u6b8b\u5b58\u671f\u9593\u30fb\u7121\u30ea\u30b9\u30af\u91d1\u5229\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e5\u5909\u6570\u304b\u3089\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u516c\u6b63\u306a\u4fa1\u683c\u3092\u5c0e\u51fa\u3057\u307e\u3059\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u5e02\u5834\u306e\u4fa1\u683c\u4ed8\u3051\u306e\u4e16\u754c\u6a19\u6e96\u3067\u3042\u308a\u30011997\u5e74\u306b\u306f\u30b7\u30e7\u30fc\u30eb\u30ba\u3068\u30de\u30fc\u30c8\u30f3\u304c\u30ce\u30fc\u30d9\u30eb\u7d4c\u6e08\u5b66\u8cde\u3092\u53d7\u8cde\u3057\u3066\u3044\u307e\u3059\u3002<\/p><\/div><\/div><\/div><div class=\"faq_q_wrap\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\">BS\u30e2\u30c7\u30eb\u306e\u516c\u5f0f\u3092\u521d\u5fc3\u8005\u306b\u3082\u308f\u304b\u308a\u3084\u3059\u304f\u6559\u3048\u3066\u304f\u3060\u3055\u3044<\/h3><div class=\"faq_a_wrap\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>\u30b3\u30fc\u30eb\u4fa1\u683c C = S\u00d7N(d1) \u2212 K\u00d7e^(\u2212rT)\u00d7N(d2) \u304c\u57fa\u672c\u516c\u5f0f\u3067\u3059\u3002\u7c21\u5358\u306b\u8a00\u3046\u3068\u300cITM\u3067\u7d42\u308f\u308b\u3068\u304d\u306b\u53d7\u3051\u53d6\u308b\u671f\u5f85\u5024\uff08S\u00d7N(d1)\uff09\u300d\u304b\u3089\u300cITM\u3067\u7d42\u308f\u308b\u3068\u304d\u306b\u652f\u6255\u3046\u91d1\u984d\u306e\u73fe\u5728\u4fa1\u5024\uff08K\u00d7e^(\u2212rT)\u00d7N(d2)\uff09\u300d\u3092\u5f15\u3044\u305f\u3082\u306e\u304c\u30b3\u30fc\u30eb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u7406\u8ad6\u4fa1\u683c\u3067\u3059\u3002<\/p><\/div><\/div><\/div><div class=\"faq_q_wrap\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\">BS\u30e2\u30c7\u30eb\u306ed1\u3068d2\u306e\u9055\u3044\u306f\u4f55\u3067\u3059\u304b\uff1f<\/h3><div class=\"faq_a_wrap\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>d2\u306f\u30b3\u30fc\u30eb\u304cITM\uff08\u30a4\u30f3\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\uff09\u3067\u6e80\u671f\u3092\u8fce\u3048\u308b\u78ba\u7387\u3092\u6c42\u3081\u308b\u305f\u3081\u306e\u5024\u3067\u3059\u3002d1\u306fITM\u3067\u7d42\u308f\u308b\u3068\u304d\u306e\u682a\u4fa1\u306e\u52a0\u91cd\u5e73\u5747\u671f\u5f85\u5024\u3092\u6c42\u3081\u308b\u305f\u3081\u306e\u5024\u3067\u3059\u3002d1 = d2 + \u03c3\u221aT\u306e\u95a2\u4fc2\u304c\u3042\u308a\u3001N(d1)\u304c\u30b3\u30fc\u30eb\u306e\u30c7\u30eb\u30bf\u306b\u3001N(d2)\u304cITM\u78ba\u7387\u306b\u5bfe\u5fdc\u3057\u307e\u3059\u3002<\/p><\/div><\/div><\/div><div class=\"faq_q_wrap\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\">BS\u30e2\u30c7\u30eb\u306f\u4eee\u60f3\u901a\u8ca8\uff08\u6697\u53f7\u8cc7\u7523\uff09\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u306b\u3082\u4f7f\u3048\u307e\u3059\u304b\uff1f<\/h3><div class=\"faq_a_wrap\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>\u306f\u3044\u3001Deribit\u30fbBitget\u306a\u3069\u306e\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u6240\u3067\u3082BS\u30e2\u30c7\u30eb\u30d9\u30fc\u30b9\u306e\u4fa1\u683c\u8a08\u7b97\u304c\u6a19\u6e96\u3067\u3059\u3002\u305f\u3060\u3057\u3001\u6697\u53f7\u8cc7\u7523\u306f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u5909\u52d5\u304c\u5927\u304d\u304f\u300124\u6642\u9593\u53d6\u5f15\u30fb\u30d5\u30a1\u30c3\u30c8\u30c6\u30fc\u30eb\u306a\u3069BS\u306e\u524d\u63d0\u304b\u3089\u306e\u4e56\u96e2\u304c\u682a\u5f0f\u4ee5\u4e0a\u306b\u5927\u304d\u3044\u305f\u3081\u3001\u9650\u754c\u3092\u7406\u89e3\u3057\u305f\u4e0a\u3067\u4f7f\u3046\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p><\/div><\/div><\/div><div class=\"faq_q_wrap\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\">BS\u30e2\u30c7\u30eb\u306e\u5f31\u70b9\u30fb\u9650\u754c\u306f\u3069\u3053\u306b\u3042\u308a\u307e\u3059\u304b\uff1f<\/h3><div class=\"faq_a_wrap\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>\u6700\u5927\u306e\u9650\u754c\u306f\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u4e00\u5b9a\u300d\u300c\u5bfe\u6570\u6b63\u898f\u5206\u5e03\u300d\u3068\u3044\u3046\u4eee\u5b9a\u304c\u73fe\u5b9f\u3068\u5408\u308f\u306a\u3044\u70b9\u3067\u3059\u3002\u5b9f\u969b\u306e\u5e02\u5834\u3067\u306fIV\u30b9\u30ad\u30e5\u30fc\uff08\u30b9\u30c8\u30e9\u30a4\u30af\u3054\u3068\u306bIV\u304c\u7570\u306a\u308b\uff09\u3084\u30d5\u30a1\u30c3\u30c8\u30c6\u30fc\u30eb\uff08\u6975\u7aef\u306a\u6025\u843d\uff09\u304c\u767a\u751f\u3057\u307e\u3059\u30021987\u5e74\u306e\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u306a\u3069\u3001BS\u304c\u60f3\u5b9a\u3059\u308b\u78ba\u7387\u3067\u306f\u300c\u307b\u307c\u8d77\u3053\u308a\u5f97\u306a\u3044\u300d\u306f\u305a\u306e\u66b4\u843d\u304c\u73fe\u5b9f\u306b\u4f55\u5ea6\u3082\u8d77\u304d\u3066\u3044\u307e\u3059\u3002<\/p><\/div><\/div><\/div><div class=\"faq_q_wrap\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\">BS\u30e2\u30c7\u30eb\u3068IV\uff08\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u306e\u95a2\u4fc2\u306f\uff1f<\/h3><div class=\"faq_a_wrap\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>IV\u306f\u3001\u5e02\u5834\u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u3092BS\u516c\u5f0f\u306b\u4ee3\u5165\u3057\u3001\u03c3\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u306b\u3064\u3044\u3066\u9006\u7b97\u3057\u3066\u5f97\u3089\u308c\u308b\u5024\u3067\u3059\u3002\u3064\u307e\u308aBS\u30e2\u30c7\u30eb\u304c\u8a95\u751f\u3057\u305f\u3053\u3068\u3067IV\u3092\u8a08\u7b97\u3059\u308b\u624b\u6bb5\u304c\u751f\u307e\u308c\u307e\u3057\u305f\u3002IV\u306f\u300c\u5e02\u5834\u304c\u4eca\u5f8c\u3069\u308c\u304f\u3089\u3044\u5024\u52d5\u304d\u3059\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u304b\u300d\u3092\u793a\u3059\u6307\u6a19\u3068\u3057\u3066\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u4e2d\u6838\u7684\u306a\u6982\u5ff5\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p><\/div><\/div><\/div><div class=\"faq_q_wrap\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\">BS\u30e2\u30c7\u30eb\u3068Greeks\uff08\u30ae\u30ea\u30b7\u30e3\u6307\u6a19\uff09\u306f\u3069\u3046\u95a2\u4fc2\u3057\u3066\u3044\u307e\u3059\u304b\uff1f<\/h3><div class=\"faq_a_wrap\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>\u30c7\u30eb\u30bf\u30fb\u30ac\u30f3\u30de\u30fb\u30bb\u30fc\u30bf\u30fb\u30d9\u30ac\u306a\u3069\u306eGreeks\u306f\u3001\u3059\u3079\u3066BS\u516c\u5f0f\u3092\u504f\u5fae\u5206\u3059\u308b\u3053\u3068\u3067\u7b97\u51fa\u3055\u308c\u307e\u3059\u3002\u305f\u3068\u3048\u3070\u30b3\u30fc\u30eb\u306e\u30c7\u30eb\u30bf\u306fN(d1)\u3001\u30ac\u30f3\u30de\u306fN'(d1)\/(S\u00d7\u03c3\u00d7\u221aT)\u3067\u3059\u3002BS\u30e2\u30c7\u30eb\u304c\u306a\u3051\u308c\u3070Greeks\u306e\u4f53\u7cfb\u7684\u306a\u7b97\u51fa\u306f\u3067\u304d\u305a\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30ea\u30b9\u30af\u7ba1\u7406\u306e\u57fa\u76e4\u3068\u3057\u3066BS\u30e2\u30c7\u30eb\u304c\u4e0d\u53ef\u6b20\u306a\u5b58\u5728\u3067\u3059\u3002<\/p><\/div><\/div><\/div><div class=\"faq_q_wrap\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\">BS\u30e2\u30c7\u30eb\u306f\u53e4\u3044\u7406\u8ad6\u306a\u306e\u306b\u3001\u306a\u305c\u4eca\u3067\u3082\u4f7f\u308f\u308c\u3066\u3044\u308b\u306e\u3067\u3059\u304b\uff1f<\/h3><div class=\"faq_a_wrap\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>BS\u30e2\u30c7\u30eb\u304c50\u5e74\u4ee5\u4e0a\u4f7f\u308f\u308c\u7d9a\u3051\u308b\u7406\u7531\u306f\u3001\u5e02\u5834\u53c2\u52a0\u8005\u5168\u54e1\u306e\u300c\u5171\u901a\u8a00\u8a9e\u300d\u3068\u3057\u3066\u6a5f\u80fd\u3057\u3066\u3044\u308b\u305f\u3081\u3067\u3059\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306e\u5272\u5b89\u30fb\u5272\u9ad8\u3092IV\u3067\u6bd4\u8f03\u3057\u3001Greeks\u3067\u30ea\u30b9\u30af\u3092\u7ba1\u7406\u3059\u308b\u2014\u2014\u3053\u306e\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u306fBS\u30e2\u30c7\u30eb\u304c\u524d\u63d0\u3067\u3059\u3002\u9650\u754c\u306f\u5e83\u304f\u8a8d\u8b58\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u4ee3\u66ff\u30e2\u30c7\u30eb\uff08\u30d8\u30b9\u30c8\u30f3\u30e2\u30c7\u30eb\u7b49\uff09\u3082BS\u3092\u62e1\u5f35\u3057\u305f\u3082\u306e\u304c\u591a\u304f\u3001BS\u3092\u5b66\u3076\u3053\u3068\u304c\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u51fa\u767a\u70b9\u306b\u306a\u308a\u307e\u3059\u3002<\/p><\/div><\/div><\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u307e\u3068\u3081<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\uff08BS\u30e2\u30c7\u30eb\uff09\u306f\u30011973\u5e74\u306b\u767a\u8868\u3055\u308c\u305f\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u8a08\u7b97\u306e\u6570\u5b66\u7684\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u3067\u3042\u308a\u300150\u5e74\u4ee5\u4e0a\u7d4c\u3063\u305f\u73fe\u5728\u3067\u3082\u30aa\u30d7\u30b7\u30e7\u30f3\u5e02\u5834\u306e\u300c\u5171\u901a\u8a00\u8a9e\u300d\u3068\u3057\u3066\u6a5f\u80fd\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BS\u30e2\u30c7\u30eb\u306e\u6838\u5fc3\u306f\u300c\u5c06\u6765\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08\u03c3\uff09\u3060\u3051\u304c\u672a\u77e5\u6570\u300d\u3068\u3044\u3046\u69cb\u9020\u306b\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u69cb\u9020\u304b\u3089IV\uff08\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u3092\u9006\u7b97\u3059\u308b\u65b9\u6cd5\u304c\u751f\u307e\u308c\u3001\u30c7\u30eb\u30bf\u30fb\u30ac\u30f3\u30de\u30fb\u30bb\u30fc\u30bf\u30fb\u30d9\u30ac\u3068\u3044\u3063\u305fGreeks\u3092\u4f53\u7cfb\u7684\u306b\u7b97\u51fa\u3059\u308b\u57fa\u76e4\u306b\u3082\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u305f\u3060\u3057\u3001BS\u30e2\u30c7\u30eb\u306f\u300c\u5b8c\u74a7\u306a\u7b54\u3048\u300d\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/strong>\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u4e00\u5b9a\u300d\u300c\u5bfe\u6570\u6b63\u898f\u5206\u5e03\u300d\u3068\u3044\u3063\u305f\u524d\u63d0\u306f\u73fe\u5b9f\u306e\u5e02\u5834\u3067\u306f\u6210\u308a\u7acb\u305f\u305a\u3001IV\u30b9\u30ad\u30e5\u30fc\u3084\u30d5\u30a1\u30c3\u30c8\u30c6\u30fc\u30eb\u3068\u3057\u3066\u9650\u754c\u304c\u9855\u5728\u5316\u3057\u307e\u3059\u3002\u6697\u53f7\u8cc7\u7523\u5e02\u5834\u3067\u306f\u305d\u306e\u4e56\u96e2\u304c\u3055\u3089\u306b\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>BS\u30e2\u30c7\u30eb\u306e\u4fa1\u5024\u306f\u300c\u6b63\u3057\u3044\u304b\u3089\u300d\u3067\u306f\u306a\u304f\u300c\u5d29\u308c\u65b9\u3092\u77e5\u308b\u3053\u3068\u3067\u521d\u3081\u3066\u5b9f\u6226\u3067\u4f7f\u3048\u308b\u300d<\/strong>\u70b9\u306b\u3042\u308a\u307e\u3059\u3002Greeks\u306e\u76f8\u4e92\u95a2\u4fc2\u3001IV\u3068HV\u306e\u4e56\u96e2\u306b\u3088\u308b\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30c8\u30ec\u30fc\u30c9\u3001\u30c7\u30eb\u30bf\u30d8\u30c3\u30b8\u306e\u88dc\u6b63\u2014\u2014\u3053\u308c\u3089\u306f\u3059\u3079\u3066BS\u30e2\u30c7\u30eb\u306e\u7406\u89e3\u304c\u571f\u53f0\u3067\u3059\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306b\u771f\u5263\u306b\u53d6\u308a\u7d44\u3080\u306a\u3089\u3001BS\u30e2\u30c7\u30eb\u306f\u907f\u3051\u3066\u901a\u308c\u306a\u3044\u57fa\u790e\u7406\u8ad6\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u57fa\u790e\u3092\u3055\u3089\u306b\u6df1\u3081\u305f\u3044\u65b9\u306f\u3001\u4ee5\u4e0b\u306e\u95a2\u9023\u8a18\u4e8b\u3082\u53c2\u8003\u306b\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading-iv\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306eIV\uff08\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u3068\u306f<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/ichizenholdings.co.jp\/media\/column\/option-greeks\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u30ae\u30ea\u30b7\u30e3\u6307\u6a19\uff08Greeks\uff09\u3068\u306f<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-trading-itm\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u30a4\u30f3\u30b6\u30de\u30cd\u30fc\uff08ITM\uff09\u30fbATM\u30fbOTM\u3068\u306f<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\"><strong>\u53c2\u8003\u6587\u732e<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\" style=\"color:#999\">\u203b1 <a href=\"https:\/\/www.nobelprize.org\/prizes\/economic-sciences\/1997\/summary\/\" target=\"_blank\" rel=\"noopener noreferrer\">The Nobel Prize in Economics 1997 &#8211; NobelPrize.org<\/a><br>\u203b2 Black, F. and Scholes, M. (1973) &#8220;The Pricing of Options and Corporate Liabilities&#8221;, Journal of Political Economy, 81(3), pp. 637-654<br>\u203b3 <a href=\"https:\/\/www.deribit.com\/kb\/options\" target=\"_blank\" rel=\"noopener noreferrer\">Deribit Options Knowledge Base<\/a><br>\u203b4 <a href=\"https:\/\/medium.com\/@moontower\/the-intuition-behind-the-black-scholes-equation-31e43e879d19\" target=\"_blank\" rel=\"noopener noreferrer\">The Intuition Behind the Black-Scholes Equation &#8211; Moontower (Medium)<\/a><\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\" style=\"color:#999\">\u203b\u5f53\u30b5\u30a4\u30c8\u306e\u60c5\u5831\u306f\u6295\u8cc7\u5224\u65ad\u306e\u53c2\u8003\u3068\u306a\u308b\u4e00\u822c\u7684\u306a\u60c5\u5831\u63d0\u4f9b\u3092\u76ee\u7684\u3068\u3057\u3066\u304a\u308a\u3001\u7279\u5b9a\u306e\u6697\u53f7\u8cc7\u7523\uff08\u4eee\u60f3\u901a\u8ca8\uff09\u3078\u306e\u6295\u8cc7\u3092\u52e7\u8a98\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u6697\u53f7\u8cc7\u7523\u53d6\u5f15\u306b\u306f\u30ea\u30b9\u30af\u304c\u4f34\u3044\u307e\u3059\u3002\u6700\u7d42\u7684\u306a\u6295\u8cc7\u5224\u65ad\u306f\u3054\u81ea\u8eab\u306e\u8cac\u4efb\u3067\u884c\u3063\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n","protected":false},"excerpt":{"rendered":"<p>ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01 \u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\uff08BS\u30e2\u30c7\u30eb\uff09\u3068\u306f\uff1f\u57fa\u672c\u60c5\u5831 \u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\uff08Black-Scholes\u30e2\u30c7\u30eb\u3001\u4ee5\u4e0bBS\u30e2\u30c7\u30eb\uff09\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u7406\u8ad6\u4fa1\u683c\u3092\u6570\u5b66\u7684\u306b\u7b97\u51fa [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":204969,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"","footnotes":""},"categories":[121],"tags":[152],"class_list":["post-204926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-option-trading","tag-level-intermediate"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01 BS\u30e2\u30c7\u30eb\u306f\u300c\u5c06\u6765\u306e\u5024\u52d5\u304d\u306e\u5927\u304d\u3055\uff08\u03c3\uff09\u300d\u3060\u3051\u304c\u672a\u77e5\u6570\u306e\u30aa\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"\u6c34\u91ce\u502b\u592a\u90ce\"\/>\n\t<link rel=\"canonical\" href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.10\" \/>\n\t\t<meta property=\"og:locale\" content=\"ja_JP\" \/>\n\t\t<meta property=\"og:site_name\" content=\"ICHIZEN CAPITAL - \u6b63\u3057\u3044\u77e5\u8b58\u30fb\u904b\u7528\u3067\u4eee\u60f3\u901a\u8ca8\u3092\u3082\u3063\u3068\u8eab\u8fd1\u306b\u3002\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb(BS\u30e2\u30c7\u30eb)\u3068\u306f\uff1f\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u8a08\u7b97\u306e\u4ed5\u7d44\u307f\u30fb\u516c\u5f0f\u30fb\u9650\u754c\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac - ICHIZEN CAPITAL\" \/>\n\t\t<meta property=\"og:description\" content=\"ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01 BS\u30e2\u30c7\u30eb\u306f\u300c\u5c06\u6765\u306e\u5024\u52d5\u304d\u306e\u5927\u304d\u3055\uff08\u03c3\uff09\u300d\u3060\u3051\u304c\u672a\u77e5\u6570\u306e\u30aa\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2026-07-15T05:24:12+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2026-07-21T09:03:03+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb(BS\u30e2\u30c7\u30eb)\u3068\u306f\uff1f\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u8a08\u7b97\u306e\u4ed5\u7d44\u307f\u30fb\u516c\u5f0f\u30fb\u9650\u754c\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac - ICHIZEN CAPITAL\" \/>\n\t\t<meta name=\"twitter:description\" content=\"ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01 BS\u30e2\u30c7\u30eb\u306f\u300c\u5c06\u6765\u306e\u5024\u52d5\u304d\u306e\u5927\u304d\u3055\uff08\u03c3\uff09\u300d\u3060\u3051\u304c\u672a\u77e5\u6570\u306e\u30aa\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BlogPosting\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/option-trading\\\/option-black-scholes\\\/#blogposting\",\"name\":\"\\u30aa\\u30d7\\u30b7\\u30e7\\u30f3\\u53d6\\u5f15\\u306e\\u30d6\\u30e9\\u30c3\\u30af\\u30b7\\u30e7\\u30fc\\u30eb\\u30ba\\u30e2\\u30c7\\u30eb(BS\\u30e2\\u30c7\\u30eb)\\u3068\\u306f\\uff1f\\u30aa\\u30d7\\u30b7\\u30e7\\u30f3\\u4fa1\\u683c\\u8a08\\u7b97\\u306e\\u4ed5\\u7d44\\u307f\\u30fb\\u516c\\u5f0f\\u30fb\\u9650\\u754c\\u3092\\u308f\\u304b\\u308a\\u3084\\u3059\\u304f\\u89e3\\u8aac - ICHIZEN CAPITAL\",\"headline\":\"\\u30aa\\u30d7\\u30b7\\u30e7\\u30f3\\u53d6\\u5f15\\u306e\\u30d6\\u30e9\\u30c3\\u30af\\u30b7\\u30e7\\u30fc\\u30eb\\u30ba\\u30e2\\u30c7\\u30eb(BS\\u30e2\\u30c7\\u30eb)\\u3068\\u306f\\uff1f\\u30aa\\u30d7\\u30b7\\u30e7\\u30f3\\u4fa1\\u683c\\u8a08\\u7b97\\u306e\\u4ed5\\u7d44\\u307f\\u30fb\\u516c\\u5f0f\\u30fb\\u9650\\u754c\\u3092\\u308f\\u304b\\u308a\\u3084\\u3059\\u304f\\u89e3\\u8aac\",\"author\":{\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/author\\\/ichizencapital\\\/#author\"},\"publisher\":{\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/#organization\"},\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/ichizencapital-8.png\",\"width\":1600,\"height\":900},\"datePublished\":\"2026-07-15T14:24:12+09:00\",\"dateModified\":\"2026-07-21T18:03:03+09:00\",\"inLanguage\":\"ja\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/option-trading\\\/option-black-scholes\\\/#webpage\"},\"isPartOf\":{\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/option-trading\\\/option-black-scholes\\\/#webpage\"},\"articleSection\":\"\\u30aa\\u30d7\\u30b7\\u30e7\\u30f3\\u53d6\\u5f15, \\u4e2d\\u7d1a\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/option-trading\\\/option-black-scholes\\\/#breadcrumblist\",\"itemListElement\":[{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media#listItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/category\\\/trading\\\/#listItem\",\"name\":\"\\u30c8\\u30ec\\u30fc\\u30c9\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/category\\\/trading\\\/#listItem\",\"position\":2,\"name\":\"\\u30c8\\u30ec\\u30fc\\u30c9\",\"item\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/category\\\/trading\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/category\\\/trading\\\/option-trading\\\/#listItem\",\"name\":\"\\u30aa\\u30d7\\u30b7\\u30e7\\u30f3\\u53d6\\u5f15\"},\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media#listItem\",\"name\":\"Home\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/category\\\/trading\\\/option-trading\\\/#listItem\",\"position\":3,\"name\":\"\\u30aa\\u30d7\\u30b7\\u30e7\\u30f3\\u53d6\\u5f15\",\"item\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/category\\\/trading\\\/option-trading\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/option-trading\\\/option-black-scholes\\\/#listItem\",\"name\":\"\\u30aa\\u30d7\\u30b7\\u30e7\\u30f3\\u53d6\\u5f15\\u306e\\u30d6\\u30e9\\u30c3\\u30af\\u30b7\\u30e7\\u30fc\\u30eb\\u30ba\\u30e2\\u30c7\\u30eb(BS\\u30e2\\u30c7\\u30eb)\\u3068\\u306f\\uff1f\\u30aa\\u30d7\\u30b7\\u30e7\\u30f3\\u4fa1\\u683c\\u8a08\\u7b97\\u306e\\u4ed5\\u7d44\\u307f\\u30fb\\u516c\\u5f0f\\u30fb\\u9650\\u754c\\u3092\\u308f\\u304b\\u308a\\u3084\\u3059\\u304f\\u89e3\\u8aac\"},\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/category\\\/trading\\\/#listItem\",\"name\":\"\\u30c8\\u30ec\\u30fc\\u30c9\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/option-trading\\\/option-black-scholes\\\/#listItem\",\"position\":4,\"name\":\"\\u30aa\\u30d7\\u30b7\\u30e7\\u30f3\\u53d6\\u5f15\\u306e\\u30d6\\u30e9\\u30c3\\u30af\\u30b7\\u30e7\\u30fc\\u30eb\\u30ba\\u30e2\\u30c7\\u30eb(BS\\u30e2\\u30c7\\u30eb)\\u3068\\u306f\\uff1f\\u30aa\\u30d7\\u30b7\\u30e7\\u30f3\\u4fa1\\u683c\\u8a08\\u7b97\\u306e\\u4ed5\\u7d44\\u307f\\u30fb\\u516c\\u5f0f\\u30fb\\u9650\\u754c\\u3092\\u308f\\u304b\\u308a\\u3084\\u3059\\u304f\\u89e3\\u8aac\",\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/category\\\/trading\\\/option-trading\\\/#listItem\",\"name\":\"\\u30aa\\u30d7\\u30b7\\u30e7\\u30f3\\u53d6\\u5f15\"}}]},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/#organization\",\"name\":\"\\u682a\\u5f0f\\u4f1a\\u793eICHIZEN HOLDINGS\",\"description\":\"\\u682a\\u5f0f\\u4f1a\\u793eICHIZEN HOLDINGS\\u306f\\u3001WEB3.0\\u4e8b\\u696d\\u30920\\u304b\\u3089\\u69cb\\u7bc9\\u30fb\\u30de\\u30fc\\u30b1\\u30c6\\u30a3\\u30f3\\u30b0\\u304c\\u884c\\u3048\\u308bWEB3.0\\u7279\\u5316\\u306e\\u30b3\\u30f3\\u30b5\\u30eb\\u30c6\\u30a3\\u30f3\\u30b0\\u4f01\\u696d\\u3067\\u3059\\u3002 BTC\\u306e\\u8ad6\\u6587\\u8aad\\u307f\\u89e3\\u304d\\u304b\\u3089\\u59cb\\u307e\\u308b\\u7814\\u4fee\\u30fb\\u30af\\u30ea\\u30d7\\u30c8\\u306e\\u672c\\u8cea\\u3092\\u6349\\u3048\\u305f\\u4e8b\\u696d\\u4f01\\u753b\\\/\\u30c8\\u30fc\\u30af\\u30f3\\u30a8\\u30b3\\u30ce\\u30df\\u30af\\u30b9\\u8a2d\\u8a08\\u30fb\\u8fc5\\u901f\\u304b\\u3064\\u30c8\\u30ec\\u30f3\\u30c9\\u3092\\u6291\\u3048\\u305f\\u30b7\\u30b9\\u30c6\\u30e0\\u958b\\u767a\\u30fb\\u4eba\\u3005\\u306e\\u6b32\\u6c42\\u3092\\u72d9\\u3044\\u6483\\u3064\\u30de\\u30fc\\u30b1\\u30c6\\u30a3\\u30f3\\u30b0\\u3002 \\u4e00\\u6c17\\u901a\\u8cab\\u3067\\u8cb4\\u793e\\u306eWEB3.0\\u4e8b\\u696d\\u3092\\u652f\\u63f4\\u3057\\u307e\\u3059\\u3002\",\"url\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/\",\"telephone\":\"+817083005851\",\"logo\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/ICHIZEN\\u3055\\u307e\\u3000\\u7e26\\u7d44\\u307f\\u3000\\u9ed2\\u30ed\\u30b4-scaled.png\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/option-trading\\\/option-black-scholes\\\/#organizationLogo\",\"width\":2560,\"height\":2081},\"image\":{\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/option-trading\\\/option-black-scholes\\\/#organizationLogo\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/author\\\/ichizencapital\\\/#author\",\"url\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/author\\\/ichizencapital\\\/\",\"name\":\"\\u6c34\\u91ce\\u502b\\u592a\\u90ce\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/option-trading\\\/option-black-scholes\\\/#authorImage\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ac998cf8a93769ce2f57435607bed3edc869d6bfa37d71ba56d60bf2252bd058?s=96&d=mm&r=g\",\"width\":96,\"height\":96,\"caption\":\"\\u6c34\\u91ce\\u502b\\u592a\\u90ce\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/option-trading\\\/option-black-scholes\\\/#webpage\",\"url\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/option-trading\\\/option-black-scholes\\\/\",\"name\":\"\\u30aa\\u30d7\\u30b7\\u30e7\\u30f3\\u53d6\\u5f15\\u306e\\u30d6\\u30e9\\u30c3\\u30af\\u30b7\\u30e7\\u30fc\\u30eb\\u30ba\\u30e2\\u30c7\\u30eb(BS\\u30e2\\u30c7\\u30eb)\\u3068\\u306f\\uff1f\\u30aa\\u30d7\\u30b7\\u30e7\\u30f3\\u4fa1\\u683c\\u8a08\\u7b97\\u306e\\u4ed5\\u7d44\\u307f\\u30fb\\u516c\\u5f0f\\u30fb\\u9650\\u754c\\u3092\\u308f\\u304b\\u308a\\u3084\\u3059\\u304f\\u89e3\\u8aac - ICHIZEN CAPITAL\",\"description\":\"ICHIZEN Capital\\u306e\\u30a4\\u30c1\\u62bc\\u3057\\u30dd\\u30a4\\u30f3\\u30c8\\uff01 BS\\u30e2\\u30c7\\u30eb\\u306f\\u300c\\u5c06\\u6765\\u306e\\u5024\\u52d5\\u304d\\u306e\\u5927\\u304d\\u3055\\uff08\\u03c3\\uff09\\u300d\\u3060\\u3051\\u304c\\u672a\\u77e5\\u6570\\u306e\\u30aa\",\"inLanguage\":\"ja\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/#website\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/option-trading\\\/option-black-scholes\\\/#breadcrumblist\"},\"author\":{\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/author\\\/ichizencapital\\\/#author\"},\"creator\":{\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/author\\\/ichizencapital\\\/#author\"},\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/ichizencapital-8.png\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/option-trading\\\/option-black-scholes\\\/#mainImage\",\"width\":1600,\"height\":900},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/trading\\\/option-trading\\\/option-black-scholes\\\/#mainImage\"},\"datePublished\":\"2026-07-15T14:24:12+09:00\",\"dateModified\":\"2026-07-21T18:03:03+09:00\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/#website\",\"url\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/\",\"name\":\"ICHIZEN CAPITAL\",\"description\":\"\\u6b63\\u3057\\u3044\\u77e5\\u8b58\\u30fb\\u904b\\u7528\\u3067\\u4eee\\u60f3\\u901a\\u8ca8\\u3092\\u3082\\u3063\\u3068\\u8eab\\u8fd1\\u306b\\u3002\",\"inLanguage\":\"ja\",\"publisher\":{\"@id\":\"https:\\\/\\\/ichizenholdings.co.jp\\\/media\\\/#organization\"}}]}\n\t\t<\/script>\n\t\t<!-- All in One SEO -->\n\n","aioseo_head_json":{"title":"\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb(BS\u30e2\u30c7\u30eb)\u3068\u306f\uff1f\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u8a08\u7b97\u306e\u4ed5\u7d44\u307f\u30fb\u516c\u5f0f\u30fb\u9650\u754c\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac - ICHIZEN CAPITAL","description":"ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01 BS\u30e2\u30c7\u30eb\u306f\u300c\u5c06\u6765\u306e\u5024\u52d5\u304d\u306e\u5927\u304d\u3055\uff08\u03c3\uff09\u300d\u3060\u3051\u304c\u672a\u77e5\u6570\u306e\u30aa","canonical_url":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/","robots":"max-image-preview:large","keywords":"","webmasterTools":{"miscellaneous":""},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BlogPosting","@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/#blogposting","name":"\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb(BS\u30e2\u30c7\u30eb)\u3068\u306f\uff1f\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u8a08\u7b97\u306e\u4ed5\u7d44\u307f\u30fb\u516c\u5f0f\u30fb\u9650\u754c\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac - ICHIZEN CAPITAL","headline":"\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb(BS\u30e2\u30c7\u30eb)\u3068\u306f\uff1f\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u8a08\u7b97\u306e\u4ed5\u7d44\u307f\u30fb\u516c\u5f0f\u30fb\u9650\u754c\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac","author":{"@id":"https:\/\/ichizenholdings.co.jp\/media\/author\/ichizencapital\/#author"},"publisher":{"@id":"https:\/\/ichizenholdings.co.jp\/media\/#organization"},"image":{"@type":"ImageObject","url":"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2026\/07\/ichizencapital-8.png","width":1600,"height":900},"datePublished":"2026-07-15T14:24:12+09:00","dateModified":"2026-07-21T18:03:03+09:00","inLanguage":"ja","mainEntityOfPage":{"@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/#webpage"},"isPartOf":{"@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/#webpage"},"articleSection":"\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15, \u4e2d\u7d1a"},{"@type":"BreadcrumbList","@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/#breadcrumblist","itemListElement":[{"@type":"ListItem","@id":"https:\/\/ichizenholdings.co.jp\/media#listItem","position":1,"name":"Home","item":"https:\/\/ichizenholdings.co.jp\/media","nextItem":{"@type":"ListItem","@id":"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/#listItem","name":"\u30c8\u30ec\u30fc\u30c9"}},{"@type":"ListItem","@id":"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/#listItem","position":2,"name":"\u30c8\u30ec\u30fc\u30c9","item":"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/","nextItem":{"@type":"ListItem","@id":"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/option-trading\/#listItem","name":"\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15"},"previousItem":{"@type":"ListItem","@id":"https:\/\/ichizenholdings.co.jp\/media#listItem","name":"Home"}},{"@type":"ListItem","@id":"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/option-trading\/#listItem","position":3,"name":"\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15","item":"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/option-trading\/","nextItem":{"@type":"ListItem","@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/#listItem","name":"\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb(BS\u30e2\u30c7\u30eb)\u3068\u306f\uff1f\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u8a08\u7b97\u306e\u4ed5\u7d44\u307f\u30fb\u516c\u5f0f\u30fb\u9650\u754c\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac"},"previousItem":{"@type":"ListItem","@id":"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/#listItem","name":"\u30c8\u30ec\u30fc\u30c9"}},{"@type":"ListItem","@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/#listItem","position":4,"name":"\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb(BS\u30e2\u30c7\u30eb)\u3068\u306f\uff1f\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u8a08\u7b97\u306e\u4ed5\u7d44\u307f\u30fb\u516c\u5f0f\u30fb\u9650\u754c\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac","previousItem":{"@type":"ListItem","@id":"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/option-trading\/#listItem","name":"\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15"}}]},{"@type":"Organization","@id":"https:\/\/ichizenholdings.co.jp\/media\/#organization","name":"\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS","description":"\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS\u306f\u3001WEB3.0\u4e8b\u696d\u30920\u304b\u3089\u69cb\u7bc9\u30fb\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u304c\u884c\u3048\u308bWEB3.0\u7279\u5316\u306e\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u4f01\u696d\u3067\u3059\u3002 BTC\u306e\u8ad6\u6587\u8aad\u307f\u89e3\u304d\u304b\u3089\u59cb\u307e\u308b\u7814\u4fee\u30fb\u30af\u30ea\u30d7\u30c8\u306e\u672c\u8cea\u3092\u6349\u3048\u305f\u4e8b\u696d\u4f01\u753b\/\u30c8\u30fc\u30af\u30f3\u30a8\u30b3\u30ce\u30df\u30af\u30b9\u8a2d\u8a08\u30fb\u8fc5\u901f\u304b\u3064\u30c8\u30ec\u30f3\u30c9\u3092\u6291\u3048\u305f\u30b7\u30b9\u30c6\u30e0\u958b\u767a\u30fb\u4eba\u3005\u306e\u6b32\u6c42\u3092\u72d9\u3044\u6483\u3064\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u3002 \u4e00\u6c17\u901a\u8cab\u3067\u8cb4\u793e\u306eWEB3.0\u4e8b\u696d\u3092\u652f\u63f4\u3057\u307e\u3059\u3002","url":"https:\/\/ichizenholdings.co.jp\/media\/","telephone":"+817083005851","logo":{"@type":"ImageObject","url":"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/07\/ICHIZEN\u3055\u307e\u3000\u7e26\u7d44\u307f\u3000\u9ed2\u30ed\u30b4-scaled.png","@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/#organizationLogo","width":2560,"height":2081},"image":{"@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/#organizationLogo"}},{"@type":"Person","@id":"https:\/\/ichizenholdings.co.jp\/media\/author\/ichizencapital\/#author","url":"https:\/\/ichizenholdings.co.jp\/media\/author\/ichizencapital\/","name":"\u6c34\u91ce\u502b\u592a\u90ce","image":{"@type":"ImageObject","@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/#authorImage","url":"https:\/\/secure.gravatar.com\/avatar\/ac998cf8a93769ce2f57435607bed3edc869d6bfa37d71ba56d60bf2252bd058?s=96&d=mm&r=g","width":96,"height":96,"caption":"\u6c34\u91ce\u502b\u592a\u90ce"}},{"@type":"WebPage","@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/#webpage","url":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/","name":"\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb(BS\u30e2\u30c7\u30eb)\u3068\u306f\uff1f\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u8a08\u7b97\u306e\u4ed5\u7d44\u307f\u30fb\u516c\u5f0f\u30fb\u9650\u754c\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac - ICHIZEN CAPITAL","description":"ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01 BS\u30e2\u30c7\u30eb\u306f\u300c\u5c06\u6765\u306e\u5024\u52d5\u304d\u306e\u5927\u304d\u3055\uff08\u03c3\uff09\u300d\u3060\u3051\u304c\u672a\u77e5\u6570\u306e\u30aa","inLanguage":"ja","isPartOf":{"@id":"https:\/\/ichizenholdings.co.jp\/media\/#website"},"breadcrumb":{"@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/#breadcrumblist"},"author":{"@id":"https:\/\/ichizenholdings.co.jp\/media\/author\/ichizencapital\/#author"},"creator":{"@id":"https:\/\/ichizenholdings.co.jp\/media\/author\/ichizencapital\/#author"},"image":{"@type":"ImageObject","url":"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2026\/07\/ichizencapital-8.png","@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/#mainImage","width":1600,"height":900},"primaryImageOfPage":{"@id":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/#mainImage"},"datePublished":"2026-07-15T14:24:12+09:00","dateModified":"2026-07-21T18:03:03+09:00"},{"@type":"WebSite","@id":"https:\/\/ichizenholdings.co.jp\/media\/#website","url":"https:\/\/ichizenholdings.co.jp\/media\/","name":"ICHIZEN CAPITAL","description":"\u6b63\u3057\u3044\u77e5\u8b58\u30fb\u904b\u7528\u3067\u4eee\u60f3\u901a\u8ca8\u3092\u3082\u3063\u3068\u8eab\u8fd1\u306b\u3002","inLanguage":"ja","publisher":{"@id":"https:\/\/ichizenholdings.co.jp\/media\/#organization"}}]},"og:locale":"ja_JP","og:site_name":"ICHIZEN CAPITAL - \u6b63\u3057\u3044\u77e5\u8b58\u30fb\u904b\u7528\u3067\u4eee\u60f3\u901a\u8ca8\u3092\u3082\u3063\u3068\u8eab\u8fd1\u306b\u3002","og:type":"article","og:title":"\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb(BS\u30e2\u30c7\u30eb)\u3068\u306f\uff1f\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u8a08\u7b97\u306e\u4ed5\u7d44\u307f\u30fb\u516c\u5f0f\u30fb\u9650\u754c\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac - ICHIZEN CAPITAL","og:description":"ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01 BS\u30e2\u30c7\u30eb\u306f\u300c\u5c06\u6765\u306e\u5024\u52d5\u304d\u306e\u5927\u304d\u3055\uff08\u03c3\uff09\u300d\u3060\u3051\u304c\u672a\u77e5\u6570\u306e\u30aa","og:url":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/","article:published_time":"2026-07-15T05:24:12+00:00","article:modified_time":"2026-07-21T09:03:03+00:00","twitter:card":"summary_large_image","twitter:title":"\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb(BS\u30e2\u30c7\u30eb)\u3068\u306f\uff1f\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u8a08\u7b97\u306e\u4ed5\u7d44\u307f\u30fb\u516c\u5f0f\u30fb\u9650\u754c\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac - ICHIZEN CAPITAL","twitter:description":"ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01 BS\u30e2\u30c7\u30eb\u306f\u300c\u5c06\u6765\u306e\u5024\u52d5\u304d\u306e\u5927\u304d\u3055\uff08\u03c3\uff09\u300d\u3060\u3051\u304c\u672a\u77e5\u6570\u306e\u30aa"},"aioseo_meta_data":{"post_id":"204926","title":"#post_title #separator_sa #site_title","description":"#post_excerpt","keywords":null,"keyphrases":{"focus":{"keyphrase":"","score":0,"analysis":{"keyphraseInTitle":{"score":0,"maxScore":9,"error":1}}},"additional":[]},"primary_term":null,"canonical_url":null,"og_title":null,"og_description":null,"og_object_type":"default","og_image_type":"default","og_image_url":null,"og_image_width":null,"og_image_height":null,"og_image_custom_url":null,"og_image_custom_fields":null,"og_video":"","og_custom_url":null,"og_article_section":null,"og_article_tags":null,"twitter_use_og":false,"twitter_card":"default","twitter_image_type":"default","twitter_image_url":null,"twitter_image_custom_url":null,"twitter_image_custom_fields":null,"twitter_title":null,"twitter_description":null,"schema":{"blockGraphs":[],"customGraphs":[],"default":{"data":{"Article":[],"Course":[],"Dataset":[],"FAQPage":[],"Movie":[],"Person":[],"Product":[],"ProductReview":[],"Car":[],"Recipe":[],"Service":[],"SoftwareApplication":[],"WebPage":[]},"graphName":"BlogPosting","isEnabled":true},"graphs":[]},"schema_type":"default","schema_type_options":null,"pillar_content":false,"robots_default":true,"robots_noindex":false,"robots_noarchive":false,"robots_nosnippet":false,"robots_nofollow":false,"robots_noimageindex":false,"robots_noodp":false,"robots_notranslate":false,"robots_max_snippet":"-1","robots_max_videopreview":"-1","robots_max_imagepreview":"large","priority":null,"frequency":"default","local_seo":null,"breadcrumb_settings":null,"limit_modified_date":false,"ai":{"faqs":[],"keyPoints":[],"schemas":[],"titles":[],"descriptions":[],"socialPosts":{"email":{"subject":"","preview":"","content":""},"linkedin":[],"twitter":[],"facebook":[],"instagram":[]}},"created":"2026-07-15 05:18:41","updated":"2026-07-21 09:16:11","seo_analyzer_scan_date":null},"aioseo_breadcrumb":"<div class=\"aioseo-breadcrumbs\"><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/ichizenholdings.co.jp\/media\" title=\"Home\">Home<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/\" title=\"\u30c8\u30ec\u30fc\u30c9\">\u30c8\u30ec\u30fc\u30c9<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/option-trading\/\" title=\"\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\">\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb(BS\u30e2\u30c7\u30eb)\u3068\u306f\uff1f\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u8a08\u7b97\u306e\u4ed5\u7d44\u307f\u30fb\u516c\u5f0f\u30fb\u9650\u754c\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\n\t\t<\/span><\/div>","aioseo_breadcrumb_json":[{"label":"Home","link":"https:\/\/ichizenholdings.co.jp\/media"},{"label":"\u30c8\u30ec\u30fc\u30c9","link":"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/"},{"label":"\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15","link":"https:\/\/ichizenholdings.co.jp\/media\/category\/trading\/option-trading\/"},{"label":"\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb(BS\u30e2\u30c7\u30eb)\u3068\u306f\uff1f\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u8a08\u7b97\u306e\u4ed5\u7d44\u307f\u30fb\u516c\u5f0f\u30fb\u9650\u754c\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/"}],"_links":{"self":[{"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/posts\/204926","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/comments?post=204926"}],"version-history":[{"count":2,"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/posts\/204926\/revisions"}],"predecessor-version":[{"id":204968,"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/posts\/204926\/revisions\/204968"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/media\/204969"}],"wp:attachment":[{"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/media?parent=204926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/categories?post=204926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ichizenholdings.co.jp\/media\/wp-json\/wp\/v2\/tags?post=204926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}