{"id":205037,"date":"2026-07-16T19:41:17","date_gmt":"2026-07-16T10:41:17","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=205037"},"modified":"2026-07-21T18:03:29","modified_gmt":"2026-07-21T09:03:29","slug":"option-volatility-skew","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-volatility-skew\/","title":{"rendered":"\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30b9\u30ad\u30e5\u30fc\uff08Skew\u306e\u6b6a\u307f\uff09\u3068\u306f\uff1fIV\u304c\u884c\u4f7f\u4fa1\u683c\u3067\u30ba\u30ec\u308b\u7406\u7531\u30fbSKEW\u6307\u6570\u306e\u76ee\u5b89\u304c\u53e4\u3044\u7406\u7531\u30fbBTC\u3067\u7b26\u53f7\u304c\u53cd\u8ee2\u3059\u308b\u73fe\u5b9f\u3092\u5fd6\u5ea6\u306a\u304f\u89e3\u8aac"},"content":{"rendered":"\n<p class=\"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 is-style-wide u-mb-ctrl u-mb-10\"\/>\n\n\n\n<ul class=\"-list-under-dashed is-style-index wp-block-list\">\n<li><strong><span class=\"swl-marker mark_yellow\">\u30b9\u30ad\u30e5\u30fc\uff08\u6b6a\u307f\uff09\u3068\u306f\u3001\u540c\u3058\u6e80\u671f\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u306a\u306e\u306b\u884c\u4f7f\u4fa1\u683c\u3054\u3068\u306bIV\u304c\u63c3\u308f\u306a\u3044\u73fe\u8c61<\/span><\/strong>\u3067\u3059\u3002\u7406\u8ad6\u3069\u304a\u308a\u306a\u3089\u30ab\u30fc\u30d6\u306f\u5e73\u3089\u306b\u306a\u308b\u306f\u305a\u3067\u3057\u305f\u3002\n<ul class=\"wp-block-list\">\n<li>\u8a9e\u6e90\u306f\u7d71\u8a08\u5b66\u306e\u300c\u6b6a\u5ea6\uff08skewness\uff09\u300d\uff1d\u5206\u5e03\u304c\u6b63\u898f\u5206\u5e03\u304b\u3089\u3069\u308c\u3060\u3051\u5de6\u53f3\u975e\u5bfe\u79f0\u306b\u30ba\u30ec\u3066\u3044\u308b\u304b<\/li>\n\n<li>\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u306f\u300cIV\u306f\u884c\u4f7f\u4fa1\u683c\u306b\u3088\u3089\u305a\u4e00\u5b9a\u300d\u3068\u4eee\u5b9a\u3057\u3066\u304a\u308a\u3001\u73fe\u5b9f\u3068\u306e\u30ba\u30ec\u304c\u305d\u306e\u307e\u307e\u6b6a\u307f\u3068\u3057\u3066\u73fe\u308c\u307e\u3059<\/li>\n<\/ul>\n<\/li>\n\n<li><strong><span class=\"swl-marker mark_yellow\">\u6b6a\u307f\u3092\u4f5c\u3063\u305f\u306e\u306f1987\u5e7410\u6708\u306e\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u3067\u3059<\/span><\/strong>\u3002\u305d\u308c\u4ee5\u524d\u306e\u682a\u5f0f\u5e02\u5834\u306e\u30ab\u30fc\u30d6\u306f\u3001\u5de6\u53f3\u5bfe\u79f0\u306b\u8fd1\u3044\u30b9\u30de\u30a4\u30eb\u3067\u3057\u305f\u3002\n<ul class=\"wp-block-list\">\n<li>\u66b4\u843d\u5f8c\u3001\u6295\u8cc7\u5bb6\u304c\u4e0b\u65b9\u5411\u306e\u4fdd\u967a\u3068\u3057\u3066OTM\u30d7\u30c3\u30c8\u3092\u8cb7\u3044\u7d9a\u3051\u305f\u3053\u3068\u3067\u30d7\u30c3\u30c8\u5074\u3060\u3051\u304c\u6301\u3061\u4e0a\u304c\u308a\u307e\u3057\u305f<\/li>\n\n<li>Cboe\u81ea\u8eab\u304c\u300c1987\u5e7410\u6708\u306e\u66b4\u843d\u3092\u304d\u3063\u304b\u3051\u306b\u30b9\u30de\u30a4\u30eb\u304b\u3089\u751f\u307e\u308c\u305f\u300d\u3068\u516c\u5f0f\u8cc7\u6599\u306b\u660e\u8a18\u3057\u3066\u3044\u307e\u3059<\/li>\n<\/ul>\n<\/li>\n\n<li><strong><span class=\"swl-marker mark_yellow\">\u65e5\u672c\u8a9e\u306e\u89e3\u8aac\u306b\u591a\u3044\u300cSKEW\u6307\u6570\u306f100\u524d\u5f8c\u304c\u5e73\u5e38\u3001140\u3067\u8b66\u6212\u300d\u306f\u3001\u73fe\u5728\u306e\u5e02\u5834\u3067\u306f\u6a5f\u80fd\u3057\u307e\u305b\u3093<\/span><\/strong>\u3002\u6570\u5b57\u304c\u53e4\u3044\u307e\u307e\u5f15\u304d\u5199\u3055\u308c\u3066\u3044\u307e\u3059\u3002\n<ul class=\"wp-block-list\">\n<li>2026\u5e747\u6708\u6642\u70b9\u306e\u6c34\u6e96\u306f\u7d04145\u3067\u3001\u76f4\u8fd11\u5e74\u306e\u30ec\u30f3\u30b8\u306f\u7d04132\u301c162\u30021\u5e74\u9593\u4e00\u5ea6\u3082132\u3092\u4e0b\u56de\u3063\u3066\u3044\u307e\u305b\u3093<\/li>\n\n<li>\u7d76\u5bfe\u5024\u306e\u6697\u8a18\u3067\u306f\u306a\u304f\u3001\u305d\u306e\u6307\u6570\u81ea\u8eab\u306e\u30ec\u30f3\u30b8\u5185\u3067\u3069\u3053\u306b\u3044\u308b\u304b\u3068\u3044\u3046\u76f8\u5bfe\u63a8\u79fb\u3067\u8aad\u3080\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059<\/li>\n<\/ul>\n<\/li>\n\n<li><strong><span class=\"swl-marker mark_yellow\">\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u30b9\u30ad\u30e5\u30fc\u306f\u682a\u4fa1\u6307\u6570\u3068\u9055\u3044\u3001\u7b26\u53f7\u305d\u306e\u3082\u306e\u304c\u53cd\u8ee2\u3057\u307e\u3059<\/span><\/strong>\u3002\u300c\u5e38\u306b\u30d7\u30c3\u30c8\u304c\u9ad8\u3044\u300d\u3068\u3044\u3046\u682a\u306e\u5e38\u8b58\u306f\u901a\u7528\u3057\u307e\u305b\u3093\u3002\n<ul class=\"wp-block-list\">\n<li>2025\u5e747\u6708\u306b\u306f\u30b3\u30fc\u30eb\u5074\u306b\u50be\u304d\u30012026\u5e747\u6708\u6642\u70b9\u3067\u306f\u30d7\u30c3\u30c8\u512a\u52e2\u3078\u632f\u308c\u3066\u3044\u307e\u3059<\/li>\n\n<li>ICHIZEN Capital\u306f\u884c\u4f7f\u4fa1\u683c\u3054\u3068\u306eIV\u306e\u504f\u308a\u3092\u3001\u62b5\u6297\u5e2f\u30fb\u652f\u6301\u5e2f\u306e\u624b\u304c\u304b\u308a\u3068\u3057\u3066\u8aad\u3093\u3067\u304d\u307e\u3057\u305f<\/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\">\u30b9\u30ad\u30e5\u30fc\u306f\u300c\u96e3\u3057\u3044\u7406\u8ad6\u300d\u3067\u306f\u306a\u304f\u3001\u8ab0\u304b\u304c\u4fdd\u967a\u3092\u8cb7\u3063\u305f\u75d5\u8de1\u305d\u306e\u3082\u306e\u3067\u3059\u3002\u30ab\u30fc\u30d6\u304c\u6b6a\u3093\u3067\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u5e02\u5834\u306e\u3069\u3053\u304b\u306b\u504f\u3063\u305f\u9700\u8981\u304c\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3002\u305d\u306e\u504f\u308a\u304c\u3069\u306e\u884c\u4f7f\u4fa1\u683c\u306b\u51fa\u3066\u3044\u308b\u304b\u3092\u898b\u308b\u306e\u304c\u3001\u5b9f\u52d9\u3067\u306f\u4e00\u756a\u52b9\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<p class=\"wp-block-paragraph\"><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><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30b9\u30ad\u30e5\u30fc\uff08Skew\u306e\u6b6a\u307f\uff09\u3068\u306f\uff1f\u57fa\u672c\u60c5\u5831<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30b9\u30ad\u30e5\u30fc\u3068\u306f\u3001\u540c\u3058\u6e80\u671f\u30fb\u540c\u3058\u539f\u8cc7\u7523\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u3042\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u884c\u4f7f\u4fa1\u683c\u3054\u3068\u306b\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08IV\uff09\u304c\u7570\u306a\u3063\u3066\u3057\u307e\u3046\u73fe\u8c61\u3092\u6307\u3057\u307e\u3059\u3002<\/strong>\u3053\u306e\u300c\u63c3\u308f\u306a\u3055\u300d\u3092\u3001\u7d71\u8a08\u5b66\u306e\u6b6a\u5ea6\uff08skewness\uff09\u306b\u306a\u305e\u3089\u3048\u3066\u6b6a\u307f\u3068\u547c\u3073\u307e\u3059\uff08\u203b1\uff09\u3002\u6a2a\u8ef8\u306b\u884c\u4f7f\u4fa1\u683c\u3001\u7e26\u8ef8\u306bIV\u3092\u53d6\u3063\u3066\u30ab\u30fc\u30d6\u3092\u63cf\u304f\u3068\u3001\u305d\u306e\u5f62\u304c\u5e73\u3089\u306b\u306a\u3089\u306a\u3044\u3053\u3068\u304c\u4e00\u76ee\u3067\u5206\u304b\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u73fe\u8c61\u304c\u300c\u554f\u984c\u300d\u3068\u3057\u3066\u6271\u308f\u308c\u308b\u7406\u7531\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306e\u6a19\u6e96\u7406\u8ad6\u3067\u3042\u308b\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\u304c\u3001<strong>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u884c\u4f7f\u4fa1\u683c\u306b\u4f9d\u5b58\u305b\u305a\u4e00\u5b9a\u3067\u3042\u308b\u3068\u4eee\u5b9a\u3057\u3066\u3044\u308b\u304b\u3089\u3067\u3059<\/strong>\uff08\u203b1\uff09\u3002\u7406\u8ad6\u304c\u6b63\u3057\u3051\u308c\u3070\u30ab\u30fc\u30d6\u306f\u6c34\u5e73\u306b\u306a\u308b\u306f\u305a\u3067\u3057\u305f\u3002\u3068\u3053\u308d\u304c\u73fe\u5b9f\u306e\u5e02\u5834\u3067\u306f\u6c34\u5e73\u306b\u306a\u3089\u305a\u3001\u305d\u306e\u4e56\u96e2\u304c\u6b6a\u307f\u3068\u3057\u3066\u89b3\u6e2c\u3055\u308c\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3064\u307e\u308a\u30b9\u30ad\u30e5\u30fc\u306f\u3001\u5e02\u5834\u53c2\u52a0\u8005\u304c\u60f3\u5b9a\u3057\u3066\u3044\u308b\u78ba\u7387\u5206\u5e03\u304c\u3001\u7406\u8ad6\u306e\u524d\u63d0\u3067\u3042\u308b\u5bfe\u6570\u6b63\u898f\u5206\u5e03\u3068\u306f\u9055\u3046\u3068\u3044\u3046\u4e8b\u5b9f\u3092\u6620\u3057\u305f\u93e1\u3068\u8a00\u3048\u307e\u3059\uff08\u203b2\uff09\u3002\u30ab\u30fc\u30d6\u306e\u6b6a\u307f\u65b9\u306b\u306f\u3001\u5e02\u5834\u304c\u300c\u3069\u3061\u3089\u5074\u306e\u6025\u5909\u3092\u6016\u304c\u3063\u3066\u3044\u308b\u304b\u300d\u304c\u305d\u306e\u307e\u307e\u51fa\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;\"><tbody><tr><td>\u540d\u79f0<\/td><td>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b9\u30ad\u30e5\u30fc\uff0fIV\u30b9\u30ad\u30e5\u30fc\uff0f\u30b9\u30ad\u30e5\u30fc\uff08Skew\uff09\uff0f\u6b6a\u307f<\/td><\/tr><tr><td>\u4f55\u3092\u8868\u3059\u304b<\/td><td>\u540c\u4e00\u6e80\u671f\u3067\u884c\u4f7f\u4fa1\u683c\u3054\u3068\u306bIV\u304c\u63c3\u308f\u306a\u3044\u73fe\u8c61\uff1dIV\u30ab\u30fc\u30d6\u306e\u975e\u5bfe\u79f0\u306a\u50be\u304d<\/td><\/tr><tr><td>\u8a9e\u6e90<\/td><td>\u7d71\u8a08\u5b66\u306e\u6b6a\u5ea6\uff08skewness\uff09\u3002\u5206\u5e03\u306e\u5de6\u53f3\u975e\u5bfe\u79f0\u6027\u3092\u6e2c\u308b\u6307\u6a19<\/td><\/tr><tr><td>\u306a\u305c\u751f\u3058\u308b\u304b<\/td><td>\u2460BS\u30e2\u30c7\u30eb\u306e\u300cIV\u4e00\u5b9a\u300d\u300c\u5bfe\u6570\u6b63\u898f\u5206\u5e03\u300d\u306e\u4eee\u5b9a\u304c\u73fe\u5b9f\u3068\u5408\u308f\u306a\u3044\u3000\u2461\u30af\u30e9\u30c3\u30b7\u30e5\u4fdd\u967a\u306e\u9700\u7d66\u306e\u504f\u308a<\/td><\/tr><tr><td>\u3044\u3064\u304b\u3089<\/td><td>\u682a\u5f0f\u5e02\u5834\u3067\u306f1987\u5e7410\u6708\u306e\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u4ee5\u964d\u306b\u5b9a\u7740<\/td><\/tr><tr><td>\u6e2c\u308a\u65b9<\/td><td>25\u30c7\u30eb\u30bf\u30fb\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\uff0fCboe SKEW\u6307\u6570\uff0f\u6697\u53f7\u8cc7\u7523\u3067\u306fDVOL\u30fb25\u30c7\u30eb\u30bf\u30b9\u30ad\u30e5\u30fc<\/td><\/tr><tr><td>\u30ab\u30fc\u30d6\u306e\u63cf\u304d\u65b9<\/td><td>\u30d7\u30c3\u30c8\u30fb\u30b3\u30fc\u30eb\u30fb\u30d1\u30ea\u30c6\u30a3\u306b\u3088\u308a\u3001OTM\u30aa\u30d7\u30b7\u30e7\u30f3\u306eIV\u3060\u3051\u3067\u63cf\u5199\u3067\u304d\u308b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\u30b9\u30ad\u30e5\u30fc\u3068\u30b9\u30de\u30a4\u30eb\u306f\u4f55\u304c\u9055\u3046\u306e\u304b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e2\u3064\u306f\u5225\u3005\u306e\u6307\u6a19\u3067\u306f\u306a\u304f\u3001<strong>\u540c\u3058IV\u30ab\u30fc\u30d6\u3092\u5f62\u72b6\u3067\u547c\u3073\u5206\u3051\u3066\u3044\u308b\u3060\u3051\u3067\u3059<\/strong>\u3002\u4e21\u7aef\u304c\u3068\u3082\u306b\u6301\u3061\u4e0a\u304c\u3063\u3066\u8c37\u306e\u3088\u3046\u306aU\u5b57\u306b\u306a\u3063\u3066\u3044\u308c\u3070\u30b9\u30de\u30a4\u30eb\u3001\u7247\u5074\u3060\u3051\u304c\u6301\u3061\u4e0a\u304c\u3063\u3066\u53f3\u4e0b\u304c\u308a\u306e\u50be\u304d\u306b\u306a\u3063\u3066\u3044\u308c\u3070\u30b9\u30ad\u30e5\u30fc\uff08\u30b9\u30de\u30fc\u30af\u3068\u3082\u547c\u3073\u307e\u3059\uff09\u3068\u8868\u73fe\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cboe\u306e\u516c\u5f0f\u8cc7\u6599\u306f\u3001\u3053\u306e\u95a2\u4fc2\u3092\u300c1987\u5e7410\u6708\u306e\u66b4\u843d\u3092\u304d\u3063\u304b\u3051\u306b\u3001\u30b9\u30de\u30a4\u30eb\u304b\u3089\u751f\u307e\u308c\u305f\u300d\u3068\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\uff08\u203b3\uff09\u3002\u540c\u3058\u8cc7\u6599\u306b\u306f\u300c\u30b9\u30de\u30a4\u30eb\u306f\u5bfe\u79f0\u6027\u3092\u5931\u3044\u3001\u30d7\u30c3\u30c8\u5074\u306b\u504f\u3063\u3066\u3044\u308b\u300d\u3068\u3044\u3046\u8a18\u8ff0\u3082\u3042\u308a\u307e\u3059\u3002<strong>\u30b9\u30de\u30a4\u30eb\u304c\u5148\u306b\u3042\u308a\u3001\u305d\u3053\u304b\u3089\u5bfe\u79f0\u6027\u304c\u5931\u308f\u308c\u305f\u59ff\u304c\u30b9\u30ad\u30e5\u30fc\u3060\u3068\u6349\u3048\u308b\u3068\u3001\u4e21\u8005\u306e\u95a2\u4fc2\u304c\u6574\u7406\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f62\u72b6\u305d\u306e\u3082\u306e\u306e\u8a73\u3057\u3044\u8aad\u307f\u65b9\u306f<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-iv-smile\/\" target=\"_blank\" rel=\"noopener\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b9\u30de\u30a4\u30eb\uff08IV\u30b9\u30de\u30a4\u30eb\uff09\u306e\u8a18\u4e8b<\/a>\u3067\u6271\u3063\u3066\u3044\u307e\u3059\u3002\u672c\u8a18\u4e8b\u3067\u306f\u300c\u306a\u305c\u6b6a\u3080\u306e\u304b\u300d\u300c\u6b6a\u307f\u3092\u3069\u3046\u6e2c\u308a\u3001\u3069\u3046\u8aad\u3080\u304b\u300d\u306b\u7d5e\u3063\u3066\u9032\u3081\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u306a\u305c\u30b9\u30ad\u30e5\u30fc\u306f\u751f\u3058\u308b\u306e\u304b\uff1f1987\u5e7410\u6708\u304c\u5909\u3048\u305f\u3082\u306e<\/h2>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-intext\"><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>\u7406\u8ad6\u306e\u524d\u63d0\uff1a\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u306f\u300cIV\u306f\u884c\u4f7f\u4fa1\u683c\u306b\u3088\u3089\u305a\u4e00\u5b9a\u300d\u3068\u7f6e\u3044\u305f<\/li>\n\n<li>\u6b74\u53f2\u306e\u8ee2\u63db\u70b9\uff1a\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u304c\u30ab\u30fc\u30d6\u306e\u5bfe\u79f0\u6027\u3092\u58ca\u3057\u305f<\/li>\n\n<li>\u9700\u7d66\u306e\u975e\u5bfe\u79f0\uff1a\u4fdd\u967a\u306e\u8cb7\u3044\u624b\u3068\u58f2\u308a\u624b\u304c\u91e3\u308a\u5408\u308f\u306a\u3044\u69cb\u9020<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u304c\u524d\u63d0\u306b\u3057\u3066\u3044\u305f\u300cIV\u306f\u4e00\u5b9a\u300d<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/\" target=\"_blank\" rel=\"noopener\">\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb<\/a>\u306f\u3001\u539f\u8cc7\u7523\u306e\u4fa1\u683c\u304c\u5bfe\u6570\u6b63\u898f\u5206\u5e03\u306b\u5f93\u3044\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u884c\u4f7f\u4fa1\u683c\u306b\u95a2\u4fc2\u306a\u304f\u4e00\u5b9a\u3067\u3042\u308b\u3001\u3068\u3044\u3046\u524d\u63d0\u3092\u7f6e\u3044\u3066\u3044\u307e\u3059\uff08\u203b1\uff09\u3002\u3053\u306e\u524d\u63d0\u306e\u3082\u3068\u3067\u306f\u3001\u3069\u306e\u884c\u4f7f\u4fa1\u683c\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u304b\u3089\u9006\u7b97\u3057\u3066\u3082\u540c\u3058IV\u304c\u51fa\u3066\u304f\u308b\u306f\u305a\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3068\u3053\u308d\u304c\u5b9f\u969b\u306b\u5e02\u5834\u4fa1\u683c\u304b\u3089IV\u3092\u9006\u7b97\u3059\u308b\u3068\u3001\u884c\u4f7f\u4fa1\u683c\u3054\u3068\u306b\u9055\u3046\u5024\u304c\u51fa\u307e\u3059\u3002<strong>\u3053\u306e\u4e0d\u4e00\u81f4\u306f\u8a08\u7b97\u30df\u30b9\u3067\u306f\u306a\u304f\u3001\u5e02\u5834\u304c\u7406\u8ad6\u3068\u306f\u5225\u306e\u78ba\u7387\u5206\u5e03\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u308b\u3053\u3068\u306e\u8a3c\u62e0\u3067\u3059<\/strong>\uff08\u203b2\uff09\u3002\u5e02\u5834\u306f\u300c\u66b4\u843d\u306e\u3088\u3046\u306a\u5927\u304d\u306a\u30b8\u30e3\u30f3\u30d7\u304c\u8d77\u3053\u308a\u5f97\u308b\u300d\u3068\u8003\u3048\u3066\u304a\u308a\u3001\u305d\u306e\u5206\u3060\u3051\u5206\u5e03\u306e\u88fe\u304c\u539a\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cboe\u306e\u516c\u5f0f\u8cc7\u6599\u3082\u3001S&amp;P500\u306e\u5bfe\u6570\u30ea\u30bf\u30fc\u30f3\u306e\u5206\u5e03\u306f\u3001\u5927\u304d\u306a\u30b8\u30e3\u30f3\u30d7\u304c\u3042\u308b\u306a\u3089\u3070\u6b63\u898f\u5206\u5e03\u306b\u306f\u306a\u308a\u306b\u304f\u3044\u3068\u8ff0\u3079\u3066\u3044\u307e\u3059\uff08\u203b3\uff09\u3002\u30b8\u30e3\u30f3\u30d7\u304c\u88fe\u3092\u539a\u304f\u3057\u3001\u975e\u5bfe\u79f0\u306a\u30b8\u30e3\u30f3\u30d7\u304c\u5206\u5e03\u3092\u6b6a\u307e\u305b\u308b\u3002\u3060\u304b\u3089\u3053\u305d\u6a19\u6e96\u504f\u5dee\u3060\u3051\u3067\u306f\u30ea\u30b9\u30af\u3092\u8868\u3057\u304d\u308c\u306a\u3044\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u304c\u30ab\u30fc\u30d6\u306e\u5bfe\u79f0\u6027\u3092\u58ca\u3057\u305f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u30b9\u30ad\u30e5\u30fc\u3092\u8a9e\u308b\u3046\u3048\u3067\u907f\u3051\u3066\u901a\u308c\u306a\u3044\u306e\u304c\u3001<strong>1987\u5e7410\u6708\u306e\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u3067\u3059<\/strong>\u3002\u8ca1\u52d9\u7701\u306e\u89e3\u8aac\u8cc7\u6599\u3082\u300c\u3053\u306e\u554f\u984c\u306f1987\u5e74\u306b\u304a\u3044\u3066\u7c73\u56fd\u3067\u7d4c\u9a13\u3057\u305f\u682a\u4fa1\u306e\u66b4\u843d\u3001\u3044\u308f\u3086\u308b\u30d6\u30e9\u30c3\u30af\u30fb\u30de\u30f3\u30c7\u30fc\u3092\u5951\u6a5f\u306b\u610f\u8b58\u3055\u308c\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u300d\u3068\u660e\u8a18\u3057\u3066\u3044\u307e\u3059\uff08\u203b1\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f55\u304c\u5909\u308f\u3063\u305f\u306e\u304b\u3092\u3001Cboe\u306f\u9700\u8981\u306e\u8a00\u8449\u3067\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\u3002\u540c\u8cc7\u6599\u306b\u3088\u308c\u3070\u30011987\u5e7410\u6708\u306e\u66b4\u843d\u304c\u5e02\u5834\u3092\u5927\u304d\u306a\u4e0b\u843d\u30b8\u30e3\u30f3\u30d7\u306e\u53ef\u80fd\u6027\u306b\u654f\u611f\u306b\u3055\u305b\u3001\u305d\u306e\u7d50\u679c\u3068\u3057\u3066<strong>\u6295\u8cc7\u5bb6\u306f\u9ad8\u3044\u884c\u4f7f\u4fa1\u683c\u306e\u30b3\u30fc\u30eb\u3088\u308a\u3082\u4f4e\u3044\u884c\u4f7f\u4fa1\u683c\u306e\u30d7\u30c3\u30c8\u3092\u91cd\u3093\u3058\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f<\/strong>\uff08\u203b3\uff09\u3002\u30d7\u30c3\u30c8\u5074\u306b\u3060\u3051\u8cb7\u3044\u304c\u96c6\u307e\u308c\u3070\u3001\u30d7\u30c3\u30c8\u5074\u306eIV\u3060\u3051\u304c\u6301\u3061\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u5909\u5316\u3092\u3001\u30af\u30aa\u30f3\u30c4\u306e\u30a8\u30de\u30cb\u30e5\u30a8\u30eb\u30fb\u30c0\u30fc\u30de\u30f3\u306f\u5370\u8c61\u7684\u306b\u63cf\u5199\u3057\u3066\u3044\u307e\u3059\u3002\u8ca1\u52d9\u7701\u8cc7\u6599\u304c\u5f15\u7528\u3059\u308b\u3068\u3053\u308d\u306b\u3088\u308c\u3070\u3001\u66b4\u843d\u306e\u65e5\u4ee5\u964d\u3001\u6295\u8cc7\u5bb6\u306f\u682a\u5f0f\u66b4\u843d\u306e\u53ef\u80fd\u6027\u306b\u5e38\u306b\u6ce8\u610f\u3092\u6255\u3046\u3088\u3046\u306b\u306a\u308a\u3001OTM\u30d7\u30c3\u30c8\u306f\u300c\u305d\u306e\u305f\u3081\u306b\u306f\u6700\u9069\u304b\u3064\u6700\u3082\u30b3\u30b9\u30c8\u306e\u4f4e\u3044\u4fdd\u967a\u3060\u3063\u305f\u300d\u3068\u3055\u308c\u307e\u3059\uff08\u203b1\uff09\u3002\u305d\u306e\u7d50\u679c\u30011990\u5e74\u5f53\u6642\u306b\u306f\u3059\u3079\u3066\u306e\u682a\u5f0f\u5e02\u5834\u3067\u4f3c\u305f\u3088\u3046\u306a\u30b9\u30de\u30fc\u30af\uff08\u6b6a\u3093\u3060\u30b9\u30de\u30a4\u30eb\uff09\u304c\u51fa\u73fe\u3059\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u3001\u3068\u3044\u3046\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3064\u307e\u308a\u682a\u4fa1\u6307\u6570\u306e\u30b9\u30ad\u30e5\u30fc\u306f\u3001\u30e2\u30c7\u30eb\u306e\u4e0d\u5099\u3068\u3044\u3046\u3088\u308a<strong>\u5e02\u5834\u304c\u5b66\u7fd2\u3057\u305f\u8a18\u61b6\u306e\u5f62\u3060\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046<\/strong>\u3002\u4e00\u5ea6\u539a\u304f\u306a\u3063\u305f\u5de6\u306e\u88fe\u306f\u3001\u305d\u306e\u5f8c\u3082\u5143\u306b\u306f\u623b\u3063\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u9700\u7d66\uff1a\u4fdd\u967a\u306e\u8cb7\u3044\u624b\u3068\u58f2\u308a\u624b\u306f\u91e3\u308a\u5408\u308f\u306a\u3044<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">3\u3064\u76ee\u306e\u8981\u56e0\u306f\u3001\u30b7\u30f3\u30d7\u30eb\u306a\u9700\u7d66\u306e\u504f\u308a\u3067\u3059\u3002\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306f\u69cb\u9020\u7684\u306b\u682a\u5f0f\u3092\u5927\u91cf\u306b\u4fdd\u6709\u3057\u3066\u304a\u308a\u3001\u305d\u306e\u4fa1\u5024\u3092\u5b88\u308b\u305f\u3081\u306b\u30d7\u30c3\u30c8\u3092\u8cb7\u3046\u52d5\u6a5f\u3092\u5e38\u306b\u62b1\u3048\u3066\u3044\u307e\u3059\u3002\u4e00\u65b9\u3067\u3001\u66b4\u843d\u6642\u306b\u9752\u5929\u4e95\u306e\u640d\u5931\u3092\u8ca0\u3044\u304b\u306d\u306a\u3044\u30d7\u30c3\u30c8\u306e\u58f2\u308a\u624b\u306f\u9650\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8cb7\u3044\u624b\u304c\u69cb\u9020\u7684\u306b\u591a\u304f\u3001\u58f2\u308a\u624b\u304c\u69cb\u9020\u7684\u306b\u5c11\u306a\u3044\u3002<strong>\u3053\u306e\u975e\u5bfe\u79f0\u304c\u4fa1\u683c\u306b\u8ee2\u5ac1\u3055\u308c\u3001\u30d7\u30c3\u30c8\u5074\u306eIV\u304c\u6052\u5e38\u7684\u306b\u9ad8\u3044\u72b6\u614b\u3068\u3057\u3066\u56fa\u5b9a\u3055\u308c\u307e\u3059<\/strong>\u3002\u30d8\u30c3\u30b8\u6d3b\u52d5\u30fb\u6295\u6a5f\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30a4\u30ab\u30fc\u306e\u30ea\u30b9\u30af\u7ba1\u7406\u3068\u3044\u3063\u305f\u53c2\u52a0\u8005\u306e\u884c\u52d5\u304c\u3001\u30ab\u30fc\u30d6\u306e\u5f62\u3092\u65e5\u3005\u4f5c\u308a\u66ff\u3048\u3066\u3044\u308b\u306e\u3067\u3059\uff08\u203b4\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u306f\u91cd\u8981\u306a\u8996\u70b9\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002\u30b9\u30ad\u30e5\u30fc\u306f\u5c06\u6765\u306e\u4e88\u8a00\u3067\u306f\u306a\u304f\u3001<strong>\u8ab0\u304b\u304c\u30b3\u30b9\u30c8\u3092\u6255\u3063\u3066\u4fdd\u967a\u3092\u639b\u3051\u305f\u75d5\u8de1\u306e\u96c6\u8a08\u306b\u3059\u304e\u307e\u305b\u3093<\/strong>\u3002\u6b6a\u307f\u304c\u5927\u304d\u3044\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u305d\u308c\u3060\u3051\u4fdd\u967a\u6599\u304c\u9ad8\u304f\u58f2\u308c\u3066\u3044\u308b\u72b6\u614b\u3092\u610f\u5473\u3057\u307e\u3059\u3002\u3053\u306e\u70b9\u306f<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-vrp\/\" target=\"_blank\" rel=\"noopener\">VRP\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff09<\/a>\u306e\u8b70\u8ad6\u3068\u5730\u7d9a\u304d\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30b9\u30ad\u30e5\u30fc\u306e\u6e2c\u308a\u65b9\u306f3\u3064\u3042\u308b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u6b6a\u307f\u306f\u300c\u30ab\u30fc\u30d6\u304c\u66f2\u304c\u3063\u3066\u3044\u308b\u300d\u3068\u3044\u3046\u5b9a\u6027\u7684\u306a\u8a71\u306b\u7559\u307e\u308a\u307e\u305b\u3093\u3002\u5b9f\u52d9\u3067\u306f\u6b21\u306e3\u3064\u306e\u65b9\u6cd5\u3067\u6570\u5024\u5316\u3057\u307e\u3059\u3002\u3069\u308c\u3092\u898b\u3066\u3044\u308b\u304b\u3092\u6df7\u540c\u3059\u308b\u3068\u8b70\u8ad6\u304c\u565b\u307f\u5408\u308f\u306a\u304f\u306a\u308b\u305f\u3081\u3001\u6700\u521d\u306b\u6574\u7406\u3057\u3066\u304a\u304d\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>\u6e2c\u308a\u65b9<\/th><th>\u4f55\u3092\u6570\u5024\u5316\u3059\u308b\u304b<\/th><th>\u4e3b\u306a\u5bfe\u8c61<\/th><\/tr><\/thead><tbody><tr><td>25\u30c7\u30eb\u30bf\u30fb\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb<\/td><td>\u540c\u3058\u30c7\u30eb\u30bf\u306e\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u306eIV\u5dee\uff1d\u5de6\u53f3\u5dee<\/td><td>\u70ba\u66ff\u30fb\u6697\u53f7\u8cc7\u7523\u30fb\u50b5\u5238<\/td><\/tr><tr><td>Cboe SKEW\u6307\u6570<\/td><td>S&amp;P500\u5206\u5e03\u306e\u5de6\u88fe\u306e\u539a\u3055\uff08\u6b6a\u5ea6\u305d\u306e\u3082\u306e\uff09<\/td><td>\u7c73\u56fd\u682a\u5f0f\u6307\u6570<\/td><\/tr><tr><td>DVOL\u30fbIV\u306e\u6c34\u6e96<\/td><td>\u30dc\u30e9\u306e\u9ad8\u3055\uff08\u203b\u6b6a\u307f\u3067\u306f\u306a\u304f\u6c34\u6e96\uff09<\/td><td>\u6697\u53f7\u8cc7\u7523<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">25\u30c7\u30eb\u30bf\u30fb\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\uff1a\u5de6\u53f3\u5dee\u30921\u3064\u306e\u6570\u5024\u306b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u6700\u3082\u5e83\u304f\u4f7f\u308f\u308c\u308b\u306e\u304c\u3001\u540c\u3058\u30c7\u30eb\u30bf\u306e\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u306eIV\u5dee\u3092\u53d6\u308b\u65b9\u6cd5\u3067\u3059\u3002\u30c7\u30eb\u30bf25%\u30fb\u6e80\u671f1\u30f6\u6708\u3067\u63c3\u3048\u308b\u306e\u304c\u5e02\u5834\u6163\u884c\u3067\u3001Glassnode\u306f\uff0825\u30c7\u30eb\u30bf\u30d7\u30c3\u30c8\u306eIV \u2212 25\u30c7\u30eb\u30bf\u30b3\u30fc\u30eb\u306eIV\uff09\u00f7 ATM\u306eIV \u3068\u3044\u3046\u6b63\u898f\u5316\u3057\u305f\u5b9a\u7fa9\u3092\u63a1\u7528\u3057\u3066\u3044\u307e\u3059\uff08\u203b5\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3060\u3057<strong>\u3053\u306e\u6307\u6a19\u306f\u63d0\u4f9b\u5143\u306b\u3088\u3063\u3066\u5f15\u304d\u7b97\u306e\u5411\u304d\u304c\u9006\u306b\u306a\u308a\u3001\u30d7\u30e9\u30b9\u3068\u30de\u30a4\u30ca\u30b9\u306e\u610f\u5473\u304c\u53cd\u8ee2\u3057\u307e\u3059<\/strong>\u3002\u8ca1\u52d9\u7701\u306e\u8cc7\u6599\u306f\u3001Bloomberg\u306e\u7c73\u56fd\u50b5\u5148\u7269\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30b9\u30ad\u30e5\u30fc\u6307\u6570\u304c\u300c25\u30c7\u30eb\u30bf\u30d7\u30c3\u30c8\u306eIV \u2212 25\u30c7\u30eb\u30bf\u30b3\u30fc\u30eb\u306eIV\u300d\u3067\u5b9a\u7fa9\u3055\u308c\u3066\u3044\u308b\u3068\u7d39\u4ecb\u3057\u3066\u3044\u307e\u3059\uff08\u203b1\uff09\u3002\u6570\u5024\u3092\u898b\u308b\u524d\u306b\u5b9a\u7fa9\u5f0f\u3092\u78ba\u8a8d\u3059\u308b\u7fd2\u6163\u304c\u8981\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Cboe SKEW\u6307\u6570\uff1a\u5de6\u88fe\u306e\u539a\u3055\u3092\u76f4\u63a5\u6e2c\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u7c73\u56fd\u682a\u5f0f\u5e02\u5834\u3067\u306f\u3001Cboe\u304c\u7b97\u51fa\u3059\u308bSKEW\u6307\u6570\u304c\u6a19\u6e96\u3067\u3059\u3002<strong>\u3053\u308c\u306fVIX\u3068\u540c\u3058\u304f\u3001OTM\u306eS&amp;P500\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u69cb\u6210\u3057\u305f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u4fa1\u683c\u304b\u3089\u7b97\u51fa\u3055\u308c\u307e\u3059<\/strong>\uff08\u203b3\uff09\u3002VIX\u304c\u5206\u5e03\u306e\u5e45\uff08\u6a19\u6e96\u504f\u5dee\uff09\u3092\u6e2c\u308b\u306e\u306b\u5bfe\u3057\u3001SKEW\u306f\u5206\u5e03\u306e\u5de6\u88fe\u306e\u539a\u3055\u3092\u6e2c\u308b\u3001\u3068\u3044\u3046\u5f79\u5272\u5206\u62c5\u3067\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-intext\"><div class=\"cap_box_ttl\"><span><strong>Cboe SKEW\u6307\u6570\u306e\u5b9a\u7fa9\u5f0f<\/strong><\/span><\/div><div class=\"cap_box_content\">\n<p class=\"wp-block-paragraph\"><span class=\"swl-fz u-fz-s\">SKEW \uff1d 100 \u2212 10 \u00d7 S\u3000\uff08S\u306f\u30ea\u30b9\u30af\u8abf\u6574\u5f8c\u306e\u6b6a\u5ea6\u306e\u4fa1\u683c\uff09<\/span><\/p>\n\n<p class=\"wp-block-paragraph\"><span class=\"swl-fz u-fz-xs\">\u203bS\u306f1990\u301c2010\u5e74\u306e\u9593\u3001\u22124.69\u301c\u22120.10\u3068\u3044\u3046\u72ed\u3044\u7bc4\u56f2\u3067\u63a8\u79fb\u3057\u3001\u304b\u3064\u8ca0\u306b\u632f\u308c\u3084\u3059\u3044\u305f\u3081\u3001\u305d\u306e\u307e\u307e\u3067\u306f\u6307\u6570\u3068\u3057\u3066\u6271\u3044\u306b\u304f\u3044\u3002\u3053\u306e\u4e00\u6b21\u95a2\u6570\u3067\u5909\u63db\u3059\u308b\u3068\u3001S\u304c\u3088\u308a\u30de\u30a4\u30ca\u30b9\u3078\uff08\uff1d\u30c6\u30fc\u30eb\u30ea\u30b9\u30af\u304c\u5897\u5927\uff09\u9032\u3080\u307b\u3069SKEW\u304c\u4e0a\u304c\u308b\u8a2d\u8a08\u306b\u306a\u308a\u307e\u3059\uff08\u203b3\uff09\u3002\u306a\u304a\u5f8c\u8ff0\u306e\u3068\u304a\u308a\u3001\u3053\u306e\u7b97\u51fa\u65b9\u6cd5\u306f\u5909\u66f4\u304c\u6c7a\u307e\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">SKEW\u306f\u300c\u30d6\u30e9\u30c3\u30af\u30b9\u30ef\u30f3\u6307\u6570\u300d\u3068\u3044\u3046\u901a\u79f0\u3067\u3082\u77e5\u3089\u308c\u307e\u3059\uff08\u203b1\uff09\u3002Cboe\u81ea\u8eab\u3082\u3001\u5e02\u5834\u53c2\u52a0\u8005\u304c\u7834\u6ec5\u7684\u306a\u4e0b\u843d\u306e\u78ba\u7387\u3092\u5f15\u304d\u4e0a\u3052\u305f\u3068\u304d\u306b\u77e5\u899a\u3055\u308c\u308b\u30c6\u30fc\u30eb\u30ea\u30b9\u30af\u304c\u5897\u5927\u3059\u308b\u3001\u3068\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\uff08\u203b3\uff09\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u6697\u53f7\u8cc7\u7523\u3067\u306f25\u30c7\u30eb\u30bf\u30b9\u30ad\u30e5\u30fc\u3068DVOL\u3092\u4f75\u7528\u3059\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u6697\u53f7\u8cc7\u7523\u306b\u306fSKEW\u6307\u6570\u306b\u76f8\u5f53\u3059\u308b\u516c\u5f0f\u6307\u6570\u304c\u306a\u3044\u305f\u3081\u300125\u30c7\u30eb\u30bf\u30b9\u30ad\u30e5\u30fc\u3067\u6b6a\u307f\u3092\u3001DVOL\u3067<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading-iv\/\" target=\"_blank\" rel=\"noopener\">IV<\/a>\u306e\u6c34\u6e96\u3092\u898b\u308b\u3001\u3068\u3044\u3046\u7d44\u307f\u5408\u308f\u305b\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<strong>\u6c34\u6e96\u3068\u6b6a\u307f\u306f\u5225\u7269\u3067\u3042\u308a\u3001\u7247\u65b9\u3060\u3051\u3067\u306f\u5e02\u5834\u306e\u72b6\u614b\u3092\u6349\u3048\u304d\u308c\u307e\u305b\u3093<\/strong>\u3002IV\u304c\u9ad8\u3044\u306e\u306b\u6b6a\u307f\u304c\u5c0f\u3055\u3044\u5c40\u9762\u3068\u3001IV\u304c\u4f4e\u3044\u306e\u306b\u6b6a\u307f\u3060\u3051\u304c\u5927\u304d\u3044\u5c40\u9762\u3067\u306f\u3001\u610f\u5473\u304c\u307e\u3063\u305f\u304f\u9055\u3063\u3066\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">SKEW\u6307\u6570\u306e\u300c100\u304c\u5e73\u5e38\u30fb140\u3067\u8b66\u6212\u300d\u306f\u3082\u3046\u901a\u7528\u3057\u306a\u3044<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u65e5\u672c\u8a9e\u306eSKEW\u6307\u6570\u89e3\u8aac\u306f\u3001\u307b\u307c\u4f8b\u5916\u306a\u304f\u300c\u7406\u8ad6\u4e0a\u306e\u4e0b\u9650\u306f100\u300d\u300c100\u524d\u5f8c\u306a\u3089\u5e02\u5834\u306f\u843d\u3061\u7740\u3044\u3066\u3044\u308b\u300d\u300c140\u3092\u8d85\u3048\u308b\u3068\u8b66\u6212\u300d\u3068\u66f8\u3044\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u8aac\u660e\u306e\u51fa\u3069\u3053\u308d\u306f\u3001<strong>Cboe\u304c2011\u5e74\u9803\u306b\u516c\u8868\u3057\u305f\u8cc7\u6599\u306b\u8f09\u3063\u3066\u3044\u305f\u5f53\u6642\u306e\u30ec\u30f3\u30b8\u611f\u3067\u3059<\/strong>\u3002\u305d\u3057\u3066\u73fe\u5728\u306e\u5e02\u5834\u3067\u306f\u3001\u3053\u306e\u76ee\u5b89\u306f\u307b\u307c\u6a5f\u80fd\u3057\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5b9f\u30c7\u30fc\u30bf\u304c\u793a\u3059\u300c\u57fa\u6e96\u306e\u30ba\u30ec\u300d<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Cboe\u306e\u516c\u5f0f\u30db\u30ef\u30a4\u30c8\u30da\u30fc\u30d1\u30fc\u306f\u30011990\u5e74\u304b\u30892010\u5e74\u307e\u3067\u306eSKEW\u306e\u6700\u5c0f\u5024\u3092101\u3001\u6700\u5927\u5024\u3092147\u3068\u8a18\u9332\u3057\u3066\u3044\u307e\u3059\uff08\u203b3\uff09\u3002\u540c\u8cc7\u6599\u306e\u983b\u5ea6\u5206\u5e03\u8868\u3092\u898b\u308b\u3068\u3001\u3053\u306e21\u5e74\u9593\u3067\u6700\u3082\u6ede\u5728\u6642\u9593\u304c\u9577\u304b\u3063\u305f\u306e\u306f115\u524d\u5f8c\uff08115.00\u301c117.50\u306e\u533a\u9593\u306720.47%\uff09\u3067\u3057\u305f\u3002<strong>\u4e00\u65b9\u3001140\u4ee5\u4e0a\u306b\u4f4d\u7f6e\u3057\u3066\u3044\u305f\u6642\u9593\u306f\u5408\u8a08\u3057\u3066\u30820.2%\u306b\u5c4a\u304d\u307e\u305b\u3093<\/strong>\uff08\u203b3\uff09\u3002\u5f53\u6642\u306e\u611f\u899a\u3067\u300c140\uff1d\u7570\u5e38\u4e8b\u614b\u300d\u3068\u66f8\u304b\u308c\u305f\u306e\u306f\u3001\u3053\u306e\u5206\u5e03\u304b\u3089\u3059\u308c\u3070\u59a5\u5f53\u3060\u3063\u305f\u3068\u8a00\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3068\u3053\u308d\u304c\u73fe\u5728\u306e\u6570\u5b57\u306f\u307e\u3063\u305f\u304f\u9055\u3044\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>\u9805\u76ee<\/th><th>\u6570\u5024<\/th><th>\u6642\u70b9\u30fb\u51fa\u5178<\/th><\/tr><\/thead><tbody><tr><td>SKEW\u6307\u6570\u306e\u6c34\u6e96<\/td><td>\u7d04145<\/td><td>2026\u5e747\u6708\u6642\u70b9\uff08\u203b6\uff09<\/td><\/tr><tr><td>\u76f4\u8fd152\u9031\u306e\u30ec\u30f3\u30b8<\/td><td>\u7d04132\u301c162<\/td><td>2026\u5e747\u6708\u6642\u70b9\uff08\u203b7\uff09<\/td><\/tr><tr><td>1990\u301c2010\u5e74\u306e\u30ec\u30f3\u30b8<\/td><td>101\u301c147<\/td><td>Cboe\u516c\u5f0f\u30db\u30ef\u30a4\u30c8\u30da\u30fc\u30d1\u30fc\uff08\u203b3\uff09<\/td><\/tr><tr><td>1990\u301c2010\u5e74\u306e\u6700\u983b\u5024<\/td><td>115\u524d\u5f8c\uff08\u6ede\u572820.47%\uff09<\/td><td>Cboe\u516c\u5f0f\u30db\u30ef\u30a4\u30c8\u30da\u30fc\u30d1\u30fc\uff08\u203b3\uff09<\/td><\/tr><tr><td>1990\u301c2010\u5e74\u306b140\u4ee5\u4e0a\u3060\u3063\u305f\u5272\u5408<\/td><td>\u5408\u8a080.2%\u672a\u6e80<\/td><td>Cboe\u516c\u5f0f\u30db\u30ef\u30a4\u30c8\u30da\u30fc\u30d1\u30fc\uff08\u203b3\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u76f4\u8fd11\u5e74\u306e\u30ec\u30f3\u30b8\u4e0b\u9650\u304c\u7d04132\u3067\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3001<strong>\u3053\u306e1\u5e74\u9593\u3001SKEW\u306f\u4e00\u5ea6\u3082132\u3092\u4e0b\u56de\u3063\u3066\u3044\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3059<\/strong>\u3002\u300c100\u524d\u5f8c\u304c\u5e73\u5e38\u300d\u3068\u3044\u3046\u8aac\u660e\u3092\u5f53\u3066\u306f\u3081\u308c\u3070\u3001\u5e02\u5834\u306f1\u5e74\u4e2d\u305a\u3063\u3068\u7570\u5e38\u3060\u3063\u305f\u3053\u3068\u306b\u306a\u3063\u3066\u3057\u307e\u3044\u307e\u3059\u3002\u3055\u3089\u306b52\u9031\u9ad8\u5024\u306e\u7d04162\u306f\u30011990\u301c2010\u5e74\u306e\u6700\u5927\u5024147\u3092\u660e\u78ba\u306b\u4e0a\u56de\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3064\u307e\u308a<strong>SKEW\u6307\u6570\u306f\u7d76\u5bfe\u5024\u306e\u6697\u8a18\u3067\u306f\u306a\u304f\u3001\u305d\u306e\u6307\u6570\u81ea\u8eab\u306e\u76f4\u8fd1\u30ec\u30f3\u30b8\u306e\u3069\u3053\u306b\u3044\u308b\u304b\u3068\u3044\u3046\u76f8\u5bfe\u7684\u306a\u4f4d\u7f6e\u3067\u8aad\u3080\u3079\u304d\u6307\u6a19\u306b\u5909\u8cea\u3057\u3066\u3044\u307e\u3059<\/strong>\u3002145\u3068\u3044\u3046\u6570\u5b57\u3092\u300c140\u8d85\u3048\u3060\u304b\u3089\u5371\u967a\u300d\u3068\u8aad\u3080\u306e\u306f\u3001\u76f4\u8fd1\u30ec\u30f3\u30b8\uff08\u7d04132\u301c162\uff09\u306e\u307b\u307c\u4e2d\u592e\u306b\u3044\u308b\u72b6\u614b\u3092\u7570\u5e38\u3068\u547c\u3076\u306e\u3068\u540c\u3058\u3053\u3068\u3067\u3059\u3002\u57fa\u6e96\u305d\u306e\u3082\u306e\u304c\u52d5\u3044\u305f\u4ee5\u4e0a\u3001\u76ee\u5b89\u306e\u6570\u5b57\u3060\u3051\u3092\u5f15\u304d\u5199\u3057\u305f\u89e3\u8aac\u306f\u66f4\u65b0\u304c\u8981\u308b\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u78ba\u7387\u8868\u306f\u300c\u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387\u300d\u3067\u3042\u3063\u3066\u5b9f\u73fe\u78ba\u7387\u3067\u306f\u306a\u3044<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u3082\u30461\u3064\u3001\u65e5\u672c\u8a9e\u8a18\u4e8b\u3067\u3057\u3070\u3057\u3070\u8aa4\u3063\u3066\u7d39\u4ecb\u3055\u308c\u308b\u306e\u304c\u3001SKEW\u306e\u6c34\u6e96\u3092\u4e0b\u843d\u78ba\u7387\u306b\u7ffb\u8a33\u3057\u305f\u8868\u3067\u3059\u3002Cboe\u306e\u516c\u5f0f\u8cc7\u6599\u306b\u306f\u78ba\u304b\u306b\u78ba\u7387\u8868\u304c\u8f09\u3063\u3066\u304a\u308a\u3001<strong>SKEW\u304c145\u306e\u3068\u304d\u30011\u30f6\u6708\u306e\u5bfe\u6570\u30ea\u30bf\u30fc\u30f3\u304c2\u6a19\u6e96\u504f\u5dee\u4ee5\u4e0a\u4e0b\u843d\u3059\u308b\u78ba\u7387\u306f14.45%\u30013\u6a19\u6e96\u504f\u5dee\u4ee5\u4e0a\u3067\u306f2.81%\u3068\u793a\u3055\u308c\u3066\u3044\u307e\u3059<\/strong>\uff08\u203b3\uff09\u3002SKEW\u304c100\u306a\u3089\u3001\u305d\u308c\u305e\u308c2.30%\u30fb0.15%\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u3067\u898b\u843d\u3068\u3055\u308c\u304c\u3061\u306a\u306e\u304c\u3001\u3053\u306e\u8868\u306e\u898b\u51fa\u3057\u3067\u3059\u3002\u539f\u6587\u306f\u300cEstimated Risk Adjusted Probability\u300d\u3001\u3064\u307e\u308a<strong>\u30ea\u30b9\u30af\u8abf\u6574\u5f8c\uff08\u30ea\u30b9\u30af\u4e2d\u7acb\uff09\u306e\u63a8\u5b9a\u78ba\u7387\u3067\u3042\u308a\u3001\u73fe\u5b9f\u306b\u66b4\u843d\u304c\u8d77\u304d\u308b\u5b9f\u73fe\u78ba\u7387\u3067\u306f\u3042\u308a\u307e\u305b\u3093<\/strong>\uff08\u203b3\uff09\u3002\u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387\u306b\u306f\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u7e54\u308a\u8fbc\u307e\u308c\u3066\u3044\u308b\u305f\u3081\u3001\u5b9f\u73fe\u78ba\u7387\u3088\u308a\u3082\u7cfb\u7d71\u7684\u306b\u9ad8\u304f\u51fa\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u300cSKEW\u304c145\u3060\u304b\u308914%\u306e\u78ba\u7387\u3067\u66b4\u843d\u3059\u308b\u300d\u3068\u3044\u3046\u8aad\u307f\u65b9\u306f\u3001\u3053\u306e\u4e00\u70b9\u3067\u8aa4\u308a\u3067\u3059\u3002\u6b63\u3057\u304f\u306f\u300c\u5e02\u5834\u304c\u305d\u306e\u4fdd\u967a\u306b\u305d\u308c\u3060\u3051\u306e\u5024\u4ed8\u3051\u3092\u3057\u3066\u3044\u308b\u300d\u3068\u3044\u3046\u610f\u5473\u306b\u306a\u308a\u307e\u3059\u3002\u5e02\u5834\u306e\u4fa1\u683c\u306b\u57cb\u3081\u8fbc\u307e\u308c\u305f\u78ba\u7387\u3068\u3001\u5b9f\u969b\u306b\u8d77\u3053\u308b\u78ba\u7387\u306f\u5225\u7269\u306a\u306e\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\">\u3053\u3053\u306f\u5b9f\u52d9\u3067\u3082\u672c\u5f53\u306b\u591a\u3044\u8aa4\u8aad\u3067\u3059\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u683c\u304b\u3089\u51fa\u3066\u304f\u308b\u78ba\u7387\u306f\u3001\u5168\u90e8\u300c\u4fdd\u967a\u6599\u8fbc\u307f\u306e\u78ba\u7387\u300d\u3060\u3068\u601d\u3063\u3066\u304a\u304f\u3068\u4e8b\u6545\u304c\u6e1b\u308a\u307e\u3059\u3002\u5e02\u5834\u306f\u5f53\u3066\u306b\u3044\u3063\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u5024\u4ed8\u3051\u3092\u3057\u3066\u3044\u308b\u3060\u3051\u3067\u3059\u304b\u3089\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\">\u30102025\u5e74\u6c7a\u5b9a\u3011Cboe\u306fSKEW\u6307\u6570\u306e\u7b97\u51fa\u65b9\u6cd5\u3092\u5909\u66f4\u3059\u308b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u306f\u65e5\u672c\u8a9e\u306e\u89e3\u8aac\u8a18\u4e8b\u3067\u306f\u307b\u3068\u3093\u3069\u89e6\u308c\u3089\u308c\u3066\u3044\u306a\u3044\u8ad6\u70b9\u3067\u3059\u3002<strong>Cboe\u306f2025\u5e74\u3001SKEW\u6307\u6570\u306e\u7b97\u51fa\u65b9\u6cd5\u3092\u5909\u66f4\u3059\u308b\u3053\u3068\u3092\u6b63\u5f0f\u306b\u6c7a\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002<\/strong>\u300c100 \u2212 10 \u00d7 \u6b6a\u5ea6\u300d\u3068\u3044\u3046\u3001\u73fe\u5728\u3042\u3089\u3086\u308b\u89e3\u8aac\u8a18\u4e8b\u306b\u8f09\u3063\u3066\u3044\u308b\u5b9a\u7fa9\u5f0f\u306f\u3001\u8fd1\u3044\u5c06\u6765\u306b\u5909\u308f\u308b\u3053\u3068\u304c\u6c7a\u307e\u3063\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7d4c\u7def\u3092\u4e00\u6b21\u8cc7\u6599\u3067\u8ffd\u3046\u3068\u3001\u6b21\u306e\u3088\u3046\u306b\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>\u6642\u671f<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td>2025\u5e745\u670820\u65e5<\/td><td>Cboe Global Indices \u304c\u7b97\u51fa\u65b9\u6cd5\u306e\u5909\u66f4\u306b\u3064\u3044\u3066\u5e02\u4e2d\u5354\u8b70\u3092\u958b\u59cb\uff08\u203b8\uff09<\/td><\/tr><tr><td>2025\u5e746\u670820\u65e5<\/td><td>\u5354\u8b70\u671f\u9593\u304c\u7d42\u4e86\u3002\u5909\u66f4\u3092\u652f\u6301\u3059\u308b\u8907\u6570\u306e\u56de\u7b54\u304c\u5bc4\u305b\u3089\u308c\u305f\uff08\u203b9\uff09<\/td><\/tr><tr><td>2025\u5e747\u670817\u65e5<\/td><td>Index Committee \u304c\u300c\u5909\u66f4\u306f\u9069\u5207\u300d\u3068\u6c7a\u5b9a\u3002\u65b0\u65b9\u5f0f\u306f\u5206\u6790\u7d99\u7d9a\u4e2d\u3067\u3001\u767a\u52b9\u65e5\u306f\u672a\u5b9a\uff08\u203b9\uff09<\/td><\/tr><tr><td>2026\u5e747\u6708\u6642\u70b9<\/td><td>\u767a\u52b9\u65e5\u306e\u544a\u77e5\u306f\u78ba\u8a8d\u3067\u304d\u305a\u3002\u73fe\u884c\u306e\u7b97\u51fa\u65b9\u6cd5\u304c\u7d99\u7d9a\u4e2d<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u5909\u66f4\u306e\u7406\u7531\u304c\u3001\u5b9f\u52d9\u5bb6\u306b\u3068\u3063\u3066\u793a\u5506\u7684\u3067\u3059\u3002\u5354\u8b70\u66f8\u306b\u3088\u308c\u3070\u3001Cboe\u306f<strong>\u300c\u73fe\u884c\u624b\u6cd5\u304c\u4f9d\u62e0\u3059\u308b\u5b66\u8853\u7684\u306a\u6b6a\u5ea6\u306e\u5c3a\u5ea6\u306f\u3001\u5e02\u5834\u5b9f\u52d9\u5bb6\u304c\u7528\u3044\u308b\u30b9\u30ad\u30e5\u30fc\u306e\u4e00\u822c\u7684\u306a\u89e3\u91c8\u3068\u4e56\u96e2\u3057\u3066\u3044\u308b\u300d\u3068\u3044\u3046\u30d5\u30a3\u30fc\u30c9\u30d0\u30c3\u30af\u3092\u53d7\u3051\u305f<\/strong>\u3068\u3057\u3066\u3044\u307e\u3059\uff08\u203b8\uff09\u3002\u5b66\u8853\u7684\u306a\u4e09\u6b21\u30e2\u30fc\u30e1\u30f3\u30c8\u3068\u3057\u3066\u306e\u6b6a\u5ea6\u3068\u3001\u30c8\u30ec\u30fc\u30c0\u30fc\u304c\u65e5\u3005\u898b\u3066\u3044\u308b\u300c\u30d7\u30c3\u30c8\u3068\u30b3\u30fc\u30eb\u306eIV\u5dee\u300d\u306f\u3001\u540c\u3058\u8a00\u8449\u3067\u3042\u308a\u306a\u304c\u3089\u4e2d\u8eab\u304c\u9055\u3063\u3066\u3044\u305f\u308f\u3051\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u3053\u3067\u63d0\u6848\u3055\u308c\u3066\u3044\u308b\u306e\u304c\u3001<strong>25\u30c7\u30eb\u30bf\u306e\u30d7\u30c3\u30c8\u3068\u30b3\u30fc\u30eb\u306e\u5dee\u5206\u307e\u305f\u306f\u6bd4\u7387\u3092\u4f7f\u3046\u65b9\u5f0f\u3078\u306e\u8ee2\u63db\u3067\u3059<\/strong>\uff08\u203b8\uff09\u3002\u6a19\u6e96\u5316\u3055\u308c\u305f\u6e80\u671f\uff081\u30f6\u6708\u307e\u305f\u306f3\u30f6\u6708\u306eSPX\u30aa\u30d7\u30b7\u30e7\u30f3\uff09\u3092\u7528\u3044\u308b\u6848\u3067\u3001\u63a1\u7528\u6642\u306b\u306f\u6307\u6570\u306e\u30d2\u30b9\u30c8\u30ea\u30fc\u3082\u65b0\u65b9\u5f0f\u3067\u9061\u53ca\u7684\u306b\u518d\u8a08\u7b97\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u4f75\u305b\u3066\u3001\u73fe\u884c\u306e1\u65e51\u56de\uff08\u7c73\u56fd\u53d6\u5f15\u7d42\u4e86\u6642\uff09\u306e\u7b97\u51fa\u304b\u3089\u300115\u79d2\u3054\u3068\u306e\u65e5\u4e2d\u7b97\u51fa\u30fb\u914d\u4fe1\u3092\u8ffd\u52a0\u3059\u308b\u6848\u3082\u793a\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8208\u5473\u6df1\u3044\u306e\u306f\u3001\u3053\u306e\u5909\u66f4\u304c\u5411\u304b\u3046\u5148\u304c\u3001\u672c\u8a18\u4e8b\u3067\u5148\u306b\u7d39\u4ecb\u3057\u305f25\u30c7\u30eb\u30bf\u30fb\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u306e\u8003\u3048\u65b9\u305d\u306e\u3082\u306e\u3060\u3068\u3044\u3046\u70b9\u3067\u3059\u3002<strong>\u516c\u5f0f\u6307\u6570\u306e\u5074\u304c\u3001\u5b9f\u52d9\u5bb6\u306e\u4f7f\u3063\u3066\u304d\u305f\u5b9a\u7fa9\u306b\u6b69\u307f\u5bc4\u308b\u5f62\u306b\u306a\u308a\u307e\u3059\u3002<\/strong>2025\u5e747\u670817\u65e5\u306e\u5354\u8b70\u7d50\u679c\u306f\u300c\u65b0\u624b\u6cd5\u3092\u78ba\u5b9a\u3055\u305b\u308b\u305f\u3081\u3055\u3089\u306b\u5206\u6790\u3092\u9032\u3081\u3066\u3044\u308b\u3002\u4fee\u6b63\u306e\u767a\u52b9\u65e5\u306f\u5224\u660e\u6b21\u7b2c\u516c\u8868\u3059\u308b\u300d\u3068\u8a18\u3057\u3066\u304a\u308a\u3001\u8ffd\u52a0\u306e\u5354\u8b70\u304c\u884c\u308f\u308c\u308b\u53ef\u80fd\u6027\u306b\u3082\u89e6\u308c\u3066\u3044\u307e\u3059\uff08\u203b9\uff09\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-intext\"><div class=\"cap_box_ttl\"><span><strong>\u672c\u8a18\u4e8b\u306e\u6642\u70b9\u60c5\u5831\u306b\u3064\u3044\u3066<\/strong><\/span><\/div><div class=\"cap_box_content\">\n<p class=\"wp-block-paragraph\"><span class=\"swl-fz u-fz-xs\">2026\u5e747\u6708\u6642\u70b9\u3067\u3001\u5909\u66f4\u5f8c\u306e\u7b97\u51fa\u65b9\u6cd5\u304a\u3088\u3073\u767a\u52b9\u65e5\u306fCboe\u304b\u3089\u516c\u8868\u3055\u308c\u3066\u3044\u307e\u305b\u3093\u3002\u3057\u305f\u304c\u3063\u3066\u73fe\u6642\u70b9\u3067\u306f\u300c100 \u2212 10 \u00d7 \u6b6a\u5ea6\u300d\u304c\u6709\u52b9\u306a\u5b9a\u7fa9\u5f0f\u3067\u3059\u3002\u767a\u52b9\u5f8c\u306f\u672c\u8a18\u4e8b\u306e\u5b9a\u7fa9\u5f0f\u304a\u3088\u3073\u6c34\u6e96\u306e\u76ee\u5b89\u304c\u5909\u308f\u308b\u305f\u3081\u3001Cboe\u306e\u30ea\u30ea\u30fc\u30b9\u30ce\u30fc\u30c8\u3092\u78ba\u8a8d\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/span><\/p>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u30b9\u30ad\u30e5\u30fc\u306f\u682a\u4fa1\u6307\u6570\u3068\u4f55\u304c\u9055\u3046\u306e\u304b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u307e\u3067\u898b\u3066\u304d\u305f\u300c\u30d7\u30c3\u30c8\u5074\u304c\u9ad8\u3044\u300d\u3068\u3044\u3046\u69cb\u9020\u306f\u3001\u682a\u4fa1\u6307\u6570\u306e\u8a71\u3067\u3059\u3002<strong>\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306b\u540c\u3058\u5e38\u8b58\u3092\u6301\u3061\u8fbc\u3080\u3068\u8aad\u307f\u9055\u3048\u307e\u3059\u3002<\/strong>\u6697\u53f7\u8cc7\u7523\u306e\u30b9\u30ad\u30e5\u30fc\u306f\u7b26\u53f7\u304c\u56fa\u5b9a\u3055\u308c\u3066\u304a\u3089\u305a\u3001\u5c40\u9762\u306b\u3088\u3063\u3066\u5411\u304d\u305d\u306e\u3082\u306e\u304c\u53cd\u8ee2\u3059\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5b66\u8853\u7814\u7a76\u306f\u300c\u5546\u54c1\u306b\u8fd1\u3044\u300d\u3068\u7d50\u8ad6\u3065\u3051\u3066\u3044\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u67fb\u8aad\u8a8c Financial Innovation \u306b\u63b2\u8f09\u3055\u308c\u305f\u7814\u7a76\u304c\u3001\u3053\u306e\u9055\u3044\u3092\u88cf\u3065\u3051\u3066\u3044\u307e\u3059\u3002\u540c\u7814\u7a76\u306f\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u30aa\u30d7\u30b7\u30e7\u30f3\u306eIV\u3092\u5206\u6790\u3057\u3001<strong>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u30d5\u30a9\u30ef\u30fc\u30c9\u30b9\u30ad\u30e5\u30fc\u306e\u5b58\u5728\u306f\u3001\u682a\u4fa1\u6307\u6570\u3084\u500b\u5225\u682a\u30aa\u30d7\u30b7\u30e7\u30f3\u3088\u308a\u3082\u4f1d\u7d71\u7684\u306a\u5546\u54c1\u5e02\u5834\u306e\u30b9\u30ad\u30e5\u30fc\u306b\u8fd1\u3044\u3068\u6307\u6458\u3057\u307e\u3057\u305f<\/strong>\uff08\u203b10\uff09\u3002\u3053\u306e\u7279\u5fb4\u304b\u3089\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306f\u8cc7\u7523\u30af\u30e9\u30b9\u3068\u3057\u3066\u5546\u54c1\u306b\u5c5e\u3059\u308b\u3068\u7d50\u8ad6\u3065\u3051\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5546\u54c1\u5e02\u5834\u306e\u30b9\u30ad\u30e5\u30fc\u306f\u3001\u682a\u4fa1\u6307\u6570\u3068\u306f\u5411\u304d\u304c\u9006\u306b\u306a\u308a\u3084\u3059\u3044\u3068\u3044\u3046\u7279\u5fb4\u304c\u3042\u308a\u307e\u3059\u3002\u539f\u6cb9\u3084\u7a40\u7269\u3067\u306f\u3001\u4f9b\u7d66\u4e0d\u8db3\u306b\u3088\u308b\u4fa1\u683c\u306e\u6025\u9a30\u3053\u305d\u304c\u6050\u6016\u306e\u5bfe\u8c61\u3060\u304b\u3089\u3067\u3059\u3002<strong>\u4e0a\u306b\u98db\u3076\u30ea\u30b9\u30af\u3092\u8b66\u6212\u3059\u308b\u5e02\u5834\u3067\u306f\u3001OTM\u30b3\u30fc\u30eb\u306eIV\u304c\u9ad8\u304f\u306a\u308a\u307e\u3059<\/strong>\u3002\u540c\u7814\u7a76\u3082\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u306f\u884c\u4f7f\u4fa1\u683c\u304c\u9ad8\u3044\u307b\u3069IV\u304c\u4e0a\u6607\u3059\u308b\u50be\u5411\u3092\u5831\u544a\u3057\u3066\u3044\u307e\u3059\uff08\u203b10\uff09\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5b9f\u30c7\u30fc\u30bf\uff1a1\u5e74\u3067\u7b26\u53f7\u304c\u5165\u308c\u66ff\u308f\u3063\u305f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u300c\u53cd\u8ee2\u3059\u308b\u300d\u3068\u3044\u3046\u6027\u8cea\u306f\u3001\u5b9f\u969b\u306e\u5e02\u5834\u30c7\u30fc\u30bf\u3067\u78ba\u8a8d\u3067\u304d\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>\u6642\u70b9<\/th><th>\u30b9\u30ad\u30e5\u30fc\u306e\u5411\u304d<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td>2025\u5e747\u6708<\/td><td>\u30b3\u30fc\u30eb\u512a\u52e2<\/td><td>1\u9031\u9593\u30b9\u30ad\u30e5\u30fc\u304c\u5c0f\u5e45\u306a\u30d7\u30c3\u30c8\u30d0\u30a4\u30a2\u30b9\u304b\u3089\u30b3\u30fc\u30eb\u30b9\u30ad\u30e5\u30fc\u3078\u53cd\u8ee2\u30029\u6708\u9650\u3067\u30b3\u30fc\u30eb\u30b9\u30ad\u30e5\u30fc\u304c\u7d04+2\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30dd\u30a4\u30f3\u30c8\u306e\u30d4\u30fc\u30af\uff08\u203b11\uff09<\/td><\/tr><tr><td>2026\u5e747\u6708<\/td><td>\u30d7\u30c3\u30c8\u512a\u52e2<\/td><td>1\u9031\u9593\u306e25\u30c7\u30eb\u30bf\u30b9\u30ad\u30e5\u30fc\u304c\u7d0416%\uff0810\u65e5\u524d\u306f\u7d0425%\uff09\u30021\u30f6\u6708\u30fb3\u30f6\u6708\u30fb6\u30f6\u6708\u308210%\u4ee5\u4e0a\u3067\u30d7\u30c3\u30c8\u304c\u30d7\u30ec\u30df\u30a2\u30e0\uff08\u203b12\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u308f\u305a\u304b1\u5e74\u306e\u9593\u306b\u3001\u30b3\u30fc\u30eb\u5074\u306b\u50be\u3044\u3066\u3044\u305f\u30ab\u30fc\u30d6\u304c\u30d7\u30c3\u30c8\u5074\u512a\u52e2\u3078\u632f\u308c\u3066\u3044\u307e\u3059\u3002<strong>\u682a\u4fa1\u6307\u6570\u306e\u30b9\u30ad\u30e5\u30fc\u304c1987\u5e74\u4ee5\u964d\u307b\u307c\u4e00\u8cab\u3057\u3066\u8ca0\uff08\u30d7\u30c3\u30c8\u9ad8\uff09\u3067\u56fa\u5b9a\u3055\u308c\u3066\u3044\u308b\u306e\u3068\u306f\u3001\u5bfe\u7167\u7684\u306a\u6319\u52d5\u3067\u3059\u3002<\/strong>\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306f\u5f37\u6c17\u5c40\u9762\u3067\u306f\u5546\u54c1\u578b\u306e\u6027\u683c\u3092\u898b\u305b\u3001\u4e0b\u843d\u8b66\u6212\u304c\u5f37\u307e\u308b\u5c40\u9762\u3067\u306f\u682a\u5f0f\u578b\u306b\u8fd1\u3065\u304f\u3001\u3068\u6574\u7406\u3067\u304d\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9f\u52d9\u4e0a\u306e\u542b\u610f\u306f\u660e\u78ba\u3067\u3059\u3002<strong>\u6697\u53f7\u8cc7\u7523\u3067\u306f\u300c\u30b9\u30ad\u30e5\u30fc\u304c\u30d7\u30c3\u30c8\u512a\u52e2\uff1d\u5e73\u5e38\u904b\u8ee2\u300d\u3068\u3044\u3046\u524d\u63d0\u3092\u7f6e\u3051\u307e\u305b\u3093<\/strong>\u3002\u7b26\u53f7\u304c\u3069\u3061\u3089\u306b\u51fa\u3066\u3044\u308b\u304b\u3092\u6bce\u56de\u78ba\u8a8d\u3057\u3001\u524d\u56de\u3069\u3061\u3089\u5074\u3060\u3063\u305f\u304b\u3068\u306e\u5dee\u5206\u3067\u8aad\u3080\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u682a\u306e\u6559\u79d1\u66f8\u3092\u305d\u306e\u307e\u307e\u6301\u3061\u8fbc\u3080\u3068\u3001\u5e73\u5e38\u3092\u7570\u5e38\u3068\u8aad\u307f\u3001\u7570\u5e38\u3092\u5e73\u5e38\u3068\u8aad\u3080\u53d6\u308a\u9055\u3048\u304c\u8d77\u3053\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u65e5\u7d4c225\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30b9\u30ad\u30e5\u30fc\u306f\u3069\u3046\u898b\u3048\u308b\u304b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u56fd\u5185\u3067\u30aa\u30d7\u30b7\u30e7\u30f3\u306b\u89e6\u308c\u308b\u65b9\u306b\u3068\u3063\u3066\u8eab\u8fd1\u306a\u306e\u304c\u65e5\u7d4c225\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u3059\u3002\u4e09\u83f1UFJ e\u30b9\u30de\u30fc\u30c8\u8a3c\u5238\u306e\u89e3\u8aac\u306b\u3088\u308c\u3070\u3001<strong>\u65e5\u7d4c225\u30aa\u30d7\u30b7\u30e7\u30f3\u306eIV\u306f\u884c\u4f7f\u4fa1\u683c\u3054\u3068\u306b\u7570\u306a\u308b\u3082\u306e\u306e\u3001\u305d\u306e\u4e26\u3073\u306b\u306f\u79e9\u5e8f\u304c\u3042\u308a\u307e\u3059<\/strong>\uff08\u203b13\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u540c\u89e3\u8aac\u306f\u3001ATM\u3088\u308a\u3084\u3084\u4e0a\u65b9\u306e\u884c\u4f7f\u4fa1\u683c\u3067IV\u304c\u6700\u3082\u4f4e\u304f\u306a\u308a\u3001\u305d\u3053\u304b\u3089\u4e21\u7aef\u306b\u5411\u304b\u3063\u3066IV\u304c\u9ad8\u304f\u306a\u308b\u30b9\u30de\u30a4\u30eb\u5f62\u72b6\u3092\u793a\u3059\u3068\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066<strong>\u5de6\u5074\uff08\u30d7\u30c3\u30c8\u5074\uff09\u3067\u306f\u3001\u884c\u4f7f\u4fa1\u683c\u304c\u4f4e\u304f\u306a\u308b\u307b\u3069IV\u304c\u9ad8\u304f\u306a\u308b\u30b9\u30ad\u30e5\u30fc\u304c\u73fe\u308c\u307e\u3059<\/strong>\uff08\u203b13\uff09\u3002\u7c73\u56fd\u682a\u5f0f\u6307\u6570\u3067\u89b3\u6e2c\u3055\u308c\u308b\u69cb\u9020\u3068\u3001\u65b9\u5411\u6027\u3068\u3057\u3066\u306f\u540c\u3058\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u65e5\u7d4c225\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u6271\u3046\u5834\u5408\u3082\u3001\u51fa\u767a\u70b9\u306f\u5909\u308f\u308a\u307e\u305b\u3093\u3002\u30ab\u30fc\u30d6\u306e\u3069\u3061\u3089\u5074\u304c\u3069\u308c\u3060\u3051\u6301\u3061\u4e0a\u304c\u3063\u3066\u3044\u308b\u304b\u3092\u898b\u3066\u3001\u5e02\u5834\u304c\u3069\u3061\u3089\u5411\u304d\u306e\u6025\u5909\u306b\u4fdd\u967a\u3092\u639b\u3051\u3066\u3044\u308b\u304b\u3092\u8aad\u3080\u3002\u3053\u308c\u304c\u30b9\u30ad\u30e5\u30fc\u3092\u898b\u308b\u76ee\u7684\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30b9\u30ad\u30e5\u30fc\u3092\u8aad\u3080\u3068\u304d\u306e\u6ce8\u610f\u70b9<\/h2>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-good_list\"><div class=\"cap_box_ttl\"><span><strong>\u30b9\u30ad\u30e5\u30fc\u304b\u3089\u8aad\u307f\u53d6\u308c\u308b\u3053\u3068<\/strong><\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>\u5e02\u5834\u304c\u3069\u3061\u3089\u5411\u304d\u306e\u6025\u5909\u3092\u8b66\u6212\u3057\u3066\u3044\u308b\u304b\uff08\u4fdd\u967a\u9700\u8981\u306e\u504f\u308a\uff09<\/li>\n\n<li>\u305d\u306e\u8b66\u6212\u304c\u3069\u306e\u884c\u4f7f\u4fa1\u683c\u5e2f\u306b\u96c6\u4e2d\u3057\u3066\u3044\u308b\u304b<\/li>\n\n<li>\u8b66\u6212\u306e\u5f37\u5f31\u304c\u524d\u65e5\u30fb\u524d\u9031\u3068\u6bd4\u3079\u3066\u5897\u3048\u305f\u304b\u6e1b\u3063\u305f\u304b<\/li>\n\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u58f2\u308a\u624b\u304c\u53d7\u3051\u53d6\u308c\u308b\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u539a\u3044\u5074\u306f\u3069\u3061\u3089\u304b<\/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>\u30b9\u30ad\u30e5\u30fc\u304b\u3089\u8aad\u307f\u53d6\u308c\u306a\u3044\u3053\u3068<\/strong><\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>\u76f8\u5834\u306e\u65b9\u5411\uff08\u8b66\u6212\u306e\u504f\u308a\u3067\u3042\u308a\u3001\u4e88\u8a00\u3067\u306f\u3042\u308a\u307e\u305b\u3093\uff09<\/li>\n\n<li>\u5b9f\u969b\u306b\u66b4\u843d\u304c\u8d77\u3053\u308b\u78ba\u7387\uff08\u4fa1\u683c\u7531\u6765\u306e\u78ba\u7387\u306f\u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387\u3067\u3059\uff09<\/li>\n\n<li>\u6b6a\u307f\u304c\u6d88\u3048\u305f\u3053\u3068\u306b\u3088\u308b\u5b89\u5168\uff08\u4fdd\u967a\u3092\u8cb7\u3046\u4eba\u304c\u6e1b\u3063\u305f\u3060\u3051\u306e\u5834\u5408\u304c\u3042\u308a\u307e\u3059\uff09<\/li>\n\n<li>\u8ab0\u304c\u3069\u3061\u3089\u5074\u3092\u4fdd\u6709\u3057\u3066\u3044\u308b\u304b\u306e\u65ad\u5b9a\uff08\u5efa\u7389\u3084IV\u306e\u504f\u308a\u3060\u3051\u3067\u306f\u78ba\u5b9a\u3067\u304d\u307e\u305b\u3093\uff09<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u7279\u306b4\u3064\u76ee\u306f\u5f37\u8abf\u3057\u3066\u304a\u304d\u305f\u3044\u70b9\u3067\u3059\u3002IV\u306e\u504f\u308a\u3084\u5efa\u7389\u306e\u5897\u6e1b\u304b\u3089\u300c\u5927\u53e3\u304c\u3053\u3046\u52d5\u3044\u3066\u3044\u308b\u300d\u3068\u65ad\u5b9a\u3059\u308b\u89e3\u8aac\u3092\u898b\u304b\u3051\u307e\u3059\u304c\u3001<strong>\u3053\u308c\u3089\u306e\u30c7\u30fc\u30bf\u3060\u3051\u3067\u6700\u7d42\u7684\u306a\u4fdd\u6709\u8005\u3084\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u5411\u304d\u3092\u78ba\u5b9a\u3059\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093<\/strong>\u3002\u8907\u6570\u306e\u30ec\u30c3\u30b0\u3092\u7d44\u307f\u5408\u308f\u305b\u305f\u6226\u7565\u306e\u4e00\u90e8\u304b\u3082\u3057\u308c\u305a\u3001\u30d8\u30c3\u30b8\u306e\u88cf\u5074\u304b\u3082\u3057\u308c\u306a\u3044\u304b\u3089\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8a00\u3048\u308b\u306e\u306f\u3001<strong>\u30d8\u30c3\u30b8\u306b\u4f34\u3046\u58f2\u8cb7\u30d5\u30ed\u30fc\u304c\u5024\u52d5\u304d\u3092\u5897\u5e45\u3057\u305f\u308a\u6291\u5236\u3057\u305f\u308a\u3057\u5f97\u308b\u3001\u3068\u3044\u3046\u78ba\u7387\u7684\u306a\u8a71\u307e\u3067\u3067\u3059<\/strong>\u3002\u3053\u3053\u3092\u65ad\u5b9a\u306b\u8e0f\u307f\u8fbc\u3093\u3060\u77ac\u9593\u306b\u3001\u5206\u6790\u306f\u5360\u3044\u306b\u5909\u308f\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">ICHIZEN Capital\u306e\u8996\u70b9\uff1a\u6b6a\u307f\u306f\u300c\u30ab\u30fc\u30d6\u300d\u3067\u306f\u306a\u304f\u300c\u884c\u4f7f\u4fa1\u683c\u3054\u3068\u306e\u70b9\u300d\u3067\u8aad\u3080<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u822c\u7684\u306a\u89e3\u8aac\u306f\u3001\u30b9\u30ad\u30e5\u30fc\u3092\u30ab\u30fc\u30d6\u5168\u4f53\u306e\u50be\u304d\u3068\u3057\u3066\u6271\u3044\u307e\u3059\u300225\u30c7\u30eb\u30bf\u30b9\u30ad\u30e5\u30fc\u304c\u4f55%\u3001SKEW\u6307\u6570\u304c\u4f55\u30dd\u30a4\u30f3\u30c8\u3001\u3068\u3044\u3046\u5177\u5408\u3067\u3059\u3002<strong>ICHIZEN Capital\u304c\u5b9f\u969b\u306e\u5206\u6790\u3067\u4f7f\u3063\u3066\u304d\u305f\u306e\u306f\u3001\u3053\u308c\u3068\u306f\u5c11\u3057\u9055\u3046\u8aad\u307f\u65b9\u3067\u3057\u305f\u3002<\/strong>\u30ab\u30fc\u30d6\u30921\u3064\u306e\u6570\u5024\u306b\u6f70\u3055\u305a\u3001\u884c\u4f7f\u4fa1\u683c\u3054\u3068\u306eIV\u306e\u504f\u308a\u3092\u500b\u5225\u306e\u70b9\u3068\u3057\u3066\u898b\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30b0\u30ea\u30fc\u30af\u30b9\u8868\u306b\u306f\u3001\u884c\u4f7f\u4fa1\u683c\u3054\u3068\u306bIV\u30b9\u30ad\u30e5\u30fc\uff08IVSQ\uff09\u304c\u4e26\u3073\u307e\u3059\u3002\u3053\u3053\u3067\u6ce8\u76ee\u3059\u308b\u306e\u306f\u7d76\u5bfe\u5024\u3067\u306f\u306a\u304f\u3001<strong>\u5468\u56f2\u306e\u884c\u4f7f\u4fa1\u683c\u3068\u6bd4\u3079\u3066\u7a81\u51fa\u3057\u3066\u9ad8\u3044\uff0f\u4f4e\u3044\u70b9\u304c\u3069\u3053\u306b\u3042\u308b\u304b\u3068\u3044\u3046\u76f8\u5bfe\u7684\u306a\u504f\u308a\u3067\u3059<\/strong>\u3002\u30ab\u30fc\u30d6\u304c\u6ed1\u3089\u304b\u3067\u3042\u308c\u3070\u5e02\u5834\u306e\u95a2\u5fc3\u306f\u5206\u6563\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u7279\u5b9a\u306e\u884c\u4f7f\u4fa1\u683c\u3060\u3051\u304c\u98db\u3073\u51fa\u3057\u3066\u3044\u308b\u306a\u3089\u3001\u305d\u3053\u306b\u9700\u8981\u304c\u96c6\u4e2d\u3057\u3066\u3044\u308b\u53ef\u80fd\u6027\u304c\u8aad\u307f\u53d6\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5b9f\u969b\u306e\u5206\u6790\u3067\u4f55\u3092\u898b\u3066\u3044\u305f\u304b\uff082025\u5e748\u301c9\u6708\u306eBTC\uff09<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u81ea\u793e\u306enote\u5206\u6790\u3067\u306f\u30012025\u5e747\u670831\u65e5\u6642\u70b9\u306e9\u6708\u672b\u6e80\u671f\u306e\u30b3\u30fc\u30eb\u306b\u3064\u3044\u3066\u3001<strong>12\u4e07500\u301c12\u4e071,000\u30c9\u30eb\u53f0\u306eIV\u30b9\u30ad\u30e5\u30fc\u304c\u7d04\u22126%\u3068\u5468\u56f2\u3088\u308a\u8457\u3057\u304f\u4f4e\u3044\u70b9\u306b\u7740\u76ee\u3057\u3066\u3044\u307e\u3057\u305f<\/strong>\u3002\u3053\u306e\u504f\u308a\u304b\u3089\u3001\u5f53\u8a72\u4fa1\u683c\u5e2f\u3067\u306f\u30b3\u30fc\u30eb\u30b7\u30e7\u30fc\u30c8\u306e\u610f\u8b58\u304c\u5f37\u304f\u3001\u62b5\u6297\u5e2f\u3068\u3057\u3066\u6a5f\u80fd\u3059\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3068\u898b\u3066\u3044\u305f\u3001\u3068\u3044\u3046\u8a18\u9332\u304c\u6b8b\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u540c\u3058\u6e80\u671f\u3067\u300112\u4e077,000\u30c9\u30eb\u3060\u3051\u304cIV\u30b9\u30ad\u30e5\u30fc\u3067\u30d7\u30e9\u30b9\u570f\uff08\u7d04+1.19%\uff09\u306b\u3042\u308a\u307e\u3057\u305f\u3002\u5468\u56f2\u304c\u30de\u30a4\u30ca\u30b9\u3067\u6c88\u3080\u306a\u304b\u3067\u306e\u5358\u72ec\u306e\u30d7\u30e9\u30b9\u306f\u3001<strong>\u9ad8\u3044\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u6255\u3063\u3066\u3067\u3082\u30b3\u30fc\u30eb\u3092\u6301\u3061\u305f\u3044\u9700\u8981\u306e\u5b58\u5728\u3092\u793a\u5506\u3057\u307e\u3059<\/strong>\u3002\u3053\u3053\u3092\u4e0a\u629c\u3051\u305f\u5834\u5408\u306b\u4e0a\u6607\u304c\u52a0\u901f\u3059\u308b\u5727\u529b\u304c\u52a0\u308f\u308a\u5f97\u308b\u3001\u3068\u3044\u3046\u898b\u7acb\u3066\u3092\u7acb\u3066\u3066\u3044\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30d7\u30c3\u30c8\u5074\u3067\u3082\u540c\u3058\u8aad\u307f\u65b9\u3092\u3057\u307e\u3059\u3002\u540c\u6642\u70b9\u306711\u4e074,700\u301c11\u4e075,000\u30c9\u30eb\u4ed8\u8fd1\u306eIV\u30b9\u30ad\u30e5\u30fc\u304c\u969b\u7acb\u3063\u3066\u4f4e\u304f\u3001\u4e0b\u843d\u3092\u963b\u6b62\u3059\u308b\u8cb7\u3044\u652f\u3048\u304c\u6a5f\u80fd\u3057\u3084\u3059\u3044\u4fa1\u683c\u5e2f\u3060\u3068\u5224\u65ad\u3057\u3066\u3044\u307e\u3057\u305f\u3002<strong>\u30b3\u30fc\u30eb\u5074\u3068\u30d7\u30c3\u30c8\u5074\u306e\u300c\u7a81\u51fa\u3057\u305f\u70b9\u300d\u3092\u4e21\u65b9\u62fe\u3046\u3068\u3001\u30ec\u30f3\u30b8\u306e\u4e0a\u9650\u3068\u4e0b\u9650\u306e\u5019\u88dc\u304c\u6d6e\u304b\u3073\u4e0a\u304c\u3063\u3066\u304d\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">IV\u30b9\u30ad\u30e5\u30fc\u3060\u3051\u3067\u306f\u8db3\u308a\u306a\u3044\uff1a\u30bb\u30fc\u30bf\u3068\u7d44\u307f\u5408\u308f\u305b\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u8aad\u307f\u65b9\u306b\u306f\u843d\u3068\u3057\u7a74\u304c\u3042\u308a\u307e\u3059\u3002IV\u30b9\u30ad\u30e5\u30fc\u304c\u504f\u3063\u3066\u3044\u3066\u3082\u3001\u305d\u3053\u3067\u53d6\u5f15\u304c\u6210\u7acb\u3057\u3066\u3044\u308b\u3068\u306f\u9650\u3089\u306a\u3044\u306e\u3067\u3059\u3002\u305d\u3053\u3067\u4f75\u305b\u3066\u898b\u3066\u3044\u305f\u306e\u304c<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-theta\/\" target=\"_blank\" rel=\"noopener\">\u30bb\u30fc\u30bf\uff08\u03b8\u30fb\u6642\u9593\u4fa1\u5024\u306e\u6e1b\u8870\uff09<\/a>\u3067\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2025\u5e749\u6708\u306e\u5206\u6790\u3067\u306f\u300111\u4e07\u30c9\u30eb\u306eIV\u30b9\u30ad\u30e5\u30fc\u304c\u7d04\u22124.23%\u3068\u53cd\u767a\u610f\u8b58\u306e\u5f37\u3055\u3092\u793a\u3059\u4e00\u65b9\u3001\u30bb\u30fc\u30bf\u306f\u221269\u3068\u4ed6\u306e\u4fa1\u683c\u5e2f\u3088\u308a\u4f4e\u3044\u6c34\u6e96\u306b\u3042\u308a\u307e\u3057\u305f\u3002<strong>\u672c\u6765\u3001\u53d6\u5f15\u304c\u6d3b\u767a\u306a\u4fa1\u683c\u5e2f\u3067\u306f\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u539a\u304f\u306a\u308a\u30bb\u30fc\u30bf\u3082\u5927\u304d\u304f\u306a\u308b\u306f\u305a\u3067\u3059<\/strong>\u3002\u305d\u308c\u304c\u4f4e\u3044\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u6ce8\u6587\u306f\u3042\u3063\u3066\u3082\u7d04\u5b9a\u304c\u6210\u7acb\u3057\u3066\u3044\u306a\u3044\u72b6\u614b\u3092\u793a\u5506\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9006\u306b\u30018\u6708\u672b\u6e80\u671f\u306e12\u4e07\u30c9\u30eb\u3067\u306fIV\u30b9\u30ad\u30e5\u30fc\u304c\u7d04\u22125%\u3001\u30bb\u30fc\u30bf\u304c\u2212102.95\u3068\u3001\u30b3\u30fc\u30eb\u30b7\u30e7\u30fc\u30c8\u3092\u4ed5\u639b\u3051\u308b\u5074\u306b\u3068\u3063\u3066\u9b45\u529b\u7684\u306a\u6761\u4ef6\u304c\u63c3\u3063\u3066\u3044\u307e\u3057\u305f\u3002<strong>\u504f\u308a\uff08IV\u30b9\u30ad\u30e5\u30fc\uff09\u3068\u539a\u307f\uff08\u30bb\u30fc\u30bf\uff09\u304c\u540c\u3058\u65b9\u5411\u3092\u5411\u3044\u305f\u3068\u304d\u3001\u305d\u306e\u4fa1\u683c\u5e2f\u306e\u610f\u5473\u306f\u5f37\u307e\u308a\u307e\u3059\u3002<\/strong>\u7247\u65b9\u3060\u3051\u3067\u5224\u65ad\u3059\u308b\u3068\u3001\u6210\u7acb\u3057\u3066\u3044\u306a\u3044\u677f\u3092\u300c\u5f37\u3044\u610f\u8b58\u300d\u3068\u8aa4\u8aad\u3057\u304b\u306d\u307e\u305b\u3093\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\">\u884c\u4f7f\u4fa1\u683c\u3054\u3068\u306b\u898b\u308b\u30af\u30bb\u3092\u3064\u3051\u308b\u3068\u3001\u300c\u306a\u3093\u3068\u306a\u304f\u30d7\u30c3\u30c8\u304c\u9ad8\u3044\u300d\u3067\u7d42\u308f\u3063\u3066\u3044\u305f\u666f\u8272\u304c\u3001\u5177\u4f53\u7684\u306a\u4fa1\u683c\u306e\u8a71\u306b\u5909\u308f\u308a\u307e\u3059\u3002\u305f\u3060\u3057\u3053\u308c\u306f\u5f53\u3066\u306b\u3044\u304f\u9053\u5177\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3069\u3053\u3067\u653b\u9632\u304c\u8d77\u304d\u3084\u3059\u3044\u304b\u306e\u5019\u88dc\u3092\u7d5e\u308b\u3001\u305d\u308c\u4ee5\u4e0a\u3067\u3082\u4ee5\u4e0b\u3067\u3082\u306a\u3044\u3068\u8003\u3048\u3066\u3044\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<p class=\"wp-block-paragraph\">\u65ad\u3063\u3066\u304a\u304f\u3079\u304d\u70b9\u304c\u3042\u308a\u307e\u3059\u3002<strong>\u3053\u308c\u3089\u306f\u3042\u304f\u307e\u3067\u5f53\u6642\u306e\u898b\u7acb\u3066\u3067\u3042\u308a\u3001IV\u306e\u504f\u308a\u304b\u3089\u4fdd\u6709\u8005\u3084\u305d\u306e\u610f\u56f3\u3092\u78ba\u5b9a\u3057\u305f\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/strong>\u30b0\u30ea\u30fc\u30af\u30b9\u8868\u306e\u6570\u5024\u306f\u3001\u8907\u6570\u306e\u30ec\u30c3\u30b0\u3092\u7d44\u307f\u5408\u308f\u305b\u305f\u6226\u7565\u306e\u4e00\u90e8\u3067\u3042\u308b\u53ef\u80fd\u6027\u3092\u5e38\u306b\u542b\u307f\u307e\u3059\u3002\u30d8\u30c3\u30b8\u30d5\u30ed\u30fc\u304c\u5024\u52d5\u304d\u3092\u5897\u5e45\u30fb\u6291\u5236\u3057\u5f97\u308b\u3068\u3044\u3046\u78ba\u7387\u7684\u306a\u7406\u89e3\u306b\u7559\u3081\u3001\u65ad\u5b9a\u3092\u907f\u3051\u308b\u3053\u3068\u304c\u3001\u3053\u306e\u8aad\u307f\u65b9\u3092\u4f7f\u3046\u3046\u3048\u3067\u306e\u524d\u63d0\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u308c\u3067\u3082\u3001<strong>1\u3064\u306e\u6570\u5024\u306b\u6f70\u3057\u305f\u30b9\u30ad\u30e5\u30fc\u3088\u308a\u3082\u3001\u884c\u4f7f\u4fa1\u683c\u3054\u3068\u306e\u504f\u308a\u306e\u307b\u3046\u304c\u300c\u6b21\u306b\u3069\u3053\u3067\u653b\u9632\u304c\u8d77\u304d\u308b\u304b\u300d\u306e\u89e3\u50cf\u5ea6\u306f\u9ad8\u304f\u306a\u308a\u307e\u3059<\/strong>\u3002\u30ab\u30fc\u30d6\u5168\u4f53\u306e\u50be\u304d\u306f\u5e02\u5834\u306e\u30e0\u30fc\u30c9\u3092\u3001\u500b\u5225\u306e\u70b9\u306f\u5177\u4f53\u7684\u306a\u4fa1\u683c\u306e\u653b\u9632\u3092\u6559\u3048\u3066\u304f\u308c\u308b\u3002\u4e21\u65b9\u3092\u884c\u304d\u6765\u3059\u308b\u306e\u304c\u5b9f\u52d9\u7684\u3060\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u306a\u304a\u3001\u3053\u3046\u3057\u305f\u30b0\u30ea\u30fc\u30af\u30b9\u8868\u3084\u884c\u4f7f\u4fa1\u683c\u3054\u3068\u306eIV\u3092\u5b9f\u969b\u306b\u78ba\u8a8d\u3059\u308b\u306b\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u677f\u3092\u63d0\u4f9b\u3059\u308b\u53d6\u5f15\u6240\u306e\u74b0\u5883\u304c\u5fc5\u8981\u3067\u3059\u3002\u7528\u8a9e\u306e\u6574\u7406\u304b\u3089\u5165\u308a\u305f\u3044\u5834\u5408\u306f<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-trading-glossary\/\" target=\"_blank\" rel=\"noopener\">\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u7528\u8a9e\u96c6<\/a>\u3082\u4f75\u305b\u3066\u78ba\u8a8d\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>\uff3c\u30aa\u30d7\u30b7\u30e7\u30f3\u30fb\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u30921\u3064\u306e\u53e3\u5ea7\u3067\uff0f<\/strong><\/p>\n\n\n\n<div class=\"swell-block-button red_ -size-l is-style-btn_solid u-mb-ctrl u-mb-0\" data-id=\"option-volatility-skew-bitget\"><a href=\"https:\/\/ichizenholdings.co.jp\/media\/go-bitget\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"swell-block-button__link\"><span>Bitget\u306e\u8a73\u7d30\u3092\u898b\u306b\u884c\u304f<\/span><\/a><\/div>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><a href=\"https:\/\/ichizenholdings.co.jp\/media\/go-bitget\" target=\"_blank\" rel=\"noopener\"><span class=\"swl-fz u-fz-xs\">\u516c\u5f0f\u30b5\u30a4\u30c8\u306f\u3053\u3061\u3089<\/span><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30b9\u30ad\u30e5\u30fc\uff08\u6b6a\u307f\uff09\u306b\u95a2\u3059\u308b\u3088\u304f\u3042\u308b\u8cea\u554f<\/h2>\n\n\n\n<div class=\"swell-block-faq\" data-swell-faq=\"{&quot;outputJsonLd&quot;:true,&quot;titleTag&quot;:&quot;h3&quot;}\">\n<div class=\"swell-block-faq__item\"><dl><dt class=\"faq_q\">\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30b9\u30ad\u30e5\u30fc\u3068\u306f\u4f55\u3067\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\"><div class=\"faq_a_inner\">\n<p class=\"wp-block-paragraph\">\u540c\u3058\u6e80\u671f\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u306a\u306e\u306b\u3001\u884c\u4f7f\u4fa1\u683c\u3054\u3068\u306b\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08IV\uff09\u304c\u63c3\u308f\u306a\u3044\u73fe\u8c61\u306e\u3053\u3068\u3067\u3059\u3002\u8a9e\u6e90\u306f\u7d71\u8a08\u5b66\u306e\u300c\u6b6a\u5ea6\uff08skewness\uff09\u300d\u3067\u3001\u5206\u5e03\u304c\u6b63\u898f\u5206\u5e03\u304b\u3089\u3069\u308c\u3060\u3051\u5de6\u53f3\u975e\u5bfe\u79f0\u306b\u30ba\u30ec\u3066\u3044\u308b\u304b\u3092\u8868\u3057\u307e\u3059\u3002\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\u306fIV\u304c\u884c\u4f7f\u4fa1\u683c\u306b\u3088\u3089\u305a\u4e00\u5b9a\u3068\u4eee\u5b9a\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u7406\u8ad6\u3069\u304a\u308a\u306a\u3089\u30ab\u30fc\u30d6\u306f\u5e73\u3089\u306b\u306a\u308b\u306f\u305a\u3067\u3057\u305f\u3002\u305d\u306e\u7406\u8ad6\u3068\u73fe\u5b9f\u306e\u30ba\u30ec\u304c\u300c\u6b6a\u307f\u300d\u3068\u3057\u3066\u89b3\u6e2c\u3055\u308c\u307e\u3059\u3002<\/p>\n<\/div><\/dd><\/dl><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dl><dt class=\"faq_q\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b9\u30de\u30a4\u30eb\u3068\u30b9\u30ad\u30e5\u30fc\u306e\u9055\u3044\u306f\u4f55\u3067\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\"><div class=\"faq_a_inner\">\n<p class=\"wp-block-paragraph\">\u5225\u3005\u306e\u6307\u6a19\u3067\u306f\u306a\u304f\u3001\u540c\u3058IV\u30ab\u30fc\u30d6\u3092\u5f62\u72b6\u3067\u547c\u3073\u5206\u3051\u3066\u3044\u308b\u3060\u3051\u3067\u3059\u3002\u4e21\u7aef\u304c\u3068\u3082\u306b\u6301\u3061\u4e0a\u304c\u3063\u3066U\u5b57\u306b\u306a\u3063\u3066\u3044\u308c\u3070\u30b9\u30de\u30a4\u30eb\u3001\u7247\u5074\u3060\u3051\u304c\u6301\u3061\u4e0a\u304c\u3063\u3066\u50be\u3044\u3066\u3044\u308c\u3070\u30b9\u30ad\u30e5\u30fc\uff08\u30b9\u30de\u30fc\u30af\uff09\u3068\u547c\u3073\u307e\u3059\u3002Cboe\u306e\u516c\u5f0f\u8cc7\u6599\u306f\u3001\u30b9\u30ad\u30e5\u30fc\u306f1987\u5e7410\u6708\u306e\u66b4\u843d\u3092\u304d\u3063\u304b\u3051\u306b\u30b9\u30de\u30a4\u30eb\u304b\u3089\u751f\u307e\u308c\u3001\u5bfe\u79f0\u6027\u3092\u5931\u3063\u3066\u30d7\u30c3\u30c8\u5074\u306b\u504f\u3063\u305f\u3082\u306e\u3060\u3068\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/div><\/dd><\/dl><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dl><dt class=\"faq_q\">\u306a\u305c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b9\u30ad\u30e5\u30fc\u304c\u767a\u751f\u3059\u308b\u306e\u3067\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\"><div class=\"faq_a_inner\">\n<p class=\"wp-block-paragraph\">\u5927\u304d\u304f2\u3064\u306e\u7406\u7531\u304c\u3042\u308a\u307e\u3059\u30021\u3064\u306f\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\u304c\u524d\u63d0\u3068\u3059\u308b\u5bfe\u6570\u6b63\u898f\u5206\u5e03\u304c\u73fe\u5b9f\u3068\u5408\u308f\u306a\u3044\u3053\u3068\u3002\u5e02\u5834\u306f\u66b4\u843d\u306e\u3088\u3046\u306a\u5927\u304d\u306a\u30b8\u30e3\u30f3\u30d7\u3092\u7e54\u308a\u8fbc\u3093\u3067\u304a\u308a\u3001\u5206\u5e03\u306e\u88fe\u304c\u7406\u8ad6\u3088\u308a\u539a\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3082\u30461\u3064\u306f\u9700\u7d66\u306e\u504f\u308a\u3067\u3001\u6a5f\u95a2\u6295\u8cc7\u5bb6\u304c\u4e0b\u843d\u30d8\u30c3\u30b8\u306eOTM\u30d7\u30c3\u30c8\u3092\u69cb\u9020\u7684\u306b\u8cb7\u3044\u7d9a\u3051\u308b\u4e00\u65b9\u3001\u58f2\u308a\u624b\u304c\u9650\u3089\u308c\u308b\u305f\u3081\u30d7\u30c3\u30c8\u5074\u306eIV\u3060\u3051\u304c\u6301\u3061\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n<\/div><\/dd><\/dl><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dl><dt class=\"faq_q\">SKEW\u6307\u6570\u3068\u306f\u4f55\u3067\u3059\u304b\uff1f\u306a\u305c\u30d6\u30e9\u30c3\u30af\u30b9\u30ef\u30f3\u6307\u6570\u3068\u547c\u3070\u308c\u308b\u306e\u3067\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\"><div class=\"faq_a_inner\">\n<p class=\"wp-block-paragraph\">Cboe\u304c\u7b97\u51fa\u3059\u308b\u3001S&amp;P500\u306e\u5206\u5e03\u306e\u5de6\u88fe\u306e\u539a\u3055\uff1d\u30c6\u30fc\u30eb\u30ea\u30b9\u30af\u3092\u6e2c\u308b\u6307\u6570\u3067\u3059\u3002\u300cSKEW \uff1d 100 \u2212 10 \u00d7 \u6b6a\u5ea6\u306e\u4fa1\u683c\u300d\u3067\u7b97\u51fa\u3055\u308c\u3001VIX\u3068\u540c\u3058\u304fOTM\u306eS&amp;P500\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u683c\u304b\u3089\u5c0e\u304b\u308c\u307e\u3059\u3002\u5e02\u5834\u53c2\u52a0\u8005\u304c\u7834\u6ec5\u7684\u306a\u4e0b\u843d\u306e\u78ba\u7387\u3092\u5f15\u304d\u4e0a\u3052\u305f\u3068\u304d\u306b\u4e0a\u6607\u3059\u308b\u8a2d\u8a08\u306e\u305f\u3081\u3001\u30ca\u30b7\u30fc\u30e0\u30fb\u30bf\u30ec\u30d6\u306e\u7528\u8a9e\u306b\u3061\u306a\u3093\u3067\u30d6\u30e9\u30c3\u30af\u30b9\u30ef\u30f3\u6307\u6570\u3068\u3082\u547c\u3070\u308c\u307e\u3059\u3002<\/p>\n<\/div><\/dd><\/dl><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dl><dt class=\"faq_q\">SKEW\u6307\u6570\u3068VIX\u6307\u6570\u306e\u9055\u3044\u306f\u4f55\u3067\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\"><div class=\"faq_a_inner\">\n<p class=\"wp-block-paragraph\">\u6e2c\u3063\u3066\u3044\u308b\u5bfe\u8c61\u304c\u9055\u3044\u307e\u3059\u3002VIX\u306f\u5206\u5e03\u306e\u5e45\uff08\u6a19\u6e96\u504f\u5dee\uff09\uff1d\u30ea\u30b9\u30af\u306e\u7b2c1\u5c64\u3092\u6e2c\u308a\u3001SKEW\u306f\u305d\u306e\u3046\u3048\u3067\u5de6\u88fe\u306b\u6f5c\u3080\u8ffd\u52a0\u306e\u30ea\u30b9\u30af\u3092\u6e2c\u308a\u307e\u3059\u3002Cboe\u306e\u516c\u5f0f\u8cc7\u6599\u306f\u3001\u4e21\u8005\u306e\u5909\u52d5\u306b\u306f\u4f4e\u3044\u76f8\u95a2\u3057\u304b\u306a\u3044\u3068\u660e\u8a18\u3057\u3066\u3044\u307e\u3059\u3002\u307e\u305fVIX\u304c40\u3092\u8d85\u3048\u308b\u6975\u7aef\u306a\u6c34\u6e96\u306b\u306a\u308b\u3068\u3001SKEW\u306e\u4e0a\u9650\u306f\u3080\u3057\u308d\u4e0b\u304c\u308b\u50be\u5411\u304c\u3042\u308b\u3068\u3055\u308c\u307e\u3059\u3002\u66b4\u843d\u306e\u6700\u4e2d\u306b\u306f\u3001\u518d\u5ea6\u306e\u66b4\u843d\u304c\u305d\u308c\u307b\u3069\u8d77\u3053\u308a\u3084\u3059\u3044\u3068\u306f\u898b\u306a\u3055\u308c\u306a\u3044\u305f\u3081\u3067\u3059\u3002<\/p>\n<\/div><\/dd><\/dl><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dl><dt class=\"faq_q\">SKEW\u6307\u6570\u306e\u76ee\u5b89\u30fb\u6c34\u6e96\u306f\u3069\u308c\u304f\u3089\u3044\u3067\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\"><div class=\"faq_a_inner\">\n<p class=\"wp-block-paragraph\">\u300c100\u524d\u5f8c\u304c\u5e73\u5e38\u3001140\u3067\u8b66\u6212\u300d\u3068\u3044\u3046\u65e5\u672c\u8a9e\u3067\u3088\u304f\u898b\u308b\u76ee\u5b89\u306f\u3001\u73fe\u5728\u306e\u5e02\u5834\u306b\u306f\u5f53\u3066\u306f\u307e\u308a\u307e\u305b\u3093\u3002\u3053\u306e\u6570\u5b57\u306fCboe\u304c2011\u5e74\u9803\u306b\u793a\u3057\u305f\u5f53\u6642\u306e\u30ec\u30f3\u30b8\u611f\u306b\u7531\u6765\u3057\u307e\u3059\u30022026\u5e747\u6708\u6642\u70b9\u306e\u6c34\u6e96\u306f\u7d04145\u3067\u3001\u76f4\u8fd11\u5e74\u306e\u30ec\u30f3\u30b8\u306f\u7d04132\u301c162\u30021\u5e74\u9593\u4e00\u5ea6\u3082132\u3092\u4e0b\u56de\u3063\u3066\u3044\u307e\u305b\u3093\u3002\u7d76\u5bfe\u5024\u3067\u306f\u306a\u304f\u3001\u76f4\u8fd1\u30ec\u30f3\u30b8\u306e\u3069\u3053\u306b\u3044\u308b\u304b\u3068\u3044\u3046\u76f8\u5bfe\u7684\u306a\u4f4d\u7f6e\u3067\u8aad\u3080\u3053\u3068\u3092\u304a\u3059\u3059\u3081\u3057\u307e\u3059\u3002<\/p>\n<\/div><\/dd><\/dl><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dl><dt class=\"faq_q\">SKEW\u6307\u6570\u304c\u9ad8\u3044\u3068\u5fc5\u305a\u66b4\u843d\u3059\u308b\u306e\u3067\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\"><div class=\"faq_a_inner\">\n<p class=\"wp-block-paragraph\">\u3044\u3044\u3048\u3001\u305d\u3046\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002Cboe\u306e\u8cc7\u6599\u306b\u306f\u3001SKEW145\u30672\u6a19\u6e96\u504f\u5dee\u306e\u4e0b\u843d\u78ba\u7387\u304c14.45%\u3068\u3044\u3046\u8868\u304c\u8f09\u3063\u3066\u3044\u307e\u3059\u3002\u305f\u3060\u3057\u305d\u306e\u898b\u51fa\u3057\u306f\u300cEstimated Risk Adjusted Probability\u300d\uff1d\u30ea\u30b9\u30af\u8abf\u6574\u5f8c\uff08\u30ea\u30b9\u30af\u4e2d\u7acb\uff09\u306e\u63a8\u5b9a\u78ba\u7387\u3067\u3059\u3002\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u7e54\u308a\u8fbc\u307e\u308c\u3066\u3044\u308b\u305f\u3081\u3001\u5b9f\u73fe\u78ba\u7387\u3088\u308a\u7cfb\u7d71\u7684\u306b\u9ad8\u304f\u51fa\u307e\u3059\u3002\u300c\u5e02\u5834\u304c\u305d\u306e\u4fdd\u967a\u306b\u305d\u308c\u3060\u3051\u306e\u5024\u4ed8\u3051\u3092\u3057\u3066\u3044\u308b\u300d\u3068\u3044\u3046\u610f\u5473\u3067\u3042\u308a\u3001\u66b4\u843d\u306e\u4e88\u544a\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<\/div><\/dd><\/dl><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dl><dt class=\"faq_q\">\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30b9\u30ad\u30e5\u30fc\u306f\u682a\u3068\u540c\u3058\u3067\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\"><div class=\"faq_a_inner\">\n<p class=\"wp-block-paragraph\">\u9055\u3044\u307e\u3059\u3002\u67fb\u8aad\u8a8c Financial Innovation \u306e\u7814\u7a76\u306f\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u30d5\u30a9\u30ef\u30fc\u30c9\u30b9\u30ad\u30e5\u30fc\u306f\u682a\u4fa1\u6307\u6570\u3088\u308a\u3082\u4f1d\u7d71\u7684\u306a\u5546\u54c1\u5e02\u5834\u306e\u30b9\u30ad\u30e5\u30fc\u306b\u8fd1\u3044\u3068\u6307\u6458\u3057\u3066\u3044\u307e\u3059\u3002\u682a\u4fa1\u6307\u6570\u306e\u30b9\u30ad\u30e5\u30fc\u304c1987\u5e74\u4ee5\u964d\u307b\u307c\u4e00\u8cab\u3057\u3066\u30d7\u30c3\u30c8\u9ad8\u3067\u56fa\u5b9a\u3055\u308c\u3066\u3044\u308b\u306e\u306b\u5bfe\u3057\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306f\u7b26\u53f7\u305d\u306e\u3082\u306e\u304c\u53cd\u8ee2\u3057\u307e\u3059\u3002\u5b9f\u969b\u30012025\u5e747\u6708\u306b\u306f\u30b3\u30fc\u30eb\u5074\u3078\u50be\u304d\u30012026\u5e747\u6708\u6642\u70b9\u3067\u306f\u30d7\u30c3\u30c8\u512a\u52e2\u3078\u632f\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/div><\/dd><\/dl><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dl><dt class=\"faq_q\">\u65e5\u7d4c225\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u3082\u30b9\u30ad\u30e5\u30fc\u306f\u898b\u3089\u308c\u307e\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\"><div class=\"faq_a_inner\">\n<p class=\"wp-block-paragraph\">\u898b\u3089\u308c\u307e\u3059\u3002\u4e09\u83f1UFJ e\u30b9\u30de\u30fc\u30c8\u8a3c\u5238\u306e\u89e3\u8aac\u306b\u3088\u308c\u3070\u3001\u65e5\u7d4c225\u30aa\u30d7\u30b7\u30e7\u30f3\u306eIV\u306fATM\u3088\u308a\u3084\u3084\u4e0a\u65b9\u306e\u884c\u4f7f\u4fa1\u683c\u3067\u6700\u3082\u4f4e\u304f\u306a\u308a\u3001\u305d\u3053\u304b\u3089\u4e21\u7aef\u306b\u5411\u304b\u3063\u3066\u9ad8\u304f\u306a\u308b\u30b9\u30de\u30a4\u30eb\u5f62\u72b6\u3092\u793a\u3057\u307e\u3059\u3002\u5de6\u5074\u306e\u30d7\u30c3\u30c8\u5074\u3067\u306f\u3001\u884c\u4f7f\u4fa1\u683c\u304c\u4f4e\u304f\u306a\u308b\u307b\u3069IV\u304c\u9ad8\u304f\u306a\u308b\u30b9\u30ad\u30e5\u30fc\u304c\u73fe\u308c\u308b\u306e\u3067\u3059\u3002\u7c73\u56fd\u682a\u5f0f\u6307\u6570\u3067\u89b3\u6e2c\u3055\u308c\u308b\u69cb\u9020\u3068\u3001\u65b9\u5411\u6027\u306f\u540c\u3058\u3060\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<\/div><\/dd><\/dl><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dl><dt class=\"faq_q\">\u30b9\u30ad\u30e5\u30fc\u304c\u5c0f\u3055\u304f\u306a\u308c\u3070\u5b89\u5168\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\"><div class=\"faq_a_inner\">\n<p class=\"wp-block-paragraph\">\u3044\u3044\u3048\u3001\u305d\u3046\u3068\u306f\u8a00\u3048\u307e\u305b\u3093\u3002\u6b6a\u307f\u304c\u7e2e\u5c0f\u3057\u305f\u3068\u3044\u3046\u4e8b\u5b9f\u304c\u793a\u3059\u306e\u306f\u3001\u4e0b\u65b9\u5411\u306e\u4fdd\u967a\u3092\u8cb7\u3046\u9700\u8981\u304c\u6e1b\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u3060\u3051\u3067\u3059\u3002\u5e02\u5834\u304c\u5099\u3048\u3092\u3084\u3081\u305f\u72b6\u614b\u3068\u3001\u4e0b\u843d\u304c\u8d77\u3053\u3089\u306a\u3044\u72b6\u614b\u306f\u5225\u7269\u3067\u3059\u3002\u30b9\u30ad\u30e5\u30fc\u306f\u300c\u8ab0\u304b\u304c\u30b3\u30b9\u30c8\u3092\u6255\u3063\u3066\u4fdd\u967a\u3092\u639b\u3051\u305f\u75d5\u8de1\u300d\u306e\u96c6\u8a08\u3067\u3042\u308a\u3001\u75d5\u8de1\u304c\u6d88\u3048\u305f\u3053\u3068\u306f\u5b89\u5168\u5ba3\u8a00\u3092\u610f\u5473\u3057\u307e\u305b\u3093\u3002<\/p>\n<\/div><\/dd><\/dl><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u307e\u3068\u3081<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30b9\u30ad\u30e5\u30fc\uff08\u6b6a\u307f\uff09\u3068\u306f\u3001<strong>\u540c\u3058\u6e80\u671f\u3067\u3082\u884c\u4f7f\u4fa1\u683c\u3054\u3068\u306bIV\u304c\u63c3\u308f\u306a\u3044\u73fe\u8c61\u3067\u3042\u308a\u3001\u5e02\u5834\u304c\u7e54\u308a\u8fbc\u3080\u78ba\u7387\u5206\u5e03\u304c\u7406\u8ad6\u306e\u524d\u63d0\u3068\u30ba\u30ec\u3066\u3044\u308b\u3053\u3068\u306e\u8868\u308c\u3067\u3059<\/strong>\u3002\u682a\u5f0f\u5e02\u5834\u3067\u3053\u306e\u6b6a\u307f\u304c\u5b9a\u7740\u3057\u305f\u304d\u3063\u304b\u3051\u306f1987\u5e7410\u6708\u306e\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u3067\u3001\u4ee5\u6765\u30ab\u30fc\u30d6\u306e\u5de6\u5074\u306f\u539a\u3044\u307e\u307e\u3067\u3059\u3002\u6b6a\u307f\u306f\u4e88\u8a00\u3067\u306f\u306a\u304f\u3001\u8ab0\u304b\u304c\u4fdd\u967a\u3092\u639b\u3051\u305f\u75d5\u8de1\u306e\u96c6\u8a08\u3060\u3068\u6349\u3048\u308b\u3068\u3001\u8aad\u307f\u65b9\u3092\u8aa4\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9f\u52d9\u3067\u62bc\u3055\u3048\u308b\u3079\u304d\u843d\u3068\u3057\u7a74\u304c2\u3064\u3042\u308a\u307e\u3059\u30021\u3064\u306f\u3001\u65e5\u672c\u8a9e\u89e3\u8aac\u306b\u6b8b\u308b\u300cSKEW\u6307\u6570\u306f100\u524d\u5f8c\u304c\u5e73\u5e38\u300d\u3068\u3044\u3046\u76ee\u5b89\u304c\u3001\u76f4\u8fd11\u5e74\u306e\u30ec\u30f3\u30b8\u7d04132\u301c162\u3068\u3044\u3046\u5b9f\u30c7\u30fc\u30bf\u3068\u4e56\u96e2\u3057\u3066\u3044\u308b\u3053\u3068\u3002\u3082\u30461\u3064\u306f\u3001SKEW\u306e\u78ba\u7387\u8868\u304c\u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387\u3067\u3042\u3063\u3066\u5b9f\u73fe\u78ba\u7387\u3067\u306f\u306a\u3044\u3053\u3068\u3067\u3059\u3002<strong>\u3069\u3061\u3089\u3082\u3001\u53e4\u3044\u6570\u5b57\u3084\u898b\u51fa\u3057\u3092\u8aad\u307f\u98db\u3070\u3057\u305f\u307e\u307e\u5f15\u304d\u5199\u3055\u308c\u3066\u304d\u305f\u8aa4\u89e3\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3055\u3089\u306b\u3001Cboe\u306f2025\u5e747\u6708\u306bSKEW\u6307\u6570\u306e\u7b97\u51fa\u65b9\u6cd5\u3092\u5909\u66f4\u3059\u308b\u3053\u3068\u3092\u6c7a\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002\u5411\u304b\u3046\u5148\u306f\u3001\u5b9f\u52d9\u5bb6\u304c\u4f7f\u3063\u3066\u304d\u305f25\u30c7\u30eb\u30bf\u306e\u5dee\u5206\u30fb\u6bd4\u7387\u3068\u3044\u3046\u5b9a\u7fa9\u3067\u3059\u3002<strong>\u767a\u52b9\u65e5\u306f2026\u5e747\u6708\u6642\u70b9\u3067\u672a\u5b9a\u3067\u3059\u304c\u3001\u516c\u5f0f\u6307\u6570\u306e\u5074\u304c\u73fe\u5834\u306e\u8a00\u8449\u306b\u6b69\u307f\u5bc4\u308b\u3068\u3044\u3046\u4e8b\u5b9f\u305d\u306e\u3082\u306e\u304c\u3001\u30b9\u30ad\u30e5\u30fc\u306e\u672c\u8cea\u304c\u3069\u3053\u306b\u3042\u308b\u304b\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u3057\u3066\u6697\u53f7\u8cc7\u7523\u3067\u306f\u3001\u682a\u306e\u5e38\u8b58\u304c\u901a\u7528\u3057\u307e\u305b\u3093\u3002\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u30b9\u30ad\u30e5\u30fc\u306f\u5546\u54c1\u5e02\u5834\u306b\u8fd1\u3044\u6027\u8cea\u3092\u6301\u3061\u3001\u7b26\u53f7\u304c\u53cd\u8ee2\u3057\u307e\u3059\u3002\u30ab\u30fc\u30d6\u5168\u4f53\u306e\u50be\u304d\u3067\u5e02\u5834\u306e\u30e0\u30fc\u30c9\u3092\u3064\u304b\u307f\u3001\u884c\u4f7f\u4fa1\u683c\u3054\u3068\u306e\u504f\u308a\u3067\u5177\u4f53\u7684\u306a\u653b\u9632\u306e\u5834\u6240\u3092\u7d5e\u308b\u2014\u2014<strong>\u3053\u306e2\u3064\u306e\u8996\u70b9\u3092\u884c\u304d\u6765\u3059\u308b\u3053\u3068\u304c\u3001\u6b6a\u307f\u3092\u5b9f\u969b\u306e\u5224\u65ad\u306b\u843d\u3068\u3057\u8fbc\u3080\u51fa\u767a\u70b9\u306b\u306a\u308b\u306e\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">\u53c2\u8003\u6587\u732e<br><a href=\"https:\/\/www.mof.go.jp\/pri\/research\/special_report\/f202007_02.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b1 \u8ca1\u52d9\u7701\u30fb\u670d\u90e8\u5b5d\u6d0b\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30b9\u30de\u30a4\u30eb\u3068\u30b9\u30ad\u30e5\u30fc\u300d\u30d5\u30a1\u30a4\u30ca\u30f3\u30b92020\u5e747\u6708\u53f7<\/a><br><a href=\"https:\/\/quantcollege.net\/smile-pricing-volatility-smile-explained\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b2 Quant College\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30b9\u30de\u30a4\u30eb\u306f\u306a\u305c\u767a\u751f\u3059\u308b\u306e\u304b\u300d<\/a><br><a href=\"https:\/\/cdn.cboe.com\/resources\/indices\/documents\/SKEWwhitepaperjan2011.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b3 Cboe\u300cThe CBOE Skew Index &#8211; SKEW\u300d\u30db\u30ef\u30a4\u30c8\u30da\u30fc\u30d1\u30fc<\/a><br><a href=\"https:\/\/www.babypips.com\/ja\/forexpedia\/option-skew\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b4 babypips\u300c\u30aa\u30d7\u30b7\u30e7\u30f3\u30b9\u30ad\u30e5\u30fc\u300d<\/a><br><a href=\"https:\/\/studio.glassnode.com\/charts\/derivatives.Options25DeltaSkewAll?a=BTC&amp;e=deribit\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b5 Glassnode\u300cOptions 25 Delta Skew\u300d<\/a><br><a href=\"https:\/\/ycharts.com\/indicators\/skew_index\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b6 YCharts\u300cCBOE SKEW Index\u300d<\/a><br><a href=\"https:\/\/www.investing.com\/indices\/cboe-skew\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b7 Investing.com\u300cCBOE SKEW Index\u300d<\/a><br><a href=\"https:\/\/cdn.cboe.com\/resources\/release_notes\/2025\/Consultation-Regarding-Proposed-Changes-to-the-Cboe-SKEW-Index.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b8 Cboe Global Indices\u300cConsultation Regarding Proposed Changes to the Cboe SKEW Index\u300d\uff082025\u5e745\u670820\u65e5\uff09<\/a><br><a href=\"https:\/\/cdn.cboe.com\/resources\/release_notes\/2025\/Consultation-Results-Regarding-Proposed-Changes-to-the-Cboe-SKEW-Index-SKEW-.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b9 Cboe Global Indices\u300cConsultation Results Regarding Proposed Changes to the Cboe SKEW Index\u300d\uff082025\u5e747\u670817\u65e5\uff09<\/a><br><a href=\"https:\/\/pmc.ncbi.nlm.nih.gov\/articles\/PMC8418903\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b10 Zulfiqar &amp; Gulzar (2021)\u300cImplied volatility estimation of bitcoin options and the stylized facts of option pricing\u300dFinancial Innovation<\/a><br><a href=\"https:\/\/insights.deribit.com\/industry\/skew-curves-shift-towards-calls\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b11 Deribit Insights\u300cSkew Curves Shift Towards Calls\u300d\uff082025\u5e747\u67089\u65e5\uff09<\/a><br><a href=\"https:\/\/www.coindesk.com\/daybook-us\/2026\/07\/03\/bitcoin-ether-traders-aren-t-fully-buying-the-bounce-options-markets-show\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b12 CoinDesk\u300cBitcoin, Ether Traders Aren&#8217;t Fully Buying the Bounce\u300d\uff082026\u5e747\u67083\u65e5\uff09<\/a><br><a href=\"https:\/\/kabu.com\/kabuyomu\/money\/612.html\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b13 \u4e09\u83f1UFJ e\u30b9\u30de\u30fc\u30c8\u8a3c\u5238\u300c\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u300d<\/a><\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">\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 \u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30b9\u30ad\u30e5\u30fc\uff08Skew\u306e\u6b6a\u307f\uff09\u3068\u306f\uff1f\u57fa\u672c\u60c5\u5831 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