{"id":205046,"date":"2026-07-16T16:53:46","date_gmt":"2026-07-16T07:53:46","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=205046"},"modified":"2026-07-21T18:03:36","modified_gmt":"2026-07-21T09:03:36","slug":"option-time-scaling","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-time-scaling\/","title":{"rendered":"\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6642\u9593\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0(\u221aT\u30eb\u30fc\u30eb)\u3068\u306f\uff1f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u5e74\u7387\u63db\u7b97\u306e\u8a08\u7b97\u65b9\u6cd5\u3092\u5fd6\u5ea6\u306a\u304f\u89e3\u8aac"},"content":{"rendered":"\n<p class=\"u-mb-ctrl u-mb-0 wp-block-paragraph\"><strong>ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide u-mb-ctrl u-mb-10\"\/>\n\n\n\n<ul class=\"wp-block-list -list-under-dashed is-style-index\">\n<li><strong><span class=\"swl-marker mark_yellow\">\u6642\u9593\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0\uff08\u221aT\u30eb\u30fc\u30eb\uff09\u3068\u306f\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u671f\u9593\u306e\u5e73\u65b9\u6839\u3067\u4f38\u7e2e\u3055\u305b\u308b\u63db\u7b97\u30eb\u30fc\u30eb<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>\u6a19\u6e96\u504f\u5dee\u306f \u03c3\u221aT \u3067\u5e83\u304c\u308b\u3002\u671f\u9593\u30924\u500d\u306b\u3057\u3066\u3082\u30d6\u30ec\u306f2\u500d\u306b\u3057\u304b\u306a\u3089\u305a\u30019\u500d\u306b\u3057\u3066\u30823\u500d\u3067\u6b62\u307e\u308b<\/li>\n\n\n\n<li>\u6839\u62e0\u306f\u300c\u5206\u6563\uff08\u03c3\u00b2T\uff09\u306f\u8db3\u3057\u7b97\u3067\u304d\u308b\u304c\u3001\u6a19\u6e96\u504f\u5dee\u306f\u8db3\u3057\u7b97\u3067\u304d\u306a\u3044\u300d\u3068\u3044\u3046\u4e00\u70b9\u306b\u5c3d\u304d\u308b<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong><span class=\"swl-marker mark_yellow\">\u5b9f\u52d9\u306f\u300c\u682a\u5f0f\u306f16\u3067\u5272\u308b\u30fb\u6697\u53f7\u8cc7\u7523\u306f20\u3067\u5272\u308b\u300d\u3002\u57fa\u6e96\u65e5\u6570\u3092\u53d6\u308a\u9055\u3048\u308b\u3068\u6570\u5b57\u304c2\u5272\u30ba\u30ec\u308b<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>BTC\u306e\u65e5\u6b21\u03c32.2684%\u306f\u3001\u221a365\u306a\u3089\u5e74\u738743.34%\u3001\u221a252\u306a\u3089\u5e74\u738736.01%\u3002\u540c\u3058\u5024\u52d5\u304d\u30677.33pt\u306e\u5dee\u304c\u51fa\u308b<\/li>\n\n\n\n<li>1\u5e74\u306e\u55b6\u696d\u65e5\u6570\u306b\u552f\u4e00\u306e\u6b63\u89e3\u306f\u306a\u3044\uff08JPX\u306f245\u65e5\u30fb\u670d\u90e8\u8ad6\u6587\u306f250\u65e5\u30fbOIC\u306f252\u65e5\uff09\u3002\u6697\u53f7\u8cc7\u7523\u3060\u3051\u304c365\u65e5<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong><span class=\"swl-marker mark_yellow\">\u30aa\u30d7\u30b7\u30e7\u30f3\u5b9f\u52d9\u3067\u306f\u300c\u6b8b\u5b58\u65e5\u6570\u306e\u5e73\u65b9\u6839\u300d\u304c\u305d\u306e\u307e\u307eGreeks\u306e\u52b9\u304d\u65b9\u3092\u6c7a\u3081\u308b<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>\u6b8b\u5b5821\u65e5\u306a\u3089 \u221a(21\/365)\uff1d0.24\u3002\u6e80\u671f\u304c\u8fd1\u3044\u307b\u3069\u30b9\u30b1\u30fc\u30eb\u304c\u7e2e\u307f\u3001ATM\u4ed8\u8fd1\u306e\u30ac\u30f3\u30de\u3068\u30c7\u30eb\u30bf\u306e\u52d5\u304d\u304c\u92ed\u304f\u306a\u308b<\/li>\n\n\n\n<li>BS\u30e2\u30c7\u30eb\u304c\u03c3\u3068T\u3092\u5e38\u306b\u03c3\u221aT\u306e\u5f62\u3067\u3057\u304b\u4f7f\u308f\u306a\u3044\u305f\u3081\u3001\u6642\u9593\u306e\u52b9\u304d\u65b9\u306f\u5e73\u65b9\u6839\u306b\u56fa\u5b9a\u3055\u308c\u3066\u3044\u308b<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong><span class=\"swl-marker mark_yellow\">\u221aT\u30eb\u30fc\u30eb\u306f\u300c\u5e73\u5747\u7684\u306b\u306f\u5f53\u305f\u308b\u304c\u3001\u5c40\u9762\u3067\u306f\u5916\u308c\u308b\u300d\uff08ICHIZEN Capital\u306e\u5b9f\u6e2c\uff09<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>BTC\u76f4\u8fd11\u5e74\u306e\u5b9f\u6e2c\u3067\u306f\u3001\u30ea\u30bf\u30fc\u30f3\u306e\u81ea\u5df1\u76f8\u95a2\u306f\u307b\u307c\u30bc\u30ed\uff08lag1\u3067\u22120.0344\uff09\uff1d\u221aT\u306e\u524d\u63d0\u306f\u6982\u306d\u6210\u7acb\u3057\u3066\u3044\u305f<\/li>\n\n\n\n<li>\u4e00\u65b9\u3067\u5024\u5e45\u306e\u81ea\u5df1\u76f8\u95a2\u306f+0.2049\uff1d\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30af\u30e9\u30b9\u30bf\u30ea\u30f3\u30b0\u304c\u5b58\u5728\u3057\u3001\u671f\u9593\u5225\u3067\u306f\u6700\u592722%\u306e\u4e56\u96e2\u304c\u51fa\u305f\uff08\u6e2c\u5b9a\u65e52026\u5e747\u670816\u65e5\uff09<\/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\">\u6642\u9593\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0\u306f\u300c\u77e5\u3063\u3066\u3044\u308b\u3068\u601d\u308f\u308c\u304c\u3061\u3067\u3001\u5b9f\u306f\u53d6\u308a\u9055\u3048\u304c\u591a\u3044\u300d\u8ad6\u70b9\u3067\u3059\u3002\u7279\u306b\u5e74\u7387\u63db\u7b97\u306e\u57fa\u6e96\u65e5\u6570\u306f\u3001\u540c\u3058\u9298\u67c4\u3067\u3082\u898b\u3048\u65b9\u304c2\u5272\u5909\u308f\u308b\u3046\u3048\u3001\u51fa\u5178\u306b\u3088\u3063\u3066245\u65e5\u30fb250\u65e5\u30fb252\u65e5\u3068\u5272\u308c\u3066\u3044\u307e\u3059\u3002BTC\u306e\u5b9f\u30c7\u30fc\u30bf\u3067\u221aT\u304c\u3069\u3053\u307e\u3067\u901a\u7528\u3059\u308b\u304b\u3092\u6e2c\u3063\u305f\u3046\u3048\u3067\u3001\u898f\u5236\u306e\u4e16\u754c\u3067\u306e\u6271\u3044\u307e\u3067\u62bc\u3055\u3048\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/span><\/p>\n<span class=\"c-balloon__shapes\"><span class=\"c-balloon__before\"><\/span><span class=\"c-balloon__after\"><\/span><\/span><\/div><\/div><\/div><\/div>\n\n<div class=\"p-blogParts post_content\" data-partsID=\"201302\">\n<div class=\"wp-block-columns pc_only border_main\">\n<div class=\"wp-block-column\">\n<div class=\"swell-block-columns u-mb-ctrl u-mb-0\"><div class=\"swell-block-columns__inner\">\n<div class=\"swell-block-column swl-has-mb--s\" style=\"--clmn-w--pc:20%\">\n<figure class=\"wp-block-image size-full is-resized is-style-rounded\"><img decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png\" alt=\"\" class=\"wp-image-203458\" style=\"width:119px;height:auto\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png 500w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-300x300.png 300w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png 150w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.3\"><strong><span class=\"swl-fz u-fz-s\">\u6728\u7530 \u967d\u4ecb<\/span><\/strong><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\"><br>(\u682a)ICHIZEN HOLDINGS<\/mark><\/span><\/p>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1\"><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\">\u4ee3\u8868\u53d6\u7de0\u5f79<\/mark><\/span><\/p>\n<\/div>\n\n\n\n<div class=\"swell-block-column swl-has-mb--s\" data-valign=\"center\" style=\"--clmn-w--pc:80%\">\n<div class=\"wp-block-columns u-mb-ctrl u-mb-0\">\n<div class=\"wp-block-column\">\n<p class=\"u-mb-ctrl u-mb-0 wp-block-paragraph\"><strong><span style=\"text-decoration: underline;\"><span class=\"swl-fz u-fz-l\">\u3053\u306e\u8a18\u4e8b\u306e\u57f7\u7b46\u8005\/\u76e3\u4fee\u8005<\/span><\/span><\/strong><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column\">\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"https:\/\/twitter.com\/yosuke_kida\" target=\"_blank\" rel=\"noopener\" title=\"\">X<\/a>\u30fb<span class=\"swl-fz u-fz-s\"><a href=\"https:\/\/www.facebook.com\/p\/%E6%9C%A8%E7%94%B0%E9%99%BD%E4%BB%8B-100018641115746\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Facebook<\/a><\/span>\u30fb<a href=\"https:\/\/www.linkedin.com\/in\/%E9%99%BD%E4%BB%8B-%E6%9C%A8%E7%94%B0-68609327b\/?originalSubdomain=jp\" target=\"_blank\" rel=\"noopener\" title=\"\">Linkedin<\/a><\/p>\n<\/div>\n<\/div>\n\n\n\n<p class=\"u-mb-ctrl u-mb-10 wp-block-paragraph\" style=\"line-height:1.4\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\"><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\">2016\u5e74\u304b\u3089\u4eee\u60f3\u901a\u8ca8\u30c8\u30ec\u30fc\u30c9\u3092\u958b\u59cb\u30022017\u5e74\u306b\u682a\u5f0f\u4f1a\u793eCoinOtaku\u3092\u5171\u540c\u3067\u5275\u696d\u3002\u540c\u5e74CoinOtaku\u306e\u4ee3\u8868\u306b\u5c31\u4efb\u30022020\u5e74\u306b\u6771\u8a3c\u4e8c\u90e8\u4e0a\u5834\u4f01\u696d\u306b6\u5104\u5186\u3067M&amp;A\u3002bitget\u306e\u6708\u9593\u53d6\u5f15\u9ad8\u3067\u4e16\u754c4\u4f4d\u3092\u7372\u5f97\u30022025\u5e74\u306bCoinOtaku\u4ee3\u8868\u3092\u9000\u4efb\u3057\u3001\u540c\u5e745\u6708\u306b\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS\u306e\u4ee3\u8868\u53d6\u7de0\u5f79\u306b\u5c31\u4efb\u3002<\/mark><\/span><\/mark><\/p>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns border_gray sp_only\">\n<div class=\"wp-block-column\">\n<figure class=\"wp-block-image size-full is-resized is-style-rounded\"><img decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png\" alt=\"\" class=\"wp-image-203458\" style=\"width:85px\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png 500w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-300x300.png 300w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png 150w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-social-links has-small-icon-size u-mb-ctrl u-mb-10 is-content-justification-center is-layout-flex wp-container-core-social-links-is-layout-fe48e5de wp-block-social-links-is-layout-flex\"><li class=\"wp-social-link wp-social-link-twitter wp-block-social-link\"><a href=\"https:\/\/twitter.com\/yosuke_kida\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M22.23,5.924c-0.736,0.326-1.527,0.547-2.357,0.646c0.847-0.508,1.498-1.312,1.804-2.27 c-0.793,0.47-1.671,0.812-2.606,0.996C18.324,4.498,17.257,4,16.077,4c-2.266,0-4.103,1.837-4.103,4.103 c0,0.322,0.036,0.635,0.106,0.935C8.67,8.867,5.647,7.234,3.623,4.751C3.27,5.357,3.067,6.062,3.067,6.814 c0,1.424,0.724,2.679,1.825,3.415c-0.673-0.021-1.305-0.206-1.859-0.513c0,0.017,0,0.034,0,0.052c0,1.988,1.414,3.647,3.292,4.023 c-0.344,0.094-0.707,0.144-1.081,0.144c-0.264,0-0.521-0.026-0.772-0.074c0.522,1.63,2.038,2.816,3.833,2.85 c-1.404,1.1-3.174,1.756-5.096,1.756c-0.331,0-0.658-0.019-0.979-0.057c1.816,1.164,3.973,1.843,6.29,1.843 c7.547,0,11.675-6.252,11.675-11.675c0-0.178-0.004-0.355-0.012-0.531C20.985,7.47,21.68,6.747,22.23,5.924z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Twitter<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-facebook wp-block-social-link\"><a href=\"https:\/\/www.facebook.com\/p\/%E6%9C%A8%E7%94%B0%E9%99%BD%E4%BB%8B-100018641115746\/\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 2C6.5 2 2 6.5 2 12c0 5 3.7 9.1 8.4 9.9v-7H7.9V12h2.5V9.8c0-2.5 1.5-3.9 3.8-3.9 1.1 0 2.2.2 2.2.2v2.5h-1.3c-1.2 0-1.6.8-1.6 1.6V12h2.8l-.4 2.9h-2.3v7C18.3 21.1 22 17 22 12c0-5.5-4.5-10-10-10z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Facebook<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-linkedin wp-block-social-link\"><a href=\"https:\/\/www.linkedin.com\/in\/%E9%99%BD%E4%BB%8B-%E6%9C%A8%E7%94%B0-68609327b\/?originalSubdomain=jp\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M19.7,3H4.3C3.582,3,3,3.582,3,4.3v15.4C3,20.418,3.582,21,4.3,21h15.4c0.718,0,1.3-0.582,1.3-1.3V4.3 C21,3.582,20.418,3,19.7,3z M8.339,18.338H5.667v-8.59h2.672V18.338z M7.004,8.574c-0.857,0-1.549-0.694-1.549-1.548 c0-0.855,0.691-1.548,1.549-1.548c0.854,0,1.547,0.694,1.547,1.548C8.551,7.881,7.858,8.574,7.004,8.574z M18.339,18.338h-2.669 v-4.177c0-0.996-0.017-2.278-1.387-2.278c-1.389,0-1.601,1.086-1.601,2.206v4.249h-2.667v-8.59h2.559v1.174h0.037 c0.356-0.675,1.227-1.387,2.526-1.387c2.703,0,3.203,1.779,3.203,4.092V18.338z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">LinkedIn<\/span><\/a><\/li><\/ul>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.7\"><span class=\"swl-fz u-fz-xs\">\u76e3\u4fee<\/span>\u3000<strong><span style=\"font-size:19px\" class=\"swl-fz\">\u6728\u7530 \u967d\u4ecb<\/span><\/strong><br><span class=\"swl-fz u-fz-xs\">\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS \u4ee3\u8868\u53d6\u7de0\u5f79<\/span><\/p>\n\n\n\n<p class=\"has-text-align-left u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.7\"><span class=\"swl-fz u-fz-xs\">2016\u5e74\u304b\u3089\u4eee\u60f3\u901a\u8ca8\u30c8\u30ec\u30fc\u30c9\u3092\u958b\u59cb\u30022017\u5e74\u306b\u682a\u5f0f\u4f1a\u793eCoinOtaku\u3092\u5171\u540c\u3067\u5275\u696d\u3002\u540c\u5e74CoinOtaku\u306e\u4ee3\u8868\u306b\u5c31\u4efb\u30022020\u5e74\u306b\u6771\u8a3c\u4e8c\u90e8\u4e0a\u5834\u4f01\u696d\u306b6\u5104\u5186\u3067M&amp;A\u3002bitget\u306e\u6708\u9593\u53d6\u5f15\u9ad8\u3067\u4e16\u754c4\u4f4d\u3092\u7372\u5f97\u30022025\u5e74\u306bCoinOtaku\u4ee3\u8868\u3092\u9000\u4efb\u3057\u3001\u540c\u5e745\u6708\u306b\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS\u306e\u4ee3\u8868\u53d6\u7de0\u5f79\u306b\u5c31\u4efb\u3002<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u6642\u9593\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0\uff08\u221aT\u30eb\u30fc\u30eb\uff09\u3068\u306f\uff1f\u57fa\u672c\u60c5\u5831<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u6642\u9593\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0\u3068\u306f\u3001\u3042\u308b\u671f\u9593\u3067\u6e2c\u3063\u305f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u3001\u5225\u306e\u671f\u9593\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3078\u300c\u671f\u9593\u306e\u5e73\u65b9\u6839\u300d\u3067\u63db\u7b97\u3059\u308b\u30eb\u30fc\u30eb\u3067\u3059\u3002<\/strong>\u82f1\u8a9e\u3067\u306f square root of time rule \u3068\u547c\u3070\u308c\u3001\u65e5\u6b21\u306e\u30d6\u30ec\u304b\u3089\u5e74\u7387\u306e\u30d6\u30ec\u3092\u6c42\u3081\u308b\u3068\u304d\u306b\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30dd\u30a4\u30f3\u30c8\u306f\u3001\u6642\u9593\u306b\u6bd4\u4f8b\u3057\u3066\u5897\u3048\u308b\u306e\u304c\u300c\u5206\u6563\u300d\u3067\u3042\u3063\u3066\u300c\u6a19\u6e96\u504f\u5dee\u300d\u3067\u306f\u306a\u3044\u70b9\u306b\u3042\u308a\u307e\u3059\u3002\u5206\u6563\u306f\u03c3\u00b2T\u3067\u5897\u3048\u308b\u305f\u3081\u3001\u305d\u306e\u5e73\u65b9\u6839\u3067\u3042\u308b\u6a19\u6e96\u504f\u5dee\u306f\u03c3\u221aT\u3067\u3057\u304b\u5897\u3048\u307e\u305b\u3093\u3002<strong>\u671f\u9593\u30924\u500d\u306b\u4f38\u3070\u3057\u3066\u3082\u3001\u5024\u52d5\u304d\u306e\u5e45\u306f2\u500d\u306b\u3057\u304b\u306a\u3089\u306a\u3044\u306e\u3067\u3059\u3002<\/strong><\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u9805\u76ee<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td>\u540d\u79f0<\/td><td>\u6642\u9593\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0\uff0f\u221aT\u30eb\u30fc\u30eb\uff08square root of time rule\uff09<\/td><\/tr><tr><td>\u57fa\u672c\u5f0f<\/td><td>\u03c3_T \uff1d \u03c3_1 \u00d7 \u221aT\uff08\u6a19\u6e96\u504f\u5dee\uff09\uff0f\u5206\u6563\u306f \u03c3\u00b2\u00d7T<\/td><\/tr><tr><td>\u6210\u7acb\u306e\u524d\u63d0<\/td><td>\u5404\u671f\u9593\u306e\u30ea\u30bf\u30fc\u30f3\u304c\u72ec\u7acb\u540c\u5206\u5e03\uff08i.i.d.\uff09\uff1d\u81ea\u5df1\u76f8\u95a2\u304c\u30bc\u30ed<\/td><\/tr><tr><td>\u5e74\u7387\u63db\u7b97\u306e\u4fc2\u6570<\/td><td>\u6697\u53f7\u8cc7\u7523\uff1a\u221a365\uff1d19.105\uff08\u7d0420\u3067\u5272\u308b\uff09\uff0f\u682a\u5f0f\uff1a\u221a245\u301c252\uff1d15.65\u301c15.87\uff08\u7d0416\u3067\u5272\u308b\uff09<\/td><\/tr><tr><td>\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u306e\u7528\u9014<\/td><td>BS\u30e2\u30c7\u30eb\u306e\u03c3\u221aT\u3001\u6b8b\u5b58\u65e5\u6570\u306e\u63db\u7b97\u3001IV\u304b\u3089\u671f\u5f85\u5909\u52d5\u5e45\u306e\u7b97\u51fa<\/td><\/tr><tr><td>\u5d29\u308c\u308b\u6761\u4ef6<\/td><td>\u81ea\u5df1\u76f8\u95a2\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30af\u30e9\u30b9\u30bf\u30ea\u30f3\u30b0\u30fb\u5e73\u5747\u56de\u5e30\u30fb\u30b8\u30e3\u30f3\u30d7<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u3067\u3053\u306e\u30eb\u30fc\u30eb\u304c\u91cd\u8981\u306a\u306e\u306f\u3001<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\uff08BS\u30e2\u30c7\u30eb\uff09<\/a>\u304c\u03c3\u3068T\u3092\u5e38\u306b\u300c\u03c3\u221aT\u300d\u3068\u3044\u3046\u5f62\u3067\u3057\u304b\u4f7f\u308f\u306a\u3044\u305f\u3081\u3067\u3059\u3002\u6642\u9593\u306e\u52b9\u304d\u65b9\u304c\u5e73\u65b9\u6839\u306b\u56fa\u5b9a\u3055\u308c\u3066\u3044\u308b\u4ee5\u4e0a\u3001\u6b8b\u5b58\u671f\u9593\u306e\u8aad\u307f\u65b9\u3082\u5e73\u65b9\u6839\u3067\u8003\u3048\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u306a\u305c\u30d6\u30ec\u306f\u300c\u6642\u9593\u306e\u5e73\u65b9\u6839\u300d\u3067\u3057\u304b\u5e83\u304c\u3089\u306a\u3044\u306e\u304b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u691c\u7d22\u610f\u56f3\u306e\u6838\u306f\u3053\u3053\u306b\u3042\u308a\u307e\u3059\u3002<strong>\u7d50\u8ad6\u304b\u3089\u8a00\u3048\u3070\u3001\u72ec\u7acb\u306a\u5024\u52d5\u304d\u3092\u8db3\u3057\u5408\u308f\u305b\u308b\u3068\u3001\u5206\u6563\u3060\u3051\u304c\u304d\u308c\u3044\u306b\u8db3\u3057\u7b97\u3067\u304d\u308b\u305f\u3081\u3067\u3059\u3002<\/strong>\u6a19\u6e96\u504f\u5dee\u306f\u8db3\u305b\u307e\u305b\u3093\u3002\u3053\u306e\u975e\u5bfe\u79f0\u6027\u304c\u221aT\u30eb\u30fc\u30eb\u306e\u6b63\u4f53\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5206\u6563\u306f\u8db3\u305b\u308b\u3001\u6a19\u6e96\u504f\u5dee\u306f\u8db3\u305b\u306a\u3044<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u78ba\u7387\u8ad6\u3067\u306f\u3001\u72ec\u7acb\u3057\u305f\u78ba\u7387\u5909\u6570\u3092\u8db3\u3059\u3068\u304d\u3001\u5206\u6563\u3069\u3046\u3057\u306f\u5358\u7d14\u306b\u8db3\u3057\u7b97\u3067\u304d\u307e\u3059\u30021\u65e5\u76ee\u306e\u5206\u6563\u304c\u03c3\u00b2\u30012\u65e5\u76ee\u3082\u03c3\u00b2\u3067\u3042\u308c\u3070\u30012\u65e5\u9593\u306e\u5408\u8a08\u30ea\u30bf\u30fc\u30f3\u306e\u5206\u6563\u306f2\u03c3\u00b2\u306b\u306a\u308b\u308f\u3051\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u95a2\u4fc2\u306f\u53d6\u5f15\u6240\u306e\u516c\u5f0f\u8cc7\u6599\u306b\u3082\u660e\u8a18\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u65e5\u672c\u53d6\u5f15\u6240\u30b0\u30eb\u30fc\u30d7\u306f\u65e5\u7d4c\u5e73\u5747VI\u306e\u89e3\u8aac\u3067\u3001\u5e74\u7387\u306e\u5206\u6563\u3092\u300c<strong>\u03c3\u00b2\u5e74\u7387\uff1d\u03c3\u00b2\u65e5\u7387\uff0b\u03c3\u00b2\u65e5\u7387\uff0b\u2026\u2026\uff1d245\u03c3\u00b2\u65e5\u7387<\/strong>\u300d\u3068\u3001245\u65e5\u5206\u306e\u65e5\u6b21\u5206\u6563\u306e\u5358\u7d14\u306a\u8db3\u3057\u7b97\u3068\u3057\u3066\u793a\u3057\u3066\u3044\u307e\u3059\uff08\u203b1\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u65b9\u3001\u5b9f\u52d9\u3067\u4f7f\u3046\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u5206\u6563\u3067\u306f\u306a\u304f\u6a19\u6e96\u504f\u5dee\u3067\u3059\u30022\u03c3\u00b2\u306e\u5e73\u65b9\u6839\u3092\u53d6\u308b\u3068 \u03c3\u221a2 \uff1d \u7d041.41\u03c3 \u3068\u306a\u308a\u30012\u500d\u306b\u306f\u306a\u308a\u307e\u305b\u3093\u3002<strong>\u300c\u5206\u6563\u3067\u8db3\u3057\u3066\u3001\u6700\u5f8c\u306b\u5e73\u65b9\u6839\u3078\u623b\u3059\u300d\u3068\u3044\u3046\u5f80\u5fa9\u306e\u904e\u7a0b\u3067\u3001\u6642\u9593\u306e\u52b9\u304d\u65b9\u304c\u5e73\u65b9\u6839\u306b\u6f70\u308c\u308b\u306e\u3067\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u6027\u8cea\u306f\u72ec\u7acb\u6027\u304c\u524d\u63d0\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u30021\u65e5\u76ee\u306e\u5024\u52d5\u304d\u304c2\u65e5\u76ee\u306b\u5f71\u97ff\u3059\u308b\u306a\u3089\u5206\u6563\u306f\u5358\u7d14\u306b\u8db3\u305b\u305a\u3001\u221aT\u30eb\u30fc\u30eb\u3082\u6210\u7acb\u3057\u307e\u305b\u3093\u3002<strong>\u524d\u63d0\u304c\u58ca\u308c\u308b\u6761\u4ef6\u306b\u3064\u3044\u3066\u306f\u5f8c\u306e\u7ae0\u3067\u5b9f\u6e2c\u3068\u3042\u308f\u305b\u3066\u691c\u8a3c\u3057\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5b9f\u969b\u306b\u6570\u5b57\u3067\u78ba\u304b\u3081\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u7de8\u96c6\u90e8\u304c\u5b9f\u6e2c\u3057\u305fBTC\u306e\u65e5\u6b21\u03c3\uff1d2.2684%\uff08\u5f8c\u8ff0\uff09\u3092\u4f7f\u3063\u3066\u691c\u7b97\u3057\u307e\u3059\u3002\u5206\u6563\u306f 0.022684\u00b2 \uff1d 0.00051456 \u3067\u3059\u3002\u3053\u308c\u30922\u65e5\u5206\u8db3\u3059\u3068 0.00102913 \u3068\u306a\u308a\u3001\u5e73\u65b9\u6839\u3092\u53d6\u308b\u3068 3.2080% \u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u65b9\u3001\u03c3\u00d7\u221a2 \u3092\u8a08\u7b97\u3059\u308b\u3068 2.2684% \u00d7 1.41421 \uff1d 3.2080% \u3068\u306a\u308a\u3001\u5b8c\u5168\u306b\u4e00\u81f4\u3057\u307e\u3059\u3002<strong>\u221aT\u30eb\u30fc\u30eb\u306f\u8fd1\u4f3c\u3067\u306f\u306a\u304f\u3001\u72ec\u7acb\u6027\u3055\u3048\u6e80\u305f\u305b\u3070\u6570\u5b66\u7684\u306b\u53b3\u5bc6\u306a\u7b49\u5f0f\u306a\u306e\u3067\u3059\u3002<\/strong><\/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>\u671f\u9593\u306e\u500d\u7387<\/th><th>\u30d6\u30ec\uff08\u6a19\u6e96\u504f\u5dee\uff09\u306e\u500d\u7387<\/th><th>\u8a08\u7b97<\/th><\/tr><\/thead><tbody><tr><td>2\u500d<\/td><td>\u7d041.41\u500d<\/td><td>\u221a2\uff1d1.41421<\/td><\/tr><tr><td>4\u500d<\/td><td>2.0\u500d<\/td><td>\u221a4\uff1d2.0<\/td><\/tr><tr><td>9\u500d<\/td><td>3.0\u500d<\/td><td>\u221a9\uff1d3.0<\/td><\/tr><tr><td>16\u500d<\/td><td>4.0\u500d<\/td><td>\u221a16\uff1d4.0<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u8868\u304c\u793a\u3059\u306e\u306f\u3001<strong>\u6642\u9593\u3092\u9577\u304f\u53d6\u308b\u307b\u3069\u300c1\u65e5\u3042\u305f\u308a\u306e\u30d6\u30ec\u300d\u306f\u76f8\u5bfe\u7684\u306b\u5c0f\u3055\u304f\u898b\u3048\u308b\u3068\u3044\u3046\u4e8b\u5b9f\u3067\u3059\u3002<\/strong>\u671f\u9593\u309216\u500d\u306b\u3057\u3066\u3082\u30ea\u30b9\u30af\u306f4\u500d\u3067\u6e08\u3080\u305f\u3081\u3001\u9577\u671f\u4fdd\u6709\u307b\u3069\u5e74\u7387\u63db\u7b97\u306e\u30d6\u30ec\u304c\u7a4f\u3084\u304b\u306b\u898b\u3048\u308b\u73fe\u8c61\u304c\u8d77\u3053\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u5e74\u7387\u63db\u7b97\u306e\u5b9f\u52d9\uff5c\u682a\u5f0f\u306f16\u3067\u5272\u308b\u3001\u6697\u53f7\u8cc7\u7523\u306f20\u3067\u5272\u308b<\/h2>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-onborder_ttl\"><div class=\"cap_box_ttl\"><span>\u3053\u306e\u7ae0\u306e\u5185\u5bb9<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>1\u5e74\u306e\u55b6\u696d\u65e5\u6570\u306b\u6b63\u89e3\u304c1\u3064\u3067\u306f\u306a\u3044\u7406\u7531\uff08245\u65e5\u30fb250\u65e5\u30fb252\u65e5\uff09<\/li>\n\n<li>\u57fa\u6e96\u65e5\u6570\u3092\u53d6\u308a\u9055\u3048\u308b\u3068\u540c\u3058\u9298\u67c4\u3067\u3082\u5e74\u7387\u304c7.33pt\u5909\u308f\u308b\uff08\u5b9f\u6e2c\uff09<\/li>\n\n<li>\u5e74\u7387IV\u304b\u3089\u300c1\u65e5\u306e\u60f3\u5b9a\u5909\u52d5\u5e45\u300d\u3078\u5272\u308a\u623b\u3059\u624b\u9806<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u6163\u7fd2\u3068\u3057\u3066\u5e74\u7387\u3067\u8868\u793a\u3055\u308c\u307e\u3059\u3002\u65e5\u6b21\u30c7\u30fc\u30bf\u304b\u3089\u5e74\u7387\u3078\u76f4\u3059\u306b\u306f \u221a\uff081\u5e74\u306e\u671f\u9593\u6570\uff09\u3092\u639b\u3051\u307e\u3059\u304c\u3001<strong>\u3053\u306e\u300c1\u5e74\u306e\u671f\u9593\u6570\u300d\u304c\u8cc7\u7523\u30af\u30e9\u30b9\u306b\u3088\u3063\u3066\u9055\u3046\u70b9\u304c\u5b9f\u52d9\u4e0a\u306e\u843d\u3068\u3057\u7a74\u306b\u306a\u308a\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u682a\u5f0f\u304c\u55b6\u696d\u65e5\u30d9\u30fc\u30b9\u3092\u4f7f\u3046\u7406\u7531\u3068\u3001\u300c\u6b63\u89e3\u304c1\u3064\u3067\u306f\u306a\u3044\u300d\u5b9f\u60c5<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u682a\u5f0f\u5e02\u5834\u306f\u571f\u65e5\u3068\u795d\u65e5\u306b\u9589\u307e\u3063\u3066\u3044\u307e\u3059\u3002\u53d6\u5f15\u304c\u6210\u7acb\u3057\u306a\u3044\u65e5\u306f\u4fa1\u683c\u304c\u52d5\u304b\u306a\u3044\u305f\u3081\u3001\u5024\u52d5\u304d\u306e\u56de\u6570\u3068\u3057\u3066\u6570\u3048\u307e\u305b\u3093\u3002\u3057\u305f\u304c\u3063\u3066\u682a\u5f0f\u3067\u306f\u66a6\u65e5\u3067\u306f\u306a\u304f\u55b6\u696d\u65e5\u3092\u4f7f\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u3067\u6ce8\u610f\u3057\u305f\u3044\u306e\u304c\u3001<strong>\u300c1\u5e74\u306e\u55b6\u696d\u65e5\u6570\u300d\u306b\u552f\u4e00\u306e\u6b63\u89e3\u304c\u5b58\u5728\u3057\u306a\u3044\u70b9\u3067\u3059\u3002<\/strong>\u51fa\u5178\u306b\u3088\u3063\u3066245\u65e5\u30fb250\u65e5\u30fb252\u65e5\u3068\u7570\u306a\u308a\u3001\u3069\u308c\u3082\u5b9f\u52d9\u3067\u901a\u7528\u3057\u3066\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>\u57fa\u6e96<\/th><th>\u63a1\u7528\u3057\u3066\u3044\u308b\u51fa\u5178<\/th><th>\u5e73\u65b9\u6839<\/th><th>\u5b9f\u52d9\u3067\u306e\u4e38\u3081<\/th><\/tr><\/thead><tbody><tr><td>245\u65e5<\/td><td>\u65e5\u672c\u53d6\u5f15\u6240\u30b0\u30eb\u30fc\u30d7\uff08\u65e5\u7d4c\u5e73\u5747VI\uff09\uff08\u203b1\uff09<\/td><td>15.65<\/td><td>\u304a\u3088\u305d16\u3067\u5272\u308b<\/td><\/tr><tr><td>250\u65e5<\/td><td>\u670d\u90e8\uff082022\uff09\u56fd\u50b5\u5148\u7269\u30aa\u30d7\u30b7\u30e7\u30f3\u5165\u9580\uff08\u203b2\uff09<\/td><td>15.81<\/td><td>\u304a\u3088\u305d16\u3067\u5272\u308b<\/td><\/tr><tr><td>252\u65e5<\/td><td>OIC\uff08\u7c73\u56fd\u30aa\u30d7\u30b7\u30e7\u30f3\u696d\u754c\u5354\u8b70\u4f1a\uff09\uff08\u203b3\uff09<\/td><td>15.87<\/td><td>16\u3078\u5207\u308a\u4e0a\u3052<\/td><\/tr><tr><td>365\u65e5<\/td><td>Deribit\uff08\u6697\u53f7\u8cc7\u7523\uff09\uff08\u203b4\uff09\uff0f\u65e5\u672c\u56fd\u50b5VIX\uff08\u203b2\uff09<\/td><td>19.11<\/td><td>\u304a\u3088\u305d20\u3067\u5272\u308b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u7c73\u56fd\u306e252\u65e5\u306b\u3064\u3044\u3066\u306f\u3001OIC\u304c\u300c<strong>Rule of 16 \u306f\u3001\u5b9f\u969b\u306e252\u55b6\u696d\u65e5\u306e\u5e73\u65b9\u6839\u3067\u3042\u308b15.87\u309216\u3078\u5207\u308a\u4e0a\u3052\u305f\u3082\u306e<\/strong>\u300d\u3068\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\uff08\u203b3\uff09\u3002252\u3068\u3044\u3046\u6570\u5b57\u81ea\u4f53\u306f\u3001365\u65e5\u304b\u3089\u571f\u65e5104\u65e5\u3068\u795d\u65e59\u65e5\u3092\u5f15\u3044\u305f\u6163\u884c\u5024\u306b\u3042\u305f\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u65b9\u3001\u65e5\u672c\u53d6\u5f15\u6240\u30b0\u30eb\u30fc\u30d7\u306f\u65e5\u7d4c\u5e73\u5747VI\u306e\u89e3\u8aac\u3067\u5e74\u9593\u55b6\u696d\u65e5\u6570\u3092245\u65e5\u307b\u3069\u3068\u3057\u3001\u305d\u306e\u5e73\u65b9\u683915.65\u304b\u3089\u300c\u304a\u3088\u305d16\u3067\u5272\u308b\u300d\u3068\u6848\u5185\u3057\u3066\u3044\u307e\u3059\uff08\u203b2\uff09\u3002<strong>\u6839\u62e0\u3068\u306a\u308b\u65e5\u6570\u306f\u9055\u3063\u3066\u3082\u3001\u5b9f\u52d9\u3067\u4f7f\u3046\u300c16\u300d\u3068\u3044\u3046\u6570\u5b57\u306b\u53ce\u675f\u3059\u308b\u306e\u304c\u9762\u767d\u3044\u3068\u3053\u308d\u3067\u3059\u3002<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u6697\u53f7\u8cc7\u7523\u306f\u300c16\u3067\u5272\u308b\u300d\u3067\u306f\u306a\u304f\u300c20\u3067\u5272\u308b\u300d<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u65b9\u3001\u6697\u53f7\u8cc7\u7523\u5e02\u5834\u306f\u571f\u65e5\u795d\u3092\u542b\u3081\u306624\u6642\u9593365\u65e5\u52d5\u304d\u7d9a\u3051\u307e\u3059\u3002\u4f11\u5834\u65e5\u304c\u5b58\u5728\u305b\u305a\u3001\u6bce\u65e5\u304c\u5024\u52d5\u304d\u306e\u6a5f\u4f1a\u306b\u306a\u308b\u305f\u3081\u3001\u5e74\u7387\u63db\u7b97\u306b\u306f365\u65e5\u3092\u7528\u3044\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002\u4fc2\u6570\u306f \u221a365 \uff1d 19.105 \u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u304c\u682a\u5f0f\u3068\u306e\u6c7a\u5b9a\u7684\u306a\u9055\u3044\u3067\u3059\u3002<strong>\u682a\u5f0f\u306e\u5b9f\u52d9\u304c\u300c16\u3067\u5272\u308b\u300d\u306a\u3089\u3001\u6697\u53f7\u8cc7\u7523\u306f\u300c20\u3067\u5272\u308b\u300d\u304c\u5bfe\u5fdc\u3059\u308b\u30eb\u30fc\u30eb\u306b\u306a\u308a\u307e\u3059\u3002<\/strong>\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u6700\u5927\u624b\u306eDeribit\u306f\u3001\u81ea\u793e\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u6307\u6570<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-dvol\/\" target=\"_blank\" rel=\"noopener noreferrer\">DVOL<\/a>\u306e\u89e3\u8aac\u3067\u3001\u3053\u306e\u63db\u7b97\u3092\u660e\u793a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u539f\u6587\u306f\u300c\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u671f\u5f85\u65e5\u6b21\u5909\u52d5\u5e45\u306e\u304a\u304a\u3088\u305d\u306e\u898b\u5f53\u3092\u3064\u3051\u308b\u306b\u306f\u3001\u3053\u306e\u5024\u309220\u3067\u5272\u308c\u3070\u3088\u3044\u3002\u4f8b\u3048\u3070DVOL\uff1d90\u306a\u3089\u671f\u5f85\u65e5\u6b21\u5909\u52d5\u5e45\u306f4.5%\u306b\u306a\u308b\u300d\u3068\u8ff0\u3079\u3001\u7d9a\u3051\u3066\u300c\u3088\u308a\u6b63\u78ba\u306b\u306f\u3001DVOL\u3092365\u306e\u5e73\u65b9\u6839\u3067\u5272\u308b\u3079\u304d\u3067\u3042\u308b\u300d\u3068\u88dc\u8db3\u3057\u3066\u3044\u307e\u3059\uff08\u203b4\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u3053\u306e2\u3064\u306f\u5225\u7269\u3067\u3042\u308b\u70b9\u306b\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/strong>DVOL\uff1d90\u309220\u3067\u5272\u308c\u30704.5%\u3067\u3059\u304c\u3001\u221a365\uff08\uff1d19.105\uff09\u3067\u5272\u308b\u30684.71%\u3068\u306a\u308a\u30010.21pt\u306e\u5dee\u304c\u51fa\u307e\u3059\u3002<strong>\u300c\u00f720\u3067\u51fa\u3057\u305f4.5%\u300d\u3092\u300c\u00f7\u221a365\u306e\u7cbe\u5bc6\u5024\u300d\u3068\u3057\u3066\u7d39\u4ecb\u3057\u3066\u3044\u308b\u89e3\u8aac\u306f\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u304c\u3001Deribit\u306f\u4e21\u8005\u3092\u660e\u78ba\u306b\u66f8\u304d\u5206\u3051\u3066\u3044\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u540c\u3058BTC\u3067\u3082\u5e74\u7387\u304c7.33pt\u30ba\u30ec\u308b\uff08\u5b9f\u6e2c\uff09<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u7de8\u96c6\u90e8\u304cBTC\u306e\u76f4\u8fd11\u5e74\uff082025\u5e747\u670816\u65e5\u301c2026\u5e747\u670815\u65e5\u30fb365\u672c\u306e\u65e5\u6b21\u30ea\u30bf\u30fc\u30f3\uff09\u3092\u5b9f\u6e2c\u3057\u305f\u3068\u3053\u308d\u3001\u65e5\u6b21\u03c3\u306f2.2684%\u3067\u3057\u305f\u3002\u3053\u306e\u540c\u4e00\u306e\u30c7\u30fc\u30bf\u3092\u3001\u57fa\u6e96\u65e5\u6570\u3060\u3051\u5909\u3048\u3066\u5e74\u7387\u63db\u7b97\u3059\u308b\u3068\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>\u57fa\u6e96\u65e5\u6570<\/th><th>\u4fc2\u6570<\/th><th>\u5e74\u7387\u03c3<\/th><th>\u6e2c\u5b9a\u65e5<\/th><\/tr><\/thead><tbody><tr><td>365\u65e5\uff08\u6697\u53f7\u8cc7\u7523\u306e\u6163\u7fd2\uff09<\/td><td>\u221a365\uff1d19.105<\/td><td>43.34%<\/td><td>2026\/07\/16<\/td><\/tr><tr><td>252\u55b6\u696d\u65e5\uff08\u682a\u5f0f\u306e\u6163\u7fd2\uff09<\/td><td>\u221a252\uff1d15.875<\/td><td>36.01%<\/td><td>2026\/07\/16<\/td><\/tr><tr><td>\u5dee<\/td><td>\u2014<\/td><td><strong>7.33pt\uff0820.4%\u306e\u958b\u304d\uff09<\/strong><\/td><td>2026\/07\/16<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u307e\u3063\u305f\u304f\u540c\u3058\u5024\u52d5\u304d\u304c\u3001\u57fa\u6e96\u65e5\u6570\u306e\u9078\u3073\u65b9\u3060\u3051\u3067\u300c\u5e74\u738743%\u306e\u8cc7\u7523\u300d\u306b\u3082\u300c\u5e74\u738736%\u306e\u8cc7\u7523\u300d\u306b\u3082\u5316\u3051\u308b\u3068\u3044\u3046\u4e8b\u5b9f\u306b\u306f\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/strong>IV\u3068HV\u3092\u6bd4\u8f03\u3059\u308b\u5834\u9762\u3067\u306f\u3001\u3053\u306e\u5dee\u304c\u305d\u306e\u307e\u307e\u8aa4\u3063\u305f\u5272\u9ad8\u30fb\u5272\u5b89\u5224\u65ad\u306b\u3064\u306a\u304c\u308a\u307e\u3059\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\u691c\u8a3c\u65b9\u6cd5<\/strong><\/span><\/div><div class=\"cap_box_content\">\n<p class=\"wp-block-paragraph\"><span class=\"swl-fz u-fz-xs\">CoinGecko API\u3067BTC\u306e\u65e5\u6b21\u7d42\u5024365\u65e5\u5206\uff082025\u5e747\u670816\u65e5\u301c2026\u5e747\u670815\u65e5\uff09\u3092\u53d6\u5f97\u3057\uff08\u203b9\uff09\u3001\u7de8\u96c6\u90e8\u304c\u5bfe\u6570\u30ea\u30bf\u30fc\u30f3\u304b\u3089\u6a19\u6e96\u504f\u5dee\u30fb\u81ea\u5df1\u76f8\u95a2\u30fb\u671f\u9593\u5225\u306e\u5206\u6563\u6bd4\u3092\u7b97\u51fa\u3057\u307e\u3057\u305f\u3002\u6e2c\u5b9a\u65e5\u306f2026\u5e747\u670816\u65e5\u3067\u3059\u3002\u6570\u5024\u306f\u53d6\u5f97\u6642\u70b9\u306e\u3082\u306e\u3067\u3042\u308a\u3001\u671f\u9593\u3092\u5909\u3048\u308c\u3070\u7d50\u679c\u3082\u5909\u308f\u308a\u307e\u3059\u3002<\/span><\/p>\n<\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">\u5e74\u7387IV\u304b\u3089\u300c1\u65e5\u306e\u60f3\u5b9a\u5909\u52d5\u5e45\u300d\u3092\u51fa\u3059<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9f\u52d9\u3067\u6700\u3082\u4f7f\u3046\u5834\u9762\u304c\u3001\u5e74\u7387\u3067\u8868\u793a\u3055\u308c\u305f<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading-iv\/\" target=\"_blank\" rel=\"noopener noreferrer\">IV\uff08\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09<\/a>\u3092\u77ed\u671f\u306e\u5909\u52d5\u5e45\u3078\u5272\u308a\u623b\u3059\u8a08\u7b97\u3067\u3059\u3002\u5f0f\u306f \u03c3\u00d7\u221aT \u3067\u3001T\u3092\u5e74\u5358\u4f4d\u3067\u5165\u308c\u308b\u3060\u3051\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>\u671f\u9593<\/th><th>\u221aT<\/th><th>1\u03c3\u306e\u671f\u5f85\u5909\u52d5\u5e45<\/th><\/tr><\/thead><tbody><tr><td>1\u65e5<\/td><td>\u221a(1\/365)\uff1d0.0523<\/td><td>\u7d042.27%<\/td><\/tr><tr><td>1\u9031\u9593<\/td><td>\u221a(7\/365)\uff1d0.1385<\/td><td>\u7d046.00%<\/td><\/tr><tr><td>1\u30ab\u6708\uff0830\u65e5\uff09<\/td><td>\u221a(30\/365)\uff1d0.2867<\/td><td>\u7d0412.43%<\/td><\/tr><tr><td>3\u30ab\u6708\uff0891\u65e5\uff09<\/td><td>\u221a(91\/365)\uff1d0.4993<\/td><td>\u7d0421.64%<\/td><\/tr><tr><td>1\u5e74<\/td><td>1.0000<\/td><td>43.34%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u5e74\u7387IV\u309243.34%\u3068\u3057\u3066\u8a08\u7b97\u3057\u305f\u4f8b\u3067\u3059\uff082026\u5e747\u6708\u6642\u70b9\u306eBTC\u5b9f\u6e2cHV\u3092\u4f7f\u7528\uff09\u3002<strong>1\u03c3\u306f\u300c\u304a\u3088\u305d3\u5206\u306e2\u306e\u78ba\u7387\u3067\u3053\u306e\u7bc4\u56f2\u306b\u53ce\u307e\u308b\u300d\u3068\u3044\u3046\u610f\u5473\u3067\u3042\u308a\u3001\u88cf\u3092\u8fd4\u305b\u3070\u7d043\u56de\u306b1\u56de\u306f\u3053\u306e\u5e45\u3092\u8d85\u3048\u307e\u3059\u3002<\/strong>1\u03c3\u3092\u6700\u5927\u5909\u52d5\u5e45\u3068\u8aa4\u89e3\u3057\u306a\u3044\u3053\u3068\u304c\u5927\u5207\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u53d6\u5f15\u6240\u516c\u5f0f\u306e\u8a08\u7b97\u4f8b\uff5c\u65e5\u672c\u56fd\u50b5VIX\u3067\u5b9f\u6f14\u3059\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u5272\u308a\u623b\u3057\u304c\u5b9f\u52d9\u3067\u3069\u3046\u4f7f\u308f\u308c\u308b\u304b\u306f\u3001\u65e5\u672c\u53d6\u5f15\u6240\u30b0\u30eb\u30fc\u30d7\u304c\u516c\u958b\u3059\u308b\u89e3\u8aac\u8ad6\u6587\u306b\u5177\u4f53\u4f8b\u304c\u3042\u308a\u307e\u3059\u3002<strong>\u6771\u4eac\u5927\u5b66\u516c\u5171\u653f\u7b56\u5927\u5b66\u9662\u306e\u670d\u90e8\u5b5d\u6d0b\u6c0f\u306b\u3088\u308b\u300e\u56fd\u50b5\u5148\u7269\u30aa\u30d7\u30b7\u30e7\u30f3\u5165\u9580\u300f\u306f\u3001\u5e74\u7387\u306eVIX\u30921\u65e5\u306e\u30ea\u30b9\u30af\u91cf\u3078\u76f4\u3059\u624b\u9806\u3092\u305d\u306e\u307e\u307e\u793a\u3057\u3066\u3044\u307e\u3059\uff08\u203b2\uff09\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u540c\u8ad6\u6587\u306b\u3088\u308c\u3070\u30011\u5e74\u306e\u55b6\u696d\u65e5\u6570\u3092250\u65e5\u3068\u3059\u308b\u3068\u3001\u65e5\u672c\u56fd\u50b5VIX\u6307\u6570\u304c2.5%\u306e\u5834\u5408\u30012.5%\u3092\u221a250\u3067\u5272\u308b\u3053\u3068\u30671\u55b6\u696d\u65e5\u306e\u30ea\u30b9\u30af\u91cf\u304c\u7b97\u51fa\u3067\u304d\u307e\u3059\u3002<strong>\u7d50\u679c\u306f\u304a\u304a\u3088\u305d0.16%\u3067\u3001\u3053\u308c\u304c68%\u306e\u30ec\u30f3\u30b8\u3067\u898b\u305f\u5148\u7269\u4fa1\u683c\u306e1\u65e5\u306e\u5909\u5316\u7387\u306e\u4e88\u6e2c\u5024\u306b\u306a\u308a\u307e\u3059\uff08\u203b2\uff09\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3055\u3089\u306b\u5b9f\u611f\u3057\u3084\u3059\u3044\u5358\u4f4d\u3078\u306e\u5909\u63db\u3082\u793a\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u5148\u7269\u4fa1\u683c\u304c150\u5186\u306a\u3089 150\u00d70.16% \uff1d 23.7\u92ad\u7a0b\u5ea6\u306e\u30ec\u30f3\u30b8\u30671\u55b6\u696d\u65e5\u306e\u9593\u306b\u5909\u52d5\u3059\u308b\u3001\u3068\u5e02\u5834\u53c2\u52a0\u8005\u304c\u4e88\u6e2c\u3057\u3066\u3044\u308b\u3068\u89e3\u91c8\u3067\u304d\u308b\u3068\u3044\u3046\u6574\u7406\u3067\u3059\uff08\u203b2\uff09\u3002\u7de8\u96c6\u90e8\u3067\u3082 2.5\u00f715.811\uff1d0.1581%\u3001150\u00d70.1581%\uff1d23.7\u92ad \u3068\u691c\u7b97\u3057\u3001\u4e00\u81f4\u3092\u78ba\u8a8d\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6ce8\u76ee\u3057\u305f\u3044\u306e\u306f\u3001\u540c\u8ad6\u6587\u304c\u221aT\u30eb\u30fc\u30eb\u306e\u9650\u754c\u3082\u540c\u6642\u306b\u660e\u8a18\u3057\u3066\u3044\u308b\u70b9\u3067\u3059\u3002<strong>\u300c\u30cf\u30eb\uff082016\uff09\u304c\u6307\u6458\u3057\u3066\u3044\u308b\u3068\u304a\u308a\u3001\u3053\u306e\u6027\u8cea\u306f\u8cc7\u7523\u4fa1\u683c\u306e\u5909\u5316\u304c\u6b63\u898f\u5206\u5e03\u304b\u3064\u72ec\u7acb\u540c\u4e00\u5206\u5e03\u306b\u5f93\u3063\u3066\u3044\u308b\u5834\u5408\u306f\u6210\u7acb\u3057\u307e\u3059\u304c\u3001\u305d\u3046\u3067\u306a\u3044\u5834\u5408\u306f\u8fd1\u4f3c\u5f0f\u3067\u3042\u308b\u70b9\u306b\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u300d\u3068\u91d8\u3092\u523a\u3057\u3066\u3044\u307e\u3059\uff08\u203b2\uff09\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u57fa\u6e96\u65e5\u6570\u306b\u3064\u3044\u3066\u3082\u540c\u69d8\u3067\u3059\u3002\u540c\u8ad6\u6587\u306f250\u55b6\u696d\u65e5\u3092\u7528\u3044\u3064\u3064\u3001\u300c\u7570\u306a\u308b\u55b6\u696d\u65e5\u6570\u3092\u7528\u3044\u308b\u3053\u3068\u304c\u3042\u308b\u70b9\u306b\u6ce8\u610f\u3057\u3066\u304f\u3060\u3055\u3044\u300d\u3068\u8ff0\u3079\u3066\u3044\u307e\u3059\u3002<strong>\u305d\u306e\u3046\u3048\u3067\u3001\u65e5\u672c\u56fd\u50b5VIX\u306f1\u5e74\u3092365\u65e5\u3068\u3057\u3066\u8a08\u7b97\u3057\u3066\u3044\u308b\u305f\u3081\u221a365\u3067\u5272\u308b\u8003\u3048\u65b9\u3082\u3042\u308a\u3048\u308b\u3001\u3068\u88dc\u8db3\u3057\u3066\u3044\u307e\u3059\uff08\u203b2\uff09\u3002<\/strong>\u53d6\u5f15\u6240\u516c\u5f0f\u306e\u8cc7\u6599\u304c\u3001\u6b63\u89e3\u306f1\u3064\u3067\u306a\u3044\u3068\u8a8d\u3081\u3066\u3044\u308b\u308f\u3051\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\">\u65e5\u6b212.27%\u3068\u3044\u3046\u6570\u5b57\u3092\u898b\u3066\u300c\u601d\u3063\u305f\u3088\u308a\u5c0f\u3055\u3044\u300d\u3068\u611f\u3058\u305f\u65b9\u306f\u3001\u611f\u899a\u304c\u6b63\u5e38\u3067\u3059\u3002\u5e74\u738743%\u3068\u3044\u3046\u8868\u793a\u306f1\u5e74\u9593\u7a4d\u307f\u4e0a\u3052\u305f\u7d50\u679c\u3067\u3042\u3063\u3066\u3001\u660e\u65e5\u3044\u304d\u306a\u308a43%\u52d5\u304f\u8a71\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5e74\u7387\u8868\u793a\u306f\u221aT\u3067\u81a8\u3089\u3093\u3060\u5f8c\u306e\u59ff\u3060\u3068\u7406\u89e3\u3057\u3066\u304a\u304f\u3068\u3001IV\u306e\u6570\u5b57\u306b\u632f\u308a\u56de\u3055\u308c\u306b\u304f\u304f\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<span class=\"c-balloon__shapes\"><span class=\"c-balloon__before\"><\/span><span class=\"c-balloon__after\"><\/span><\/span><\/div><\/div><\/div><\/div>\n\n\n<h2 class=\"wp-block-heading\">\u30aa\u30d7\u30b7\u30e7\u30f3\u5b9f\u52d9\u3067\u306e\u6642\u9593\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0\uff5c\u6b8b\u5b58\u65e5\u6570\u306e\u5e73\u65b9\u6839\u304c\u52b9\u304d\u65b9\u3092\u6c7a\u3081\u308b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u6642\u9593\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0\u306f\u673a\u4e0a\u306e\u6570\u5f0f\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<strong>\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u306f\u300c\u6b8b\u5b58\u65e5\u6570\u306e\u5e73\u65b9\u6839\u300d\u304c\u3001\u305d\u306e\u307e\u307eGreeks\u306e\u52b9\u304d\u65b9\u3092\u6c7a\u3081\u308b\u5b9f\u52d9\u7684\u306a\u5909\u6570\u306b\u306a\u308a\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">BS\u30e2\u30c7\u30eb\u306f\u03c3\u3068T\u3092\u300c\u03c3\u221aT\u300d\u306e\u5f62\u3067\u3057\u304b\u4f7f\u308f\u306a\u3044<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">BS\u30e2\u30c7\u30eb\u306e\u8a08\u7b97\u904e\u7a0b\u3092\u8ffd\u3046\u3068\u3001\u03c3\u3068T\u304c\u5358\u72ec\u3067\u73fe\u308c\u308b\u7b87\u6240\u306f\u307b\u3068\u3093\u3069\u306a\u304f\u3001\u5e38\u306b\u03c3\u221aT\u3068\u3044\u3046\u7d44\u307f\u5408\u308f\u305b\u3067\u767b\u5834\u3057\u307e\u3059\u3002\u3053\u306e\u91cf\u306f\u300c\u6e80\u671f\u307e\u3067\u306b\u539f\u8cc7\u7523\u304c\u3069\u308c\u3060\u3051\u52d5\u304d\u3046\u308b\u304b\u300d\u3092\u8868\u3059\u5b9f\u52b9\u7684\u306a\u30d6\u30ec\u5e45\u306b\u3042\u305f\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u304b\u3089\u91cd\u8981\u306a\u5e30\u7d50\u304c\u51fa\u307e\u3059\u3002<strong>\u03c3\u304c2\u500d\u306b\u306a\u308b\u3053\u3068\u3068\u3001T\u304c4\u500d\u306b\u306a\u308b\u3053\u3068\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306b\u3068\u3063\u3066\u540c\u3058\u610f\u5473\u3092\u6301\u3064\u306e\u3067\u3059\u3002<\/strong>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a32\u500d\u3068\u6b8b\u5b58\u671f\u95934\u500d\u304c\u7b49\u4fa1\u3060\u3068\u3044\u3046\u95a2\u4fc2\u306f\u3001\u221aT\u30eb\u30fc\u30eb\u304b\u3089\u76f4\u63a5\u5c0e\u304b\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5404Greeks\u306e\u8a73\u7d30\u306f<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-greeks\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u30ae\u30ea\u30b7\u30e3\u6307\u6a19\uff08Greeks\uff09\u306e\u89e3\u8aac\u8a18\u4e8b<\/a>\u3067\u6271\u3063\u3066\u3044\u307e\u3059\u304c\u3001<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-theta\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u30bb\u30fc\u30bf\uff08\u6642\u9593\u4fa1\u5024\u306e\u6e1b\u8870\uff09<\/a>\u304c\u6e80\u671f\u76f4\u524d\u306b\u52a0\u901f\u3059\u308b\u7406\u7531\u3082\u3001\u3053\u306e\u5e73\u65b9\u6839\u306e\u5f62\u306b\u6839\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u6b8b\u5b58\u65e5\u6570\u3092\u6642\u9593\u30b9\u30b1\u30fc\u30eb\u3078\u76f4\u3059\u8a08\u7b97<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9f\u969b\u306e\u8a08\u7b97\u306f\u3054\u304f\u5358\u7d14\u3067\u3059\u3002\u6b8b\u5b58\u65e5\u6570\u3092365\u3067\u5272\u308a\u3001\u5e73\u65b9\u6839\u3092\u53d6\u308b\u3060\u3051\u306b\u306a\u308a\u307e\u3059\u3002ICHIZEN Capital\u304c\u81ea\u793e\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u5206\u6790\u30ec\u30dd\u30fc\u30c8\u3067\u7528\u3044\u305f\u8a08\u7b97\u3092\u4f8b\u306b\u53d6\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2026\u5e746\u670826\u65e5\u304b\u30897\u670817\u65e5\u306e\u5927\u6e80\u671f\u307e\u3067\u306f\u6b8b\u5b5821\u65e5\u3067\u3057\u305f\u3002<strong>\u3053\u306e\u3068\u304d\u6642\u9593\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0\u306f \u221a(21\/365) \uff1d \u221a0.0575 \uff1d 0.24 \u3068\u306a\u308a\u307e\u3059\u3002<\/strong>\u5e74\u7387\u306e\u03c3\u306b0.24\u3092\u639b\u3051\u305f\u5206\u3060\u3051\u304c\u3001\u3053\u306e21\u65e5\u9593\u3067\u7e54\u308a\u8fbc\u307e\u308c\u3066\u3044\u308b\u30d6\u30ec\u5e45\u306b\u306a\u308b\u308f\u3051\u3067\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u6b8b\u5b58\u65e5\u6570<\/th><th>\u6642\u9593\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0 \u221a(\u65e5\u6570\/365)<\/th><th>\u5e74\u7387\u03c343.34%\u63db\u7b97\u306e\u30d6\u30ec\u5e45<\/th><\/tr><\/thead><tbody><tr><td>365\u65e5<\/td><td>1.0000<\/td><td>43.34%<\/td><\/tr><tr><td>90\u65e5<\/td><td>0.4966<\/td><td>\u7d0421.52%<\/td><\/tr><tr><td>30\u65e5<\/td><td>0.2867<\/td><td>\u7d0412.43%<\/td><\/tr><tr><td>21\u65e5<\/td><td>0.2399<\/td><td>\u7d0410.40%<\/td><\/tr><tr><td>7\u65e5<\/td><td>0.1385<\/td><td>\u7d046.00%<\/td><\/tr><tr><td>1\u65e5<\/td><td>0.0523<\/td><td>\u7d042.27%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u6ce8\u76ee\u3059\u3079\u304d\u306f\u76ee\u76db\u308a\u306e\u8a70\u307e\u308a\u65b9\u3067\u3059\u3002\u6b8b\u5b58\u304c365\u65e5\u304b\u308990\u65e5\u30784\u5206\u306e1\u306b\u306a\u3063\u3066\u3082\u3001\u30b9\u30b1\u30fc\u30eb\u306f0.50\u307e\u3067\u3057\u304b\u843d\u3061\u307e\u305b\u3093\u3002<strong>\u4e00\u65b9\u3067\u6e80\u671f\u76f4\u524d\u306f\u3001\u6b8b\u308a\u65e5\u6570\u304c\u308f\u305a\u304b\u306b\u6e1b\u308b\u3060\u3051\u3067\u30b9\u30b1\u30fc\u30eb\u304c\u6025\u6fc0\u306b\u7e2e\u307f\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u221aT\u304c\u30bb\u30fc\u30bf\u52a0\u901f\u306e\u6b63\u4f53\uff5c\u6b8b\u5b58\u304c\u534a\u5206\u3067\u3082\u6642\u9593\u4fa1\u5024\u306f\u534a\u5206\u306b\u306a\u3089\u306a\u3044<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u221aT\u30eb\u30fc\u30eb\u3092\u7406\u89e3\u3059\u308b\u3068\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u6700\u5927\u306e\u60a9\u307f\u3069\u3053\u308d\u3067\u3042\u308b\u30bb\u30fc\u30bf\uff08\u6642\u9593\u4fa1\u5024\u306e\u6e1b\u8870\uff09\u306e\u6319\u52d5\u304c\u6570\u5f0f\u304b\u3089\u8aac\u660e\u3067\u304d\u307e\u3059\u3002<strong>\u300c\u6b8b\u5b58\u671f\u9593\u304c\u534a\u5206\u306b\u306a\u308c\u3070\u6642\u9593\u4fa1\u5024\u3082\u534a\u5206\u306b\u306a\u308b\u300d\u3068\u8003\u3048\u308b\u306e\u306f\u8aa4\u308a\u3067\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ATM\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6642\u9593\u4fa1\u5024\u306f\u3001\u304a\u304a\u3088\u305d 0.4\u00d7S\u00d7\u03c3\u00d7\u221aT \u3067\u8fd1\u4f3c\u3067\u304d\u308b\u3053\u3068\u304c\u77e5\u3089\u308c\u3066\u3044\u307e\u3059\u3002\u6642\u9593\u4fa1\u5024\u304cT\u3067\u306f\u306a\u304f\u221aT\u306b\u6bd4\u4f8b\u3059\u308b\u4ee5\u4e0a\u3001<strong>\u6b8b\u5b58\u304c\u534a\u5206\u306b\u306a\u3063\u305f\u3068\u304d\u306b\u6b8b\u308b\u6642\u9593\u4fa1\u5024\u306f \u221a0.5 \uff1d 70.71%\u3067\u3059\u3002\u534a\u5206\u306e50%\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7de8\u96c6\u90e8\u304c\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u5f0f\u3067\u53b3\u5bc6\u306b\u691c\u7b97\u3057\u305f\u3068\u3053\u308d\u3001\u3053\u306e\u95a2\u4fc2\u306f\u8fd1\u4f3c\u3067\u306f\u306a\u304f\u5b9f\u969b\u306b\u6210\u7acb\u3057\u3066\u3044\u307e\u3057\u305f\uff08S\uff1dK\uff1d100\u30fb\u03c3\uff1d30%\u30fbr\uff1d0%\uff09\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>\u6b8b\u5b58\u671f\u9593\u306e\u5909\u5316<\/th><th>\u6642\u9593\u4fa1\u5024\uff08BS\u53b3\u5bc6\u5024\uff09<\/th><th>\u6b8b\u5b58\u7387<\/th><th>\u7406\u8ad6\u5024\u221a0.5<\/th><\/tr><\/thead><tbody><tr><td>365\u65e5 \u2192 182\u65e5<\/td><td>11.9235 \u2192 8.4470<\/td><td>70.84%<\/td><td>70.71%<\/td><\/tr><tr><td>180\u65e5 \u2192 90\u65e5<\/td><td>8.3892 \u2192 5.9375<\/td><td>70.78%<\/td><td>70.71%<\/td><\/tr><tr><td>90\u65e5 \u2192 45\u65e5<\/td><td>5.9375 \u2192 4.2004<\/td><td>70.74%<\/td><td>70.71%<\/td><\/tr><tr><td>30\u65e5 \u2192 15\u65e5<\/td><td>3.4301 \u2192 2.4258<\/td><td>70.72%<\/td><td>70.71%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u3069\u306e\u6c34\u6e96\u304b\u3089\u534a\u5206\u306b\u3057\u3066\u3082\u3001\u6b8b\u308b\u306e\u306f\u7d0470.7%\u3067\u4e00\u5b9a\u3067\u3059\uff08\u6e2c\u5b9a\u65e52026\u5e747\u670816\u65e5\u30fb\u7de8\u96c6\u90e8\u7b97\u51fa\uff09\u3002<strong>\u3064\u307e\u308a\u671f\u9593\u306e\u524d\u534a\u3067\u306f\u6642\u9593\u4fa1\u5024\u306f3\u5272\u5f31\u3057\u304b\u6e1b\u3089\u305a\u3001\u6e1b\u4fa1\u306f\u5f8c\u534a\u306b\u96c6\u4e2d\u3057\u307e\u3059\u3002<\/strong>\u3053\u308c\u304c<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-theta\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u30bb\u30fc\u30bf\u304c\u6e80\u671f\u76f4\u524d\u306b\u52a0\u901f\u3059\u308b<\/a>\u3053\u3068\u306e\u6570\u5b66\u7684\u306a\u6b63\u4f53\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9006\u306b\u8a00\u3048\u3070\u3001\u8cb7\u3044\u624b\u304c\u300c\u6642\u9593\u4fa1\u5024\u306e\u6e1b\u308a\u304c\u9045\u3044\u3046\u3061\u300d\u306b\u5229\u76ca\u3092\u51fa\u3057\u305f\u3044\u306a\u3089\u671f\u9593\u306e\u524d\u534a\u304c\u6709\u5229\u306b\u306a\u308a\u307e\u3059\u3002<strong>\u58f2\u308a\u624b\u304c\u6700\u3082\u52b9\u7387\u3088\u304f\u6642\u9593\u4fa1\u5024\u3092\u5f97\u3089\u308c\u308b\u306e\u306f\u3001\u221aT\u306e\u50be\u304d\u304c\u6025\u306b\u306a\u308b\u6e80\u671f\u76f4\u524d\u3067\u3059\u3002<\/strong>\u3053\u306e\u975e\u5bfe\u79f0\u6027\u306f\u3001\u221aT\u3068\u3044\u30461\u3064\u306e\u5f0f\u304b\u3089\u5c0e\u304b\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30b9\u30b1\u30fc\u30eb\u306e\u7e2e\u5c0f\u304cGreeks\u3092\u92ed\u304f\u3059\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u6642\u9593\u30b9\u30b1\u30fc\u30eb\u304c\u7e2e\u3080\u3068\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u640d\u76ca\u66f2\u7dda\u306f\u6e80\u671f\u306e\u30ab\u30af\u30ab\u30af\u3057\u305f\u6298\u308c\u7dda\u3078\u8fd1\u3065\u3044\u3066\u3044\u304d\u307e\u3059\u3002ICHIZEN Capital\u306e\u5206\u6790\u30ec\u30dd\u30fc\u30c8\u3067\u306f\u3001\u3053\u306e\u73fe\u8c61\u3092\u6b21\u306e\u3088\u3046\u306b\u6574\u7406\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6b8b\u5b58\u65e5\u6570\u304c\u77ed\u304f\u306a\u308b\u307b\u3069\u3001ATM\uff08\u30a2\u30c3\u30c8\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\uff09\u4ed8\u8fd1\u306e\u30ac\u30f3\u30de\u306f\u7e26\u65b9\u5411\u306b\u92ed\u304f\u5c16\u3063\u3066\u3044\u304d\u307e\u3059\u3002<strong>\u4fa1\u683c\u306e\u9069\u7528\u7bc4\u56f2\u306f\u6a2a\u306b\u72ed\u307e\u308b\u4e00\u65b9\u3001\u30ac\u30f3\u30de\u306e\u7d76\u5bfe\u91cf\u3092\u793a\u3059\u7e26\u8ef8\u3060\u3051\u304c\u9ad8\u304f\u306a\u308b\u3068\u3044\u3046\u975e\u5bfe\u79f0\u306a\u5909\u5f62\u304c\u8d77\u3053\u308b\u306e\u3067\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u5f62\u72b6\u5909\u5316\u306b\u3088\u308a\u3001\u539f\u8cc7\u7523\u304c\u308f\u305a\u304b\u306b\u52d5\u304f\u3060\u3051\u3067\u30c7\u30eb\u30bf\u304c\u5927\u304d\u304f\u632f\u308c\u308b\u72b6\u614b\u306b\u306a\u308a\u307e\u3059\u3002<strong>\u7d50\u679c\u3068\u3057\u3066\u3001\u30d8\u30c3\u30b8\u306b\u4f34\u3046\u5148\u7269\u58f2\u8cb7\u304c\u77ed\u671f\u306e\u5024\u52d5\u304d\u3092\u5897\u5e45\u30fb\u6291\u5236\u3057\u5f97\u308b\u5c40\u9762\u304c\u751f\u307e\u308c\u307e\u3059\u3002<\/strong>\u5efa\u7389\u306e\u5206\u5e03\u304b\u3089\u4fdd\u6709\u8005\u306e\u7acb\u5834\u3092\u65ad\u5b9a\u306f\u3067\u304d\u307e\u305b\u3093\u304c\u3001\u6642\u9593\u30b9\u30b1\u30fc\u30eb\u306e\u7e2e\u5c0f\u304c\u30d8\u30c3\u30b8\u30d5\u30ed\u30fc\u3092\u8352\u304f\u3059\u308b\u529b\u5b66\u81ea\u4f53\u306f\u6570\u7406\u7684\u306a\u5fc5\u7136\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9006\u306b\u3001\u6e80\u671f\u304c\u9060\u3044\u9650\u6708\u3067\u306f\u221aT\u306e\u30b9\u30b1\u30fc\u30eb\u304c\u9577\u3044\u307e\u307e\u3067\u3059\u3002ICHIZEN Capital\u306e\u30ec\u30dd\u30fc\u30c8\u3067\u3082\u3001\u9060\u3044\u6e80\u671f\u306b\u3064\u3044\u3066\u306f\u30ac\u30f3\u30de\u304c\u5f31\u304f\u30c7\u30eb\u30bf\u306e\u5909\u5316\u304c\u6025\u52a0\u901f\u3057\u306b\u304f\u3044\u3068\u6574\u7406\u3057\u3066\u3044\u307e\u3059\u3002<strong>\u540c\u3058\u5efa\u7389\u3067\u3082\u300c\u6b8b\u5b58\u65e5\u6570\u304c\u9055\u3048\u3070\u52b9\u304d\u65b9\u304c\u9055\u3046\u300d\u3068\u3044\u3046\u8996\u70b9\u304c\u3001\u6e80\u671f\u3092\u307e\u305f\u3044\u3060\u5206\u6790\u3067\u306f\u6b20\u304b\u305b\u307e\u305b\u3093\u3002<\/strong><\/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\">\u6e80\u671f\u304c\u8fd1\u3044\u30aa\u30d7\u30b7\u30e7\u30f3\u307b\u3069\u5024\u52d5\u304d\u304c\u8352\u304f\u306a\u308b\u306e\u306f\u3001\u6c17\u306e\u305b\u3044\u3067\u3082\u9700\u7d66\u3060\u3051\u306e\u8a71\u3067\u3082\u3042\u308a\u307e\u305b\u3093\u3002\u221aT\u3068\u3044\u3046\u6642\u9593\u306e\u76ee\u76db\u308a\u304c\u7269\u7406\u7684\u306b\u7e2e\u3080\u305f\u3081\u3067\u3059\u3002\u3053\u3053\u3092\u62bc\u3055\u3048\u3066\u304a\u304f\u3068\u3001\u6e80\u671f\u9031\u306b\u5165\u3063\u305f\u9298\u67c4\u306e\u300c\u6025\u306b\u52b9\u304d\u304c\u5909\u308f\u3063\u305f\u300d\u611f\u899a\u3092\u3001\u6570\u5b57\u3067\u8aac\u660e\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<span class=\"c-balloon__shapes\"><span class=\"c-balloon__before\"><\/span><span class=\"c-balloon__after\"><\/span><\/span><\/div><\/div><\/div><\/div>\n\n\n<h2 class=\"wp-block-heading\">\u221aT\u30eb\u30fc\u30eb\u304c\u6210\u7acb\u3059\u308b\u6761\u4ef6\u3068\u3001\u5d29\u308c\u308b\u6761\u4ef6<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u221aT\u30eb\u30fc\u30eb\u306f\u4e07\u80fd\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<strong>\u6210\u7acb\u306e\u524d\u63d0\u306f\u300c\u5404\u671f\u9593\u306e\u30ea\u30bf\u30fc\u30f3\u304c\u72ec\u7acb\u540c\u5206\u5e03\uff08i.i.d.\uff09\u3067\u3042\u308b\u300d\u3068\u3044\u3046\u4e00\u70b9\u3067\u3042\u308a\u3001\u3053\u306e\u524d\u63d0\u304c\u5d29\u308c\u308b\u3068\u63db\u7b97\u5024\u3082\u30ba\u30ec\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u524d\u63d0\u2460\uff1a\u30ea\u30bf\u30fc\u30f3\u306b\u81ea\u5df1\u76f8\u95a2\u304c\u306a\u3044\u3053\u3068<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5206\u6563\u304c\u8db3\u3057\u7b97\u3067\u304d\u308b\u306e\u306f\u3001\u5404\u65e5\u306e\u5024\u52d5\u304d\u304c\u4e92\u3044\u306b\u72ec\u7acb\u3057\u3066\u3044\u308b\u5834\u5408\u306b\u9650\u3089\u308c\u307e\u3059\u3002<strong>\u3082\u3057\u4e0a\u6607\u306e\u7fcc\u65e5\u306b\u4e0a\u6607\u304c\u7d9a\u304d\u3084\u3059\u3044\uff08\u6b63\u306e\u81ea\u5df1\u76f8\u95a2\uff09\u306a\u3089\u3001\u5024\u52d5\u304d\u306f\u8db3\u3057\u5408\u308f\u3055\u3063\u3066\u221aT\u3088\u308a\u5927\u304d\u304f\u5e83\u304c\u308a\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9006\u306b\u3001\u4e0a\u3052\u305f\u7fcc\u65e5\u306b\u4e0b\u3052\u3084\u3059\u3044\u5e73\u5747\u56de\u5e30\u7684\u306a\u6027\u8cea\uff08\u8ca0\u306e\u81ea\u5df1\u76f8\u95a2\uff09\u304c\u3042\u308c\u3070\u3001\u5024\u52d5\u304d\u306f\u6253\u3061\u6d88\u3057\u5408\u3063\u3066\u221aT\u3088\u308a\u5c0f\u3055\u304f\u306a\u308a\u307e\u3059\u3002\u30c8\u30ec\u30f3\u30c9\u304c\u51fa\u308b\u76f8\u5834\u3067\u306f\u904e\u5c0f\u8a55\u4fa1\u3001\u30ec\u30f3\u30b8\u76f8\u5834\u3067\u306f\u904e\u5927\u8a55\u4fa1\u306b\u632f\u308c\u308b\u308f\u3051\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u524d\u63d0\u2461\uff1a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u4e00\u5b9a\u3067\u3042\u308b\u3053\u3068<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u221aT\u30eb\u30fc\u30eb\u306f\u03c3\u304c\u671f\u9593\u3092\u901a\u3058\u3066\u4e00\u5b9a\u3060\u3068\u4eee\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002\u3068\u3053\u308d\u304c\u73fe\u5b9f\u306e\u5e02\u5834\u3067\u306f\u3001\u8352\u308c\u305f\u7fcc\u65e5\u306f\u8352\u308c\u3084\u3059\u304f\u3001\u9759\u304b\u306a\u65e5\u306f\u9759\u3051\u3055\u304c\u7d9a\u304d\u307e\u3059\u3002<strong>\u3053\u306e\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30af\u30e9\u30b9\u30bf\u30ea\u30f3\u30b0\u300d\u3068\u547c\u3070\u308c\u308b\u6027\u8cea\u3053\u305d\u3001\u221aT\u63db\u7b97\u306e\u6700\u5927\u306e\u5f31\u70b9\u3067\u3057\u3087\u3046\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30ea\u30bf\u30fc\u30f3\u81ea\u4f53\u306f\u7121\u76f8\u95a2\u3067\u3082\u3001\u5024\u52d5\u304d\u306e\u5927\u304d\u3055\u306b\u306f\u8a18\u61b6\u304c\u6b8b\u308b\u3068\u3044\u3046\u69cb\u9020\u3067\u3059\u3002\u3053\u306e\u70b9\u306f\u6b21\u7ae0\u306e\u5b9f\u6e2c\u3067\u5177\u4f53\u7684\u306b\u78ba\u8a8d\u3057\u307e\u3059\u3002<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-iv-smile\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b9\u30de\u30a4\u30eb<\/a>\u3084<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-term-iv\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u671f\u9593\u5225IV\uff08\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\uff09<\/a>\u304c\u89b3\u6e2c\u3055\u308c\u308b\u3053\u3068\u81ea\u4f53\u3001\u5e02\u5834\u304c\u03c3\u4e00\u5b9a\u3092\u4fe1\u3058\u3066\u3044\u306a\u3044\u8a3c\u62e0\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u300c\u5e73\u65b9\u6839\u300d\u3068\u3044\u3046\u6307\u65700.5\u305d\u306e\u3082\u306e\u304c\u7814\u7a76\u3067\u306f\u7591\u308f\u308c\u3066\u3044\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u3082\u3046\u4e00\u6b69\u8e0f\u307f\u8fbc\u3080\u3068\u3001\u221aT\u30eb\u30fc\u30eb\u306e\u300c0.5\u4e57\u300d\u3068\u3044\u3046\u6307\u6570\u81ea\u4f53\u304c\u7d76\u5bfe\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<strong>\u3053\u306e\u6307\u6570\u306f\u30cf\u30fc\u30b9\u30c8\u6307\u6570\uff08H\uff09\u3068\u547c\u3070\u308c\u3001H\uff1d0.5\u304c\u3061\u3087\u3046\u3069\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u306b\u5bfe\u5fdc\u3057\u307e\u3059\uff08\u203b8\uff09\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u65e5\u672c\u9280\u884c\u91d1\u878d\u7814\u7a76\u6240\u306e\u30ef\u30fc\u30af\u30b7\u30e7\u30c3\u30d7\u8cc7\u6599\u306f\u3001\u3053\u306e\u95a2\u4fc2\u3092\u300c\u9031\u6b21\uff085\u65e5\uff09\u5909\u5316\u306e\u6a19\u6e96\u504f\u5dee\uff1d\u221a5\u00d7\u65e5\u6b21\u5909\u5316\u306e\u6a19\u6e96\u504f\u5dee\u300d\u3068\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\uff08\u203b4\uff09\u3002\u6a19\u6e96\u504f\u5dee\u306e\u5e83\u304c\u308a\u306f\u03c3t^H\u3067\u8868\u3055\u308c\u3001H\uff1d0.5\u306e\u3068\u304d\u221aT\u30eb\u30fc\u30eb\u306b\u306a\u308b\u3068\u3044\u3046\u6574\u7406\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3068\u3053\u308d\u304c2000\u5e74\u4ee3\u4ee5\u964d\u3001\u9ad8\u983b\u5ea6\u30c7\u30fc\u30bf\u306e\u89e3\u6790\u304b\u3089\u7570\u306a\u308b\u59ff\u304c\u898b\u3048\u3066\u304d\u307e\u3057\u305f\u3002<strong>\u540c\u8cc7\u6599\u306b\u3088\u308c\u3070\u3001\u5b9f\u73fe\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u682a\u4fa1\u6307\u6570\u3084\u50b5\u5238\u5148\u7269\u3067\u691c\u8a3c\u3059\u308b\u3068\u3001\u30cf\u30fc\u30b9\u30c8\u6307\u6570\u306fH\uff1d0.01\u301c0.1\u7a0b\u5ea6\u3068\u306a\u308a\u30010.5\u3092\u5927\u304d\u304f\u4e0b\u56de\u308a\u307e\u3059\uff08\u203b8\uff09\u3002<\/strong>H\uff1c0.5\u306f\u300c\u30e9\u30d5\uff08\u8352\u3044\uff09\u300d\u306a\u30d1\u30b9\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p 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class=\"wp-block-paragraph\">\u539f\u6587\u3067\u306f\u300c\u9280\u884c\u306f\u3001\u3088\u308a\u77ed\u3044\u4fdd\u6709\u671f\u9593\u3067\u8a08\u7b97\u3057\u305fVaR\u306e\u6570\u5024\u3092\u3001\u6642\u9593\u306e\u5e73\u65b9\u6839\u306b\u3088\u3063\u306610\u65e5\u3078\u30b9\u30b1\u30fc\u30eb\u30a2\u30c3\u30d7\u3057\u3066\u7528\u3044\u3066\u3088\u3044\u300d\u3068\u898f\u5b9a\u3055\u308c\u3066\u3044\u307e\u3059\uff08\u7b2c718(Lxxvi)(c)\u9805\uff09\u3002\u4fc2\u6570\u306e\u221a10\u306f3.1623\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u221a10\u304c\u9078\u3070\u308c\u305f\u7406\u7531\u306f\u300c\u7406\u8ad6\u7684\u306a\u6b63\u3057\u3055\u300d\u3067\u306f\u306a\u304b\u3063\u305f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u306a\u305c\u898f\u5236\u5f53\u5c40\u306f\u3001\u7cbe\u5ea6\u306b\u7591\u554f\u306e\u3042\u308b\u221a10\u3092\u8a8d\u3081\u305f\u306e\u3067\u3057\u3087\u3046\u304b\u3002<strong>\u7406\u7531\u306f\u7406\u8ad6\u7684\u306a\u6b63\u3057\u3055\u3067\u306f\u306a\u304f\u3001\u30c7\u30fc\u30bf\u4e0d\u8db3\u3068\u3044\u3046\u73fe\u5b9f\u7684\u306a\u5236\u7d04\u306b\u3042\u308a\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30ed\u30f3\u30c9\u30f3\u30fb\u30b9\u30af\u30fc\u30eb\u30fb\u30aa\u30d6\u30fb\u30a8\u30b3\u30ce\u30df\u30af\u30b9\u306eDanielsson\u3068Zigrand\u306b\u3088\u308b\u7814\u7a76\u306f\u3001\u3053\u306e\u4e8b\u60c5\u3092\u660e\u5feb\u306b\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\u300210\u65e5\u9593\u30ea\u30bf\u30fc\u30f3\u306eVaR\u3092\u76f4\u63a5\u63a8\u8a08\u3059\u308b\u306b\u306f\u6700\u4f4e\u3067\u3082300\u500b\u307b\u3069\u306e\u89b3\u6e2c\u304c\u5fc5\u8981\u3067\u3001<strong>\u5e74\u9593250\u55b6\u696d\u65e5\u3067\u63db\u7b97\u3059\u308b\u306812\u5e74\u5206\u306e\u30c7\u30fc\u30bf\u304c\u8981\u308b\u3068\u3044\u3046\u6307\u6458\u3067\u3059\uff08\u203b7\uff09\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">12\u5e74\u524d\u306e\u30c7\u30fc\u30bf\u304c\u73fe\u5728\u306e\u30ea\u30b9\u30af\u3092\u8868\u3057\u3066\u3044\u308b\u3068\u306f\u8003\u3048\u306b\u304f\u3044\u3067\u3057\u3087\u3046\u3002<strong>\u7d50\u679c\u3068\u3057\u3066\u5f53\u5c40\u306f\u3001\u65e5\u6b21\u3067\u63a8\u8a08\u3057\u3066\u221a10\u500d\u3059\u308b\u3068\u3044\u3046\u8fd1\u9053\u3092\u8a8d\u3081\u3056\u308b\u3092\u5f97\u306a\u304b\u3063\u305f\u308f\u3051\u3067\u3059\u3002<\/strong>\u221a10\u306f\u7406\u8ad6\u7684\u306a\u6700\u9069\u89e3\u3067\u306f\u306a\u304f\u3001\u30c7\u30fc\u30bf\u5236\u7d04\u3078\u306e\u5b9f\u52d9\u7684\u306a\u59a5\u5354\u3060\u3063\u305f\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5b66\u8853\u7684\u306a\u6279\u5224\uff5c\u30b8\u30e3\u30f3\u30d7\u304c\u3042\u308b\u3068\u30ea\u30b9\u30af\u3092\u904e\u5c0f\u8a55\u4fa1\u3059\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u540c\u7814\u7a76\u306f\u3001\u30b8\u30e3\u30f3\u30d7\u62e1\u6563\u904e\u7a0b\uff08\u6025\u843d\u306e\u3088\u3046\u306a\u4e0d\u9023\u7d9a\u306a\u4fa1\u683c\u5909\u5316\u3092\u542b\u3080\u30e2\u30c7\u30eb\uff09\u306e\u3082\u3068\u3067\u221aT\u30eb\u30fc\u30eb\u3092\u691c\u8a3c\u3057\u307e\u3057\u305f\u3002<strong>\u7d50\u8ad6\u306f\u300c\u221aT\u30eb\u30fc\u30eb\u306f\u30ea\u30b9\u30af\u3092\u7cfb\u7d71\u7684\u306b\u904e\u5c0f\u8a55\u4fa1\u3057\u3001\u305d\u306e\u5ea6\u5408\u3044\u306f\u671f\u9593\u30fb\u30b8\u30e3\u30f3\u30d7\u306e\u5f37\u5ea6\u30fb\u4fe1\u983c\u6c34\u6e96\u304c\u4e0a\u304c\u308b\u307b\u3069\u60aa\u5316\u3059\u308b\u300d\u3068\u3044\u3046\u3082\u306e\u3067\u3059\uff08\u203b7\uff09\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8457\u8005\u3089\u306f\u300c\u221aT\u30eb\u30fc\u30eb\u304c\u30d0\u30fc\u30bc\u30eb\u5408\u610f\u3067\u5e83\u304f\u7528\u3044\u3089\u308c\u3066\u3044\u308b\u3068\u3057\u3066\u3082\u3001\u305d\u308c\u306f\u5408\u610f\u306e\u76ee\u7684\u3092\u9054\u6210\u3067\u304d\u3066\u3044\u306a\u3044\u300d\u3068\u307e\u3067\u8ff0\u3079\u3066\u3044\u307e\u3059\uff08\u203b7\uff09\u3002<strong>\u898f\u5236\u304c\u9632\u3054\u3046\u3068\u3057\u305f\u30b7\u30b9\u30c6\u30df\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u3053\u305d\u3001\u221aT\u304c\u6700\u3082\u82e6\u624b\u3068\u3059\u308b\u90e8\u5206\u3060\u3068\u3044\u3046\u6279\u5224\u3067\u3059\u3002<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30ba\u30ec\u306f\u4e00\u65b9\u5411\u3067\u306f\u306a\u3044\uff5c\u904e\u5927\u306b\u3082\u904e\u5c0f\u306b\u3082\u306a\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u3067\u3001\u591a\u304f\u306e\u89e3\u8aac\u8a18\u4e8b\u304c\u53d6\u308a\u9055\u3048\u3066\u3044\u308b\u91cd\u8981\u306a\u70b9\u306b\u89e6\u308c\u3066\u304a\u304d\u307e\u3059\u3002<strong>\u300c\u221aT\u306f\u5371\u967a\uff1d\u5fc5\u305a\u30ea\u30b9\u30af\u3092\u904e\u5c0f\u8a55\u4fa1\u3059\u308b\u300d\u3068\u3044\u3046\u5358\u7d14\u306a\u7406\u89e3\u306f\u8aa4\u308a\u3067\u3059\u3002\u30ba\u30ec\u306f\u6761\u4ef6\u306b\u3088\u3063\u3066\u4e21\u65b9\u5411\u306b\u632f\u308c\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u540c\u7814\u7a76\u306e\u811a\u6ce8\u306f\u3001\u6761\u4ef6\u3054\u3068\u306e\u5411\u304d\u3092\u6574\u7406\u3057\u3066\u3044\u307e\u3059\u3002<strong>\u30ea\u30bf\u30fc\u30f3\u304c\u88fe\u306e\u539a\u3044\u5206\u5e03\u306b\u5f93\u3044\u3001\u304b\u3064\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30af\u30e9\u30b9\u30bf\u30ea\u30f3\u30b0\u304c\u3042\u308b\u5834\u5408\u3001\u221aT\u30eb\u30fc\u30eb\u306f\u904e\u5927\u8a55\u4fa1\u306b\u3082\u904e\u5c0f\u8a55\u4fa1\u306b\u3082\u306a\u308a\u5f97\u307e\u3059\uff08\u203b7\uff09\u3002<\/strong>\u4e00\u65b9\u3001\u7121\u6761\u4ef6\u306b\u88fe\u306e\u539a\u3044i.i.d.\u5206\u5e03\u3067\u3042\u308c\u3070\u3001\u221aT\u30eb\u30fc\u30eb\u306f\u5206\u4f4d\u70b9\u3092\u904e\u5927\u8a55\u4fa1\u3059\u308b\u3068\u3055\u308c\u3066\u3044\u307e\u3059\uff08\u203b7\uff09\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>\u524d\u63d0\u3068\u306a\u308b\u6761\u4ef6<\/th><th>\u221aT\u30eb\u30fc\u30eb\u306e\u30ba\u30ec\u306e\u5411\u304d<\/th><\/tr><\/thead><tbody><tr><td>i.i.d.\u304b\u3064\u6b63\u898f\u5206\u5e03<\/td><td>\u30ba\u30ec\u306a\u3057\uff08\u53b3\u5bc6\u306b\u6210\u7acb\uff09<\/td><\/tr><tr><td>\u30b8\u30e3\u30f3\u30d7\u62e1\u6563\uff08\u6025\u843d\u3092\u542b\u3080\uff09<\/td><td><strong>\u904e\u5c0f\u8a55\u4fa1<\/strong>\uff08\u671f\u9593\u30fb\u4fe1\u983c\u6c34\u6e96\u304c\u4e0a\u304c\u308b\u307b\u3069\u60aa\u5316\uff09<\/td><\/tr><tr><td>\u7121\u6761\u4ef6\u306b\u88fe\u306e\u539a\u3044i.i.d.\u5206\u5e03<\/td><td><strong>\u904e\u5927\u8a55\u4fa1<\/strong><\/td><\/tr><tr><td>\u88fe\u304c\u539a\u304f\u3001\u304b\u3064\u30af\u30e9\u30b9\u30bf\u30ea\u30f3\u30b0\u3042\u308a<\/td><td><strong>\u904e\u5927\u30fb\u904e\u5c0f\u306e\u4e21\u65b9\u5411\u306b\u3076\u308c\u308b<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u3055\u3089\u306b\u76ae\u8089\u306a\u767a\u898b\u3082\u3042\u308a\u307e\u3059\u3002\u540c\u7814\u7a76\u306f\u3001<strong>\u221aT\u30eb\u30fc\u30eb\u304c\u300c\u591a\u304f\u306e\u671f\u9593\u3067\u8ca7\u5f31\u306a\u8fd1\u4f3c\u3067\u3042\u308a\u306a\u304c\u3089\u300110\u65e5\u524d\u5f8c\u306e\u671f\u9593\u3067\u6700\u3082\u3046\u307e\u304f\u6a5f\u80fd\u3059\u308b\u300d\u3068\u5831\u544a\u3057\u3066\u3044\u307e\u3059\uff08\u203b7\uff09\u3002<\/strong>\u30b7\u30b9\u30c6\u30df\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u3092\u6349\u3048\u640d\u306d\u308b\u3053\u3068\u306b\u3088\u308b\u904e\u5c0f\u8a55\u4fa1\u3068\u3001\u6b74\u53f2\u7684\u306b\u30d7\u30e9\u30b9\u306e\u30c9\u30ea\u30d5\u30c8\u306b\u3088\u308b\u904e\u5927\u8a55\u4fa1\u304c\u3001\u3061\u3087\u3046\u3069\u6253\u3061\u6d88\u3057\u5408\u3046\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3064\u307e\u308a\u3001\u30d0\u30fc\u30bc\u30eb\u304c\u63a1\u7528\u3057\u305f10\u65e5\u3068\u3044\u3046\u4fdd\u6709\u671f\u9593\u306f\u3001<strong>2\u3064\u306e\u8aa4\u5dee\u304c\u5076\u7136\u76f8\u6bba\u3059\u308b\u8fd1\u508d\u3060\u3063\u305f\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/strong>\u7406\u8ad6\u7684\u306a\u88cf\u4ed8\u3051\u3068\u3044\u3046\u3088\u308a\u3001\u7d50\u679c\u7684\u306b\u3046\u307e\u304f\u3044\u3063\u3066\u3044\u305f\u3001\u3068\u3044\u3046\u8a55\u4fa1\u304c\u5b9f\u614b\u306b\u8fd1\u3044\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u73fe\u884c\u306e\u30d0\u30fc\u30bc\u30eb\u898f\u5236\u3067\u306f\u300c\u77ed\u671f\u304b\u3089\u306e\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0\u300d\u304c\u7981\u6b62\u3055\u308c\u3066\u3044\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u304c\u65e5\u672c\u8a9e\u306e\u89e3\u8aac\u8a18\u4e8b\u3067\u898b\u843d\u3068\u3055\u308c\u304c\u3061\u306a\u91cd\u8981\u70b9\u3067\u3059\u3002<strong>\u300c\u30d0\u30fc\u30bc\u30eb\u306f\u221a10\u3067\u30b9\u30b1\u30fc\u30eb\u3057\u3066\u3088\u3044\u300d\u3068\u3044\u3046\u8aac\u660e\u306f\u3001\u73fe\u884c\u306e\u67a0\u7d44\u307f\u3067\u306f\u6b63\u78ba\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5e02\u5834\u30ea\u30b9\u30af\u898f\u5236\u306f2019\u5e74\u306eFRTB\uff08\u30c8\u30ec\u30fc\u30c7\u30a3\u30f3\u30b0\u52d8\u5b9a\u306e\u629c\u672c\u7684\u898b\u76f4\u3057\uff09\u3067\u7f6e\u304d\u63db\u3048\u3089\u308c\u3001\u30ea\u30b9\u30af\u6307\u6a19\u306fVaR\u304b\u3089\u671f\u5f85\u30b7\u30e7\u30fc\u30c8\u30d5\u30a9\u30fc\u30eb\uff08ES\uff09\u3078\u79fb\u884c\u3057\u307e\u3057\u305f\u3002<strong>\u73fe\u884c\u898f\u5b9a\u306f\u3001\u57fa\u6e96\u3068\u306a\u308b10\u65e5\u9593\u306eES\u306b\u3064\u3044\u3066\u300c\u3088\u308a\u77ed\u3044\u671f\u9593\u304b\u3089\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0\u3059\u308b\u3053\u3068\u306a\u304f\u300d\u7b97\u51fa\u305b\u3088\u3068\u660e\u8a18\u3057\u3066\u3044\u307e\u3059\uff08\u203b3\u30fbMAR33.4(5)\uff09\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3064\u307e\u308a\u30011\u65e5\u306eES\u3092\u221a10\u500d\u3057\u306610\u65e5\u3068\u3059\u308b\u5f93\u6765\u306e\u8fd1\u9053\u306f\u3001\u57fa\u6e96\u30db\u30e9\u30a4\u30ba\u30f3\u306e\u7b97\u51fa\u306b\u3064\u3044\u3066\u306f\u585e\u304c\u308c\u305f\u308f\u3051\u3067\u3059\u3002<strong>\u898f\u5236\u5f53\u5c40\u81ea\u8eab\u304c\u3001\u221aT\u306b\u3088\u308b\u77ed\u671f\u304b\u3089\u306e\u5f15\u304d\u4f38\u3070\u3057\u3092\u4fe1\u983c\u3067\u304d\u306a\u3044\u3068\u5224\u65ad\u3057\u305f\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u65b9\u3067\u3001\u5e73\u65b9\u6839\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0\u304c\u5b8c\u5168\u306b\u6d88\u3048\u305f\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u73fe\u884c\u898f\u5b9a\u306f10\u65e5\u3092\u57fa\u6e96\u3068\u3057\u3066\u3001\u305d\u308c\u3088\u308a\u9577\u3044\u6d41\u52d5\u6027\u30db\u30e9\u30a4\u30ba\u30f3\uff08LH\uff09\u3078\u5e83\u3052\u308b\u969b\u306b\u306f \u221a((LH_j \u2212 LH_j\u22121)\/T) \u3068\u3044\u3046\u5e73\u65b9\u6839\u306e\u4fc2\u6570\u3092\u7528\u3044\u308b\u5f62\u3092\u6b8b\u3057\u3066\u3044\u307e\u3059\uff08\u203b6\uff09\u3002\u6d41\u52d5\u6027\u30db\u30e9\u30a4\u30ba\u30f3\u306f10\u65e5\u30fb20\u65e5\u30fb40\u65e5\u30fb60\u65e5\u30fb120\u65e5\u306e5\u6bb5\u968e\u3067\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u9805\u76ee<\/th><th>\u30d0\u30fc\u30bc\u30ebII\uff082006\u5e74\uff09<\/th><th>\u73fe\u884cFRTB\uff082019\u5e74\u301c\uff09<\/th><\/tr><\/thead><tbody><tr><td>\u30ea\u30b9\u30af\u6307\u6a19<\/td><td>VaR\uff08\u4fe1\u983c\u6c34\u6e9699%\uff09<\/td><td>\u671f\u5f85\u30b7\u30e7\u30fc\u30c8\u30d5\u30a9\u30fc\u30eb\uff08ES\uff09<\/td><\/tr><tr><td>\u57fa\u6e96\u671f\u9593<\/td><td>10\u55b6\u696d\u65e5<\/td><td>10\u65e5\uff08\u57fa\u6e96\u6d41\u52d5\u6027\u30db\u30e9\u30a4\u30ba\u30f3\uff09<\/td><\/tr><tr><td>\u77ed\u671f\u304b\u3089\u306e\u221a\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0<\/td><td><strong>\u8a8d\u3081\u308b<\/strong>\uff08\u221a10\u500d\u3067\u3088\u3044\uff09<\/td><td><strong>\u8a8d\u3081\u306a\u3044<\/strong>\uff08\u300c\u77ed\u3044\u671f\u9593\u304b\u3089\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0\u305b\u305a\u300d\u7b97\u51fa\uff09<\/td><\/tr><tr><td>\u5e73\u65b9\u6839\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0\u306e\u6b8b\u5b58<\/td><td>\u2014<\/td><td>10\u65e5\u8d85\u306eLH\u3078\u5e83\u3052\u308b\u969b\u306b\u4f7f\u7528<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u5909\u9077\u305d\u306e\u3082\u306e\u304c\u3001\u221aT\u30eb\u30fc\u30eb\u306e\u7acb\u3061\u4f4d\u7f6e\u3092\u7269\u8a9e\u3063\u3066\u3044\u307e\u3059\u3002<strong>\u300c\u77ed\u671f\u306e\u5b9f\u6e2c\u3092\u9577\u671f\u3078\u5f15\u304d\u4f38\u3070\u3059\u300d\u7528\u9014\u3067\u306f\u4fe1\u983c\u6027\u304c\u4f4e\u304f\u3001\u300c\u57fa\u6e96\u671f\u9593\u3092\u5225\u9014\u6e2c\u3063\u305f\u3046\u3048\u3067\u88dc\u52a9\u7684\u306b\u4f38\u3070\u3059\u300d\u7528\u9014\u306a\u3089\u8a31\u5bb9\u3055\u308c\u308b\u3001\u3068\u3044\u3046\u7dda\u5f15\u304d\u3067\u3059\u3002<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">ICHIZEN Capital\u306e\u8996\u70b9\uff5cBTC\u3067\u221aT\u30eb\u30fc\u30eb\u3092\u5b9f\u6e2c\u691c\u8a3c\u3057\u305f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u300c\u221aT\u306f\u6697\u53f7\u8cc7\u7523\u3067\u306f\u901a\u7528\u3057\u306a\u3044\u300d\u3068\u3044\u3046\u8aac\u660e\u3092\u3057\u3070\u3057\u3070\u898b\u304b\u3051\u307e\u3059\u3002<strong>\u7de8\u96c6\u90e8\u306f\u3053\u308c\u3092\u9d5c\u5451\u307f\u306b\u305b\u305a\u3001BTC\u306e\u5b9f\u30c7\u30fc\u30bf\u3067\u691c\u8a3c\u3057\u307e\u3057\u305f\u3002\u7d50\u8ad6\u306f\u300c\u6c34\u6e96\u306e\u63db\u7b97\u3068\u3057\u3066\u306f\u901a\u7528\u3059\u308b\u3002\u305f\u3060\u3057\u5c40\u9762\u306f\u5f53\u3066\u3089\u308c\u306a\u3044\u300d\u3068\u3044\u3046\u3001\u3084\u3084\u610f\u5916\u306a\u3082\u306e\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u691c\u8a3c\u2460\uff1a\u671f\u9593\u5225\u306e\u5206\u6563\u6bd4\u30c6\u30b9\u30c8<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u65e5\u6b21\u03c3\u304b\u3089\u221aT\u3067\u4e88\u6e2c\u3057\u305f\u5024\u3068\u3001\u5b9f\u969b\u306bk\u65e5\u9593\u307e\u3068\u3081\u3066\u6e2c\u3063\u305f\u03c3\u3092\u7a81\u304d\u5408\u308f\u305b\u307e\u3057\u305f\u3002<strong>\u6bd4\u304c1.0\u306b\u8fd1\u3044\u307b\u3069\u221aT\u30eb\u30fc\u30eb\u304c\u6a5f\u80fd\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u793a\u3057\u307e\u3059\u3002<\/strong><\/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>\u671f\u9593k<\/th><th>\u221aT\u4e88\u6e2c\u03c3<\/th><th>\u5b9f\u6e2c\u03c3<\/th><th>\u6bd4\uff08\u5b9f\u6e2c\/\u4e88\u6e2c\uff09<\/th><th>\u6a19\u672c\u6570<\/th><th>\u7d71\u8a08\u7684\u6709\u610f\u6027<\/th><\/tr><\/thead><tbody><tr><td>2\u65e5<\/td><td>3.2080%<\/td><td>2.9635%<\/td><td>0.924<\/td><td>182<\/td><td>\u6709\u610f\u3067\u306a\u3044<\/td><\/tr><tr><td>5\u65e5<\/td><td>5.0723%<\/td><td>5.4935%<\/td><td>1.083<\/td><td>73<\/td><td>\u6709\u610f\u3067\u306a\u3044<\/td><\/tr><tr><td>10\u65e5<\/td><td>7.1734%<\/td><td>6.7374%<\/td><td>0.939<\/td><td>36<\/td><td>\u6709\u610f\u3067\u306a\u3044<\/td><\/tr><tr><td>20\u65e5<\/td><td>10.1447%<\/td><td>7.8857%<\/td><td>0.777<\/td><td>18<\/td><td>\u6709\u610f\u3067\u306a\u3044<\/td><\/tr><tr><td>30\u65e5<\/td><td>12.4247%<\/td><td>12.5700%<\/td><td>1.012<\/td><td>12<\/td><td>\u6709\u610f\u3067\u306a\u3044<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u6700\u3082\u4e56\u96e2\u304c\u5927\u304d\u304420\u65e5\u3067\u3082\u3001\u6bd4\u306f0.777\uff1d\u221aT\u304c22.3%\u307b\u3069\u904e\u5927\u8a55\u4fa1\u3068\u3044\u3046\u7d50\u679c\u3067\u3057\u305f\u3002<strong>\u305f\u3060\u3057\u6a19\u672c\u6570\u306f\u308f\u305a\u304b18\u500b\u3067\u3042\u308a\u3001\u7d71\u8a08\u7684\u306b\u306f\u6709\u610f\u306a\u4e56\u96e2\u3068\u306f\u8a00\u3048\u307e\u305b\u3093\uff08z\uff1d\u22121.34\uff09\u3002<\/strong>\u8aa4\u5dee\u306e\u7bc4\u56f2\u306b\u53ce\u307e\u3063\u3066\u3044\u308b\u3001\u3068\u3044\u3046\u306e\u304c\u5fd6\u5ea6\u306e\u306a\u3044\u8aad\u307f\u65b9\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u306f\u6b63\u76f4\u306b\u66f8\u304d\u307e\u3059\u3002<strong>\u300c\u6697\u53f7\u8cc7\u7523\u3060\u304b\u3089\u221aT\u304c\u58ca\u308c\u308b\u300d\u3068\u3044\u3046\u4e3b\u5f35\u3092\u3001\u4eca\u56de\u306eBTC\u30c7\u30fc\u30bf\u306f\u652f\u6301\u3057\u307e\u305b\u3093\u3067\u3057\u305f\u3002<\/strong>1\u5e74\u5206\u306e\u30c7\u30fc\u30bf\u3067\u9577\u671f\u9593\u306e\u5206\u6563\u3092\u6e2c\u308d\u3046\u3068\u3059\u308b\u3068\u6a19\u672c\u304c\u8db3\u308a\u305a\u3001\u305d\u3082\u305d\u3082\u5224\u5b9a\u3059\u308b\u529b\u304c\u4e0d\u8db3\u3059\u308b\u3068\u3044\u3046\u5236\u7d04\u3082\u3042\u308a\u307e\u3059\uff08\u6e2c\u5b9a\u65e52026\u5e747\u670816\u65e5\uff09\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u691c\u8a3c\u2461\uff1a\u524d\u63d0\u3067\u3042\u308b\u300c\u7121\u76f8\u95a2\u300d\u306f\u6210\u7acb\u3057\u3066\u3044\u305f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u221aT\u30eb\u30fc\u30eb\u306e\u524d\u63d0\u306f\u3001\u30ea\u30bf\u30fc\u30f3\u306b\u81ea\u5df1\u76f8\u95a2\u304c\u306a\u3044\u3053\u3068\u3067\u3057\u305f\u3002\u5b9f\u6e2c\u3059\u308b\u3068\u3001\u3069\u306e\u30e9\u30b0\u3067\u3082\u81ea\u5df1\u76f8\u95a2\u306f\u307b\u307c\u30bc\u30ed\u3067\u3001\u7d71\u8a08\u7684\u306b\u6709\u610f\u306a\u76f8\u95a2\u306f\u691c\u51fa\u3055\u308c\u307e\u305b\u3093\u3067\u3057\u305f\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u6307\u6a19<\/th><th>lag1<\/th><th>lag2<\/th><th>lag3<\/th><th>\u5224\u5b9a\uff0895%\u6c34\u6e96\u306f\u00b10.103\uff09<\/th><\/tr><\/thead><tbody><tr><td>\u30ea\u30bf\u30fc\u30f3\u306e\u81ea\u5df1\u76f8\u95a2<\/td><td>\u22120.0344<\/td><td>\u22120.0164<\/td><td>\u22120.0658<\/td><td>\u3059\u3079\u3066\u6709\u610f\u3067\u306a\u3044\uff1d<strong>\u524d\u63d0\u3068\u6574\u5408<\/strong><\/td><\/tr><tr><td>\u5024\u5e45|r|\u306e\u81ea\u5df1\u76f8\u95a2<\/td><td><strong>+0.2049<\/strong><\/td><td><strong>+0.1348<\/strong><\/td><td>+0.0474<\/td><td>lag1\u30fblag2\u304c<strong>\u6709\u610f\uff1d\u30af\u30e9\u30b9\u30bf\u30ea\u30f3\u30b0\u5b9f\u5728<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e2\u884c\u306e\u5bfe\u6bd4\u304c\u3001\u4eca\u56de\u306e\u691c\u8a3c\u3067\u6700\u3082\u91cd\u8981\u306a\u767a\u898b\u3067\u3059\u3002<strong>\u300c\u65b9\u5411\u300d\u306b\u306f\u8a18\u61b6\u304c\u306a\u3044\u306e\u306b\u3001\u300c\u5024\u5e45\u300d\u306b\u306f\u306f\u3063\u304d\u308a\u3068\u8a18\u61b6\u304c\u6b8b\u3063\u3066\u3044\u307e\u3059\u3002<\/strong>\u5024\u5e45\u306e\u81ea\u5df1\u76f8\u95a2\u306flag1\u3067+0.2049\uff08z\uff1d+3.91\uff09\u3068\u3001\u7d71\u8a08\u7684\u306b\u660e\u78ba\u306a\u6c34\u6e96\u3067\u3057\u305f\uff08\u6e2c\u5b9a\u65e52026\u5e747\u670816\u65e5\uff09\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u7d50\u8ad6\uff1a\u221aT\u306f\u300c\u5e73\u5747\u300d\u306b\u306f\u4f7f\u3048\u308b\u304c\u300c\u5c40\u9762\u300d\u306b\u306f\u8db3\u308a\u306a\u3044<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">2\u3064\u306e\u691c\u8a3c\u3092\u5408\u308f\u305b\u308b\u3068\u3001\u221aT\u30eb\u30fc\u30eb\u306e\u6b63\u3057\u3044\u4f7f\u3044\u3069\u3053\u308d\u304c\u898b\u3048\u3066\u304d\u307e\u3059\u3002<strong>1\u5e74\u3092\u5e73\u5747\u3059\u308c\u3070\u221aT\u306f\u6a5f\u80fd\u3057\u307e\u3059\u3002\u65b9\u5411\u306b\u81ea\u5df1\u76f8\u95a2\u304c\u306a\u3044\u4ee5\u4e0a\u3001\u5206\u6563\u306f\u304a\u304a\u3080\u306d\u7d20\u76f4\u306b\u8db3\u3057\u4e0a\u304c\u308b\u305f\u3081\u3067\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u65b9\u3067\u3001\u8352\u308c\u305f\u7fcc\u65e5\u306f\u8352\u308c\u3084\u3059\u3044\u3068\u3044\u3046\u6027\u8cea\u304c\u660e\u78ba\u306b\u5b58\u5728\u3057\u307e\u3059\u3002<strong>\u3064\u307e\u308a\u221aT\u306f\u300c\u5e73\u5e38\u6642\u306e\u5e73\u5747\u7684\u306a\u6c34\u6e96\u300d\u3092\u4e0e\u3048\u308b\u3060\u3051\u3067\u3001\u300c\u4eca\u304c\u8352\u308c\u308b\u5c40\u9762\u304b\u3069\u3046\u304b\u300d\u306f\u4e00\u5207\u6559\u3048\u3066\u304f\u308c\u307e\u305b\u3093\u3002<\/strong>\u3053\u308c\u306f\u221aT\u30eb\u30fc\u30eb\u306e\u8aa4\u308a\u3067\u306f\u306a\u304f\u3001\u305d\u3082\u305d\u3082\u5b88\u5099\u7bc4\u56f2\u306e\u5916\u306b\u3042\u308b\u554f\u3044\u306a\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9f\u52d9\u7684\u306a\u542b\u610f\u306f\u660e\u78ba\u3067\u3057\u3087\u3046\u3002<strong>\u30dd\u30b8\u30b7\u30e7\u30f3\u30b5\u30a4\u30ba\u3092\u221aT\u3060\u3051\u3067\u6c7a\u3081\u308b\u3068\u3001\u30af\u30e9\u30b9\u30bf\u30ea\u30f3\u30b0\u304c\u52b9\u3044\u305f\u5c40\u9762\u3067\u60f3\u5b9a\u3092\u8d85\u3048\u308b\u640d\u5931\u3092\u88ab\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/strong>\u221aT\u3067\u6c34\u6e96\u306e\u5f53\u305f\u308a\u3092\u4ed8\u3051\u3001\u76f4\u8fd1\u306eIV\u3084<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-vrp\/\" target=\"_blank\" rel=\"noopener noreferrer\">VRP\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff09<\/a>\u3067\u73fe\u5728\u306e\u74b0\u5883\u3092\u88dc\u6b63\u3059\u308b\u3001\u3068\u3044\u3046\u4e8c\u6bb5\u69cb\u3048\u304c\u73fe\u5b9f\u7684\u306a\u904b\u7528\u3068\u8a00\u3048\u307e\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\">\u4eca\u56de\u3044\u3061\u3070\u3093\u4f1d\u3048\u305f\u3044\u306e\u306f\u3053\u3053\u3067\u3059\u3002\u300c\u6697\u53f7\u8cc7\u7523\u306f\u7279\u6b8a\u3060\u304b\u3089\u7406\u8ad6\u306f\u4f7f\u3048\u306a\u3044\u300d\u3068\u5207\u308a\u6368\u3066\u308b\u306e\u306f\u3001\u5b9f\u306f\u96d1\u306a\u614b\u5ea6\u3067\u3057\u305f\u3002\u6e2c\u3063\u3066\u307f\u308b\u3068\u221aT\u306f\u601d\u3063\u305f\u3088\u308a\u7d20\u76f4\u306b\u6210\u7acb\u3057\u3066\u304a\u308a\u3001\u58ca\u308c\u3066\u3044\u305f\u306e\u306f&#8221;\u5024\u5e45\u306e\u8a18\u61b6&#8221;\u306e\u307b\u3046\u3067\u3059\u3002\u3069\u3053\u304c\u6a5f\u80fd\u3057\u3066\u3069\u3053\u304c\u6a5f\u80fd\u3057\u306a\u3044\u304b\u3092\u5206\u3051\u3066\u7406\u89e3\u3059\u308b\u3053\u3068\u304c\u3001\u30ea\u30b9\u30af\u7ba1\u7406\u306e\u7cbe\u5ea6\u306b\u76f4\u7d50\u3057\u307e\u3059\u3002<\/span><\/p>\n<span class=\"c-balloon__shapes\"><span class=\"c-balloon__before\"><\/span><span class=\"c-balloon__after\"><\/span><\/span><\/div><\/div><\/div><\/div>\n\n\n<h2 class=\"wp-block-heading\">\u6642\u9593\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0\u306e\u6ce8\u610f\u70b9\u30fb\u3088\u304f\u3042\u308b\u8aa4\u89e3<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u221aT\u30eb\u30fc\u30eb\u306f\u30b7\u30f3\u30d7\u30eb\u306a\u3060\u3051\u306b\u3001\u4f7f\u3044\u65b9\u3092\u8aa4\u308a\u3084\u3059\u3044\u9053\u5177\u3067\u3082\u3042\u308a\u307e\u3059\u3002\u5b9f\u52d9\u3067\u983b\u51fa\u3059\u308b\u53d6\u308a\u9055\u3048\u3092\u6574\u7406\u3057\u3066\u304a\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-good_list\" data-colset=\"of\"><div class=\"cap_box_ttl\"><span class=\"__label\"><i class=\"icon-check\" aria-hidden=\"true\"><\/i>\u221aT\u30eb\u30fc\u30eb\u304c\u5f97\u610f\u306a\u3053\u3068<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>\u65e5\u6b21\u03c3\u3068\u5e74\u7387IV\u3092\u76f8\u4e92\u306b\u63db\u7b97\u3057\u3001\u7570\u306a\u308b\u671f\u9593\u306e\u6570\u5b57\u3092\u540c\u3058\u571f\u4ff5\u3067\u6bd4\u8f03\u3059\u308b<\/li>\n\n<li>\u6b8b\u5b58\u65e5\u6570\u304b\u3089\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5b9f\u52b9\u7684\u306a\u30d6\u30ec\u5e45\uff08\u03c3\u221aT\uff09\u3092\u7d20\u65e9\u304f\u898b\u7a4d\u3082\u308b<\/li>\n\n<li>\u5e73\u5e38\u6642\u306e\u5e73\u5747\u7684\u306a\u5909\u52d5\u5e45\u306e\u6c34\u6e96\u611f\u3092\u63b4\u3080\uff08BTC\u5b9f\u6e2c\u3067\u3082\u6709\u610f\u306a\u4e56\u96e2\u306f\u691c\u51fa\u3055\u308c\u305a\uff09<\/li>\n\n<li>\u72ec\u7acb\u6027\u304c\u6e80\u305f\u3055\u308c\u308b\u9650\u308a\u3001\u8fd1\u4f3c\u3067\u306f\u306a\u304f\u53b3\u5bc6\u306a\u7b49\u5f0f\u3068\u3057\u3066\u4f7f\u3048\u308b<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-bad_list\" data-colset=\"of\"><div class=\"cap_box_ttl\"><span class=\"__label\"><i class=\"icon-close\" aria-hidden=\"true\"><\/i>\u221aT\u30eb\u30fc\u30eb\u304c\u82e6\u624b\u306a\u3053\u3068\u30fb\u8aa4\u89e3\u3055\u308c\u3084\u3059\u3044\u70b9<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>\u300c\u4eca\u304c\u8352\u308c\u308b\u5c40\u9762\u304b\u300d\u306e\u5224\u5b9a\uff08\u5024\u5e45\u306e\u81ea\u5df1\u76f8\u95a2\u306f\u6709\u610f\uff1d\u30af\u30e9\u30b9\u30bf\u30ea\u30f3\u30b0\u3092\u6349\u3048\u3089\u308c\u306a\u3044\uff09<\/li>\n\n<li>\u57fa\u6e96\u65e5\u6570\u306e\u6df7\u540c\uff08365\u3068252\u3092\u53d6\u308a\u9055\u3048\u308b\u3068\u540c\u3058\u9298\u67c4\u30677.33pt\u30ba\u30ec\u308b\uff09<\/li>\n\n<li>1\u03c3\u3092\u300c\u6700\u5927\u5909\u52d5\u5e45\u300d\u3068\u8aa4\u89e3\u3059\u308b\uff08\u7d043\u56de\u306b1\u56de\u306f1\u03c3\u3092\u8d85\u3048\u308b\uff09<\/li>\n\n<li>\u30b8\u30e3\u30f3\u30d7\u30fb\u6025\u843d\u306e\u78ba\u7387\uff08\u6b63\u898f\u5206\u5e03\u306e\u524d\u63d0\u304c\u88fe\u3067\u5d29\u308c\u308b\uff09<\/li>\n\n<li>\u77ed\u671f\u306e\u5b9f\u6e2c\u3092\u9577\u671f\u3078\u5f15\u304d\u4f38\u3070\u3059\u7528\u9014\uff08\u73fe\u884c\u30d0\u30fc\u30bc\u30eb\u898f\u5236\u3067\u3082\u7981\u6b62\u3055\u308c\u3066\u3044\u308b\uff09<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">\u8aa4\u89e3\u2460\uff1a\u300c\u6642\u9593\u304c2\u500d\u306a\u3089\u30ea\u30b9\u30af\u30822\u500d\u300d<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u6700\u3082\u591a\u3044\u53d6\u308a\u9055\u3048\u3067\u3059\u3002<strong>\u671f\u9593\u304c2\u500d\u3067\u3082\u30d6\u30ec\u306f\u7d041.41\u500d\u306b\u3057\u304b\u306a\u308a\u307e\u305b\u3093\u3002<\/strong>\u30ea\u30b9\u30af\u304c\u6642\u9593\u306b\u6bd4\u4f8b\u3057\u3066\u5897\u3048\u308b\u3068\u8003\u3048\u308b\u3068\u3001\u9577\u671f\u306e\u30ea\u30b9\u30af\u3092\u5927\u5e45\u306b\u904e\u5927\u8a55\u4fa1\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u8aa4\u89e3\u2461\uff1a\u55b6\u696d\u65e5\u3068\u66a6\u65e5\u3092\u6df7\u305c\u3066\u8a08\u7b97\u3059\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u65e5\u6b21\u03c3\u3092\u55b6\u696d\u65e5\u30d9\u30fc\u30b9\u3067\u6e2c\u3063\u305f\u306e\u306b\u3001\u5e74\u7387\u63db\u7b97\u3060\u3051365\u65e5\u3067\u884c\u3046\u3068\u3044\u3063\u305f\u6df7\u5728\u306f\u73cd\u3057\u304f\u3042\u308a\u307e\u305b\u3093\u3002<strong>\u6e2c\u3063\u305f\u671f\u9593\u306e\u6570\u3048\u65b9\u3068\u3001\u63db\u7b97\u306b\u4f7f\u3046\u65e5\u6570\u306e\u6570\u3048\u65b9\u306f\u5fc5\u305a\u63c3\u3048\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6697\u53f7\u8cc7\u7523\u306f24\u6642\u9593365\u65e5\u52d5\u304f\u305f\u3081\u3001\u65e5\u6b21\u30c7\u30fc\u30bf\u3082365\u65e5\u3001\u63db\u7b97\u3082365\u65e5\u3067\u4e00\u8cab\u3057\u307e\u3059\u3002\u682a\u5f0f\u306e\u611f\u899a\u3092\u6301\u3061\u8fbc\u3080\u3068\u3001\u3053\u306e\u4e00\u8cab\u6027\u304c\u5d29\u308c\u3084\u3059\u304f\u306a\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u8aa4\u89e3\u2462\uff1aIV\u306e\u6570\u5b57\u3092\u305d\u306e\u307e\u307e\u660e\u65e5\u306e\u5909\u52d5\u5e45\u3068\u3057\u3066\u8aad\u3080<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">IV43%\u3068\u8868\u793a\u3055\u308c\u3066\u3044\u3066\u3082\u3001\u660e\u65e543%\u52d5\u304f\u60f3\u5b9a\u3068\u3044\u3046\u610f\u5473\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<strong>\u5e74\u7387\u8868\u793a\u306f\u221aT\u30671\u5e74\u5206\u306b\u81a8\u3089\u307e\u305b\u305f\u5f8c\u306e\u59ff\u3067\u3042\u308a\u30011\u65e5\u306b\u5272\u308a\u623b\u305b\u3070\u7d042.27%\u306b\u3059\u304e\u306a\u3044\u306e\u3067\u3059\u3002<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u3088\u304f\u3042\u308b\u8cea\u554f<\/h2>\n\n\n\n<div class=\"swell-block-faq\" itemscope itemtype=\"https:\/\/schema.org\/FAQPage\"><div class=\"faq_q_wrap\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u5e74\u7387\u63db\u7b97\u306f\u3069\u3046\u3084\u308a\u307e\u3059\u304b\uff1f<\/h3><div class=\"faq_a_wrap\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>\u65e5\u6b21\u30ea\u30bf\u30fc\u30f3\u306e\u6a19\u6e96\u504f\u5dee\u306b\u30011\u5e74\u306e\u671f\u9593\u6570\u306e\u5e73\u65b9\u6839\u3092\u639b\u3051\u307e\u3059\u3002\u682a\u5f0f\u306a\u3089\u221a250\u524d\u5f8c\u3001\u6697\u53f7\u8cc7\u7523\u306a\u3089\u221a365\u3067\u3059\u3002\u4f8b\u3048\u3070BTC\u306e\u65e5\u6b21\u03c3\u304c2.2684%\u306e\u5834\u5408\u30012.2684%\u00d7\u221a365\uff1d43.34%\u304c\u5e74\u7387\u306b\u306a\u308a\u307e\u3059\u3002\u639b\u3051\u308b\u7406\u7531\u306f\u3001\u5206\u6563\u304c\u6642\u9593\u306b\u6bd4\u4f8b\u3057\u3066\u5897\u3048\u308b\u305f\u3081\u3067\u3042\u308a\u3001\u305d\u306e\u5e73\u65b9\u6839\u3067\u3042\u308b\u6a19\u6e96\u504f\u5dee\u306f\u221aT\u3067\u3057\u304b\u5897\u3048\u306a\u3044\u304b\u3089\u3067\u3059\u3002<\/p><\/div><\/div><\/div><div class=\"faq_q_wrap\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u306a\u305c\u6642\u9593\u306e\u5e73\u65b9\u6839\u306b\u6bd4\u4f8b\u3059\u308b\u306e\u3067\u3059\u304b\uff1f<\/h3><div class=\"faq_a_wrap\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>\u5206\u6563\u304c\u8db3\u3057\u7b97\u3067\u304d\u308b\u306e\u306b\u5bfe\u3057\u3001\u6a19\u6e96\u504f\u5dee\u306f\u8db3\u3057\u7b97\u3067\u304d\u306a\u3044\u305f\u3081\u3067\u3059\u3002\u65e5\u672c\u53d6\u5f15\u6240\u30b0\u30eb\u30fc\u30d7\u3082\u65e5\u7d4c\u5e73\u5747VI\u306e\u89e3\u8aac\u3067\u300c\u03c3\u00b2\u5e74\u7387\uff1d\u03c3\u00b2\u65e5\u7387\uff0b\u03c3\u00b2\u65e5\u7387\uff0b\u2026\u2026\uff1d245\u03c3\u00b2\u65e5\u7387\u300d\u3068\u3001\u5e74\u7387\u306e\u5206\u6563\u3092\u65e5\u6b21\u5206\u6563\u306e\u5358\u7d14\u306a\u5408\u8a08\u3068\u3057\u3066\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u5206\u6563\u3067\u8db3\u3057\u3066\u304b\u3089\u5e73\u65b9\u6839\u3078\u623b\u3059\u3068\u3044\u3046\u5f80\u5fa9\u306e\u904e\u7a0b\u3067\u3001\u6642\u9593\u306e\u52b9\u304d\u65b9\u304c\u5e73\u65b9\u6839\u306b\u6f70\u308c\u307e\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u671f\u9593\u304c4\u500d\u3067\u3082\u30d6\u30ec\u306f2\u500d\u306b\u3057\u304b\u306a\u308a\u307e\u305b\u3093\u3002<\/p><\/div><\/div><\/div><div class=\"faq_q_wrap\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\">\u5e74\u7387\u63db\u7b97\u306e\u221a\u306e\u4e2d\u306f250\uff1f252\uff1f245\uff1f\u3069\u308c\u3092\u4f7f\u3044\u307e\u3059\u304b\uff1f<\/h3><div class=\"faq_a_wrap\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>\u552f\u4e00\u306e\u6b63\u89e3\u306f\u306a\u304f\u3001\u51fa\u5178\u306b\u3088\u3063\u3066\u7570\u306a\u308a\u307e\u3059\u3002\u65e5\u672c\u53d6\u5f15\u6240\u30b0\u30eb\u30fc\u30d7\u306f\u65e5\u7d4c\u5e73\u5747VI\u306e\u89e3\u8aac\u3067245\u65e5\uff08\u221a245\uff1d15.65\uff09\u3001\u6771\u4eac\u5927\u5b66\u306e\u670d\u90e8\u5b5d\u6d0b\u6c0f\u306b\u3088\u308b\u56fd\u50b5\u5148\u7269\u30aa\u30d7\u30b7\u30e7\u30f3\u5165\u9580\u306f250\u65e5\uff08\u221a250\uff1d15.81\uff09\u3001\u7c73\u56fd\u306eOIC\u306f252\u65e5\uff08\u221a252\uff1d15.87\uff09\u3092\u7528\u3044\u3066\u3044\u307e\u3059\u3002\u3044\u305a\u308c\u3082\u5b9f\u52d9\u3067\u306f\u300c\u304a\u3088\u305d16\u3067\u5272\u308b\u300d\u306b\u4e38\u3081\u3089\u308c\u308b\u70b9\u306f\u5171\u901a\u3067\u3059\u3002\u91cd\u8981\u306a\u306e\u306f\u3001\u6e2c\u3063\u305f\u671f\u9593\u306e\u6570\u3048\u65b9\u3068\u63db\u7b97\u306b\u4f7f\u3046\u65e5\u6570\u3092\u63c3\u3048\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p><\/div><\/div><\/div><div class=\"faq_q_wrap\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\">\u5e74\u7387\u306eIV\u304b\u30891\u65e5\u306e\u671f\u5f85\u5909\u52d5\u5e45\u3092\u51fa\u3059\u306b\u306f\uff1f16\u3067\u5272\u308c\u3070\u3044\u3044\u3067\u3059\u304b\uff1f<\/h3><div class=\"faq_a_wrap\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>\u682a\u5f0f\u306a\u308916\u3067\u5272\u308b\u306e\u304c\u5b9f\u52d9\u306e\u76ee\u5b89\u3067\u3059\u3002OIC\u306f\u300cRule of 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itemprop=\"name\">\u30a8\u30af\u30bb\u30eb\u3067\u5e74\u7387\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u8a08\u7b97\u3059\u308b\u306b\u306f\u3069\u3046\u3057\u307e\u3059\u304b\uff1f<\/h3><div class=\"faq_a_wrap\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div 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itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\">\u6b8b\u5b58\u671f\u9593\u304c\u534a\u5206\u306b\u306a\u308b\u3068\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6642\u9593\u4fa1\u5024\u3082\u534a\u5206\u306b\u306a\u308a\u307e\u3059\u304b\uff1f<\/h3><div class=\"faq_a_wrap\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>\u534a\u5206\u306b\u306f\u306a\u308a\u307e\u305b\u3093\u3002\u7d0470.7%\u304c\u6b8b\u308a\u307e\u3059\u3002ATM\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6642\u9593\u4fa1\u5024\u306f\u304a\u304a\u3088\u305d0.4\u00d7S\u00d7\u03c3\u00d7\u221aT\u3067\u8fd1\u4f3c\u3067\u304d\u3001T\u3067\u306f\u306a\u304f\u221aT\u306b\u6bd4\u4f8b\u3059\u308b\u305f\u3081\u3067\u3059\u3002\u221a0.5\uff1d0.7071\u306a\u306e\u3067\u3001\u6b8b\u5b58\u304c\u534a\u5206\u306b\u306a\u3063\u3066\u3082\u6e1b\u308b\u306e\u306f\u7d0429.3%\u306b\u3068\u3069\u307e\u308a\u307e\u3059\u3002\u7de8\u96c6\u90e8\u304c\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u5f0f\u3067\u53b3\u5bc6\u306b\u691c\u7b97\u3057\u305f\u3068\u3053\u308d\u3001365\u65e5\u2192182\u65e5\u306770.84%\u300130\u65e5\u219215\u65e5\u306770.72%\u3068\u3001\u3069\u306e\u6c34\u6e96\u304b\u3089\u3067\u3082\u7d0470.7%\u304c\u6b8b\u308a\u307e\u3057\u305f\u3002\u6642\u9593\u4fa1\u5024\u306e\u6e1b\u5c11\u304c\u6e80\u671f\u76f4\u524d\u306b\u96c6\u4e2d\u3059\u308b\u7406\u7531\u304c\u3053\u3053\u306b\u3042\u308a\u307e\u3059\u3002<\/p><\/div><\/div><\/div><div class=\"faq_q_wrap\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\">\u6708\u6b21\u30c7\u30fc\u30bf\u306a\u3089\u221a12\u3001\u9031\u6b21\u306a\u3089\u221a52\u3067\u5408\u3063\u3066\u3044\u307e\u3059\u304b\uff1f<\/h3><div class=\"faq_a_wrap\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>\u5408\u3063\u3066\u3044\u307e\u3059\u30021\u5e74\u306f12\u30ab\u6708\u30fb\u7d0452\u9031\u306a\u306e\u3067\u3001\u6708\u6b21\u306e\u6a19\u6e96\u504f\u5dee\u306b\u306f\u221a12\u3001\u9031\u6b21\u306b\u306f\u221a52\u3092\u639b\u3051\u308b\u3068\u5e74\u7387\u306b\u306a\u308a\u307e\u3059\u3002\u8003\u3048\u65b9\u306f\u65e5\u6b21\u306e\u5834\u5408\u3068\u307e\u3063\u305f\u304f\u540c\u3058\u3067\u3001\u300c1\u5e74\u306b\u4f55\u56de\u305d\u306e\u671f\u9593\u304c\u542b\u307e\u308c\u308b\u304b\u300d\u306e\u5e73\u65b9\u6839\u3092\u639b\u3051\u308b\u3060\u3051\u3067\u3059\u3002\u305f\u3060\u3057\u3069\u306e\u983b\u5ea6\u3067\u6e2c\u3063\u3066\u3082\u3001\u30ea\u30bf\u30fc\u30f3\u306b\u81ea\u5df1\u76f8\u95a2\u304c\u306a\u3044\u3068\u3044\u3046\u524d\u63d0\u306f\u5171\u901a\u3057\u3066\u5fc5\u8981\u306b\u306a\u308a\u307e\u3059\u3002<\/p><\/div><\/div><\/div><div class=\"faq_q_wrap\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\">\u221aT\u30eb\u30fc\u30eb\u304c\u6210\u308a\u7acb\u305f\u306a\u3044\u306e\u306f\u3069\u3093\u306a\u3068\u304d\u3067\u3059\u304b\uff1f<\/h3><div class=\"faq_a_wrap\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div 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class=\"faq_q_wrap\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\">\u30d0\u30fc\u30bc\u30eb\u898f\u5236\u3067\u306f\u4eca\u3082\u221a10\u3067\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0\u3057\u3066\u3088\u3044\u306e\u3067\u3059\u304b\uff1f<\/h3><div class=\"faq_a_wrap\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>\u57fa\u6e96\u3068\u306a\u308b10\u65e5\u9593\u306e\u7b97\u51fa\u306b\u3064\u3044\u3066\u306f\u8a8d\u3081\u3089\u308c\u3066\u3044\u307e\u305b\u3093\u3002\u304b\u3064\u3066\u306e\u30d0\u30fc\u30bc\u30ebII\u306f\u3001\u3088\u308a\u77ed\u3044\u4fdd\u6709\u671f\u9593\u3067\u8a08\u7b97\u3057\u305fVaR\u3092\u6642\u9593\u306e\u5e73\u65b9\u6839\u306710\u65e5\u3078\u30b9\u30b1\u30fc\u30eb\u30a2\u30c3\u30d7\u3057\u3066\u3088\u3044\u3068\u898f\u5b9a\u3057\u3066\u3044\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u73fe\u884c\u306eFRTB\u3067\u306f\u6307\u6a19\u304c\u671f\u5f85\u30b7\u30e7\u30fc\u30c8\u30d5\u30a9\u30fc\u30eb\u3078\u79fb\u884c\u3057\u3001\u57fa\u6e96\u3068\u306a\u308b10\u65e5\u9593\u306eES\u306f\u300c\u3088\u308a\u77ed\u3044\u671f\u9593\u304b\u3089\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0\u3059\u308b\u3053\u3068\u306a\u304f\u300d\u7b97\u51fa\u305b\u3088\u3068\u660e\u8a18\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u305f\u3060\u305710\u65e5\u3088\u308a\u9577\u3044\u6d41\u52d5\u6027\u30db\u30e9\u30a4\u30ba\u30f3\u3078\u5e83\u3052\u308b\u969b\u306b\u306f\u3001\u5e73\u65b9\u6839\u306e\u4fc2\u6570\u304c\u4eca\u3082\u4f7f\u308f\u308c\u3066\u3044\u307e\u3059\u3002<\/p><\/div><\/div><\/div><div class=\"faq_q_wrap\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\">\u30d2\u30b9\u30c8\u30ea\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304b\u3089\u5c06\u6765\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u4e88\u6e2c\u3067\u304d\u307e\u3059\u304b\uff1f<\/h3><div class=\"faq_a_wrap\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>\u6c34\u6e96\u306e\u76ee\u5b89\u306b\u306f\u306a\u308a\u307e\u3059\u304c\u3001\u6b63\u78ba\u306a\u4e88\u6e2c\u306f\u3067\u304d\u307e\u305b\u3093\u3002\u7de8\u96c6\u90e8\u306eBTC\u5b9f\u6e2c\u3067\u306f\u3001\u5024\u5e45\u306e\u81ea\u5df1\u76f8\u95a2\u304clag1\u3067+0.2049\u3068\u6709\u610f\u3067\u3042\u308a\u3001\u8352\u308c\u305f\u7fcc\u65e5\u306f\u8352\u308c\u3084\u3059\u3044\u3068\u3044\u3046\u50be\u5411\u81ea\u4f53\u306f\u78ba\u8a8d\u3067\u304d\u307e\u3057\u305f\u3002\u3057\u305f\u304c\u3063\u3066\u76f4\u8fd1\u304c\u8352\u308c\u3066\u3044\u308c\u3070\u5f53\u9762\u3082\u8352\u308c\u3084\u3059\u3044\u3001\u3068\u3044\u3046\u7a0b\u5ea6\u306e\u793a\u5506\u306f\u5f97\u3089\u308c\u307e\u3059\u3002\u4e00\u65b9\u3067\u65e5\u672c\u9280\u884c\u91d1\u878d\u7814\u7a76\u6240\u306e\u8cc7\u6599\u304c\u7d39\u4ecb\u3059\u308b\u30e9\u30d5\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u7814\u7a76\u3067\u306f\u3001\u5b9f\u73fe\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u30cf\u30fc\u30b9\u30c8\u6307\u6570\u304c0.01\u301c0.1\u7a0b\u5ea6\u3068\u63a8\u8a08\u3055\u308c\u3066\u304a\u308a\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u81ea\u4f53\u306f\u975e\u5e38\u306b\u4e0d\u898f\u5247\u306b\u52d5\u304f\u3053\u3068\u304c\u793a\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p><\/div><\/div><\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u307e\u3068\u3081<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u6642\u9593\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0\uff08\u221aT\u30eb\u30fc\u30eb\uff09\u306f\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u671f\u9593\u306e\u5e73\u65b9\u6839\u3067\u4f38\u7e2e\u3055\u305b\u308b\u63db\u7b97\u30eb\u30fc\u30eb\u3067\u3059\u3002<strong>\u6839\u62e0\u306f\u300c\u5206\u6563\u306f\u8db3\u305b\u308b\u304c\u6a19\u6e96\u504f\u5dee\u306f\u8db3\u305b\u306a\u3044\u300d\u3068\u3044\u3046\u4e00\u70b9\u306b\u3042\u308a\u3001\u72ec\u7acb\u6027\u3055\u3048\u6e80\u305f\u305b\u3070\u8fd1\u4f3c\u3067\u306f\u306a\u304f\u53b3\u5bc6\u306a\u7b49\u5f0f\u3068\u3057\u3066\u6210\u7acb\u3057\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9f\u52d9\u3067\u6700\u3082\u4e8b\u6545\u304c\u8d77\u304d\u3084\u3059\u3044\u306e\u306f\u57fa\u6e96\u65e5\u6570\u3067\u3059\u3002\u682a\u5f0f\u306f\u7d0416\u3067\u5272\u308a\u3001\u6697\u53f7\u8cc7\u7523\u306f\u7d0420\u3067\u5272\u308a\u307e\u3059\u3002<strong>\u540c\u3058BTC\u306e\u30c7\u30fc\u30bf\u3067\u3082\u3001365\u65e5\u57fa\u6e96\u306a\u3089\u5e74\u738743.34%\u3001252\u65e5\u57fa\u6e96\u306a\u308936.01%\u30687.33pt\u306e\u5dee\u304c\u751f\u3058\u307e\u3057\u305f\uff08\u6e2c\u5b9a\u65e52026\u5e747\u670816\u65e5\uff09\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u306f\u6b8b\u5b58\u65e5\u6570\u306e\u5e73\u65b9\u6839\u304cGreeks\u306e\u52b9\u304d\u65b9\u3092\u6c7a\u3081\u307e\u3059\u3002<strong>\u6b8b\u5b58\u304c\u534a\u5206\u306b\u306a\u3063\u3066\u3082\u6642\u9593\u4fa1\u5024\u306f\u7d0470.7%\u6b8b\u308b\u3068\u3044\u3046\u4e8b\u5b9f\u306f\u3001\u30bb\u30fc\u30bf\u304c\u6e80\u671f\u76f4\u524d\u306b\u52a0\u901f\u3059\u308b\u7406\u7531\u305d\u306e\u3082\u306e\u3067\u3059\u3002<\/strong>\u221aT\u3092\u7406\u89e3\u3059\u308b\u3053\u3068\u306f\u3001\u6642\u9593\u4fa1\u5024\u306e\u6e1b\u308a\u65b9\u3092\u7406\u89e3\u3059\u308b\u3053\u3068\u3068\u540c\u7fa9\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9650\u754c\u3082\u62bc\u3055\u3048\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u7de8\u96c6\u90e8\u306eBTC\u5b9f\u6e2c\u3067\u306f\u3001\u221aT\u306e\u524d\u63d0\u3067\u3042\u308b\u7121\u76f8\u95a2\u306f\u6210\u7acb\u3057\u3066\u3044\u305f\u4e00\u65b9\u3001\u5024\u5e45\u306e\u81ea\u5df1\u76f8\u95a2\u306f\u6709\u610f\u3067\u3057\u305f\u3002<strong>\u221aT\u306f\u5e73\u5e38\u6642\u306e\u5e73\u5747\u7684\u306a\u6c34\u6e96\u3092\u4e0e\u3048\u308b\u3060\u3051\u3067\u3001\u300c\u4eca\u304c\u8352\u308c\u308b\u5c40\u9762\u304b\u300d\u306f\u6559\u3048\u3066\u304f\u308c\u307e\u305b\u3093\u3002<\/strong>\u6c34\u6e96\u306f\u221aT\u3067\u5f53\u305f\u308a\u3092\u4ed8\u3051\u3001\u74b0\u5883\u306f\u76f4\u8fd1\u306eIV\u3067\u88dc\u6b63\u3059\u308b\u4e8c\u6bb5\u69cb\u3048\u304c\u73fe\u5b9f\u7684\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9f\u969b\u306bIV\u3084Greeks\u304c\u52d5\u304f\u753b\u9762\u3092\u898b\u308b\u3068\u3001\u221aT\u306e\u52b9\u304d\u65b9\u306f\u4e00\u6c17\u306b\u4f53\u611f\u3078\u5909\u308f\u308a\u307e\u3059\u3002<strong>\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u5b9f\u969b\u306b\u89e6\u308c\u308b\u74b0\u5883\u3067\u3001\u6b8b\u5b58\u65e5\u6570\u3068\u6642\u9593\u4fa1\u5024\u306e\u95a2\u4fc2\u3092\u78ba\u8a8d\u3057\u3066\u307f\u308b\u3053\u3068\u3092\u304a\u3059\u3059\u3081\u3057\u307e\u3059\u3002<\/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-time-scaling-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<p class=\"wp-block-paragraph\">\u306a\u304a\u3001\u6697\u53f7\u8cc7\u7523\u53d6\u5f15\u3067\u5f97\u305f\u5229\u76ca\u306f\u539f\u5247\u3068\u3057\u3066\u96d1\u6240\u5f97\u306e\u6271\u3044\u3068\u306a\u308a\u307e\u3059\u3002<strong>\u5e74\u7387\u63db\u7b97\u306e\u8003\u3048\u65b9\u306b\u6163\u308c\u3066\u304a\u304f\u3068\u3001\u30ea\u30b9\u30af\u91cf\u3092\u81ea\u5206\u306e\u8cc7\u91d1\u91cf\u306b\u5bfe\u3057\u3066\u9069\u5207\u306b\u898b\u7a4d\u3082\u308c\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/strong>\u7a0e\u5236\u9762\u306f<a href=\"https:\/\/ichizenholdings.co.jp\/media\/column\/crypto-tax-japan\/\">\u4eee\u60f3\u901a\u8ca8\u306e\u7a0e\u91d1<\/a>\u3082\u3042\u308f\u305b\u3066\u78ba\u8a8d\u3057\u3066\u304a\u304f\u3068\u5b89\u5fc3\u3067\u3059\u3002IV\u305d\u306e\u3082\u306e\u306e\u7406\u89e3\u3092\u6df1\u3081\u305f\u3044\u65b9\u306f<a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-trading-excel\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u30a8\u30af\u30bb\u30eb\u3067\u306eBS\u5f0f\u30fbGreeks\u306e\u4f5c\u308a\u65b9<\/a>\u3082\u3054\u53c2\u7167\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\"><strong>\u3042\u308f\u305b\u3066\u8aad\u307f\u305f\u3044<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-black-scholes\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\uff08BS\u30e2\u30c7\u30eb\uff09\u3068\u306f<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading-iv\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306eIV\uff08\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u3068\u306f<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-theta\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30bb\u30fc\u30bf\uff08\u03b8\uff09\u3068\u306f\uff5c\u6642\u9593\u4fa1\u5024\u306e\u6e1b\u8870<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-term-iv\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u671f\u9593\u5225IV\uff08IV\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\uff09\u3068\u306f<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-dvol\/\" target=\"_blank\" rel=\"noopener noreferrer\">DVOL\u3068\u306f\uff5cDeribit\u306e\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u6307\u6570<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\"><strong>\u53c2\u8003\u6587\u732e<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\" style=\"color:#999\">\u203b1 <a href=\"https:\/\/www.jpx.co.jp\/corporate\/learning\/resources\/vi_tips.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\u65e5\u672c\u53d6\u5f15\u6240\u30b0\u30eb\u30fc\u30d7\u300c\u65e5\u7d4c\u5e73\u5747VI\u5148\u7269\u53d6\u5f15\u306e\u5229\u7528\u306e\u30b3\u30c4\u300d<\/a>\uff08\u5e74\u7387\u63db\u7b97\u3068\u65e5\u7387\u63db\u7b97\u306e\u95a2\u4fc2\u30fb\u5e74\u9593\u55b6\u696d\u65e5\u6570245\u65e5\uff09<br>\u203b2 <a href=\"https:\/\/www.jpx.co.jp\/derivatives\/products\/jgb\/jgbf-options\/tvdivq0000003qr3-att\/jgbopreport.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\u670d\u90e8\u5b5d\u6d0b\uff082022\uff09\u300c\u56fd\u50b5\u5148\u7269\u30aa\u30d7\u30b7\u30e7\u30f3\u5165\u9580\u300d\u65e5\u672c\u53d6\u5f15\u6240\u30b0\u30eb\u30fc\u30d7<\/a>\uff08\u811a\u6ce824\u30fb\u6642\u9593\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0\u306e\u524d\u63d0\u3068\u9650\u754c\uff0f\u65e5\u672c\u56fd\u50b5VIX\u306e1\u65e5\u30ea\u30b9\u30af\u91cf\u306e\u7b97\u51fa\u4f8b\uff09<br>\u203b3 <a href=\"https:\/\/www.optionseducation.org\/news\/understanding-the-rule-of-16-in-plain-terms\" target=\"_blank\" rel=\"noopener noreferrer\">The Options Industry Council (OIC)\u300cUnderstanding the Rule of 16 in Plain Terms\u300d<\/a>\uff082025\u5e747\u6708\uff09<br>\u203b4 <a href=\"https:\/\/insights.deribit.com\/exchange-updates\/dvol-deribit-implied-volatility-index\/\" target=\"_blank\" rel=\"noopener noreferrer\">Deribit Insights\u300cDVOL &#8211; Deribit Implied Volatility Index\u300d<\/a>\uff08DVOL\u304b\u3089\u671f\u5f85\u65e5\u6b21\u5909\u52d5\u5e45\u3078\u306e\u63db\u7b97\uff09<br>\u203b5 <a href=\"https:\/\/www.bis.org\/publ\/bcbs128.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Basel Committee on Banking Supervision (2006)\u300cInternational Convergence of Capital Measurement and Capital Standards: A Revised Framework &#8211; Comprehensive Version\u300d<\/a>\u7b2c718(Lxxvi)(c)\u9805<br>\u203b6 <a href=\"https:\/\/www.bis.org\/bcbs\/publ\/d457.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Basel Committee on Banking Supervision (2019)\u300cMinimum capital requirements for market risk\u300d<\/a>MAR33.4\uff08\u671f\u5f85\u30b7\u30e7\u30fc\u30c8\u30d5\u30a9\u30fc\u30eb\u3068\u6d41\u52d5\u6027\u30db\u30e9\u30a4\u30ba\u30f3\uff09<br>\u203b7 <a href=\"https:\/\/researchonline.lse.ac.uk\/id\/eprint\/24827\/1\/dp439.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Danielsson, J. and Zigrand, J-P. (2003)\u300cOn time-scaling of risk and the square-root-of-time rule\u300d<\/a>London School of Economics, Financial Markets Group Discussion Paper 439<br>\u203b8 <a href=\"https:\/\/www.imes.boj.or.jp\/jp\/conference\/finance\/2023_slides\/slide3.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\u7be0\u5d0e\u88d5\u53f8\u30fb\u5e73\u6728\u4e00\u6d69\uff082023\uff09\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u7814\u7a76\u306e\u65b0\u6f6e\u6d41 \u30e9\u30d5\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u300d\u65e5\u672c\u9280\u884c\u91d1\u878d\u7814\u7a76\u6240 \u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u30fb\u30ef\u30fc\u30af\u30b7\u30e7\u30c3\u30d7<\/a>\uff082023\u5e7411\u670810\u65e5\u3002\u672c\u8cc7\u6599\u306e\u898b\u89e3\u306f\u57f7\u7b46\u8005\u500b\u4eba\u306b\u5c5e\u3057\u3001\u65e5\u672c\u9280\u884c\u306e\u516c\u5f0f\u898b\u89e3\u3067\u306f\u306a\u3044\uff09<br>\u203b9 <a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\" target=\"_blank\" rel=\"noopener noreferrer\">CoinGecko\uff5cBitcoin \u4fa1\u683c\u30c7\u30fc\u30bf\uff08API\u7d4c\u7531\u30672026\u5e747\u670816\u65e5\u53d6\u5f97\uff09<\/a><\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\" style=\"color:#999\">\u203b\u5f53\u30b5\u30a4\u30c8\u306e\u60c5\u5831\u306f\u6295\u8cc7\u5224\u65ad\u306e\u53c2\u8003\u3068\u306a\u308b\u4e00\u822c\u7684\u306a\u60c5\u5831\u63d0\u4f9b\u3092\u76ee\u7684\u3068\u3057\u3066\u304a\u308a\u3001\u7279\u5b9a\u306e\u6697\u53f7\u8cc7\u7523\uff08\u4eee\u60f3\u901a\u8ca8\uff09\u3078\u306e\u6295\u8cc7\u3092\u52e7\u8a98\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u6697\u53f7\u8cc7\u7523\u53d6\u5f15\u306b\u306f\u30ea\u30b9\u30af\u304c\u4f34\u3044\u307e\u3059\u3002\u6700\u7d42\u7684\u306a\u6295\u8cc7\u5224\u65ad\u306f\u3054\u81ea\u8eab\u306e\u8cac\u4efb\u3067\u884c\u3063\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n","protected":false},"excerpt":{"rendered":"<p>ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01 \u6642\u9593\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0\uff08\u221aT\u30eb\u30fc\u30eb\uff09\u3068\u306f\uff1f\u57fa\u672c\u60c5\u5831 \u6642\u9593\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0\u3068\u306f\u3001\u3042\u308b\u671f\u9593\u3067\u6e2c\u3063\u305f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u3001\u5225\u306e\u671f\u9593\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3078\u300c\u671f\u9593\u306e\u5e73\u65b9\u6839\u300d\u3067\u63db\u7b97\u3059\u308b\u30eb\u30fc\u30eb\u3067\u3059\u3002\u82f1 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":205131,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"{\"option-time-scaling-bitget\":{\"pv\":9,\"imp\":5}}","footnotes":""},"categories":[121],"tags":[153],"class_list":["post-205046","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-option-trading","tag-level-advanced"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01 \u6642\u9593\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0\uff08\u221aT\u30eb\u30fc\u30eb\uff09\u3068\u306f\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u671f\u9593\u306e\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"\u6c34\u91ce\u502b\u592a\u90ce\"\/>\n\t<link 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