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波动性 - Bodongxing
指某项价值——如股票价格或利率，在一段时间内变动的程度。高波动性是指价值剧烈变动，通常是市场不确定性较高所致。交易商欢迎高波动性的市场，因为从中获利的机会较多。低波动性是指价值的变动轻微，有如市场已消化了所有相关的消息。专业投资者一般能从低波动性的市场中得益，因为他们能更好地锁定稳定的收益。在金融市场，历史波动性(historical volatility)不同于隐含波动性(implied volatility)，前者是历史价格或收益率实际呈现的波动程度，后者则是期权价格所反映的预期波动性。
Volatility
Volatility describes the degree to which a value, such as a stock price or an interest rate, changes over a specified time period. High volatility means that the value changes dramatically, usually due to high market uncertainty. Traders thrive on market volatility because it presents many opportunities to earn a profit. Low volatility means values change minimally, as is the case when all news has been priced into the market. Professional investors tend to benefit from low volatility because they are better able to lock in stable returns. The financial markets distinguish between historical volatility and implied volatility. Historical volatility is a measure of volatility based on past price or yield behaviour, while implied volatility is an estimation of future behaviour, implied by the price of an option.
