PutFinder › Cash-secured put screener› 现金担保看跌期权筛选

How a cash-secured put screener works现金担保看跌期权筛选工具是如何工作的

By Jeffery He, who builds PutFinder in public (X · GitHub). 作者 Jeffery He，以公开构建的方式开发 PutFinder（X · GitHub）。

A cash-secured put screener turns a full option chain into a short, ranked list. This page describes how to screen for cash-secured puts — the criteria a screener applies and the steps it runs — and where PutFinder fits. 现金担保看跌期权筛选工具把一整条期权链变成一份简短的排名清单。本页描述如何筛选现金担保看跌期权——筛选工具所使用的标准与运行的步骤——以及 PutFinder 在其中的位置。

What a cash-secured put screener is什么是现金担保看跌期权筛选工具

A cash-secured put is a contract you sell while holding enough cash to buy the shares at the strike if you are assigned. A single liquid stock can list dozens of strikes across several expirations, so even a modest universe of names carries hundreds of possible put contracts on any given day. A screener is the tool that reads that whole chain, applies a consistent set of filters, and narrows it to the handful of contracts worth a closer look — so you research a shortlist rather than scroll an endless chain. New to the strategy? The plain-language guide to cash-secured puts covers the basics first. For how a cash-secured put differs from a covered call, see cash-secured put vs covered call. 现金担保看跌期权是指你在卖出看跌期权的同时，持有足够现金，以便在被行权时按行权价买入股票的合约。单只流动性股票可能在多个到期日下列出数十个行权价，因此即便是规模不大的股票池，在任何一天也会包含数百个可能的看跌合约。筛选工具就是读取整条期权链、应用一套一致的过滤条件，并将其收窄到少数几个值得进一步查看的合约——让你研究一份候选清单，而不是无尽地翻期权链。刚接触这一策略？请先看现金担保看跌期权的通俗指南。关于现金担保看跌期权与备兑看涨期权的区别，参见现金担保看跌期权 vs 备兑看涨期权。

How to screen for cash-secured puts, step by step如何逐步筛选现金担保看跌期权

Whether you do it by hand or a tool does it for you, screening runs the same funnel — from a broad universe down to a ranked shortlist you then research yourself. 无论你是手动完成，还是由工具替你完成，筛选都遵循同样的漏斗——从一个宽泛的股票池，收窄到一份你随后自行研究的排名候选清单。

  1. Start from a universe. Pick the stocks you are willing to be assigned. PutFinder uses a curated universe of liquid US stocks so the pool is tradable from the outset.从一个股票池开始。选择你愿意被行权买入的股票。PutFinder 使用一个精选的美股流动性股票池，使候选范围从一开始就可交易。
  2. Filter for eligibility. Drop contracts that fail the ground rules — outside a 14–45 day expiration window (centered around one month), too illiquid to trade, or backed by stale quotes. Fresh data only; old numbers are excluded rather than scored.按资格过滤。剔除不符合基本规则的合约——不在 14–45 天的到期窗口内（以大约一个月为中心）、流动性差到无法交易，或报价陈旧。只用新鲜数据；旧数据会被排除，而不是拿来评分。
  3. Measure each contract. Score the survivors on premium-versus-risk criteria — the stock's quality, its volatility risk premium, and its trend, combined with the contract's annualized yield and downside buffer — then apply an earnings gate. A model-estimated probability of profit is shown alongside each contract as context, not as a scored input.度量每个合约。对通过筛选的合约在权利金对风险的标准上评分——标的的质量、波动率风险溢价与趋势，结合合约的年化收益率与下跌缓冲——再应用财报门控。模型估算的盈利概率会作为参考信息随每个合约一同展示，而非评分输入。
  4. Rank into a shortlist. Order the contracts relative to one another within today's pool, breaking ties deterministically so the same inputs always produce the same list.排名成候选清单。在今天的池中对合约进行相对排序，并以确定性方式打破并列，使相同的输入总是得到相同的清单。
  5. Research the shortlist yourself. A screener hands you a starting point, not a decision. You still read each name, weigh assignment, and decide. PutFinder ranks and documents; it does not advise.自行研究候选清单。筛选工具给你的是一个起点，而不是一个决定。你仍需研究每只标的、权衡被行权的可能，并自行决策。PutFinder 负责排名与记录，而不提供建议。

The criteria a screener filters on筛选工具所依据的标准

These are the levers most CSP screeners expose. In PutFinder they are computed from stored raw inputs and reproducible — nothing is invented. For exactly how they combine into a single relative rank, see the scoring methodology. To work out the per-contract arithmetic — static and annualized return, breakeven, downside buffer — on your own inputs, use the free cash-secured put calculator. 这些是大多数现金担保看跌期权筛选工具所提供的过滤维度。在 PutFinder 中，它们由存储的原始输入计算得出、可复现——没有任何数据是凭空捏造的。关于它们如何组合成一个相对排名，请参见评分方法论。若要基于你自己的输入计算单个合约的算术数字——静态与年化收益率、盈亏平衡价、下跌缓冲——可使用免费的现金担保看跌期权计算器。

Liquidity流动性
Whether a contract can actually be traded — a tight enough bid-ask spread and real volume — so the shortlist is not full of quotes that only look attractive on screen.合约是否真的可交易——买卖价差足够窄、有真实成交量——从而候选清单里不会满是只在屏幕上看着诱人的报价。
Time to expiration到期时间
The window between now and expiration. PutFinder screens a 14–45 day band (centered around one month) so the contracts are comparable on the same time footing.从现在到到期的窗口。PutFinder 筛选 14–45 天的区间（以大约一个月为中心），使这些合约在相同的时间基础上可比。
Annualized yield年化收益率
The premium expressed as a per-year rate on the capital secured. A comparison figure — arithmetic on the current premium, not an expected or guaranteed return.将权利金按占用资金折算成年化利率。它是一个用于比较的数字——对当前权利金的算术换算，并非预期或保证收益。
Downside buffer下跌缓冲
How far the stock can fall, as a percentage of the current price, before it reaches the strike. A larger buffer means more room to be wrong.股价跌至行权价前的空间，以现价的百分比表示。缓冲越大，容错空间越大。
Probability of profit (PoP)盈利概率（PoP）
A model-estimated probability the option expires worthless, derived from its delta. A model estimate, not a historical win rate.基于 Delta 的模型估算——期权到期作废的概率。这是模型估算值，不是历史胜率。
Underlying quality标的质量
A curated read on the underlying stock, so the premium is weighed against the kind of name you would be assigned, used as one screening input.对标的股票的精选评估，使权利金与你可能被行权买入的标的类型相权衡，作为一项筛选输入使用。
Volatility risk premium (VRP)波动率风险溢价（VRP）
The gap between a stock's implied and realized volatility — the structural edge option sellers are compensated for, used as one screening input.股票隐含波动率与已实现波动率之间的差值——期权卖方因承担风险而获得补偿的结构性来源，作为一项筛选输入使用。
Trend趋势
Rewards a stock in a long-term uptrend sitting near, but not below, a support level, and penalizes a falling knife, used as one screening input.奖励长期处于上升趋势、且靠近（而非跌破）支撑位的标的，并对下跌趋势中的标的扣分，作为一项筛选输入使用。
Earnings gate财报门控
Earnings that land before an option expires add event risk. The screen penalizes or excludes contracts whose earnings cross the option's life.在期权到期前公布的财报会带来事件风险。筛选会对财报落在期权存续期内的合约扣分或排除。

Screening by hand vs. an automated screener手动筛选 vs. 自动化筛选工具

You can screen cash-secured puts by hand in a broker's chain view. A descriptive comparison of the two ways to run the same funnel — not a claim that one is “better.” 你也可以在券商的期权链视图里手动筛选现金担保看跌期权。以下是对运行同一漏斗的两种方式的描述性对比——并非主张某一种“更好”。

By hand手动筛选 Automated screener自动化筛选工具
Coverage覆盖范围 Whatever you have time to scan取决于你能扫描多少 The full chain, curated universe, every trading day完整期权链、精选股票池、每个交易日
Consistency一致性 Varies with attention and mood随注意力与状态波动 The same rules run identically each run每次运行都以相同规则执行
Transparency透明度 Your own method, in your head取决于你自己的方法，只在脑中 Every criterion documented每项标准都有说明
Reproducibility可复现性 Hard to repeat exactly难以精确重复 Deterministic — same inputs, same list确定性——相同输入、相同清单
The decision决策 Yours由你做出 Still yours — the screen ranks, you decide仍由你做出——筛选负责排名，你负责决定

How to read a screened shortlist如何解读筛选后的候选清单

A screened list ranks contracts relative to one another; it does not rate them against the wider market or promise an outcome. Read each figure for what it is: the score is a relative heuristic — a high rank means a contract sits near the top of today's pool on a premium-versus-risk basis, nothing more. Annualized yield is arithmetic on the current premium, not an expected return. PoP is a model estimate from delta, not a win rate. The screen shows every input next to the rank so you can judge it yourself, then take the shortlist into your own research. 筛选后的清单是对合约彼此之间的相对排名；它不是与更广泛市场的对比，也不承诺任何结果。请按每个数字的本义来解读：分数是相对启发式——高排名只表示某合约在今天的池中、以权利金对风险为基础排名靠前，仅此而已。年化收益率是对当前权利金的算术换算，并非预期收益。PoP 是基于 Delta 的模型估算，而不是胜率。筛选会把每个输入与排名并列显示，便于你自行判断，然后把候选清单带入你自己的研究。

Where PutFinder fitsPutFinder 在其中的位置

PutFinder is a rules-based cash-secured put screener. It runs the funnel above every trading day across a curated universe, documents every criterion in the methodology, and publishes the ranked shortlist with each input shown. PutFinder 是一个基于规则的现金担保看跌期权筛选工具。它在每个交易日对一个精选股票池运行上述漏斗，在方法论中记录每一项标准，并发布带有各项输入的排名候选清单。

References参考文献

Common questions常见问题

What is a cash-secured put screener?什么是现金担保看跌期权筛选工具？

A tool that scans the option chain across many stocks, applies filters — liquidity, time to expiration, premium, downside buffer, and an earnings check — and ranks the contracts that pass into a shortlist. It narrows thousands of possible put contracts down to a handful worth researching. A research aid, not a signals service or investment advice.一种在多只股票上扫描期权链、应用过滤条件——流动性、到期时间、权利金、下跌缓冲、财报检查——并把通过的合约排名成候选清单的工具。它把大量可能的看跌合约收窄到少数值得研究的几个。它是研究辅助工具，不是交易信号服务，也不构成投资建议。

How do you screen for cash-secured puts?如何筛选现金担保看跌期权？

Start from a universe of stocks, exclude contracts that fail eligibility (too far or too near expiration, illiquid, or stale data), measure each remaining contract on premium-versus-risk criteria such as annualized yield, downside buffer, and a model-estimated probability of profit, then rank them. A screener automates that funnel so the same rules run over the full chain every day — the research decision stays with you.从一个股票池开始，剔除不符合资格的合约（到期过远或过近、流动性差，或数据陈旧），对每个剩余合约在权利金对风险的标准上度量——如年化收益率、下跌缓冲，以及模型估算的盈利概率——然后排名。筛选工具将这个漏斗自动化，使相同的规则每天在整条链上运行——研究决策仍在你手中。

Is a cash-secured put screener a signals service?现金担保看跌期权筛选工具是交易信号服务吗？

No. A screener ranks and documents contracts on a premium-versus-risk basis; it does not tell you what to trade. A high rank means a contract sits near the top of today's pool under the screener's rules — not a buy or sell call. PutFinder is descriptive, not prescriptive: a research screener, not a signals service, and not investment advice.不是。筛选工具以权利金对风险为基础对合约进行排名与记录；它不会告诉你该交易什么。高排名只表示某合约在今天的池中、按筛选规则排名靠前——而不是买入或卖出指令。PutFinder 是描述性的，而非指令性的：它是研究型筛选工具，不是交易信号服务，也不构成投资建议。

How many contracts does PutFinder screen?PutFinder 会筛选多少个合约？

PutFinder runs every trading day across a curated universe of liquid US stocks and evaluates every eligible cash-secured put contract in those option chains — many hundreds of contracts across strikes and expirations — before ranking the ones that clear the filters into a shortlist.PutFinder 在每个交易日对一个精选的美股流动性股票池运行，评估这些期权链中每一个符合条件的现金担保看跌合约——跨越多个行权价与到期日的数百个合约——再把通过过滤的合约排名成候选清单。

See today's ranked screen →查看今日排名结果 →

Last updated . 最后更新 。