主动多开与平仓

Câu hỏi

期货里面，比如主动多开的成交量是10000，增仓量是6000，那么被动空开和主动多开撮合一起是6000那么剩下4000是主动多开和被动多平成交还是被动空平成交？

Suy nghĩ

Breaking down the process

OK, let me see. The question involves dissecting the matching of 10,000 active buy open trades, with a net open interest increase of 6,000. This leaves 4,000 trades to be matched with passive buy closes or passive short covers.

Breaking down the options

I’m pulling together whether the remaining 4,000 active buy open trades are closing long positions (passive close) or still active. This to ensure the net open interest remains balanced.

Balancing open interest

Piecing together the net 6,000 new positions, 10,000 active buy open trades likely match with 6,000 passive short openings, leaving 4,000 trades to match with existing positions being closed.

Evaluating seller actions

If the buyer opens a new long position, the seller might be closing a long or starting a short. If the seller closes a short, it indicates they are buying back.

Evaluating buyer dynamics

OK, I’m thinking about the buyer taking 10,000 active buy orders, while the seller's role is more passive. This balance between buyers and sellers adjusts the open interest by 6,000.

Adjusting for open interest

Balancing open interest by matching 6,000 new long positions with short openings, while the remaining 4,000 trades close existing long positions.

Mapping out the dynamics

OK, let me see. If the buyer is opening a long position, the seller must be closing a short to keep the open interest unchanged. This ensures a balanced trade.

Evaluating the trade

If the buyer opens a long position and the seller closes a long, it actually makes sense. It keeps the open interest consistent, showing a balanced market interaction.

Understanding positions

In futures, creating a new long position involves buying, while the other party either opens a short or closes a short. This mutual action is crucial for balanced trading.

Aligning transaction dynamics

OK, let me see. The buyer opening a long must match with a seller opening a short to maintain balance. The seller closing a long or opening a short needs careful consideration.

Balancing futures contracts

OK, let's think this through: the buyer opening a long aligns with the seller opening a short. They're like partners working together to keep open interest stable.

Bringing balance to the table

Let's match "buy to open" with "sell to open" and "sell to close" with "buy to close" for a balanced futures contract. This ensures each participant's interests align perfectly.

Evaluating trade combinations

I’m analyzing trade pairs: "Buy to open" with "Sell to open" creates net open interest, while "Buy to open" with "Sell to close" doesn't alter open interest. Matching positions is key.

Ensuring balance

For each futures contract, I ensure a balanced trade with both a long and a short. This avoids contradictions like "Buy to open" pairing with "Sell to close" without a matching short.

Navigating futures trading

Both parties adopting similar strategies can skew the market. Balancing can be tricky, so each side should contribute to equilibrium while allowing for price balance over time.

Balancing market dynamics

OK, let’s clarify: each futures contract needs both a long and a short position. This alignment ensures a balanced and dynamic market.

Matchmaking contract strategies

"Buy to open" pairs with "sell to open," while "buy to close" aligns with "sell to close." This balances net open interest, ensuring dynamics remain steady and predictable.

Balancing trades

OK, let's ensure each futures contract has a corresponding long and short position, keeping the open interest stable. This balance is crucial for maintaining a healthy and dynamic market.

Balancing portfolio shifts

OK, let me see. Matching "buy to open" with "sell to close" transfers a short position to a new buyer, keeping the open interest steady. This maintains a balanced futures market.

Balancing trading dynamics

I'm thinking through how "Buy to open" interacts with "Sell to open" and "Sell to close" to keep open interest steady. Accounting for 10,000 trades and a 6,000 OI increase, this interplay is crucial.

Breaking down trade portions

I’m parsing the 10,000 "active buy to open" trades into 6,000 matched with "passive sell to open" and 4,000 intersecting with "passive long positions."

Aligning positions

OK, let me see. Confusion arises when the user's item mix implies "passive short close" on the sell side. Reserving ".passive long close" for the buyer side might clear things up.

Clarifying passive actions

OK, I’m thinking through it: with the buyer's "buy to open," the seller must "sell to close a long." This passive sale balances the transaction, aligning positions without adding open interest.

Clarifying sell dynamics

With 4,000 unmatched trades, the seller must be closing a long position, aligning with the "passive long close" scenario. This confirms the consistent match with the buyer's action.

Thought about 期货成交量与增仓量 for 1m 9s

Trả lời

先说结论：
剩下那 4000 手，一定是「主动多开」与「被动多平」撮合完成的，而不可能是「被动空平」。

为什么是被动多平（卖出平多），而不是被动空平（买入平空）？

1. 先厘清四种开/平的含义

在期货里，每个成交其实可以细分为两侧：

买方：可能是「买开（Buy to Open）」或者「买平（Buy to Close）」
卖方：可能是「卖开（Sell to Open）」或者「卖平（Sell to Close）」

而「多开（买开）」「空开（卖开）」「多平（卖平多）」「空平（买平空）」是从持仓方向出发对成交进行的标记。

买开（多开）：买方新开一笔多头仓位。
卖开（空开）：卖方新开一笔空头仓位。
买平（空平）：买方平掉自己原有的空头仓位。
卖平（多平）：卖方平掉自己原有的多头仓位。

注意，「空平」一定是买方(因为要“买回来”平空)，「多平」一定是卖方(因为要“卖出去”平多)。

2. 主动多开只能和哪几种对手方撮合？

如果某笔成交是「主动多开」，说明：

买方 = 多开（Buy to Open），主动下单去吃单(市价/排队等)。
卖方一定是被动的一方(挂在盘口上被成交)。

卖方可能是：

被动卖开（空开）：卖方挂着开空单，被多方市场价单扫掉。
被动卖平（多平）：卖方挂着平多单，被多方市场价单扫掉。

至于「被动空平（买平空）」从字面就能看出：要平空的人一定是“买入”才能平掉空头，所以「空平」是买方，而不是卖方。所以它不可能与“主动买”这一方相对撮合。

由此可见，如果买方是主动多开，卖方只能是被动卖开（空开）或者被动卖平（多平）。

3. 如何用增减仓量（持仓变化）来判断对手方到底是卖开还是卖平？

若一笔成交同时是买方开仓 + 卖方开仓，则此笔成交会使市场总持仓量（OI）增加 1 手（因为多、空两边同时新开）。
若一笔成交同时是买方平仓 + 卖方平仓，则此笔成交会使市场总持仓量减少 1 手（双方均在关闭原有头寸）。
若一笔成交是一方开仓 + 另一方平仓，则此笔不改变市场总持仓量（OI 不变）。

在题目的例子里：

主动多开成交量 = 10000

当日净增仓量 = 6000

这意味着：

有 6000 手成交，对应 买方（主动多开） + 卖方（被动空开），因为只有「多开+空开」才会让 OI 增加；这些 6000 手让持仓总数净增 6000。
剩下的 4000 手，则必然是「多开+多平」的组合，因为这部分不会带来持仓增加（也不会减少），只能是“开 + 平”互相对上，OI 不变。

所以那 4000 手，肯定是：

买方：主动多开
卖方：被动多平（卖出平多）

而不可能是“被动空平”，因为**“空平”指的是买方平空**，它不会出现在卖方这一侧。

小结

当你看到「主动多开」= 10000、净增仓量（持仓变化）= +6000 时，就意味着有 6000 手是「主动多开 vs 被动空开」(即多开+空开，增加持仓)，导致 OI +6000。
剩下 4000 手「主动多开」则一定是和「被动多平」(卖平多) 匹配(此时 OI 不变)。
「被动空平」属于买入平空，只会出现在买方，而不会是卖方的撮合类型。

因此，题目所说的“剩下 4000 手是和被动多平还是被动空平？”答案就是：一定是和被动多平成交。