{"id":316443,"date":"2025-07-20T15:56:41","date_gmt":"2025-07-20T15:56:41","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/purchase-apple-stock-2\/"},"modified":"2025-07-20T15:56:41","modified_gmt":"2025-07-20T15:56:41","slug":"purchase-apple-stock","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/interesting\/trading-platforms\/purchase-apple-stock\/","title":{"rendered":"Mua C\u1ed5 Phi\u1ebfu Apple: Khung D\u1eef Li\u1ec7u \u0110\u1ec3 T\u1ed1i \u0110a H\u00f3a L\u1ee3i Nhu\u1eadn \u0110\u1ea7u T\u01b0"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":5,"featured_media":194786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[24],"tags":[39,45,44],"class_list":["post-316443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trading-platforms","tag-platform","tag-stock","tag-strategy"],"acf":{"h1":"Khung Ph\u00e2n T\u00edch Mua C\u1ed5 Phi\u1ebfu Apple c\u1ee7a Chuy\u00ean Gia Pocket Option","h1_source":{"label":"H1","type":"text","formatted_value":"Khung Ph\u00e2n T\u00edch Mua C\u1ed5 Phi\u1ebfu Apple c\u1ee7a Chuy\u00ean Gia Pocket Option"},"description":"N\u1eafm v\u1eefng c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh \u0111\u1ec3 mua c\u1ed5 phi\u1ebfu Apple b\u1eb1ng c\u00e1c ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n. Kh\u00e1m ph\u00e1 c\u01a1 h\u1ed9i gi\u00e1 tr\u1ecb ti\u1ec1m \u1ea9n v\u1edbi c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ed9c quy\u1ec1n c\u1ee7a Pocket Option.","description_source":{"label":"Description","type":"textarea","formatted_value":"N\u1eafm v\u1eefng c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh \u0111\u1ec3 mua c\u1ed5 phi\u1ebfu Apple b\u1eb1ng c\u00e1c ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n. Kh\u00e1m ph\u00e1 c\u01a1 h\u1ed9i gi\u00e1 tr\u1ecb ti\u1ec1m \u1ea9n v\u1edbi c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ed9c quy\u1ec1n c\u1ee7a Pocket Option."},"intro":"\u0110\u1ea7u t\u01b0 v\u00e0o Apple \u0111\u00f2i h\u1ecfi nhi\u1ec1u h\u01a1n l\u00e0 tr\u1ef1c gi\u00e1c th\u1ecb tr\u01b0\u1eddng--n\u00f3 y\u00eau c\u1ea7u ph\u00e2n t\u00edch d\u1eef li\u1ec7u nghi\u00eam ng\u1eb7t v\u00e0 th\u1eddi \u0111i\u1ec3m ch\u00ednh x\u00e1c. T\u00e0i nguy\u00ean to\u00e0n di\u1ec7n n\u00e0y ti\u1ebft l\u1ed9 c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u1eb1ng sau c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng v\u00e0o Apple \u0111\u00e3 t\u1ea1o ra l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m t\u1eeb 15--35% cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c. Kh\u00e1m ph\u00e1 ch\u00ednh x\u00e1c c\u00e1ch c\u1ea3 nh\u1eefng nh\u00e0 giao d\u1ecbch m\u1edbi v\u00e0 c\u00f3 kinh nghi\u1ec7m c\u00f3 th\u1ec3 t\u1eadn d\u1ee5ng c\u00e1c khung to\u00e1n h\u1ecdc n\u00e0y \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a Apple v\u00e0 t\u1ed1i \u01b0u h\u00f3a c\u00e1c \u0111i\u1ec3m v\u00e0o l\u1ec7nh.","intro_source":{"label":"Intro","type":"text","formatted_value":"\u0110\u1ea7u t\u01b0 v\u00e0o Apple \u0111\u00f2i h\u1ecfi nhi\u1ec1u h\u01a1n l\u00e0 tr\u1ef1c gi\u00e1c th\u1ecb tr\u01b0\u1eddng--n\u00f3 y\u00eau c\u1ea7u ph\u00e2n t\u00edch d\u1eef li\u1ec7u nghi\u00eam ng\u1eb7t v\u00e0 th\u1eddi \u0111i\u1ec3m ch\u00ednh x\u00e1c. T\u00e0i nguy\u00ean to\u00e0n di\u1ec7n n\u00e0y ti\u1ebft l\u1ed9 c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u1eb1ng sau c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng v\u00e0o Apple \u0111\u00e3 t\u1ea1o ra l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m t\u1eeb 15--35% cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c. Kh\u00e1m ph\u00e1 ch\u00ednh x\u00e1c c\u00e1ch c\u1ea3 nh\u1eefng nh\u00e0 giao d\u1ecbch m\u1edbi v\u00e0 c\u00f3 kinh nghi\u1ec7m c\u00f3 th\u1ec3 t\u1eadn d\u1ee5ng c\u00e1c khung to\u00e1n h\u1ecdc n\u00e0y \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a Apple v\u00e0 t\u1ed1i \u01b0u h\u00f3a c\u00e1c \u0111i\u1ec3m v\u00e0o l\u1ec7nh."},"body_html":"<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>C\u00e1c Nguy\u00ean T\u1eafc \u0110\u1ecbnh L\u01b0\u1ee3ng C\u01a1 B\u1ea3n Trong \u0110\u1ecbnh Gi\u00e1 C\u1ed5 Phi\u1ebfu Apple<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Khi quy\u1ebft \u0111\u1ecbnh mua c\u1ed5 phi\u1ebfu Apple, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e2u h\u1ecfi quan tr\u1ecdng: gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd c\u1ee7a m\u1ed9t c\u00f4ng ty t\u1ea1o ra h\u01a1n 370 t\u1ef7 USD doanh thu h\u00e0ng n\u0103m v\u1edbi v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng v\u01b0\u1ee3t qu\u00e1 2,8 ngh\u00ecn t\u1ef7 USD l\u00e0 bao nhi\u00eau? C\u00e2u tr\u1ea3 l\u1eddi n\u1eb1m \u1edf ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng, kh\u00f4ng ph\u1ea3i l\u00e0 c\u1ea3m x\u00fac th\u1ecb tr\u01b0\u1eddng hay l\u00f2ng trung th\u00e0nh v\u1edbi th\u01b0\u01a1ng hi\u1ec7u.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>S\u1ef1 ph\u1ee9c t\u1ea1p t\u00e0i ch\u00ednh c\u1ee7a Apple \u0111\u00f2i h\u1ecfi m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc tinh vi. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c li\u00ean t\u1ee5c v\u01b0\u1ee3t tr\u1ed9i h\u01a1n c\u00e1c nh\u00e0 giao d\u1ecbch b\u00e1n l\u1ebb b\u1eb1ng c\u00e1ch \u00e1p d\u1ee5ng c\u00e1c k\u1ef9 thu\u1eadt \u0111\u1ecbnh gi\u00e1 c\u1ed1t l\u00f5i n\u00e0y\u2014c\u00e1c ph\u01b0\u01a1ng ph\u00e1p t\u01b0\u01a1ng t\u1ef1 c\u00f3 s\u1eb5n th\u00f4ng qua b\u1ed9 ph\u00e2n t\u00edch c\u1ee7a Pocket Option.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 S\u1ed1 \u0110\u1ecbnh Gi\u00e1<\/th><th>C\u00f4ng Th\u1ee9c<\/th><th>Gi\u00e1 Tr\u1ecb Hi\u1ec7n T\u1ea1i c\u1ee7a Apple (Q1 2024)<\/th><th>Di\u1ec5n Gi\u1ea3i<\/th><\/tr><\/thead><tbody><tr><td>T\u1ef7 L\u1ec7 Gi\u00e1 Tr\u00ean Thu Nh\u1eadp (P\/E)<\/td><td>Gi\u00e1 Th\u1ecb Tr\u01b0\u1eddng M\u1ed7i C\u1ed5 Phi\u1ebfu \u00f7 Thu Nh\u1eadp M\u1ed7i C\u1ed5 Phi\u1ebfu<\/td><td>32.6 (so v\u1edbi trung b\u00ecnh 5 n\u0103m: 28.4)<\/td><td>14.8% cao h\u01a1n trung b\u00ecnh l\u1ecbch s\u1eed<\/td><\/tr><tr><td>EV\/EBITDA<\/td><td>Gi\u00e1 Tr\u1ecb Doanh Nghi\u1ec7p \u00f7 EBITDA<\/td><td>23.8 (so v\u1edbi trung b\u00ecnh ng\u00e0nh c\u00f4ng ngh\u1ec7: 18.7)<\/td><td>27.3% cao h\u01a1n trung b\u00ecnh ng\u00e0nh<\/td><\/tr><tr><td>T\u1ef7 L\u1ec7 Gi\u00e1 Tr\u00ean Doanh Thu (P\/S)<\/td><td>V\u1ed1n H\u00f3a Th\u1ecb Tr\u01b0\u1eddng \u00f7 Doanh Thu H\u00e0ng N\u0103m<\/td><td>7.6 (so v\u1edbi trung b\u00ecnh FAANG: 6.2)<\/td><td>22.6% cao h\u01a1n trung b\u00ecnh \u0111\u1ed3ng nghi\u1ec7p<\/td><\/tr><tr><td>L\u1ee3i Nhu\u1eadn Tr\u00ean V\u1ed1n Ch\u1ee7 S\u1edf H\u1eefu (ROE)<\/td><td>Thu Nh\u1eadp R\u00f2ng \u00f7 V\u1ed1n Ch\u1ee7 S\u1edf H\u1eefu<\/td><td>163.9% (so v\u1edbi trung b\u00ecnh 5 n\u0103m: 124.2%)<\/td><td>C\u1ea3i thi\u1ec7n 31.9% trong hi\u1ec7u qu\u1ea3 v\u1ed1n<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Tr\u01b0\u1edbc khi mua c\u1ed5 phi\u1ebfu Apple, h\u00e3y hi\u1ec3u r\u00f5 c\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y trong b\u1ed1i c\u1ea3nh ph\u00f9 h\u1ee3p. T\u1ef7 l\u1ec7 P\/E c\u1ee7a Apple \u0111\u00e3 dao \u0111\u1ed9ng t\u1eeb 15.6 \u0111\u1ebfn 41.8 trong th\u1eadp k\u1ef7 qua. Khi t\u1ef7 l\u1ec7 n\u00e0y l\u1ec7ch h\u01a1n 20% so v\u1edbi trung b\u00ecnh 5 n\u0103m tr\u01b0\u1edbc \u0111\u00f3, l\u1ee3i nhu\u1eadn 12 th\u00e1ng ti\u1ebfp theo trung b\u00ecnh l\u00e0 -4.7% (khi b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao) ho\u1eb7c +31.6% (khi b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p). M\u1ed1i quan h\u1ec7 to\u00e1n h\u1ecdc n\u00e0y \u0111\u00e3 cung c\u1ea5p t\u00edn hi\u1ec7u \u0111\u00e1ng tin c\u1eady trong su\u1ed1t s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng n\u0103m 2018 v\u00e0 ph\u1ee5c h\u1ed3i \u0111\u1ea1i d\u1ecbch n\u0103m 2020.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>M\u00f4 H\u00ecnh D\u00f2ng Ti\u1ec1n Chi\u1ebft Kh\u1ea5u cho C\u1ed5 Phi\u1ebfu Apple<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ecm ki\u1ebfm \u0111\u1ed9 ch\u00ednh x\u00e1c to\u00e1n h\u1ecdc khi mua c\u1ed5 phi\u1ebfu Apple, m\u00f4 h\u00ecnh D\u00f2ng Ti\u1ec1n Chi\u1ebft Kh\u1ea5u (DCF) cung c\u1ea5p \u0111\u1ed9 ch\u00ednh x\u00e1c v\u00f4 song. Trong khi h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb d\u1ef1a v\u00e0o so s\u00e1nh P\/E \u0111\u01a1n gi\u1ea3n, c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd t\u1ed5 ch\u1ee9c li\u00ean t\u1ee5c v\u01b0\u1ee3t tr\u1ed9i h\u01a1n th\u1ecb tr\u01b0\u1eddng t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i c\u1ee7a Apple d\u1ef1a tr\u00ean kh\u1ea3 n\u0103ng t\u1ea1o ra d\u00f2ng ti\u1ec1n trong t\u01b0\u01a1ng lai c\u1ee7a n\u00f3.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00f4ng th\u1ee9c DCF t\u00ednh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i nh\u01b0 sau:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>PV = CF\u2081\/(1+r)\u00b9 + CF\u2082\/(1+r)\u00b2 + ... + CFn\/(1+r)n<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Trong \u0111\u00f3:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>PV = Gi\u00e1 Tr\u1ecb Hi\u1ec7n T\u1ea1i (gi\u00e1 m\u1ee5c ti\u00eau c\u1ee7a c\u1ed5 phi\u1ebfu)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>CFt&nbsp;= D\u00f2ng Ti\u1ec1n D\u1ef1 Ki\u1ebfn trong k\u1ef3 t (t\u00ednh b\u1eb1ng t\u1ef7 USD)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>r = T\u1ef7 L\u1ec7 Chi\u1ebft Kh\u1ea5u (WACC c\u1ee7a Apple: 8.7%)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>n = C\u00e1c k\u1ef3 d\u1ef1 b\u00e1o (th\u01b0\u1eddng l\u00e0 5-10 n\u0103m)<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ec3 \u00e1p d\u1ee5ng m\u00f4 h\u00ecnh n\u00e0y c\u1ee5 th\u1ec3 cho quy\u1ebft \u0111\u1ecbnh mua c\u1ed5 phi\u1ebfu Apple, b\u1ea1n c\u1ea7n d\u1ef1 b\u00e1o ch\u00ednh x\u00e1c cho c\u00e1c bi\u1ebfn s\u1ed1 quan tr\u1ecdng n\u00e0y:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Th\u00e0nh Ph\u1ea7n<\/th><th>Ph\u01b0\u01a1ng Ph\u00e1p T\u00ednh To\u00e1n<\/th><th>D\u1ef1 B\u00e1o Hi\u1ec7n T\u1ea1i c\u1ee7a Apple (2024-2028)<\/th><\/tr><\/thead><tbody><tr><td>T\u1ef7 L\u1ec7 T\u0103ng Tr\u01b0\u1edfng Doanh Thu<\/td><td>Ph\u00e2n t\u00edch l\u1ecbch s\u1eed + Th\u1eddi gian chu k\u1ef3 s\u1ea3n ph\u1ea9m<\/td><td>8.3% (N\u0103m 1), 7.5% (N\u0103m 2), 6.8% (N\u0103m 3-5)<\/td><\/tr><tr><td>L\u1ee3i Nhu\u1eadn Bi\u00ean<\/td><td>Ph\u00e2n t\u00edch xu h\u01b0\u1edbng v\u1edbi so s\u00e1nh c\u1ea1nh tranh<\/td><td>25.7% l\u1ee3i nhu\u1eadn r\u00f2ng (t\u0103ng 0.3% h\u00e0ng n\u0103m)<\/td><\/tr><tr><td>Chi Ph\u00ed V\u1ed1n<\/td><td>% doanh thu + \u0111\u1ea7u t\u01b0 chi\u1ebfn l\u01b0\u1ee3c<\/td><td>$12.8B (N\u0103m 1), t\u0103ng 5% h\u00e0ng n\u0103m<\/td><\/tr><tr><td>T\u1ef7 L\u1ec7 T\u0103ng Tr\u01b0\u1edfng D\u00e0i H\u1ea1n<\/td><td>T\u0103ng tr\u01b0\u1edfng GDP d\u00e0i h\u1ea1n + l\u1ea1m ph\u00e1t<\/td><td>2.5% (ph\u1ea1m vi \u0111\u1ed3ng thu\u1eadn: 2.0-3.0%)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u00e1y t\u00ednh DCF \u0111\u1ed9c quy\u1ec1n c\u1ee7a Pocket Option cho ph\u00e9p b\u1ea1n \u0111i\u1ec1u ch\u1ec9nh c\u00e1c bi\u1ebfn s\u1ed1 n\u00e0y ngay l\u1eadp t\u1ee9c, cho th\u1ea5y c\u00e1ch thay \u0111\u1ed5i trong gi\u1ea3 \u0111\u1ecbnh t\u0103ng tr\u01b0\u1edfng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd c\u1ee7a Apple. V\u00ed d\u1ee5, t\u0103ng 1% trong t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n c\u1ee7a Apple chuy\u1ec3n th\u00e0nh kho\u1ea3ng $32 t\u0103ng trong gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd m\u1ed7i c\u1ed5 phi\u1ebfu\u2014ki\u1ebfn th\u1ee9c n\u00e0y mang l\u1ea1i cho b\u1ea1n l\u1ee3i th\u1ebf r\u00f5 r\u00e0ng so v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ec9 d\u1ef1a v\u00e0o c\u1ea3m x\u00fac th\u1ecb tr\u01b0\u1eddng.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>\u0110\u1ed9 Nh\u1ea1y Gi\u00e1 Tr\u1ecb Cu\u1ed1i K\u1ef3 trong M\u00f4 H\u00ecnh DCF c\u1ee7a Apple<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Khi quy\u1ebft \u0111\u1ecbnh c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu Apple hay kh\u00f4ng, h\u00e3y ch\u00fa \u00fd \u0111\u1eb7c bi\u1ec7t \u0111\u1ebfn c\u00e1c t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb cu\u1ed1i k\u1ef3. Bi\u1ebfn s\u1ed1 \u0111\u01a1n l\u1ebb n\u00e0y th\u01b0\u1eddng chi\u1ebfm 65-75% t\u1ed5ng \u0111\u1ecbnh gi\u00e1 DCF c\u1ee7a Apple. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi m\u00f4 h\u00ecnh h\u00f3a nhi\u1ec1u k\u1ecbch b\u1ea3n thay v\u00ec d\u1ef1a v\u00e0o m\u1ed9t d\u1ef1 b\u00e1o duy nh\u1ea5t.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Gi\u00e1 tr\u1ecb cu\u1ed1i k\u1ef3 \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u00f4 H\u00ecnh T\u0103ng Tr\u01b0\u1edfng Gordon: TV = FCFn+1&nbsp;\u00f7 (WACC - g)Trong \u0111\u00f3 FCFn+1&nbsp;= N\u0103m 5 FCF \u00d7 (1 + g)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u01b0\u01a1ng Ph\u00e1p B\u1ed9i S\u1ed1 Tho\u00e1t: TV = EBITDAn&nbsp;\u00d7 B\u1ed9i S\u1ed1 \u0110\u01b0\u1ee3c Ch\u1ecdnTrong \u0111\u00f3 b\u1ed9i s\u1ed1 EBITDA c\u1ee7a Apple th\u01b0\u1eddng dao \u0111\u1ed9ng t\u1eeb 18x \u0111\u1ebfn 24x<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed9 nh\u1ea1y c\u1ee7a \u0111\u1ecbnh gi\u00e1 Apple \u0111\u1ed1i v\u1edbi c\u00e1c gi\u1ea3 \u0111\u1ecbnh n\u00e0y l\u00e0 r\u1ea5t l\u1edbn, nh\u01b0 \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n trong ph\u00e2n t\u00edch n\u00e0y s\u1eed d\u1ee5ng d\u1eef li\u1ec7u t\u00e0i ch\u00ednh th\u1ef1c t\u1ebf n\u0103m 2024:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>T\u1ef7 L\u1ec7 T\u0103ng Tr\u01b0\u1edfng V\u0129nh Vi\u1ec5n<\/th><th>WACC 8.2%<\/th><th>WACC 8.7% (Hi\u1ec7n T\u1ea1i)<\/th><th>WACC 9.2%<\/th><\/tr><\/thead><tbody><tr><td>2.0%<\/td><td>$192.36<\/td><td>$176.54<\/td><td>$162.83<\/td><\/tr><tr><td>2.5% (Tr\u01b0\u1eddng H\u1ee3p C\u01a1 S\u1edf)<\/td><td>$205.18<\/td><td>$186.92<\/td><td>$171.35<\/td><\/tr><tr><td>3.0%<\/td><td>$219.76<\/td><td>$198.24<\/td><td>$180.57<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u00e2n T\u00edch Chu\u1ed7i Th\u1eddi Gian v\u00e0 Ch\u1ec9 B\u00e1o \u0110\u1ed9ng L\u1ef1c<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ngo\u00e0i \u0111\u1ecbnh gi\u00e1 c\u01a1 b\u1ea3n, ph\u00e2n t\u00edch chu\u1ed7i th\u1eddi gian cung c\u1ea5p c\u00e1c t\u00edn hi\u1ec7u v\u00e0o v\u00e0 ra ch\u00ednh x\u00e1c cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 mu\u1ed1n mua c\u1ed5 phi\u1ebfu Apple. Kh\u00f4ng gi\u1ed1ng nh\u01b0 c\u00e1c m\u1eabu bi\u1ec3u \u0111\u1ed3 c\u01a1 b\u1ea3n m\u00e0 c\u00e1c nh\u00e0 giao d\u1ecbch nghi\u1ec7p d\u01b0 d\u1ef1a v\u00e0o, c\u00e1c k\u1ef9 thu\u1eadt chu\u1ed7i th\u1eddi gian to\u00e1n h\u1ecdc \u0111\u1ecbnh l\u01b0\u1ee3ng c\u00e1c t\u00edn hi\u1ec7u giao d\u1ecbch d\u1ef1a tr\u00ean x\u00e1c su\u1ea5t.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c \u0111\u01b0\u1eddng trung b\u00ecnh \u0111\u1ed9ng t\u1ea1o th\u00e0nh n\u1ec1n t\u1ea3ng c\u1ee7a vi\u1ec7c t\u1ea1o t\u00edn hi\u1ec7u \u0111\u00e1ng tin c\u1eady. Bi\u1ec3u th\u1ee9c to\u00e1n h\u1ecdc cho \u0110\u01b0\u1eddng Trung B\u00ecnh \u0110\u1ed9ng \u0110\u01a1n Gi\u1ea3n n-k\u1ef3 l\u00e0:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>SMA = (P\u2081 + P\u2082 + ... + Pn) \u00f7 n<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Trong khi \u0110\u01b0\u1eddng Trung B\u00ecnh \u0110\u1ed9ng L\u0169y Th\u1eeba cho tr\u1ecdng s\u1ed1 l\u1edbn h\u01a1n cho h\u00e0nh \u0111\u1ed9ng gi\u00e1 g\u1ea7n \u0111\u00e2y:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>EMA = Pt&nbsp;\u00d7 k + EMAt-1&nbsp;\u00d7 (1-k)<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>trong \u0111\u00f3 k = 2 \u00f7 (n+1)<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu Apple c\u1ee5 th\u1ec3, c\u00e1c t\u00edn hi\u1ec7u trung b\u00ecnh \u0111\u1ed9ng n\u00e0y \u0111\u00e3 cung c\u1ea5p \u0111\u1ed9 ch\u00ednh x\u00e1c 76% trong vi\u1ec7c d\u1ef1 \u0111o\u00e1n c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 \u0111\u00e1ng k\u1ec3. Khi nghi\u00ean c\u1ee9u n\u01a1i c\u00f3 th\u1ec3 mua c\u1ed5 phi\u1ebfu Apple, h\u00e3y xem x\u00e9t c\u00e1c ch\u1ec9 b\u00e1o \u0111\u01b0\u1ee3c d\u1eabn xu\u1ea5t to\u00e1n h\u1ecdc n\u00e0y v\u1edbi h\u1ed3 s\u01a1 theo d\u00f5i \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 B\u00e1o<\/th><th>\u0110\u1ecbnh Ngh\u0129a To\u00e1n H\u1ecdc<\/th><th>\u0110\u1ed9 Ch\u00ednh X\u00e1c T\u00edn Hi\u1ec7u L\u1ecbch S\u1eed cho Apple<\/th><th>T\u00edn Hi\u1ec7u Hi\u1ec7n T\u1ea1i (Q1 2024)<\/th><\/tr><\/thead><tbody><tr><td>Giao C\u1eaft MACD<\/td><td>\u0110\u01b0\u1eddng MACD = EMA 12-k\u1ef3 - EMA 26-k\u1ef3\u0110\u01b0\u1eddng T\u00edn Hi\u1ec7u = EMA 9-k\u1ef3 c\u1ee7a \u0110\u01b0\u1eddng MACD<\/td><td>72.4% \u0111\u1ed9 ch\u00ednh x\u00e1c (2014-2024)<\/td><td>T\u0103ng (MACD: +2.38, T\u00edn Hi\u1ec7u: +1.76)<\/td><\/tr><tr><td>\u0110\u1ea3o Chi\u1ec1u RSI<\/td><td>RSI = 100 - [100 \u00f7 (1 + RS)]trong \u0111\u00f3 RS = L\u1ee3i Nhu\u1eadn Trung B\u00ecnh \u00f7 L\u1ed7 Trung B\u00ecnh<\/td><td>68.9% \u0111\u1ed9 ch\u00ednh x\u00e1c (2014-2024)<\/td><td>Trung l\u1eadp (RSI: 58.3)<\/td><\/tr><tr><td>\u0110\u1ed9t Ph\u00e1 D\u1ea3i Bollinger<\/td><td>D\u1ea3i Gi\u1eefa = SMA 20-ng\u00e0yD\u1ea3i Tr\u00ean\/D\u01b0\u1edbi = Gi\u1eefa \u00b1 (SD 20-ng\u00e0y \u00d7 2)<\/td><td>81.3% \u0111\u1ed9 ch\u00ednh x\u00e1c (2014-2024)<\/td><td>H\u1ee3p nh\u1ea5t (Gi\u00e1 trong 0.5\u03c3 c\u1ee7a trung b\u00ecnh)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ef1 h\u1ecfi l\u00e0m th\u1ebf n\u00e0o c\u00f3 th\u1ec3 mua c\u1ed5 phi\u1ebfu Apple hi\u1ec7u qu\u1ea3 n\u00ean t\u1eadn d\u1ee5ng c\u00e1c ch\u1ec9 b\u00e1o n\u00e0y th\u00f4ng qua n\u1ec1n t\u1ea3ng bi\u1ec3u \u0111\u1ed3 ti\u00ean ti\u1ebfn c\u1ee7a Pocket Option. N\u1ec1n t\u1ea3ng n\u00e0y t\u1ef1 \u0111\u1ed9ng t\u00ednh to\u00e1n c\u00e1c t\u00edn hi\u1ec7u n\u00e0y v\u00e0 c\u00f3 th\u1ec3 c\u1ea3nh b\u00e1o b\u1ea1n khi c\u00e1c thi\u1ebft l\u1eadp c\u00f3 x\u00e1c su\u1ea5t cao x\u1ea3y ra\u2014nh\u01b0 m\u1eabu x\u00e1c nh\u1eadn ba hi\u1ebfm c\u00f3 \u0111\u00e3 d\u1eabn \u0111\u1ebfn \u0111\u1ee3t t\u0103ng 28% c\u1ee7a Apple trong Q3 2023.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>H\u1ed3i Quy Trung B\u00ecnh so v\u1edbi \u0110\u1ed9ng L\u1ef1c trong C\u1ed5 Phi\u1ebfu Apple<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u1ed5 phi\u1ebfu Apple th\u1ec3 hi\u1ec7n c\u00e1c h\u00e0nh vi to\u00e1n h\u1ecdc kh\u00e1c nhau tr\u00ean c\u00e1c khung th\u1eddi gian kh\u00e1c nhau\u2014hi\u1ec3u c\u00e1c m\u1eabu n\u00e0y mang l\u1ea1i cho b\u1ea1n l\u1ee3i th\u1ebf giao d\u1ecbch \u0111\u00e1ng k\u1ec3. Ph\u00e2n t\u00edch 15 n\u0103m d\u1eef li\u1ec7u gi\u00e1 ti\u1ebft l\u1ed9:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Tr\u00ean khung th\u1eddi gian 3-5 ng\u00e0y: Xu h\u01b0\u1edbng h\u1ed3i quy trung b\u00ecnh m\u1ea1nh (h\u1ec7 s\u1ed1 Hurst: 0.41)Tr\u00ean khung th\u1eddi gian 30-60 ng\u00e0y: M\u1eabu \u0111i b\u1ed9 ng\u1eabu nhi\u00ean y\u1ebfu (h\u1ec7 s\u1ed1 Hurst: 0.52)Tr\u00ean khung th\u1eddi gian 180+ ng\u00e0y: S\u1ef1 b\u1ec1n b\u1ec9 \u0111\u1ed9ng l\u1ef1c m\u1ea1nh (h\u1ec7 s\u1ed1 Hurst: 0.67)<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ch\u1eef k\u00fd to\u00e1n h\u1ecdc n\u00e0y c\u00f3 ngh\u0129a l\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c t\u1ed1i \u01b0u cho th\u1eddi \u0111i\u1ec3m mua c\u1ed5 phi\u1ebfu Apple kh\u00e1c nhau theo th\u1eddi gian \u0111\u1ea7u t\u01b0:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c nh\u00e0 giao d\u1ecbch ng\u1eafn h\u1ea1n: L\u1ee3i nhu\u1eadn t\u1eeb c\u00e1c \u0111\u1ea3o chi\u1ec1u 3-5 ng\u00e0y khi gi\u00e1 di chuy\u1ec3n &gt;2 \u0111\u1ed9 l\u1ec7ch chu\u1ea9n t\u1eeb trung b\u00ecnh<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c nh\u00e0 giao d\u1ecbch xoay v\u00f2ng: T\u1eadp trung v\u00e0o c\u00e1c x\u00e1c nh\u1eadn \u0111\u1ed9t ph\u00e1 30-60 ng\u00e0y khi \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi kh\u1ed1i l\u01b0\u1ee3ng<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1ecb th\u1ebf: C\u0103n ch\u1ec9nh c\u00e1c \u0111i\u1ec3m v\u00e0o v\u1edbi c\u00e1c xu h\u01b0\u1edbng 180+ ng\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp, tr\u00e1nh c\u00e1c v\u1ecb th\u1ebf ng\u01b0\u1ee3c xu h\u01b0\u1edbng<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>To\u00e1n H\u1ecdc T\u1ed1i \u01afu H\u00f3a Danh M\u1ee5c \u0110\u1ea7u T\u01b0 v\u1edbi C\u1ed5 Phi\u1ebfu Apple<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Khi k\u1ebft h\u1ee3p Apple v\u00e0o danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n, L\u00fd Thuy\u1ebft Danh M\u1ee5c \u0110\u1ea7u T\u01b0 Hi\u1ec7n \u0110\u1ea1i (MPT) cung c\u1ea5p \u0111\u1ed9 ch\u00ednh x\u00e1c to\u00e1n h\u1ecdc \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro. C\u00e1c nh\u00e0 qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u01b0u t\u00fa kh\u00f4ng ch\u1ec9 \u0111\u01a1n gi\u1ea3n mua c\u1ed5 phi\u1ebfu m\u00e0 h\u1ecd th\u00edch\u2014h\u1ecd t\u00ednh to\u00e1n ch\u00ednh x\u00e1c c\u00e1ch m\u1ed7i v\u1ecb th\u1ebf \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn h\u1ed3 s\u01a1 r\u1ee7i ro-l\u1ee3i nhu\u1eadn c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ef1 h\u1ecfi n\u01a1i c\u00f3 th\u1ec3 mua c\u1ed5 phi\u1ebfu Apple v\u00e0 ph\u00e2n b\u1ed5 bao nhi\u00eau, c\u00e1c c\u00f4ng th\u1ee9c to\u00e1n h\u1ecdc n\u00e0y x\u00e1c \u0111\u1ecbnh k\u00edch th\u01b0\u1edbc v\u1ecb th\u1ebf t\u1ed1i \u01b0u:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 S\u1ed1 Danh M\u1ee5c \u0110\u1ea7u T\u01b0<\/th><th>C\u00f4ng Th\u1ee9c<\/th><th>\u1ee8ng D\u1ee5ng cho \u0110\u1ea7u T\u01b0 Apple<\/th><\/tr><\/thead><tbody><tr><td>L\u1ee3i Nhu\u1eadn K\u1ef3 V\u1ecdng c\u1ee7a Danh M\u1ee5c<\/td><td>E(Rp) = \u03a3 wi&nbsp;\u00d7 E(Ri)<\/td><td>L\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng 12.8% c\u1ee7a Apple \u0111\u00f3ng g\u00f3p wAAPL&nbsp;\u00d7 12.8% v\u00e0o danh m\u1ee5c<\/td><\/tr><tr><td>Ph\u01b0\u01a1ng Sai Danh M\u1ee5c<\/td><td>\u03c3p\u00b2 = \u03a3 \u03a3 wi&nbsp;\u00d7 wj&nbsp;\u00d7 \u03c3i&nbsp;\u00d7 \u03c3j&nbsp;\u00d7 \u03c1ij<\/td><td>Bi\u1ebfn \u0111\u1ed9ng 23.6% c\u1ee7a Apple \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn r\u1ee7i ro t\u1ed5ng th\u1ec3 d\u1ef1a tr\u00ean t\u01b0\u01a1ng quan<\/td><\/tr><tr><td>T\u1ef7 L\u1ec7 Sharpe<\/td><td>(Rp&nbsp;- Rf) \u00f7 \u03c3p<\/td><td>T\u1ef7 l\u1ec7 Sharpe c\u1ee7a Apple l\u00e0 0.74 v\u01b0\u1ee3t qua S&amp;P 500 l\u00e0 0.62 (5 n\u0103m tr\u01b0\u1edbc)<\/td><\/tr><tr><td>Tr\u1ecdng S\u1ed1 T\u1ed1i \u01afu<\/td><td>wi* = (E(Ri) - Rf) \u00f7 (\u03bb \u00d7 \u03c3i\u00b2)<\/td><td>D\u1ef1a tr\u00ean kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro c\u1ee7a b\u1ea1n (\u03bb), t\u00ednh to\u00e1n ph\u00e2n b\u1ed5 Apple l\u00fd t\u01b0\u1edfng<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>B\u1ed9 t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a Pocket Option th\u1ef1c hi\u1ec7n c\u00e1c t\u00ednh to\u00e1n ph\u1ee9c t\u1ea1p n\u00e0y ngay l\u1eadp t\u1ee9c, cho th\u1ea5y ch\u00ednh x\u00e1c c\u00e1ch c\u00e1c ph\u00e2n b\u1ed5 Apple kh\u00e1c nhau \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro c\u1ee7a b\u1ea1n. V\u00ed d\u1ee5, t\u0103ng Apple t\u1eeb 5% l\u00ean 10% c\u1ee7a m\u1ed9t danh m\u1ee5c ti\u00eau chu\u1ea9n 60\/40 s\u1ebd t\u0103ng l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m l\u00ean 0.73% trong khi ch\u1ec9 t\u0103ng bi\u1ebfn \u0111\u1ed9ng l\u00ean 0.58%\u2014c\u1ea3i thi\u1ec7n t\u1ef7 l\u1ec7 Sharpe t\u1ed5ng th\u1ec3 l\u00ean 0.06.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Khi quy\u1ebft \u0111\u1ecbnh mua c\u1ed5 phi\u1ebfu Apple, s\u1ef1 t\u01b0\u01a1ng quan c\u1ee7a n\u00f3 v\u1edbi c\u00e1c t\u00e0i s\u1ea3n kh\u00e1c \u1ea3nh h\u01b0\u1edfng quan tr\u1ecdng \u0111\u1ebfn l\u1ee3i \u00edch \u0111a d\u1ea1ng h\u00f3a. D\u1eef li\u1ec7u t\u01b0\u01a1ng quan g\u1ea7n \u0111\u00e2y ti\u1ebft l\u1ed9 c\u00e1c c\u01a1 h\u1ed9i c\u1ee5 th\u1ec3:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Lo\u1ea1i T\u00e0i S\u1ea3n<\/th><th>T\u01b0\u01a1ng Quan v\u1edbi Apple<\/th><th>H\u00e0m \u00dd Danh M\u1ee5c<\/th><\/tr><\/thead><tbody><tr><td>Ng\u00e0nh C\u00f4ng Ngh\u1ec7 S&amp;P 500<\/td><td>+0.82<\/td><td>Tr\u00f9ng l\u1eb7p cao\u2014gi\u1ea3m c\u00e1c kho\u1ea3n n\u1eafm gi\u1eef c\u00f4ng ngh\u1ec7 kh\u00e1c khi t\u0103ng Apple<\/td><\/tr><tr><td>Tr\u00e1i Phi\u1ebfu Kho B\u1ea1c M\u1ef9<\/td><td>-0.31<\/td><td>H\u00e0ng r\u00e0o tuy\u1ec7t v\u1eddi\u2014Apple b\u00f9 \u0111\u1eafp s\u1ef1 y\u1ebfu k\u00e9m c\u1ee7a tr\u00e1i phi\u1ebfu trong m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t t\u0103ng<\/td><\/tr><tr><td>V\u00e0ng<\/td><td>-0.18<\/td><td>\u0110a d\u1ea1ng h\u00f3a khi\u00eam t\u1ed1n\u2014cung c\u1ea5p b\u1ea3o v\u1ec7 l\u1ea1m ph\u00e1t m\u1ed9t ph\u1ea7n<\/td><\/tr><tr><td>Th\u1ecb Tr\u01b0\u1eddng M\u1edbi N\u1ed5i<\/td><td>+0.45<\/td><td>T\u01b0\u01a1ng quan v\u1eeba ph\u1ea3i\u2014Apple cung c\u1ea5p ti\u1ebfp x\u00fac v\u1edbi EM v\u1edbi bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>To\u00e1n H\u1ecdc Quy\u1ec1n Ch\u1ecdn cho C\u00e1c Nh\u00e0 \u0110\u1ea7u T\u01b0 C\u1ed5 Phi\u1ebfu Apple<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi t\u00ecm ki\u1ebfm l\u1ee3i nhu\u1eadn t\u0103ng c\u01b0\u1eddng ho\u1eb7c qu\u1ea3n l\u00fd r\u1ee7i ro khi h\u1ecd mua c\u1ed5 phi\u1ebfu Apple, c\u00e1c chi\u1ebfn l\u01b0\u1ee3c quy\u1ec1n ch\u1ecdn cung c\u1ea5p \u0111\u00f2n b\u1ea9y to\u00e1n h\u1ecdc. Thay v\u00ec d\u1ef1a v\u00e0o c\u00e1c c\u01b0\u1ee3c theo h\u01b0\u1edbng, quy\u1ec1n ch\u1ecdn cho ph\u00e9p bi\u1ec3u \u0111\u1ea1t ch\u00ednh x\u00e1c c\u00e1c quan \u0111i\u1ec3m th\u1ecb tr\u01b0\u1eddng tinh t\u1ebf\u2014ch\u1eb3ng h\u1ea1n nh\u01b0 ph\u1ea1m vi bi\u1ebfn \u0111\u1ed9ng d\u1ef1 ki\u1ebfn ho\u1eb7c k\u1ebft qu\u1ea3 d\u1ef1a tr\u00ean x\u00e1c su\u1ea5t.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u00f4 h\u00ecnh Black-Scholes \u0111\u1ecbnh l\u01b0\u1ee3ng gi\u00e1 quy\u1ec1n ch\u1ecdn v\u1edbi c\u00e1c bi\u1ebfn s\u1ed1 c\u1ee5 th\u1ec3 cho Apple:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u00e1 c\u1ed5 phi\u1ebfu Apple hi\u1ec7n t\u1ea1i (S\u2080): Gi\u00e1 th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 quan s\u00e1t tr\u1ef1c ti\u1ebfp<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u00e1 th\u1ef1c hi\u1ec7n quy\u1ec1n ch\u1ecdn (K): \u0110\u01b0\u1ee3c ch\u1ecdn d\u1ef1a tr\u00ean m\u1ee5c ti\u00eau chi\u1ebfn l\u01b0\u1ee3c<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Th\u1eddi gian \u0111\u1ebfn ng\u00e0y h\u1ebft h\u1ea1n (t): \u0110\u01b0\u1ee3c \u0111o b\u1eb1ng n\u0103m (v\u00ed d\u1ee5, 30 ng\u00e0y = 0.0822 n\u0103m)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u00e3i su\u1ea5t phi r\u1ee7i ro (r): Hi\u1ec7n t\u1ea1i l\u00e0 4.75% (Tr\u00e1i phi\u1ebfu Kho b\u1ea1c 10 n\u0103m)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Bi\u1ebfn \u0111\u1ed9ng ng\u1ee5 \u00fd c\u1ee7a c\u1ed5 phi\u1ebfu Apple (\u03c3): Hi\u1ec7n t\u1ea1i l\u00e0 23.8% cho quy\u1ec1n ch\u1ecdn 30 ng\u00e0y<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00f4ng th\u1ee9c Black-Scholes t\u00ednh to\u00e1n ph\u00ed quy\u1ec1n ch\u1ecdn nh\u01b0 sau:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00ed Quy\u1ec1n Ch\u1ecdn Mua = S\u2080N(d\u2081) - Ke-rtN(d\u2082)<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00ed Quy\u1ec1n Ch\u1ecdn B\u00e1n = Ke-rtN(-d\u2082) - S\u2080N(-d\u2081)<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Trong \u0111\u00f3:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>d\u2081 = [ln(S\u2080\/K) + (r + \u03c3\u00b2\/2)t] \u00f7 (\u03c3\u221at)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>d\u2082 = d\u2081 - \u03c3\u221at<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>N() \u0111\u1ea1i di\u1ec7n cho h\u00e0m ph\u00e2n ph\u1ed1i t\u00edch l\u0169y c\u1ee7a ph\u00e2n ph\u1ed1i chu\u1ea9n<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu Apple c\u1ee5 th\u1ec3, \u0111\u1ed9 l\u1ec7ch bi\u1ebfn \u0111\u1ed9ng ng\u1ee5 \u00fd cung c\u1ea5p th\u00f4ng tin t\u00ecnh b\u00e1o c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng. Hi\u1ec7n t\u1ea1i, quy\u1ec1n ch\u1ecdn b\u00e1n 10% OTM 30 ng\u00e0y c\u1ee7a Apple giao d\u1ecbch \u1edf m\u1ee9c bi\u1ebfn \u0111\u1ed9ng ng\u1ee5 \u00fd 27.3% so v\u1edbi 21.4% cho quy\u1ec1n ch\u1ecdn ATM\u2014m\u1ed9t m\u1ee9c ch\u00eanh l\u1ec7ch bi\u1ebfn \u0111\u1ed9ng 5.9% ph\u1ea3n \u00e1nh m\u1ed1i quan ng\u1ea1i c\u1ee7a t\u1ed5 ch\u1ee9c v\u1ec1 r\u1ee7i ro gi\u1ea3m gi\u00e1.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Chi\u1ebfn L\u01b0\u1ee3c Quy\u1ec1n Ch\u1ecdn<\/th><th>C\u1ea5u Tr\u00fac To\u00e1n H\u1ecdc<\/th><th>\u0110i\u1ec3m H\u00f2a V\u1ed1n<\/th><th>K\u1ecbch B\u1ea3n Th\u1ecb Tr\u01b0\u1eddng L\u00fd T\u01b0\u1edfng<\/th><\/tr><\/thead><tbody><tr><td>Quy\u1ec1n Ch\u1ecdn Mua C\u00f3 B\u1ea3o V\u1ec7 (30-delta)<\/td><td>Mua 100 c\u1ed5 phi\u1ebfu + B\u00e1n 1 Quy\u1ec1n Ch\u1ecdn Mua<\/td><td>Gi\u00e1 v\u00e0o - ph\u00ed nh\u1eadn \u0111\u01b0\u1ee3c<\/td><td>C\u1ed5 phi\u1ebfu t\u0103ng nh\u1eb9 ho\u1eb7c gi\u1eef nguy\u00ean<\/td><\/tr><tr><td>Quy\u1ec1n Ch\u1ecdn B\u00e1n B\u1ea3o V\u1ec7 (25-delta)<\/td><td>Mua 100 c\u1ed5 phi\u1ebfu + Mua 1 Quy\u1ec1n Ch\u1ecdn B\u00e1n<\/td><td>Gi\u00e1 v\u00e0o + ph\u00ed \u0111\u00e3 tr\u1ea3<\/td><td>C\u1ed5 phi\u1ebfu t\u0103ng \u0111\u00e1ng k\u1ec3, v\u01b0\u1ee3t qua chi ph\u00ed ph\u00ed<\/td><\/tr><tr><td>Ch\u00eanh L\u1ec7ch Quy\u1ec1n Ch\u1ecdn Mua T\u0103ng<\/td><td>Mua 1 Quy\u1ec1n Ch\u1ecdn Mua ATM + B\u00e1n 1 Quy\u1ec1n Ch\u1ecdn Mua OTM<\/td><td>Gi\u00e1 th\u1ef1c hi\u1ec7n th\u1ea5p h\u01a1n + ph\u00ed r\u00f2ng \u0111\u00e3 tr\u1ea3<\/td><td>C\u1ed5 phi\u1ebfu t\u0103ng l\u00ean ho\u1eb7c v\u01b0\u1ee3t qua gi\u00e1 th\u1ef1c hi\u1ec7n cao h\u01a1n khi h\u1ebft h\u1ea1n<\/td><\/tr><tr><td>Iron Condor (c\u00e1nh 30-delta)<\/td><td>Ch\u00eanh L\u1ec7ch Quy\u1ec1n Ch\u1ecdn B\u00e1n T\u0103ng + Ch\u00eanh L\u1ec7ch Quy\u1ec1n Ch\u1ecdn Mua Gi\u1ea3m<\/td><td>M\u1ed9t trong hai gi\u00e1 th\u1ef1c hi\u1ec7n ng\u1eafn - ph\u00ed r\u00f2ng nh\u1eadn \u0111\u01b0\u1ee3c<\/td><td>C\u1ed5 phi\u1ebfu gi\u1eef nguy\u00ean gi\u1eefa c\u00e1c gi\u00e1 th\u1ef1c hi\u1ec7n ng\u1eafn qua h\u1ebft h\u1ea1n<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u00e1y t\u00ednh quy\u1ec1n ch\u1ecdn c\u1ee7a Pocket Option cung c\u1ea5p t\u00ednh to\u00e1n th\u1eddi gian th\u1ef1c c\u1ee7a c\u00e1c ch\u1ec9 s\u1ed1 Greeks (Delta, Gamma, Theta, Vega, v\u00e0 Rho), cho th\u1ea5y ch\u00ednh x\u00e1c c\u00e1ch c\u00e1c v\u1ecb th\u1ebf quy\u1ec1n ch\u1ecdn s\u1ebd ph\u1ea3n \u1ee9ng v\u1edbi \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng thay \u0111\u1ed5i. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ef1 h\u1ecfi l\u00e0m th\u1ebf n\u00e0o c\u00f3 th\u1ec3 mua c\u1ed5 phi\u1ebfu Apple v\u1edbi qu\u1ea3n l\u00fd r\u1ee7i ro t\u0103ng c\u01b0\u1eddng, c\u00e1c chi\u1ebfn l\u01b0\u1ee3c quy\u1ec1n ch\u1ecdn cung c\u1ea5p c\u00e1c gi\u1ea3i ph\u00e1p ch\u00ednh x\u00e1c v\u1ec1 m\u1eb7t to\u00e1n h\u1ecdc\u2014ch\u1eb3ng h\u1ea1n nh\u01b0 chi\u1ebfn l\u01b0\u1ee3c quy\u1ec1n ch\u1ecdn mua c\u00f3 b\u1ea3o v\u1ec7 30-delta s\u1ebd t\u0103ng l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m tr\u00ean Apple l\u00ean 4.7% trong khi gi\u1ea3m m\u1ee9c gi\u1ea3m t\u1ed1i \u0111a xu\u1ed1ng 8.3% trong n\u0103m n\u0103m qua.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Ph\u00e2n T\u00edch \u0110\u1ed9 L\u1ec7ch Bi\u1ebfn \u0110\u1ed9ng cho Quy\u1ec1n Ch\u1ecdn Apple<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn c\u1ee7a Apple ti\u1ebft l\u1ed9 th\u00f4ng tin c\u00f3 gi\u00e1 tr\u1ecb v\u1ec1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 d\u1ef1 ki\u1ebfn m\u00e0 h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1ecf l\u1ee1. \u0110\u1ed9 l\u1ec7ch bi\u1ebfn \u0111\u1ed9ng\u2014\u0111\u01b0\u1ee3c \u0111o b\u1eb1ng s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa bi\u1ebfn \u0111\u1ed9ng ng\u1ee5 \u00fd c\u1ee7a quy\u1ec1n ch\u1ecdn b\u00e1n OTM v\u00e0 quy\u1ec1n ch\u1ecdn ATM\u2014cung c\u1ea5p th\u00f4ng tin t\u00ecnh b\u00e1o c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng v\u1ec1 c\u1ea3m x\u00fac th\u1ecb tr\u01b0\u1eddng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed9 l\u1ec7ch c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh l\u01b0\u1ee3ng nh\u01b0 sau:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>H\u1ec7 S\u1ed1 \u0110\u1ed9 L\u1ec7ch = (IV25\u0394 Put&nbsp;- IV50\u0394) \u00f7 (25% - 50%)<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>H\u1ec7 s\u1ed1 \u0111\u1ed9 l\u1ec7ch 30 ng\u00e0y hi\u1ec7n t\u1ea1i c\u1ee7a Apple: 0.236H\u1ec7 s\u1ed1 \u0111\u1ed9 l\u1ec7ch trung b\u00ecnh 5 n\u0103m: 0.187Trung b\u00ecnh tr\u01b0\u1edbc th\u00f4ng b\u00e1o thu nh\u1eadp: 0.283<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch to\u00e1n h\u1ecdc n\u00e0y ti\u1ebft l\u1ed9 r\u1eb1ng c\u1ea3m x\u00fac th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i cho th\u1ea5y m\u1ed1i quan ng\u1ea1i v\u1eeba ph\u1ea3i v\u1ec1 r\u1ee7i ro gi\u1ea3m gi\u00e1\u2014cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi trung b\u00ecnh 5 n\u0103m nh\u01b0ng th\u1ea5p h\u01a1n m\u1ee9c \u0111i\u1ec3n h\u00ecnh tr\u01b0\u1edbc th\u00f4ng b\u00e1o thu nh\u1eadp. L\u1ecbch s\u1eed cho th\u1ea5y khi h\u1ec7 s\u1ed1 \u0111\u1ed9 l\u1ec7ch c\u1ee7a Apple v\u01b0\u1ee3t qu\u00e1 0.30, l\u1ee3i nhu\u1eadn 30 ng\u00e0y ti\u1ebfp theo trung b\u00ecnh l\u00e0 -2.7%, trong khi c\u00e1c ch\u1ec9 s\u1ed1 d\u01b0\u1edbi 0.15 tr\u01b0\u1edbc \u0111\u00f3 c\u00f3 l\u1ee3i nhu\u1eadn trung b\u00ecnh l\u00e0 +3.4%.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>H\u1ec7 Th\u1ed1ng Giao D\u1ecbch Thu\u1eadt To\u00e1n cho C\u1ed5 Phi\u1ebfu Apple<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ecm ki\u1ebfm c\u00e1c ph\u01b0\u01a1ng ph\u00e1p ti\u1ebfp c\u1eadn c\u00f3 h\u1ec7 th\u1ed1ng \u0111\u1ec3 giao d\u1ecbch c\u1ed5 phi\u1ebfu Apple, c\u00e1c thu\u1eadt to\u00e1n \u0111\u1ecbnh l\u01b0\u1ee3ng lo\u1ea1i b\u1ecf c\u1ea3m x\u00fac kh\u1ecfi vi\u1ec7c th\u1ef1c hi\u1ec7n trong khi t\u1ed1i \u01b0u h\u00f3a cho c\u00e1c k\u1ebft qu\u1ea3 d\u1ef1 ki\u1ebfn v\u1ec1 m\u1eb7t to\u00e1n h\u1ecdc. C\u00e1c h\u1ec7 th\u1ed1ng n\u00e0y ph\u00e2n t\u00edch h\u00e0ng tr\u0103m y\u1ebfu t\u1ed1 \u0111\u1ed3ng th\u1eddi, x\u00e1c \u0111\u1ecbnh c\u00e1c c\u01a1 h\u1ed9i c\u00f3 x\u00e1c su\u1ea5t cao m\u00e0 c\u00e1c nh\u00e0 giao d\u1ecbch t\u00f9y \u00fd kh\u00f4ng th\u1ec3 nh\u00ecn th\u1ea5y.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c h\u1ec7 th\u1ed1ng thu\u1eadt to\u00e1n hi\u1ec7u qu\u1ea3 cho Apple k\u1ebft h\u1ee3p c\u00e1c th\u00e0nh ph\u1ea7n thi\u1ebft y\u1ebfu sau:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ea1o t\u00edn hi\u1ec7u \u0111a y\u1ebfu t\u1ed1 (k\u1ebft h\u1ee3p d\u1eef li\u1ec7u k\u1ef9 thu\u1eadt, c\u01a1 b\u1ea3n v\u00e0 c\u1ea3m x\u00fac)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u00f4 h\u00ecnh chuy\u1ec3n \u0111\u1ed5i ch\u1ebf \u0111\u1ed9 th\u00edch \u1ee9ng v\u1edbi m\u00f4i tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng thay \u0111\u1ed5i<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>X\u1eed l\u00fd ng\u00f4n ng\u1eef t\u1ef1 nhi\u00ean c\u1ee7a b\u1ea3n ghi thu nh\u1eadp v\u00e0 c\u1ea3m x\u00fac tin t\u1ee9c<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ed1i \u01b0u h\u00f3a th\u1ef1c hi\u1ec7n l\u1ec7nh \u0111\u1ec3 gi\u1ea3m thi\u1ec3u tr\u01b0\u1ee3t gi\u00e1 v\u00e0 t\u00e1c \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Khi x\u00e2y d\u1ef1ng c\u00e1c h\u1ec7 th\u1ed1ng thu\u1eadt to\u00e1n cho giao d\u1ecbch c\u1ed5 phi\u1ebfu Apple, ki\u1ec3m tra l\u1ea1i nghi\u00eam ng\u1eb7t x\u00e1c nh\u1eadn hi\u1ec7u su\u1ea5t chi\u1ebfn l\u01b0\u1ee3c tr\u00ean c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng \u0111a d\u1ea1ng. C\u00e1c ch\u1ec9 s\u1ed1 hi\u1ec7u su\u1ea5t ch\u00ednh bao g\u1ed3m:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 S\u1ed1 Hi\u1ec7u Su\u1ea5t<\/th><th>C\u00f4ng Th\u1ee9c<\/th><th>M\u1ee5c Ti\u00eau T\u1ed1i Thi\u1ec3u<\/th><th>Thu\u1eadt To\u00e1n Apple H\u00e0ng \u0110\u1ea7u<\/th><\/tr><\/thead><tbody><tr><td>T\u1ef7 L\u1ec7 T\u0103ng Tr\u01b0\u1edfng H\u00e0ng N\u0103m G\u1ed9p<\/td><td>(FV\/PV)1\/n&nbsp;- 1<\/td><td>&gt;12% (\u0111\u1ec3 v\u01b0\u1ee3t tr\u1ed9i h\u01a1n ch\u1ec9 s\u1ed1)<\/td><td>18.7%<\/td><\/tr><tr><td>M\u1ee9c Gi\u1ea3m T\u1ed1i \u0110a<\/td><td>(Gi\u00e1 Tr\u1ecb \u0110\u00e1y - Gi\u00e1 Tr\u1ecb \u0110\u1ec9nh) \u00f7 Gi\u00e1 Tr\u1ecb \u0110\u1ec9nh<\/td><td>&lt;20% (cho r\u1ee7i ro v\u1eeba ph\u1ea3i)<\/td><td>16.3%<\/td><\/tr><tr><td>T\u1ef7 L\u1ec7 Sortino<\/td><td>(Rp&nbsp;- Rf) \u00f7 \u03c3downside<\/td><td>&gt;1.0 (cho l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro d\u01b0\u01a1ng)<\/td><td>1.43<\/td><\/tr><tr><td>T\u1ef7 L\u1ec7 Calmar<\/td><td>CAGR \u00f7 M\u1ee9c Gi\u1ea3m T\u1ed1i \u0110a<\/td><td>&gt;0.5 (cho r\u1ee7i ro\/ph\u1ea7n th\u01b0\u1edfng h\u1ee3p l\u00fd)<\/td><td>1.15<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option cung c\u1ea5p c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng c\u1ea5p t\u1ed5 ch\u1ee9c \u0111\u1ec3 tri\u1ec3n khai c\u00e1c chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch thu\u1eadt to\u00e1n th\u00f4ng qua API c\u1ee7a h\u1ecd. C\u00f4ng c\u1ee5 ki\u1ec3m tra l\u1ea1i c\u1ee7a n\u1ec1n t\u1ea3ng cho ph\u00e9p x\u00e1c nh\u1eadn nghi\u00eam ng\u1eb7t tr\u00ean nhi\u1ec1u ch\u1ebf \u0111\u1ed9 th\u1ecb tr\u01b0\u1eddng\u2014bao g\u1ed3m s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh n\u0103m 2018, s\u1ef1 s\u1ee5p \u0111\u1ed5 \u0111\u1ea1i d\u1ecbch n\u0103m 2020, v\u00e0 s\u1ef1 b\u00e1n th\u00e1o c\u00f4ng ngh\u1ec7 n\u0103m 2022\u2014\u0111\u1ea3m b\u1ea3o \u0111\u1ed9 b\u1ec1n c\u1ee7a thu\u1eadt to\u00e1n.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Khi ph\u00e1t tri\u1ec3n c\u00e1c thu\u1eadt to\u00e1n \u0111\u1ec3 mua c\u1ed5 phi\u1ebfu Apple, \u00fd ngh\u0129a th\u1ed1ng k\u00ea l\u00e0 kh\u00f4ng th\u1ec3 th\u01b0\u01a1ng l\u01b0\u1ee3ng. T\u1ea5t c\u1ea3 c\u00e1c t\u00edn hi\u1ec7u n\u00ean \u0111\u00e1p \u1ee9ng c\u00e1c ng\u01b0\u1ee1ng t\u1ed1i thi\u1ec3u sau:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>t-statistic &gt;2.0 (p-value &lt;0.05) tr\u00ean to\u00e0n b\u1ed9 t\u1eadp d\u1eef li\u1ec7u<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Hi\u1ec7u su\u1ea5t nh\u1ea5t qu\u00e1n tr\u00ean nhi\u1ec1u giai \u0111o\u1ea1n ph\u1ee5 (\u0111\u1ec3 ng\u0103n ch\u1eb7n qu\u00e1 kh\u1edbp)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Th\u1eddi gian b\u00e1n r\u00e3 t\u00edn hi\u1ec7u &gt;3\u00d7 th\u1eddi gian n\u1eafm gi\u1eef d\u1ef1 ki\u1ebfn<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>S\u1ef1 b\u1ec1n b\u1ec9 c\u1ee7a hi\u1ec7u su\u1ea5t trong c\u00e1c ch\u1ebf \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng cao<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Qu\u1ea3n L\u00fd R\u1ee7i Ro \u0110\u1ecbnh L\u01b0\u1ee3ng cho C\u00e1c Nh\u00e0 \u0110\u1ea7u T\u01b0 Apple<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Qu\u1ea3n l\u00fd r\u1ee7i ro to\u00e1n h\u1ecdc t\u00e1ch bi\u1ec7t c\u01a1 b\u1ea3n c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Apple chuy\u00ean nghi\u1ec7p kh\u1ecfi nghi\u1ec7p d\u01b0. Trong khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00ecnh th\u01b0\u1eddng ch\u1ec9 t\u1eadp trung v\u00e0o l\u1ee3i nhu\u1eadn, nh\u1eefng ng\u01b0\u1eddi tham gia tinh vi tr\u01b0\u1edbc ti\u00ean thi\u1ebft l\u1eadp c\u00e1c th\u00f4ng s\u1ed1 r\u1ee7i ro ch\u00ednh x\u00e1c, sau \u0111\u00f3 t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng trong c\u00e1c r\u00e0ng bu\u1ed9c \u0111\u00f3.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Gi\u00e1 Tr\u1ecb R\u1ee7i Ro (VaR) \u0111o l\u01b0\u1eddng m\u1ee9c l\u1ed7 t\u1ed1i \u0111a d\u1ef1 ki\u1ebfn trong m\u1ed9t kho\u1ea3ng tin c\u1eady c\u1ee5 th\u1ec3. \u0110\u1ed1i v\u1edbi m\u1ed9t v\u1ecb th\u1ebf Apple, VaR tham s\u1ed1 t\u00ednh to\u00e1n nh\u01b0 sau:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>VaR = Gi\u00e1 Tr\u1ecb V\u1ecb Th\u1ebf \u00d7 Z-score \u00d7 \u03c3 \u00d7 \u221at<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Trong \u0111\u00f3:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Z-score = 1.65 cho 95% tin c\u1eady, 2.33 cho 99% tin c\u1eady<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u03c3 = Bi\u1ebfn \u0111\u1ed9ng h\u00e0ng ng\u00e0y c\u1ee7a Apple (hi\u1ec7n t\u1ea1i l\u00e0 1.48%)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>t = th\u1eddi gian d\u1ef1 ki\u1ebfn t\u00ednh b\u1eb1ng ng\u00e0y<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ngo\u00e0i VaR, Gi\u00e1 Tr\u1ecb R\u1ee7i Ro C\u00f3 \u0110i\u1ec1u Ki\u1ec7n (CVaR) \u0111o l\u01b0\u1eddng m\u1ee9c l\u1ed7 d\u1ef1 ki\u1ebfn khi c\u00e1c k\u1ecbch b\u1ea3n t\u1ed3i t\u1ec7 nh\u1ea5t v\u01b0\u1ee3t qu\u00e1 VaR th\u1ef1c s\u1ef1 x\u1ea3y ra\u2014quan tr\u1ecdng \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 lo ng\u1ea1i v\u1ec1 r\u1ee7i ro \u0111u\u00f4i trong c\u00e1c gi\u00e1n \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng ho\u1eb7c th\u1ea5t b\u1ea1i ra m\u1eaft s\u1ea3n ph\u1ea9m.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Chi\u1ebfn L\u01b0\u1ee3c V\u1ecb Th\u1ebf ($100,000 \u0110\u1ea7u T\u01b0 Apple)<\/th><th>VaR H\u00e0ng Ng\u00e0y (95%)<\/th><th>CVaR H\u00e0ng Ng\u00e0y (95%)<\/th><th>L\u1ee3i Nhu\u1eadn H\u00e0ng N\u0103m K\u1ef3 V\u1ecdng<\/th><th>L\u1ee3i Nhu\u1eadn \u0110i\u1ec1u Ch\u1ec9nh R\u1ee7i Ro<\/th><\/tr><\/thead><tbody><tr><td>V\u1ecb Th\u1ebf Kh\u00f4ng B\u1ea3o V\u1ec7<\/td><td>$2,442<\/td><td>$3,765<\/td><td>12.8%<\/td><td>0.74 (Sharpe)<\/td><\/tr><tr><td>V\u1edbi Quy\u1ec1n Ch\u1ecdn B\u00e1n B\u1ea3o V\u1ec7 25-delta<\/td><td>$1,786<\/td><td>$2,153<\/td><td>9.7%<\/td><td>0.82 (Sharpe)<\/td><\/tr><tr><td>V\u1edbi Chi\u1ebfn L\u01b0\u1ee3c Collar (25\u0394 put\/35\u0394 call)<\/td><td>$1,482<\/td><td>$1,873<\/td><td>8.5%<\/td><td>0.89 (Sharpe)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 h\u1ecfi \"n\u01a1i c\u00f3 th\u1ec3 mua c\u1ed5 phi\u1ebfu Apple v\u1edbi c\u00e1c ki\u1ec3m so\u00e1t r\u1ee7i ro th\u00edch h\u1ee3p?\", Pocket Option t\u00edch h\u1ee3p c\u00e1c ch\u1ec9 s\u1ed1 r\u1ee7i ro to\u00e1n h\u1ecdc n\u00e0y tr\u1ef1c ti\u1ebfp v\u00e0o n\u1ec1n t\u1ea3ng giao d\u1ecbch c\u1ee7a h\u1ecd. M\u00e1y t\u00ednh k\u00edch th\u01b0\u1edbc v\u1ecb th\u1ebf x\u00e1c \u0111\u1ecbnh ph\u00e2n b\u1ed5 t\u1ed1i \u01b0u d\u1ef1a tr\u00ean kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro c\u1ee7a b\u1ea1n b\u1eb1ng c\u00f4ng th\u1ee9c:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>K\u00edch Th\u01b0\u1edbc V\u1ecb Th\u1ebf T\u1ed1i \u01afu = (Kh\u1ea3 N\u0103ng Ch\u1ecbu R\u1ee7i Ro T\u00e0i Kho\u1ea3n % \u00d7 Gi\u00e1 Tr\u1ecb T\u00e0i Kho\u1ea3n) \u00f7 (Kho\u1ea3ng C\u00e1ch \u0110\u1ebfn D\u1eebng L\u1ed7 %)<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>V\u00ed d\u1ee5, v\u1edbi t\u00e0i kho\u1ea3n $100,000, 1% r\u1ee7i ro t\u1ed1i \u0111a m\u1ed7i giao d\u1ecbch, v\u00e0 8% d\u1eebng l\u1ed7 tr\u00ean Apple, k\u00edch th\u01b0\u1edbc v\u1ecb th\u1ebf t\u1ed1i \u01b0u c\u1ee7a b\u1ea1n s\u1ebd l\u00e0 $12,500\u2014\u0111\u01b0\u1ee3c t\u00ednh to\u00e1n t\u1ef1 \u0111\u1ed9ng b\u1edfi b\u1ed9 qu\u1ea3n l\u00fd r\u1ee7i ro c\u1ee7a Pocket Option.<\/p><\/div>[cta_button text=\"\"]<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>K\u1ebft Lu\u1eadn: L\u1ee3i Th\u1ebf To\u00e1n H\u1ecdc trong \u0110\u1ea7u T\u01b0 C\u1ed5 Phi\u1ebfu Apple<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Quy\u1ebft \u0111\u1ecbnh mua c\u1ed5 phi\u1ebfu Apple \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u01a1 h\u1ed9i ho\u00e0n h\u1ea3o \u0111\u1ec3 \u00e1p d\u1ee5ng ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng cho l\u1ee3i nhu\u1eadn v\u01b0\u1ee3t tr\u1ed9i. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nghi\u1ec7p d\u01b0 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh d\u1ef1a tr\u00ean s\u1ef1 y\u00eau th\u00edch th\u01b0\u01a1ng hi\u1ec7u ho\u1eb7c ti\u00eau \u0111\u1ec1 tin t\u1ee9c\u2014c\u00e1c chuy\u00ean gia d\u1ef1a v\u00e0o c\u00e1c khung to\u00e1n h\u1ecdc \u0111\u00e3 li\u00ean t\u1ee5c t\u1ea1o ra alpha qua nhi\u1ec1u chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>B\u1eb1ng c\u00e1ch t\u00edch h\u1ee3p c\u00e1c k\u1ef9 thu\u1eadt \u0111\u1ecbnh gi\u00e1 c\u01a1 b\u1ea3n, ph\u00e2n t\u00edch chu\u1ed7i th\u1eddi gian, t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0, chi\u1ebfn l\u01b0\u1ee3c quy\u1ec1n ch\u1ecdn, v\u00e0 qu\u1ea3n l\u00fd r\u1ee7i ro \u0111\u1ecbnh l\u01b0\u1ee3ng, b\u1ea1n ph\u00e1t tri\u1ec3n m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p to\u00e0n di\u1ec7n m\u00e0 c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 chuy\u00ean nghi\u1ec7p s\u1eed d\u1ee5ng. S\u1ef1 kh\u00e1c bi\u1ec7t ch\u00ednh: c\u00f4ng c\u1ee5 c\u1ee7a h\u1ecd tr\u01b0\u1edbc \u0111\u00e2y t\u1ed1n h\u00e0ng tri\u1ec7u \u0111\u1ec3 ph\u00e1t tri\u1ec3n, trong khi Pocket Option hi\u1ec7n cung c\u1ea5p c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng ph\u00e2n t\u00edch c\u1ea5p t\u1ed5 ch\u1ee9c n\u00e0y cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c c\u00f4ng c\u1ee5 to\u00e1n h\u1ecdc \u0111\u01b0\u1ee3c n\u00eau trong ph\u00e2n t\u00edch n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 l\u00fd thuy\u1ebft\u2014ch\u00fang l\u00e0 c\u00e1c ph\u01b0\u01a1ng ph\u00e1p th\u1ef1c t\u1ebf \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng b\u1edfi c\u00e1c qu\u1ef9 \u0111\u1ea7u c\u01a1 \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u00e3 v\u01b0\u1ee3t tr\u1ed9i h\u01a1n th\u1ecb tr\u01b0\u1eddng 3.7% h\u00e0ng n\u0103m khi giao d\u1ecbch c\u1ed5 phi\u1ebfu Apple trong th\u1eadp k\u1ef7 qua. N\u1ec1n t\u1ea3ng c\u1ee7a Pocket Option tri\u1ec3n khai c\u00e1c k\u1ef9 thu\u1eadt t\u01b0\u01a1ng t\u1ef1 n\u00e0y cho d\u00f9 b\u1ea1n l\u00e0 ng\u01b0\u1eddi m\u1edbi b\u1eaft \u0111\u1ea7u \u0111i\u1ec1u tra l\u00e0m th\u1ebf n\u00e0o c\u00f3 th\u1ec3 mua c\u1ed5 phi\u1ebfu Apple hay m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 kinh nghi\u1ec7m t\u1ed1i \u01b0u h\u00f3a m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 hi\u1ec7n c\u00f3.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>H\u00e3y nh\u1edb r\u1eb1ng trong khi to\u00e1n h\u1ecdc cung c\u1ea5p khung, \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng v\u00e0o Apple \u0111\u00f2i h\u1ecfi s\u1ef1 \u00e1p d\u1ee5ng nh\u1ea5t qu\u00e1n v\u00e0 hi\u1ec7u ch\u1ec9nh th\u01b0\u1eddng xuy\u00ean. Khi Apple ti\u1ebfp t\u1ee5c ph\u00e1t tri\u1ec3n t\u1eeb nh\u00e0 s\u1ea3n xu\u1ea5t ph\u1ea7n c\u1ee9ng th\u00e0nh h\u1ec7 sinh th\u00e1i d\u1ecbch v\u1ee5, c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a b\u1ea1n n\u00ean th\u00edch \u1ee9ng t\u01b0\u01a1ng \u1ee9ng. B\u1eb1ng c\u00e1ch duy tr\u00ec k\u1ef7 lu\u1eadt to\u00e1n h\u1ecdc trong khi k\u1ebft h\u1ee3p d\u1eef li\u1ec7u m\u1edbi, b\u1ea1n s\u1ebd ph\u00e1t tri\u1ec3n l\u1ee3i th\u1ebf b\u1ec1n v\u1eefng trong chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 Apple c\u1ee7a m\u00ecnh\u2014c\u00f3 th\u1ec3 bi\u1ebfn m\u1ed9t v\u1ecb th\u1ebf c\u1ed5 phi\u1ebfu \u0111\u01a1n l\u1ebb th\u00e0nh m\u1ed9t \u0111\u1ed9ng l\u1ef1c quan tr\u1ecdng c\u1ee7a vi\u1ec7c t\u1ea1o ra s\u1ef1 gi\u00e0u c\u00f3 l\u00e2u d\u00e0i.<\/p><\/div>","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>C\u00e1c Nguy\u00ean T\u1eafc \u0110\u1ecbnh L\u01b0\u1ee3ng C\u01a1 B\u1ea3n Trong \u0110\u1ecbnh Gi\u00e1 C\u1ed5 Phi\u1ebfu Apple<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Khi quy\u1ebft \u0111\u1ecbnh mua c\u1ed5 phi\u1ebfu Apple, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e2u h\u1ecfi quan tr\u1ecdng: gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd c\u1ee7a m\u1ed9t c\u00f4ng ty t\u1ea1o ra h\u01a1n 370 t\u1ef7 USD doanh thu h\u00e0ng n\u0103m v\u1edbi v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng v\u01b0\u1ee3t qu\u00e1 2,8 ngh\u00ecn t\u1ef7 USD l\u00e0 bao nhi\u00eau? C\u00e2u tr\u1ea3 l\u1eddi n\u1eb1m \u1edf ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng, kh\u00f4ng ph\u1ea3i l\u00e0 c\u1ea3m x\u00fac th\u1ecb tr\u01b0\u1eddng hay l\u00f2ng trung th\u00e0nh v\u1edbi th\u01b0\u01a1ng hi\u1ec7u.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>S\u1ef1 ph\u1ee9c t\u1ea1p t\u00e0i ch\u00ednh c\u1ee7a Apple \u0111\u00f2i h\u1ecfi m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc tinh vi. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c li\u00ean t\u1ee5c v\u01b0\u1ee3t tr\u1ed9i h\u01a1n c\u00e1c nh\u00e0 giao d\u1ecbch b\u00e1n l\u1ebb b\u1eb1ng c\u00e1ch \u00e1p d\u1ee5ng c\u00e1c k\u1ef9 thu\u1eadt \u0111\u1ecbnh gi\u00e1 c\u1ed1t l\u00f5i n\u00e0y\u2014c\u00e1c ph\u01b0\u01a1ng ph\u00e1p t\u01b0\u01a1ng t\u1ef1 c\u00f3 s\u1eb5n th\u00f4ng qua b\u1ed9 ph\u00e2n t\u00edch c\u1ee7a Pocket Option.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 \u0110\u1ecbnh Gi\u00e1<\/th>\n<th>C\u00f4ng Th\u1ee9c<\/th>\n<th>Gi\u00e1 Tr\u1ecb Hi\u1ec7n T\u1ea1i c\u1ee7a Apple (Q1 2024)<\/th>\n<th>Di\u1ec5n Gi\u1ea3i<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u1ef7 L\u1ec7 Gi\u00e1 Tr\u00ean Thu Nh\u1eadp (P\/E)<\/td>\n<td>Gi\u00e1 Th\u1ecb Tr\u01b0\u1eddng M\u1ed7i C\u1ed5 Phi\u1ebfu \u00f7 Thu Nh\u1eadp M\u1ed7i C\u1ed5 Phi\u1ebfu<\/td>\n<td>32.6 (so v\u1edbi trung b\u00ecnh 5 n\u0103m: 28.4)<\/td>\n<td>14.8% cao h\u01a1n trung b\u00ecnh l\u1ecbch s\u1eed<\/td>\n<\/tr>\n<tr>\n<td>EV\/EBITDA<\/td>\n<td>Gi\u00e1 Tr\u1ecb Doanh Nghi\u1ec7p \u00f7 EBITDA<\/td>\n<td>23.8 (so v\u1edbi trung b\u00ecnh ng\u00e0nh c\u00f4ng ngh\u1ec7: 18.7)<\/td>\n<td>27.3% cao h\u01a1n trung b\u00ecnh ng\u00e0nh<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 L\u1ec7 Gi\u00e1 Tr\u00ean Doanh Thu (P\/S)<\/td>\n<td>V\u1ed1n H\u00f3a Th\u1ecb Tr\u01b0\u1eddng \u00f7 Doanh Thu H\u00e0ng N\u0103m<\/td>\n<td>7.6 (so v\u1edbi trung b\u00ecnh FAANG: 6.2)<\/td>\n<td>22.6% cao h\u01a1n trung b\u00ecnh \u0111\u1ed3ng nghi\u1ec7p<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i Nhu\u1eadn Tr\u00ean V\u1ed1n Ch\u1ee7 S\u1edf H\u1eefu (ROE)<\/td>\n<td>Thu Nh\u1eadp R\u00f2ng \u00f7 V\u1ed1n Ch\u1ee7 S\u1edf H\u1eefu<\/td>\n<td>163.9% (so v\u1edbi trung b\u00ecnh 5 n\u0103m: 124.2%)<\/td>\n<td>C\u1ea3i thi\u1ec7n 31.9% trong hi\u1ec7u qu\u1ea3 v\u1ed1n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Tr\u01b0\u1edbc khi mua c\u1ed5 phi\u1ebfu Apple, h\u00e3y hi\u1ec3u r\u00f5 c\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y trong b\u1ed1i c\u1ea3nh ph\u00f9 h\u1ee3p. T\u1ef7 l\u1ec7 P\/E c\u1ee7a Apple \u0111\u00e3 dao \u0111\u1ed9ng t\u1eeb 15.6 \u0111\u1ebfn 41.8 trong th\u1eadp k\u1ef7 qua. Khi t\u1ef7 l\u1ec7 n\u00e0y l\u1ec7ch h\u01a1n 20% so v\u1edbi trung b\u00ecnh 5 n\u0103m tr\u01b0\u1edbc \u0111\u00f3, l\u1ee3i nhu\u1eadn 12 th\u00e1ng ti\u1ebfp theo trung b\u00ecnh l\u00e0 -4.7% (khi b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao) ho\u1eb7c +31.6% (khi b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p). M\u1ed1i quan h\u1ec7 to\u00e1n h\u1ecdc n\u00e0y \u0111\u00e3 cung c\u1ea5p t\u00edn hi\u1ec7u \u0111\u00e1ng tin c\u1eady trong su\u1ed1t s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng n\u0103m 2018 v\u00e0 ph\u1ee5c h\u1ed3i \u0111\u1ea1i d\u1ecbch n\u0103m 2020.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>M\u00f4 H\u00ecnh D\u00f2ng Ti\u1ec1n Chi\u1ebft Kh\u1ea5u cho C\u1ed5 Phi\u1ebfu Apple<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ecm ki\u1ebfm \u0111\u1ed9 ch\u00ednh x\u00e1c to\u00e1n h\u1ecdc khi mua c\u1ed5 phi\u1ebfu Apple, m\u00f4 h\u00ecnh D\u00f2ng Ti\u1ec1n Chi\u1ebft Kh\u1ea5u (DCF) cung c\u1ea5p \u0111\u1ed9 ch\u00ednh x\u00e1c v\u00f4 song. Trong khi h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb d\u1ef1a v\u00e0o so s\u00e1nh P\/E \u0111\u01a1n gi\u1ea3n, c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd t\u1ed5 ch\u1ee9c li\u00ean t\u1ee5c v\u01b0\u1ee3t tr\u1ed9i h\u01a1n th\u1ecb tr\u01b0\u1eddng t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i c\u1ee7a Apple d\u1ef1a tr\u00ean kh\u1ea3 n\u0103ng t\u1ea1o ra d\u00f2ng ti\u1ec1n trong t\u01b0\u01a1ng lai c\u1ee7a n\u00f3.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00f4ng th\u1ee9c DCF t\u00ednh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i nh\u01b0 sau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>PV = CF\u2081\/(1+r)\u00b9 + CF\u2082\/(1+r)\u00b2 + &#8230; + CFn\/(1+r)n<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Trong \u0111\u00f3:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>PV = Gi\u00e1 Tr\u1ecb Hi\u1ec7n T\u1ea1i (gi\u00e1 m\u1ee5c ti\u00eau c\u1ee7a c\u1ed5 phi\u1ebfu)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>CFt&nbsp;= D\u00f2ng Ti\u1ec1n D\u1ef1 Ki\u1ebfn trong k\u1ef3 t (t\u00ednh b\u1eb1ng t\u1ef7 USD)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>r = T\u1ef7 L\u1ec7 Chi\u1ebft Kh\u1ea5u (WACC c\u1ee7a Apple: 8.7%)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>n = C\u00e1c k\u1ef3 d\u1ef1 b\u00e1o (th\u01b0\u1eddng l\u00e0 5-10 n\u0103m)<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ec3 \u00e1p d\u1ee5ng m\u00f4 h\u00ecnh n\u00e0y c\u1ee5 th\u1ec3 cho quy\u1ebft \u0111\u1ecbnh mua c\u1ed5 phi\u1ebfu Apple, b\u1ea1n c\u1ea7n d\u1ef1 b\u00e1o ch\u00ednh x\u00e1c cho c\u00e1c bi\u1ebfn s\u1ed1 quan tr\u1ecdng n\u00e0y:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Th\u00e0nh Ph\u1ea7n<\/th>\n<th>Ph\u01b0\u01a1ng Ph\u00e1p T\u00ednh To\u00e1n<\/th>\n<th>D\u1ef1 B\u00e1o Hi\u1ec7n T\u1ea1i c\u1ee7a Apple (2024-2028)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u1ef7 L\u1ec7 T\u0103ng Tr\u01b0\u1edfng Doanh Thu<\/td>\n<td>Ph\u00e2n t\u00edch l\u1ecbch s\u1eed + Th\u1eddi gian chu k\u1ef3 s\u1ea3n ph\u1ea9m<\/td>\n<td>8.3% (N\u0103m 1), 7.5% (N\u0103m 2), 6.8% (N\u0103m 3-5)<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i Nhu\u1eadn Bi\u00ean<\/td>\n<td>Ph\u00e2n t\u00edch xu h\u01b0\u1edbng v\u1edbi so s\u00e1nh c\u1ea1nh tranh<\/td>\n<td>25.7% l\u1ee3i nhu\u1eadn r\u00f2ng (t\u0103ng 0.3% h\u00e0ng n\u0103m)<\/td>\n<\/tr>\n<tr>\n<td>Chi Ph\u00ed V\u1ed1n<\/td>\n<td>% doanh thu + \u0111\u1ea7u t\u01b0 chi\u1ebfn l\u01b0\u1ee3c<\/td>\n<td>$12.8B (N\u0103m 1), t\u0103ng 5% h\u00e0ng n\u0103m<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 L\u1ec7 T\u0103ng Tr\u01b0\u1edfng D\u00e0i H\u1ea1n<\/td>\n<td>T\u0103ng tr\u01b0\u1edfng GDP d\u00e0i h\u1ea1n + l\u1ea1m ph\u00e1t<\/td>\n<td>2.5% (ph\u1ea1m vi \u0111\u1ed3ng thu\u1eadn: 2.0-3.0%)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u00e1y t\u00ednh DCF \u0111\u1ed9c quy\u1ec1n c\u1ee7a Pocket Option cho ph\u00e9p b\u1ea1n \u0111i\u1ec1u ch\u1ec9nh c\u00e1c bi\u1ebfn s\u1ed1 n\u00e0y ngay l\u1eadp t\u1ee9c, cho th\u1ea5y c\u00e1ch thay \u0111\u1ed5i trong gi\u1ea3 \u0111\u1ecbnh t\u0103ng tr\u01b0\u1edfng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd c\u1ee7a Apple. V\u00ed d\u1ee5, t\u0103ng 1% trong t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n c\u1ee7a Apple chuy\u1ec3n th\u00e0nh kho\u1ea3ng $32 t\u0103ng trong gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd m\u1ed7i c\u1ed5 phi\u1ebfu\u2014ki\u1ebfn th\u1ee9c n\u00e0y mang l\u1ea1i cho b\u1ea1n l\u1ee3i th\u1ebf r\u00f5 r\u00e0ng so v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ec9 d\u1ef1a v\u00e0o c\u1ea3m x\u00fac th\u1ecb tr\u01b0\u1eddng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>\u0110\u1ed9 Nh\u1ea1y Gi\u00e1 Tr\u1ecb Cu\u1ed1i K\u1ef3 trong M\u00f4 H\u00ecnh DCF c\u1ee7a Apple<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Khi quy\u1ebft \u0111\u1ecbnh c\u00f3 n\u00ean mua c\u1ed5 phi\u1ebfu Apple hay kh\u00f4ng, h\u00e3y ch\u00fa \u00fd \u0111\u1eb7c bi\u1ec7t \u0111\u1ebfn c\u00e1c t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb cu\u1ed1i k\u1ef3. Bi\u1ebfn s\u1ed1 \u0111\u01a1n l\u1ebb n\u00e0y th\u01b0\u1eddng chi\u1ebfm 65-75% t\u1ed5ng \u0111\u1ecbnh gi\u00e1 DCF c\u1ee7a Apple. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi m\u00f4 h\u00ecnh h\u00f3a nhi\u1ec1u k\u1ecbch b\u1ea3n thay v\u00ec d\u1ef1a v\u00e0o m\u1ed9t d\u1ef1 b\u00e1o duy nh\u1ea5t.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Gi\u00e1 tr\u1ecb cu\u1ed1i k\u1ef3 \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u00f4 H\u00ecnh T\u0103ng Tr\u01b0\u1edfng Gordon: TV = FCFn+1&nbsp;\u00f7 (WACC &#8211; g)Trong \u0111\u00f3 FCFn+1&nbsp;= N\u0103m 5 FCF \u00d7 (1 + g)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u01b0\u01a1ng Ph\u00e1p B\u1ed9i S\u1ed1 Tho\u00e1t: TV = EBITDAn&nbsp;\u00d7 B\u1ed9i S\u1ed1 \u0110\u01b0\u1ee3c Ch\u1ecdnTrong \u0111\u00f3 b\u1ed9i s\u1ed1 EBITDA c\u1ee7a Apple th\u01b0\u1eddng dao \u0111\u1ed9ng t\u1eeb 18x \u0111\u1ebfn 24x<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed9 nh\u1ea1y c\u1ee7a \u0111\u1ecbnh gi\u00e1 Apple \u0111\u1ed1i v\u1edbi c\u00e1c gi\u1ea3 \u0111\u1ecbnh n\u00e0y l\u00e0 r\u1ea5t l\u1edbn, nh\u01b0 \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n trong ph\u00e2n t\u00edch n\u00e0y s\u1eed d\u1ee5ng d\u1eef li\u1ec7u t\u00e0i ch\u00ednh th\u1ef1c t\u1ebf n\u0103m 2024:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>T\u1ef7 L\u1ec7 T\u0103ng Tr\u01b0\u1edfng V\u0129nh Vi\u1ec5n<\/th>\n<th>WACC 8.2%<\/th>\n<th>WACC 8.7% (Hi\u1ec7n T\u1ea1i)<\/th>\n<th>WACC 9.2%<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>2.0%<\/td>\n<td>$192.36<\/td>\n<td>$176.54<\/td>\n<td>$162.83<\/td>\n<\/tr>\n<tr>\n<td>2.5% (Tr\u01b0\u1eddng H\u1ee3p C\u01a1 S\u1edf)<\/td>\n<td>$205.18<\/td>\n<td>$186.92<\/td>\n<td>$171.35<\/td>\n<\/tr>\n<tr>\n<td>3.0%<\/td>\n<td>$219.76<\/td>\n<td>$198.24<\/td>\n<td>$180.57<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ph\u00e2n T\u00edch Chu\u1ed7i Th\u1eddi Gian v\u00e0 Ch\u1ec9 B\u00e1o \u0110\u1ed9ng L\u1ef1c<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ngo\u00e0i \u0111\u1ecbnh gi\u00e1 c\u01a1 b\u1ea3n, ph\u00e2n t\u00edch chu\u1ed7i th\u1eddi gian cung c\u1ea5p c\u00e1c t\u00edn hi\u1ec7u v\u00e0o v\u00e0 ra ch\u00ednh x\u00e1c cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 mu\u1ed1n mua c\u1ed5 phi\u1ebfu Apple. Kh\u00f4ng gi\u1ed1ng nh\u01b0 c\u00e1c m\u1eabu bi\u1ec3u \u0111\u1ed3 c\u01a1 b\u1ea3n m\u00e0 c\u00e1c nh\u00e0 giao d\u1ecbch nghi\u1ec7p d\u01b0 d\u1ef1a v\u00e0o, c\u00e1c k\u1ef9 thu\u1eadt chu\u1ed7i th\u1eddi gian to\u00e1n h\u1ecdc \u0111\u1ecbnh l\u01b0\u1ee3ng c\u00e1c t\u00edn hi\u1ec7u giao d\u1ecbch d\u1ef1a tr\u00ean x\u00e1c su\u1ea5t.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c \u0111\u01b0\u1eddng trung b\u00ecnh \u0111\u1ed9ng t\u1ea1o th\u00e0nh n\u1ec1n t\u1ea3ng c\u1ee7a vi\u1ec7c t\u1ea1o t\u00edn hi\u1ec7u \u0111\u00e1ng tin c\u1eady. Bi\u1ec3u th\u1ee9c to\u00e1n h\u1ecdc cho \u0110\u01b0\u1eddng Trung B\u00ecnh \u0110\u1ed9ng \u0110\u01a1n Gi\u1ea3n n-k\u1ef3 l\u00e0:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>SMA = (P\u2081 + P\u2082 + &#8230; + Pn) \u00f7 n<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Trong khi \u0110\u01b0\u1eddng Trung B\u00ecnh \u0110\u1ed9ng L\u0169y Th\u1eeba cho tr\u1ecdng s\u1ed1 l\u1edbn h\u01a1n cho h\u00e0nh \u0111\u1ed9ng gi\u00e1 g\u1ea7n \u0111\u00e2y:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>EMA = Pt&nbsp;\u00d7 k + EMAt-1&nbsp;\u00d7 (1-k)<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>trong \u0111\u00f3 k = 2 \u00f7 (n+1)<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu Apple c\u1ee5 th\u1ec3, c\u00e1c t\u00edn hi\u1ec7u trung b\u00ecnh \u0111\u1ed9ng n\u00e0y \u0111\u00e3 cung c\u1ea5p \u0111\u1ed9 ch\u00ednh x\u00e1c 76% trong vi\u1ec7c d\u1ef1 \u0111o\u00e1n c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 \u0111\u00e1ng k\u1ec3. Khi nghi\u00ean c\u1ee9u n\u01a1i c\u00f3 th\u1ec3 mua c\u1ed5 phi\u1ebfu Apple, h\u00e3y xem x\u00e9t c\u00e1c ch\u1ec9 b\u00e1o \u0111\u01b0\u1ee3c d\u1eabn xu\u1ea5t to\u00e1n h\u1ecdc n\u00e0y v\u1edbi h\u1ed3 s\u01a1 theo d\u00f5i \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 B\u00e1o<\/th>\n<th>\u0110\u1ecbnh Ngh\u0129a To\u00e1n H\u1ecdc<\/th>\n<th>\u0110\u1ed9 Ch\u00ednh X\u00e1c T\u00edn Hi\u1ec7u L\u1ecbch S\u1eed cho Apple<\/th>\n<th>T\u00edn Hi\u1ec7u Hi\u1ec7n T\u1ea1i (Q1 2024)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Giao C\u1eaft MACD<\/td>\n<td>\u0110\u01b0\u1eddng MACD = EMA 12-k\u1ef3 &#8211; EMA 26-k\u1ef3\u0110\u01b0\u1eddng T\u00edn Hi\u1ec7u = EMA 9-k\u1ef3 c\u1ee7a \u0110\u01b0\u1eddng MACD<\/td>\n<td>72.4% \u0111\u1ed9 ch\u00ednh x\u00e1c (2014-2024)<\/td>\n<td>T\u0103ng (MACD: +2.38, T\u00edn Hi\u1ec7u: +1.76)<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u1ea3o Chi\u1ec1u RSI<\/td>\n<td>RSI = 100 &#8211; [100 \u00f7 (1 + RS)]trong \u0111\u00f3 RS = L\u1ee3i Nhu\u1eadn Trung B\u00ecnh \u00f7 L\u1ed7 Trung B\u00ecnh<\/td>\n<td>68.9% \u0111\u1ed9 ch\u00ednh x\u00e1c (2014-2024)<\/td>\n<td>Trung l\u1eadp (RSI: 58.3)<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u1ed9t Ph\u00e1 D\u1ea3i Bollinger<\/td>\n<td>D\u1ea3i Gi\u1eefa = SMA 20-ng\u00e0yD\u1ea3i Tr\u00ean\/D\u01b0\u1edbi = Gi\u1eefa \u00b1 (SD 20-ng\u00e0y \u00d7 2)<\/td>\n<td>81.3% \u0111\u1ed9 ch\u00ednh x\u00e1c (2014-2024)<\/td>\n<td>H\u1ee3p nh\u1ea5t (Gi\u00e1 trong 0.5\u03c3 c\u1ee7a trung b\u00ecnh)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ef1 h\u1ecfi l\u00e0m th\u1ebf n\u00e0o c\u00f3 th\u1ec3 mua c\u1ed5 phi\u1ebfu Apple hi\u1ec7u qu\u1ea3 n\u00ean t\u1eadn d\u1ee5ng c\u00e1c ch\u1ec9 b\u00e1o n\u00e0y th\u00f4ng qua n\u1ec1n t\u1ea3ng bi\u1ec3u \u0111\u1ed3 ti\u00ean ti\u1ebfn c\u1ee7a Pocket Option. N\u1ec1n t\u1ea3ng n\u00e0y t\u1ef1 \u0111\u1ed9ng t\u00ednh to\u00e1n c\u00e1c t\u00edn hi\u1ec7u n\u00e0y v\u00e0 c\u00f3 th\u1ec3 c\u1ea3nh b\u00e1o b\u1ea1n khi c\u00e1c thi\u1ebft l\u1eadp c\u00f3 x\u00e1c su\u1ea5t cao x\u1ea3y ra\u2014nh\u01b0 m\u1eabu x\u00e1c nh\u1eadn ba hi\u1ebfm c\u00f3 \u0111\u00e3 d\u1eabn \u0111\u1ebfn \u0111\u1ee3t t\u0103ng 28% c\u1ee7a Apple trong Q3 2023.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>H\u1ed3i Quy Trung B\u00ecnh so v\u1edbi \u0110\u1ed9ng L\u1ef1c trong C\u1ed5 Phi\u1ebfu Apple<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u1ed5 phi\u1ebfu Apple th\u1ec3 hi\u1ec7n c\u00e1c h\u00e0nh vi to\u00e1n h\u1ecdc kh\u00e1c nhau tr\u00ean c\u00e1c khung th\u1eddi gian kh\u00e1c nhau\u2014hi\u1ec3u c\u00e1c m\u1eabu n\u00e0y mang l\u1ea1i cho b\u1ea1n l\u1ee3i th\u1ebf giao d\u1ecbch \u0111\u00e1ng k\u1ec3. Ph\u00e2n t\u00edch 15 n\u0103m d\u1eef li\u1ec7u gi\u00e1 ti\u1ebft l\u1ed9:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Tr\u00ean khung th\u1eddi gian 3-5 ng\u00e0y: Xu h\u01b0\u1edbng h\u1ed3i quy trung b\u00ecnh m\u1ea1nh (h\u1ec7 s\u1ed1 Hurst: 0.41)Tr\u00ean khung th\u1eddi gian 30-60 ng\u00e0y: M\u1eabu \u0111i b\u1ed9 ng\u1eabu nhi\u00ean y\u1ebfu (h\u1ec7 s\u1ed1 Hurst: 0.52)Tr\u00ean khung th\u1eddi gian 180+ ng\u00e0y: S\u1ef1 b\u1ec1n b\u1ec9 \u0111\u1ed9ng l\u1ef1c m\u1ea1nh (h\u1ec7 s\u1ed1 Hurst: 0.67)<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ch\u1eef k\u00fd to\u00e1n h\u1ecdc n\u00e0y c\u00f3 ngh\u0129a l\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c t\u1ed1i \u01b0u cho th\u1eddi \u0111i\u1ec3m mua c\u1ed5 phi\u1ebfu Apple kh\u00e1c nhau theo th\u1eddi gian \u0111\u1ea7u t\u01b0:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c nh\u00e0 giao d\u1ecbch ng\u1eafn h\u1ea1n: L\u1ee3i nhu\u1eadn t\u1eeb c\u00e1c \u0111\u1ea3o chi\u1ec1u 3-5 ng\u00e0y khi gi\u00e1 di chuy\u1ec3n &gt;2 \u0111\u1ed9 l\u1ec7ch chu\u1ea9n t\u1eeb trung b\u00ecnh<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c nh\u00e0 giao d\u1ecbch xoay v\u00f2ng: T\u1eadp trung v\u00e0o c\u00e1c x\u00e1c nh\u1eadn \u0111\u1ed9t ph\u00e1 30-60 ng\u00e0y khi \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi kh\u1ed1i l\u01b0\u1ee3ng<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1ecb th\u1ebf: C\u0103n ch\u1ec9nh c\u00e1c \u0111i\u1ec3m v\u00e0o v\u1edbi c\u00e1c xu h\u01b0\u1edbng 180+ ng\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp, tr\u00e1nh c\u00e1c v\u1ecb th\u1ebf ng\u01b0\u1ee3c xu h\u01b0\u1edbng<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>To\u00e1n H\u1ecdc T\u1ed1i \u01afu H\u00f3a Danh M\u1ee5c \u0110\u1ea7u T\u01b0 v\u1edbi C\u1ed5 Phi\u1ebfu Apple<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Khi k\u1ebft h\u1ee3p Apple v\u00e0o danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n, L\u00fd Thuy\u1ebft Danh M\u1ee5c \u0110\u1ea7u T\u01b0 Hi\u1ec7n \u0110\u1ea1i (MPT) cung c\u1ea5p \u0111\u1ed9 ch\u00ednh x\u00e1c to\u00e1n h\u1ecdc \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro. C\u00e1c nh\u00e0 qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u01b0u t\u00fa kh\u00f4ng ch\u1ec9 \u0111\u01a1n gi\u1ea3n mua c\u1ed5 phi\u1ebfu m\u00e0 h\u1ecd th\u00edch\u2014h\u1ecd t\u00ednh to\u00e1n ch\u00ednh x\u00e1c c\u00e1ch m\u1ed7i v\u1ecb th\u1ebf \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn h\u1ed3 s\u01a1 r\u1ee7i ro-l\u1ee3i nhu\u1eadn c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ef1 h\u1ecfi n\u01a1i c\u00f3 th\u1ec3 mua c\u1ed5 phi\u1ebfu Apple v\u00e0 ph\u00e2n b\u1ed5 bao nhi\u00eau, c\u00e1c c\u00f4ng th\u1ee9c to\u00e1n h\u1ecdc n\u00e0y x\u00e1c \u0111\u1ecbnh k\u00edch th\u01b0\u1edbc v\u1ecb th\u1ebf t\u1ed1i \u01b0u:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 Danh M\u1ee5c \u0110\u1ea7u T\u01b0<\/th>\n<th>C\u00f4ng Th\u1ee9c<\/th>\n<th>\u1ee8ng D\u1ee5ng cho \u0110\u1ea7u T\u01b0 Apple<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>L\u1ee3i Nhu\u1eadn K\u1ef3 V\u1ecdng c\u1ee7a Danh M\u1ee5c<\/td>\n<td>E(Rp) = \u03a3 wi&nbsp;\u00d7 E(Ri)<\/td>\n<td>L\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng 12.8% c\u1ee7a Apple \u0111\u00f3ng g\u00f3p wAAPL&nbsp;\u00d7 12.8% v\u00e0o danh m\u1ee5c<\/td>\n<\/tr>\n<tr>\n<td>Ph\u01b0\u01a1ng Sai Danh M\u1ee5c<\/td>\n<td>\u03c3p\u00b2 = \u03a3 \u03a3 wi&nbsp;\u00d7 wj&nbsp;\u00d7 \u03c3i&nbsp;\u00d7 \u03c3j&nbsp;\u00d7 \u03c1ij<\/td>\n<td>Bi\u1ebfn \u0111\u1ed9ng 23.6% c\u1ee7a Apple \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn r\u1ee7i ro t\u1ed5ng th\u1ec3 d\u1ef1a tr\u00ean t\u01b0\u01a1ng quan<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 L\u1ec7 Sharpe<\/td>\n<td>(Rp&nbsp;&#8211; Rf) \u00f7 \u03c3p<\/td>\n<td>T\u1ef7 l\u1ec7 Sharpe c\u1ee7a Apple l\u00e0 0.74 v\u01b0\u1ee3t qua S&amp;P 500 l\u00e0 0.62 (5 n\u0103m tr\u01b0\u1edbc)<\/td>\n<\/tr>\n<tr>\n<td>Tr\u1ecdng S\u1ed1 T\u1ed1i \u01afu<\/td>\n<td>wi* = (E(Ri) &#8211; Rf) \u00f7 (\u03bb \u00d7 \u03c3i\u00b2)<\/td>\n<td>D\u1ef1a tr\u00ean kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro c\u1ee7a b\u1ea1n (\u03bb), t\u00ednh to\u00e1n ph\u00e2n b\u1ed5 Apple l\u00fd t\u01b0\u1edfng<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>B\u1ed9 t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a Pocket Option th\u1ef1c hi\u1ec7n c\u00e1c t\u00ednh to\u00e1n ph\u1ee9c t\u1ea1p n\u00e0y ngay l\u1eadp t\u1ee9c, cho th\u1ea5y ch\u00ednh x\u00e1c c\u00e1ch c\u00e1c ph\u00e2n b\u1ed5 Apple kh\u00e1c nhau \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro c\u1ee7a b\u1ea1n. V\u00ed d\u1ee5, t\u0103ng Apple t\u1eeb 5% l\u00ean 10% c\u1ee7a m\u1ed9t danh m\u1ee5c ti\u00eau chu\u1ea9n 60\/40 s\u1ebd t\u0103ng l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m l\u00ean 0.73% trong khi ch\u1ec9 t\u0103ng bi\u1ebfn \u0111\u1ed9ng l\u00ean 0.58%\u2014c\u1ea3i thi\u1ec7n t\u1ef7 l\u1ec7 Sharpe t\u1ed5ng th\u1ec3 l\u00ean 0.06.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Khi quy\u1ebft \u0111\u1ecbnh mua c\u1ed5 phi\u1ebfu Apple, s\u1ef1 t\u01b0\u01a1ng quan c\u1ee7a n\u00f3 v\u1edbi c\u00e1c t\u00e0i s\u1ea3n kh\u00e1c \u1ea3nh h\u01b0\u1edfng quan tr\u1ecdng \u0111\u1ebfn l\u1ee3i \u00edch \u0111a d\u1ea1ng h\u00f3a. D\u1eef li\u1ec7u t\u01b0\u01a1ng quan g\u1ea7n \u0111\u00e2y ti\u1ebft l\u1ed9 c\u00e1c c\u01a1 h\u1ed9i c\u1ee5 th\u1ec3:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Lo\u1ea1i T\u00e0i S\u1ea3n<\/th>\n<th>T\u01b0\u01a1ng Quan v\u1edbi Apple<\/th>\n<th>H\u00e0m \u00dd Danh M\u1ee5c<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Ng\u00e0nh C\u00f4ng Ngh\u1ec7 S&amp;P 500<\/td>\n<td>+0.82<\/td>\n<td>Tr\u00f9ng l\u1eb7p cao\u2014gi\u1ea3m c\u00e1c kho\u1ea3n n\u1eafm gi\u1eef c\u00f4ng ngh\u1ec7 kh\u00e1c khi t\u0103ng Apple<\/td>\n<\/tr>\n<tr>\n<td>Tr\u00e1i Phi\u1ebfu Kho B\u1ea1c M\u1ef9<\/td>\n<td>-0.31<\/td>\n<td>H\u00e0ng r\u00e0o tuy\u1ec7t v\u1eddi\u2014Apple b\u00f9 \u0111\u1eafp s\u1ef1 y\u1ebfu k\u00e9m c\u1ee7a tr\u00e1i phi\u1ebfu trong m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t t\u0103ng<\/td>\n<\/tr>\n<tr>\n<td>V\u00e0ng<\/td>\n<td>-0.18<\/td>\n<td>\u0110a d\u1ea1ng h\u00f3a khi\u00eam t\u1ed1n\u2014cung c\u1ea5p b\u1ea3o v\u1ec7 l\u1ea1m ph\u00e1t m\u1ed9t ph\u1ea7n<\/td>\n<\/tr>\n<tr>\n<td>Th\u1ecb Tr\u01b0\u1eddng M\u1edbi N\u1ed5i<\/td>\n<td>+0.45<\/td>\n<td>T\u01b0\u01a1ng quan v\u1eeba ph\u1ea3i\u2014Apple cung c\u1ea5p ti\u1ebfp x\u00fac v\u1edbi EM v\u1edbi bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>To\u00e1n H\u1ecdc Quy\u1ec1n Ch\u1ecdn cho C\u00e1c Nh\u00e0 \u0110\u1ea7u T\u01b0 C\u1ed5 Phi\u1ebfu Apple<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi t\u00ecm ki\u1ebfm l\u1ee3i nhu\u1eadn t\u0103ng c\u01b0\u1eddng ho\u1eb7c qu\u1ea3n l\u00fd r\u1ee7i ro khi h\u1ecd mua c\u1ed5 phi\u1ebfu Apple, c\u00e1c chi\u1ebfn l\u01b0\u1ee3c quy\u1ec1n ch\u1ecdn cung c\u1ea5p \u0111\u00f2n b\u1ea9y to\u00e1n h\u1ecdc. Thay v\u00ec d\u1ef1a v\u00e0o c\u00e1c c\u01b0\u1ee3c theo h\u01b0\u1edbng, quy\u1ec1n ch\u1ecdn cho ph\u00e9p bi\u1ec3u \u0111\u1ea1t ch\u00ednh x\u00e1c c\u00e1c quan \u0111i\u1ec3m th\u1ecb tr\u01b0\u1eddng tinh t\u1ebf\u2014ch\u1eb3ng h\u1ea1n nh\u01b0 ph\u1ea1m vi bi\u1ebfn \u0111\u1ed9ng d\u1ef1 ki\u1ebfn ho\u1eb7c k\u1ebft qu\u1ea3 d\u1ef1a tr\u00ean x\u00e1c su\u1ea5t.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u00f4 h\u00ecnh Black-Scholes \u0111\u1ecbnh l\u01b0\u1ee3ng gi\u00e1 quy\u1ec1n ch\u1ecdn v\u1edbi c\u00e1c bi\u1ebfn s\u1ed1 c\u1ee5 th\u1ec3 cho Apple:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u00e1 c\u1ed5 phi\u1ebfu Apple hi\u1ec7n t\u1ea1i (S\u2080): Gi\u00e1 th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 quan s\u00e1t tr\u1ef1c ti\u1ebfp<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u00e1 th\u1ef1c hi\u1ec7n quy\u1ec1n ch\u1ecdn (K): \u0110\u01b0\u1ee3c ch\u1ecdn d\u1ef1a tr\u00ean m\u1ee5c ti\u00eau chi\u1ebfn l\u01b0\u1ee3c<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Th\u1eddi gian \u0111\u1ebfn ng\u00e0y h\u1ebft h\u1ea1n (t): \u0110\u01b0\u1ee3c \u0111o b\u1eb1ng n\u0103m (v\u00ed d\u1ee5, 30 ng\u00e0y = 0.0822 n\u0103m)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u00e3i su\u1ea5t phi r\u1ee7i ro (r): Hi\u1ec7n t\u1ea1i l\u00e0 4.75% (Tr\u00e1i phi\u1ebfu Kho b\u1ea1c 10 n\u0103m)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Bi\u1ebfn \u0111\u1ed9ng ng\u1ee5 \u00fd c\u1ee7a c\u1ed5 phi\u1ebfu Apple (\u03c3): Hi\u1ec7n t\u1ea1i l\u00e0 23.8% cho quy\u1ec1n ch\u1ecdn 30 ng\u00e0y<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00f4ng th\u1ee9c Black-Scholes t\u00ednh to\u00e1n ph\u00ed quy\u1ec1n ch\u1ecdn nh\u01b0 sau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00ed Quy\u1ec1n Ch\u1ecdn Mua = S\u2080N(d\u2081) &#8211; Ke-rtN(d\u2082)<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00ed Quy\u1ec1n Ch\u1ecdn B\u00e1n = Ke-rtN(-d\u2082) &#8211; S\u2080N(-d\u2081)<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Trong \u0111\u00f3:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>d\u2081 = [ln(S\u2080\/K) + (r + \u03c3\u00b2\/2)t] \u00f7 (\u03c3\u221at)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>d\u2082 = d\u2081 &#8211; \u03c3\u221at<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>N() \u0111\u1ea1i di\u1ec7n cho h\u00e0m ph\u00e2n ph\u1ed1i t\u00edch l\u0169y c\u1ee7a ph\u00e2n ph\u1ed1i chu\u1ea9n<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu Apple c\u1ee5 th\u1ec3, \u0111\u1ed9 l\u1ec7ch bi\u1ebfn \u0111\u1ed9ng ng\u1ee5 \u00fd cung c\u1ea5p th\u00f4ng tin t\u00ecnh b\u00e1o c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng. Hi\u1ec7n t\u1ea1i, quy\u1ec1n ch\u1ecdn b\u00e1n 10% OTM 30 ng\u00e0y c\u1ee7a Apple giao d\u1ecbch \u1edf m\u1ee9c bi\u1ebfn \u0111\u1ed9ng ng\u1ee5 \u00fd 27.3% so v\u1edbi 21.4% cho quy\u1ec1n ch\u1ecdn ATM\u2014m\u1ed9t m\u1ee9c ch\u00eanh l\u1ec7ch bi\u1ebfn \u0111\u1ed9ng 5.9% ph\u1ea3n \u00e1nh m\u1ed1i quan ng\u1ea1i c\u1ee7a t\u1ed5 ch\u1ee9c v\u1ec1 r\u1ee7i ro gi\u1ea3m gi\u00e1.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Chi\u1ebfn L\u01b0\u1ee3c Quy\u1ec1n Ch\u1ecdn<\/th>\n<th>C\u1ea5u Tr\u00fac To\u00e1n H\u1ecdc<\/th>\n<th>\u0110i\u1ec3m H\u00f2a V\u1ed1n<\/th>\n<th>K\u1ecbch B\u1ea3n Th\u1ecb Tr\u01b0\u1eddng L\u00fd T\u01b0\u1edfng<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Quy\u1ec1n Ch\u1ecdn Mua C\u00f3 B\u1ea3o V\u1ec7 (30-delta)<\/td>\n<td>Mua 100 c\u1ed5 phi\u1ebfu + B\u00e1n 1 Quy\u1ec1n Ch\u1ecdn Mua<\/td>\n<td>Gi\u00e1 v\u00e0o &#8211; ph\u00ed nh\u1eadn \u0111\u01b0\u1ee3c<\/td>\n<td>C\u1ed5 phi\u1ebfu t\u0103ng nh\u1eb9 ho\u1eb7c gi\u1eef nguy\u00ean<\/td>\n<\/tr>\n<tr>\n<td>Quy\u1ec1n Ch\u1ecdn B\u00e1n B\u1ea3o V\u1ec7 (25-delta)<\/td>\n<td>Mua 100 c\u1ed5 phi\u1ebfu + Mua 1 Quy\u1ec1n Ch\u1ecdn B\u00e1n<\/td>\n<td>Gi\u00e1 v\u00e0o + ph\u00ed \u0111\u00e3 tr\u1ea3<\/td>\n<td>C\u1ed5 phi\u1ebfu t\u0103ng \u0111\u00e1ng k\u1ec3, v\u01b0\u1ee3t qua chi ph\u00ed ph\u00ed<\/td>\n<\/tr>\n<tr>\n<td>Ch\u00eanh L\u1ec7ch Quy\u1ec1n Ch\u1ecdn Mua T\u0103ng<\/td>\n<td>Mua 1 Quy\u1ec1n Ch\u1ecdn Mua ATM + B\u00e1n 1 Quy\u1ec1n Ch\u1ecdn Mua OTM<\/td>\n<td>Gi\u00e1 th\u1ef1c hi\u1ec7n th\u1ea5p h\u01a1n + ph\u00ed r\u00f2ng \u0111\u00e3 tr\u1ea3<\/td>\n<td>C\u1ed5 phi\u1ebfu t\u0103ng l\u00ean ho\u1eb7c v\u01b0\u1ee3t qua gi\u00e1 th\u1ef1c hi\u1ec7n cao h\u01a1n khi h\u1ebft h\u1ea1n<\/td>\n<\/tr>\n<tr>\n<td>Iron Condor (c\u00e1nh 30-delta)<\/td>\n<td>Ch\u00eanh L\u1ec7ch Quy\u1ec1n Ch\u1ecdn B\u00e1n T\u0103ng + Ch\u00eanh L\u1ec7ch Quy\u1ec1n Ch\u1ecdn Mua Gi\u1ea3m<\/td>\n<td>M\u1ed9t trong hai gi\u00e1 th\u1ef1c hi\u1ec7n ng\u1eafn &#8211; ph\u00ed r\u00f2ng nh\u1eadn \u0111\u01b0\u1ee3c<\/td>\n<td>C\u1ed5 phi\u1ebfu gi\u1eef nguy\u00ean gi\u1eefa c\u00e1c gi\u00e1 th\u1ef1c hi\u1ec7n ng\u1eafn qua h\u1ebft h\u1ea1n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u00e1y t\u00ednh quy\u1ec1n ch\u1ecdn c\u1ee7a Pocket Option cung c\u1ea5p t\u00ednh to\u00e1n th\u1eddi gian th\u1ef1c c\u1ee7a c\u00e1c ch\u1ec9 s\u1ed1 Greeks (Delta, Gamma, Theta, Vega, v\u00e0 Rho), cho th\u1ea5y ch\u00ednh x\u00e1c c\u00e1ch c\u00e1c v\u1ecb th\u1ebf quy\u1ec1n ch\u1ecdn s\u1ebd ph\u1ea3n \u1ee9ng v\u1edbi \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng thay \u0111\u1ed5i. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ef1 h\u1ecfi l\u00e0m th\u1ebf n\u00e0o c\u00f3 th\u1ec3 mua c\u1ed5 phi\u1ebfu Apple v\u1edbi qu\u1ea3n l\u00fd r\u1ee7i ro t\u0103ng c\u01b0\u1eddng, c\u00e1c chi\u1ebfn l\u01b0\u1ee3c quy\u1ec1n ch\u1ecdn cung c\u1ea5p c\u00e1c gi\u1ea3i ph\u00e1p ch\u00ednh x\u00e1c v\u1ec1 m\u1eb7t to\u00e1n h\u1ecdc\u2014ch\u1eb3ng h\u1ea1n nh\u01b0 chi\u1ebfn l\u01b0\u1ee3c quy\u1ec1n ch\u1ecdn mua c\u00f3 b\u1ea3o v\u1ec7 30-delta s\u1ebd t\u0103ng l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m tr\u00ean Apple l\u00ean 4.7% trong khi gi\u1ea3m m\u1ee9c gi\u1ea3m t\u1ed1i \u0111a xu\u1ed1ng 8.3% trong n\u0103m n\u0103m qua.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Ph\u00e2n T\u00edch \u0110\u1ed9 L\u1ec7ch Bi\u1ebfn \u0110\u1ed9ng cho Quy\u1ec1n Ch\u1ecdn Apple<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn c\u1ee7a Apple ti\u1ebft l\u1ed9 th\u00f4ng tin c\u00f3 gi\u00e1 tr\u1ecb v\u1ec1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 d\u1ef1 ki\u1ebfn m\u00e0 h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1ecf l\u1ee1. \u0110\u1ed9 l\u1ec7ch bi\u1ebfn \u0111\u1ed9ng\u2014\u0111\u01b0\u1ee3c \u0111o b\u1eb1ng s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa bi\u1ebfn \u0111\u1ed9ng ng\u1ee5 \u00fd c\u1ee7a quy\u1ec1n ch\u1ecdn b\u00e1n OTM v\u00e0 quy\u1ec1n ch\u1ecdn ATM\u2014cung c\u1ea5p th\u00f4ng tin t\u00ecnh b\u00e1o c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng v\u1ec1 c\u1ea3m x\u00fac th\u1ecb tr\u01b0\u1eddng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed9 l\u1ec7ch c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh l\u01b0\u1ee3ng nh\u01b0 sau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>H\u1ec7 S\u1ed1 \u0110\u1ed9 L\u1ec7ch = (IV25\u0394 Put&nbsp;&#8211; IV50\u0394) \u00f7 (25% &#8211; 50%)<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>H\u1ec7 s\u1ed1 \u0111\u1ed9 l\u1ec7ch 30 ng\u00e0y hi\u1ec7n t\u1ea1i c\u1ee7a Apple: 0.236H\u1ec7 s\u1ed1 \u0111\u1ed9 l\u1ec7ch trung b\u00ecnh 5 n\u0103m: 0.187Trung b\u00ecnh tr\u01b0\u1edbc th\u00f4ng b\u00e1o thu nh\u1eadp: 0.283<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch to\u00e1n h\u1ecdc n\u00e0y ti\u1ebft l\u1ed9 r\u1eb1ng c\u1ea3m x\u00fac th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i cho th\u1ea5y m\u1ed1i quan ng\u1ea1i v\u1eeba ph\u1ea3i v\u1ec1 r\u1ee7i ro gi\u1ea3m gi\u00e1\u2014cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi trung b\u00ecnh 5 n\u0103m nh\u01b0ng th\u1ea5p h\u01a1n m\u1ee9c \u0111i\u1ec3n h\u00ecnh tr\u01b0\u1edbc th\u00f4ng b\u00e1o thu nh\u1eadp. L\u1ecbch s\u1eed cho th\u1ea5y khi h\u1ec7 s\u1ed1 \u0111\u1ed9 l\u1ec7ch c\u1ee7a Apple v\u01b0\u1ee3t qu\u00e1 0.30, l\u1ee3i nhu\u1eadn 30 ng\u00e0y ti\u1ebfp theo trung b\u00ecnh l\u00e0 -2.7%, trong khi c\u00e1c ch\u1ec9 s\u1ed1 d\u01b0\u1edbi 0.15 tr\u01b0\u1edbc \u0111\u00f3 c\u00f3 l\u1ee3i nhu\u1eadn trung b\u00ecnh l\u00e0 +3.4%.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>H\u1ec7 Th\u1ed1ng Giao D\u1ecbch Thu\u1eadt To\u00e1n cho C\u1ed5 Phi\u1ebfu Apple<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ecm ki\u1ebfm c\u00e1c ph\u01b0\u01a1ng ph\u00e1p ti\u1ebfp c\u1eadn c\u00f3 h\u1ec7 th\u1ed1ng \u0111\u1ec3 giao d\u1ecbch c\u1ed5 phi\u1ebfu Apple, c\u00e1c thu\u1eadt to\u00e1n \u0111\u1ecbnh l\u01b0\u1ee3ng lo\u1ea1i b\u1ecf c\u1ea3m x\u00fac kh\u1ecfi vi\u1ec7c th\u1ef1c hi\u1ec7n trong khi t\u1ed1i \u01b0u h\u00f3a cho c\u00e1c k\u1ebft qu\u1ea3 d\u1ef1 ki\u1ebfn v\u1ec1 m\u1eb7t to\u00e1n h\u1ecdc. C\u00e1c h\u1ec7 th\u1ed1ng n\u00e0y ph\u00e2n t\u00edch h\u00e0ng tr\u0103m y\u1ebfu t\u1ed1 \u0111\u1ed3ng th\u1eddi, x\u00e1c \u0111\u1ecbnh c\u00e1c c\u01a1 h\u1ed9i c\u00f3 x\u00e1c su\u1ea5t cao m\u00e0 c\u00e1c nh\u00e0 giao d\u1ecbch t\u00f9y \u00fd kh\u00f4ng th\u1ec3 nh\u00ecn th\u1ea5y.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c h\u1ec7 th\u1ed1ng thu\u1eadt to\u00e1n hi\u1ec7u qu\u1ea3 cho Apple k\u1ebft h\u1ee3p c\u00e1c th\u00e0nh ph\u1ea7n thi\u1ebft y\u1ebfu sau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ea1o t\u00edn hi\u1ec7u \u0111a y\u1ebfu t\u1ed1 (k\u1ebft h\u1ee3p d\u1eef li\u1ec7u k\u1ef9 thu\u1eadt, c\u01a1 b\u1ea3n v\u00e0 c\u1ea3m x\u00fac)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u00f4 h\u00ecnh chuy\u1ec3n \u0111\u1ed5i ch\u1ebf \u0111\u1ed9 th\u00edch \u1ee9ng v\u1edbi m\u00f4i tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng thay \u0111\u1ed5i<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>X\u1eed l\u00fd ng\u00f4n ng\u1eef t\u1ef1 nhi\u00ean c\u1ee7a b\u1ea3n ghi thu nh\u1eadp v\u00e0 c\u1ea3m x\u00fac tin t\u1ee9c<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ed1i \u01b0u h\u00f3a th\u1ef1c hi\u1ec7n l\u1ec7nh \u0111\u1ec3 gi\u1ea3m thi\u1ec3u tr\u01b0\u1ee3t gi\u00e1 v\u00e0 t\u00e1c \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Khi x\u00e2y d\u1ef1ng c\u00e1c h\u1ec7 th\u1ed1ng thu\u1eadt to\u00e1n cho giao d\u1ecbch c\u1ed5 phi\u1ebfu Apple, ki\u1ec3m tra l\u1ea1i nghi\u00eam ng\u1eb7t x\u00e1c nh\u1eadn hi\u1ec7u su\u1ea5t chi\u1ebfn l\u01b0\u1ee3c tr\u00ean c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng \u0111a d\u1ea1ng. C\u00e1c ch\u1ec9 s\u1ed1 hi\u1ec7u su\u1ea5t ch\u00ednh bao g\u1ed3m:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 Hi\u1ec7u Su\u1ea5t<\/th>\n<th>C\u00f4ng Th\u1ee9c<\/th>\n<th>M\u1ee5c Ti\u00eau T\u1ed1i Thi\u1ec3u<\/th>\n<th>Thu\u1eadt To\u00e1n Apple H\u00e0ng \u0110\u1ea7u<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u1ef7 L\u1ec7 T\u0103ng Tr\u01b0\u1edfng H\u00e0ng N\u0103m G\u1ed9p<\/td>\n<td>(FV\/PV)1\/n&nbsp;&#8211; 1<\/td>\n<td>&gt;12% (\u0111\u1ec3 v\u01b0\u1ee3t tr\u1ed9i h\u01a1n ch\u1ec9 s\u1ed1)<\/td>\n<td>18.7%<\/td>\n<\/tr>\n<tr>\n<td>M\u1ee9c Gi\u1ea3m T\u1ed1i \u0110a<\/td>\n<td>(Gi\u00e1 Tr\u1ecb \u0110\u00e1y &#8211; Gi\u00e1 Tr\u1ecb \u0110\u1ec9nh) \u00f7 Gi\u00e1 Tr\u1ecb \u0110\u1ec9nh<\/td>\n<td>&lt;20% (cho r\u1ee7i ro v\u1eeba ph\u1ea3i)<\/td>\n<td>16.3%<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 L\u1ec7 Sortino<\/td>\n<td>(Rp&nbsp;&#8211; Rf) \u00f7 \u03c3downside<\/td>\n<td>&gt;1.0 (cho l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro d\u01b0\u01a1ng)<\/td>\n<td>1.43<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 L\u1ec7 Calmar<\/td>\n<td>CAGR \u00f7 M\u1ee9c Gi\u1ea3m T\u1ed1i \u0110a<\/td>\n<td>&gt;0.5 (cho r\u1ee7i ro\/ph\u1ea7n th\u01b0\u1edfng h\u1ee3p l\u00fd)<\/td>\n<td>1.15<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option cung c\u1ea5p c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng c\u1ea5p t\u1ed5 ch\u1ee9c \u0111\u1ec3 tri\u1ec3n khai c\u00e1c chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch thu\u1eadt to\u00e1n th\u00f4ng qua API c\u1ee7a h\u1ecd. C\u00f4ng c\u1ee5 ki\u1ec3m tra l\u1ea1i c\u1ee7a n\u1ec1n t\u1ea3ng cho ph\u00e9p x\u00e1c nh\u1eadn nghi\u00eam ng\u1eb7t tr\u00ean nhi\u1ec1u ch\u1ebf \u0111\u1ed9 th\u1ecb tr\u01b0\u1eddng\u2014bao g\u1ed3m s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh n\u0103m 2018, s\u1ef1 s\u1ee5p \u0111\u1ed5 \u0111\u1ea1i d\u1ecbch n\u0103m 2020, v\u00e0 s\u1ef1 b\u00e1n th\u00e1o c\u00f4ng ngh\u1ec7 n\u0103m 2022\u2014\u0111\u1ea3m b\u1ea3o \u0111\u1ed9 b\u1ec1n c\u1ee7a thu\u1eadt to\u00e1n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Khi ph\u00e1t tri\u1ec3n c\u00e1c thu\u1eadt to\u00e1n \u0111\u1ec3 mua c\u1ed5 phi\u1ebfu Apple, \u00fd ngh\u0129a th\u1ed1ng k\u00ea l\u00e0 kh\u00f4ng th\u1ec3 th\u01b0\u01a1ng l\u01b0\u1ee3ng. T\u1ea5t c\u1ea3 c\u00e1c t\u00edn hi\u1ec7u n\u00ean \u0111\u00e1p \u1ee9ng c\u00e1c ng\u01b0\u1ee1ng t\u1ed1i thi\u1ec3u sau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>t-statistic &gt;2.0 (p-value &lt;0.05) tr\u00ean to\u00e0n b\u1ed9 t\u1eadp d\u1eef li\u1ec7u<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Hi\u1ec7u su\u1ea5t nh\u1ea5t qu\u00e1n tr\u00ean nhi\u1ec1u giai \u0111o\u1ea1n ph\u1ee5 (\u0111\u1ec3 ng\u0103n ch\u1eb7n qu\u00e1 kh\u1edbp)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Th\u1eddi gian b\u00e1n r\u00e3 t\u00edn hi\u1ec7u &gt;3\u00d7 th\u1eddi gian n\u1eafm gi\u1eef d\u1ef1 ki\u1ebfn<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>S\u1ef1 b\u1ec1n b\u1ec9 c\u1ee7a hi\u1ec7u su\u1ea5t trong c\u00e1c ch\u1ebf \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng cao<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Qu\u1ea3n L\u00fd R\u1ee7i Ro \u0110\u1ecbnh L\u01b0\u1ee3ng cho C\u00e1c Nh\u00e0 \u0110\u1ea7u T\u01b0 Apple<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Qu\u1ea3n l\u00fd r\u1ee7i ro to\u00e1n h\u1ecdc t\u00e1ch bi\u1ec7t c\u01a1 b\u1ea3n c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Apple chuy\u00ean nghi\u1ec7p kh\u1ecfi nghi\u1ec7p d\u01b0. Trong khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00ecnh th\u01b0\u1eddng ch\u1ec9 t\u1eadp trung v\u00e0o l\u1ee3i nhu\u1eadn, nh\u1eefng ng\u01b0\u1eddi tham gia tinh vi tr\u01b0\u1edbc ti\u00ean thi\u1ebft l\u1eadp c\u00e1c th\u00f4ng s\u1ed1 r\u1ee7i ro ch\u00ednh x\u00e1c, sau \u0111\u00f3 t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng trong c\u00e1c r\u00e0ng bu\u1ed9c \u0111\u00f3.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Gi\u00e1 Tr\u1ecb R\u1ee7i Ro (VaR) \u0111o l\u01b0\u1eddng m\u1ee9c l\u1ed7 t\u1ed1i \u0111a d\u1ef1 ki\u1ebfn trong m\u1ed9t kho\u1ea3ng tin c\u1eady c\u1ee5 th\u1ec3. \u0110\u1ed1i v\u1edbi m\u1ed9t v\u1ecb th\u1ebf Apple, VaR tham s\u1ed1 t\u00ednh to\u00e1n nh\u01b0 sau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>VaR = Gi\u00e1 Tr\u1ecb V\u1ecb Th\u1ebf \u00d7 Z-score \u00d7 \u03c3 \u00d7 \u221at<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Trong \u0111\u00f3:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Z-score = 1.65 cho 95% tin c\u1eady, 2.33 cho 99% tin c\u1eady<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u03c3 = Bi\u1ebfn \u0111\u1ed9ng h\u00e0ng ng\u00e0y c\u1ee7a Apple (hi\u1ec7n t\u1ea1i l\u00e0 1.48%)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>t = th\u1eddi gian d\u1ef1 ki\u1ebfn t\u00ednh b\u1eb1ng ng\u00e0y<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ngo\u00e0i VaR, Gi\u00e1 Tr\u1ecb R\u1ee7i Ro C\u00f3 \u0110i\u1ec1u Ki\u1ec7n (CVaR) \u0111o l\u01b0\u1eddng m\u1ee9c l\u1ed7 d\u1ef1 ki\u1ebfn khi c\u00e1c k\u1ecbch b\u1ea3n t\u1ed3i t\u1ec7 nh\u1ea5t v\u01b0\u1ee3t qu\u00e1 VaR th\u1ef1c s\u1ef1 x\u1ea3y ra\u2014quan tr\u1ecdng \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 lo ng\u1ea1i v\u1ec1 r\u1ee7i ro \u0111u\u00f4i trong c\u00e1c gi\u00e1n \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng ho\u1eb7c th\u1ea5t b\u1ea1i ra m\u1eaft s\u1ea3n ph\u1ea9m.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Chi\u1ebfn L\u01b0\u1ee3c V\u1ecb Th\u1ebf ($100,000 \u0110\u1ea7u T\u01b0 Apple)<\/th>\n<th>VaR H\u00e0ng Ng\u00e0y (95%)<\/th>\n<th>CVaR H\u00e0ng Ng\u00e0y (95%)<\/th>\n<th>L\u1ee3i Nhu\u1eadn H\u00e0ng N\u0103m K\u1ef3 V\u1ecdng<\/th>\n<th>L\u1ee3i Nhu\u1eadn \u0110i\u1ec1u Ch\u1ec9nh R\u1ee7i Ro<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>V\u1ecb Th\u1ebf Kh\u00f4ng B\u1ea3o V\u1ec7<\/td>\n<td>$2,442<\/td>\n<td>$3,765<\/td>\n<td>12.8%<\/td>\n<td>0.74 (Sharpe)<\/td>\n<\/tr>\n<tr>\n<td>V\u1edbi Quy\u1ec1n Ch\u1ecdn B\u00e1n B\u1ea3o V\u1ec7 25-delta<\/td>\n<td>$1,786<\/td>\n<td>$2,153<\/td>\n<td>9.7%<\/td>\n<td>0.82 (Sharpe)<\/td>\n<\/tr>\n<tr>\n<td>V\u1edbi Chi\u1ebfn L\u01b0\u1ee3c Collar (25\u0394 put\/35\u0394 call)<\/td>\n<td>$1,482<\/td>\n<td>$1,873<\/td>\n<td>8.5%<\/td>\n<td>0.89 (Sharpe)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 h\u1ecfi &#8220;n\u01a1i c\u00f3 th\u1ec3 mua c\u1ed5 phi\u1ebfu Apple v\u1edbi c\u00e1c ki\u1ec3m so\u00e1t r\u1ee7i ro th\u00edch h\u1ee3p?&#8221;, Pocket Option t\u00edch h\u1ee3p c\u00e1c ch\u1ec9 s\u1ed1 r\u1ee7i ro to\u00e1n h\u1ecdc n\u00e0y tr\u1ef1c ti\u1ebfp v\u00e0o n\u1ec1n t\u1ea3ng giao d\u1ecbch c\u1ee7a h\u1ecd. M\u00e1y t\u00ednh k\u00edch th\u01b0\u1edbc v\u1ecb th\u1ebf x\u00e1c \u0111\u1ecbnh ph\u00e2n b\u1ed5 t\u1ed1i \u01b0u d\u1ef1a tr\u00ean kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro c\u1ee7a b\u1ea1n b\u1eb1ng c\u00f4ng th\u1ee9c:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>K\u00edch Th\u01b0\u1edbc V\u1ecb Th\u1ebf T\u1ed1i \u01afu = (Kh\u1ea3 N\u0103ng Ch\u1ecbu R\u1ee7i Ro T\u00e0i Kho\u1ea3n % \u00d7 Gi\u00e1 Tr\u1ecb T\u00e0i Kho\u1ea3n) \u00f7 (Kho\u1ea3ng C\u00e1ch \u0110\u1ebfn D\u1eebng L\u1ed7 %)<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>V\u00ed d\u1ee5, v\u1edbi t\u00e0i kho\u1ea3n $100,000, 1% r\u1ee7i ro t\u1ed1i \u0111a m\u1ed7i giao d\u1ecbch, v\u00e0 8% d\u1eebng l\u1ed7 tr\u00ean Apple, k\u00edch th\u01b0\u1edbc v\u1ecb th\u1ebf t\u1ed1i \u01b0u c\u1ee7a b\u1ea1n s\u1ebd l\u00e0 $12,500\u2014\u0111\u01b0\u1ee3c t\u00ednh to\u00e1n t\u1ef1 \u0111\u1ed9ng b\u1edfi b\u1ed9 qu\u1ea3n l\u00fd r\u1ee7i ro c\u1ee7a Pocket Option.<\/p>\n<\/div>\n    <div class=\"po-container po-container_width_article\">\n        <a href=\"\/en\/quick-start\/\" class=\"po-line-banner po-article-page__line-banner\">\n            <svg class=\"svg-image po-line-banner__logo\" fill=\"currentColor\" width=\"auto\" height=\"auto\"\n                 aria-hidden=\"true\">\n                <use href=\"#svg-img-logo-white\"><\/use>\n            <\/svg>\n            <span class=\"po-line-banner__btn\"><\/span>\n        <\/a>\n    <\/div>\n    \n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>K\u1ebft Lu\u1eadn: L\u1ee3i Th\u1ebf To\u00e1n H\u1ecdc trong \u0110\u1ea7u T\u01b0 C\u1ed5 Phi\u1ebfu Apple<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Quy\u1ebft \u0111\u1ecbnh mua c\u1ed5 phi\u1ebfu Apple \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u01a1 h\u1ed9i ho\u00e0n h\u1ea3o \u0111\u1ec3 \u00e1p d\u1ee5ng ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng cho l\u1ee3i nhu\u1eadn v\u01b0\u1ee3t tr\u1ed9i. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nghi\u1ec7p d\u01b0 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh d\u1ef1a tr\u00ean s\u1ef1 y\u00eau th\u00edch th\u01b0\u01a1ng hi\u1ec7u ho\u1eb7c ti\u00eau \u0111\u1ec1 tin t\u1ee9c\u2014c\u00e1c chuy\u00ean gia d\u1ef1a v\u00e0o c\u00e1c khung to\u00e1n h\u1ecdc \u0111\u00e3 li\u00ean t\u1ee5c t\u1ea1o ra alpha qua nhi\u1ec1u chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>B\u1eb1ng c\u00e1ch t\u00edch h\u1ee3p c\u00e1c k\u1ef9 thu\u1eadt \u0111\u1ecbnh gi\u00e1 c\u01a1 b\u1ea3n, ph\u00e2n t\u00edch chu\u1ed7i th\u1eddi gian, t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0, chi\u1ebfn l\u01b0\u1ee3c quy\u1ec1n ch\u1ecdn, v\u00e0 qu\u1ea3n l\u00fd r\u1ee7i ro \u0111\u1ecbnh l\u01b0\u1ee3ng, b\u1ea1n ph\u00e1t tri\u1ec3n m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p to\u00e0n di\u1ec7n m\u00e0 c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 chuy\u00ean nghi\u1ec7p s\u1eed d\u1ee5ng. S\u1ef1 kh\u00e1c bi\u1ec7t ch\u00ednh: c\u00f4ng c\u1ee5 c\u1ee7a h\u1ecd tr\u01b0\u1edbc \u0111\u00e2y t\u1ed1n h\u00e0ng tri\u1ec7u \u0111\u1ec3 ph\u00e1t tri\u1ec3n, trong khi Pocket Option hi\u1ec7n cung c\u1ea5p c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng ph\u00e2n t\u00edch c\u1ea5p t\u1ed5 ch\u1ee9c n\u00e0y cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c c\u00f4ng c\u1ee5 to\u00e1n h\u1ecdc \u0111\u01b0\u1ee3c n\u00eau trong ph\u00e2n t\u00edch n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 l\u00fd thuy\u1ebft\u2014ch\u00fang l\u00e0 c\u00e1c ph\u01b0\u01a1ng ph\u00e1p th\u1ef1c t\u1ebf \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng b\u1edfi c\u00e1c qu\u1ef9 \u0111\u1ea7u c\u01a1 \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u00e3 v\u01b0\u1ee3t tr\u1ed9i h\u01a1n th\u1ecb tr\u01b0\u1eddng 3.7% h\u00e0ng n\u0103m khi giao d\u1ecbch c\u1ed5 phi\u1ebfu Apple trong th\u1eadp k\u1ef7 qua. N\u1ec1n t\u1ea3ng c\u1ee7a Pocket Option tri\u1ec3n khai c\u00e1c k\u1ef9 thu\u1eadt t\u01b0\u01a1ng t\u1ef1 n\u00e0y cho d\u00f9 b\u1ea1n l\u00e0 ng\u01b0\u1eddi m\u1edbi b\u1eaft \u0111\u1ea7u \u0111i\u1ec1u tra l\u00e0m th\u1ebf n\u00e0o c\u00f3 th\u1ec3 mua c\u1ed5 phi\u1ebfu Apple hay m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 kinh nghi\u1ec7m t\u1ed1i \u01b0u h\u00f3a m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 hi\u1ec7n c\u00f3.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>H\u00e3y nh\u1edb r\u1eb1ng trong khi to\u00e1n h\u1ecdc cung c\u1ea5p khung, \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng v\u00e0o Apple \u0111\u00f2i h\u1ecfi s\u1ef1 \u00e1p d\u1ee5ng nh\u1ea5t qu\u00e1n v\u00e0 hi\u1ec7u ch\u1ec9nh th\u01b0\u1eddng xuy\u00ean. Khi Apple ti\u1ebfp t\u1ee5c ph\u00e1t tri\u1ec3n t\u1eeb nh\u00e0 s\u1ea3n xu\u1ea5t ph\u1ea7n c\u1ee9ng th\u00e0nh h\u1ec7 sinh th\u00e1i d\u1ecbch v\u1ee5, c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a b\u1ea1n n\u00ean th\u00edch \u1ee9ng t\u01b0\u01a1ng \u1ee9ng. B\u1eb1ng c\u00e1ch duy tr\u00ec k\u1ef7 lu\u1eadt to\u00e1n h\u1ecdc trong khi k\u1ebft h\u1ee3p d\u1eef li\u1ec7u m\u1edbi, b\u1ea1n s\u1ebd ph\u00e1t tri\u1ec3n l\u1ee3i th\u1ebf b\u1ec1n v\u1eefng trong chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 Apple c\u1ee7a m\u00ecnh\u2014c\u00f3 th\u1ec3 bi\u1ebfn m\u1ed9t v\u1ecb th\u1ebf c\u1ed5 phi\u1ebfu \u0111\u01a1n l\u1ebb th\u00e0nh m\u1ed9t \u0111\u1ed9ng l\u1ef1c quan tr\u1ecdng c\u1ee7a vi\u1ec7c t\u1ea1o ra s\u1ef1 gi\u00e0u c\u00f3 l\u00e2u d\u00e0i.<\/p>\n<\/div>\n"},"faq":[{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 t\u00f4i c\u00f3 th\u1ec3 mua c\u1ed5 phi\u1ebfu Apple khi l\u00e0 ng\u01b0\u1eddi m\u1edbi b\u1eaft \u0111\u1ea7u?","answer":"\u0110\u1ec3 mua c\u1ed5 phi\u1ebfu Apple nh\u01b0 m\u1ed9t ng\u01b0\u1eddi m\u1edbi b\u1eaft \u0111\u1ea7u, tr\u01b0\u1edbc ti\u00ean h\u00e3y m\u1edf m\u1ed9t t\u00e0i kho\u1ea3n v\u1edbi Pocket Option ho\u1eb7c m\u1ed9t nh\u00e0 m\u00f4i gi\u1edbi \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd kh\u00e1c, ho\u00e0n t\u1ea5t x\u00e1c minh danh t\u00ednh (th\u01b0\u1eddng m\u1ea5t 1-2 ng\u00e0y l\u00e0m vi\u1ec7c), n\u1ea1p ti\u1ec1n (khuy\u1ebfn ngh\u1ecb t\u1ed1i thi\u1ec3u $500 \u0111\u1ec3 \u0111\u1ecbnh c\u1ee1 v\u1ecb tr\u00ed h\u1ee3p l\u00fd), t\u00ecm ki\u1ebfm m\u00e3 c\u1ed5 phi\u1ebfu c\u1ee7a Apple (AAPL), v\u00e0 th\u1ef1c hi\u1ec7n mua c\u1ee7a b\u1ea1n. Giao di\u1ec7n th\u00e2n thi\u1ec7n v\u1edbi ng\u01b0\u1eddi m\u1edbi b\u1eaft \u0111\u1ea7u c\u1ee7a Pocket Option cung c\u1ea5p giao d\u1ecbch m\u1ed9t c\u00fa nh\u1ea5p chu\u1ed9t v\u00e0 c\u00e1c m\u00e1y t\u00ednh \u0111\u1ecbnh c\u1ee1 v\u1ecb tr\u00ed t\u1ef1 \u0111\u1ed9ng \u0111\u1ec1 xu\u1ea5t s\u1ed1 ti\u1ec1n \u0111\u1ea7u t\u01b0 ph\u00f9 h\u1ee3p d\u1ef1a tr\u00ean k\u00edch th\u01b0\u1edbc t\u00e0i kho\u1ea3n v\u00e0 kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro c\u1ee7a b\u1ea1n. T\u00ednh n\u0103ng giao d\u1ecbch th\u1eed nghi\u1ec7m c\u1ee7a h\u1ecd cho ph\u00e9p b\u1ea1n th\u1ef1c h\u00e0nh tr\u01b0\u1edbc khi m\u1ea1o hi\u1ec3m v\u1ed1n th\u1ef1c."},{"question":"Nh\u1eefng ch\u1ec9 s\u1ed1 to\u00e1n h\u1ecdc n\u00e0o t\u00f4i n\u00ean theo d\u00f5i tr\u01b0\u1edbc khi mua c\u1ed5 phi\u1ebfu Apple?","answer":"C\u00e1c ch\u1ec9 s\u1ed1 to\u00e1n h\u1ecdc ch\u00ednh bao g\u1ed3m t\u1ef7 l\u1ec7 Gi\u00e1 tr\u00ean Thu nh\u1eadp (hi\u1ec7n t\u1ea1i l\u00e0 32.6 so v\u1edbi trung b\u00ecnh 5 n\u0103m l\u00e0 28.4), ch\u1ec9 s\u1ed1 s\u1ee9c m\u1ea1nh t\u01b0\u01a1ng \u0111\u1ed1i (RSI) \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh th\u1eddi \u0111i\u1ec3m \u0111\u1ed9ng l\u01b0\u1ee3ng (hi\u1ec7n t\u1ea1i l\u00e0 58.3, v\u00f9ng trung l\u1eadp), h\u1ed9i t\u1ee5 ph\u00e2n k\u1ef3 trung b\u00ecnh \u0111\u1ed9ng (MACD) \u0111\u1ec3 x\u00e1c nh\u1eadn xu h\u01b0\u1edbng (hi\u1ec7n t\u1ea1i l\u00e0 +2.38, t\u00edn hi\u1ec7u t\u0103ng gi\u00e1), v\u00e0 \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng \u1ea9n trong quy\u1ec1n ch\u1ecdn (hi\u1ec7n t\u1ea1i l\u00e0 23.8% cho quy\u1ec1n ch\u1ecdn 30 ng\u00e0y, h\u01a1i cao h\u01a1n trung b\u00ecnh l\u1ecbch s\u1eed). B\u1ea3ng \u0111i\u1ec1u khi\u1ec3n ph\u00e2n t\u00edch c\u1ee7a Pocket Option hi\u1ec3n th\u1ecb c\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y theo th\u1eddi gian th\u1ef1c v\u1edbi c\u1ea3nh b\u00e1o m\u00e3 m\u00e0u khi c\u00e1c gi\u00e1 tr\u1ecb l\u1ec7ch \u0111\u00e1ng k\u1ec3 so v\u1edbi ph\u1ea1m vi l\u1ecbch s\u1eed--gi\u00fap b\u1ea1n x\u00e1c \u0111\u1ecbnh \u0111i\u1ec3m v\u00e0o t\u1ed1i \u01b0u d\u1ef1a tr\u00ean c\u00e1c y\u1ebfu t\u1ed1 \u0111\u1ecbnh l\u01b0\u1ee3ng thay v\u00ec c\u1ea3m x\u00fac."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 t\u00f4i t\u00ednh to\u00e1n k\u00edch th\u01b0\u1edbc v\u1ecb tr\u00ed t\u1ed1i \u01b0u cho c\u1ed5 phi\u1ebfu Apple trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh?","answer":"T\u00ednh k\u00edch th\u01b0\u1edbc v\u1ecb tr\u00ed t\u1ed1i \u01b0u b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng C\u00f4ng th\u1ee9c Kelly \u0111i\u1ec1u ch\u1ec9nh cho kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0: % T\u1ed1i \u01b0u = (L\u1ee3i th\u1ebf% \u00d7 T\u1ef7 l\u1ec7 Th\u1eafng% - (1-T\u1ef7 l\u1ec7 Th\u1eafng%)) \u00d7 H\u1ec7 s\u1ed1 An to\u00e0n. V\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 hi\u1ec7n t\u1ea1i c\u1ee7a Apple (l\u1ee3i nhu\u1eadn v\u01b0\u1ee3t tr\u1ed9i k\u1ef3 v\u1ecdng: 4,2%, x\u00e1c su\u1ea5t k\u1ebft qu\u1ea3 t\u00edch c\u1ef1c: 62%, h\u1ec7 s\u1ed1 an to\u00e0n khuy\u1ebfn ngh\u1ecb: 0,5), ph\u00e2n b\u1ed5 t\u1ed1i \u01b0u l\u00e0 kho\u1ea3ng 7,6% danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n. B\u1ed9 t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a Pocket Option t\u1ef1 \u0111\u1ed9ng h\u00f3a t\u00ednh to\u00e1n n\u00e0y, t\u00ednh \u0111\u1ebfn c\u00e1c kho\u1ea3n n\u1eafm gi\u1eef hi\u1ec7n t\u1ea1i c\u1ee7a b\u1ea1n v\u00e0 m\u1ed1i t\u01b0\u01a1ng quan c\u1ee7a ch\u00fang v\u1edbi Apple \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh ph\u00e2n b\u1ed5 ch\u00ednh x\u00e1c t\u1ed1i \u0111a h\u00f3a t\u1ef7 l\u1ec7 Sharpe c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n trong khi t\u00f4n tr\u1ecdng c\u00e1c r\u00e0ng bu\u1ed9c r\u1ee7i ro c\u1ee7a b\u1ea1n."},{"question":"S\u1ef1 kh\u00e1c bi\u1ec7t to\u00e1n h\u1ecdc gi\u1eefa l\u1ec7nh th\u1ecb tr\u01b0\u1eddng v\u00e0 l\u1ec7nh gi\u1edbi h\u1ea1n khi mua c\u1ed5 phi\u1ebfu Apple l\u00e0 g\u00ec?","answer":"L\u1ec7nh th\u1ecb tr\u01b0\u1eddng \u0111\u1ea3m b\u1ea3o th\u1ef1c hi\u1ec7n \u1edf m\u1ee9c gi\u00e1 c\u00f3 s\u1eb5n ti\u1ebfp theo nh\u01b0ng t\u0103ng chi ph\u00ed th\u00f4ng qua ch\u00eanh l\u1ec7ch gi\u00e1 mua-b\u00e1n (hi\u1ec7n t\u1ea1i l\u00e0 $0.01-0.02 cho Apple) c\u1ed9ng v\u1edbi kh\u1ea3 n\u0103ng tr\u01b0\u1ee3t gi\u00e1 trong c\u00e1c giai \u0111o\u1ea1n bi\u1ebfn \u0111\u1ed9ng (trung b\u00ecnh l\u1ecbch s\u1eed l\u00e0 0.05-0.15% trong c\u00e1c th\u00f4ng b\u00e1o thu nh\u1eadp). L\u1ec7nh gi\u1edbi h\u1ea1n \u0111\u1ea3m b\u1ea3o gi\u00e1 mua t\u1ed1i \u0111a nh\u01b0ng c\u00f3 nguy c\u01a1 kh\u00f4ng th\u1ef1c hi\u1ec7n (kho\u1ea3ng 23% l\u1ec7nh gi\u1edbi h\u1ea1n cho Apple kh\u00f4ng \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n). V\u1ec1 m\u1eb7t to\u00e1n h\u1ecdc, s\u1ef1 kh\u00e1c bi\u1ec7t chi ph\u00ed k\u1ef3 v\u1ecdng b\u1eb1ng: (Ch\u00eanh l\u1ec7ch gi\u00e1 mua-b\u00e1n + Tr\u01b0\u1ee3t gi\u00e1 k\u1ef3 v\u1ecdng) \u00d7 X\u00e1c su\u1ea5t gi\u00e1 di chuy\u1ec3n v\u01b0\u1ee3t qu\u00e1 gi\u1edbi h\u1ea1n. H\u1ec7 th\u1ed1ng Smart-Order-Routing c\u1ee7a Pocket Option t\u1ef1 \u0111\u1ed9ng ch\u1ecdn lo\u1ea1i l\u1ec7nh t\u1ed1i \u01b0u d\u1ef1a tr\u00ean \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i, ti\u1ebft ki\u1ec7m trung b\u00ecnh 0.12% m\u1ed7i giao d\u1ecbch so v\u1edbi l\u1ec7nh th\u1ecb tr\u01b0\u1eddng ti\u00eau chu\u1ea9n."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 t\u00f4i c\u00f3 th\u1ec3 ph\u00f2ng ng\u1eeba r\u1ee7i ro gi\u1ea3m gi\u00e1 cho v\u1ecb th\u1ebf c\u1ed5 phi\u1ebfu Apple c\u1ee7a m\u00ecnh b\u1eb1ng to\u00e1n h\u1ecdc?","answer":"\u0110\u1ec3 ph\u00f2ng ng\u1eeba r\u1ee7i ro m\u1ed9t c\u00e1ch to\u00e1n h\u1ecdc, tr\u01b0\u1edbc ti\u00ean h\u00e3y t\u00ednh to\u00e1n m\u1ee9c \u0111\u1ed9 r\u1ee7i ro b\u1eb1ng \u0111\u00f4 la c\u1ee7a v\u1ecb th\u1ebf c\u1ee7a b\u1ea1n (beta hi\u1ec7n t\u1ea1i c\u1ee7a Apple: 1.24, c\u00f3 ngh\u0129a l\u00e0 $10,000 trong c\u1ed5 phi\u1ebfu Apple mang l\u1ea1i kho\u1ea3ng $12,400 r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng). \u0110\u1ec3 b\u1ea3o v\u1ec7 ho\u00e0n to\u00e0n, mua quy\u1ec1n ch\u1ecdn b\u00e1n v\u1edbi gi\u00e1 tr\u1ecb danh ngh\u0129a b\u1eb1ng v\u1edbi v\u1ecb th\u1ebf c\u1ed5 phi\u1ebfu c\u1ee7a b\u1ea1n - hi\u1ec7n t\u1ea1i chi ph\u00ed kho\u1ea3ng 3.8% gi\u00e1 tr\u1ecb v\u1ecb th\u1ebf cho quy\u1ec1n ch\u1ecdn b\u00e1n t\u1ea1i m\u1ee9c gi\u00e1 h\u00f2a v\u1ed1n trong 3 th\u00e1ng. \u0110\u1ec3 ph\u00f2ng ng\u1eeba r\u1ee7i ro m\u1ed9t ph\u1ea7n hi\u1ec7u qu\u1ea3 v\u1ec1 chi ph\u00ed, th\u1ef1c hi\u1ec7n chi\u1ebfn l\u01b0\u1ee3c collar b\u1eb1ng c\u00e1ch \u0111\u1ed3ng th\u1eddi b\u00e1n quy\u1ec1n ch\u1ecdn mua t\u0103ng gi\u00e1 (v\u00ed d\u1ee5, 30-delta), gi\u1ea3m chi ph\u00ed ph\u00f2ng ng\u1eeba r\u1ee7i ro r\u00f2ng c\u1ee7a b\u1ea1n xu\u1ed1ng kho\u1ea3ng 1.2% trong khi gi\u1edbi h\u1ea1n ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 \u1edf m\u1ee9c kho\u1ea3ng 8-10%. C\u00f4ng c\u1ee5 x\u00e2y d\u1ef1ng chi\u1ebfn l\u01b0\u1ee3c quy\u1ec1n ch\u1ecdn c\u1ee7a Pocket Option t\u00ednh to\u00e1n gi\u00e1 th\u1ef1c hi\u1ec7n t\u1ed1i \u01b0u d\u1ef1a tr\u00ean c\u00e1c th\u00f4ng s\u1ed1 r\u1ee7i ro c\u1ee5 th\u1ec3 c\u1ee7a b\u1ea1n v\u00e0 hi\u1ec3n th\u1ecb hi\u1ec7u su\u1ea5t d\u1ef1 ki\u1ebfn qua nhi\u1ec1u k\u1ecbch b\u1ea3n gi\u00e1 kh\u00e1c nhau."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 t\u00f4i c\u00f3 th\u1ec3 mua c\u1ed5 phi\u1ebfu Apple khi l\u00e0 ng\u01b0\u1eddi m\u1edbi b\u1eaft \u0111\u1ea7u?","answer":"\u0110\u1ec3 mua c\u1ed5 phi\u1ebfu Apple nh\u01b0 m\u1ed9t ng\u01b0\u1eddi m\u1edbi b\u1eaft \u0111\u1ea7u, tr\u01b0\u1edbc ti\u00ean h\u00e3y m\u1edf m\u1ed9t t\u00e0i kho\u1ea3n v\u1edbi Pocket Option ho\u1eb7c m\u1ed9t nh\u00e0 m\u00f4i gi\u1edbi \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd kh\u00e1c, ho\u00e0n t\u1ea5t x\u00e1c minh danh t\u00ednh (th\u01b0\u1eddng m\u1ea5t 1-2 ng\u00e0y l\u00e0m vi\u1ec7c), n\u1ea1p ti\u1ec1n (khuy\u1ebfn ngh\u1ecb t\u1ed1i thi\u1ec3u $500 \u0111\u1ec3 \u0111\u1ecbnh c\u1ee1 v\u1ecb tr\u00ed h\u1ee3p l\u00fd), t\u00ecm ki\u1ebfm m\u00e3 c\u1ed5 phi\u1ebfu c\u1ee7a Apple (AAPL), v\u00e0 th\u1ef1c hi\u1ec7n mua c\u1ee7a b\u1ea1n. Giao di\u1ec7n th\u00e2n thi\u1ec7n v\u1edbi ng\u01b0\u1eddi m\u1edbi b\u1eaft \u0111\u1ea7u c\u1ee7a Pocket Option cung c\u1ea5p giao d\u1ecbch m\u1ed9t c\u00fa nh\u1ea5p chu\u1ed9t v\u00e0 c\u00e1c m\u00e1y t\u00ednh \u0111\u1ecbnh c\u1ee1 v\u1ecb tr\u00ed t\u1ef1 \u0111\u1ed9ng \u0111\u1ec1 xu\u1ea5t s\u1ed1 ti\u1ec1n \u0111\u1ea7u t\u01b0 ph\u00f9 h\u1ee3p d\u1ef1a tr\u00ean k\u00edch th\u01b0\u1edbc t\u00e0i kho\u1ea3n v\u00e0 kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro c\u1ee7a b\u1ea1n. T\u00ednh n\u0103ng giao d\u1ecbch th\u1eed nghi\u1ec7m c\u1ee7a h\u1ecd cho ph\u00e9p b\u1ea1n th\u1ef1c h\u00e0nh tr\u01b0\u1edbc khi m\u1ea1o hi\u1ec3m v\u1ed1n th\u1ef1c."},{"question":"Nh\u1eefng ch\u1ec9 s\u1ed1 to\u00e1n h\u1ecdc n\u00e0o t\u00f4i n\u00ean theo d\u00f5i tr\u01b0\u1edbc khi mua c\u1ed5 phi\u1ebfu Apple?","answer":"C\u00e1c ch\u1ec9 s\u1ed1 to\u00e1n h\u1ecdc ch\u00ednh bao g\u1ed3m t\u1ef7 l\u1ec7 Gi\u00e1 tr\u00ean Thu nh\u1eadp (hi\u1ec7n t\u1ea1i l\u00e0 32.6 so v\u1edbi trung b\u00ecnh 5 n\u0103m l\u00e0 28.4), ch\u1ec9 s\u1ed1 s\u1ee9c m\u1ea1nh t\u01b0\u01a1ng \u0111\u1ed1i (RSI) \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh th\u1eddi \u0111i\u1ec3m \u0111\u1ed9ng l\u01b0\u1ee3ng (hi\u1ec7n t\u1ea1i l\u00e0 58.3, v\u00f9ng trung l\u1eadp), h\u1ed9i t\u1ee5 ph\u00e2n k\u1ef3 trung b\u00ecnh \u0111\u1ed9ng (MACD) \u0111\u1ec3 x\u00e1c nh\u1eadn xu h\u01b0\u1edbng (hi\u1ec7n t\u1ea1i l\u00e0 +2.38, t\u00edn hi\u1ec7u t\u0103ng gi\u00e1), v\u00e0 \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng \u1ea9n trong quy\u1ec1n ch\u1ecdn (hi\u1ec7n t\u1ea1i l\u00e0 23.8% cho quy\u1ec1n ch\u1ecdn 30 ng\u00e0y, h\u01a1i cao h\u01a1n trung b\u00ecnh l\u1ecbch s\u1eed). B\u1ea3ng \u0111i\u1ec1u khi\u1ec3n ph\u00e2n t\u00edch c\u1ee7a Pocket Option hi\u1ec3n th\u1ecb c\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y theo th\u1eddi gian th\u1ef1c v\u1edbi c\u1ea3nh b\u00e1o m\u00e3 m\u00e0u khi c\u00e1c gi\u00e1 tr\u1ecb l\u1ec7ch \u0111\u00e1ng k\u1ec3 so v\u1edbi ph\u1ea1m vi l\u1ecbch s\u1eed--gi\u00fap b\u1ea1n x\u00e1c \u0111\u1ecbnh \u0111i\u1ec3m v\u00e0o t\u1ed1i \u01b0u d\u1ef1a tr\u00ean c\u00e1c y\u1ebfu t\u1ed1 \u0111\u1ecbnh l\u01b0\u1ee3ng thay v\u00ec c\u1ea3m x\u00fac."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 t\u00f4i t\u00ednh to\u00e1n k\u00edch th\u01b0\u1edbc v\u1ecb tr\u00ed t\u1ed1i \u01b0u cho c\u1ed5 phi\u1ebfu Apple trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh?","answer":"T\u00ednh k\u00edch th\u01b0\u1edbc v\u1ecb tr\u00ed t\u1ed1i \u01b0u b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng C\u00f4ng th\u1ee9c Kelly \u0111i\u1ec1u ch\u1ec9nh cho kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0: % T\u1ed1i \u01b0u = (L\u1ee3i th\u1ebf% \u00d7 T\u1ef7 l\u1ec7 Th\u1eafng% - (1-T\u1ef7 l\u1ec7 Th\u1eafng%)) \u00d7 H\u1ec7 s\u1ed1 An to\u00e0n. V\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 hi\u1ec7n t\u1ea1i c\u1ee7a Apple (l\u1ee3i nhu\u1eadn v\u01b0\u1ee3t tr\u1ed9i k\u1ef3 v\u1ecdng: 4,2%, x\u00e1c su\u1ea5t k\u1ebft qu\u1ea3 t\u00edch c\u1ef1c: 62%, h\u1ec7 s\u1ed1 an to\u00e0n khuy\u1ebfn ngh\u1ecb: 0,5), ph\u00e2n b\u1ed5 t\u1ed1i \u01b0u l\u00e0 kho\u1ea3ng 7,6% danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n. B\u1ed9 t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a Pocket Option t\u1ef1 \u0111\u1ed9ng h\u00f3a t\u00ednh to\u00e1n n\u00e0y, t\u00ednh \u0111\u1ebfn c\u00e1c kho\u1ea3n n\u1eafm gi\u1eef hi\u1ec7n t\u1ea1i c\u1ee7a b\u1ea1n v\u00e0 m\u1ed1i t\u01b0\u01a1ng quan c\u1ee7a ch\u00fang v\u1edbi Apple \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh ph\u00e2n b\u1ed5 ch\u00ednh x\u00e1c t\u1ed1i \u0111a h\u00f3a t\u1ef7 l\u1ec7 Sharpe c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n trong khi t\u00f4n tr\u1ecdng c\u00e1c r\u00e0ng bu\u1ed9c r\u1ee7i ro c\u1ee7a b\u1ea1n."},{"question":"S\u1ef1 kh\u00e1c bi\u1ec7t to\u00e1n h\u1ecdc gi\u1eefa l\u1ec7nh th\u1ecb tr\u01b0\u1eddng v\u00e0 l\u1ec7nh gi\u1edbi h\u1ea1n khi mua c\u1ed5 phi\u1ebfu Apple l\u00e0 g\u00ec?","answer":"L\u1ec7nh th\u1ecb tr\u01b0\u1eddng \u0111\u1ea3m b\u1ea3o th\u1ef1c hi\u1ec7n \u1edf m\u1ee9c gi\u00e1 c\u00f3 s\u1eb5n ti\u1ebfp theo nh\u01b0ng t\u0103ng chi ph\u00ed th\u00f4ng qua ch\u00eanh l\u1ec7ch gi\u00e1 mua-b\u00e1n (hi\u1ec7n t\u1ea1i l\u00e0 $0.01-0.02 cho Apple) c\u1ed9ng v\u1edbi kh\u1ea3 n\u0103ng tr\u01b0\u1ee3t gi\u00e1 trong c\u00e1c giai \u0111o\u1ea1n bi\u1ebfn \u0111\u1ed9ng (trung b\u00ecnh l\u1ecbch s\u1eed l\u00e0 0.05-0.15% trong c\u00e1c th\u00f4ng b\u00e1o thu nh\u1eadp). L\u1ec7nh gi\u1edbi h\u1ea1n \u0111\u1ea3m b\u1ea3o gi\u00e1 mua t\u1ed1i \u0111a nh\u01b0ng c\u00f3 nguy c\u01a1 kh\u00f4ng th\u1ef1c hi\u1ec7n (kho\u1ea3ng 23% l\u1ec7nh gi\u1edbi h\u1ea1n cho Apple kh\u00f4ng \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n). V\u1ec1 m\u1eb7t to\u00e1n h\u1ecdc, s\u1ef1 kh\u00e1c bi\u1ec7t chi ph\u00ed k\u1ef3 v\u1ecdng b\u1eb1ng: (Ch\u00eanh l\u1ec7ch gi\u00e1 mua-b\u00e1n + Tr\u01b0\u1ee3t gi\u00e1 k\u1ef3 v\u1ecdng) \u00d7 X\u00e1c su\u1ea5t gi\u00e1 di chuy\u1ec3n v\u01b0\u1ee3t qu\u00e1 gi\u1edbi h\u1ea1n. H\u1ec7 th\u1ed1ng Smart-Order-Routing c\u1ee7a Pocket Option t\u1ef1 \u0111\u1ed9ng ch\u1ecdn lo\u1ea1i l\u1ec7nh t\u1ed1i \u01b0u d\u1ef1a tr\u00ean \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i, ti\u1ebft ki\u1ec7m trung b\u00ecnh 0.12% m\u1ed7i giao d\u1ecbch so v\u1edbi l\u1ec7nh th\u1ecb tr\u01b0\u1eddng ti\u00eau chu\u1ea9n."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 t\u00f4i c\u00f3 th\u1ec3 ph\u00f2ng ng\u1eeba r\u1ee7i ro gi\u1ea3m gi\u00e1 cho v\u1ecb th\u1ebf c\u1ed5 phi\u1ebfu Apple c\u1ee7a m\u00ecnh b\u1eb1ng to\u00e1n h\u1ecdc?","answer":"\u0110\u1ec3 ph\u00f2ng ng\u1eeba r\u1ee7i ro m\u1ed9t c\u00e1ch to\u00e1n h\u1ecdc, tr\u01b0\u1edbc ti\u00ean h\u00e3y t\u00ednh to\u00e1n m\u1ee9c \u0111\u1ed9 r\u1ee7i ro b\u1eb1ng \u0111\u00f4 la c\u1ee7a v\u1ecb th\u1ebf c\u1ee7a b\u1ea1n (beta hi\u1ec7n t\u1ea1i c\u1ee7a Apple: 1.24, c\u00f3 ngh\u0129a l\u00e0 $10,000 trong c\u1ed5 phi\u1ebfu Apple mang l\u1ea1i kho\u1ea3ng $12,400 r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng). \u0110\u1ec3 b\u1ea3o v\u1ec7 ho\u00e0n to\u00e0n, mua quy\u1ec1n ch\u1ecdn b\u00e1n v\u1edbi gi\u00e1 tr\u1ecb danh ngh\u0129a b\u1eb1ng v\u1edbi v\u1ecb th\u1ebf c\u1ed5 phi\u1ebfu c\u1ee7a b\u1ea1n - hi\u1ec7n t\u1ea1i chi ph\u00ed kho\u1ea3ng 3.8% gi\u00e1 tr\u1ecb v\u1ecb th\u1ebf cho quy\u1ec1n ch\u1ecdn b\u00e1n t\u1ea1i m\u1ee9c gi\u00e1 h\u00f2a v\u1ed1n trong 3 th\u00e1ng. \u0110\u1ec3 ph\u00f2ng ng\u1eeba r\u1ee7i ro m\u1ed9t ph\u1ea7n hi\u1ec7u qu\u1ea3 v\u1ec1 chi ph\u00ed, th\u1ef1c hi\u1ec7n chi\u1ebfn l\u01b0\u1ee3c collar b\u1eb1ng c\u00e1ch \u0111\u1ed3ng th\u1eddi b\u00e1n quy\u1ec1n ch\u1ecdn mua t\u0103ng gi\u00e1 (v\u00ed d\u1ee5, 30-delta), gi\u1ea3m chi ph\u00ed ph\u00f2ng ng\u1eeba r\u1ee7i ro r\u00f2ng c\u1ee7a b\u1ea1n xu\u1ed1ng kho\u1ea3ng 1.2% trong khi gi\u1edbi h\u1ea1n ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 \u1edf m\u1ee9c kho\u1ea3ng 8-10%. C\u00f4ng c\u1ee5 x\u00e2y d\u1ef1ng chi\u1ebfn l\u01b0\u1ee3c quy\u1ec1n ch\u1ecdn c\u1ee7a Pocket Option t\u00ednh to\u00e1n gi\u00e1 th\u1ef1c hi\u1ec7n t\u1ed1i \u01b0u d\u1ef1a tr\u00ean c\u00e1c th\u00f4ng s\u1ed1 r\u1ee7i ro c\u1ee5 th\u1ec3 c\u1ee7a b\u1ea1n v\u00e0 hi\u1ec3n th\u1ecb hi\u1ec7u su\u1ea5t d\u1ef1 ki\u1ebfn qua nhi\u1ec1u k\u1ecbch b\u1ea3n gi\u00e1 kh\u00e1c nhau."}]}},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mua C\u1ed5 Phi\u1ebfu Apple: Khung D\u1eef Li\u1ec7u \u0110\u1ec3 T\u1ed1i \u0110a H\u00f3a L\u1ee3i Nhu\u1eadn \u0110\u1ea7u T\u01b0<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pocketoption.com\/blog\/vt\/interesting\/trading-platforms\/purchase-apple-stock\/\" \/>\n<meta property=\"og:locale\" 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