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，波动就小，应该买期权。当布林通道空间变宽时，波动就大，应该卖期权，或者发行期权。
Traders of stocks and futures are better off with straight channels or envelopes。 They keep a steady distance from a moving average； providing steadier price targets。 Draw both lines a certain percentage above or below the EMA。 If you use dual moving averages； draw channel lines parallel to the longer one。
股票和期货交易者最好使用直接通道或包络线。它们和均线保持稳定的距离，提供了稳定的价格目标。它们在均线上面或下面一定比率的地方画线。如果你用双线，在比较长的均线附近画线。
A moving average reflects the average consensus of value； but what is the meaning of a channel？ The upper channel line reflects the power of bulls to push prices above the average consensus of value。 It marks the normal limit of market optimism。 The lower channel line reflects the power of bears to push prices below the average consensus of value。 It marks the normal limit of market pessimism。 A well…drawn channel helps diagnose mania and depression。 Most software programs draw channels according to this formula：
均线反映了对价值的一致看法，但是通道的含义呢？上线反映了多头的力量，要把价格推的更高，它表明了乐观的极限。下线反映了空头的力量，要把价格推的更低，它表明了悲观的极限。画的好的通道能帮助确认狂躁和消沉。大部分软件利用下面的公式画通道。
Upper channel line = EMA ＋ EMA · Channel coefficient
Lower channel line = EMA … EMA · Channel coefficient
通道上线＝EMA ＋ EMA·通道系数
通道下线＝EMA … EMA·通道系数
A well…drawn channel contains the bulk of prices； with only a few extremes poking out。 Adjust the coefficient until the channel contains approximately 95 percent of all prices for the past several months。 Mathematicians call this the second standard deviation channel。 Most software packages make this adjustment very easy。
画得好的通道能包含大部分价格，只有少数价格伸出去。调整参数直到通道能包含过去几个月95％的价格。数学家说这是第二条标准背离通道。大部分软件都能很轻松地使用通道。
Find proper channel coefficients for any market by trial and error。 Keep adjusting them until the channel holds approximately 95％ of all data； with only the highest tops and the lowest bottoms sticking out。 Drawing a channel is like trying on a shirt。 Choose the size in which the entire body fits fortably； with only the wrists and the neck poking out。
可以通过测试的方法找到合适的通道系数。不断调试，直到通道能包含95％的数据，仅仅是最高价和最低价伸出来。画通道就像做衣服，选择好尺寸，直到整个身体都很舒服，仅仅是手腕和颈子伸出来。
Different trading vehicles and timeframes require different channel widths。 Volatile markets require wider channels and higher coefficients。 The longer the timeframe； the wider the channel； weekly channels tend to be twice as wide as dailies。 Stocks tend to require wider channels than futures。 A good time to review and adjust channels in futures is when an old contract nears expiration and you switch to the new front month。
不同的交易工具和时间周期需要不同的通道宽度。波动大的市场需要更宽的通道和更大的系数。时间周期越大，通道要越宽。周线通道一般是日线通道的2倍。股票的通道要比期货的宽。期货市场检验和调试通道的最好时机是旧的合约到期，你换到新的合约时。
A channel drawn in an uptrend tends to fit the peaks。 Rallies in a bull market are much stronger than declines； and bottoms seldom reach the lower channel line。 In a downtrend； a channel tends to track bottoms； while the tops are too limp to rise to the upper channel line。 It is unnecessary to draw two separate channels； one for the tops and the other for the bottoms； just follow the dominant crowd。 In a flat market expect both tops and bottoms to touch their channel lines。
通道画的上涨趋势一般会符合最高点。牛市的上涨比下跌强，底部很难达到通道下线。下跌趋势时，通道一般跟踪底部，顶部很难到到达通道上线。很有必要画2个独立的通道，一个是为了顶部，另一个是为了底部，这样才能跟踪市场大众。在横盘的时候，顶部和底部都会碰到通道线。
When we are bullish； we want to buy value near the rising EMA and take profits when the market bees overvalued … at or above the upper channel line。 When bearish； we want to go short near the falling EMA and cover when the market bees undervalued … at or below the lower channel line。
上涨的时候，我们希望在均线附近买入，在市场高估的时候兑现利润——或在超过通道上线的地方。下跌的时候，我们希望在均线附近做空，在市场低估的时候回补——或在低于通道下线的地方。
Figure 5。7 Channels for Profit Taking
图5。7 用通道兑现利润
When the EMA rises； it identifies an uptrend。 It is a good idea to buy near that EMA or slightly higher or lower； depending on the stock’s recent behavior。 At point A； EMA stands at 35； while the low point of the bar reaches 33 … a 2…point downside penetration。 At point C； the price low penetrates the EMA by 1 point； at D by 2。25； at F by 4； at point H by 0。75； and at J by 4。 Those short…term bottoms keep alternating between shallow and deep … an important piece of intelligence when you try to decide where to place your buy order。 If the latest penetration was shallow； expect the next one to be deep； and vice versa； and place your buy orders accordingly。
当均线上涨时，它确认了上涨趋势。在均线附近买入，或者根据股票最近的行为高一点或者低一点买入都不错。在A点，均线是35，最低价是33——下穿了2点。在C点，最低价穿过均线1点，在D点是2。25，F点是4，H点是0。75，J点是4。这些短期的底部总是在深浅的地方出现——如果你决定了在这些地方下单买入，这些是很重要的信息。如果最近一次的穿过是浅的，下一次就是深的，反过来也是一样，可以根据这个下单买入。
The place to sell stocks purchased near the EMA is at the upper channel line。 Looking back； it is easy to see that buy…and…hold would have worked even better in TARO； but the future is not nearly as clear at the right edge of the chart。 Buying value near the EMA and taking profits above value； near the upper channel line； is safer and more reliable。 Stock bought at A can be sold at B； bought again at C or D and sold at E； and so on。
在均线附近买入的股票，如果要卖出，位置是在通道的上线。回头看，TARO股票的买点和持有区域都不错，但是图右边的未来是没有这么清楚的。在均线附近买入，在均线之上卖出，靠近通道上线的地方，这个方法是安全可靠的。在A点买入股票，可以在B点卖出，在C点或D点再次买入，在E点卖出，以此类推。
A trader can grade his performance； based on the percentage of the channel he takes in profits on any given trade。 For example； at the right edge of the chart； the upper channel line stands at 97 and the lower at 69； making the channel 28 points high。 An A trader should get the minimum of 30％ or 8。4 points out of the next trade； a B trader 20％ or 5。6 points； and a C trader 10％ or 2。8 points。
无论什么交易，交易者可以利用取得通道的比例来给自己的交易打分。比如，在图的右边，通道上线是97，下线是69，通道的高度就是28。A交易者赚到30％，或者是8。4点；B交易者赚到20％，或者是5。6点；C交易者赚到10％，或者是2。8点。
At the right edge of the chart； prices are hitting the upper channel line。 It is time to take profits on stocks purchased in area J； near the EMA； and wait for a pullback。
在图的右边，价格达到上线了，此时最好把在J点买的股票卖掉，等股票回调。
If you buy near a rising moving average； take profits in the vicinity of the upper channel line。 If you sell short near a falling moving average； cover in the vicinity of the lower channel line。 Channels catch swings above