#期权交割事件 When I saw this news today, my first reaction was to remind everyone to stay level-headed. The settlement of options with a notional value of $23.7 billion is indeed an unprecedented scale, and analysts' predictions of amplified volatility are not alarmism.

At such moments, it's easiest to see two extremes: some people add leverage because they're bullish on the market, others hastily exit positions out of fear of volatility. But what I want to say is that no matter how violently the market fluctuates, what really tests us is never the market itself, but whether we've maintained our position management principles.

My advice is simple — ask yourself a few questions: Is your current position size within a safe range? Have you reserved enough cash to deal with uncertainty? Can your psychological expectations truly withstand the one-sided moves that may come next? If the answers to all these questions are yes, then volatility is merely price volatility, not a crisis for your assets.

Throughout history, major accelerated moves have indeed often followed large-scale options settlements, but whether acceleration goes up or down typically depends on fundamentals and market sentiment, not what we can predict precisely. Rather than trying to forecast direction, why not take this moment to examine whether your portfolio allocation is truly sound. It's easy to maintain a long-term mindset during calm times, but the real test comes the night before major events.

Stay patient, stick to your principles — this is what I want to tell you.