什么是未平仓合约数？

中文版

未平仓合约数（Open Interest）是指在某一特定时间点上，期货市场或期权市场中尚未结算或平仓的合约数量。它代表了市场参与者对未来价格变动的预期和兴趣。未平仓合约数是衡量市场活跃度和投资者情绪的重要指标之一。

未平仓合约数的增加通常意味着市场对该合约的兴趣增加，投资者对未来价格走势的预期存在分歧。当市场参与者对某一方向的价格变动持有较多预期时，他们可能会选择买入或卖出更多的合约，导致未平仓合约数的增加。这种情况可能表明市场将出现更多的波动和交易机会。

然而，未平仓合约数的变化并不一定意味着市场价格的涨跌。它只是反映了市场参与者对未来价格走势的预期和兴趣，而不直接决定价格方向。因此，在分析未平仓合约数时，需要结合其他市场指标和基本面因素进行综合考虑。

英文版

What Is Open Interest?

Open Interest refers to the number of futures or options contracts that have been traded but not yet settled or closed out at a particular point in time. It represents market participants' expectations and interest in future price movements. Open Interest is one of the key indicators to measure market activity and investor sentiment.

An increase in Open Interest usually means that there is growing interest in the contract, and investors have differing expectations about future price movements. When market participants have strong expectations about price movements in a particular direction, they may choose to buy or sell more contracts, leading to an increase in Open Interest. This situation may indicate more volatility and trading opportunities in the market.

However, changes in Open Interest do not necessarily imply a rise or fall in market prices. It merely reflects market participants' expectations and interest in future price movements, rather than directly determining the price direction. Therefore, when analyzing Open Interest, it is necessary to consider other market indicators and fundamental factors comprehensively.