上期提到如何利用窩輪槓桿的特性，以「風險」去控制「風險」，簡單來說是將投放於市場的資金縮減，繼續保持捕捉市場動態的機會，又不失保障大部分本金的重要性。
美國聯儲局議息將至，加上月底是期指結算的日子，市場不確定性或較多。觀望氣氛較濃的市況中，投資者想繼續以窩輪作部署，宜多加留意市場的引伸波幅走勢。
參考過去六月反映市場波動性預期的恒指波幅指數， 由月初的27，一度於月中逼近32，但到7月就反覆下跌，一周內跌至26，其後兩周升至30附近又再回落至27樓下。若將時間軸拉長，原來年初至今的引伸波幅高位見過50樓上，當時恒指於3月低見近18,400點的今年低位，其後隨市況回升，引伸波幅亦隨之回落，但只略跌穿25，並未有跌至年初20之下水平。
窩輪其實是一種期權的衍生工具，價格水平除了取決於相關資產走勢，亦受引伸波幅影響。簡單來說，引伸波幅高即反映相關資產走勢愈為波動，亦令窩輪由價外變為價內的機會增加，因此窩輪價格可以因為看對引伸波幅及相關資產價格走勢而變得水漲船高。相反，在引伸波幅下跌的情況下，相關資產波動性減少，股價「躺平」自然令行使的機會減少，因此輪價亦會受負面影響。
因此，投資者決定以窩輪部署時，隨了判斷相關資產走勢之外，亦宜對後市波幅的走勢有所評估。若認為引伸波幅有機會受壓，則可以年期較中線的產品應市，因為該產品對引伸波幅變化敏感度較低。相反，若認為波幅有機會反彈，一些短身證所受的正面拉動作用就較大。
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