{"id":1030,"date":"2017-11-14T19:41:41","date_gmt":"2017-11-14T17:41:41","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=1030"},"modified":"2017-11-15T09:05:38","modified_gmt":"2017-11-15T07:05:38","slug":"vix-technologie-akciove-indexy","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=1030","title":{"rendered":"VIX technologie + Akciov\u00e9 indexy"},"content":{"rendered":"

\u00a0\u00a0 V\u00a0\u010dl\u00e1nku o VIX Indexu<\/strong><\/a><\/span> \u00a0jsem popsal metodu jeho v\u00fdpo\u010dtu, abych se v\u00a0n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku<\/strong><\/a><\/span> sna\u017eil uk\u00e1zat, jak vyu\u017e\u00edt tento v\u00fdpo\u010det pro stanoven\u00ed \u201ejin\u00fdch VIX\u016f\u201c pro jin\u00e9 podklady, nap\u0159\u00edklad velmi likvidn\u00ed akcie. \u00dadaje o takov\u00fdch vypo\u010dten\u00fdch hodnot\u00e1ch lze nal\u00e9zt na str\u00e1nk\u00e1ch CBOE s\u00a0jej\u00ed ka\u017edodenn\u00ed aktualizac\u00ed, tak\u017ee pro obchodn\u00edka t\u011bchto podkladov\u00fdch aktiv nen\u00ed probl\u00e9m si takov\u00e9 aktu\u00e1ln\u00ed hodnoty okam\u017eit\u011b zobrazit a vyhodnotit, jestli je v\u00a0danou chv\u00edli jejich hodnota p\u0159ijateln\u00e1 pro n\u011bjak\u00e9 vlastn\u00ed obchodn\u00ed rozhodnut\u00ed. M\u016fj broker (Interactive Brokers) umo\u017e\u0148uje sledov\u00e1n\u00ed t\u011bchto hodnot p\u0159\u00edmo v\u00a0platform\u011b TWS, nemus\u00edm pak otev\u00edrat webov\u00e9 str\u00e1nky k\u00a0takov\u00e9mu pozorov\u00e1n\u00ed.<\/span><\/p>\n

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\u00a0\u00a0 Pokud budu m\u00edt pov\u011bdom\u00ed o obvykl\u00fdch historick\u00fdch hodnot\u00e1ch takto vypo\u010dten\u00e9ho VIX na jednotliv\u00e9 akcie, tak mohu sn\u00e1ze vypozorovat, jestli je dan\u00fd titul pod \u201etlakem volatility\u201c, zp\u016fsoben\u00e9 zejm\u00e9na p\u0159\u00edchodem n\u011bjak\u00e9 v\u00fdznamn\u00e9 fundament\u00e1ln\u00ed ud\u00e1losti. Pokud je tato ud\u00e1lost o\u010dek\u00e1van\u00e1 (nap\u0159\u00edklad vyhla\u0161ov\u00e1n\u00ed hospod\u00e1\u0159sk\u00fdch v\u00fdsledk\u016f), tak je vysv\u011btlen\u00ed vysok\u00fdch hodnot opodstatn\u011bn\u00e9, pokud ale \u017e\u00e1dn\u00e1 takov\u00e1 pl\u00e1novan\u00e1 ud\u00e1lost nen\u00ed nabl\u00edzku, mohou n\u00e1r\u016fsty t\u011bchto jednotliv\u00fdch volatilit odr\u00e1\u017eet rostouc\u00ed apetit nakupovat zejm\u00e9na OTM Put op\u010dn\u00ed kontrakty. Toto pak m\u016f\u017ee signalizovat nap\u0159\u00edklad spekulace \u00fa\u010dastn\u00edk\u016f trhu na pokles podkladu, vyvolan\u00fd r\u016fzn\u00fdmi tr\u017en\u00edmi tlaky a okolnostmi, kter\u00e9 nejsou obecn\u011b patrn\u00e9, nap\u0159\u00edklad zes\u00edlen\u00e9 obavy z negativn\u00edho tr\u017en\u00edho sentiment trhu v\u00a0horizontu nejbli\u017e\u0161\u00ed (t\u0159icetidenn\u00ed) budoucnosti. Nen\u00ed mo\u017en\u00e9 opomenout i specifick\u00e9 \u201einsider informace\u201c \u00fa\u010dastn\u00edk\u016f trhu z\u00a0bl\u00edzk\u00e9ho okol\u00ed dan\u00e9 spole\u010dnosti, kter\u00e9 obchodn\u00ed ve\u0159ejnost nemus\u00ed v\u016fbec tu\u0161it. \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

\u00a0 Vyu\u017eit\u00ed t\u011bchto hodnot individu\u00e1ln\u00edch podklad\u016f je margin\u00e1ln\u00ed a pou\u017eiteln\u00e9 zejm\u00e9na pro investory pr\u00e1v\u011b do t\u011bchto individu\u00e1ln\u00edch investi\u010dn\u00edch n\u00e1stroj\u016f \u2013 jednotliv\u00fdch akci\u00ed. Daleko \u0161ir\u0161\u00ed uplatn\u011bn\u00ed v\u0161ak maj\u00ed jin\u00e9 odvozeniny vypo\u010d\u00edt\u00e1van\u00e9 o\u010dek\u00e1van\u00e9 volatility, a to takov\u00e9, kter\u00e9 vyu\u017e\u00edvaj\u00ed stejnou v\u00fdpo\u010detn\u00ed techniku<\/strong>, jakou je stanovena hodnota VIX Indexu<\/strong>, ale jej\u00edmi\u017e podklady jsou op\u010dn\u00ed s\u00e9rie jin\u00fdch akciov\u00fdch index\u016f<\/strong>, ne\u017e je akciov\u00fd index S&P 500 (SPX).<\/span><\/p>\n

\u00a0 \u00a0Vyu\u017eit\u00edm SPX op\u010dn\u00edch kontrakt\u016f s\u00a0expirac\u00ed v\u011bt\u0161\u00ed ne\u017e 23 dn\u016f a men\u0161\u00ed ne\u017e 37 dn\u016f <\/strong>byla za pou\u017eit\u00ed ur\u010dit\u00e9ho v\u00fdpo\u010dtu stanovena hodnota VIX Indexu. <\/strong>Tato hodnota pak odr\u00e1\u017e\u00ed tr\u017en\u00ed o\u010dek\u00e1v\u00e1n\u00ed t\u0159icetidenn\u00ed volatility na tomto podkladu, tedy t\u00e9 \u010d\u00e1sti trhu, kter\u00e1 je reprezentov\u00e1na spole\u010dnostmi pat\u0159\u00edc\u00edmi do akciov\u00e9ho indexu\u00a0<\/strong>S&P 500. Pokud tedy m\u00e1m investov\u00e1no do akci\u00ed, kter\u00e9 jsou obsa\u017eeny v\u00a0tomto indexu, m\u016f\u017eu pohledem na hodnotu VIX Indexu odhadnout, jestli je na tomto segmentu trhu o\u010dek\u00e1v\u00e1no n\u011bjak\u00e9 budouc\u00ed hromobit\u00ed. \u010c\u00edm v\u00edce bude m\u00e9 akciov\u00e9 portfolio podobn\u00e9 slo\u017een\u00ed indexu S&P 500, t\u00edm v\u00edce m\u016f\u017eete z\u00a0takov\u00e9 hodnoty usuzovat. \u201eM\u00edru p\u0159ilnavosti\u201c m\u00e9ho portfolia, nap\u0159\u00edklad\u00a0k akciov\u00e9mu indexu S&P 500, jsem popisoval v\u00a0\u010dl\u00e1nku Beta \u2013 I.<\/strong><\/a><\/span> , <\/strong>kde jsem mohl vypozorovat a tak\u00e9 n\u011bjak\u00fdm zp\u016fsobem vypo\u010d\u00edtat, jestli by pro zaji\u0161t\u011bn\u00ed m\u00e9ho portfolia bylo vhodn\u011bj\u0161\u00ed pou\u017eit\u00ed pr\u00e1v\u011b instrumenty napojen\u00e9 na tento akciov\u00fd index S&P 500 nebo na akciov\u00e9 indexy svou povahou bli\u017e\u0161\u00ed m\u00e9 struktu\u0159e portfolia. Z\u00a0\u010dl\u00e1nk\u016f o Beta vyplynulo, \u017ee k zaji\u0161t\u011bn\u00ed technologick\u00e9ho portfolia bude pravd\u011bpodobn\u011bji lep\u0161\u00ed vyu\u017e\u00edt n\u00e1stroj\u016f v\u00e1\u017e\u00edc\u00edch se k akciov\u00e9mu indexu Nasdaq-100 ne\u017e k akciov\u00e9mu indexu S&P 500.<\/span><\/p>\n

\u00a0\u00a0 Se stejnou logikou pak m\u016f\u017eeme pohl\u00ed\u017eet na zji\u0161\u0165ov\u00e1n\u00ed m\u00edry o\u010dek\u00e1v\u00e1n\u00ed t\u0159icetidenn\u00ed volatility, proto\u017ee krom\u011b vypo\u010d\u00edt\u00e1van\u00e9 okam\u017eit\u00e9 hodnoty VIX Indexu, jako nejb\u011b\u017en\u011bj\u0161\u00edho a nejpou\u017e\u00edvan\u011bj\u0161\u00edho indik\u00e1toru o\u010dek\u00e1van\u00e9 t\u0159icetidenn\u00ed volatility, m\u016f\u017eeme vyu\u017e\u00edt v\u00fdpo\u010dty \u201eVIX Technologie\u201c na jin\u00fdch podkladech (jejich op\u010dn\u00edch kontraktech), ne\u017e je akciov\u00fd index S&P 500 (SPX). Zkus\u00edm popsat dva z\u00a0nich.<\/span><\/p>\n

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Nasdaq-100 Index (NDX) vers. Nasdaq-100 Volatility Index (VXN)<\/span><\/strong><\/h1>\n

\u00a0\u00a0 VIX Technologie pou\u017eit\u00e1 na op\u010dn\u00edch \u0159et\u011bzc\u00edch NDX, tedy akciov\u00e9ho indexu Nasdaq-100, umo\u017e\u0148uje stanovovat o\u010dek\u00e1vanou t\u0159icetidenn\u00ed volatilitu trhu m\u011b\u0159en\u00e9ho pr\u00e1v\u011b t\u00edmto akciov\u00fdm indexem. Tato t\u0159icetidenn\u00ed \u201etechnologick\u00e1 volatilita\u201c je ozna\u010dena tickerem VXN<\/strong> a je ozna\u010dov\u00e1na jako Nasdaq-100 Volatility Index<\/strong>. Je pravd\u011bpodobn\u00e9, \u017ee technologick\u00fd sektor, kter\u00fd akciov\u00fd index Nasadaq-100 p\u0159edstavuje, bude volatiln\u011bj\u0161\u00ed ne\u017e \u0161irok\u00fd trh S&P 500, kter\u00fd bude na p\u0159\u00edpadn\u00e9 fundamenty t\u00fdkaj\u00edc\u00ed se technologick\u00fdch akci\u00ed reagovat patrn\u011b vla\u017en\u011bji. Proto\u017ee si lze data tohoto VXN, tedy \u201etechnologick\u00e9ho VIX\u201c, st\u00e1hnout jednodu\u0161e ze str\u00e1nek CBOE nebo jej lze velmi jednodu\u0161e pozorovat ve v\u0161ech b\u011b\u017en\u00fdch op\u010dn\u00edch platform\u00e1ch, uk\u00e1\u017eu grafick\u00fd v\u00fd\u0159ez srovn\u00e1n\u00ed v\u00fdvoje obou volatiln\u00edch index\u016f na obdob\u00ed posledn\u00edch dvou let.<\/span><\/p>\n

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\u00a0\u00a0 Pouh\u00fdm okem je patrn\u00e9, \u017ee tento t\u0159icetidenn\u00ed o\u010dek\u00e1van\u00e1 volatilita je po t\u00e9m\u011b\u0159 cel\u00e9 obdob\u00ed vy\u0161\u0161\u00ed u VXN<\/strong> ne\u017e u VIX,<\/strong> co\u017e potvrzuje neust\u00e1le v\u011bt\u0161\u00ed nap\u011bt\u00ed na technologi\u00edch popisovan\u00e9 v\u00fd\u0161e. Hodnota VXN je tak t\u00e9m\u011b\u0159 v\u017edy vy\u0161\u0161\u00ed ne\u017e u VIX. Aby bylo toto patrn\u011bj\u0161\u00ed, je v\u00a0horn\u00ed \u010d\u00e1sti grafu vynesena k\u0159ivka pom\u011bru hodnot VXN\/VIX<\/strong> s\u00a0osou hodnot na prav\u00e9 stran\u011b grafu<\/strong>. Z\u00a0t\u00e9to k\u0159ivky mohu vyvodit dv\u011b pozorovateln\u00e9 skute\u010dnosti:<\/span><\/p>\n

\u00a0\u00a0 1\/<\/strong> K\u0159ivka se pohybuje t\u00e9m\u011b\u0159 neust\u00e1le nad hodnotou jedna<\/strong>, znamen\u00e1 to tedy to obdob\u00ed, kdy je VXN v\u011bt\u0161\u00ed ne\u017e VIX, co\u017e je pr\u00e1v\u011b charakteristick\u00e9 pro dobu, kdy se o\u010dek\u00e1v\u00e1 u technologi\u00ed v\u011bt\u0161\u00ed pohyby ne\u017e u cel\u00e9ho trhu, a to je p\u0159ev\u00e1\u017enou \u010d\u00e1st \u010dasu.<\/span><\/p>\n

\u00a0\u00a0 2\/<\/strong> K\u0159ivka vyk\u00e1zala hlubok\u00fd n\u00e1r\u016fst a\u017e t\u00e9m\u011b\u0159 k\u00a0hranici 1.6<\/strong> vypo\u010dten\u00e9ho pom\u011bru (oblast ozna\u010den\u00e1 dv\u011bma \u010derven\u00fdmi \u0161ipkami). Toto obdob\u00ed je doprov\u00e1zeno zna\u010dn\u011b vysok\u00fdm n\u00e1r\u016fstem VXN oproti VIX, tedy drastick\u00fd r\u016fst nap\u011bt\u00ed na technologick\u00fdch titulech za t\u00e9m\u011b\u0159 nepozorovateln\u00e9ho pohybu na \u0161irok\u00e9m trhu m\u011b\u0159en\u00e9m akciov\u00fdm indexem S&P 500. Konkr\u00e9tn\u011b je prvn\u00ed vyzna\u010den\u00e9 obdob\u00ed za\u010d\u00e1tkem leto\u0161n\u00edho l\u00e9ta (\u010derven 2017), kdy t\u00e9m\u011b\u0159 bez viditeln\u00e9 p\u0159\u00ed\u010diny za\u010daly klesat zejm\u00e9na velk\u00e9 technologick\u00e9 tituly. Z\u00a0grafu je patrn\u00e9, \u017ee po p\u0159edchoz\u00edm v\u00fdkyvu obou index\u016f volatility do\u0161lo na VIX Indexu k\u00a0uklidn\u011bn\u00ed, kde\u017eto VXN z\u016fstal na vy\u0161\u0161\u00edch \u00farovn\u00edch, jako p\u0159edzv\u011bst budouc\u00edch v\u00fdprodej\u016f.\u00a0<\/span><\/p>\n

\u00a0 \u00a0Obecn\u011b lze usuzovat, \u017ee podle obou graf\u016f spolu hodnoty obou index\u016f volatility siln\u011b koreluj\u00ed, co\u017e by bylo ale velmi povrchn\u00ed zji\u0161t\u011bn\u00ed, pokud bych se zab\u00fdval obchodov\u00e1n\u00edm pr\u00e1v\u011b technologick\u00fdch titul\u016f. M\u011bla by m\u011b pak v\u00a0ka\u017ed\u00e9m p\u0159\u00edpad\u011b zaj\u00edmat minim\u00e1ln\u011b jeho aktu\u00e1ln\u00ed hodnota. Abych si mohl hodnoty VXN Indexu \u00fapln\u011b jednoduch\u00fdm zp\u016fsobem zasadit do n\u011bjak\u00e9 obchodn\u00ed reality a nemusel se p\u0159\u00edli\u0161 pono\u0159ovat do slo\u017eit\u00fdch v\u00fdpo\u010dt\u016f a pozorov\u00e1n\u00ed, sta\u010d\u00ed odhadnout, co je norm\u00e1ln\u00ed<\/strong> a co se ji\u017e vymyk\u00e1 b\u011b\u017en\u00e9 tr\u017en\u00ed situaci na technologick\u00fdch podkladech oproti n\u00e1lad\u011b cel\u00e9ho trhu. Na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku je tato \u201enorm\u00e1lnost\u201c zobrazena.<\/span><\/p>\n

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\u00a0\u00a0 Histogram ukazuje rozlo\u017een\u00ed<\/strong> hodnot vypo\u010d\u00edtan\u00e9ho pod\u00edlu VIX Indexu a VXN Indexu<\/strong> za obdob\u00ed od roku 2004 do sou\u010dasnosti, tedy za obdob\u00ed 13 let. Graf zejm\u00e9na ukazuje, \u017ee drtiv\u00e9 mno\u017estv\u00ed t\u011bchto hodnot je nad hodnotou jedna<\/strong>, tedy ta obdob\u00ed, kdy je VXN vy\u0161\u0161\u00ed ne\u017e VIX. V\u00a0tomto obdob\u00ed pak nejsou neobvykl\u00e9 hodnoty kolem 1,50 a vy\u0161\u0161\u00ed, kter\u00e9 by m\u011bly ukazovat na jistou bd\u011blost p\u0159i dr\u017een\u00ed technologick\u00fdch portfoli\u00ed nebo velk\u00fdch technologick\u00fdch titul\u016f. Za toto t\u0159in\u00e1ctilet\u00e9 obdob\u00ed, pro dokreslen\u00ed situace, je historick\u00e9 minimum<\/strong> na hodnot\u011b 0.90<\/strong>, maximum<\/strong> na hodnot\u011b 1.70<\/strong> a pr\u016fm\u011brn\u00e1 hodnota<\/strong> je 1.16<\/strong>. Chci po\u0159izovat akcie AAPL, GOOG, TEVA, Pfizer nebo jin\u00e9 velk\u00e9 technologick\u00e9 tituly \u010di vstupovat do technologick\u00fdch ETF nebo nap\u0159\u00edklad souvisej\u00edc\u00edch technologick\u00fdch futures kontrakt\u016f? Mohu se pod\u00edvat na o\u010dek\u00e1v\u00e1n\u00ed t\u0159icetidenn\u00ed volatility na technologick\u00e9m trhu a usoudit, jestli m\u011b minim\u00e1ln\u011b ne\u010dek\u00e1 n\u011bjak\u00e9 bou\u0159liv\u011bj\u0161\u00ed obdob\u00ed. Sta\u010d\u00ed, abych hodnotu VXN Indexu vyd\u011blil sou\u010dasnou hodnotou VIX Indexu a usoud\u00edm, jestli se nyn\u00ed nach\u00e1z\u00edm v obdob\u00ed tr\u017en\u00edho nap\u011bt\u00ed nebo mohu \u010dekat n\u011bjak\u00e9 turbulentn\u00ed obdob\u00ed. Ve chv\u00edli, kdy p\u00ed\u0161u tento \u010dl\u00e1nek, je tento pom\u011br VXN Index\/VIX Index (15.03\/11.29) na hodnot\u011b 1.33<\/strong>. Jsem tak siln\u011b v\u00a0prav\u00e9 \u010d\u00e1sti v\u00fd\u0161e uveden\u00e9ho histogramu, co\u017e p\u0159edpov\u00edd\u00e1 volatiln\u011bj\u0161\u00ed obdob\u00ed, v\u016fbec se tedy nyn\u00ed nepohybuji v\u00a0p\u00e1smu p\u0159ijateln\u00e9ho pom\u011bru m\u011b\u0159en\u00fdch o\u010dek\u00e1van\u00fdch volatilit. Pokud bych cht\u011bl nakoupit 100 akci\u00ed AAPL, tak bych zcela jist\u011b rad\u011bji vypsal Short Put pod sou\u010dasn\u00fdm trhem s\u00a0expirac\u00ed pod t\u0159icet dn\u016f a \u010dekal na \u201edobr\u00fd n\u00e1kup\u201c za levn\u011bj\u0161\u00ed cenu nebo v\u00a0p\u0159\u00edpad\u011b nepotvrzen\u00e9 volatility (a nepoklesu ceny AAPL) se pot\u00e9 radoval alespo\u0148 ze z\u00edskan\u00e9ho pr\u00e9mia.\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 P\u0159edb\u011bhnut\u00edm o p\u00e1r \u010dl\u00e1nk\u016f vp\u0159ed pak mus\u00edm u Nasdaq-100 Volatility Indexu v\u00a0z\u00e1v\u011bru konstatovat, \u017ee tato volatilita nen\u00ed mo\u017en\u00e1 obchodovat pomoc\u00ed op\u010dn\u00edch kontrakt\u016f ani futures (posledn\u00edm obchodovan\u00fdm futures kontraktem na tento VXN Index byl s\u00a0tickerem \u201eVN\u201c \u010dervnov\u00fd kontrakt v\u00a0roce 2015). Hodnota VXN se tak st\u00e1v\u00e1 pouze vypo\u010d\u00edtan\u00fdm \u010d\u00edslem, jako ukazatelem o\u010dek\u00e1van\u00e9 t\u0159icetidenn\u00ed volatility pouze ke \u201esrovn\u00e1vac\u00edm a pozorovac\u00edm\u201c \u00fa\u010del\u016fm<\/span><\/p>\n

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Russell 2000 Index (RUT) vers. Russell 2000 Volatility Index (RVX)<\/span><\/strong><\/h1>\n

\u00a0\u00a0 Vzr\u016fstaj\u00edc\u00ed obliba obchodov\u00e1n\u00ed investi\u010dn\u00edch n\u00e1stroj\u016f spojen\u00fdch s\u00a0akciov\u00fdm Russell 2000 Indexem \u2013 \u201eRUT\u201c, jeho ETF obchodovan\u00fdm s tickerem \u201eIWM\u201c nebo instrumentem s\u00a0tickerem \u201eTF\u201c \u2013 Russell 2000 Mini Futures, vyb\u00edz\u00ed k\u00a0zamy\u0161len\u00ed, jestli je pozorov\u00e1n\u00ed o\u010dek\u00e1van\u00e9 t\u0159icetidenn\u00ed volatility vypo\u010d\u00edtan\u00e9 VIX Indexem \u00fapln\u011b p\u0159esn\u00e9 pro obchodn\u00edka, kter\u00fd zach\u00e1z\u00ed nap\u0159\u00edklad s\u00a0v\u00fd\u0161e uveden\u00fdmi investi\u010dn\u00edmi n\u00e1stroji nebo vlastn\u00ed portfolio akci\u00ed spole\u010dnost\u00ed s\u00a0malou kapitalizac\u00ed, je\u017e jsou zahrnuty do v\u00fdpo\u010dtu akciov\u00e9ho Indexu Russell 2000 a \u201eneve\u0161ly\u201c se do akciov\u00e9ho indexu S&P 500. Podle logick\u00fdch p\u0159edpoklad\u016f bude o\u010dek\u00e1van\u00e1 volatilita na t\u011bchto \u201esmall-cap\u201c akci\u00edch vy\u0161\u0161\u00ed, ne\u017e stejn\u011b o\u010dek\u00e1van\u00e1 volatilita na \u201elarge-cap\u201c akci\u00edch, kter\u00e9 se mnohdy pohybuj\u00ed jako cel\u00e9 trhy nebo jejich \u010d\u00e1sti. Mohlo by to b\u00fdt jak v\u00a0hokeji. Kdy\u017e se t\u00e9to h\u0159e da\u0159\u00ed a da\u0159\u00ed se tak\u00e9 lidem, kte\u0159\u00ed na n\u011bj chod\u00ed, tak jsou krom\u011b zapln\u011bn\u00fdch extraligov\u00fdch stadion\u016f zapln\u011bn\u00e9 i stadion ni\u017e\u0161\u00ed ligy. Pokud nastane frustrace ze hry a hokejist\u016fm se neda\u0159\u00ed, na posledn\u00edm mistrovstv\u00ed sv\u011bta skon\u010dili bez medail\u00ed, tak pozornost div\u00e1k\u016f opadne a poc\u00edt\u00ed to ob\u011b sout\u011b\u017ee, div\u00e1ku m\u00edrn\u011b ubude. Pokud ale nastane krize, lid\u00e9 nebudou m\u00edt pen\u00edze a za\u010dnou m\u00edt starosti o svou vlastn\u00ed existenci, hod\u00ed hokej za hlavu a je jedno, jak\u00e1 \u00farove\u0148 se hraje, na hokej se prost\u011b p\u0159estane chodit. Obdobn\u011b je to na trz\u00edch. Na n\u011bkter\u00e9 zpr\u00e1vy reaguj\u00ed akcie z\u00a0prvn\u00ed ligy velmi chladn\u011b av\u0161ak na akci\u00edch \u201edruh\u00e9 kategorie\u201c je pohyb znateln\u011bj\u0161\u00ed. Pokud je n\u00e1lada na trz\u00edch negativn\u00ed, doch\u00e1z\u00ed k\u00a0drastick\u00fdm v\u00fdprodej\u016fm a na trz\u00edch \u201ete\u010de krev\u201c, je tento sentiment patrn\u00fd nap\u0159\u00ed\u010d \u201ev\u0161emi ligami\u201c \u2013 kles\u00e1 v\u0161e, t\u00e9m\u011b\u0159 bez ohledu na kvalitu. Pozorov\u00e1n\u00edm, jak\u00e1 je n\u00e1lada na \u201edruholigov\u00fdch stadionech\u201c, je sledov\u00e1n\u00ed o\u010dek\u00e1van\u00e9 t\u0159icetidenn\u00ed volatility pomoc\u00ed v\u00fdpo\u010dtu VIX technologi\u00ed, ale nikoliv za pou\u017eit\u00ed \u201eprvoligov\u00fdch\u201c op\u010dn\u00edch kontrakt\u016f na SPX, ale na op\u010dn\u00edch s\u00e9ri\u00edch<\/strong> podkladov\u00e9ho aktiva RUT – Russell 2000 Indexu<\/strong>. Takto vypo\u010dten\u00e1 o\u010dek\u00e1van\u00e1 t\u0159icetidenn\u00ed volatilita je ozna\u010dov\u00e1na n\u00e1zvem Russell 2000 Volatility Index<\/strong> a jej\u00ed ticker je RVX<\/strong>. \u00a0<\/span><\/p>\n

\u00a0 \u00a0Hodnoty RVX m\u016f\u017eete sledovat na str\u00e1nk\u00e1ch CBOE nebo je lze sledovat v\u00a0b\u011b\u017en\u00fdch obchodn\u00edch platform\u00e1ch. Proto\u017ee je hodnota RVX stanovena stejn\u00fdm v\u00fdpo\u010dtem<\/strong> jako pro VIX Index, m\u011bly by pohyby na o\u010dek\u00e1van\u00e9 volatilit\u011b b\u00fdt odrazem pohybu na samotn\u00e9m podkladu, tedy pohybu na RUT. Na n\u00ed\u017ee uveden\u00e9m grafu jsou pak vyobrazeny dvoulet\u00e9 vypo\u010d\u00edtan\u00e9 hodnoty RVX, jako o\u010dek\u00e1van\u00e9 t\u0159icetidenn\u00ed volatility vzta\u017een\u00e9 k\u00a0pr\u016fb\u011bhu ceny podkladu RUT \u2013 Indexu Russell 2000.<\/span><\/p>\n

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\u00a0\u00a0 Zcela z\u0159eteln\u011b jsou patrn\u00e9 propady na podkladu RUT doprov\u00e1zen\u00e9 n\u00e1r\u016fstem hodnoty RVX Indexu. Proto\u017ee se zab\u00fdv\u00e1m zejm\u00e9na vhodnost\u00ed pou\u017eit\u00fdch n\u00e1stroj\u016f k\u00a0p\u0159esn\u011bj\u0161\u00edmu m\u011b\u0159en\u00ed nap\u011bt\u00ed v\u00a0z\u00e1vislosti na dr\u017een\u00e9m portfoliu, mohl bych si zobrazit v\u00fd\u0161e uveden\u00e9 grafick\u00e9 srovn\u00e1n\u00ed RUT a jeho volatility RVX za pou\u017eit\u00ed standardn\u00edho VIX indexu. P\u0159id\u00e1n\u00edm jeho k\u0159ivky do dvoulet\u00e9ho grafu by pak za stejn\u00e9 dvoulet\u00e9 obdob\u00ed vypadalo n\u00e1sledovn\u011b.<\/span><\/p>\n

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\u00a0\u00a0 Stejn\u011b jako v\u00a0p\u0159edchoz\u00edm odstavci srovn\u00e1n\u00ed VXN Indexu (indexu volatility Nasaq-100) a VIX Indexu mohu i na v\u00fd\u0161e uveen\u00e9m obr\u00e1zku pozorovat silnou korelaci obou zn\u00e1zorn\u011bn\u00fdch index\u016f RVX a VIX. Mohu pozorovat stejn\u00e9 n\u00e1r\u016fsty volatility ve chv\u00edl\u00edch propadu podkladu – RUT. Nemohu si v\u0161ak tak\u00e9 nev\u0161imnout jist\u00fdch diskrepanc\u00ed, kter\u00e9 jsem zv\u00fdraznil na grafu \u010derven\u00fdm obd\u00e9ln\u00edkem. Hodnota VIX Indexu v\u00a0tomto obdob\u00ed kles\u00e1, zat\u00edmco hodnoty RVX Indexu rostou, oba protich\u016fdn\u00e9 hodnotov\u00e9 efekty za sou\u010dasn\u00e9ho r\u016fstu ceny podkladu RUT. Volatilita, za stejn\u00e9ho zp\u016fsobu jej\u00edho v\u00fdpo\u010dtu, se tedy vyv\u00edj\u00ed odli\u0161n\u00fdm sm\u011brem. Zjednodu\u0161en\u011b \u0159e\u010deno, ceny OTM opc\u00ed (zejm\u00e9na Put) na podklad SPX stagnuj\u00ed nebo klesaj\u00ed, zat\u00edmco ceny OTM opc\u00ed (zejm\u00e9na Put) na podklad RUT posiluj\u00ed. D\u016fv\u011bra v\u00a0akcie s\u00a0men\u0161\u00ed kapitalizac\u00ed tak v\u00a0tomto obdob\u00ed kles\u00e1 a na trhy t\u011bchto small-cap spole\u010dnost\u00ed se vkr\u00e1d\u00e1 ned\u016fv\u011bra.<\/span><\/p>\n

\u00a0\u00a0 Pokud bych analyzoval, stejn\u011b jako v\u00a0p\u0159edchoz\u00edm p\u0159\u00edpad\u011b s\u00a0VXN, vz\u00e1jemn\u00fd pom\u011br VIX Indexu a RVX Indexu<\/strong> a cht\u011bl usuzovat na n\u011bjak\u00e9 vypozorovan\u00e9 jevy, mohl bych vid\u011bt n\u00e1sleduj\u00edc\u00ed obr\u00e1zek.<\/span><\/p>\n

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\u00a0\u00a0 Do grafu dvoulet\u00fdch volatilit VIX a RVX jsem vynesl hodnotu jejich ratio (pom\u011bru RVX a VIX). Na grafu pom\u011bru velikost\u00ed t\u011bchto hodnot pak mohu op\u011bt konstatovat vypozorovan\u00e9:<\/span><\/p>\n

\u00a0\u00a0 1\/<\/strong> hodnota pom\u011bru je v\u017edy nad hodnotou jedna<\/strong>. RVX je tak v\u017edy vy\u0161\u0161\u00ed ne\u017e VIX. Nap\u011bt\u00ed na trz\u00edch akci\u00ed s\u00a0men\u0161\u00ed kapitalizac\u00ed v\u017edy v\u011bt\u0161\u00ed ne\u017e na \u0161ir\u0161\u00edm trhu m\u011b\u0159en\u00e9m indexem S&P 500, a\u0165 jsou tr\u017en\u00ed pohyby nebo n\u00e1lady jak\u00e9koliv.<\/span><\/p>\n

\u00a0\u00a0 2\/<\/strong> poklesy ratio k\u00a0hodnot\u011b jedna<\/strong> (vyzna\u010den\u00e9 \u0161ipkami) maj\u00ed p\u0159\u00ed\u010dinu ve sbli\u017eov\u00e1n\u00ed hodnot obou volatilit. Znamen\u00e1 to, \u017ee doch\u00e1z\u00ed k\u00a0vyrovn\u00e1n\u00ed hodnoty nap\u011bt\u00ed na obou pozorovan\u00fdch indexech, je tedy stejn\u00fd n\u00e1por na ceny OTM op\u010dn\u00edch kontrakt\u016f (zejm\u00e9na Put) na podklad SPX i RUT. Znamen\u00e1 to stejnou n\u00e1ladu „sledovat hokej na jak\u00e9koliv \u00farovni“. Proto\u017ee je toto sbli\u017eov\u00e1n\u00ed hodnot obou volatilit v\u00a0obdob\u00ed jejich v\u00fdst\u0159el\u016f, bude tak z\u0159ejm\u011b doch\u00e1zet ve vypjat\u00fdch tr\u017en\u00edch situac\u00edch, kdy na z\u00e1klad\u011b negativn\u00edho sentimentu doch\u00e1z\u00ed ke glob\u00e1ln\u011bj\u0161\u00edm v\u00fdprodej\u016fm v\u0161ech typ\u016f akci\u00ed bez ohledu na jejich mo\u017enou kvalitu, co\u017e patrn\u011b vede ke zv\u00fd\u0161en\u00e9 touze nakupovat OTM Put kontrakty pro ochranu portfoli\u00ed nebo investovat do s\u00e1zek na pokles.<\/span><\/p>\n

\u00a0 \u00a0Necht\u011bl bych z\u00a0pozorovan\u00fdch hodnot RVX Indexu op\u011bt d\u011blat n\u011bjakou raketovou v\u011bdu a pokus\u00edm se polo\u017eit zji\u0161t\u011bnou hodnotu do historick\u00fdch souvislost\u00ed, abych mohl nap\u0159\u00edklad z\u00a0jej\u00ed aktu\u00e1ln\u00ed hodnoty usoudit, v\u00a0jak\u00e9 n\u00e1lad\u011b se trh akci\u00ed s\u00a0malou kapitalizac\u00ed pr\u00e1v\u011b nal\u00e9z\u00e1 vzhledem ke v\u0161eobecn\u00e9 n\u00e1lad\u011b na akciov\u00fdch trz\u00edch titul\u016f obsa\u017een\u00fdch v\u00a0indexu S&P 500. K\u00a0takov\u00e9mu zji\u0161t\u011bn\u00ed pou\u017eiji op\u011bt histogram<\/strong> rozlo\u017een\u00ed hodnot zji\u0161t\u011bn\u00fdch pom\u011br\u016f RVX\/VIX<\/strong> za obdob\u00ed t\u0159in\u00e1ct let zp\u011bt<\/strong>, tedy za obdob\u00ed 2004-2017.<\/span><\/p>\n

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\u00a0\u00a0 Z\u00a0histogramu je jednozna\u010dn\u011b patrn\u00e9, \u017ee pom\u011br hodnot index\u016f RVX\/VIX<\/strong> je v\u00a0drtiv\u00e9 v\u011bt\u0161in\u011b \u010dasu jeho sledov\u00e1n\u00ed vy\u0161\u0161\u00ed ne\u017e hodnota jedna<\/strong>. Pr\u016fm\u011brn\u00e1 hodnota<\/strong> tohoto pom\u011bru je 1.34<\/strong>. V\u00a0okam\u017eiku, kdy p\u00ed\u0161u tento \u010dl\u00e1nek, je hodnota tohoto pom\u011bru RVX\/VIX (15.52\/11.71) na \u00farovni 1.32<\/strong>. Nach\u00e1z\u00edm se tak nyn\u00ed t\u00e9m\u011b\u0159 na ide\u00e1ln\u00edm pr\u016fm\u011bru t\u011bchto hodnot za sledovan\u00e9 t\u0159in\u00e1ctilet\u00e9 obdob\u00ed. Mohl bych velmi zjednodu\u0161en\u011b konstatovat, \u017ee n\u00e1lada na trhu velk\u00fdch spole\u010dnost\u00ed je p\u0159im\u011b\u0159en\u00e1 n\u00e1lad\u011b na trz\u00edch spole\u010dnost\u00ed s\u00a0malou kapitalizac\u00ed a naopak. \u00a0Pro \u00faplnost dod\u00e1v\u00e1m, \u017ee hodnota maxima<\/strong> tohoto pom\u011bru za sledovan\u00fdch t\u0159in\u00e1ct let byla na \u00farovni 1.88<\/strong> a minim\u00e1ln\u00ed<\/strong> hodnota na \u00farovni 0.96<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Ve shrnut\u00ed z\u00e1kladn\u00edho pozorov\u00e1n\u00ed RVX Indexu, jako hodnoty vyjad\u0159uj\u00edc\u00ed t\u0159icetidenn\u00ed o\u010dek\u00e1vanou volatilitu na op\u010dn\u00edch \u0159et\u011bzc\u00edch RUT, bych mohl vypozorovat, \u017ee jeho hodnoty mohou b\u00fdt i podstatn\u011b odli\u0161n\u00e9<\/strong> od hodnoty VIX Indexu<\/strong>. Pokud bych prov\u00e1d\u011bl n\u011bjak\u00e9 obchodn\u00ed rozhodnut\u00ed t\u00fdkaj\u00edc\u00ed se nap\u0159\u00edklad obchod\u016f s\u00a0op\u010dn\u00edmi kontrakty na RUT nebo hodlal vstoupit do TF futures kontraktu \u010di po\u0159\u00eddit n\u011bjak\u00e9 souvisej\u00edc\u00ed ETF a ke sv\u00e9mu rozhodnut\u00ed si p\u0159ibral tak\u00e9 vyhodnocen\u00ed o\u010dek\u00e1van\u00e9 volatility, bylo by pravd\u011bpodobn\u011b vhodn\u011bj\u0161\u00ed pozorovat v\u00fdvoj RVX Indexu ne\u017e samotn\u00e9ho VIX Indexu. \u00a0<\/span><\/p>\n

\u00a0\u00a0 P\u0159edb\u011bhnu budoucnost o n\u011bkolik \u010dl\u00e1nk\u016f a jen na okraj poznamen\u00e1m, \u017ee RVX Index (stejn\u011b jako VIX Index) na rozd\u00edl od v\u00fd\u0161e popisovan\u00e9ho VXN Indexu, m\u00e1 listov\u00e1ny op\u010dn\u00ed a futures kontrakty. Toto v\u0161e m\u011b bude v budoucnosti zaj\u00edmat.<\/span><\/p>\n

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\u00a0 \u00a0\u00a0V\u00a0\u010dl\u00e1nku jsem popsal pouze dva sledovateln\u00e9 indexy o\u010dek\u00e1van\u00e9 t\u0159icetidenn\u00ed volatility, je\u017e vych\u00e1zej\u00ed z\u00a0v\u00fdpo\u010dt\u016f VIX Technologi\u00ed, ale za pou\u017eit\u00ed op\u010dn\u00edch kontrakt\u016f jin\u00fdch akciov\u00fdch index\u016f, ne\u017e je akciov\u00fd index S&P 500. T\u011bchto index\u016f volatility je v\u00edce a lze je tak\u00e9 na str\u00e1nk\u00e1ch CBOE nebo v\u00a0obchodn\u00edch platform\u00e1ch sledovat, jsou to nap\u0159\u00edklad S&P 100 Volatility Index (VXO) a DJIA Volatility Index (VXD), z\u00a0jejich n\u00e1zv\u016f je pak patrn\u00e9, jak\u00e9 op\u010dn\u00ed \u0159et\u011bzce a jak\u00fdch podklad\u016f jsou k\u00a0v\u00fdpo\u010dtu jejich hodnoty pou\u017eity.<\/span><\/p>\n

\u00a0\u00a0 Co by tedy st\u00e1lo na z\u00e1v\u011br ke konstatov\u00e1n\u00ed a k\u00a0obecn\u00e9mu shrnut\u00ed cel\u00e9ho \u010dl\u00e1nku. Zji\u0161\u0165uji, \u017ee existuj\u00ed<\/strong> i jin\u00e9 Indexy Volatility<\/strong> ne\u017e je VIX Index<\/strong> a ka\u017ed\u00fd z\u00a0t\u011bchto index\u016f zachycuje n\u00e1ladu na odli\u0161n\u00e9m segmentu akciov\u00fdch trh\u016f, proto\u017ee ka\u017ed\u00fd je vypo\u010dten z\u00a0op\u010dn\u00edch \u0159et\u011bzc\u016f jin\u00fdch podklad\u016f ne\u017e je SPX. Tyto n\u00e1lady pak mohou b\u00fdt chv\u00edlemi i velmi odli\u0161n\u00e9 a stoj\u00ed za pozorov\u00e1n\u00ed, pokud bych se m\u011bl rozhodnout vstoupit do takto volatilitou m\u011b\u0159en\u00e9 konkr\u00e9tn\u00ed \u010d\u00e1sti trh\u016f s\u00a0n\u011bjakou investic\u00ed. Nemus\u00edm, pro prvotn\u00ed orientaci, nad jejich hodnotami n\u011bjak z\u00e1vratn\u011b hloubat, bylo by mo\u017en\u00e1 ale dobr\u00e9 alespo\u0148 post\u0159ehnout, jestli se tyto konkr\u00e9tn\u00ed hodnoty jednotliv\u00fdch Index\u016f Volatilit nenach\u00e1zej\u00ed v\u00a0n\u011bjak\u00e9 neobvykl\u00e9 v\u00fd\u0161i nebo nejsou ve v\u00fdznamn\u00e9m nepom\u011bru nap\u0159\u00edklad k \u201eotci volatiln\u00edch index\u016f\u201c VIX Indexu :c)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0\u00a0 V\u00a0\u010dl\u00e1nku o VIX Indexu \u00a0jsem popsal metodu jeho v\u00fdpo\u010dtu, abych se v\u00a0n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku sna\u017eil uk\u00e1zat, jak vyu\u017e\u00edt tento v\u00fdpo\u010det pro stanoven\u00ed \u201ejin\u00fdch VIX\u016f\u201c pro jin\u00e9 podklady, nap\u0159\u00edklad velmi likvidn\u00ed akcie. \u00dadaje o takov\u00fdch vypo\u010dten\u00fdch hodnot\u00e1ch lze nal\u00e9zt na str\u00e1nk\u00e1ch CBOE s\u00a0jej\u00ed ka\u017edodenn\u00ed aktualizac\u00ed, tak\u017ee pro obchodn\u00edka t\u011bchto podkladov\u00fdch aktiv Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":1039,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[37],"tags":[39],"class_list":["post-1030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-volatilita-a-jeji-derivaty","tag-vix-index"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-2.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-gC","jetpack-related-posts":[{"id":1055,"url":"https:\/\/dobretrejdy.com\/?p=1055","url_meta":{"origin":1030,"position":0},"title":"VIX Index se obchoduje?","author":"dobretrejdy :c)","date":"19.11.2017","format":false,"excerpt":"\u00a0 \u00a0VIX Index se ned\u00e1 obchodovat. Tato jednoduch\u00e1 v\u011bta je p\u0159\u00ed\u010dinou \u00fadivu mnoha op\u010dn\u00edch (i jin\u00fdch) obchodn\u00edk\u016f a v\u011bt\u0161inou bezpe\u010dn\u011b vyvol\u00e1 obs\u00e1hlou polemiku. V\u00a0t\u00e9to jednoduch\u00e9 v\u011bt\u011b se tak\u00e9 skr\u00fdv\u00e1 mnoho obchodn\u00edch ne\u00fasp\u011bch\u016f pramen\u00edc\u00edch z\u00a0neznalosti fungov\u00e1n\u00ed tohoto n\u00e1stroje. V\u00a0\u010dl\u00e1nku VIX Index \u00a0jsem popsal, jak se jeho hodnota vypo\u010d\u00edt\u00e1, abych v\u00a0dal\u0161\u00edch dvou\u2026","rel":"","context":"V \u201eVolatilita a jej\u00ed Deriv\u00e1ty\u201c","block_context":{"text":"Volatilita a jej\u00ed Deriv\u00e1ty","link":"https:\/\/dobretrejdy.com\/?cat=37"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-4.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-4.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-4.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-4.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":1010,"url":"https:\/\/dobretrejdy.com\/?p=1010","url_meta":{"origin":1030,"position":1},"title":"VIX technologie + Akcie","author":"dobretrejdy :c)","date":"8.11.2017","format":false,"excerpt":"\u00a0\u00a0\u00a0 V\u00a0minul\u00e9m \u010dl\u00e1nku VIX Index\u00a0jsem otev\u0159el z\u00e1kladn\u00ed t\u00e9ma t\u00fdkaj\u00edc\u00ed se deriv\u00e1t\u016f volatility t\u00edm, \u017ee jsem se sna\u017eil popsat konstrukci samotn\u00e9ho v\u00fdpo\u010dtu VIX Indexu, ze kter\u00e9 vyplynuly z\u00e1kladn\u00ed principy jeho fungov\u00e1n\u00ed a vlivy, kter\u00e9 zp\u016fsobuj\u00ed jeho pohyb. Z\u00a0\u010dl\u00e1nku vyplynulo, \u017ee podstatou je \u201em\u011b\u0159en\u00ed nap\u011bt\u00ed\u201c na OTM opc\u00edch podkladov\u00e9ho aktiva SPX s\u00a0horizontem\u2026","rel":"","context":"V \u201eVolatilita a jej\u00ed Deriv\u00e1ty\u201c","block_context":{"text":"Volatilita a jej\u00ed Deriv\u00e1ty","link":"https:\/\/dobretrejdy.com\/?cat=37"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":2853,"url":"https:\/\/dobretrejdy.com\/?p=2853","url_meta":{"origin":1030,"position":2},"title":"VVIX – Volatilita Volatility","author":"dobretrejdy :c)","date":"26.1.2019","format":false,"excerpt":"\u00a0 \u00a0\u00a0Gepard ub\u011bhne sto metr\u016f za \u010dty\u0159i vte\u0159iny, z\u00a0Olomouce do Brna pojedu ve sv\u00e9m aut\u011b hodinu a \u017eralok pr\u00fd plave stejn\u011b rychle, jako si to uh\u00e1n\u00ed Usain Bolt. Ka\u017ed\u00fd tvor nebo ka\u017ed\u00e1 v\u011bc, v\u0161e, co m\u00e1 schopnost pohybu, m\u00e1 svou vlastn\u00ed rychlost. M\u016f\u017eu ji nejr\u016fzn\u011bji m\u011b\u0159it, stopkami, tachometrem nebo prost\u00fdm\u2026","rel":"","context":"V \u201eVolatilita a jej\u00ed Deriv\u00e1ty\u201c","block_context":{"text":"Volatilita a jej\u00ed Deriv\u00e1ty","link":"https:\/\/dobretrejdy.com\/?cat=37"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/01\/main-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/01\/main-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/01\/main-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/01\/main-3.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":1119,"url":"https:\/\/dobretrejdy.com\/?p=1119","url_meta":{"origin":1030,"position":3},"title":"VX Futures","author":"dobretrejdy :c)","date":"28.11.2017","format":false,"excerpt":"\u00a0 \u00a0VX futures je kr\u00e1lem mezi deriv\u00e1ty volatility. Je nejv\u00fdznamn\u011bj\u0161\u00ed odvozeninou VIX Indexu a p\u0159edstavuje nejjednodu\u0161\u0161\u00ed formu, jak VIX Index v\u00a0praxi obchodovat. Tento deriv\u00e1t je mo\u017en\u00e9 obchodovat na CFE (Chicago Futures Exchange) pat\u0159\u00edc\u00ed pod k\u0159\u00eddla CBOE. Pokud tedy chcete m\u00edt k\u00a0dispozici aktu\u00e1ln\u00ed nezpo\u017ed\u011bn\u00e1 \u017eiv\u00e1 data t\u011bchto futures kontrakt\u016f, nezb\u00fdv\u00e1 ne\u017e\u2026","rel":"","context":"V \u201eVolatilita a jej\u00ed Deriv\u00e1ty\u201c","block_context":{"text":"Volatilita a jej\u00ed Deriv\u00e1ty","link":"https:\/\/dobretrejdy.com\/?cat=37"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-6.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-6.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-6.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-6.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":950,"url":"https:\/\/dobretrejdy.com\/?p=950","url_meta":{"origin":1030,"position":4},"title":"VIX Index","author":"dobretrejdy :c)","date":"30.10.2017","format":false,"excerpt":"\u00a0\u00a0 \u201eKdo se boj\u00ed, mus\u00ed do lesa\u201c. Parafr\u00e1ze na legend\u00e1rn\u00ed r\u010den\u00ed o osobn\u00ed odvaze je mottem dne\u0161n\u00edho \u010dl\u00e1nku. Ka\u017ed\u00fd trader musel o n\u011bm p\u0159inejmen\u0161\u00edm sly\u0161et a ka\u017ed\u00fd op\u010dn\u00ed mentor jeho n\u00e1zev musel p\u0159inejmen\u0161\u00edm n\u011bkolikr\u00e1t \u201evypustit z\u00a0\u00fast\u201c. VIX Index. \u201eVIX Index je navr\u017een tak, aby odr\u00e1\u017eel n\u00e1hled investor\u016f na budouc\u00ed 30-ti\u2026","rel":"","context":"V \u201eVolatilita a jej\u00ed Deriv\u00e1ty\u201c","block_context":{"text":"Volatilita a jej\u00ed Deriv\u00e1ty","link":"https:\/\/dobretrejdy.com\/?cat=37"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/10\/front.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/10\/front.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/10\/front.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":4232,"url":"https:\/\/dobretrejdy.com\/?p=4232","url_meta":{"origin":1030,"position":5},"title":"VX Futures \u2013 \u201eThe Big Short\u201c","author":"dobretrejdy :c)","date":"20.3.2020","format":false,"excerpt":"\u00a0\u00a0 \u201ePro\u010d \u010dlov\u011bk nem\u00e1 chobot?\u201c byla jednoduch\u00e1 ot\u00e1zka, kterou polo\u017eil \u010desk\u00e9mu komikovi jeden z r\u00e1dobyvtipn\u00fdch \u010dten\u00e1\u0159\u016f v jist\u00e9m obl\u00edben\u00e9m \u010dasopise. 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Pro\u010d\u2026","rel":"","context":"V \u201eVolatilita a jej\u00ed Deriv\u00e1ty\u201c","block_context":{"text":"Volatilita a jej\u00ed Deriv\u00e1ty","link":"https:\/\/dobretrejdy.com\/?cat=37"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/03\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/03\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/03\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/03\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/1030","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1030"}],"version-history":[{"count":3,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/1030\/revisions"}],"predecessor-version":[{"id":1041,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/1030\/revisions\/1041"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/1039"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1030"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1030"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}