{"id":105,"date":"2017-04-05T09:23:36","date_gmt":"2017-04-05T09:23:36","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=105"},"modified":"2024-11-20T10:01:13","modified_gmt":"2024-11-20T08:01:13","slug":"covered-call","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=105","title":{"rendered":"Covered Call"},"content":{"rendered":"

\u00a0 \u00a0Stal jsem se akcion\u00e1\u0159em. Po\u0159\u00eddil jsem akcie a m\u00e1m strach, abych na jejich dr\u017een\u00ed neprod\u011blal. Prim\u00e1rn\u00ed obava ka\u017ed\u00e9ho zodpov\u011bdn\u00e9ho akcion\u00e1\u0159e. Proto\u017ee jsem op\u010dn\u00ed obchodn\u00edk, mohu \u201ep\u0159ihodit\u201c p\u00e1r dobr\u00fdch rad. M\u00e9 rady by mohly vych\u00e1zet z\u00a0odpov\u011bd\u00ed na z\u00e1kladn\u00ed akcion\u00e1\u0159ovu ot\u00e1zku, \u201e\u2026chci v\u016fbec b\u00fdt nad\u00e1le dr\u017eitelem akci\u00ed?\u201c Nabyt\u00e9 akcie jsem toti\u017e mohl nejenom po\u0159\u00eddit prost\u00fdm n\u00e1kupem na akciov\u00e9m trhu, ale tak\u00e9 mi mohly b\u00fdt na obchodn\u00ed \u00fa\u010det doru\u010deny jako v\u00fdsledek op\u010dn\u00edho obchodu \u2013 exercise Long Call opce nebo p\u0159i\u0159azen\u00edm Short Put opce. Jsem tedy bu\u010f \u201echt\u011bn\u00fdm akcion\u00e1\u0159em\u201c, kter\u00fd akcie koupil dobrovoln\u011b nebo \u201enecht\u011bn\u00fdm akcion\u00e1\u0159em\u201c, kter\u00e9mu akcie p\u0159ist\u00e1ly na \u00fa\u010dtu jako v\u00fdsledek obchodov\u00e1n\u00ed s\u00a0opcemi. Dr\u017een\u00ed akci\u00ed pak pro stav m\u00e9ho obchodn\u00edho \u00fa\u010dtu znamen\u00e1 pouze dv\u011b mo\u017enosti, bu\u010f cena po jejich po\u0159\u00edzen\u00ed roste a j\u00e1 na t\u011bchto akci\u00edch vyd\u011bl\u00e1v\u00e1m nebo jejich cena po po\u0159\u00edzen\u00ed kles\u00e1 a j\u00e1 na akci\u00edch prod\u011bl\u00e1v\u00e1m, jin\u00e1 mo\u017enost nen\u00ed. Nebudu nyn\u00ed rozv\u00edjet filozofick\u00e9 \u00favahy o souvislosti ceny akci\u00ed s\u00a0leto\u0161n\u00ed \u00farodou raj\u010dat, ale zam\u011b\u0159\u00edm se na situaci, kdy opravdu vid\u00edm na sv\u00e9m \u00fa\u010dtu nakoupen\u00e9 Long akcie a jsem si v\u011bdom mo\u017enosti, \u017ee vlivem pohybu jejich cen mohu na dr\u017een\u00fdch akci\u00edch vyd\u011blat nebo tak\u00e9 prod\u011blat. Co se mi jako op\u010dn\u00edmu obchodn\u00edkovi nab\u00edz\u00ed za mo\u017enosti?<\/span><\/p>\n

Prodej Short Call opce k\u00a0dr\u017een\u00fdm Long akci\u00edm<\/strong><\/span><\/h3>\n

\u00a0\u00a0 Jasn\u011b. Vytvo\u0159\u00edm jednu z\u00a0nejstar\u0161\u00edch op\u010dn\u011b – akciov\u00fdch \u201eobchodn\u00edch fint\u201c. Vytvo\u0159\u00edm Covered Call<\/strong>. M\u00e1 Short Call opce nen\u00ed \u201enaked\u201c (nekryt\u00e1), ale je \u201ecovered\u201c (kryt\u00e1) dr\u017een\u00fdmi Long akciemi. Covered Call je n\u011bkdy naz\u00fdv\u00e1na tradery i jin\u00fdmi v\u00fdrazy, nejb\u011b\u017en\u011bji nap\u0159\u00edklad souslov\u00edm \u201eBuy Write\u201c, jej\u00ed n\u00e1zev popisuje to sam\u00e9, Buy<\/strong> Stock + Write<\/strong> Option (Kup akcie a Vypi\u0161 opci). Cel\u00e1 kombinace Long akci\u00ed a vyps\u00e1n\u00ed Short opce \u2013 Covered Call \u2013 pak m\u016f\u017ee skon\u010dit p\u0159i expiraci Short Call opce pouze dv\u011bma zp\u016fsoby. Bu\u010f opce vypr\u0161\u00ed jako bezcenn\u00e1, proto\u017ee cena akci\u00ed skon\u010dila p\u0159i expiraci pod strike vypsan\u00e9 opce nebo tato Short Call opce skon\u010d\u00ed alespo\u0148 jeden cent \u201ev pen\u011bz\u00edch\u201c a bude automaticky p\u0159i\u0159azena (assigned). Proto\u017ee v\u00fdsledkem p\u0159i\u0159azen\u00ed Short Call opce je dod\u00e1n\u00ed Short akci\u00ed na m\u016fj \u00fa\u010det, kter\u00fd ji\u017e disponuje Long akciovou pozic\u00ed, v\u00fdsledkem takov\u00e9ho p\u0159i\u0159azen\u00ed je pak zmizen\u00ed v\u0161ech pozic s\u00a0n\u011bjak\u00fdm v\u00fdsledn\u00fdm finan\u010dn\u00edm efektem. Z\u00a0pohledu t\u011bchto dvou mo\u017enost\u00ed pak mohu rozv\u00edjet sv\u00e9 strategick\u00e9 pohledy na konstrukci Covered Call na m\u00e9m \u00fa\u010dtu.<\/span><\/p>\n

\u00a0 \u00a0<\/span>V\u00fdb\u011brem strike<\/strong> prod\u00e1van\u00e9 Short Call definuji, co vlastn\u011b od cel\u00e9 pozice o\u010dek\u00e1v\u00e1m<\/strong> a jak\u00fd m\u00e1m n\u00e1hled na budouc\u00ed v\u00fdvoj na trz\u00edch podkladov\u00e9ho aktiva. Ke Covered Call m\u016f\u017eu p\u0159istupovat r\u016fzn\u00fdmi zp\u016fsoby, mohu ji \u201eprovozovat\u201c jako mechanickou strategii pro z\u00edsk\u00e1v\u00e1n\u00ed profitu na obou stran\u00e1ch obchodu (tedy profit na akcii i profit na opci) nebo mohu b\u00fdt konzervativn\u011bj\u0161\u00ed a vyu\u017e\u00edt Covered Call k\u00a0ochran\u011b mnou dr\u017een\u00fdch akciov\u00fdch pozic.<\/span><\/p>\n

\u00a0 \u00a0Pro m\u011b osobn\u011b je Covered Call strategi\u00ed, kter\u00e9 ochra\u0148uje dr\u017een\u00e9 podkladov\u00e9 aktivum. Vyps\u00e1n\u00edm Short Call opce za sou\u010dasn\u00e9ho dra\u017een\u00ed 100 ks Long akci\u00ed (nebo nap\u0159\u00edklad jednoho Long futures kontraktu) je pro m\u011b zdrojem pr\u00e9mia, kter\u00e9 mi vytv\u00e1\u0159\u00ed ochrann\u00fd pol\u0161t\u00e1\u0159 proti poklesu podkladu a sni\u017euje tak Break Even (BE) cel\u00e9 pozice Covered Call. Jak\u00fd Covered Call mohu tedy po\u0159\u00eddit uk\u00e1\u017eu na praktick\u00e9m p\u0159\u00edpadu.<\/span><\/p>\n

\u00a0\u00a0 Vlastn\u00edm 100 akci\u00ed AAPL, kter\u00e9 jsem po\u0159\u00eddil za 143 USD. Na tuto transakci jsem vynalo\u017eil -14.300 USD.<\/strong><\/span><\/p>\n

\"\"<\/span><\/p>\n

\u00a0 \u00a0 Varianta\u00a01\/<\/strong><\/span> P\u0159i po\u0159izovac\u00ed cen\u011b akci\u00ed AAP za cenu 143 USD<\/strong> prod\u00e1m Short Call AAPL na strike 145<\/strong> s\u00a0expirac\u00ed za 20 dn\u016f, za kterou jsem utr\u017eil +120 USD. Po\u0159\u00eddil jsem pozici Covered Call s\u00a0vypsanou Short Call OTM<\/u><\/strong> (\u201emimo pen\u00edze\u201c).<\/span><\/p>\n

\u00a0 \u00a0<\/span>A\/ Pokud bude AAPL stoupat<\/strong>, tak mohu na jeho akci\u00edch vyd\u011blat maxim\u00e1ln\u011b +200 USD, proto\u017ee od hodnoty 145 USD ji\u017e bude m\u00e1 Short Call ITM (\u201ev pen\u011bz\u00edch\u201c). P\u0159i cen\u011b AAPL nad strike m\u00e9 opce \u2013 hodnotou 145 USD – pak p\u0159i expiraci vypsan\u00e9 Short Call tato bude automaticky p\u0159i\u0159azena a j\u00e1 obdr\u017e\u00edm 100 x Short akci\u00ed AAPL za cenu strike t\u00e9to opce, tj. za 145 USD, za tuto transakci obdr\u017e\u00edm +14.500 USD. M\u00e9 akciov\u00e9 pozice se vyru\u0161\u00ed (Long x\u00a0Short) a opce zmiz\u00ed. K\u00a0p\u016fvodn\u00edm n\u00e1klad\u016fm ve v\u00fd\u0161i -14.300 USD vynalo\u017een\u00fdm na n\u00e1kup akci\u00ed p\u0159id\u00e1v\u00e1m tr\u017ebu za p\u0159i\u0159azen\u00e9 Short akcie ve v\u00fd\u0161i +14.500 USD a p\u0159ipisuji si pr\u00e9mium za v\u00fdpis opce ve v\u00fd\u0161i +120 USD, tedy celkov\u00fd profit +320 USD<\/strong>.<\/span><\/p>\n

\u00a0 \u00a0B\/ Pokud bude AAPL klesat<\/strong>, tak do hodnoty p\u0159ijat\u00e9ho pr\u00e9mia ve v\u00fd\u0161i +120 USD jsou m\u00e9 akcie proti tomuto poklesu chr\u00e1n\u011bny. Do hodnoty 143 USD -1.20 USD = 141,80 USD (BE Covered Call) m\u00e1m poskytnutou ochranu. Pokud klesne hodnota akcie AAPL pod hodnotu 141,80 USD (-0,83%), bude ji\u017e cel\u00e1 pozice prod\u011bl\u00e1vat. V\u00a0tomto p\u0159\u00edpad\u011b p\u0159i expiraci vypr\u0161\u00ed m\u00e1 Short Call 145 jako bezcenn\u00e1 a ztr\u00e1ta na akci\u00edch bude tak velk\u00e1, jak\u00fd je dolarov\u00fd rozd\u00edl mezi 141,80 USD a moment\u00e1ln\u00ed cenou AAPL na trhu<\/span><\/p>\n

\u00a0 \u00a0Covered Call s\u00a0OTM Short Call opc\u00ed je vhodn\u00e9 v\u00a0p\u0159\u00edpad\u011b, kdy\u017e jsem p\u0159esv\u011bd\u010den, \u017ee podkladov\u00e9 aktivum poroste nebo bude stagnovat<\/u><\/strong> do doby expirace op\u010dn\u00edho kontraktu.<\/span><\/p>\n

\u00a0 \u00a0Varianta 2\/<\/span><\/strong> P\u0159i po\u0159izovac\u00ed cen\u011b akci\u00ed AAP za cenu 143 USD<\/strong> prod\u00e1m Short Call AAPL na strike 143<\/strong> s\u00a0expirac\u00ed za 20 dn\u016f, za kterou jsem utr\u017eil +250 USD. Po\u0159\u00eddil jsem pozici Covered Call s\u00a0vypsanou Short Call ATM<\/u><\/strong> (\u201ena pen\u011bz\u00edch\u201c).<\/span><\/p>\n

\u00a0 \u00a0A\/ Pokud bude AAPL stoupat<\/strong>, tak na jeho r\u016fstu nevyd\u011bl\u00e1m nic, proto\u017ee od hodnoty 143 USD ji\u017e bude m\u00e1 Short Call ITM (\u201ev pen\u011bz\u00edch\u201c). P\u0159i cen\u011b AAPL nad strike m\u00e9 opce \u2013 hodnotou 143 USD – pak p\u0159i expiraci vypsan\u00e9 Short Call tato bude automaticky p\u0159i\u0159azena a j\u00e1 obdr\u017e\u00edm 100 x Short akci\u00ed AAPL za cenu strike t\u00e9to opce, tj. za 143 USD, za tuto transakci obdr\u017e\u00edm +14.300 USD. M\u00e9 akciov\u00e9 pozice se vyru\u0161\u00ed (Long x Short) a opce zmiz\u00ed. K\u00a0p\u016fvodn\u00edm n\u00e1klad\u016fm ve v\u00fd\u0161i -14.300 USD vynalo\u017een\u00fdm na n\u00e1kup akci\u00ed p\u0159id\u00e1v\u00e1m tr\u017ebu za p\u0159i\u0159azen\u00e9 Short akcie ve stejn\u00e9 v\u00fd\u0161i +14.300 USD a p\u0159ipisuji si pr\u00e9mium za v\u00fdpis opce ve v\u00fd\u0161i +250 USD, tedy celkov\u00fd profit +250 USD<\/strong>.<\/span><\/p>\n

\u00a0 \u00a0<\/span>B\/ Pokud bude AAPL klesat<\/strong>, tak do hodnoty p\u0159ijat\u00e9ho pr\u00e9mia ve v\u00fd\u0161i +250 USD jsou m\u00e9 akcie proti tomuto poklesu chr\u00e1n\u011bny. Do hodnoty 143 USD -2,50 USD = 140,50 USD (BE Covered Call) m\u00e1m poskytnutou ochranu. Pokud klesne hodnota akcie AAPL pod hodnotu 140,50 USD (-1,74%), bude ji\u017e cel\u00e1 pozice prod\u011bl\u00e1vat. V\u00a0tomto p\u0159\u00edpad\u011b p\u0159i expiraci vypr\u0161\u00ed m\u00e1 Short Call 143 jako bezcenn\u00e1 a ztr\u00e1ta na akci\u00edch bude tak velk\u00e1, jak\u00fd je dolarov\u00fd rozd\u00edl mezi 140,50 USD a moment\u00e1ln\u00ed cenou AAPL na trhu.<\/span><\/p>\n

\u00a0 \u00a0Covered Call s\u00a0ATM Short Call opc\u00ed je vhodn\u00e9 v\u00a0p\u0159\u00edpad\u011b, kdy\u017e jsem p\u0159esv\u011bd\u010den, \u017ee podkladov\u00e9 aktivum bude stagnovat nebo bude m\u00edrn\u011b klesat<\/u><\/strong> do doby expirace op\u010dn\u00edho kontraktu.<\/span><\/p>\n

\u00a0 \u00a0Varianta\u00a03\/\u00a0<\/strong><\/span>P\u0159i po\u0159izovac\u00ed cen\u011b akci\u00ed AAP za cenu 143 USD<\/strong> prod\u00e1m Short Call AAPL na strike 140<\/strong> s\u00a0expirac\u00ed za 20 dn\u016f, za kterou jsem utr\u017eil +360 USD. Po\u0159\u00eddil jsem pozici Covered Call s\u00a0vypsanou Short Call ITM<\/u><\/strong> (\u201ev pen\u011bz\u00edch\u201c).<\/span><\/p>\n

\u00a0 \u00a0<\/span>A\/ Pokud bude AAPL stoupat<\/strong>, tak na jeho r\u016fstu nevyd\u011bl\u00e1m nic, proto\u017ee od hodnoty 140 USD je m\u00e1 Short Call st\u00e1le ITM (\u201ev pen\u011bz\u00edch\u201c). P\u0159i cen\u011b AAPL nad strike m\u00e9 opce \u2013 hodnotou 140 USD – pak p\u0159i expiraci vypsan\u00e9 Short Call tato bude automaticky p\u0159i\u0159azena a j\u00e1 obdr\u017e\u00edm 100 x Short akci\u00ed AAPL za cenu strike t\u00e9to opce, tj. za 140 USD, za tuto transakci obdr\u017e\u00edm +14.000 USD. M\u00e9 akciov\u00e9 pozice se vyru\u0161\u00ed (Long x Short) a opce zmiz\u00ed. K\u00a0p\u016fvodn\u00edm n\u00e1klad\u016fm ve v\u00fd\u0161i -14.300 USD vynalo\u017een\u00fdm na n\u00e1kup akci\u00ed p\u0159id\u00e1v\u00e1m tr\u017ebu za p\u0159i\u0159azen\u00e9 Short akcie ve v\u00fd\u0161i +14.000 USD a p\u0159ipisuji si pr\u00e9mium za v\u00fdpis opce ve v\u00fd\u0161i +360 USD, tedy celkov\u00fd profit +60 USD<\/strong>.<\/span><\/p>\n

\u00a0 \u00a0B\/ Pokud bude AAPL klesat<\/strong>, tak do hodnoty p\u0159ijat\u00e9ho pr\u00e9mia ve v\u00fd\u0161i +360 USD jsou m\u00e9 akcie proti tomuto poklesu chr\u00e1n\u011bny. Do hodnoty 143 USD -3,60 USD = 139,40 USD (BE Covered Call) m\u00e1m poskytnutou ochranu. Pokud klesne hodnota akcie AAPL pod hodnotu 139,40 USD (-2,50%), bude ji\u017e cel\u00e1 pozice prod\u011bl\u00e1vat. V\u00a0tomto p\u0159\u00edpad\u011b p\u0159i expiraci vypr\u0161\u00ed m\u00e1 Short Call 140 jako bezcenn\u00e1 a ztr\u00e1ta na akci\u00edch bude tak velk\u00e1, jak\u00fd je dolarov\u00fd rozd\u00edl mezi 139,40 USD a moment\u00e1ln\u00ed cenou AAPL na trhu.<\/span><\/p>\n

\u00a0 \u00a0<\/span>Covered Call s ITM Short Call opc\u00ed je vhodn\u00e9 v p\u0159\u00edpad\u011b, kdy\u017e jsem p\u0159esv\u011bd\u010den, \u017ee podkladov\u00e9 aktivum bude siln\u011b klesat<\/u><\/strong> do doby expirace op\u010dn\u00edho kontraktu.<\/span><\/p>\n

\u00a0 \u00a0Tyto t\u0159i z\u00e1kladn\u00ed mo\u017enosti jsou mi nab\u00edzeny s\u00a0ohledem na m\u016fj n\u00e1zor budouc\u00edho v\u00fdvoje ceny podkladov\u00e9ho aktiva do doby expirace vypsan\u00e9 Short Call opce. Nem\u00e9n\u011b d\u016fle\u017eit\u00e9 ale je, co budu d\u011blat a jak budu postupovat v\u00a0p\u0159\u00edpad\u011b, \u017ee vstoup\u00edm do takov\u00e9 pozice a tato se bude v\u00a0\u010dase do expirace opce n\u011bjak vyv\u00edjet, bu\u010f v\u00a0m\u016fj prosp\u011bch nebo neprosp\u011bch. N\u011bkolik mo\u017enost\u00ed uk\u00e1\u017eu n\u00ed\u017ee na praktick\u00e9m p\u0159\u00edkladu.<\/span><\/p>\n

\n

\u00a0 \u00a0Jsem optimista a \u201em\u00e1m sign\u00e1ly\u201c, \u017ee akcie AAPL, kter\u00e9 jsem po\u0159\u00eddil za 143 USD<\/u><\/strong> porostou, proto ke sv\u00fdm 100 x Long akci\u00edm vypisuji Short Call 145<\/u><\/strong> za +120 USD pr\u00e9mia<\/u><\/strong>. M\u00e1 Short Call opce je OTM (\u201emimo pen\u00edze\u201c) a expiruje za 20 dn\u016f. Co se m\u016f\u017ee st\u00e1t?<\/span><\/p>\n

\"\"<\/p>\n

\n

Akcie rostou – \u010dek\u00e1m na profit<\/span><\/strong><\/h1>\n

A\/ Ned\u011bl\u00e1m nic a p\u0159ij\u00edm\u00e1m profit<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Nejjednodu\u0161\u0161\u00ed p\u0159\u00edstup, kdy m\u011b pouze zaj\u00edm\u00e1, jestli je r\u016fst natolik vydatn\u00fd, \u017ee se akcie AAPL obchoduj\u00ed nad<\/strong> anebo pod<\/strong> strike m\u00e9 OTM vypsan\u00e9 Short Call opce.<\/span><\/p>\n

\u00a0 \u00a0A1\/ Akcie AAPL se obchoduj\u00ed za cenu vy\u0161\u0161\u00ed ne\u017e 143 USD, ale pod strike 145 USD<\/u>, nap\u0159\u00edklad za 144,50 USD. Short Call 145 vypr\u0161\u00ed jako bezcenn\u00e1. Akcie prod\u00e1v\u00e1m s\u00a0profitem za 144,50 a inkasuji akciov\u00fd zisk +150 USD, k\u00a0n\u011bmu si p\u0159ipo\u010d\u00edt\u00e1v\u00e1m profit ve v\u00fd\u0161i +120 USD za p\u0159ijat\u00e9 pr\u00e9mium, celkov\u00fd profit je +270 USD<\/strong><\/span><\/p>\n

\u00a0 A2\/ Akcie AAPL se obchoduj\u00ed za cenu vy\u0161\u0161\u00ed ne\u017e je strike 145 USD<\/u>. P\u0159i expiraci vypsan\u00e9 Short Call tato bude automaticky p\u0159i\u0159azena a j\u00e1 obdr\u017e\u00edm 100 x Short akci\u00ed AAPL za cenu strike t\u00e9to opce, tj. za 145 USD, za tuto transakci obdr\u017e\u00edm +14.500 USD. M\u00e9 akciov\u00e9 pozice se vyru\u0161\u00ed (Long x\u00a0Short) a opce zmiz\u00ed. K\u00a0p\u016fvodn\u00edm n\u00e1klad\u016fm ve v\u00fd\u0161i -14.300 USD vynalo\u017een\u00fdm na n\u00e1kup akci\u00ed p\u0159id\u00e1v\u00e1m tr\u017ebu za p\u0159i\u0159azen\u00e9 Short akcie ve v\u00fd\u0161i +14.500 USD a p\u0159ipisuji si pr\u00e9mium za v\u00fdpis opce ve v\u00fd\u0161i +120 USD, tedy celkov\u00fd profit je +320 USD.<\/strong><\/span><\/p>\n

\u00a0 \u00a0B\/ Zav\u00edr\u00e1m celou pozici Covered Call p\u0159ed expirac\u00ed<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 \u00a0Po prudk\u00e9m uptrendu se akcie AAPL po po\u0159\u00edzen\u00ed Covered Call obchoduj\u00ed za cenu vy\u0161\u0161\u00ed ne\u017e je strike 145 USD, a to podstatn\u011b, nap\u0159\u00edklad za 155 USD, ale expirace je je\u0161t\u011b vzd\u00e1len\u00e1. V\u00a0takov\u00e9m p\u0159\u00edpad\u011b je vhodn\u00e9 celou pozici uzav\u0159\u00edt, proto\u017ee jej\u00ed dr\u017een\u00ed nep\u0159in\u00e1\u0161\u00ed v\u011bt\u0161\u00ed efekt, ne\u017e je profit bl\u00ed\u017e\u00edc\u00ed se maxim\u00e1ln\u00edmu profitu +320 USD podle bodu A2\/. M\u00e1 vypsan\u00e1 Short Call 145 m\u00e1 Delta ve v\u00fd\u0161i jedn\u00e9 a tak, jak se pohybuje cena AAPL, tak se tak\u00e9 pohybuje cena m\u00e9 Short Call opce. Pozici zav\u00edr\u00e1m, abych si odblokoval prost\u0159edky na sv\u00e9m \u00fa\u010dtu pro dal\u0161\u00ed obchody.\u00a0<\/span><\/p>\n

Akcie rostou \u2013 uzamyk\u00e1m profit<\/span><\/strong><\/h1>\n

A\/ Vytvo\u0159\u00edm Conversion<\/strong>.<\/span><\/p>\n

\u00a0\u00a0\u00a0 Akcie AAPL se obchoduj\u00ed za cenu kolem strike 145 USD a je p\u00e1r dn\u016f do expirace. Long Put na strike 145 (stejn\u00e9m, jako je vypsan\u00e1 Short Call) se d\u00e1 nyn\u00ed po\u0159\u00eddit za -60 USD, proto takovou Long Put 145 po\u0159izuji a na celou pozici mohu zapomenout. Moje nyn\u011bj\u0161\u00ed pozice se naz\u00fdv\u00e1 Conversion<\/strong> a sest\u00e1v\u00e1 ze\u00a0Short Call 145 + 100 x Long akci\u00ed AAPL + Long Put 145<\/strong>. Opce jsou na stejn\u00e9m strike. N\u00e1klady na tuto Conversion jsou +120 USD pr\u00e9mium za Short Call -14.300 USD za akcie a d\u00e1le -60 USD za Long Put = celkem -14.240 USD<\/strong>. A\u0165 je cena AAPL p\u0159i expiraci jak\u00e1koliv, v\u017edy budu bu\u010f p\u0159i\u0159azen na Short Call 145 (cena AAPL nad 145) nebo exercised na Long Put 145 (cena AAPL pod 145) a v\u017edy mi na \u00fa\u010det budou dod\u00e1ny 100 x Short akcie AAPL za cenu +14.500 USD. M\u00e1m tedy jist\u00fd<\/strong> uzam\u010den\u00fd profit<\/strong> ve v\u00fd\u0161i v\u00fdpo\u010dtu -14.240 USD n\u00e1klady na Conversion + 14.500 USD p\u0159i expiraci = +260 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0\u00a0 Pro\u010d bych to d\u011blal? Nap\u0159\u00edklad proto, \u017ee spole\u010dnost AAPL vypl\u00e1c\u00ed <\/strong>v\u00a0obdob\u00ed po konstrukci Conversion a expirac\u00ed dividendu<\/strong> ve v\u00fd\u0161i 0,61 USD\/akcii. T\u011bchto +61 USD (m\u00ednus 15% da\u0148) jako akcion\u00e1\u0159 AAPL z\u00edsk\u00e1v\u00e1m, p\u0159i expiraci mi v\u0161echny pozice zmiz\u00ed, z\u00edsk\u00e1v\u00e1m profit z\u00a0Conversion plus dividendu.<\/span><\/p>\n

Akcie rostou \u2013 t\u011b\u017e\u00edm z\u00a0trendu<\/strong><\/span><\/h1>\n

\u00a0 \u00a0A\/ Roluji Short Call na vy\u0161\u0161\u00ed strike<\/strong><\/span><\/p>\n

\u00a0 \u00a0A1\/ Roluji Short Call na vy\u0161\u0161\u00ed strike ve stejn\u00e9 expiraci<\/u>. Akcie AAPL se obchoduj\u00ed za cenu vy\u0161\u0161\u00ed ne\u017e je strike m\u00e9 sou\u010dasn\u00e9 Short Call 145, nap\u0159\u00edklad za 146 USD. Proto\u017ee jsem akcie po\u0159\u00eddil za 143 USD, je m\u016fj profit na akci\u00edch ji\u017e +200 USD (rozd\u00edl po\u0159izovac\u00ed ceny 143 USD a strike aktu\u00e1ln\u00ed Short Call 145) a m\u00e1m ji\u017e z\u00edsk\u00e1no pr\u00e9mium ve v\u00fd\u0161i +120 USD, m\u016fj moment\u00e1ln\u00ed, ale nerealizovan\u00fd profit je +320 USD<\/strong>. Je je\u0161t\u011b dostate\u010dn\u00e1 doba do expirace<\/strong>. Moje nyn\u011bj\u0161\u00ed Short Call 145 tvo\u0159\u00edc\u00ed Covered Call se d\u00e1 zlikvidovat za -110 USD a Short Call na vy\u0161\u0161\u00edm strike 146 se stejnou expirac\u00ed se d\u00e1 prodat za +80 USD. Prov\u00e1d\u00edm tuto operaci, vynakl\u00e1d\u00e1m -110 USD na likvidaci m\u00e9 Short Call opce 145 a p\u0159ij\u00edm\u00e1m +80 USD nov\u00e9ho pr\u00e9mia za vyps\u00e1n\u00ed nov\u00e9 Short Call opce na vy\u0161\u0161\u00ed strike 146. Posouv\u00e1m strike m\u00e9 Short Call o jeden bod v\u00fd\u0161e na hodnotu 146. Akcie nakonec potvrzuj\u00ed uptrend a p\u0159i expiraci kon\u010d\u00ed na 147,50 USD. Na sv\u00e9 Short Call 146 jsem p\u0159i\u0159azen. Jak\u00fd je v\u00fdsledek? Akcie jsem nakoupil za -14.300 USD, pr\u00e9mium za p\u016fvodn\u00ed Short Call 145 bylo +120 USD, tuto jsem za -110 USD koupil zp\u011bt, abych za +80 vypsal Short Call 146 na vy\u0161\u0161\u00edm strike, celkem n\u00e1klady -14.210 USD. P\u0159i\u0159azen\u00edm Short Call 146 jsem obdr\u017eel 100 x Short akci\u00ed za cenu 146 a za tuto transakci jsem obdr\u017eel +14.600 USD. Celkem m\u00e1m tedy profit<\/strong> -14.210 USD + 14.600 USD = +390 USD<\/strong>.\u00a0<\/span><\/p>\n

\u00a0 \u00a0A2\/ Roluji Short Call na vy\u0161\u0161\u00ed strike ve vzd\u00e1len\u011bj\u0161\u00ed expiraci<\/u>. Akcie AAPL se obchoduj\u00ed za cenu vy\u0161\u0161\u00ed ne\u017e je strike m\u00e9 sou\u010dasn\u00e9 Short Call 145, nap\u0159\u00edklad za 146 USD. Proto\u017ee jsem akcie po\u0159\u00eddil za 143 USD, je m\u016fj profit na akci\u00edch ji\u017e +200 USD (rozd\u00edl po\u0159izovac\u00ed ceny 143 USD a strike aktu\u00e1ln\u00ed Short Call 145) a m\u00e1m ji\u017e z\u00edsk\u00e1no pr\u00e9mium ve v\u00fd\u0161i +120 USD, m\u016fj moment\u00e1ln\u00ed, ale nerealizovan\u00fd profit je +320 USD<\/strong>. Nen\u00ed ji\u017e dlouh\u00e1 doba do expirace<\/strong>. Moje nyn\u011bj\u0161\u00ed Short Call 145 tvo\u0159\u00edc\u00ed Covered Call se d\u00e1 zlikvidovat za -110 USD a Short Call na vy\u0161\u0161\u00edm strike 147 se vzd\u00e1len\u011bj\u0161\u00ed expirac\u00ed se d\u00e1 prodat za +160 USD. Prov\u00e1d\u00edm tuto operaci, vynakl\u00e1d\u00e1m -110 USD na likvidaci m\u00e9 Short Call opce 145 a p\u0159ij\u00edm\u00e1m +160 USD nov\u00e9ho pr\u00e9mia za vyps\u00e1n\u00ed nov\u00e9 Short Call opce na vy\u0161\u0161\u00ed strike 147 ve vzd\u00e1len\u011bj\u0161\u00ed expiraci. Posouv\u00e1m strike m\u00e9 Short Call o dva body v\u00fd\u0161e na 147. Akcie nakonec potvrzuj\u00ed uptrend a p\u0159i expiraci kon\u010d\u00ed na 147,50 USD. Na sv\u00e9 Short Call 147 jsem p\u0159i\u0159azen. Jak\u00fd je v\u00fdsledek? Akcie jsem nakoupil za -14.300 USD, pr\u00e9mium za p\u016fvodn\u00ed Short Call 145 bylo +120 USD, tuto jsem za -110 USD koupil zp\u011bt, abych za +160 vypsal Short Call 147 na vy\u0161\u0161\u00edm strike, celkem n\u00e1klady -14.130 USD. P\u0159i\u0159azen\u00edm Short Call 147 jsem obdr\u017eel 100 x Short akci\u00ed za cenu 147 a za tuto transakci jsem obdr\u017eel +14.700 USD. Celkem m\u00e1m tedy profit<\/strong> -14.210 USD + 14.700 USD = +570 USD<\/strong>.\u00a0<\/span><\/p>\n

\n

\u00a0 \u00a0Ne v\u017edy se v\u0161echno vyv\u00edj\u00ed v\u00a0n\u00e1\u0161 prosp\u011bch a tak, jak bychom si p\u0159edstavovali. Po po\u0159\u00edzen\u00ed akci\u00ed AAPL za cenu 143 USD<\/strong> a vyps\u00e1n\u00ed OTM Short Call na strike 145 za cenu +120 USD<\/strong> s\u00a0expirac\u00ed za 20 dn\u016f n\u00e1m akcie za\u010dala klesat<\/strong>, co d\u00e1l?<\/span><\/p>\n

\"\"<\/p>\n

\n

Akcie klesaj\u00ed \u2013 br\u00e1n\u00edme ztr\u00e1t\u011b<\/strong><\/span><\/h1>\n

\u00a0A\/ Ned\u011bl\u00e1m nic a p\u0159ij\u00edm\u00e1m ztr\u00e1tu<\/strong>.<\/span><\/p>\n

\u00a0 \u00a0Z\u00e1le\u017e\u00ed, jak je propad ceny akci\u00ed hlubok\u00fd. P\u0159ijet\u00edm +120 USD pr\u00e9mia je m\u00fdm Break Even<\/strong> bodem, tedy hladinou, od kter\u00e9 ji\u017e za\u010d\u00edn\u00e1m prod\u011bl\u00e1vat, hodnota 143 -1,20 USD = 141,80 USD<\/strong><\/span><\/p>\n

\u00a0 \u00a0A1\/ Akcie AAPL se obchoduj\u00ed za cenu vy\u0161\u0161\u00ed ne\u017e 141,80 USD (BE), ale pod jejich n\u00e1kupn\u00ed cenou 143 USD<\/u>. Takov\u00fd m\u00e1lo dramatick\u00fd pokles pro m\u011b znamen\u00e1 po\u0159\u00e1d profitabiln\u00ed z\u00e1le\u017eitost. V\u00a0p\u0159\u00edpad\u011b poklesu nap\u0159\u00edklad na cenu 142 USD m\u00e1 Short Call 145 vypr\u0161\u00ed jako bezcenn\u00e1 a j\u00e1 prod\u00e1v\u00e1m akcie p\u0159ed expirac\u00ed za t\u011bchto 142 USD. Ztr\u00e1ta na akci\u00edch je -100 USD, z\u00edskan\u00e9 pr\u00e9mium ve v\u00fd\u0161i +120 USD znamen\u00e1, \u017ee celkov\u00fd profit je<\/strong> st\u00e1le +20 USD<\/strong>.\u00a0<\/span><\/p>\n

\u00a0 \u00a0A2\/ Akcie AAPL se obchoduj\u00ed za cenu ni\u017e\u0161\u00ed ne\u017e 141,80 USD (BE)<\/u>. Cena akci\u00ed klesla pod Break Even bod na hodnotu nap\u0159\u00edklad 140 USD. Proto\u017ee jsem si \u0159ekl, \u017ee \u201enebudu d\u011blat nic\u201c, p\u0159ij\u00edm\u00e1m ztr\u00e1tu. Tato je slo\u017eena z\u00a0\u010d\u00e1stky -300 USD z\u00a0titulu poklesu ceny akci\u00ed o t\u0159i body, ale je op\u011bt vylep\u0161ena pr\u00e9miem ve v\u00fd\u0161i +120 USD m\u00e9 Short Call 145 opce, kter\u00e1 vypr\u0161\u00ed jako bezcenn\u00e1. Celkov\u00e1 ztr\u00e1ta<\/strong> je tak -300 USD +120 USD = -180 USD.<\/strong><\/span><\/p>\n

\u00a0<\/strong><\/span>\u00a0 B\/ Zamyk\u00e1m ztr\u00e1tu \u2013 vytv\u00e1\u0159\u00edm Conversion. <\/strong><\/span><\/p>\n

\u00a0 \u00a0<\/strong><\/span>Akcie AAPL se obchoduj\u00ed za cenu 140 USD a je p\u00e1r dn\u016f do expirace. Long Put na strike 145 (stejn\u00e9m, jako je vypsan\u00e1 Short Call) se d\u00e1 nyn\u00ed po\u0159\u00eddit za -520 USD, takovou Long Put 145 po\u0159izuji. Nyn\u00ed mohu na pozici zapomenout, proto\u017ee hor\u0161\u00ed ani lep\u0161\u00ed to ji\u017e b\u00fdt nem\u016f\u017ee. Moje nyn\u011bj\u0161\u00ed pozice se naz\u00fdv\u00e1 Conversion a sest\u00e1v\u00e1 ze\u00a0Short Call 145 + 100 x Long akci\u00ed AAPL + Long Put 145<\/strong>. N\u00e1klady na tuto Conversion jsou +120 USD pr\u00e9mium za Short Call -14.300 USD za akcie a d\u00e1le -520 USD za Long Put = celkem -14.700 USD<\/strong>. A\u0165 je cena AAPL p\u0159i expiraci jak\u00e1koliv, v\u017edy budu bu\u010f p\u0159i\u0159azen na Short Call 145 (cena AAPL nad 145) nebo exercised na Long Put 145 (cena AAPL pod 145) a v\u017edy mi na \u00fa\u010det budou dod\u00e1ny 100 x Short akcie AAPL za cenu +14.500 USD. M\u00e1m tedy jistou uzam\u010denou ztr\u00e1tu<\/strong> ve v\u00fd\u0161i v\u00fdpo\u010dtu -14.700 USD n\u00e1klady na Conversion + 14.500 USD p\u0159i expiraci = -200 USD<\/strong>.<\/span><\/p>\n

\u00a0 \u00a0Pro\u010d bych to d\u011blal? Prost\u011b proto, \u017ee chci obchod uzav\u0159\u00edt a p\u0159estat na n\u011bj myslet a nepot\u0159ebuji uvolnit prost\u0159edky na \u00fa\u010dtu. V\u00a0tomto p\u0159\u00edpad\u011b toti\u017e neplat\u00ed<\/strong>, \u017ee bych tuto transakci s\u00a0uzam\u010den\u00edm ztr\u00e1ty prov\u00e1d\u011bl kv\u016fli z\u00edsk\u00e1n\u00ed dividendy <\/strong>a mohl si tak ztr\u00e1tu p\u0159ijet\u00edm dividendy vylep\u0161it<\/strong>. Long Put 145, jej\u00edm\u017e po\u0159\u00edzen\u00edm jsem dotvo\u0159il Conversion k\u00a0uzam\u010den\u00ed ztr\u00e1ty by toti\u017e v\u00a0takov\u00e9m p\u0159\u00edpad\u011b (v\u00fdplat\u011b dividendy za \u017eivota t\u00e9to Long Put) m\u011bla hodnotu dividendy zapo\u010d\u00edtanou ve sv\u00e9 cen\u011b<\/strong>, a to proto \u017ee je siln\u011b ITM \u201ev pen\u011bz\u00edch\u201c. (o t\u011bchto efektech budu ps\u00e1t pozd\u011bji v\u00a0\u010dl\u00e1nc\u00edch o dividend\u00e1ch). Tak\u017ee bych vlastn\u011b dividendu zaplatil ve zv\u00fd\u0161en\u00e9 cen\u011b po\u0159izovan\u00e9 Long Put 145, abych pak tyto dividendy z\u00edskal ve v\u00fdplatn\u00ed den zp\u011bt ov\u0161em se sra\u017eenou 15% dan\u00ed, to bych ztr\u00e1tu pouze prohloubil. Poznamen\u00e1v\u00e1m pouze, \u017ee v\u00a0p\u0159\u00edpad\u011b tvorby Conversion p\u0159i r\u016fstu ceny a uzamyk\u00e1n\u00ed profitu popisovan\u00e9ho v\u00fd\u0161e v\u00a0\u010dl\u00e1nku p\u0159i r\u016fstu akci\u00ed toto neplat\u00ed, proto\u017ee po\u0159izovan\u00e1 Long Put je v\u00a0t\u011bchto p\u0159\u00edpadech OTM \u201emimo pen\u00edze\u201c a tato opce ve sv\u00e9 cen\u011b dividendu neobsahuje.<\/span><\/p>\n

\u00a0 \u00a0<\/strong><\/span>C\/ Roluji Short Call opci na ni\u017e\u0161\u00ed strike. <\/strong><\/span><\/p>\n

\u00a0 <\/strong>\u00a0<\/span>C1\/ Akcie AAPL se obchoduj\u00ed za cenu ni\u017e\u0161\u00ed ne\u017e 141,80 USD (BE)<\/u>. Roluji<\/strong> Short Call opci na ni\u017e\u0161\u00ed strike se stejnou expirac\u00ed.<\/strong> Moment\u00e1ln\u00ed cena je nap\u0159\u00edklad 141 USD. Na akci\u00edch nyn\u00ed ztr\u00e1c\u00edm -200 USD (akcie koupeny za 143 USD, nyn\u00ed cena za akcii 141 USD). M\u00e1 p\u016fvodn\u00ed Short Call 145, po\u0159\u00edzena za +120 USD, se nyn\u00ed obchoduje a d\u00e1 zlikvidovat za -20 USD. Zb\u00fdv\u00e1 je\u0161t\u011b dost \u010dasu do expirace a ATM Short Call 141 (na ni\u017e\u0161\u00edm strike) se stejnou expirac\u00ed<\/strong> se obchoduje za +100 USD. Likviduji tedy p\u016fvodn\u00ed Short Call 145 a vypisuji novou Short Call 141 na ni\u017e\u0161\u00edm strike za uveden\u00e9 ceny. Jak\u00e1 je m\u00e1 situace? Ztr\u00e1ta na akci\u00edch ve v\u00fd\u0161i -200 USD je \u010d\u00e1ste\u010dn\u011b kompenzov\u00e1na pr\u00e9miem z\u00a0p\u016fvodn\u00ed Short Call opce ve v\u00fd\u0161i +120 USD. Tuto ov\u0161em likviduji za -20 USD a vypisuji novou Short Call na ni\u017e\u0161\u00edm strike za +100 USD. Celkov\u011b tedy -200 USD akciov\u00e1 ztr\u00e1ta +120 pr\u00e9mium p\u016fvodn\u00ed Short Call, d\u00e1le -20 USD za jej\u00ed likvidaci a +100 USD pr\u00e9mia z rolov\u00e1n\u00ed opce vyps\u00e1n\u00edm na ni\u017e\u0161\u00ed strike Short Call 141, tedy celkov\u00e1 ztr\u00e1ta<\/strong> ve v\u00fd\u0161i 0 USD<\/strong>. Rolov\u00e1n\u00edm na ni\u017e\u0161\u00ed strike jsme celkovou p\u016fvodn\u00ed ztr\u00e1tu zcela eliminovali<\/strong>, akcie klesy o dva body, ale ztr\u00e1ta nen\u00ed nyn\u00ed \u017e\u00e1dn\u00e1.<\/span><\/p>\n

\u00a0\u00a0 C2\/\u00a0Akcie AAPL se obchoduj\u00ed za cenu ni\u017e\u0161\u00ed ne\u017e 141,80 USD.<\/u> Roluji<\/strong> Short Call opci na ni\u017e\u0161\u00ed strike se vzd\u00e1len\u011bj\u0161\u00ed expirac\u00ed. <\/strong>Moment\u00e1ln\u00ed cena je op\u011bt nap\u0159\u00edklad 141 USD. Na akci\u00edch nyn\u00ed ztr\u00e1c\u00edm -200 USD (akcie koupeny za 143 USD, nyn\u00ed cena za akcii 141 USD). M\u00e1 p\u016fvodn\u00ed Short Call 145, po\u0159\u00edzena za +120 USD, se nyn\u00ed obchoduje a d\u00e1 zlikvidovat za -20 USD. Zb\u00fdv\u00e1 velmi m\u00e1lo \u010dasu do expirace a ATM Short Call 141 (na ni\u017e\u0161\u00edm strike) se vzd\u00e1len\u011bj\u0161\u00ed expirac\u00ed<\/strong> se obchoduje za +180 USD. Likviduji tedy p\u016fvodn\u00ed Short Call 145 a vypisuji novou Short Call 141 na ni\u017e\u0161\u00edm strike za uveden\u00e9 ceny. Jak\u00e1 je m\u00e1 situace? Ztr\u00e1ta na akci\u00edch ve v\u00fd\u0161i -200 USD je \u010d\u00e1ste\u010dn\u011b kompenzov\u00e1na pr\u00e9miem z\u00a0p\u016fvodn\u00ed Short Call opce ve v\u00fd\u0161i +120 USD. Tuto ov\u0161em likviduji za -20 USD a vypisuji novou Short Call na ni\u017e\u0161\u00edm strike ve vzd\u00e1len\u011bj\u0161\u00ed expiraci za +180 USD. Celkov\u011b tedy -200 USD akciov\u00e1 ztr\u00e1ta +120 pr\u00e9mium p\u016fvodn\u00ed Short Call, d\u00e1le -20 USD za jej\u00ed likvidaci a +180 USD pr\u00e9mia z rolov\u00e1n\u00ed opce vyps\u00e1n\u00edm na ni\u017e\u0161\u00ed strike Short Call 141 se vzd\u00e1len\u011bj\u0161\u00ed expirac\u00ed, tedy celkov\u00fd kredit<\/strong> ve v\u00fd\u0161i +80 USD<\/strong>. Rolov\u00e1n\u00edm na ni\u017e\u0161\u00ed strike jsme celkovou p\u016fvodn\u00ed ztr\u00e1tu nejen\u017ee zcela eliminovali i kdy\u017e akcie klesy o dva body, ale vytvo\u0159ili dal\u0161\u00ed kredit (dodali jsme do pozice dal\u0161\u00ed pr\u00e9mium), kter\u00e9 sni\u017euje, p\u0159i sou\u010dasn\u00e9 cen\u011b akci\u00ed 140 USD, Break Even o dal\u0161\u00edch 80 USD n\u00ed\u017ee, tedy na cenovou hladinu 140,20 USD.<\/span><\/p>\n

\u00a0\u00a0 Covered Call je prastar\u00e1 technika akciov\u00fdch trader\u016f, kte\u0159\u00ed maj\u00ed pov\u011bdom\u00ed o opc\u00edch. Nen\u00ed to nic sv\u011btoborn\u00e9ho, Ameriku jsme t\u00edm ur\u010dit\u011b neobjevil. Pozor na jedno velk\u00e9 nebezpe\u010d\u00ed p\u0159i aplikaci Covered Call, kter\u00e9 se v\u00a0pln\u00e9 nahot\u011b projev\u00ed p\u0159i dramatick\u00e9m poklesu podkladov\u00e9ho aktiva. M\u00e9n\u011b zku\u0161en\u00fd obchodn\u00edk pak p\u0159edpokl\u00e1d\u00e1, \u017ee vypisov\u00e1n\u00edm dal\u0161\u00edch opc\u00ed nap\u0159\u00edklad na ni\u017e\u0161\u00edm strike \u201edo\u017eene\u201c ztr\u00e1tu na podkladov\u00e9m aktivu. P\u0159i prudk\u00fdch p\u00e1dech podkladu se mu to nejen nepoda\u0159\u00ed, ale vz\u00e1p\u011bt\u00ed m\u016f\u017ee p\u0159ij\u00edt o r\u016fstov\u00fd potenci\u00e1l p\u0159i zotaven\u00ed podkladu. No, opravdu na trz\u00edch nic nen\u00ed jednoduch\u00e9, v\u017edy je n\u011bco za n\u011bco :c) <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 \u00a0Stal jsem se akcion\u00e1\u0159em. Po\u0159\u00eddil jsem akcie a m\u00e1m strach, abych na jejich dr\u017een\u00ed neprod\u011blal. Prim\u00e1rn\u00ed obava ka\u017ed\u00e9ho zodpov\u011bdn\u00e9ho akcion\u00e1\u0159e. Proto\u017ee jsem op\u010dn\u00ed obchodn\u00edk, mohu \u201ep\u0159ihodit\u201c p\u00e1r dobr\u00fdch rad. M\u00e9 rady by mohly vych\u00e1zet z\u00a0odpov\u011bd\u00ed na z\u00e1kladn\u00ed akcion\u00e1\u0159ovu ot\u00e1zku, \u201e\u2026chci v\u016fbec b\u00fdt nad\u00e1le dr\u017eitelem akci\u00ed?\u201c Nabyt\u00e9 akcie jsem toti\u017e Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":115,"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":[4],"tags":[6],"class_list":["post-105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opcni-kombinace","tag-covered-call"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/CC-obr-1.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-1H","jetpack-related-posts":[{"id":33,"url":"https:\/\/dobretrejdy.com\/?p=33","url_meta":{"origin":105,"position":0},"title":"Assignment (p\u0159i\u0159azen\u00ed) opc\u00ed","author":"dobretrejdy :c)","date":"29.3.2017","format":false,"excerpt":"\u00a0 \u00a0V\u00a0brzk\u00e9m r\u00e1nu mi zacvrlikal mobiln\u00ed telefon s\u00a0notifikac\u00ed z\u00a0Message Center m\u00e9ho brokera o jak\u00e9si ud\u00e1losti na m\u00e9m obchodn\u00edm \u00fa\u010dtu. Pohledem na stav m\u00e9ho portfolia zji\u0161\u0165uji, \u017ee se mi na \u00fa\u010dtu zni\u010dehonic objevilo 100 kusu Long akci\u00ed spole\u010dnosti Exxon Mobil Corp. (XOM), kter\u00e9 jsem nem\u011bl v\u00a0\u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b v\u00a0\u00famyslu v\u016fbec vlastnit. Ano,\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed z\u00e1klady\u201c","block_context":{"text":"Op\u010dn\u00ed z\u00e1klady","link":"https:\/\/dobretrejdy.com\/?cat=2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/main1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/main1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/main1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/main1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":2423,"url":"https:\/\/dobretrejdy.com\/?p=2423","url_meta":{"origin":105,"position":1},"title":"Syntetick\u00e9 pozice – V.","author":"dobretrejdy :c)","date":"24.9.2018","format":false,"excerpt":"\u00a0 \u00a0Vyu\u017eit\u00ed rovnice Call\/Put Parity o vztahu cen op\u010dn\u00edch kontrakt\u016f na stejn\u00e9m strike vygenerovalo mo\u017enosti, jak libovoln\u011b p\u0159ech\u00e1zet z\u00a0jednoho typu op\u010dn\u00ed pozice do opa\u010dn\u00e9 a \u010dinit tak pokud mo\u017eno efektivn\u011b, toto bylo p\u0159edm\u011btem minul\u00fdch \u010dl\u00e1nk\u016f. Jestli je to v\u00a0danou chv\u00edli v\u00fdhodn\u00e9 je odvisl\u00e9 od aktu\u00e1ln\u00ed tr\u017en\u00ed situace vzhledem k\u00a0aktu\u00e1ln\u00ed profitabilit\u011b\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed kombinace\u201c","block_context":{"text":"Op\u010dn\u00ed kombinace","link":"https:\/\/dobretrejdy.com\/?cat=4"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/09\/main-2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/09\/main-2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/09\/main-2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/09\/main-2.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":2014,"url":"https:\/\/dobretrejdy.com\/?p=2014","url_meta":{"origin":105,"position":2},"title":"Short Put","author":"dobretrejdy :c)","date":"29.5.2018","format":false,"excerpt":"\u00a0 \u00a0Vypisov\u00e1n\u00edm Call opc\u00ed jsem se zab\u00fdval v\u00a0minul\u00e9m \u010dl\u00e1nku. Pokud jsem se v\u00a0n\u011bm vypo\u0159\u00e1dal s\u00a0n\u011bkter\u00fdmi aspekty takov\u00fdch op\u010dn\u00edch Call prodej\u016f, bude asi logick\u00e9 ukon\u010dit z\u00e1kladn\u00ed charakteristiku jednoduch\u00fdch op\u010dn\u00edch obchod\u016f pops\u00e1n\u00edm vlastnost\u00ed vypisov\u00e1n\u00ed Put opc\u00ed. Nebude to nic p\u0159ekvapiv\u00e9ho s\u00a0p\u0159ihl\u00e9dnut\u00edm k\u00a0p\u0159edchoz\u00edmu \u010dl\u00e1nku, z\u00a0mnoha pohled\u016f se bude jednat o chov\u00e1n\u00ed vypsan\u00e9ho op\u010dn\u00edho\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed z\u00e1klady\u201c","block_context":{"text":"Op\u010dn\u00ed z\u00e1klady","link":"https:\/\/dobretrejdy.com\/?cat=2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/05\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/05\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/05\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/05\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":36,"url":"https:\/\/dobretrejdy.com\/?p=36","url_meta":{"origin":105,"position":3},"title":"Long Call","author":"dobretrejdy :c)","date":"29.3.2017","format":false,"excerpt":"\u00a0 \u00a0Jsem Long Call, jsem Long AAPL APR 07\u201917\u00a0140 CALL. Ne, nem\u00e1m dlouh\u00fd telefon\u00e1t z\u00a0m\u00e9ho ajf\u00f3nu, ale m\u00e1m koupen\u00fd \u201edlouh\u00fd\u201c op\u010dn\u00ed kontrakt na podkladov\u00e9 aktivum, kter\u00fdm je 100 akci\u00ed spole\u010dnosti AAPL se strikem 140 a s\u00a0expirac\u00ed tohoto op\u010dn\u00edho kontraktu dne 7. dubna 2017. M\u00e1m tedy na sv\u00e9m \u00fa\u010dtu otev\u0159enou nejtrivi\u00e1ln\u011bj\u0161\u00ed\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed z\u00e1klady\u201c","block_context":{"text":"Op\u010dn\u00ed z\u00e1klady","link":"https:\/\/dobretrejdy.com\/?cat=2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/Long-Call.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/Long-Call.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/Long-Call.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":1790,"url":"https:\/\/dobretrejdy.com\/?p=1790","url_meta":{"origin":105,"position":4},"title":"Long Put","author":"dobretrejdy :c)","date":"28.4.2018","format":false,"excerpt":"\u00a0\u00a0 Nakoupen\u00ed Long Put op\u010dn\u00edho kontraktu b\u00fdv\u00e1 v\u011bt\u0161inou spojeno s p\u0159edstavou, \u017ee tvo\u0159\u00edm s\u00e1zku na pokles trh\u016f podkladov\u00e9ho aktiva a tento pokles zp\u016fsob\u00ed, \u017ee na nakoupen\u00e9 Long Put opci vyd\u011bl\u00e1m. Je to samoz\u0159ejm\u011b pravda, pokud je pokles ceny podkladu takov\u00fd, \u017ee aktu\u00e1ln\u00ed cena Long Put opce je vy\u0161\u0161\u00ed ne\u017e hodnota\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed z\u00e1klady\u201c","block_context":{"text":"Op\u010dn\u00ed z\u00e1klady","link":"https:\/\/dobretrejdy.com\/?cat=2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main-1.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":2380,"url":"https:\/\/dobretrejdy.com\/?p=2380","url_meta":{"origin":105,"position":5},"title":"Syntetick\u00e9 pozice \u2013 IV.","author":"dobretrejdy :c)","date":"9.9.2018","format":false,"excerpt":"\u00a0\u00a0 Vytv\u00e1\u0159en\u00edm \u201eum\u011bl\u00fdch\u201c Syntetick\u00fdch Long op\u010dn\u00edch pozic jsem se zab\u00fdval v\u00a0minul\u00e9m \u010dl\u00e1nku, kdy\u017e principi\u00e1ln\u011b jsem vych\u00e1zel z\u00a0rovnice pro Call\/Put Paritu cen op\u010dn\u00edch kontrakt\u016f na stejn\u00e9m strike, kterou jsem se sna\u017eil oz\u0159ejmit v\u00a0\u010dl\u00e1nku zahajuj\u00edc\u00edm minis\u00e9rii o syntetick\u00fdch pozic\u00edch. Smyslem p\u0159edch\u00e1zej\u00edc\u00edho \u010dl\u00e1nku pak bylo na jednoduch\u00fdch p\u0159\u00edkladech uk\u00e1zat, jak lze p\u0159i dr\u017een\u00ed\u00a0jednoho\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed kombinace\u201c","block_context":{"text":"Op\u010dn\u00ed kombinace","link":"https:\/\/dobretrejdy.com\/?cat=4"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/09\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/09\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/09\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/09\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/105","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=105"}],"version-history":[{"count":11,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/105\/revisions"}],"predecessor-version":[{"id":7405,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/105\/revisions\/7405"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/115"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}