{"id":1081,"date":"2017-11-22T16:20:17","date_gmt":"2017-11-22T14:20:17","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=1081"},"modified":"2021-09-17T16:51:24","modified_gmt":"2021-09-17T14:51:24","slug":"exercise-prakticky-u-ib","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=1081","title":{"rendered":"Exercise (prakticky u IB)"},"content":{"rendered":"

\u00a0 V\u00a0n\u011bkolika posledn\u00edch dnech jsem v n\u011bkolika odpov\u011bd\u00edch v koment\u00e1\u0159\u00edch n\u011bkolikr\u00e1t zm\u00ednil mo\u017enost (n\u011bkdy nutnost) vyvolat proces Exercise op\u010dn\u00edho kontraktu<\/strong> na z\u00e1klad\u011b vlastn\u00edho \u00fasudku a rozhodnut\u00ed. Obchoduji u Interactive Brokers a p\u0159edpokl\u00e1d\u00e1m, \u017ee valn\u00e1 v\u011bt\u0161ina op\u010dn\u00edch obchodn\u00edk\u016f vyu\u017e\u00edv\u00e1 tuto obchodn\u00ed platformu nebo jej\u00ed mutace, proto bych cht\u011bl v\u00a0tomto \u010dl\u00e1nku uk\u00e1zat, jak toto prakticky prov\u00e9st v\u00a0platform\u011b TWS. Exercise je opravdu zna\u010dn\u011b mocn\u00fd obchodn\u00ed n\u00e1stroj op\u010dn\u00edho obchodn\u00edka a bylo by mo\u017en\u00e1 dobr\u00e9 poznat, jak jej alespo\u0148 obecn\u011b ovl\u00e1dat, abych se mohl nap\u0159\u00edklad v budoucnosti rozhodnout jej efektivn\u011b vyu\u017e\u00edt. Tento \u010dl\u00e1nek navazuje na obecn\u00fd <\/span><\/span>\u010dl\u00e1nek o Exercise<\/a><\/span><\/strong>, kter\u00fd jsem publikoval ji\u017e d\u0159\u00edve\u00a0<\/span><\/p>\n

\u00a0\u00a0 Exercise<\/strong> op\u010dn\u00edho kontraktu je neodejmuteln\u00e9 pr\u00e1vo<\/strong> dr\u017eitele op\u010dn\u00edho kontraktu, kter\u00fd je americk\u00e9ho typu. Toto pr\u00e1vo m\u00e1m pak mo\u017enost uplatnit kdykoliv za dobu \u017eivota op\u010dn\u00edho kontraktu. V\u00fdsledkem uplatn\u011bn\u00ed tohoto pr\u00e1va je prodej\/n\u00e1kup podkladov\u00e9ho instrumentu na m\u016fj \u00fa\u010det\/z m\u00e9ho \u00fa\u010dtu za p\u0159edem dan\u00fdch podm\u00ednek vyj\u00e1d\u0159en\u00fdch parametry op\u010dn\u00edho kontraktu.<\/span><\/p>\n

\u00a0\u00a0\u00a0 Pokud budu dr\u017eet Long Call opce<\/strong> \u2013 proveden\u00edm Exercise uplatn\u00edm sv\u00e9 pr\u00e1vo<\/strong>\u00a0koupit<\/strong>\u00a0(\u201ep\u0159ivolat\u201c) na sv\u016fj \u00fa\u010det Long podkladov\u00e9 aktivum za cenu strike, nap\u0159\u00edklad 100x Long akci\u00ed nebo 1x Long podkladov\u00e9 futures. Toto podkladov\u00e9 aktivum pak vid\u00edm fyzicky na sv\u00e9m \u00fa\u010dtu.<\/span><\/p>\n

\u00a0\u00a0\u00a0 Proveden\u00edm Exercise Long Put opce<\/strong>\u00a0uplatn\u00edm sv\u00e9\u00a0pr\u00e1vo<\/strong> naopak podkladov\u00e9 aktivum za cenu strike prodat<\/strong>, znamen\u00e1 to, \u017ee pokud podkladov\u00e9 aktivum na sv\u00e9m \u00fa\u010dtu vlastn\u00edm, tak proveden\u00edm Exercise jej prod\u00e1v\u00e1m za cenu strike a z\u00a0m\u00e9ho \u00fa\u010dtu toto podkladov\u00e9 aktivum zmiz\u00ed. Pokud jsem dr\u017eitelem op\u010dn\u00edho kontraktu Long Put a podkladov\u00e9 aktivum nevlastn\u00edm, tak m\u00e9 pr\u00e1vo prodat podklad za cenu strike je realizov\u00e1no tak, \u017ee je mi otev\u0159ena Short pozice na dan\u00e9m podkladu za po\u0159izovac\u00ed cenu v\u00a0hodnot\u011b strike opce.<\/span><\/p>\n

\u00a0\u00a0\u00a0 P\u0159\u00edklad: Nevlastn\u00edm \u017e\u00e1dn\u00e9 akcie LVS (Las Vegas Sands Corp), ale m\u00e1m koupenou 1 x Long Put opci na strike 65. LVS se moment\u00e1ln\u011b obchoduje za 63 USD<\/span>.<\/span><\/p>\n

\u00a0\u00a0\u00a0 Mnou dr\u017een\u00e1 1x<\/strong>\u00a0Long Put 65<\/strong>, p\u0159i moment\u00e1ln\u00ed cen\u011b podkladu 63 USD<\/strong>, je dva dolary \u201ev pen\u011bz\u00edch\u201c<\/strong> a rozhodl jsem se, \u017ee provedu jej\u00ed Exercise<\/strong>. Proveden\u00edm pokynu Exercise v\u00a0obchodn\u00ed platform\u011b, kter\u00fd budu d\u00e1le popisovat, uplat\u0148uji sv\u00e9 pr\u00e1vo prodat akcie LVS za cenu strike, tedy 65 USD\/kus. Proto\u017ee ale \u017e\u00e1dn\u00e9 akcie nevlastn\u00edm, ve v\u00fdsledku procedury Exercise uvid\u00edm na sv\u00e9m \u00fa\u010dtu akciovou pozici Short 100x akcie LVS<\/strong> po\u0159\u00edzenou za cenu strike 65 USD\/kus. Akcie jsem prodal, tak\u017ee se mi zv\u00fd\u0161\u00ed hotovost na m\u00e9m \u00fa\u010dtu o 100x +65 USD = +6.500 USD (pokud bych cht\u011bl akcie okam\u017eit\u011b prodat, tak na jejich likvidaci vynalo\u017e\u00edm 100x -63 USD = -6.300 USD a m\u011bl bych profit +200 USD). Nabyl jsem ale p\u0159esv\u011bd\u010den\u00ed, \u017ee m\u00e9 Short akcie LVS budou d\u00e1le klesat a vyd\u011bl\u00e1vat, tak\u017ee je likvidovat nebudu. Abych p\u0159ede\u0161el ztr\u00e1t\u011b, vypl\u00fdvaj\u00edc\u00ed z\u00a0r\u016fstu akci\u00ed a nepotvrzen\u00ed m\u00e9ho p\u0159esv\u011bd\u010den\u00ed o downrtrendu, ob\u011btuji \u010d\u00e1st profitu a kupuji 1x Long Call<\/strong> na strike 63<\/strong>. M\u00e1 o\u010dek\u00e1v\u00e1n\u00ed se nenaplnila a akcie p\u0159estaly klesat a naopak nabraly \u201esevern\u00ed kurz\u201c, tento byl dosti dramatick\u00fd a nyn\u00ed, po n\u011bkolika dnech, se akcie LVS obchoduj\u00ed za cenu 66 USD. Na m\u00e9m \u00fa\u010dtu m\u00e1m tedy 100 x Short akci\u00ed LVS a 1x Long Call 63. P\u0159i cen\u011b akcie LVS moment\u00e1ln\u011b na 66 USD jsou m\u00e9 Long Call 63 t\u0159i dolary \u201ev pen\u011bz\u00edch\u201c<\/strong>. Provedu proto jejich Exercise<\/strong>. Proveden\u00edm Exercise Long Call 63 m\u00e1m pr\u00e1vo koupit 100 x Long akci\u00ed LVS za cenu 63 USD\/kus, a\u0165 je jejich moment\u00e1ln\u00ed cena jak\u00e1koliv. M\u00e9 100 x Short akcie nyn\u00ed mohou b\u00fdt na jakkoliv nev\u00fdhodn\u011b vysok\u00e9 cen\u011b, jejich likvidaci m\u00e1m ale v\u017edycky mo\u017enost prov\u00e9st za 63 USD\/kus d\u00edky dr\u017een\u00e9 Long Call 63 opci. Po zad\u00e1n\u00ed pokynu Exercise do platformy jsou mi dod\u00e1ny 100x Long akcie LVS<\/strong> na m\u016fj \u00fa\u010det za cenu 63 USD\/kus, proto\u017ee ale vlastn\u00edm 100x Short akci\u00ed, tak se tyto opa\u010dn\u00e9 akciov\u00e9 pozice vyru\u0161\u00ed a z\u00a0m\u00e9ho \u00fa\u010dtu v\u0161e zmiz\u00ed. Z\u016fstanou pouze pen\u00edze, kter\u00e9 budou p\u0159edstavovat profit\/ztr\u00e1tu z\u00a0t\u011bchto transakc\u00ed uveden\u00e9ho p\u0159\u00edkladu. Finan\u010dn\u00ed v\u00fdsledek transakce pak bude p\u0159edstavovat n\u00e1klady na p\u016fvodn\u00ed Long Put 65, +200 USD profit na akci\u00edch (prodej za +65 USD a likvidace za -63 USD) a n\u00e1klady na Long Call 63.<\/span><\/p>\n

\u00a0\u00a0 Uveden\u00fd p\u0159\u00edklad vyu\u017e\u00edv\u00e1 mo\u017enosti prov\u00e1d\u011bt Exercise<\/strong> kdykoliv je to pro obchodn\u00edka v\u00fdhodn\u00e9<\/strong>, je to ale jen teoretick\u00fd p\u0159\u00edklad. Jak by ale toto \u201emanu\u00e1ln\u00ed\u201c Exercise prob\u011bhlo prakticky u Interactive Brokers by pak mohlo b\u00fdt patrn\u00e9 s\u00a0n\u00e1sleduj\u00edc\u00edho.<\/span><\/p>\n

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\u00a0 Na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku je vid\u011bt op\u010dn\u00ed \u0159et\u011bzec akcie LVS s\u00a0vyzna\u010den\u00fdmi op\u010dn\u00edmi pozicemi Call i Put.<\/span><\/p>\n

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\u00a0\u00a0 Z\u00a0op\u010dn\u00edho \u0159et\u011bzce vypl\u00fdv\u00e1, \u017ee jsem dr\u017eitelem 1x Long Call<\/strong>, kter\u00e1 je \u201ev\u00a0pen\u011bz\u00edch\u201c<\/strong> na strike 63 (hn\u011bd\u00fd krou\u017eek) a 2x Long Put<\/strong>, kter\u00e1 je \u201ev pen\u011bz\u00edch\u201c<\/strong>, a to na strike 70 (hn\u011bd\u00fd krou\u017eek). Zbyl\u00e9 pozice jsou bu\u010f Short op\u010dn\u00edmi kontrakty, kter\u00e9 Exercised nelze nebo jsou sice Long op\u010dn\u00edmi kontrakty, ale jsou \u201emimo pen\u00edze\u201c u nich\u017e je Exercise nev\u00fdhodn\u00e1. Rozhodl jsem se, \u017ee provedu Exercise m\u00fdch dvou Long Put op\u010dn\u00edch kontrakt\u016f na strike 70, kter\u00e9 jsou \u201ev\u00a0pen\u011bz\u00edch\u201c. Abych mohl takov\u00e9 \u201eru\u010dn\u00ed\u201c Exercise prov\u00e1d\u011bt, mus\u00edm si nejd\u0159\u00edve p\u0159ipravit obchodn\u00ed platformu. Nastaven\u00ed je patrn\u00e9 na obr\u00e1zku n\u00ed\u017ee.<\/span><\/p>\n

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\u00a0\u00a0 1\/ V\u00a0TWS na p\u00e1su n\u00e1stroj\u016f kliknu na \u201eConfigure<\/strong>\u201c<\/span><\/p>\n

\u00a0\u00a0 2\/ Ve vysko\u010den\u00e9m okn\u011b vyberu z\u00a0lev\u00e9ho menu \u201eOrders\u201c a kliknu na \u201eSettings<\/strong>\u201c<\/span><\/p>\n

\u00a0\u00a0 3\/ V\u00a0rozbalovac\u00edm menu t\u00fdkaj\u00edc\u00edm se Exercise m\u00e1m dv\u011b mo\u017enosti, jak budou m\u00e9 po\u017eadavky na Exercise pln\u011bny. Pokud vyberu mo\u017enost \u201efinal and cannot be cancelled<\/strong>\u201c, tak ka\u017ed\u00e9 odesl\u00e1n\u00ed instrukce Exercise bude okam\u017eit\u011b zpracov\u00e1no a nebude jej mo\u017en\u00e9 d\u00e1le odvolat. Mo\u017enost \u201eeditable until cutoff time\u2026<\/strong>\u201c znamen\u00e1, \u017ee tuto instrukci m\u016f\u017eu kdykoliv, do dan\u00e9ho \u010dasu ur\u010den\u00e9ho clearingovou instituc\u00ed a m\u00fdm brokerem, libovoln\u011b m\u011bnit nebo ji tak\u00e9 zru\u0161it\u201c<\/span><\/p>\n

\u00a0\u00a0 4\/ Upozorn\u011bn\u00ed, \u017ee i kdy\u017e zvol\u00edte z\u00a0rozbalovac\u00edho menu mo\u017enost zad\u00e1vat \u201eneodvolateln\u00e9\u201c Exercise, tak se m\u016f\u017ee st\u00e1t, \u017ee u n\u011bkter\u00fdch op\u010dn\u00edch kontrakt\u016f z\u016fstane tato instrukce v\u00a0syst\u00e9mu okam\u017eit\u011b nerealizovan\u00e1 a m\u00e1te ji d\u00e1le mo\u017enost a\u017e do deadline odvolat.<\/span><\/p>\n

\u00a0\u00a0 Nastaven\u00ed vych\u00e1z\u00ed z\u00a0principu neodvolatelnosti pokynu Exercise<\/strong> op\u010dn\u00edm obchodn\u00edkem, pokud si v\u00fdslovn\u011b nep\u0159eji n\u011bco jin\u00e9ho. P\u0159esto\u017ee jsou jednotliv\u00e9 pokyny Exercise u brokera shroma\u017e\u010fov\u00e1ny a pot\u00e9 hromadn\u011b p\u0159ed\u00e1ny do clearingov\u00e9 instituce (tato je mezi jednotliv\u00fdmi brokery na z\u00e1klad\u011b n\u011bjak\u00e9ho algoritmu vypo\u0159\u00e1d\u00e1), je p\u0159i volb\u011b podle v\u00fd\u0161e uveden\u00e9ho obr\u00e1zku p\u0159i zad\u00e1n\u00ed pokynu Exercise tato transakce v\u00a0drtiv\u00e9m po\u010dtu p\u0159\u00edpad\u016f vypo\u0159\u00e1d\u00e1na ihned ve zlomc\u00edch sekund po jej\u00edm zad\u00e1n\u00ed. Na sv\u00e9m \u00fa\u010dtu tak okam\u017eit\u011b vid\u00edm po\u017eadovan\u00e9 podklady podle typu op\u010dn\u00edho kontraktu. Upozorn\u011bn\u00ed (\u010d. 4) se t\u00fdk\u00e1 eventuality, \u017ee proveden\u00ed Exercise a dod\u00e1n\u00ed podkladov\u00e9ho aktiva bude provedeno a\u017e po vypo\u0159\u00e1d\u00e1n\u00ed v\u00a0clearingov\u00e9 instituci a nabyt\u00e9 podklady tak na sv\u00e9m \u00fa\u010dtu uvid\u00edm a\u017e po t\u00e9to procedu\u0159e, z \u010desk\u00e9ho pohledu v\u00a0\u010dasn\u00fdch rann\u00edch hodin\u00e1ch n\u00e1sleduj\u00edc\u00edho dne, nejpozd\u011bji v\u0161ak do Open trh\u016f. Tuto mo\u017enost si broker vyhrazuje a mohou tak nastat eventuality s nedod\u00e1n\u00edm podkladu okam\u017eit\u011b po zad\u00e1n\u00ed instrukce Exercise.\u00a0 \u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 Pokud m\u00e1m takto provedeno z\u00e1kladn\u00ed nastaven\u00ed, mohu za\u010d\u00edt prov\u00e1d\u011bt samotn\u00e9 Exercise. Toto Exercise mohu prov\u00e9st dv\u011bma z\u00e1kladn\u00edmi zp\u016fsoby. Vyu\u017eit\u00edm okna Exercise z\u00a0menu TWS nebo p\u0159\u00edmo z\u00a0\u0159\u00e1dku op\u010dn\u00edho kontraktu.<\/span><\/p>\n

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Option Exercise z\u00a0menu TWS<\/span><\/strong><\/h1>\n

\u00a0\u00a0 Zah\u00e1jen\u00ed procedury Exercise vyvol\u00e1m z\u00a0menu TWS<\/span><\/p>\n

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\u00a0\u00a0 Kliknut\u00edm na \u201eTrade<\/strong>\u201c (1) potvrd\u00edm z\u00a0rozbalen\u00e9ho menu polo\u017eku \u201eOption Exercise<\/strong>\u201c (2). Po tomto \u00fakonu je otev\u0159eno okno aplikace, kter\u00e9 zobrazuje existuj\u00edc\u00ed op\u010dn\u00ed kontrakty na m\u00e9m \u00fa\u010dtu.<\/span><\/p>\n

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\u00a0\u00a0 Otev\u0159en\u00e9 okno zobrazuje zvl\u00e1\u0161\u0165 Short kontrakty, kter\u00e9 Exercised nelze a v\u0161echny Long kontrakty k\u00a0mo\u017en\u00e9 Exercise. Ka\u017ed\u00fd kontrakt je barevn\u011b ozna\u010den pro orientaci, jestli je moment\u00e1ln\u011b \u201ev pen\u011bz\u00edch\u201c (\u010derven\u00e9 pole) a tak\u00e9 jakou hodnotou se v\u00a0t\u011bchto pen\u011bz\u00edch nach\u00e1z\u00ed. V\u00a0m\u00e9m p\u0159\u00edpad\u011b se jedn\u00e1 o dv\u011b Long Put 70 a jednu Long Call 63. Long op\u010dn\u00ed kontrakty, kter\u00e9 nejsou v\u00a0pen\u011bz\u00edch jsou podbarveny zelenou barvou. U v\u0161ech Long kontrakt\u016f je mo\u017en\u00e9 v\u00a0prav\u00e9 \u010d\u00e1sti obr\u00e1zku vid\u011bt mo\u017enost \u201eSelect<\/strong>\u201c pro dal\u0161\u00ed zam\u00fd\u0161lenou akci (b\u00edl\u00fd obd\u00e9ln\u00edk). Proto\u017ee jsem se rozhodl prov\u00e9st Exercise u dvou Long Put 70,<\/strong> kliknu na \u201eSelect<\/strong>\u201c v\u00a0\u0159\u00e1dku t\u011bchto Long Put 70 opc\u00ed. Rozbalovac\u00ed menu nab\u00edz\u00ed dv\u011b mo\u017enosti \u00a0\u00a0<\/span><\/p>\n

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\u00a0\u00a0M\u00e1m mo\u017enost prov\u00e9st Early Exercise, tedy Exercise d\u0159\u00edve ne\u017e je automatick\u00e1 u expirace, u v\u0161ech kontrakt\u016f, kter\u00e9 jsem ozna\u010dil nebo jenom jejich ur\u010dit\u00fd po\u010det. M\u00e1m kontrakty dva a chci prov\u00e9st Exercise obou kontrakt\u016f, proto vyb\u00edr\u00e1m \u201eExercise Early \u2013 All<\/strong>\u201c. \u0158\u00e1dek s\u00a0op\u010dn\u00edmi kontrakty Long Put 70 se zm\u011bn\u00ed na p\u0159\u00edkazov\u00fd \u0159\u00e1dek k\u00a0proveden\u00ed obchodu.<\/span><\/p>\n

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\u00a0\u00a0 P\u0159\u00edkazov\u00fd \u0159\u00e1dek s\u00a0potvrzovac\u00edm pol\u00ed\u010dkem \u201eT\u201c<\/strong> se vytvo\u0159\u00ed na m\u00edst\u011b p\u016fvodn\u00edho slova \u201eSelect\u201c a nezb\u00fdv\u00e1, ne\u017e pokyn k\u00a0k\u00a0obchodu, tedy vlastn\u00ed Exercise potvrdit „kliknut\u00edm na T\u00e9\u010dko“ a odeslat. Sou\u010dasn\u011b s\u00a0vytvo\u0159en\u00edm tohoto obchodn\u00edho pokynu vysko\u010d\u00ed s\u00a0platformy \u201erekapitula\u010dn\u00ed okno\u201c<\/span><\/p>\n

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\u00a0 \u00a0V\u00a0tomto okn\u011b je vid\u011bt p\u0159ehled v\u0161ech op\u010dn\u00edch pozic<\/strong>, sou\u010dasn\u00fd cenov\u00fd v\u00fdvoj podkladu a p\u0159\u00edpadn\u011b velikost pozice na\u00a0 samotn\u00e9m podkladu, ale hlavn\u011b upozorn\u011bn\u00ed, do kolika hodin<\/strong> mus\u00edm tuto instrukci nejpozd\u011bji odeslat<\/strong> (b\u00edl\u00fd obd\u00e9ln\u00edk). Tento \u010das je stanoven na 22:40<\/strong> na\u0161eho st\u0159edoevropsk\u00e9ho \u010dasu<\/strong>. V\u00a0p\u0159\u00edpad\u011b LVS, jako akciov\u00e9 opce, m\u00e1m mo\u017enost t\u00e9m\u011b\u0159 cel\u00e9 t\u0159i\u010dtvrt\u011bhodiny po zav\u0159en\u00ed op\u010dn\u00edch trh\u016f tuto instrukci poslat.<\/span><\/p>\n

\u00a0 \u00a0Kliknut\u00edm na \u201eT\u201c tedy Exercise potvrd\u00edm a tato se provede. V\u00a0okam\u017eiku vid\u00edm na sv\u00e9m \u00fa\u010dtu proveden\u00fd obchod, kter\u00fdm jsem prodal 200 akci\u00ed LVS za cenu 70 USD\/kus, Long Put 70 opce, kter\u00e9 jsem Exercised pochopiteln\u011b zmizely.<\/span><\/p>\n

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\u00a0 \u00a0Z\u00a0TradeLog pro tento obchod mohu vy\u010d\u00edst tyto \u00fadaje:<\/span><\/p>\n

\u00a0\u00a0 1\/ Koupil jsem 2x Long Put 70<\/strong><\/span><\/p>\n

\u00a0\u00a0 2\/ Cena<\/strong> za jeden kontrakt byla -236 USD<\/strong><\/span><\/p>\n

\u00a0\u00a0 3\/ Za n\u00e1kup Long Put 70 jsem zaplatil poplatky<\/strong> ve v\u00fd\u0161i -2.56 USD<\/strong><\/span><\/p>\n

\u00a0\u00a0 4\/ Na\u0159\u00eddil jsem Exercise<\/strong> 2x Long Put 70<\/span><\/p>\n

\u00a0\u00a0 5\/ Pokyn k\u00a0Exercise byl u\u010din\u011bn v\u00a017:42:08<\/strong><\/span><\/p>\n

\u00a0\u00a0 6\/ Prodal<\/strong> jsem 200x akcie LVS<\/span><\/p>\n

\u00a0\u00a0 7\/ Cena<\/strong> prodeje byla 70 USD\/akcii LVS \u2013 hodnota strike<\/strong> m\u00e9 opce<\/span><\/p>\n

\u00a0\u00a0 8\/ Prodej byl uskute\u010dn\u011bn v\u00a017:42:08<\/strong>, tedy ve stejn\u00fd okam\u017eik, jako byla pod\u00e1na instrukce k\u00a0Exercise<\/span><\/p>\n

\u00a0\u00a0 T\u00edmto je cel\u00e1 procedura zakon\u010dena a m\u00e1m p\u0159esn\u011b to, co jsem pot\u0159eboval. Exercise je m\u00e9 nezadateln\u00e9 pr\u00e1vo a mohu jej uplatnit kdykoliv a jakkoliv. S\u00a0v\u00fdkonem tohoto pr\u00e1va mohou b\u00fdt spojeny dva probl\u00e9my, na kter\u00e9 by m\u011b ale platforma TWS upozornila. Mohu prov\u00e9st Exercise i mimo obchodn\u00ed hodiny op\u010dn\u00edch kontrakt\u016f a mohu tak\u00e9 na\u0159\u00eddit Exercise pro opci, kter\u00e1 je \u201emimo pen\u00edze\u201c<\/span><\/p>\n

Exercise mimo obchodn\u00ed hodiny<\/strong><\/span><\/h2>\n

\u00a0 V\u00a0p\u0159\u00edpad\u011b, \u017ee prov\u00e1d\u00edm Exercise mimo b\u011b\u017en\u00e9 obchodn\u00ed hodiny<\/strong>, nap\u0159\u00edklad b\u011bhem na\u0161eho dopoledne, po potvrzen\u00ed pokynu vysko\u010d\u00ed z\u00a0platformy n\u00e1sleduj\u00edc\u00ed okno.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 \u00a01\/ Obchodn\u00ed platforma m\u011b upozor\u0148uje, \u017ee vzhledem k\u00a0tomu, \u017ee se neobchoduje, nen\u00ed mo\u017en\u00e9 stanovit, jestli je op\u010dn\u00ed kontrakt, vybran\u00fd k\u00a0Exercise, \u201ev pen\u011bz\u00edch\u201c nebo \u201emimo pen\u00edze\u201c<\/span><\/p>\n

\u00a0\u00a0 2\/ Pokud jsem si jist\u00fd, \u017ee je opce \u201ev pen\u011bz\u00edch\u201c potvrd\u00edm \u201eOverride and Transmit\u201c a Exercise se provede<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 \u00a0<\/span>\u00a0\u00a0 Z\u00a0obr\u00e1zku je patrn\u00e9, \u017ee jsem provedl dnes v\u00a011:03, tedy p\u0159ed otev\u0159en\u00edm op\u010dn\u00edch trh\u016f<\/strong>, Exercise 3x Long Put 65 a \u017ee jej\u00edm v\u00fdsledkem byl prodej 300 Short akci\u00ed z\u00a0m\u00e9ho \u00fa\u010dtu za 65 USD\/kus v\u00a0tu samou chv\u00edli.<\/span><\/p>\n

Exercise opc\u00ed „mimo pen\u00edze“<\/strong><\/span><\/h2>\n

\u00a0\u00a0 Pokud bych se rozhodoval, jestli provedu Exercise<\/strong> op\u010dn\u00edho kontraktu, kter\u00fd je \u201emimo pen\u00edze\u201c<\/strong>, tak takovou situaci TWS tak\u00e9 vyhodnot\u00ed a provede pat\u0159i\u010dn\u00e9 upozorn\u011bn\u00ed. Na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku je patrn\u00e1 m\u00e1 snaha prov\u00e1d\u011bt Exercise Long Call 69, kter\u00e1 je „mimo pen\u00edze“.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 1\/ V\u00fdb\u011br<\/strong> op\u010dn\u00edho kontraktu k\u00a0Exercise, kter\u00fd je \u201emimo pen\u00edze\u201c<\/strong> bu\u010f z\u00e1m\u011brn\u011b nebo jsem se prost\u011b spletl<\/span><\/p>\n

\u00a0\u00a0 2\/ Vysko\u010den\u00e9 okno, kter\u00e9 m\u011b upozor\u0148uje, \u017ee opce je o 1.37 bodu vzd\u00e1lena \u201eod pen\u011bz\u201c<\/strong><\/span><\/p>\n

\u00a0\u00a0 3\/ Vysko\u010den\u00ed upozor\u0148ovac\u00edho okna mohu vypnout<\/strong>, pokud bude vzd\u00e1lenost \u201eod pen\u011bz\u201c krat\u0161\u00ed ne\u017e 5 tick\u016f, jinak se bude zobrazovat i nad\u00e1le<\/span><\/p>\n

\u00a0\u00a0 4\/ Potvrzen\u00edm \u201eOverride and Transmit\u201c se Exercise p\u0159esto provede<\/span><\/p>\n

\n

Option Exercise z\u00a0\u0159\u00e1dku op\u010dn\u00edho kontraktu<\/span><\/strong><\/h1>\n

\u00a0\u00a0 Rychlej\u0161\u00ed mo\u017enost\u00ed je prov\u00e1d\u011bt Exercise p\u0159\u00edmo z\u00a0\u0159\u00e1dku p\u0159\u00edslu\u0161n\u00e9ho kontraktu a vyhnout se tak otev\u00edr\u00e1n\u00ed Exercise oken z\u00a0menu TWS. Po z\u00e1kladn\u00edm nastaven\u00ed platformy mohu v\u00a0op\u010dn\u00edm \u0159et\u011bzci zadat tento pokyn podle n\u00ed\u017ee uveden\u00e9ho obr\u00e1zku.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 1\/ Kliknut\u00edm prav\u00fdm tla\u010d\u00edtkem my\u0161i do \u0159\u00e1dku s\u00a0op\u010dn\u00edm kontraktem otev\u0159u z\u00e1kladn\u00ed obchodn\u00ed nab\u00eddku<\/strong><\/span><\/p>\n

\u00a0\u00a0 2\/ Vyberu \u201eOption\u00a0Exercise<\/strong>\u201c<\/span><\/p>\n

\u00a0\u00a0 3\/ Potvrd\u00edm \u201eExercise<\/strong>\u201c<\/span><\/p>\n

\u00a0 Pokud nevyb\u00edr\u00e1m k\u00a0Exercise opci \u201emimo pen\u00edze\u201c nebo nezad\u00e1v\u00e1m pokyn mimo obchodn\u00ed hodiny, nebude m\u016fj \u00fakon ru\u0161en dal\u0161\u00edmi upozor\u0148ovac\u00edmi vyskakovac\u00edmi okny v\u00fd\u0161e a Exercise se provede okam\u017eit\u011b bez dal\u0161\u00edho vyskakov\u00e1n\u00ed oken k\u00a0dal\u0161\u00edm v\u00fdb\u011br\u016fm a potvrzen\u00edm.<\/span><\/p>\n

\n

\u00a0\u00a0 Techniku Exercise je dobr\u00e9 zn\u00e1t a m\u00edt alespo\u0148 z\u00e1kladn\u00ed pov\u011bdom\u00ed o tom, jak funguje a jak se zad\u00e1v\u00e1 v\u00a0obchodn\u00ed platform\u011b. P\u0159edpokl\u00e1d\u00e1m, \u017ee obdobn\u00e9 procedury zad\u00e1n\u00ed Exercise se objevuj\u00ed tak\u00e9 v\u00a0jin\u00fdch platform\u00e1ch, ne\u017e je TWS od Interactive Brokers, je pak dobr\u00e9 si jednotliv\u00e9 kroky vyzkou\u0161et, aby byl obchodn\u00edk p\u0159ipraven je kdykoliv pou\u017e\u00edt. Pro \u00faplnou informaci k\u00a0uk\u00e1zkov\u00e9mu obchodu s\u00a0akciemi LVS uv\u00e1d\u00edm, \u017ee pokud m\u00e1te \u00fa\u010det ni\u017e\u0161\u00ed ne\u017e 25.000 USD, tak je n\u00e1kup opce a jej\u00ed Exercise v\u00a0jedn\u00e9 obchodn\u00ed seanci pova\u017eov\u00e1no za intradenn\u00ed obchod, jejich po\u010det pak podl\u00e9h\u00e1 u t\u011bchto \u00fa\u010dt\u016f \u010dasov\u00e9 restrikci :c)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 V\u00a0n\u011bkolika posledn\u00edch dnech jsem v n\u011bkolika odpov\u011bd\u00edch v koment\u00e1\u0159\u00edch n\u011bkolikr\u00e1t zm\u00ednil mo\u017enost (n\u011bkdy nutnost) vyvolat proces Exercise op\u010dn\u00edho kontraktu na z\u00e1klad\u011b vlastn\u00edho \u00fasudku a rozhodnut\u00ed. Obchoduji u Interactive Brokers a p\u0159edpokl\u00e1d\u00e1m, \u017ee valn\u00e1 v\u011bt\u0161ina op\u010dn\u00edch obchodn\u00edk\u016f vyu\u017e\u00edv\u00e1 tuto obchodn\u00ed platformu nebo jej\u00ed mutace, proto bych cht\u011bl v\u00a0tomto \u010dl\u00e1nku uk\u00e1zat, Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":1095,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_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},"jetpack_post_was_ever_published":false},"categories":[2],"tags":[7],"class_list":["post-1081","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opcni-zaklady","tag-exercise"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-hr","jetpack-related-posts":[{"id":30,"url":"https:\/\/dobretrejdy.com\/?p=30","url_meta":{"origin":1081,"position":0},"title":"Exercise (uplatn\u011bn\u00ed) opc\u00ed","author":"dobretrejdy :c)","date":"29.3.2017","format":false,"excerpt":"\u00a0 \u00a0Exercise (uplatn\u011bn\u00ed) op\u010dn\u00edho kontraktu je nejmocn\u011bj\u0161\u00ed n\u00e1stroj vlo\u017een\u00fd do rukou dr\u017eitele opce a tvo\u0159\u00ed z\u00e1kladn\u00ed v\u00fdbavu obchodn\u00edho arsen\u00e1lu prot\u0159el\u00e9ho op\u010dn\u00edho obchodn\u00edka. Je neuv\u011b\u0159iteln\u00e9, jak m\u00e1lo je b\u011b\u017en\u00fdmi op\u010dn\u00edmi tradery Exercise vyu\u017e\u00edv\u00e1no a jak mal\u00e9 je pov\u011bdom\u00ed o jeho principu.\u00a0Exercise je pr\u00e1vo dr\u017eitele Long opce\u00a0americk\u00e9ho typu (Call nebo Put)\u00a0kdykoliv za\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\/main-2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/main-2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/main-2.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":411,"url":"https:\/\/dobretrejdy.com\/?p=411","url_meta":{"origin":1081,"position":1},"title":"Dividendy \u2013 III.","author":"dobretrejdy :c)","date":"20.5.2017","format":false,"excerpt":"\u00a0\u00a0 V\u00a0minul\u00e9m \u010dl\u00e1nku Dividendy \u2013 II.\u00a0jsem ukazoval re\u00e1ln\u00fd obchod, kter\u00fdm jsem se sna\u017eil vyu\u017e\u00edt fenom\u00e9n vypl\u00e1cen\u00ed Dividendy a dr\u017een\u00ed op\u010dn\u00edho kontraktu sou\u010dasn\u011b s\u00a0dr\u017een\u00edm Long akci\u00ed v obdob\u00ed Ex-Dividend Day. Jednalo se konkr\u00e9tn\u011b o Covered Call s\u00a0c\u00edlem z\u00edskat na takov\u00e9m ultrakr\u00e1tkodob\u00e9m obchodu n\u011bjak\u00fd profit vypl\u00fdvaj\u00edc\u00ed bu\u010f ze zisku Dividendy nebo ze\u2026","rel":"","context":"V \u201eDividendy\u201c","block_context":{"text":"Dividendy","link":"https:\/\/dobretrejdy.com\/?cat=28"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/obr-2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/obr-2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/obr-2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/obr-2.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":1686,"url":"https:\/\/dobretrejdy.com\/?p=1686","url_meta":{"origin":1081,"position":2},"title":"Vnit\u0159n\u00ed hodnota a Pr\u00e9mium","author":"dobretrejdy :c)","date":"8.4.2018","format":false,"excerpt":"\u00a0\u00a0\u00a0 Homonymum \u201eSink Or Swim\u201c zn\u00ed t\u00e9m\u011b\u0159 stejn\u011b jako n\u00e1zev skv\u011bl\u00e9 op\u010dn\u00ed analytick\u00e9 platformy z\u00a0minul\u00e9ho \u010dl\u00e1nku a zcela p\u0159esn\u011b vystihuje dialektiku tradingu, bu\u010f se mi poda\u0159\u00ed na trz\u00edch plavat nebo na nich utonu. Nev\u00edm, jestli vyn\u00e1lezci n\u00e1zvu t\u00e9to aplikace m\u011bli na mysli pr\u00e1v\u011b tyto protikladn\u00e9 procesy p\u0159e\u017eit\u00ed, ale platforma thinkorswim\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.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":3111,"url":"https:\/\/dobretrejdy.com\/?p=3111","url_meta":{"origin":1081,"position":3},"title":"Delta Neutral – V.","author":"dobretrejdy :c)","date":"13.4.2019","format":false,"excerpt":"\u00a0 Nakoupit Long Call op\u010dn\u00ed kontrakt a vytvo\u0159it Delta Neutr\u00e1ln\u00ed miniportfolio s\u00a0kladnou Gamma prodejem odpov\u00eddaj\u00edc\u00edho mno\u017estv\u00ed Short akci\u00ed bylo p\u0159edm\u011btem minul\u00e9ho \u010dl\u00e1nku. 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Popisoval jsem konstrukci ITM Covered Call na akcii AAPL a sou\u010dasn\u011b p\u0159edpokl\u00e1dal, \u017ee cel\u00fd obchod bude p\u0159ed\u010dasn\u011b ukon\u010den, proto\u017ee v\u00a0noci na Ex-Dividend Day prob\u00edh\u00e1\u2026","rel":"","context":"V \u201eDividendy\u201c","block_context":{"text":"Dividendy","link":"https:\/\/dobretrejdy.com\/?cat=28"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/div.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/div.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/div.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/div.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":574,"url":"https:\/\/dobretrejdy.com\/?p=574","url_meta":{"origin":1081,"position":5},"title":"Vega","author":"dobretrejdy :c)","date":"2.7.2017","format":false,"excerpt":"\u00a0\u201e\u2026 p\u0159esto\u017ee se v\u017eilo, \u017ee popis faktor\u016f p\u016fsob\u00edc\u00edch na tvorbu op\u010dn\u00ed ceny jsme zvykl\u00ed ozna\u010dovat \u0159eck\u00fdmi p\u00edsmeny Delta, Gamma, Th\u00e9ta, Rho, Vega, tak mus\u00edm podotknout, \u017ee Vega nen\u00ed p\u00edsmenem \u0159eck\u00e9 abecedy\u2026\u201c, v\u00a0tomto smyslu v\u011bt\u0161inou b\u00fdvaj\u00ed uv\u00e1d\u011bny \u010dl\u00e1nky o \"Vega\" zab\u00fdvaj\u00edc\u00ed se vlivem zm\u011bny Implied Volatility na cenu op\u010dn\u00edho kontraktu, z\u0159ejm\u011b\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\/07\/30.06.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/07\/30.06.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/07\/30.06.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/07\/30.06.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-5.jpg","_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/1081","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=1081"}],"version-history":[{"count":11,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/1081\/revisions"}],"predecessor-version":[{"id":1249,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/1081\/revisions\/1249"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/1095"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1081"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1081"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1081"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}