{"id":133,"date":"2017-04-07T11:05:17","date_gmt":"2017-04-07T11:05:17","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=133"},"modified":"2021-08-09T17:17:57","modified_gmt":"2021-08-09T15:17:57","slug":"covered-call-nebo-naked-put","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=133","title":{"rendered":"Covered Call nebo Naked Put?"},"content":{"rendered":"

\u00a0\u00a0 Je velmi kuri\u00f3zn\u00ed pozorovat, jak ve velk\u00e9 \u010d\u00e1sti publikovan\u00fdch \u010dl\u00e1nk\u016f nebo literatu\u0159e o obchodov\u00e1n\u00ed opc\u00ed, je jej\u00edmi autory odsuzov\u00e1no obchodov\u00e1n\u00ed s\u00a0nekryt\u00fdmi opcemi<\/strong>. V\u00fdpisy nekryt\u00fdch (\u201enaked\u201c) opc\u00ed je popisov\u00e1no jako hazard<\/strong> s\u00a0dalekos\u00e1hl\u00fdmi dopady na n\u00e1\u0161 obchodn\u00ed \u00fa\u010det s\u00a0neomezen\u00fdmi riziky. Pozice ni\u010d\u00edm nekryt\u00e9 Short Call nebo Short Put je pak prezentov\u00e1na bu\u010f jako v\u00fdsledek obchodn\u00edkovy nep\u0159im\u011b\u0159en\u00e9 chamtivosti nebo jeho tot\u00e1ln\u00ed neznalosti. Naproti tomu op\u010dn\u00ed kombinace Covered Call<\/strong><\/a>\u00a0<\/span>je t\u00e9m\u011b\u0159 v\u017edy popisov\u00e1na jako konzervativn\u00ed obchodn\u00ed strategie,<\/strong> kde chytr\u00fd a znal\u00fd akciov\u00fd obchodn\u00edk nejen\u017ee vyu\u017e\u00edv\u00e1 op\u010dn\u00edho pr\u00e9mia k\u00a0mo\u017en\u00e9mu dal\u0161\u00edmu profitu p\u0159i dr\u017een\u00ed akciov\u00e9ho portfolia, ale dokonce takovou akciovou pozici tak\u00e9 p\u0159im\u011b\u0159en\u011b p\u0159ijat\u00fdm pr\u00e9miem s\u00a0vypisov\u00e1n\u00edm opc\u00ed proti dr\u017een\u00fdm akci\u00edm tak\u00e9 moud\u0159e ochra\u0148uje. Je to pravda?<\/span><\/p>\n

\u00a0 \u00a0V\u00a0\u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b !!!<\/strong><\/span> Je to \u00fapln\u011b to sam\u00e1 z\u00e1le\u017eitost, ba naopak, n\u011bkter\u00e9 kvality takov\u00e9ho p\u0159\u00edstupu k obchodov\u00e1n\u00ed hovo\u0159\u00ed v\u00edce pro Naked Put<\/strong>, jak je to mo\u017en\u00e9?<\/span><\/p>\n

\u00a0\u00a0 Na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku je vid\u011bt riskgraf pozice Covered Call<\/strong>. Za situace, kdy se akcie AAPL obchoduje za 140 USD, jsem nakoupil 100 x Long akci\u00ed AAPL za cenu 140 USD<\/strong> a jako chytr\u00fd op\u010dn\u00ed obchodn\u00edk jsem vypsal Short Call se strikem 140<\/strong>. Za tuto vypsanou Short Call opci jsem inkasoval +250 USD pr\u00e9mia<\/strong>.<\/span><\/p>\n

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

\u00a0 \u00a0Pokud cena AAPL poroste, nemohu t\u011b\u017eit z r\u016fstu t\u00e9to ceny, proto\u017ee m\u00e1 Short Call je na strike 140 a p\u0159i cen\u011b akci\u00ed vy\u0161\u0161\u00ed ne\u017e 140 p\u0159i expiraci bude tato Short Call 140 p\u0159i\u0159azena a m\u00e9 akcie zmiz\u00ed za prodejn\u00ed cenu ve v\u00fd\u0161i strike t\u00e9to opce, tedy za 140 USD, kter\u00e1 je po\u0159izovac\u00ed cenou t\u011bchto akci\u00ed, z\u016fst\u00e1v\u00e1 mi v\u0161ak cel\u00e9 p\u0159ijat\u00e9 pr\u00e9mium z vypsan\u00e9 Short Call 140 ve v\u00fd\u0161i +250 USD jako profit<\/strong>. Z\u00a0grafu vypl\u00fdv\u00e1, \u017ee obdr\u017een\u00e9 pr\u00e9mium cel\u00e9 pozice mi tuto chr\u00e1n\u00ed do v\u00fd\u0161e +250 USD. M\u016fj Break Even<\/strong> je na \u00farovni strike 140 \u2013 250 USD = 137,50 USD<\/strong>. Pokud budou akcie klesat pod tuto hodnotu (BE) bude m\u00e1 pozice ztr\u00e1tov\u00e1. Proto\u017ee akcie mohou klesnout velmi dramaticky mohu utrp\u011bt stejn\u011b dramatickou ztr\u00e1tu. P\u0159i velk\u00e9m poklesu nap\u0159\u00edklad na hodnotu 130 USD<\/u> p\u0159i expiraci opce bude m\u00e1 ztr\u00e1ta na akci\u00edch -1.000 USD, kter\u00e1 bude \u010d\u00e1ste\u010dn\u011b kompenzov\u00e1na p\u0159ijat\u00fdm pr\u00e9miem z\u00a0Short Call opce ve v\u00fd\u0161i +250 USD, celkem tato ztr\u00e1ta bude -750 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku je vid\u011bt riskgraf pozice Naked Put<\/strong>. Ve stejn\u00e9 situaci, jako v\u00a0p\u0159edchoz\u00edm p\u0159\u00edpad\u011b, kdy je moment\u00e1ln\u00ed cena akci\u00ed AAPL 140 USD a jako \u201echamtiv\u00fd\u201c op\u010dn\u00ed obchodn\u00edk jsem vypsal pouze nekrytou \u201enaked\u201c Short Put 140 se strikem 140<\/strong>. Za tuto vypsanou Short Put opci jsem inkasoval tak\u00e9 +250 USD pr\u00e9mia<\/strong>.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Graf je zcela identick\u00fd !!!<\/strong>. Pokud cena AAPL poroste, nemohu t\u011b\u017eit z r\u016fstu t\u00e9to ceny, proto\u017ee m\u00e1 Short Put je na strike 140 a p\u0159i cen\u011b akci\u00ed vy\u0161\u0161\u00ed ne\u017e 140 p\u0159i expiraci tato Short Put 140 vypr\u0161\u00ed jako bezcenn\u00e1 a z\u016fst\u00e1v\u00e1 mi pak cel\u00e9 p\u0159ijat\u00e9 pr\u00e9mium ve v\u00fd\u0161i +250 USD jako profit<\/strong>. Z grafu vypl\u00fdv\u00e1, \u017ee obdr\u017een\u00e9 pr\u00e9mium Short Put 140 ve v\u00fd\u0161i +250 USD vytv\u00e1\u0159\u00ed m\u016fj Break Even<\/strong> na \u00farovni strike 140 \u2013 250 USD = 137,50 USD<\/strong>, je tedy stejn\u00fd, jako u cel\u00e9 pozice Covered Call. Pokud budou akcie klesat pod tuto hodnotu (BE) bude m\u00e1 pozice ztr\u00e1tov\u00e1. Proto\u017ee akcie mohou klesnout velmi dramaticky mohu utrp\u011bt stejn\u011b dramatickou ztr\u00e1tu. P\u0159i velk\u00e9m poklesu nap\u0159\u00edklad na hodnotu p\u0159i expiraci 130 USD<\/u> bude m\u00e1 ztr\u00e1ta na opci -1.000 USD (strike 140 \u2013 cena 130 USD), kter\u00e1 bude \u010d\u00e1ste\u010dn\u011b kompenzov\u00e1na p\u0159ijat\u00fdm pr\u00e9miem z\u00a0Short Put opce ve v\u00fd\u0161i +250 USD, celkem tato ztr\u00e1ta bude -750 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Z\u00a0pozice rizika obchodu je tedy \u00fapln\u011b jedno, jakou pozici zaujmu<\/strong><\/span>, jestli Covered Call nebo Short Put. Co je ale zaj\u00edmav\u00e9 jsou po\u017eadavky na margin<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 1\/<\/strong> V\u00a0p\u0159\u00edpad\u011b Covered Call<\/strong> je mi blokov\u00e1n margin na dr\u017een\u00e9 akcie ve v\u00fd\u0161i 50% jejich hodnoty, od kter\u00e9 se ode\u010d\u00edt\u00e1 v\u00fd\u0161e p\u0159ijat\u00e9ho pr\u00e9mia, p\u0159i cene akci\u00ed 140 USD, je to tedy 7.000 USD -250 USD = margin ve v\u00fd\u0161i 6.750 USD<\/strong><\/span>.<\/span><\/p>\n

\u00a0 \u00a02\/<\/strong> V\u00a0p\u0159\u00edpad\u011b Naked Put<\/strong> je mi blokov\u00e1n margin ve v\u00fd\u0161i 20% z\u00a0ceny podkladov\u00e9 akcie, od kter\u00e9 se ode\u010d\u00edt\u00e1 dolarov\u00e1 hodnota, kterou je strike opce OTM \u201emimo pen\u00edze\u201c, od tohoto v\u0161eho se pak ode\u010d\u00edt\u00e1 hodnota p\u0159ijat\u00e9ho pr\u00e9mia. V\u00a0m\u00e9m p\u0159\u00edpad\u011b, p\u0159i cen\u011b AAPL 140 USD tento margin \u010din\u00ed 2.800 USD (20% z\u00a014.000 USD) \u2013 0 USD (opce m\u00e1 strike na sou\u010dasn\u00e9 cen\u011b, je tedy ATM) \u2013 250 USD (p\u0159ijat\u00e9 pr\u00e9mium) = margin ve v\u00fd\u0161i 2.550 USD<\/strong><\/span>.<\/span><\/p>\n

\u00a0\u00a0\u00a0 Po\u017eadavek na margin je tedy zhruba t\u0159ikr\u00e1t ni\u017e\u0161\u00ed u Naked Put<\/strong>, ne\u017e je u Covered Call. V\u0161echno p\u0159i stejn\u00e9 tr\u017en\u00ed situaci a stejn\u00e9m riziku. Co je tedy lep\u0161\u00ed – Covered Call nebo Naked Put, kte\u0159\u00ed z\u00a0autor\u016f op\u010dn\u00edch publikac\u00ed maj\u00ed pravdu?….. :c) <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0\u00a0 Je velmi kuri\u00f3zn\u00ed pozorovat, jak ve velk\u00e9 \u010d\u00e1sti publikovan\u00fdch \u010dl\u00e1nk\u016f nebo literatu\u0159e o obchodov\u00e1n\u00ed opc\u00ed, je jej\u00edmi autory odsuzov\u00e1no obchodov\u00e1n\u00ed s\u00a0nekryt\u00fdmi opcemi. V\u00fdpisy nekryt\u00fdch (\u201enaked\u201c) opc\u00ed je popisov\u00e1no jako hazard s\u00a0dalekos\u00e1hl\u00fdmi dopady na n\u00e1\u0161 obchodn\u00ed \u00fa\u010det s\u00a0neomezen\u00fdmi riziky. Pozice ni\u010d\u00edm nekryt\u00e9 Short Call nebo Short Put je pak prezentov\u00e1na Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":136,"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":[4],"tags":[],"class_list":["post-133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opcni-kombinace"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/CCnp.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-29","jetpack-related-posts":[{"id":42,"url":"https:\/\/dobretrejdy.com\/?p=42","url_meta":{"origin":133,"position":0},"title":"Vypisov\u00e1n\u00ed opc\u00ed – kdo je kr\u00e1l?","author":"dobretrejdy :c)","date":"29.3.2017","format":false,"excerpt":"\u00a0 \u00a0Medi\u00e1ln\u00ed prezentace obchodov\u00e1n\u00ed opc\u00ed b\u00fdv\u00e1 v\u011bt\u0161inou v\u00a0\u00favodu spojena s\u00a0dv\u011bma fenom\u00e9ny, kter\u00e9 takov\u00e9 obchodov\u00e1n\u00ed p\u0159edstavuje a kter\u00e9 m\u00e1 zejm\u00e9na za\u010d\u00ednaj\u00edc\u00ed obchodn\u00edky nav\u00e9st na tu \u201espr\u00e1vnou cestu\u201c, jak vyd\u011blat. Prvn\u00edm sd\u011blen\u00edm ur\u010dit\u00e9 skupiny autor\u016f je \u201enevypisujte opce\u201c, vypisov\u00e1n\u00ed opc\u00ed je spojeno s\u00a0nep\u0159im\u011b\u0159en\u00fdm rizikem a je to jist\u00e1 cesta do pekla, kde\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\/mn.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/mn.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/mn.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/mn.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/mn.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":5223,"url":"https:\/\/dobretrejdy.com\/?p=5223","url_meta":{"origin":133,"position":1},"title":"Kreditn\u00ed strategie \u2013 IV.","author":"dobretrejdy :c)","date":"24.1.2021","format":false,"excerpt":"\u00a0 \u00a0V p\u0159edch\u00e1zej\u00edc\u00edm \u010dl\u00e1nku Kreditn\u00ed strategie \u2013 III. jsem pouk\u00e1zal na vztah pom\u011bru rizika a ztr\u00e1ty (RRR) k pot\u0159eb\u011b vysok\u00e9ho n\u00e1roku na po\u010det v\u00edt\u011bzn\u00fdch obchod\u016f (%Win), aby m\u011blo obchodov\u00e1n\u00ed popisovan\u00fdch kreditn\u00edch op\u010dn\u00edch kombinac\u00ed n\u011bjak\u00fd z\u00e1kladn\u00ed smysl. 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Tyto n\u00e1strahy\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\/12\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":2295,"url":"https:\/\/dobretrejdy.com\/?p=2295","url_meta":{"origin":133,"position":3},"title":"Syntetick\u00e9 pozice – I.","author":"dobretrejdy :c)","date":"14.8.2018","format":false,"excerpt":"\u00a0 \u00a0Nov\u00fd odd\u00edl m\u00e9ho webu Logika kombinac\u00ed, ve kter\u00e9m bych cht\u011bl v\u00edce uspo\u0159\u00e1dat a p\u0159idat t\u00e9mata navazuj\u00edc\u00ed na d\u0159\u00edve popsan\u00e9 z\u00e1kladn\u00ed op\u010dn\u00ed poznatky (zejm\u00e9na teoretick\u00e9), by m\u011bl znamenat m\u00edrn\u00fd teoretick\u00fd a praktick\u00fd posun v\u00a0rozkr\u00fdv\u00e1n\u00ed dal\u0161\u00edch z\u00e1kladn\u00edch obchodn\u00edch souvislost\u00ed. 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V minul\u00fdch \u010dl\u00e1nc\u00edch tak byly pops\u00e1ny \u201evelk\u00e9\u201c dluhopisov\u00e9 Treasury futures a n\u00e1sledn\u011b jejich desetinov\u00e9 klony - Treasury Micro futures. Oba tyto futures kontrakty replikuj\u00ed zm\u011bnu ceny podkladov\u00fdch aktiv\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/01\/Opt1.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/01\/Opt1.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/01\/Opt1.jpg?resize=525%2C300 1.5x"},"classes":[]},{"id":1055,"url":"https:\/\/dobretrejdy.com\/?p=1055","url_meta":{"origin":133,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/133","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=133"}],"version-history":[{"count":10,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/133\/revisions"}],"predecessor-version":[{"id":1416,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/133\/revisions\/1416"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/136"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}