{"id":150,"date":"2017-04-15T05:43:56","date_gmt":"2017-04-15T05:43:56","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=150"},"modified":"2022-05-14T08:11:53","modified_gmt":"2022-05-14T06:11:53","slug":"collar","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=150","title":{"rendered":"Collar"},"content":{"rendered":"

\u00a0 Jsem akcion\u00e1\u0159, opatrn\u00fd a b\u00e1zliv\u00fd akcion\u00e1\u0159. M\u00e1m velk\u00e9 obavy, abych na dr\u017een\u00ed akci\u00ed neprod\u011blal. V\u00edm, co je to Covered Call<\/a><\/strong><\/span>, kter\u00fd by mohl vytvo\u0159it n\u011bjakou ochranu m\u00e9 akciov\u00e9 investice, to mi ale nesta\u010d\u00ed, p\u0159ipad\u00e1 mi to velmi slab\u00e9 zaji\u0161t\u011bn\u00ed proti p\u0159\u00edpadn\u00e9mu hlub\u0161\u00edmu poklesu. Jak\u00e9 m\u00e1m jednoduch\u00e9 mo\u017enosti? Vytvo\u0159\u00edm Collar<\/strong><\/span>.<\/span><\/p>\n

\u00a0\u00a0 Prodej Short Call opce k\u00a0dr\u017een\u00fdm Long akci\u00edm a n\u00e1kup Long Put<\/span><\/strong><\/span><\/h4>\n

\u00a0\u00a0 Neud\u011blal jsem tedy nic jin\u00e9ho, ne\u017e \u017ee jsem k\u00a0dr\u017een\u00fdm akci\u00edm koupil Long Put, jako ochranu proti mo\u017en\u00e9mu poklesu a tento n\u00e1kup ochrany akci\u00ed jsem \u010d\u00e1ste\u010dn\u011b financoval t\u00edm, \u017ee jsem vypsal Short Call. Na pozici se pak mohu d\u00edvat jako na Covered Call s\u00a0Long Put nebo se ni mohu d\u00edvat jako na Long akcie s\u00a0po\u0159\u00edzenou zaji\u0161\u0165ovac\u00ed Long Put (takov\u00e1 kombinaci je n\u011bkdy naz\u00fdv\u00e1na \u201eMarried Put\u201c), ke kter\u00e9 jsem po\u0159\u00eddil vypsanou Short Call. M\u011b osobn\u011b se v\u00edce l\u00edb\u00ed pohled na Collar pr\u00e1v\u011b z\u00a0druh\u00e9 perspektivy, kdy dr\u017een\u00e9 Long akcie zaji\u0161\u0165uji proti propadu n\u00e1kupem Long Put opce a na jej\u00ed financov\u00e1n\u00ed vypisuji Short Call opci.<\/span><\/p>\n

\u00a0\u00a0 Volba strike obou opc\u00ed je pak odpov\u011bd\u00ed na ot\u00e1zky, nakolik jsem konzervativn\u00ed a opatrn\u00fd obchodn\u00edk, jak\u00fd je m\u016fj pohled na budouc\u00ed v\u00fdvoj podkladov\u00e9ho aktiva nebo tak\u00e9, jak jsem p\u0159ipraven celou takovou pozici v\u00a0budoucnosti \u0159\u00eddit podle v\u00fdvoje ceny podkladov\u00e9ho aktiva. Z\u00a0logiky konstrukce Collaru pak vypl\u00fdv\u00e1, \u017ee mohu m\u00edt dv\u011b smyslupln\u00e9 mo\u017enosti, jak takov\u00fd Collar po\u0159\u00eddit.<\/span><\/p>\n

A\/ Short Call<\/strong> je na vy\u0161\u0161\u00edm strike<\/strong> ne\u017e Long Put<\/strong>.<\/span><\/p>\n

\u00a0\u00a0\u00a0 Nejb\u011b\u017en\u011bji pou\u017e\u00edvan\u00e1 ochrana podkladov\u00e9ho aktiva pomoc\u00ed Collaru s\u00a0r\u016fzn\u00fdmi strikes, kdy Short Call je na vy\u0161\u0161\u00edm strike, ne\u017e je strike Long Put ochrann\u00e9 opce. Touto variantou \u201eklasick\u00e9ho\u201c Collaru se budu v\u00a0tomto \u010dl\u00e1nku zab\u00fdvat.<\/span><\/p>\n

B\/ Short Call<\/strong> je na stejn\u00e9m strike<\/strong> jako Long Put.<\/strong><\/span><\/p>\n

\u00a0\u00a0 T\u00e9to kombinace, kter\u00e1 je naz\u00fdv\u00e1na Conversion, jsem se ji\u017e dotkl v\u00a0minul\u00fdch \u010dl\u00e1nc\u00edch a bude jako \u201especi\u00e1ln\u00ed\u201c druh Collaru p\u0159edm\u011btem m\u00fdch dal\u0161\u00edch \u010dl\u00e1nk\u016f. Ponechal bych ji proto nyn\u00ed stranou.<\/span><\/p>\n

\u00a0\u00a0 Proto\u017ee jsem nazna\u010dil, \u017ee m\u016fj pohled na Collar je sp\u00ed\u0161e pohledem na dr\u017een\u00e9 akcie s\u00a0po\u0159\u00edzenou ochranou Long Put, ke kter\u00e9 n\u00e1sledn\u011b vypisujeme Short Call (m\u00edsto pohledu z\u00a0perspektivy Covered Call + Long Put), potom m\u016f\u017eu podle po\u0159\u00edzen\u00e9 Long Put tento pohled na Collar takto d\u00e1le rozd\u011blovat do t\u0159\u00ed z\u00e1kladn\u00edch poloh, Collar s\u00a0Long Put OTM, Collar s Long Put ATM a Collar s Long Put ITM.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0 Long Put OTM (\u201emimo pen\u00edze\u201c)<\/strong><\/span><\/h2>\n

\u00a0 Abych zbyte\u010dn\u011b neteoretizoval, tak v\u0161e budu demonstrovat na praktick\u00e9m p\u0159\u00edkladu. Na obr\u00e1zku je vid\u011bt mo\u017en\u00e9 praktick\u00e9 po\u0159\u00edzen\u00ed kombinace klasick\u00e9ho Collaru na akci\u00edch AAPL. P\u0159i sou\u010dasn\u00e9 po\u0159izovac\u00ed cen\u011b AAPL za 141,00 USD<\/strong> mohu po\u0159\u00eddit OTM<\/strong><\/span>\u00a0Long Put na strike 138 za -68 USD<\/strong> a k jej\u00edmu financov\u00e1n\u00ed mohu vypsat OTM<\/span> Short Call opci na strike 144 za +55 USD<\/strong>. Ob\u011b opce jsou od sou\u010dasn\u00e9 ceny vzd\u00e1leny t\u0159i body a maj\u00ed expiraci za 14 dn\u016f.<\/span><\/p>\n

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

\u00a0 Za 100 x Long akcie AAPL<\/strong> s\u00a0moment\u00e1ln\u00ed cenou 141 USD\/kus jsem tedy zaplatil -14.100 USD<\/strong>. Long Put 138<\/strong> m\u011b st\u00e1la -66 USD<\/strong> a za Short Call 144<\/strong> jsem utr\u017eil +55 USD<\/strong> pr\u00e9mia. Celkem jsou m\u00e9 n\u00e1klady na celou pozici Collar -14.100 USD (akcie) \u2013 66 USD (Long Put) +55 USD (Short Call) = -14.111 USD<\/strong>.<\/span><\/p>\n

\u00a0 Po\u0159\u00edzen\u00e9 opce k\u00a0nakoupen\u00fdm akci\u00edm mi p\u0159i expiraci zaru\u010duj\u00ed<\/strong>, \u017ee:<\/span><\/p>\n

\u00a0\u00a0 A\/ p\u0159i jak\u00e9mkoliv poklesu AAPL o v\u00edce ne\u017e t\u0159i body<\/strong> mi m\u00e1 Long Put 138 garantuje, \u017ee tyto akcie v\u017edy prod\u00e1m (provedu exercise) za 138 USD a z\u00edsk\u00e1m +13.800 USD. Potom bude m\u00e1 ztr\u00e1ta <\/strong>ve v\u00fd\u0161i -14.113 USD + 13.800 USD = -311 USD<\/strong>. Vy\u0161\u0161\u00ed ztr\u00e1tu nemohu utrp\u011bt.<\/span><\/p>\n

\u00a0\u00a0 B\/ p\u0159i jak\u00e9mkoliv r\u016fstu AAPL o v\u00edce ne\u017e t\u0159i body<\/strong> mi m\u00e1 Short Call 144 garantuje, \u017ee tyto akcie v\u017edy prod\u00e1m (budu assigned) za 144 USD a z\u00edsk\u00e1m +14.400 USD. Potom bude m\u016fj profit<\/strong> ve v\u00fd\u0161i -14.111 USD + 14.400 USD = +289 USD<\/strong>. Vy\u0161\u0161\u00ed profit b\u00fdt nem\u016f\u017ee.<\/span><\/p>\n

\u00a0\u00a0 P\u0159i p\u0159iv\u0159en\u00ed obou o\u010d\u00ed je tak moje maxim\u00e1ln\u00ed ztr\u00e1ta (-313 USD) t\u00e9m\u011b\u0159 stejn\u00e1, jako mo\u017en\u00fd maxim\u00e1ln\u00ed profit (+287 USD). \u201eRisk a Reward\u201c<\/strong> je tak v\u00a0pom\u011bru zhruba 1:1<\/strong>. Pokud by za \u010dtrn\u00e1ctidenn\u00edho \u017eivota opc\u00ed do\u0161lo k\u00a0\u017e\u00e1dan\u00e9mu uptrendu, pravd\u011bpodobn\u011b bych byl s\u00a0profitem spokojen, takov\u00fd pocit bych ov\u0161em ur\u010dit\u011b nem\u011bl, kdyby akcie AAPL klesaly. P\u0159ipad\u00e1 mi to tak n\u011bjak \u201ehodn\u011b slab\u00e9\u201c \u0159e\u0161en\u00ed.<\/span><\/p>\n

\u00a0 \u00a0V\u011bt\u0161inou v\u00a0tomto okam\u017eiku popisu nebo rozboru risku\/zisku takov\u00e9 \u201enorm\u00e1ln\u00ed\u201c pozice Collar kon\u010d\u00ed v\u011bt\u0161ina op\u010dn\u00edch publikac\u00ed nebo \u010dl\u00e1nk\u016f. Op\u010dn\u00ed trading je ale skv\u011bl\u00fd pr\u00e1v\u011b v\u00a0tom, \u017ee nab\u00edz\u00ed \u0161irokou \u0161k\u00e1lu dal\u0161\u00edch \u0159e\u0161en\u00ed a mo\u017en\u00fdch p\u0159\u00edstup\u016f, jak nap\u0159\u00edklad takovou jednoduchou kombinaci d\u00e1le vylep\u0161ovat a tak\u00e9 mo\u017en\u00e1 \u0159\u00eddit. Toto v\u0161e si pak je\u0161t\u011b nav\u00edc m\u016f\u017eete p\u0159izp\u016fsobit \u201esv\u00e9mu vkusu\u201c, tedy tomu, jak\u00fd zp\u016fsob obchodov\u00e1n\u00ed v\u00e1m l\u00e9pe sed\u00ed.\u00a0<\/span><\/p>\n

\u00a0\u00a0 Cel\u00fd z\u00e1kladn\u00ed pohled na konstrukci Collaru by m\u011bl za\u010d\u00edt jednoduchou \u00favahou, jak vlastn\u011b dlouho chci akcie dr\u017eet, co od nich \u010dek\u00e1m a jak\u00e9 riziko chci p\u0159i jejich dr\u017een\u00ed n\u00e9st<\/strong>. Pokud chci dr\u017eet akcie pouze n\u011bkolik okam\u017eik\u016f (minut, hodin), nemus\u00edm se zpravidla n\u011bjakou ochranou pomoc\u00ed opc\u00ed zab\u00fdvat. V\u011bt\u0161ina dr\u017eitel\u016f akci\u00ed v\u0161ak tyto nepo\u0159izuje s\u00a0takovou kr\u00e1tkodobou p\u0159edstavou, ale maj\u00ed v\u011bt\u0161inou n\u011bjak\u00fd dlouhodob\u011bj\u0161\u00ed \u010dasov\u00fd horizont<\/strong>. Budu tedy p\u0159edpokl\u00e1dat, \u017ee chci akcie dr\u017eet n\u011bjakou v\u00fdrazn\u011b del\u0161\u00ed dobu, v\u00a0\u0159\u00e1dech t\u00fddn\u016f \u010di m\u011bs\u00edc\u016f. Proto\u017ee se jedn\u00e1 o investici do Long akci\u00ed \u2013 m\u016fj pohled na jejich v\u00fdvoj by m\u011bl b\u00fdt r\u016fstov\u00fd<\/strong>, to je logick\u00e9, akcie si p\u0159ece nekupuji, aby jejich cena klesala a j\u00e1 na nich prod\u011blal. Proto\u017ee jsem si v\u011bdom skute\u010dnosti, \u017ee trhy se nepohybuj\u00ed tak, jak bych si p\u0159\u00e1l, vn\u00edm\u00e1m siln\u00e9 riziko<\/strong> spojen\u00e9 s\u00a0jejich dr\u017een\u00edm. K\u00a0takov\u00e9mu riziku v\u0161ak m\u00e1m zna\u010dnou averzi, chci se tedy proti jejich poklesu zajistit nebo alespo\u0148 ud\u011blat v\u0161e tak, aby zaji\u0161t\u011bn\u00ed m\u011blo co nejv\u011bt\u0161\u00ed efekt.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0 Long Put ATM (\u201ena pen\u011bz\u00edch\u201c)<\/strong><\/span><\/h2>\n

\u00a0\u00a0 Prvn\u00ed mo\u017enost\u00ed, jak si takov\u00e9 riziko poklesu nep\u0159ipustit a chr\u00e1nit se proti n\u011bmu by bylo, ve sv\u011btle m\u00e9ho v\u00fd\u0161e uveden\u00e9ho p\u0159\u00edkladu, kdy se akcie AAPL obchoduje za 141 USD, po\u0159\u00eddit Long Put opci pr\u00e1v\u011b na tento strike, tedy m\u00e1 ochrann\u00e1 Long Put bude ATM<\/strong>. Short Call vyp\u00ed\u0161i o t\u0159i strike v\u00fd\u0161e, tedy stejn\u011b na strike 144. V\u0161echny opce jsou op\u011bt s\u00a0expirac\u00ed za \u010dtrn\u00e1ct dn\u016f. Viz n\u00ed\u017ee uveden\u00fd obr\u00e1zek.<\/span><\/p>\n

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

\u00a0\u00a0 Za 100 x Long akcie AAPL<\/strong> s\u00a0moment\u00e1ln\u00ed cenou 141 USD<\/strong>\/kus jsem tedy zaplatil -14.100 USD<\/strong>. Long Put 141<\/strong>, se strike na sou\u010dasn\u00e9 cen\u011b<\/span>, m\u011b st\u00e1la -164 USD<\/strong> a za Short Call 144<\/strong> jsem utr\u017eil +55 USD<\/strong> pr\u00e9mia. Celkem jsou m\u00e9 n\u00e1klady na celou pozici Collar -14.100 USD (akcie) \u2013 164 USD (Long Put) +55 USD (Short Call) = -14.209 USD.<\/strong><\/span><\/p>\n

Po\u0159\u00edzen\u00e9 opce k\u00a0nakoupen\u00fdm akci\u00edm mi p\u0159i expiraci zaru\u010duj\u00ed<\/strong>, \u017ee:<\/span><\/p>\n

\u00a0\u00a0 A\/ p\u0159i jak\u00e9mkoliv poklesu AAPL<\/strong> mi m\u00e1 Long Put 141 garantuje, \u017ee tyto akcie v\u017edy prod\u00e1m (provedu exercise) za 141 USD a z\u00edsk\u00e1m +14.100 USD. Potom bude m\u00e1 ztr\u00e1ta <\/strong>ve v\u00fd\u0161i -14.209 USD + 14.100 USD = -109 USD<\/strong>. Vy\u0161\u0161\u00ed ztr\u00e1tu nemohu utrp\u011bt.<\/span><\/p>\n

\u00a0\u00a0 B\/ p\u0159i jak\u00e9mkoliv r\u016fstu AAPL o v\u00edce ne\u017e t\u0159i body<\/strong> mi m\u00e1 Short Call 144 garantuje, \u017ee tyto akcie v\u017edy prod\u00e1m (budu assigned) za 144 USD a z\u00edsk\u00e1m +14.400 USD. Potom bude m\u016fj profit<\/strong> ve v\u00fd\u0161i -14.209 USD + 14.400 USD = +191 USD<\/strong>. Vy\u0161\u0161\u00ed profit b\u00fdt nem\u016f\u017ee.<\/span><\/p>\n

\u00a0\u00a0 V takov\u00e9m p\u0159\u00edpad\u011b je tak moje maxim\u00e1ln\u00ed ztr\u00e1ta (-109 USD) t\u00e9m\u011b\u0159 polovi\u010dn\u00ed ne\u017e mo\u017en\u00fd maxim\u00e1ln\u00ed profit (+191 USD). \u201eRisk a Reward\u201c je tak v\u00a0pom\u011bru zhruba 1:2<\/strong>. To je v\u00fdrazn\u011b lep\u0161\u00ed konstelace ne\u017e vytvo\u0159en\u00ed Collaru v\u00a0p\u0159edch\u00e1zej\u00edc\u00edm p\u0159\u00edpad\u011b s\u00a0OTM strike obou opc\u00ed.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0 Long Put ITM (\u201ev pen\u011bz\u00edch\u201c)<\/strong><\/span><\/h2>\n

\u00a0\u00a0 Posunut\u00edm strike Long Put na sou\u010dasnou obchodovanou cenu akcie v\u00fdrazn\u011b vylep\u0161ilo profil pom\u011bru ztr\u00e1ty\/zisku. V\u00a0dal\u0161\u00edm p\u0159\u00edkladu tedy p\u016fjdu je\u0161t\u011b d\u00e1l a pono\u0159\u00edm ochrannou Long Put ITM (\u201edo pen\u011bz\u201c)<\/strong> a Short Call pak vyp\u00ed\u0161u o t\u0159i strike v\u00fd\u0161e ne\u017e je po\u0159\u00edzen\u00e1 Long Put. Pou\u017eiji op\u011bt sou\u010dasnou situaci, kdy se akcie AAPL obchoduje za 141 USD, potom by byla situace takov\u00e1, jako je na obr\u00e1zku. Opce jsou op\u011bt s\u00a0expirac\u00ed za \u010dtrn\u00e1ct dn\u016f.<\/span><\/p>\n

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

\u00a0\u00a0\u00a0 Za 100 x Long akcie AAPL<\/strong> s\u00a0moment\u00e1ln\u00ed cenou 141 USD\/kus jsem tedy zaplatil -14.100 USD<\/strong>. Long Put 142<\/strong>, se strike nad sou\u010dasnou cenou (ITM)<\/span>, m\u011b st\u00e1la -215 USD<\/strong> a za Short Call 145<\/strong> jsem utr\u017eil +40 USD<\/strong> pr\u00e9mia. Celkem jsou m\u00e9 n\u00e1klady na celou pozici Collar -14.100 USD (akcie) \u2013 215 USD (Long Put) +40 USD (Short Call) = -14.275 USD<\/strong>.<\/span><\/p>\n

Po\u0159\u00edzen\u00e9 opce k\u00a0nakoupen\u00fdm akci\u00edm mi p\u0159i expiraci zaru\u010duj\u00ed<\/strong>, \u017ee:<\/span><\/p>\n

\u00a0\u00a0 A\/ p\u0159i jak\u00e9mkoliv poklesu AAPL<\/strong> pod sou\u010dasnou cenu mi m\u00e1 Long Put 142 garantuje, \u017ee tyto akcie v\u017edy prod\u00e1m (provedu exercise) za 142 USD a z\u00edsk\u00e1m +14.200 USD. Potom bude m\u00e1 ztr\u00e1ta <\/strong>ve v\u00fd\u0161i -14.275 USD + 14.200 USD = -75 USD<\/strong>. Vy\u0161\u0161\u00ed ztr\u00e1tu nemohu utrp\u011bt.<\/span><\/p>\n

\u00a0\u00a0 B\/ p\u0159i jak\u00e9mkoliv r\u016fstu AAPL <\/strong>nad strike m\u00e9 Short Call 145 mi tato opce garantuje, \u017ee tyto akcie v\u017edy prod\u00e1m (budu assigned) za 145 USD a z\u00edsk\u00e1m +14.500 USD. Potom bude m\u016fj profit<\/strong> ve v\u00fd\u0161i -14.275 USD + 14.500 USD = +225 USD<\/strong>. Vy\u0161\u0161\u00ed profit b\u00fdt nem\u016f\u017ee.<\/span><\/p>\n

\u00a0\u00a0 V takov\u00e9m p\u0159\u00edpad\u011b je tak moje maxim\u00e1ln\u00ed ztr\u00e1ta (-75 USD) t\u0159etinov\u00e1 ne\u017e mo\u017en\u00fd maxim\u00e1ln\u00ed profit (+225 USD). \u201eRisk a Reward\u201c je tak v\u00a0pom\u011bru 1:3<\/strong>. Toto je nejlep\u0161\u00ed mo\u017enost z\u00a0uv\u00e1d\u011bn\u00fdch mo\u017enost\u00ed.<\/span><\/p>\n

\u00a0\u00a0 Na prvn\u00ed pohled to vypad\u00e1 skv\u011ble, m\u00e1 to v\u0161ak h\u00e1\u010dek. V\u00fd\u0161e uveden\u00e9 mo\u017enosti pracuj\u00ed pouze s\u00a0porovn\u00e1n\u00edm maxim\u00e1ln\u00ed mo\u017en\u00e9 ztr\u00e1ty a maxim\u00e1ln\u00edho profitu<\/strong>, tedy poklesy pod strike Long Put a r\u016fsty nad strike Short Call. Pokud bychom porovn\u00e1vali Break-Even body<\/strong> takov\u00fdch mo\u017en\u00fdch Collar\u016f, tak zjist\u00edme, \u017ee aby z\u016fstala cel\u00e1 pozice p\u0159i expiraci alespo\u0148 na nule, mus\u00ed akcie AAPL vzr\u016fst o n\u011bjakou hodnotu, kter\u00e1 by \u201ezafinancovala\u201c nakoupenou op\u010dn\u00ed ochranu. Ve v\u0161ech p\u0159\u00edpadech jsme toti\u017e Long Put opci (a\u0165 jsme ji um\u00edstili kamkoliv) po\u0159\u00eddili dr\u00e1\u017e, ne\u017e jsme utr\u017eili za pr\u00e9mium ze Short Call opce. V\u00a0p\u0159\u00edpad\u011b s\u00a0OTM Long Put opc\u00ed<\/span> jsme po\u0159\u00eddili opce za debet -11 USD, potom by musela akcie AAPL vystoupat do expirace + 0,11 USD na hodnotu BE bodu na hodnot\u011b 141,11 USD. V\u00a0p\u0159\u00edpad\u011b s\u00a0ATM Long Put opc\u00ed<\/span> jsme po\u0159\u00eddili opce za debet -109 USD, potom by musela akcie AAPL vystoupat do expirace + 1,09 USD na hodnotu BE bodu na hodnot\u011b 142,09 USD a v\u00a0posledn\u00edm p\u0159\u00edpad\u011b s\u00a0ITM Long Put opc\u00ed<\/span> jsme po\u0159\u00eddili opce za debet -175 USD, potom by musela akcie AAPL vystoupat do expirace + 1,75 USD na hodnotu BE bodu na hodnot\u011b 142,75 USD. Ukon\u010den\u00edm obchodov\u00e1n\u00ed p\u0159i expiraci opc\u00ed pod jejich BE body by bylo v\u017edy \u201en\u011bjak\u201c ztr\u00e1tov\u00e9 a nad BE body \u201en\u011bjak\u201c ziskov\u00e9, pokud by samoz\u0159ejm\u011b nedo\u0161lo k\u00a0prora\u017een\u00ed strike opc\u00ed a tyto zisky\/ztr\u00e1ty by pak byl maxim\u00e1ln\u00ed.<\/span><\/p>\n

\u00a0\u00a0 P\u0159edeslal jsem, \u017ee dr\u017een\u00ed akci\u00ed b\u00fdv\u00e1 v\u011bt\u0161inou dlouhodob\u011bj\u0161\u00ed z\u00e1le\u017eitost<\/strong>. V\u00fd\u0161e popisovan\u00e9 p\u0159\u00edklady pak pracovaly s\u00a0opcemi, jejich\u017e expirace je za \u010dtrn\u00e1ct dn\u016f. Z\u00a0uveden\u00fdch p\u0159\u00edklad\u016f tak\u00e9 vypl\u00fdvalo, \u017ee po\u0159izov\u00e1n\u00ed ochrany pomoc\u00ed Long Put opc\u00ed nen\u00ed v\u00a0\u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b zadarmo a toto vytv\u00e1\u0159\u00ed tlak na nutnost r\u016fstu ceny akci\u00ed, aby z\u00a0tohoto r\u016fstu byly tak\u00e9 financov\u00e1ny \u010d\u00e1ste\u010dn\u011b n\u00e1klady na po\u0159\u00edzen\u00ed t\u011bchto Long Put a pokryly tak tu \u010d\u00e1st n\u00e1klad\u016f, kter\u00e9 nesta\u010dila financovat vypsan\u00e1 Short Call opce. Jak takov\u00fd nedostatek vylep\u0161it?<\/span><\/p>\n

\u00a0\u00a0 Nejp\u0159\u00edzniv\u011bj\u0161\u00ed pom\u011br zisku a ztr\u00e1ty vych\u00e1zel u varianty s\u00a0Long Put opc\u00ed, kter\u00e1 byla ITM<\/strong>. Pokud bych takovou Long Put oproti v\u00fd\u0161e uveden\u00fdm p\u0159\u00edklad\u016fm je\u0161t\u011b v\u00edce pono\u0159il do pen\u011bz a uva\u017eoval o takov\u00e9 \u010dtrn\u00e1ctidenn\u00ed opci se strikem 145<\/strong> (\u010dty\u0159i body v\u00a0pen\u011bz\u00edch), potom bych podle obr\u00e1zk\u016f za takovou opci s\u00a0expirac\u00ed za \u010dtrn\u00e1ct dn\u016f zaplatil -435 USD<\/strong>. Rozd\u011blen\u00edm n\u00e1klad\u016f na jednotliv\u00e9 budouc\u00ed dny do expirace bych zjistil, \u017ee takov\u00e9 n\u00e1klady by pro mou \u010dtrn\u00e1ctidenn\u00ed Long Put opci p\u0159edstavovaly \u010d\u00e1stku 31,07 USD\/den<\/strong>. Pokud bych uva\u017eoval, \u017ee akcie AAPL budu dr\u017eet v\u00a0dlouhodob\u011bj\u0161\u00edm horizontu ne\u017e je t\u011bchto \u010dtrn\u00e1ct dn\u016f, nap\u0159\u00edklad p\u016fl roku, mohu ze sou\u010dasn\u00e9 nab\u00eddky cen Long Put opc\u00ed \u00a0na ITM strike 145 v\u00a0jednotliv\u00fdch n\u00e1sleduj\u00edc\u00edch expirac\u00edch vy\u010d\u00edst tyto \u00fadaje, kter\u00e9 jsou vyobrazeny v\u00a0t\u00e9to tabulce.<\/span><\/p>\n

\"\"\u00a0\u00a0 Z\u00a0tabulky vypl\u00fdv\u00e1, \u017ee v\u00a0\u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b nen\u00ed<\/strong> rozlo\u017een\u00ed cen Long opc\u00ed<\/strong> na stejn\u00e9m strike line\u00e1rn\u00ed<\/strong> vzhledem ke vzd\u00e1lenosti t\u011bchto opc\u00ed do expirace. N\u00e1klady na den se sni\u017euj\u00ed, a to dost dramaticky v\u00a0z\u00e1vislosti na tom, jak\u00e1 je doba do expirace. Co z\u00a0takov\u00fdch \u00fadaj\u016f mohu vy\u010d\u00edst a jak takov\u00e9 ceny vyu\u017e\u00edt? Zejm\u00e9na je patrn\u00e9, \u017ee \u010d\u00edm bl\u00ed\u017ee k\u00a0expiraci, t\u00edm je rozd\u00edl v\u011bt\u0161\u00ed. Pokud bych porovnal rozd\u00edl denn\u00edch n\u00e1klad\u016f mezi opcemi s\u00a0expirac\u00ed za 21 dn\u016f a 28 dn\u016f<\/strong> (prvn\u00ed dva sloupce) \u010din\u00ed tento rozd\u00edl 4,58 USD\/den<\/strong>, rozd\u00edl denn\u00edch n\u00e1klad\u016f mezi opcemi s\u00a0expirac\u00ed za 154 a 189 dn\u016f<\/strong> (posledn\u00ed dva sloupce) \u010din\u00ed pouze 0,79 USD\/den<\/strong>. Je to d\u016fkazem skute\u010dnosti, \u017ee opce t\u00edm rychleji ztr\u00e1cej\u00ed na sv\u00e9 cen\u011b, jak se dramati\u010dt\u011bji p\u0159ibli\u017euj\u00ed ke sv\u00e9 expiraci, zat\u00edmco u vzd\u00e1len\u011bj\u0161\u00edch opc\u00ed s\u00a0velk\u00fdm \u010dasov\u00fdm odstupem od expirace je rozpad ceny takov\u00fdch opc\u00ed vlivem \u010dasu nepatrn\u00fd. Nav\u00edc zde zobrazen\u00e9 ceny jsou pro Long Put opci se strike 145, kter\u00e1 je \u010dty\u0159i body v\u00a0pen\u011bz\u00edch a m\u00e1 tak 400 USD vnit\u0159n\u00ed hodnotu. Zjednodu\u0161en\u011b \u0159e\u010deno, opce se vzd\u00e1len\u011bj\u0161\u00ed expiraci \u201edr\u017e\u00ed svou cenu\u201c daleko l\u00e9pe, ne\u017e opce s\u00a0bli\u017e\u0161\u00ed expirac\u00ed. Proto\u017ee sleduji ceny ochrann\u00e9 Long Put, je samoz\u0159ejm\u00e9, \u017ee toto plat\u00ed tak\u00e9 pro vypisovan\u00e9 Short Call opce. Co si z\u00a0tohoto mohu vz\u00edt pro sv\u016fj Collar?<\/span><\/p>\n

\u00a0\u00a0 P\u0159i investi\u010dn\u00edm horizontu p\u016fl roku, po kter\u00fd chci dr\u017eet sv\u00e9 Long akcie AAPL, provedu n\u00e1sleduj\u00edc\u00ed obchodn\u00ed rozhodnut\u00ed, kter\u00fdm se budu sna\u017eit chr\u00e1nit svou akciovou pozici.<\/span><\/p>\n

\u00a0\u00a0\u00a0 Za 100 x Long akci\u00ed AAPL<\/strong> s\u00a0moment\u00e1ln\u00ed cenou 141 USD\/kus tedy zaplat\u00edm -14.100 USD<\/strong>. K\u00a0zaji\u0161t\u011bn\u00ed proti propadu akci\u00ed po\u0159\u00edd\u00edm hluboce ITM Long Put na strike 145<\/strong> s\u00a0expirac\u00ed za 189 dn\u016f<\/strong><\/span> za sou\u010dasnou cenu -1085 USD<\/strong>. Vyp\u00ed\u0161u OTM Short Call 146<\/strong> s\u00a0expirac\u00ed za 28 dn\u016f<\/strong>, za kterou obdr\u017e\u00edm +147 USD<\/strong>. Celkem jsou m\u00e9 n\u00e1klady na celou pozici Collar -14.100 USD (akcie) \u2013 1085 USD (Long Put) +147 USD (Short Call) = –15.038 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 M\u00e1m tedy na sv\u00e9m \u00fa\u010dtu akcie<\/strong> za 141 USD, kter\u00e9 chr\u00e1n\u00edm proti propadu Long Put opc\u00ed se strike 145<\/strong>, kter\u00e1 je \u010dty\u0159i body v\u00a0pen\u011bz\u00edch a m\u00e1 expiraci za p\u016fl roku<\/strong>. K\u00a0tomuto jsem vypsal mimo pen\u00edze Short Call opci na strike 146<\/strong> s\u00a0expirac\u00ed za m\u011bs\u00edc<\/strong>, kter\u00fd je o jeden bod v\u00fd\u0161e, ne\u017e je m\u00e1 Long Put a za tuto opci jsem utr\u017eil n\u011bjak\u00e9 pr\u00e9mium. Co mohu o\u010dek\u00e1vat?<\/span><\/p>\n

\u00a0\u00a0 Akcie si m\u016f\u017ee klesat jak chce. Za p\u016fl roku<\/strong> p\u0159i expiraci Long Put 145 opce v\u017edy mohu d\u00edky exercise t\u00e9to Long Put 145 prodat sv\u00e9 akcie za 145 USD a na sv\u016fj \u00fa\u010det obdr\u017e\u00edm +14.500 USD<\/strong>. Vypadalo by to, \u017ee m\u00e1 ztr\u00e1ta je po p\u016fl roce ve v\u00fd\u0161i -15.038 USD (n\u00e1klady) + 14.500 USD (exercise), co\u017e je -538 USD. Takovou maxim\u00e1ln\u00ed ztr\u00e1tu bych tak utrp\u011bl, kdybych na pozici na p\u016fl roku zapomn\u011bl<\/strong> a ji\u017e nic dal\u0161\u00edho nepodnikl. Tato maxim\u00e1ln\u00ed ztr\u00e1ta ov\u0161em bude pravd\u011bpodobn\u011b upravena o dal\u0161\u00ed p\u0159ijat\u00e1 pr\u00e9mia podle d\u00e1le uveden\u00fdch mo\u017enosti.<\/span><\/p>\n

\u00a0\u00a0 Co m\u011b ale moment\u00e1ln\u011b zaj\u00edm\u00e1 v\u00edce ne\u017e co se stane za p\u016fl rokuje je zji\u0161t\u011bn\u00ed, kde bude nach\u00e1zet cena akcie AAPL za 28 dn\u016f<\/strong> p\u0159i expiraci Short Call 146<\/strong>. Mohou tak nastat dv\u011b mo\u017enosti:<\/span><\/p>\n

\u00a0 1\/\u00a0Pokud bude cena AAPL pod t\u00edmto 146 strike<\/span><\/strong>, Short Call 146<\/strong> vypr\u0161\u00ed jako bezcenn\u00e1<\/strong> a j\u00e1 mohu takovou Short Call vypsat znovu<\/strong> za dal\u0161\u00ed pr\u00e9mium<\/strong> a tak\u00e9 mo\u017en\u00e1 na jin\u00e9m<\/strong> ne\u017e p\u0159edch\u00e1zej\u00edc\u00edm strike 146<\/strong>, kter\u00fdm d\u00e1le \u201ezlevn\u00edm\u201c n\u00e1kup ochrann\u00e9 Long Put. Takto mohu postupovat ka\u017ed\u00fd m\u011bs\u00edc<\/strong>, pokud se rozhodnu pro opce s\u00a0m\u011bs\u00ed\u010dn\u00ed expirac\u00ed, za p\u016fl roku jsem tak schopen prov\u00e9st \u0161est takov\u00fdch v\u00fdpis\u016f. Mohu tak\u00e9 zvolit weeklys opce a takov\u00e9 vypisov\u00e1n\u00ed prov\u00e1d\u011bt ka\u017ed\u00fd t\u00fdden<\/strong>, za cel\u00fd p\u016flro\u010dn\u00ed cyklus se tak nab\u00edz\u00ed cca 25 takov\u00fdch mo\u017en\u00fdch v\u00fdpis\u016f. V\u00fdpisy maj\u00ed spole\u010dn\u00e9 jmenovatele \u2013 kompenzaci n\u00e1klad\u016f po\u0159\u00edzen\u00e9 ochrann\u00e9 p\u016flro\u010dn\u00ed Long Put 145 a tak\u00e9 jemn\u011bj\u0161\u00ed ur\u010den\u00ed hladiny mo\u017en\u00e9ho p\u0159i\u0159azen\u00ed na Short Call opci \u2013 d\u00e1vat tak mo\u017enost p\u0159\u00edpadn\u00e9mu r\u016fstu jejich ceny<\/span><\/p>\n

\u00a0 2\/\u00a0Pokud bude cena AAPL nad t\u00edmto 146 strike<\/span><\/strong>. Short Call 146<\/strong> bude p\u0159i\u0159azena<\/strong> a budou mi dod\u00e1ny 100 x Short akcie AAPL<\/strong> za cenu 146, kter\u00e9 mi vykompenzuj\u00ed m\u00e9 dr\u017een\u00e9 Long akcie. Za tuto transakci obdr\u017e\u00edm +14.600 USD<\/strong>. K\u00a0m\u00fdm n\u00e1klad\u016fm ve v\u00fd\u0161i -15.038 USD tak p\u0159i\u010dtu tuto utr\u017eenou sumu a zjist\u00edm, \u017ee m\u00e9 sou\u010dasn\u00e9 n\u00e1klady jsou ji\u017e jen\u00a0-438 USD<\/strong>. Po\u0159\u00e1d ale vlastn\u00edm Long Put 145 se vzd\u00e1lenou expirac\u00ed, za tuto jsem v\u0161ak ji\u017e zaplatil pouze tyto n\u00e1klady ve v\u00fd\u0161i -438 USD. Proto\u017ee takov\u00e1 dlouhodob\u00e1 opce \u201edr\u017e\u00ed svou cenu\u201c, pokud je je\u0161t\u011b dostate\u010dn\u011b vzd\u00e1lena do expirace, mohu se pak rozhodnout, \u017ee<\/span><\/p>\n

\u00a0 \u00a0A\/ Long Put 145 opci si ponech\u00e1m<\/u>. Po\u0159\u00edd\u00edm op\u011bt akcie AAPL a vyp\u00ed\u0161u n\u011bjakou kr\u00e1tkodobou Short Call. Cel\u00fd proces se m\u016f\u017ee d\u00e1le opakovat a\u017e do expirace Long Put 145.<\/span><\/p>\n

\u00a0 \u00a0B\/ Long Put opci 145 prod\u00e1m za sou\u010dasnou cenu a roluji na vy\u0161\u0161\u00ed strike<\/u>. Proto\u017ee takov\u00e1 opce bude m\u00edt je\u0161t\u011b zna\u010dn\u00e9 pr\u00e9mium, mohu ji zlikvidovat a koupit dal\u0161\u00ed dlouhodob\u011bj\u0161\u00ed Long Put na vy\u0161\u0161\u00edm strike, nap\u0159\u00edklad takovou, kter\u00e1 bude op\u011bt hluboce v\u00a0pen\u011bz\u00edch. Po\u0159\u00edd\u00edm nov\u011b op\u011bt akcie AAPL a vyp\u00ed\u0161u n\u011bjakou kr\u00e1tkodob\u011bj\u0161\u00ed Short Call. Cel\u00fd proces se m\u016f\u017ee d\u00e1le opakovat a\u017e do expirace nov\u00e9 Long Put.<\/span><\/p>\n

\u00a0\u00a0 Vytv\u00e1\u0159en\u00edm takov\u00fdch postupn\u00fdch Collar\u016f v\u00a0\u010dase je velmi dobr\u00e1 ochrann\u00e1 taktika. M\u016f\u017eu k\u00a0\u010dasov\u00e1n\u00ed vyu\u017e\u00edt v\u0161ech mo\u017en\u00fdch a dostupn\u00fdch znalost\u00ed, kter\u00e9 m\u00e1m p\u0159i tradingu k\u00a0dispozici \u2013technickou anal\u00fdzu, fundament\u00e1ln\u00ed anal\u00fdzu, term\u00edny v\u00fdznamn\u00fdch ud\u00e1lost\u00ed s\u00a0vlivem na cenu (vyhla\u0161ov\u00e1n\u00ed earnings\u2026) zpr\u00e1vy a znalost term\u00ednu v\u00fdplaty dividendy atd. V\u017edy ale m\u00e1m na sv\u00e9 stran\u011b jednu obrovskou v\u00fdhodu \u2013 v\u011bt\u0161\u00ed psychickou pohodu vypl\u00fdvaj\u00edc\u00ed z\u00a0ochrany p\u0159ed fat\u00e1ln\u00edm poklesem ceny podkladov\u00e9ho aktiva<\/strong> tvo\u0159\u00edc\u00edho Collar. Je t\u0159eba si tak\u00e9 uv\u011bdomit, \u017ee i p\u0159i v\u00fdrazn\u00e9m poklesu ceny akci\u00ed AAPL mohu st\u00e1le vypisovat jednotliv\u00e9 Short Call, kter\u00e9 mohou b\u00fdt samoz\u0159ejm\u011b i na ni\u017e\u0161\u00edch strike ne\u017e je ochrann\u00e1 Long Put, za p\u016fl roku se m\u016f\u017ee p\u0159ihodit opravdu spousta neo\u010dek\u00e1van\u00fdch ud\u00e1lost\u00ed. P\u0159i v\u00fdrazn\u00e9m poklesu je pak tak\u00e9 na na\u0161\u00ed stran\u011b Implied Volatilita, kter\u00e1 sv\u00fdm zv\u00fd\u0161en\u00edm (zp\u016fsoben\u00fdm poklesem ceny akcie) m\u016f\u017ee p\u0159in\u00e9st vy\u0161\u0161\u00ed pr\u00e9mia z vypisovan\u00fdch Short Call opc\u00ed nebo tyto opce vypisovat se vzd\u00e1len\u011bj\u0161\u00edmi strike od sou\u010dasn\u00e9 ceny a poskytnout v\u011bt\u0161\u00ed prostor pro p\u0159\u00edpadn\u00e9 zotaven\u00ed a r\u016fst.<\/span><\/p>\n

\u00a0 Popisovan\u00e9 mo\u017enosti Collaru na dr\u017een\u00e9 akcie AAPL p\u0159edpokl\u00e1daj\u00ed samoz\u0159ejm\u011b po\u017eadavek na margin<\/strong> na m\u00e9m \u00fa\u010dtu ve v\u00fd\u0161i 50% hodnoty jejich ceny. P\u0159i cen\u011b 141 USD bych tak m\u011bl blokovan\u00fd margin ve v\u00fd\u0161i 7.050 USD<\/strong> na jeden Collar. Proto\u017ee ale mohu simulovat dr\u017een\u00ed akci\u00ed po\u0159\u00edzen\u00edm ITM Long Call s\u00a0Delta bl\u00ed\u017e\u00edc\u00ed se jedn\u00e9<\/strong><\/span>, mohu tak za stejn\u00e9 pen\u00edze disponovat daleko v\u011bt\u0161\u00edm mno\u017estv\u00edm akci\u00ed. Na obr\u00e1zku je vid\u011bt mo\u017enost n\u00e1kupu opc\u00ed s\u00a0p\u016flro\u010dn\u00ed expirac\u00ed jako v\u00a0popisovan\u00fdch p\u0159\u00edkladech v\u00fd\u0161e.<\/span>\u00a0\u00a0\"\"<\/span><\/p>\n

\u00a0\u00a0 P\u016flro\u010dn\u00ed Long Call na strike 120<\/strong> bych mohl nakoupit za -2.315 USD<\/strong>. Tato siln\u011b ITM Long Call opce by pak velmi v\u011brn\u011b simulovala pohyb samotn\u00e9 akcie APPL. M\u00edsto blokovan\u00e9ho marginu ve v\u00fd\u0161i 7.050 USD bych tak mohl po\u0159\u00eddit t\u0159i takov\u00e9 op\u010dn\u00ed kontrakty<\/strong> a prov\u00e1d\u011bt jejich ochranu Collarem stejn\u011b, jako p\u0159i dr\u017een\u00ed samotn\u00fdch akci\u00ed. \u201eKontroloval\u201c bych tak 300 akci\u00ed AAPL<\/strong> za stejn\u00e9 pen\u00edze. K\u00a0po\u0159\u00edzen\u00e9 ochrann\u00e9 dlouhodob\u00e9 Long Put 145<\/strong> bych pak na sv\u00e9m \u00fa\u010dtu vid\u011bl neust\u00e1le se opakuj\u00edc\u00ed a roluj\u00edc\u00ed (podle frekvence v\u00fdpisu Short Call opc\u00ed) Call Bull Spread<\/strong> s\u00a0dlouhodobou Long Call<\/strong> na ni\u017e\u0161\u00edm strike a kr\u00e1tkodob\u00fdmi Short Call<\/strong> na vy\u0161\u0161\u00edch strikes. Takov\u00fd Call Bull Spread pak samoz\u0159ejm\u011b nevytv\u00e1\u0159\u00ed dal\u0161\u00ed po\u017eadavek na margin\u2026 :c)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 Jsem akcion\u00e1\u0159, opatrn\u00fd a b\u00e1zliv\u00fd akcion\u00e1\u0159. M\u00e1m velk\u00e9 obavy, abych na dr\u017een\u00ed akci\u00ed neprod\u011blal. V\u00edm, co je to Covered Call, kter\u00fd by mohl vytvo\u0159it n\u011bjakou ochranu m\u00e9 akciov\u00e9 investice, to mi ale nesta\u010d\u00ed, p\u0159ipad\u00e1 mi to velmi slab\u00e9 zaji\u0161t\u011bn\u00ed proti p\u0159\u00edpadn\u00e9mu hlub\u0161\u00edmu poklesu. Jak\u00e9 m\u00e1m jednoduch\u00e9 mo\u017enosti? Vytvo\u0159\u00edm Collar. Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":162,"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":[5,6],"class_list":["post-150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opcni-kombinace","tag-collar","tag-covered-call"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/Collar.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/s8zd8A-collar","jetpack-related-posts":[{"id":105,"url":"https:\/\/dobretrejdy.com\/?p=105","url_meta":{"origin":150,"position":0},"title":"Covered Call","author":"dobretrejdy :c)","date":"5.4.2017","format":false,"excerpt":"\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\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\/2017\/04\/CC-obr-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/CC-obr-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/CC-obr-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/CC-obr-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":2799,"url":"https:\/\/dobretrejdy.com\/?p=2799","url_meta":{"origin":150,"position":1},"title":"Back Spread – III.","author":"dobretrejdy :c)","date":"5.1.2019","format":false,"excerpt":"\u00a0 \u00a0V posledn\u00edch p\u011bti \u010dl\u00e1nc\u00edch jsem popisoval principy op\u010dn\u00edch kombinac\u00ed s\u00a0nestejn\u00fdm po\u010dtem prodan\u00fdch a nakoupen\u00fdch opc\u00ed se stejnou expirac\u00ed, kter\u00e9 nesou v\u017eit\u00e1 a souhrnn\u00e1 ozna\u010den\u00ed Ratio Spread a Back Spread. Pov\u011bt\u0161inou teoretick\u00e9 rozbory a v\u00fdpo\u010dty se zab\u00fdvaly pops\u00e1n\u00edm obchodn\u00edch zp\u016fsob\u016f a p\u0159\u00edstup\u016f, jak na tyto op\u010dn\u00ed kombinace nahl\u00ed\u017eet a jak\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\/2019\/01\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/01\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/01\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/01\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":4985,"url":"https:\/\/dobretrejdy.com\/?p=4985","url_meta":{"origin":150,"position":2},"title":"Kreditn\u00ed strategie \u2013 I.","author":"dobretrejdy :c)","date":"6.10.2020","format":false,"excerpt":"\u00a0\u00a0 Nebudu zast\u00edrat, \u017ee jsem t\u00e9ma kreditn\u00edch strategi\u00ed z\u00e1m\u011brn\u011b odsouval. M\u00e1m k tomu dostate\u010dn\u00e9 d\u016fvody, kdy\u017e nejp\u00e1dn\u011bj\u0161\u00ed z nich vych\u00e1z\u00ed z jejich podstaty, tedy nejjednodu\u0161eji \u0159e\u010deno z jejich profil\u016f zisk\u016f a ztr\u00e1ty. Mohl bych pak nav\u00edc k tomuto konstatovat, \u017ee tak, jak n\u011bkte\u0159\u00ed u\u010ditel\u00e9 op\u010dn\u00edho tradingu kreditn\u00edmi strategiemi za\u010d\u00ednaj\u00ed, j\u00e1\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\/2020\/10\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/10\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/10\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/10\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":133,"url":"https:\/\/dobretrejdy.com\/?p=133","url_meta":{"origin":150,"position":3},"title":"Covered Call nebo Naked Put?","author":"dobretrejdy :c)","date":"7.4.2017","format":false,"excerpt":"\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\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\/2017\/04\/CCnp.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/CCnp.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/CCnp.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":195,"url":"https:\/\/dobretrejdy.com\/?p=195","url_meta":{"origin":150,"position":4},"title":"Kupuji akcie \u2013 kupuji obr\u00e1nce","author":"dobretrejdy :c)","date":"19.4.2017","format":false,"excerpt":"\u00a0 \u00a0V\u00a0minul\u00e9m \u010dl\u00e1nku jsem popisoval jednu z\u00a0mo\u017enost\u00ed, jak pomoc\u00ed jednoduch\u00e9 op\u010dn\u00ed konstrukce za\u0159\u00eddit, abychom mohli napravit \u0161kody, zp\u016fsoben\u00e9 poklesem ceny dr\u017een\u00fdch Long akci\u00ed. Vyu\u017eil jsem p\u0159itom z\u00e1kladn\u00edch znalost\u00ed obchodov\u00e1n\u00ed opc\u00ed, kter\u00e9 nejsou nijak zvl\u00e1\u0161t\u011b sofistikovan\u00e9 (Covered Call a Call Bull Spread). Na cel\u00e9m \u201ez\u00e1chrann\u00e9m\u201c obchodu se nav\u00edc nevytvo\u0159il \u017e\u00e1dn\u00fd dodate\u010dn\u00fd\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\/2017\/04\/ramos1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/ramos1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/ramos1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/ramos1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":3237,"url":"https:\/\/dobretrejdy.com\/?p=3237","url_meta":{"origin":150,"position":5},"title":"Delta Neutral – VII.","author":"dobretrejdy :c)","date":"12.5.2019","format":false,"excerpt":"\u00a0 \u00a0Super Mario, sk\u00e1kaj\u00edc\u00ed chl\u00e1pek z\u00a0nesmrteln\u00e9 plo\u0161inovky, je doposud pravd\u011bpodobn\u011b m\u00fdm nejv\u011bt\u0161\u00edm proniknut\u00edm do sv\u011bta po\u010d\u00edta\u010dov\u00fdch her :c). The Sims, Need For Speed nebo FIFA m\u011b nijak nezas\u00e1hly, p\u0159esto m\u00e1m pov\u011bdom\u00ed, \u017ee se jedn\u00e1 z\u00a0komer\u010dn\u00edho pohledu o miliardov\u00fd byznys a tv\u016frci t\u011bchto sv\u011btov\u00fdch hern\u00edch trh\u00e1k\u016f na tom pravd\u011bpodobn\u011b nejsou nejh\u016f\u0159e.\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\/2019\/05\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/05\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/05\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/05\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/150","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=150"}],"version-history":[{"count":12,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/150\/revisions"}],"predecessor-version":[{"id":3937,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/150\/revisions\/3937"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/162"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}