{"id":174,"date":"2017-04-17T11:08:27","date_gmt":"2017-04-17T11:08:27","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=174"},"modified":"2021-11-16T11:05:49","modified_gmt":"2021-11-16T09:05:49","slug":"akcie-padaji-kupuji-utocnika","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=174","title":{"rendered":"Akcie padaj\u00ed \u2013 kupuji \u00fato\u010dn\u00edka"},"content":{"rendered":"

\u00a0\u00a0\u00a0 \u00a0P\u0159i studium obchodov\u00e1n\u00ed opc\u00ed jste ur\u010dit\u011b narazili na r\u016fzn\u00e1 prohl\u00e1\u0161en\u00ed, jak prot\u0159el\u00fd op\u010dn\u00ed obchodn\u00edk um\u00ed b\u00fdt s\u00a0opcemi v\u017edycky \u201esmart a cool\u201c v\u00a0jak\u00e9koliv tr\u017en\u00ed situaci, jak pomoc\u00ed opc\u00ed \u201ezachra\u0148ovat\u201c zka\u017een\u00e9 obchody, korigovat ztr\u00e1ty, z\u00edsk\u00e1vat tr\u017en\u00ed v\u00fdhody, spasit cel\u00e1 portfolia\u2026jako by se takov\u00fdm \u201evype\u010den\u00fdm\u201c op\u010dn\u00edm trader\u016fm snad ani nemohlo nikdy nic st\u00e1t. Nen\u00ed to samoz\u0159ejm\u011b pravda. Pravdou ale je, \u017ee znalost z\u00e1kladn\u00edch princip\u016f op\u010dn\u00edho obchodov\u00e1n\u00ed opravdu m\u016f\u017ee b\u00fdt v\u00a0n\u011bkter\u00fdch p\u0159\u00edpadech v\u00fdrazn\u011b ku pomoci. Nen\u00ed to ale nic jednoduch\u00e9ho, zaujmout a vybrat v\u00a0konkr\u00e9tn\u00ed tr\u017en\u00ed konstelaci n\u011bjakou vhodnou op\u010dn\u00ed taktiku tak, aby opravdu pomohla n\u011bjak vylep\u0161it nap\u0159\u00edklad zka\u017een\u00e9 obchody s\u00a0akciemi nebo futures. V\u00a0dne\u0161n\u00edm \u010dl\u00e1nku bych cht\u011bl uk\u00e1zat jednu jednoduchou taktiku, kter\u00e1 by mohla takovou \u201ez\u00e1chrannou akci\u201c p\u0159edstavovat. V\u00a0t\u00e9to uk\u00e1zce budu vych\u00e1zet pouze ze znalost\u00ed, kter\u00e9 se ji\u017e objevily v\u00a0m\u00fdch p\u0159ede\u0161l\u00fdch \u010dl\u00e1nc\u00edch.<\/span><\/p>\n

\u00a0\u00a0 Praktickou uk\u00e1zku bych uvedl modelovou \u017eivotn\u00ed situac\u00ed. Koupil jsem od K\u0159et\u00ednsk\u00e9ho Spartu Praha. Vloni sahala po titulu, dneska m\u00e1 k\u00a0titulu daleko, pohybuje se v\u00a0dosti velk\u00e9 vzd\u00e1lenosti od tolika bod\u016f, kter\u00e9 by ji p\u0159inesly k\u00fd\u017een\u00fd titul. Je to ale dobr\u00fd t\u00fdm a jsem p\u0159esv\u011bd\u010den, \u017ee \u201ena to m\u00e1\u201c. V\u011b\u0159\u00edm ji, tabulkou se nepropad\u00e1, ale nahoru to jde opravdu t\u011b\u017eko. M\u00e1 mnoho skv\u011bl\u00fdch a kvalitn\u00edch hr\u00e1\u010d\u016f, ale m\u00e1 velk\u00fd probl\u00e9m \u2013 ned\u00e1v\u00e1 dost g\u00f3l\u016f, chyb\u00ed ji kl\u00ed\u010dov\u00fd \u00fato\u010dn\u00edk. Co tedy ud\u011bl\u00e1m. M\u00e9 \u00fato\u010dn\u00edky Lafatu a Kadlece po\u0161lu na m\u011bs\u00ed\u010dn\u00ed hostov\u00e1n\u00ed do Ban\u00edku Ostrava a za utr\u017een\u00e9 pen\u00edze kupuji Messiho. Lionel je t\u00e9m\u011b\u0159 po\u0159\u00e1d ve skv\u011bl\u00e9 form\u011b a pokud to dostane spr\u00e1vn\u011b na nohu, nem\u00e1 konkurenci a s\u00e1z\u00ed jeden ban\u00e1n za druh\u00fdm. Sta\u010d\u00ed p\u00e1r f\u00edk\u016f a titul je doma. To pot\u0159ebuji a takto to ud\u011bl\u00e1m tak\u00e9 se svou pozic\u00ed.<\/span><\/p>\n

\u00a0\u00a0 Koupil jsem p\u0159ed m\u011bs\u00edcem 100 x Long akcie AAPL za 149 USD<\/strong>. Usoudil jsem, \u017ee je to super investice. Dr\u017een\u00ed akci\u00ed je velmi nen\u00e1ro\u010dn\u00e1 z\u00e1le\u017eitost a m\u00e1 jenom dv\u011b polohy. Bu\u010f akcie roste<\/strong> nad po\u0159izovac\u00ed cenu a j\u00e1 vyd\u011bl\u00e1v\u00e1m<\/strong> nebo kles\u00e1<\/strong> pod tuto po\u0159izovac\u00ed cenu a j\u00e1 m\u00e1m ztr\u00e1tu<\/strong>. Nejsou jin\u00e9 mo\u017enosti. M\u016fj odhad na v\u00fdkonnost ov\u0161em nebyl spr\u00e1vn\u00fd a akcie AAPL se nyn\u00ed obchoduje<\/strong> za 141,05 USD<\/strong> a to je nemil\u00e9, m\u00e1m ztr\u00e1tu -795 USD<\/strong>. Takovou ztr\u00e1tu jsem si v\u00a0\u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b nep\u0159edstavoval, m\u00e1m frustrace a nemohu kv\u016fli tomu sp\u00e1t. Za 795 USD jsem si mohl u\u017e\u00edt mnoho z\u00e1bavy, pro\u010d j\u00e1 bl\u00e1zen v\u016fbec do takov\u00e9 pozice vstupoval.<\/span><\/p>\n

\u00a0\u00a0 Pokles ceny akcie AAPL z\u00a0po\u0159izovac\u00ed ceny 149 USD na cenu 141,05 USD za ztr\u00e1ty -795 USD m\u00e1 pro akciov\u00e9ho obchodn\u00edka pouze jedno \u0159e\u0161en\u00ed, a t\u00edm je n\u00e1vrat na p\u016fvodn\u00ed po\u0159izovac\u00ed cenu po n\u011bjak\u00e9 budouc\u00edm uptrendu. Jako op\u010dn\u00ed obchodn\u00edk \u0159e\u0161en\u00ed m\u00e1m. Co by jste \u0159ekli na to<\/strong>, \u017ee si m\u016f\u017eete svou ztr\u00e1tovou akciovou pozici vylep\u0161it tak, aby se ztr\u00e1ta smazala<\/strong> a akcie AAPL p\u0159itom nemusely vystoupat a\u017e na svou p\u016fvodn\u00ed po\u0159izovac\u00ed cenu<\/strong> a cel\u00e9 \u0159e\u0161en\u00ed bylo nav\u00edc zadarmo<\/strong>? J\u00e1 bych to vzal\u2026<\/span><\/p>\n

\u00a0\u00a0 Ve sv\u011btle poznan\u00fdch op\u010dn\u00edch kombinac\u00ed Covered Call <\/a><\/strong><\/span>a Call Bull Spread<\/a><\/strong><\/span>\u00a0m\u00e1m jako op\u010dn\u00ed trader k\u00a0dispozici jednoduch\u00e9 n\u00e1stroje, kter\u00fdmi mohu celou situaci efektivn\u011b \u0159e\u0161it. S\u00a0expiraci za 25 dn\u016f se p\u0159i sou\u010dasn\u00e9 cen\u011b AAPL 141,05 USD obchoduj\u00ed opce na akcie AAPL za ceny, jako na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Co mohu prov\u00e9st? Vyp\u00ed\u0161u<\/span> 2 x Short Call na strike 145<\/strong>, kter\u00e9 jsou OTM (\u201emimo pen\u00edze\u201c) a koup\u00edm<\/span> Long Call na strike 141<\/strong>, tato je ATM (\u201ena pen\u011bz\u00edch\u201c). Short Call 145 se daj\u00ed prodat za +170 USD ka\u017ed\u00e1 a Long Call 141 se d\u00e1 po\u0159\u00eddit za -350 USD. Celkem bych za takovou op\u010dn\u00ed kombinaci zaplatil -10 USD<\/strong> (2 x 170 USD za v\u00fdpis Short Call 145 \u2013 350 USD za Long Call 141). M\u00e1 cel\u00e1 akciov\u00e1 pozice i s\u00a0opcemi<\/strong> m\u00e1 tak celkovou ztr\u00e1tu -805 USD<\/strong><\/span> (ztr\u00e1ta + n\u00e1klady na opce). Pos\u00edl\u00e1m tedy na m\u011bs\u00edc Lafatu s\u00a0Kadlecem do Ostravy a do objednan\u00e9ho letadla v\u00a0Barcelon\u011b nased\u00e1 Lionel Messi.<\/span><\/p>\n

\u00a0\u00a0 Co jsem za m\u00fdch -10 USD vlastn\u011b po\u0159\u00eddil. Na 100 x Long akcie AAPL a 1 x Short Call 145<\/strong> se mohu d\u00edvat jako na Covered Call<\/strong><\/span> a na Long Call 141 a Short Call 145<\/strong> se mohu d\u00edvat jako na Call Bull Spread +141\/-145<\/strong><\/span>. Co se m\u016f\u017ee p\u0159i expiraci opc\u00ed za 25 dn\u016f st\u00e1t?<\/span><\/p>\n

\u00a0 \u00a01\/ Akcie AAPL budou do expirace nad\u00e1le klesat<\/strong>. Tento fakt nic na m\u00e9 ztr\u00e1t\u011b nezm\u011bn\u00ed, pouze jsem si ji zcela jist\u011b je\u0161t\u011b prohloubil o dal\u0161\u00edch -10 USD vynalo\u017een\u00fdch na po\u0159\u00edzen\u00ed opc\u00ed. Jsem ve stejn\u00e9 situaci, jako bych ned\u011blal v\u016fbec nic. Proto\u017ee jsem ale \u201et\u00fdmu v\u011b\u0159il\u201c, tak takov\u00fd v\u00fdvoj bude prost\u011b velk\u00e9 zklam\u00e1n\u00ed. V\u0161echny opce p\u0159i expiraci vypr\u0161\u00ed jako bezcenn\u00e9 a j\u00e1 mohu sv\u016fj pokus opakovat, proto\u017ee \u201enad\u011bje p\u0159ece um\u00edr\u00e1 posledn\u00ed\u201c.<\/span><\/p>\n

\u00a0 2\/ AAPL budou do expirace stagnovat na sou\u010dasn\u00e9 cen\u011b 141,05 USD<\/strong>. Ob\u011b Short Call 145 opce p\u0159i expiraci vypr\u0161\u00ed jako bezcenn\u00e9. M\u00e1 Long Call 141 je velmi m\u00edrn\u011b ITM (5 cent\u016f) a t\u011bsn\u011b p\u0159ed expirac\u00ed se d\u00e1 prodat<\/strong> za +10 USD<\/strong>. T\u00edmto pokryji n\u00e1klady na po\u0159\u00edzen\u00ed opc\u00ed, cel\u00e1 obrovsk\u00e1 ztr\u00e1ta ve v\u00fd\u0161i -795 USD v\u0161ak z\u016fst\u00e1v\u00e1. Nicm\u00e9n\u011b v „poexpira\u010dn\u00ed“ pond\u011bl\u00ed, kdy\u017e ve\u0161ker\u00e9 m\u00e9 opce ji\u017e zmizely, mohu sv\u016fj pokus s „op\u010dn\u00ed resuscitac\u00ed“ op\u011bt opakovat, proto\u017ee \u201enad\u011bje opravdu um\u00edr\u00e1 posledn\u00ed\u201c. M\u00e1 ztr\u00e1ta je -795 USD.<\/strong> \u00a0<\/span><\/p>\n

\u00a0 \u00a03\/ AAPL m\u00edrn\u011b roste a p\u0159i expiraci je na cen\u011b 143 USD<\/strong>. Kone\u010dn\u011b uptrend, i kdy\u017e mal\u00fd. Akcie v\u0161ak ji\u017e umazaly kousek sv\u00e9 ztr\u00e1ty<\/strong> a p\u0159i cen\u011b 143 USD je to (143 USD \u2013 141,05 USD) +195 USD<\/strong>. M\u00e1 Long Call 141<\/strong> se p\u0159i expiraci obchoduje za +200 USD<\/strong> a za tuto cenu ji likviduji a p\u0159id\u00e1v\u00e1m dal\u0161\u00edch +200 USD za prodej Long Call 141 opce. Ob\u011b Short Call opce vypr\u0161\u00ed jako bezcenn\u00e9. M\u00e1 ztr\u00e1ta je nyn\u00ed<\/strong> -805 USD (p\u016fvodn\u00ed) + 195 USD (akciov\u00fd uptrend) + 200 USD (tr\u017eba za Long Call 141) = -410 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0\u00a0 To je zaj\u00edmav\u00fd pohled na v\u00fdvoj ztr\u00e1ty, kdy\u017e sta\u010dil uptrend na akci\u00edch AAPL o necel\u00e9 dva body<\/strong> a ztr\u00e1ta je polovi\u010dn\u00ed.<\/strong><\/span><\/p>\n

\u00a0 \u00a04\/ AAPL roste a p\u0159i expiraci je nad strike Short Call 145<\/strong>. Uptrend na AAPL o necel\u00e9 \u010dty\u0159i body zp\u016fsob\u00ed, \u017ee v\u0161echny opce budou p\u0159i expiraci v\u00a0pen\u011bz\u00edch<\/strong> a budou exercised<\/strong> (Long Call 141) a assigned<\/strong> (ob\u011b Short Call 145). Akcie se z\u00a0ceny 141,05 dostaly nad strike Short Call 145, tato Short Call byla p\u0159i\u0159azena a na m\u016fj \u00fa\u010det byly dod\u00e1ny 100 x Short akcie AAPL za cenu strike 145 USD. Ob\u011b akciov\u00e9 pozice se navz\u00e1jem vyru\u0161ily (dr\u017een\u00e9 Long a p\u0159i\u0159azen\u00e9 Short) a z\u016fstaly jenom pen\u00edze (145 USD \u2013 141,05) =\u00a0profit +395 USD z\u00a0Covered Call<\/strong> \u2013 jedn\u00e9 \u010d\u00e1sti pozice. Druh\u00e1 \u010d\u00e1st pozice \u2013 Call Bull Spread +141\/-145 dos\u00e1hl maxim\u00e1ln\u00edho profitu, kter\u00fdm je rozsah strike v\u00a0dolarov\u00e9m vyj\u00e1d\u0159en\u00ed, tedy +400 USD. Ob\u011b opce Call Bull Spreadu +141\/-145 jsou toti\u017e v\u00a0pen\u011bz\u00edch, Long Call 141 je exercised a jsou mi dod\u00e1ny Long akcie za 141 USD, aby vz\u00e1p\u011bt\u00ed byla assigned Short Call 145 a tyto akcie \u201ejsou mi prod\u00e1ny\u201c za 145 USD, p\u0159i sto akci\u00edch je pak profit +400 USD z Call Bull Spreadu +141\/-145<\/strong>. Celkem tedy k\u00a0m\u00e9 p\u016fvodn\u00ed ztr\u00e1t\u011b -805 USD mohu p\u0159i\u010d\u00edst profit z\u00a0Covered Call ve v\u00fd\u0161i +395 USD a profit +400 USD z Call Bull Spreadu, pak je celkov\u00e1 ztr\u00e1ta -10 USD.<\/strong><\/span><\/p>\n

\u00a0 Zapojen\u00edm opc\u00ed do akciov\u00e9 pozice sta\u010dilo, aby pouze polovi\u010dn\u00ed uptrend<\/strong> na akci\u00edch vyrovnal celou ztr\u00e1tu, kterou jsme na t\u011bchto akci\u00edch utrp\u011bli<\/strong>. Nen\u00ed tedy nutno \u010dekat na r\u016fst akci\u00ed na p\u016fvodn\u00ed po\u0159izovac\u00ed cenu 149 USD, a to je skv\u011bl\u00e9.<\/span><\/p>\n

\u00a0 Podot\u00fdk\u00e1m tak\u00e9, \u017ee se tak\u00e9 nezv\u00fd\u0161il po\u017eadavek na margin<\/strong> p\u016fvodn\u00ed pozice, proto\u017ee jedna Short opce se stala sou\u010d\u00e1st\u00ed Covered Call a je kryt\u00e1 Long akciemi, Call Bull Spread s\u00a0Long opc\u00ed na ni\u017e\u0161\u00edm strike tak\u00e9 nevytv\u00e1\u0159\u00ed dal\u0161\u00ed po\u017eadavek na margin.<\/span><\/p>\n

\u00a0\u00a0 Celou pozici z\u00e1chrany m\u016f\u017eu samoz\u0159ejm\u011b vylep\u0161ovat<\/strong> o jemn\u011bj\u0161\u00ed \u010dasov\u00e1n\u00ed<\/strong> a vyu\u017e\u00edv\u00e1n\u00edm opc\u00ed s\u00a0r\u016fzn\u00fdch expirac\u00ed<\/strong>. Na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku je vid\u011bt nap\u0159\u00edklad r\u016fzn\u00e9 ceny Short Call opc\u00ed s\u00a0expiracemi d\u0159\u00edv\u011bj\u0161\u00edmi, ne\u017e je 25-ti denn\u00ed expirace z\u00a0m\u00e9ho p\u0159\u00edkladu. M\u016f\u017eeme postupn\u011b vstupovat do takov\u00fdch Covered Calls a Call Bull Spread\u016f podle moment\u00e1ln\u00ed situace na trhu. N\u00e1kupem Long Call ve vzd\u00e1len\u011bj\u0161\u00ed expiraci tak pojist\u00edme mo\u017en\u00fd p\u0159\u00edchod uptrendu na akci\u00edch AAPL (tento m\u016f\u017ee b\u00fdt i ne\u010dekan\u00fd) a postupn\u00fdm vypisov\u00e1n\u00edm Short Call na r\u016fzn\u00fdch strikes pot\u00e9 d\u00e1v\u00e1me p\u0159\u00edpadn\u00fd prostor pro r\u016fst t\u011bchto akci\u00ed.<\/span><\/p>\n

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

\u00a0\u00a0 Cel\u00fd \u010dl\u00e1nek se nesl v\u00a0duchu jak\u00e9si z\u00e1chrann\u00e9 operace, kdy jsme se vstupem do op\u010dn\u00edch pozic pokou\u0161eli napravit poka\u017eenou akciovou pozici. Takov\u00e1 op\u010dn\u00ed pozice m\u016f\u017ee b\u00fdt tak\u00e9 vhodn\u00e1 i p\u0159i samotn\u00e9m vstupu do akciov\u00e9 pozice<\/strong> a m\u016f\u017ee pomoci vygenerovat profit nap\u0159\u00edklad p\u0159i nepatrn\u011bj\u0161\u00edm pohybu ne\u017e je nap\u0159\u00edklad o\u010dek\u00e1van\u00fd pohyb na dr\u017een\u00fdch akci\u00edch, no\u2026.\u201enekup to, kdy\u017e je to zadarmo\u201c \u2026. :c)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0\u00a0\u00a0 \u00a0P\u0159i studium obchodov\u00e1n\u00ed opc\u00ed jste ur\u010dit\u011b narazili na r\u016fzn\u00e1 prohl\u00e1\u0161en\u00ed, jak prot\u0159el\u00fd op\u010dn\u00ed obchodn\u00edk um\u00ed b\u00fdt s\u00a0opcemi v\u017edycky \u201esmart a cool\u201c v\u00a0jak\u00e9koliv tr\u017en\u00ed situaci, jak pomoc\u00ed opc\u00ed \u201ezachra\u0148ovat\u201c zka\u017een\u00e9 obchody, korigovat ztr\u00e1ty, z\u00edsk\u00e1vat tr\u017en\u00ed v\u00fdhody, spasit cel\u00e1 portfolia\u2026jako by se takov\u00fdm \u201evype\u010den\u00fdm\u201c op\u010dn\u00edm trader\u016fm snad ani nemohlo nikdy nic Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":180,"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-174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opcni-kombinace"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-2O","jetpack-related-posts":[{"id":7416,"url":"https:\/\/dobretrejdy.com\/?p=7416","url_meta":{"origin":174,"position":0},"title":"Dluhopisy \u2013 XXII.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0","author":"dobretrejdy :c)","date":"2.1.2025","format":false,"excerpt":"\u00a0\u00a0 Trvale vysok\u00e1 likvidita na americk\u00fdch vl\u00e1dn\u00edch dluhopisech s nejr\u016fzn\u011bj\u0161\u00edmi splatnostmi vytvo\u0159ila p\u0159\u00edle\u017eitost vytvo\u0159it na n\u011b nav\u00e1zan\u00e9 deriv\u00e1ty \u2013 dluhopisov\u00e9 futures kontrakty. 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. 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