{"id":195,"date":"2017-04-19T13:52:00","date_gmt":"2017-04-19T13:52:00","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=195"},"modified":"2022-05-13T22:58:01","modified_gmt":"2022-05-13T20:58:01","slug":"kupujeme-akcie-kupujeme-obrance","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=195","title":{"rendered":"Kupuji akcie \u2013 kupuji obr\u00e1nce"},"content":{"rendered":"

\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><\/strong><\/span> a Call Bull Spread<\/a><\/strong>)<\/span>. Na cel\u00e9m \u201ez\u00e1chrann\u00e9m\u201c obchodu se nav\u00edc nevytvo\u0159il \u017e\u00e1dn\u00fd dodate\u010dn\u00fd risk, velmi nepatrn\u00e9 n\u00e1klady v\u00a0\u0159\u00e1dech jednotek dolar\u016f a tak\u00e9 z\u016fstal stejn\u00fd po\u017eadavek na margin.<\/span><\/p>\n

\u00a0 Na konci \u010dl\u00e1nku jsem podotkl, \u017ee by nemuselo b\u00fdt v\u016fbec \u0161patn\u00e9, takovou op\u010dn\u00ed kombinaci<\/strong> na sv\u00e9m \u00fa\u010dtu z\u0159\u00eddit ji\u017e p\u0159i po\u0159\u00edzen\u00ed samotn\u00fdch akci\u00ed<\/strong>. Cel\u00e1 transakce, popisovan\u00e1 v\u00a0minul\u00e9m \u010dl\u00e1nku, v\u0161ak m\u011bla jednu velkou nev\u00fdhodu. Ne\u0159e\u0161ila by okam\u017eit\u00fd pokles podkladov\u00e9 akcie<\/strong> a s t\u00edm souvisej\u00edc\u00ed tvorbu p\u0159\u00edm\u00e9 a ni\u010d\u00edm nezaji\u0161t\u011bn\u00e9 ztr\u00e1ty cel\u00e9 pozice, opce neopce. Takov\u00e1 popisovan\u00e1 op\u010dn\u00ed strategie by v\u00a0takov\u00e9m p\u0159\u00edpad\u011b nefungovala, a to se mi zd\u00e1 m\u00e1lo. Akciov\u00fd nebo futures obchodn\u00edk a sou\u010dasn\u011b alespo\u0148 m\u00edrn\u011b zdatn\u00fd op\u010dn\u00ed trader by ji\u017e nyn\u00ed mezi \u0159\u00e1dky \u010dl\u00e1nk\u016f na tomto blogu mohl naj\u00edt mo\u017en\u00e1 lep\u0161\u00ed \u0159e\u0161en\u00ed, jak takov\u00fd obchod \u201esestavit\u201c a ponechat si dobr\u00e9 vyhl\u00eddky na budouc\u00ed v\u00fdvoj ceny podkladu, a to a\u0165 je tento v\u00fdvoj jak\u00fdkoliv. V\u00a0tomto \u010dl\u00e1nku uk\u00e1\u017eu n\u011bkter\u00e9 jednoduch\u00e9 mo\u017en\u00e9 varianty takov\u00fdch postup\u016f, snad to nebude n\u00e1ro\u010dn\u00e9 na p\u0159edstavivost.<\/span><\/p>\n

\u00a0 Op\u011bt p\u0159evedu pohled na takov\u00fd sestavovan\u00fd obchod na mo\u017enou \u017eivotn\u00ed situaci. Z\u00edskal jsem od K\u0159et\u00ednsk\u00e9ho Spartu Praha, vym\u011bnil jsem ji za vodn\u00ed elektr\u00e1rnu, K\u0159et\u00ednsk\u00fd si mysl\u00ed, \u017ee mu bude pod\u00e1vat stabiln\u011bj\u0161\u00ed v\u00fdkon ne\u017e fotbalov\u00fd t\u00fdm, j\u00e1 si mysl\u00edm prav\u00fd opak. Mus\u00edm ale radik\u00e1ln\u011b zm\u011bnit p\u0159\u00edstup. Nyn\u00ed u\u017e sv\u00e9mu klubu, na rozd\u00edl od p\u0159edchoz\u00edho p\u0159\u00edpadu, m\u00edrn\u011b p\u0159est\u00e1v\u00e1m v\u011b\u0159it i p\u0159esto, \u017ee m\u00e1m dostatek dobr\u00fdch, kvalitn\u00edch a spolehliv\u00fdch hr\u00e1\u010d\u016f. G\u00f3ly st\u0159\u00edl\u00edme jako o z\u00e1vod, ale to ostatn\u00ed kluby tak\u00e9, v\u00a0\u00fato\u010dn\u00edc\u00edch to tedy nen\u00ed. M\u00e1me ale velkou slabinu a tou je d\u011brav\u00e1 obrana, dost\u00e1v\u00e1me velmi mnoho branek, a to n\u00e1s t\u00e1hne ke dnu. T\u00e9m\u011b\u0159 po ka\u017ed\u00e9m kole se propad\u00e1me n\u00ed\u017ee a n\u00ed\u017ee. Nav\u00edc, nem\u00e1m ji\u017e \u017e\u00e1dn\u00e9 pen\u00edze. Co d\u011blat? Volba je jasn\u00e1, dva fotbalisti pojedou na hostov\u00e1n\u00ed do Uhersk\u00e9ho Hradi\u0161t\u011b a za utr\u017een\u00e9 pen\u00edze od sen\u00e1tora Valenty kupuji z\u00a0madridsk\u00e9ho velkoklubu Ramose, nejlep\u0161\u00edho sv\u011btov\u00e9ho obr\u00e1nce. Sergio je nekompromisn\u00ed a nep\u0159ejde p\u0159es n\u011bj nikdo a tak\u00e9 se nikdo neodv\u00e1\u017e\u00ed vyst\u0159elit na branku, a to p\u0159esn\u011b pot\u0159ebuji. Zastavit pokles v\u00a0tabulce pro zbyte\u010dn\u011b vst\u0159elen\u00e9 g\u00f3ly. Nechci v\u016fbec p\u0159em\u00fd\u0161let o sestupu do ni\u017e\u0161\u00ed sout\u011b\u017ee, i kdy\u017e toto je tak\u00e9 mo\u017en\u00fd sc\u00e9n\u00e1\u0159. Z\u00a0takto zaji\u0161t\u011bn\u00e9 obrany pak budu spol\u00e9hat na \u00fato\u010dn\u00edky, aby to s\u00e1zeli hlava nehlava a pokusili se posunout v\u00a0tabulce co nejv\u00fd\u0161e. N\u00e1kup fenomen\u00e1ln\u00edho obr\u00e1nce (po\u0159\u00edzen\u00ed Long Put) je pro m\u011b jasn\u00fdm rozhodnut\u00edm, v\u00fdb\u011br hr\u00e1\u010d\u016f na hostov\u00e1n\u00ed (prodej opc\u00ed k\u00a0financov\u00e1n\u00ed t\u00e9to Long Put) je pak pro m\u011b z\u00e1kladn\u00ed dilema, a toto dilema bude tak\u00e9 p\u0159edm\u011btem m\u00e9 praktick\u00e9 uk\u00e1zky. Tak\u00e9 ze situac\u00ed vyplyne, \u017ee kdy\u017e jde v\u0161echno opravdu \u0161patn\u011b, ani \u0161pi\u010dkov\u00fd hr\u00e1\u010d nem\u016f\u017ee celou situaci zachr\u00e1nit, m\u016f\u017ee ji ale svou p\u0159\u00edtomnost\u00ed alespo\u0148 zm\u00edrnit, aby pak \u0161kody nebyly nedoz\u00edrn\u00e9. Mohu vygenerovat t\u0159i z\u00e1kladn\u00ed p\u0159\u00edstupy. Prod\u00e1m 2x Short Call (dva \u00fato\u010dn\u00edky), prod\u00e1m 1x Short Call a jedenkr\u00e1t Short Put (\u00fato\u010dn\u00edka a obr\u00e1nce) nebo 2 x Short Put (dva obr\u00e1nce)<\/span><\/p>\n

\u00a0\u00a0 Za t\u00e9to nejasn\u00e9 situace si dnes po\u0159izuji 100 x Long akcie AAPL<\/strong> za 141,20 USD<\/strong>. Usoudil jsem, \u017ee je to super investice, ale na rozd\u00edl od p\u0159edchoz\u00edho \u010dl\u00e1nku se chci proti nep\u0159\u00edjemn\u00e9mu v\u00fdvoji n\u011bjak l\u00e9pe zajistit, proto\u017ee m\u016fj odhad na v\u00fdkonnost ov\u0161em nemus\u00ed b\u00fdt spr\u00e1vn\u00fd, nechci m\u00edt z\u00a0p\u0159\u00edpadn\u00e9 ztr\u00e1ty frustrace a chci klidn\u011bji sp\u00e1t. Investoval jsem tedy -14.120 USD<\/span><\/strong> a zaji\u0161t\u011bn\u00ed chci m\u00edt co nejlevn\u011bji, nejl\u00e9pe zadarmo (to m\u00e1m nejrad\u011bji).<\/span><\/p>\n

AAPL Collar a Short Call<\/span><\/strong><\/h2>\n

\u00a0\u00a0 Ve sv\u011btle poznan\u00fdch op\u010dn\u00edch kombinac\u00ed Covered Call<\/a><\/span>,\u00a0Call Bull Spread<\/a><\/span>,\u00a0Collar<\/span><\/a><\/strong> a Short Call<\/a><\/strong><\/span>\u00a0m\u00e1m, jako op\u010dn\u00ed trader, k\u00a0dispozici op\u011bt jednoduch\u00e9 n\u00e1stroje, kter\u00fdmi mohu celou situaci efektivn\u011b \u0159e\u0161it. S\u00a0expiraci za 37 dn\u016f se p\u0159i sou\u010dasn\u00e9 cen\u011b AAPL 141,20 USD obchoduj\u00ed opce na akcie AAPL za ceny, jako na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku.<\/span><\/p>\n

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\u00a0\u00a0 Na obr\u00e1zku je vid\u011bt, jak\u00e9 op\u010dn\u00ed pozice jsem po\u0159\u00eddil. P\u0159i cen\u011b akci\u00ed 141,20 jsem koupil ochrannou Long Put 141 za -375 USD<\/strong>. Tato opce je nyn\u00ed 0,20 USD \u201emimo pen\u00edze\u201c. Abych na takovou investici vyd\u011blal a nest\u00e1la m\u011b dal\u0161\u00ed prost\u0159edky, vypsal<\/strong> jsem 2 x OTM Short Call<\/strong> na strike 145<\/strong> za 2 x +182 USD pr\u00e9mia<\/strong>. Celkem bych za takovou op\u010dn\u00ed kombinaci zaplatil -11 USD<\/strong> (+364 USD za v\u00fdpis 2 x Short Call 145 \u2013 375 USD za Long Put 141). Pos\u00edl\u00e1m tedy na m\u011bs\u00edc dva \u00fato\u010dn\u00edky Lafatu s\u00a0Kadlecem do Uhersk\u00e9ho Hradi\u0161t\u011b a na leti\u0161t\u011b V\u00e1clava Havla p\u0159ist\u00e1v\u00e1 letadlo s\u00a0fam\u00f3zn\u00edm obr\u00e1ncem Sergio Ramosem. Za tuto transakci jsem utratil -11 USD. Za akcie jsem zaplatil 141,20 USD\/kus, investoval jsem tak -14.120 USD, te\u010f jsem ud\u011blal investici do opc\u00ed za -11 USD a m\u00e1 investice je -14.131 USD<\/span><\/strong>. \u00a0<\/span><\/p>\n

\u00a0\u00a0 Co jsem za m\u00fdch dal\u0161\u00edch -11 USD vlastn\u011b po\u0159\u00eddil. Na 100 x Long akcie AAPL<\/strong> a 1 x Short Call 145<\/strong> a Long Put 141<\/strong> se mohu d\u00edvat jako na Collar<\/strong><\/span> a na Short Call 145<\/strong> se mus\u00edm d\u00edvat jako na naked \u2013 nekrytou opci<\/strong><\/span>. Co se m\u016f\u017ee p\u0159i expiraci opc\u00ed za 37 dn\u016f st\u00e1t?<\/span><\/p>\n

\u00a0\u00a0 1\/ Akcie AAPL si m\u016f\u017ee do expirace padat jak chce<\/strong>. Pokud bude p\u0159i expiraci cena AAPL pod strike Long Put 141, tato v\u017edycky bude exercised a j\u00e1 obdr\u017e\u00edm na sv\u016fj \u00fa\u010det 100 x Short akci\u00ed AAPL za cenu 141 USD, akciov\u00e9 pozice se vyru\u0161\u00ed (m\u00e9 Long a exercised Short) a j\u00e1 obdr\u017e\u00edm na sv\u016fj \u00fa\u010det +14.100 USD<\/strong>. Ob\u011b Short Call vypr\u0161\u00ed jako bezcenn\u00e9. M\u00e1 celkov\u00e1 ztr\u00e1ta<\/strong> p\u0159i n\u00e1kladech -14.131 USD tak po p\u0159i\u010dten\u00ed tr\u017eby za akcie ve v\u00fd\u0161i +14.100 USD bude v\u00a0celkov\u00e9 v\u00fd\u0161i -31 USD<\/span><\/strong>. Vy\u0161\u0161\u00ed ztr\u00e1ta b\u00fdt nem\u016f\u017ee.<\/span><\/p>\n

\u00a0\u00a0 2\/ Akcie AAPL budou do expirace stagnovat na sou\u010dasn\u00e9 cen\u011b 141,20 USD<\/strong>. V\u0161echny opce vypr\u0161\u00ed jako bezcenn\u00e9. Na akci\u00edch nic nevyd\u011bl\u00e1v\u00e1m a m\u00e1 sou\u010dasn\u00e1 ztr\u00e1ta je pouze ve v\u00fd\u0161i investice do opc\u00ed ve v\u00fd\u0161i -11 USD<\/strong><\/span>.<\/span><\/p>\n

\u00a0\u00a0 3\/ Akcie AAPL do expirace rostou, ale nikoliv nad strike m\u00fdch Short Call 145 opc\u00ed<\/strong>. Nap\u0159\u00edklad na cenu 144 USD. V\u0161echny opce vypr\u0161\u00ed jako bezcenn\u00e9. Na akci\u00edch vyd\u011bl\u00e1m (144 \u2013 141,20)*100 = +280 USD<\/strong><\/span><\/span><\/p>\n

\u00a0 4\/ Akcie AAPL do expirace rostou nad strike m\u00fdch Short Call 145 opc<\/strong>\u00ed. Nap\u0159\u00edklad na cenu 147 USD. Long Put 141 vypr\u0161\u00ed jako bezcenn\u00e1. Ob\u011b Short Call 145 budou p\u0159i\u0159azeny<\/strong> a budou mi na \u00fa\u010det dod\u00e1ny 2 x 100 Short akcie AAPL<\/strong> za cenu 145 USD\/kus. Proto\u017ee ji\u017e 100 akci\u00ed vlastn\u00edm, tak mi t\u011bchto 100 x Long akci\u00ed zmiz\u00ed a z\u00a0t\u00e9to transakce z\u00edsk\u00e1v\u00e1m profit ve v\u00fd\u0161i (145-141,20)*100 = +380 USD<\/strong>. Zbyl\u00fdch 100 x Short akci\u00ed se zbavuji na voln\u00e9m trhu za moment\u00e1ln\u00ed cenu 147 USD. Proto\u017ee jsem tyto Short akcie z\u00edskal p\u0159i\u0159azen\u00edm za 145 USD\/kus, je m\u00e1 ztr\u00e1ta z\u00a0t\u00e9to transakce -200 USD<\/strong>. Celkem jsem tedy v\u00a0celkov\u00e9m profitu +380 USD \u2013 200 USD = +180 USD.<\/strong><\/span><\/span><\/p>\n

\u00a0\u00a0 Z tohoto p\u0159\u00edstupu zaji\u0161t\u011bn\u00ed vypl\u00fdv\u00e1, \u017ee pokud chceme n\u011bco zadarmo, nikdy to nen\u00ed \u00fapln\u011b ide\u00e1ln\u00ed a v\u017edycky je \u201en\u011bco za n\u011bco\u201c. Za tot\u00e1ln\u00ed ochranu proti poklesu toti\u017e otev\u00edr\u00e1me prostor pro neomezenou ztr\u00e1tu na stran\u011b p\u0159\u00edpadn\u00e9ho r\u016fstu. P\u0159\u00edpadn\u00fd siln\u00fd uptrend na cen\u011b podkladu nad strike Short Call 145 m\u016f\u017ee zp\u016fsobit, \u017ee tato nekryt\u00e1 Short Call bude muset b\u00fdt likvidov\u00e1na za cenu, kter\u00e1 bude vy\u0161\u0161\u00ed ne\u017e je zisk z\u00a0r\u016fstu akci\u00ed v\u00a0r\u00e1mci Collaru, dramatick\u00fd uptrend je tak kuri\u00f3zn\u011b n\u00e1\u0161 nejv\u011bt\u0161\u00ed nep\u0159\u00edtel<\/span><\/p>\n

AAPL Collar + Short Put<\/span><\/strong><\/h2>\n

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\u00a0\u00a0 Na obr\u00e1zku je vid\u011bt, jak\u00e9 op\u010dn\u00ed pozice jsem po\u0159\u00eddil nyn\u00ed. P\u0159i cen\u011b akci\u00ed 141,20 jsem koupil ochrannou Long Put 141 za -375 USD<\/strong>. Tato opce je nyn\u00ed 0,20 USD \u201emimo pen\u00edze\u201c. Abych na takovou investici vyd\u011blal a nest\u00e1la m\u011b dal\u0161\u00ed prost\u0159edky, vypsal<\/strong> jsem 1 x OTM Short Call na strike 145 za +182 USD<\/strong> pr\u00e9mia a tak\u00e9 1 x OTM Short Put na strike 136 za +180 USD<\/strong> pr\u00e9mia. Celkem bych za takovou op\u010dn\u00ed kombinaci zaplatil -13 USD (+182 USD za v\u00fdpis Short Call 145 + 180 USD za v\u00fdpis Short Put 136 \u2013 375 USD za Long Put 141). Pos\u00edl\u00e1m tedy na m\u011bs\u00edc \u00fato\u010dn\u00edka Lafatu a obr\u00e1nce Holka do Uhersk\u00e9ho Hradi\u0161t\u011b a na leti\u0161t\u011b V\u00e1clava Havla p\u0159ist\u00e1v\u00e1 letadlo s\u00a0fam\u00f3zn\u00edm obr\u00e1ncem Sergio Ramosem. Za tuto transakci jsem utratil -13 USD. Za akcie jsem zaplatil 141,20 USD\/kus, investoval jsem tak -14.120 USD, te\u010f jsem ud\u011blal investici do opc\u00ed za -13 USD a m\u00e1 investice je -14.133 USD.<\/strong>\u00a0<\/span><\/p>\n

\u00a0\u00a0 Co jsem za m\u00fdch -13 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> a na Long Put 141 a Short Put 136<\/strong> se mohu d\u00edvat jako na Put Bear Spread +141\/-136<\/strong>. Co se m\u016f\u017ee p\u0159i expiraci opc\u00ed za 37 dn\u016f st\u00e1t?<\/span><\/p>\n

\u00a0\u00a0 1\/ Akcie AAPL budou do expirace klesat, a klesnou pod 136 USD \u2013 strike m\u00e9 Short Put 136 opce<\/strong>. Nap\u0159\u00edklad na cenu 133 USD, co\u017e je dosti realistick\u00fd sc\u00e9n\u00e1\u0159. Short Call 145 vypr\u0161\u00ed jako bezcenn\u00e1. Siln\u00fd p\u00e1d ceny akci\u00ed AAPL pod strike m\u00fdch Put opc\u00ed zp\u016fsob\u00ed, \u017ee v\u0161echny Put opce<\/strong> budou p\u0159i expiraci v\u00a0pen\u011bz\u00edch<\/strong> a budou exercised (Long Put 141) a assigned (Short Put 136). Cel\u00fd Put Bear Spread +141\/-136 dos\u00e1hl maxim\u00e1ln\u00edho profitu<\/strong>, kter\u00fdm je rozsah strike v\u00a0dolarov\u00e9m vyj\u00e1d\u0159en\u00ed, tedy +500 USD<\/strong>, a to proto, \u017ee Long Put 141 je exercised a jsou mi dod\u00e1ny Short akcie za 141 USD, aby vz\u00e1p\u011bt\u00ed byla assigned Short Put 136 a tyto akcie \u201ejsou mi prod\u00e1ny\u201c za 136 USD, p\u0159i sto akci\u00edch je pak profit +500 USD z\u00a0tohoto Put Bear Spreadu +141\/-136. Co z\u00a0toho vypl\u00fdv\u00e1?<\/span><\/p>\n

\u00a0\u00a0\u00a0 A\/<\/strong> P\u0159i cen\u011b akci\u00ed 133 USD by byla ztr\u00e1ta \u010dist\u011b akciov\u00e9ho obchodn\u00edka<\/strong> bez t\u00e9to op\u010dn\u00ed ochrany p\u0159i takov\u00e9m p\u00e1du ceny ve v\u00fd\u0161i (133 USD \u2013 141,20 USD) * 100 = -820 USD<\/strong>. To je t\u00e9m\u011b\u0159 6% cel\u00e9 investice.\u00a0<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0 B\/<\/strong> Po\u0159\u00edzen\u00edm opc\u00ed<\/strong> by takov\u00e1 ztr\u00e1ta byla vylep\u0161ena o cel\u00fdch +500 USD zisku<\/strong> z\u00a0Put Bear Spreadu a -11 USD za po\u0159\u00edzen\u00ed opc\u00ed. Ztr\u00e1cel bych tak pouze -331 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0 P\u0159i nejhor\u0161\u00edm mo\u017en\u00e9m sc\u00e9n\u00e1\u0159i jsem tedy kompenzoval svou maxim\u00e1ln\u00ed ztr\u00e1tu t\u00e9m\u011b\u0159 o cel\u00fdch +500 USD. Transakce se Sergio\u00a0Ramosem se tedy ji\u017e nyn\u00ed vyplatila.<\/span><\/p>\n

\u00a0\u00a0 2\/ Akcie AAPL budou do expirace klesat, ale neklesnou pod 136 USD \u2013 strike m\u00e9 Short Put 136 opce<\/strong>. Nap\u0159\u00edklad na cenu 137 USD, op\u011bt realistick\u00fd sc\u00e9n\u00e1\u0159. Short Call 145 vypr\u0161\u00ed jako bezcenn\u00e1 a tak\u00e9 m\u00e1 Short Put 136 vypr\u0161\u00ed jako bezcenn\u00e1. Po\u0159\u00edzen\u00e1 Long Put 141 zp\u016fsobuje<\/strong>, \u017ee v\u017edycky mohu sv\u00e9 akcie prodat za cenu strike t\u00e9to opce, tedy za 141 USD<\/strong> a utr\u017eit tak +14.100 USD<\/strong>. Toto mohu prov\u00e9st exercise m\u00e9 opce nebo vy\u010dkat na automatickou exercise p\u0159i expiraci. V\u0161echny pozice samoz\u0159ejm\u011b zmiz\u00ed a z\u016fstanou pouze pen\u00edze. V\u00fdsledkem bude, \u017ee k\u00a0m\u00e9 p\u016fvodn\u00ed investici ve v\u00fd\u0161i -14.133 USD p\u0159i\u010d\u00edt\u00e1m tr\u017ebu za prodej akci\u00ed +14.100 USD a m\u00e1 celkov\u00e1 ztr\u00e1ta bude -33 USD.<\/strong><\/span><\/p>\n

\u00a0\u00a0\u00a0 Takovou ztr\u00e1tu budu m\u00edt v\u017edy, kdy\u017e bude cena akcie AAPL v\u00a0den expirace opc\u00ed pod hodnotou strike m\u00e9 Long Put 141<\/strong> a nad strike m\u00e9 Short Put 136<\/strong> (tedy uvnit\u0159 Put Bear Spreadu), v\u011bt\u0161\u00ed ztr\u00e1ta nastat nem\u016f\u017ee. Tato toti\u017e zaji\u0161\u0165uje, \u017ee kdykoliv mohu sv\u00e9 akcie za cenu 141 prodat. To je \u00fakol pro m\u00e9ho fenomen\u00e1ln\u00edho obr\u00e1nce.<\/span><\/p>\n

\u00a0\u00a0 3\/ Akcie AAPL budou do expirace stagnovat na sou\u010dasn\u00e9 cen\u011b 141,20 USD<\/strong>. V\u0161echny opce vypr\u0161\u00ed jako bezcenn\u00e9. Na akci\u00edch nic nevyd\u011bl\u00e1v\u00e1m a m\u00e1 sou\u010dasn\u00e1 ztr\u00e1ta je pouze ve v\u00fd\u0161i investice do opc\u00ed ve v\u00fd\u0161i -13 USD<\/strong>. \u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 4\/ Akcie AAPL do expirace rostou, ale nikoliv nad strike m\u00e9 Short Call 145 opce<\/strong>. Nap\u0159\u00edklad na cenu 144 USD. V\u0161echny opce vypr\u0161\u00ed jako bezcenn\u00e9. Na akci\u00edch vyd\u011bl\u00e1m (144 \u2013 141,20)*100 = +280 USD<\/strong>.<\/span><\/p>\n

\u00a0 \u00a05\/ Akcie AAPL do expirace rostou nad strike m\u00e9 Short Call 145 opce<\/strong>. Nap\u0159\u00edklad na cenu 147 USD. Long Put 141 a Short Put 136 vypr\u0161\u00ed jako bezcenn\u00e9. Short Call 145 bude p\u0159i\u0159azena<\/strong> a budou mi na \u00fa\u010det dod\u00e1ny 100 Short akcie AAPL za cenu 145 USD\/kus. Proto\u017ee ji\u017e 100 akci\u00ed vlastn\u00edm, tak mi t\u011bchto 100 x Long akci\u00ed zmiz\u00ed a z\u00a0t\u00e9to transakce z\u00edsk\u00e1v\u00e1m profit ve v\u00fd\u0161i (145-141,20)*100 = +380 USD<\/strong>. Toto je maxim\u00e1ln\u00ed profit z\u00a0cel\u00e9 transakce.<\/span><\/p>\n

\u00a0\u00a0 Op\u011bt z tohoto p\u0159\u00edstupu zaji\u0161t\u011bn\u00ed vypl\u00fdv\u00e1, \u017ee pokud chceme n\u011bco zadarmo, nikdy to nen\u00ed \u00fapln\u011b ide\u00e1ln\u00ed a v\u017edycky je \u201en\u011bco za n\u011bco\u201c. Nezaji\u0161\u0165ujeme si \u201etot\u00e1ln\u00ed ochranu proti poklesu\u201c, ale pouze do hodnoty strike vypsan\u00e9 Short Put 136. Pokud by pokles byl v\u00fdrazn\u011bj\u0161\u00ed pod tuto cenu, je zde otev\u00edr\u00e1n prostor pro neomezenou ztr\u00e1tu na stran\u011b p\u0159\u00edpadn\u00e9ho takov\u00e9ho propadu. Tento je v\u0161ak korigov\u00e1n o maxim\u00e1ln\u00ed profit na Put Bear Spreadu (v na\u0161em p\u0159\u00edpad\u011b +500 USD). P\u0159i v\u00fdrazn\u00e9m uptrendu jsme op\u011bt limitov\u00e1n\u00ed omezen\u00fdm profitem vypl\u00fdvaj\u00edc\u00edm ze\u00a0Short Call opce na strike 145.<\/span><\/p>\n

AAPL Put Bear Spread + Short Put<\/span><\/strong><\/h2>\n

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

\u00a0\u00a0 Na obr\u00e1zku v\u00fd\u0161e uveden\u00e9m obr\u00e1zku je op\u011bt vid\u011bt, jak\u00e9 op\u010dn\u00ed pozice jsem po\u0159\u00eddil v\u00a0posledn\u00ed variant\u011b. P\u0159i cen\u011b akci\u00ed 141,20 jsem koupil ochrannou Long Put 141 za -375 USD<\/strong>. Tato opce je nyn\u00ed 0,20 USD \u201emimo pen\u00edze\u201c. Abych na takovou investici vyd\u011blal a nest\u00e1la m\u011b dal\u0161\u00ed prost\u0159edky, vypsal<\/strong> jsem 2 x OTM Short Put na strike 136<\/strong> za 2 x +180 USD<\/strong> pr\u00e9mia. Celkem bych za takovou op\u010dn\u00ed kombinaci zaplatil -15 USD (+360 USD za v\u00fdpis 2 x Short Put 136 \u2013 375 USD za Long Put 141). Pos\u00edl\u00e1m tedy na m\u011bs\u00edc dva obr\u00e1nce – Zahustela s Holkem do Uhersk\u00e9ho Hradi\u0161t\u011b a na leti\u0161t\u011b V\u00e1clava Havla op\u011bt p\u0159ist\u00e1v\u00e1 letadlo s\u00a0fam\u00f3zn\u00edm obr\u00e1ncem Sergio Ramosem. Za tuto transakci jsem utratil -15 USD. Za akcie jsem zaplatil 141,20 USD\/kus, investoval jsem tak -14.120 USD, te\u010f jsem ud\u011blal investici do opc\u00ed za -15 USD a m\u00e1 investice je -14.135 USD<\/strong>.\u00a0<\/span><\/p>\n

\u00a0\u00a0 Co jsem za m\u00fdch -15 USD vlastn\u011b po\u0159\u00eddil. Na Long Put 141 a Short Put 136<\/strong> se mohu d\u00edvat jako na Put Bear Spread +141\/-136<\/strong> a Short Put 136<\/strong> mohu vn\u00edmat jako naked \u2013 nekrytou opci<\/strong>. Co se m\u016f\u017ee p\u0159i expiraci opc\u00ed za 37 dn\u016f st\u00e1t?<\/span><\/p>\n

\u00a0\u00a0 1\/ Akcie AAPL budou do expirace klesat, a klesnou pod 136 USD \u2013 strike m\u00fdch Short Put 136 opc\u00ed<\/strong>. Nap\u0159\u00edklad na cenu 133 USD, co\u017e je op\u011bt dosti realistick\u00fd sc\u00e9n\u00e1\u0159. Siln\u00fd p\u00e1d ceny akci\u00ed AAPL pod strike m\u00fdch Put opc\u00ed zp\u016fsob\u00ed, \u017ee v\u0161echny Put opce budou p\u0159i expiraci v\u00a0pen\u011bz\u00edch<\/strong> a budou exercised (Long Put 141) a assigned (2 x Short Put 136). Cel\u00fd Put Bear Spread +141\/-136 dos\u00e1hl maxim\u00e1ln\u00edho profitu, kter\u00fdm je rozsah strike v\u00a0dolarov\u00e9m vyj\u00e1d\u0159en\u00ed, tedy +500 USD<\/strong>, a to proto, \u017ee Long Put 141 je exercised a jsou mi dod\u00e1ny Short akcie za 141 USD, aby vz\u00e1p\u011bt\u00ed byla assigned Short Put 136 a tyto akcie \u201ejsou mi prod\u00e1ny\u201c za 136 USD, p\u0159i sto akci\u00edch je pak profit +500 USD z\u00a0tohoto Put Bear Spreadu +141\/-136. M\u00e1 druh\u00e1<\/strong> p\u0159i\u0159azen\u00e1 Short Put na strike 136 zp\u016fsob\u00ed, \u017ee jsou mi dod\u00e1ny na \u00fa\u010det 100 x Long akcie AAPL za cenu strike ve v\u00fd\u0161i 136 USD\/kus. Tyto akcie prod\u00e1v\u00e1m na voln\u00e9m trhu za aktu\u00e1ln\u00ed cenu 133 USD a tato transakce mi p\u0159inese ztr\u00e1tu -300 USD<\/strong>. Celkem mi tento pokles na cenu 133 USD p\u0159inesl profit +500 USD (maxim\u00e1ln\u00ed profit z\u00a0Put Bear Spreadu) \u2013 300 USD (prodej p\u0159i\u0159azen\u00fdch akci\u00ed) = +200 USD<\/strong>. Co z\u00a0toho vypl\u00fdv\u00e1?<\/span><\/p>\n

\u00a0\u00a0\u00a0 A\/<\/strong> P\u0159i cen\u011b akci\u00ed 133 USD by byla ztr\u00e1ta \u010dist\u011b akciov\u00e9ho obchodn\u00edka<\/strong> bez t\u00e9to op\u010dn\u00ed ochrany p\u0159i takov\u00e9m p\u00e1du ceny ve v\u00fd\u0161i (133 USD \u2013 141,20 USD) * 100 = -820 USD<\/strong>. To je t\u00e9m\u011b\u0159 6% cel\u00e9 investice.\u00a0<\/span><\/p>\n

\u00a0 \u00a0B\/<\/strong> Po\u0159\u00edzen\u00edm opc\u00ed<\/strong> by takov\u00e1 ztr\u00e1ta byla vylep\u0161ena o +200 USD<\/strong> z\u00a0op\u010dn\u00ed kombinace. Ztr\u00e1cel bych tak -620 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 2\/ Akcie AAPL budou do expirace klesat, ale neklesnou pod 136 USD \u2013 strike m\u00fdch Short Put 136 opc\u00ed<\/strong>. Nap\u0159\u00edklad na cenu 137 USD, co\u017e je op\u011bt realistick\u00fd sc\u00e9n\u00e1\u0159. Short Put 136 opce vypr\u0161\u00ed jako bezcenn\u00e9. Po\u0159\u00edzen\u00e1 Long Put 141<\/strong> zp\u016fsobuje, \u017ee v\u017edycky mohu sv\u00e9 akcie prodat za cenu strike t\u00e9to opce, tedy za 141 USD a utr\u017eit tak +14.100 USD<\/strong>. Toto mohu prov\u00e9st exercise m\u00e9 opce nebo vy\u010dkat na automatickou exercise p\u0159i expiraci. V\u0161echny pozice samoz\u0159ejm\u011b zmiz\u00ed a z\u016fstanou pouze pen\u00edze. V\u00fdsledkem bude, \u017ee k\u00a0m\u00e9 p\u016fvodn\u00ed investici ve v\u00fd\u0161i -14.135 USD p\u0159i\u010d\u00edt\u00e1m tr\u017ebu za prodej akci\u00ed +14.100 USD a m\u00e1 celkov\u00e1 ztr\u00e1ta bude -35 USD.<\/strong><\/span><\/p>\n

\u00a0\u00a0 3\/<\/strong> Akcie AAPL budou do expirace stagnovat na sou\u010dasn\u00e9 cen\u011b 141,20 USD<\/strong>. V\u0161echny opce vypr\u0161\u00ed jako bezcenn\u00e9. Na akci\u00edch nic nevyd\u011bl\u00e1v\u00e1m a m\u00e1 sou\u010dasn\u00e1 ztr\u00e1ta je pouze ve v\u00fd\u0161i investice do opc\u00ed ve v\u00fd\u0161i -15 USD<\/strong>.\u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0\u00a0 4\/<\/strong> Akcie AAPL do expirace rostou – nap\u0159\u00edklad na cenu 147 USD<\/strong>. V\u0161echny opce vypr\u0161\u00ed jako bezcenn\u00e9 Na akci\u00edch z\u00edsk\u00e1v\u00e1m profit ve v\u00fd\u0161i (147-141,20)*100 = +580 USD<\/strong>. V\u00a0profitu pak nejsem nijak omezen<\/strong>, \u010d\u00edm v\u00edce akcie vystoupaj\u00ed, t\u00edm bude profit vy\u0161\u0161\u00ed.<\/span><\/p>\n

\u00a0\u00a0 Takov\u00e1 op\u010dn\u00ed kombinace, op\u011bt ve smyslu, \u017ee opravdu je v\u017edy \u201en\u011bco za n\u011bco\u201c nezaji\u0161\u0165uje \u201etot\u00e1ln\u00ed ochranu proti poklesu\u201c, ale pouze do hodnoty strike vypsan\u00e9 Short Put 136. Pokud by pokles byl v\u00fdrazn\u011bj\u0161\u00ed pod tuto cenu, je zde otev\u00edr\u00e1n prostor pro neomezenou ztr\u00e1tu na stran\u011b p\u0159\u00edpadn\u00e9ho takov\u00e9ho propadu. Tento je v\u0161ak korigov\u00e1n o maxim\u00e1ln\u00ed profit na Put Bear Spreadu (v na\u0161em p\u0159\u00edpad\u011b +500 USD). P\u0159i v\u00fdrazn\u00e9m uptrendu ov\u0161em nejsme nijak limitov\u00e1ni omezen\u00fdm profitem a tento m\u016f\u017ee b\u00fdt neomezen\u00fd, uptrend je nyn\u00ed n\u00e1\u0161 p\u0159\u00edtel<\/span><\/p>\n

\n

\u00a0<\/span>\u00a0 V\u0161echny zde uveden\u00e9 kombinace se v\u017edy hod\u00ed pro ur\u010dit\u00fd n\u00e1hled na v\u00fdvoj ceny podkladov\u00e9ho aktiva v\u00a0budoucnosti<\/strong>. Tyto jednoduch\u00e9 koncepty lze samoz\u0159ejm\u011b d\u00e1le rozv\u00edjet a kombinovat a tak\u00e9 vyu\u017e\u00edvat jin\u00fdch expirac\u00ed a jin\u00fdch strike, a to zejm\u00e9na proto, abychom t\u00edmto \u010dasov\u00e1n\u00edm a v\u00fdb\u011brem dos\u00e1hli co nejlep\u0161\u00ed v\u00fdkonnosti za p\u0159im\u011b\u0159en\u00fdch n\u00e1klad\u016f na ochranu na\u0161\u00ed investice. Nikdy nen\u00ed nic zadarmo, ka\u017ed\u00e1 technika m\u00e1 sv\u00e1 pro a tak\u00e9 proti. Kombinace s\u00a0naked opcemi nap\u0159\u00edklad zvy\u0161uj\u00ed po\u017eadavky na margin. V\u017edycky ale vyhodnocuji, \u017ee pouze samotn\u00e9 dr\u017een\u00ed akci\u00ed je bez n\u011bjak\u00e9 ochrany je rizikov\u011bj\u0161\u00ed ne\u017e veden\u00e9 koncepty. Prost\u00e9 koupen\u00ed 100 akci\u00ed bych pak p\u0159irovnal k z\u00e1jezdu na \u0160picberky bez p\u00e9\u0159ov\u00e9 bundy. Takov\u00e9 op\u010dn\u00ed kombinace mi zaru\u010duj\u00ed, \u017ee m\u00e1m p\u00e9\u0159ovku v\u00a0batohu a snadno se mi nese. Kdy\u017e je opravdu velk\u00e1 zima, tak m\u011b zah\u0159eje, a kdy\u017e je opravdov\u00fd fi\u010d\u00e1k, tak sice d\u011bsn\u011b promrznu, ale ur\u010dit\u011b p\u0159e\u017eiji. Pob\u00edhat po ostrovech jenom v\u00a0ko\u0161ili by m\u011b pak t\u00e9m\u011b\u0159 jist\u011b zabilo.<\/span><\/p>\n

\u00a0\u00a0\u00a0 V\u0161echny popisovan\u00e9 p\u0159\u00edpady pak maj\u00ed jedno spole\u010dn\u00e9. Jak\u00fdkoliv dramatick\u00fd sc\u00e9n\u00e1\u0159, kter\u00fd si lze p\u0159edstavit, a proto\u017ee chr\u00e1n\u00edm Long akcie – tak t\u00edmto sc\u00e9n\u00e1\u0159em je prudk\u00fd pokles<\/strong>, je v\u017edy v\u00edce zdrcuj\u00edc\u00ed pro pouh\u00e9 prost\u00e9 dr\u017een\u00ed akciov\u00e9 pozice<\/strong> ne\u017e stejn\u00e1 akciov\u00e1 pozice s\u00a0n\u011bkterou s\u00a0popisovan\u00fdch op\u010dn\u00edch ochran :c)\u00a0\u00a0\u00a0 <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\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 Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":201,"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":[],"class_list":["post-195","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\/ramos1.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-39","jetpack-related-posts":[{"id":3111,"url":"https:\/\/dobretrejdy.com\/?p=3111","url_meta":{"origin":195,"position":0},"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. Dal\u0161\u00ed po\u0159izov\u00e1n\u00ed Delta Neutrality prodejem odpov\u00eddaj\u00edc\u00edho po\u010dtu akci\u00ed podle cenov\u00e9ho v\u00fdvoje bylo pops\u00e1no na jednoduch\u00e9m p\u0159\u00edkladu s\u00a0akciemi PEP p\u0159i mo\u017enosti vyu\u017eit\u00ed platformy TWS brokera Interactive Brokers. \u010cl\u00e1nek m\u011bl\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\/04\/excel-konecny.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/04\/excel-konecny.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/04\/excel-konecny.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/04\/excel-konecny.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":30,"url":"https:\/\/dobretrejdy.com\/?p=30","url_meta":{"origin":195,"position":1},"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. 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