{"id":218,"date":"2017-04-23T09:59:08","date_gmt":"2017-04-23T09:59:08","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=218"},"modified":"2023-12-10T18:45:28","modified_gmt":"2023-12-10T16:45:28","slug":"conversion-reversal-box","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=218","title":{"rendered":"Conversion + Reversal = Box"},"content":{"rendered":"

\u00a0 \u00a0Rovnice s\u00a0t\u0159emi nezn\u00e1m\u00fdmi a jakoby nesouvisej\u00edc\u00edmi v\u00fdrazy. Mo\u017en\u00e1 pro chovatele andulek, nikoliv v\u0161ak pro op\u010dn\u00edho obchodn\u00edka. V\u00a0\u010dl\u00e1nku o technice Collar<\/a><\/strong><\/span>\u00a0jsem uvedl, \u017ee jeho speci\u00e1ln\u00ed formou, kdy je k\u00a0dr\u017een\u00fdm akci\u00edm vyps\u00e1na Short Call<\/strong> a koupena Long Put<\/strong> na stejn\u00e9m strike<\/strong>, se budu zab\u00fdvat v\u00a0n\u011bkter\u00e9m dal\u0161\u00edm \u010dl\u00e1nku. Cht\u011bl bych se zhostit tohoto slibu nyn\u00ed a pokusil se uk\u00e1zat, co m\u016f\u017ee takov\u00e1 op\u010dn\u00ed konstelace p\u0159edstavovat a jak ji spr\u00e1vn\u011b pochopit a tak\u00e9 si n\u011bco odn\u00e9st pro m\u00e9 obchodov\u00e1n\u00ed.<\/span><\/p>\n

\u00a0 \u00a0Obchodov\u00e1n\u00ed opc\u00ed je p\u0159edev\u0161\u00edm o poznan\u00fdch souvislostech mezi jednotliv\u00fdmi op\u010dn\u00edmi kontrakty, kter\u00e9 vytv\u00e1\u0159ej\u00ed komplexn\u011bj\u0161\u00ed op\u010dn\u00ed pozice. Pokud op\u010dn\u00ed obchodn\u00edk pochop\u00ed podstatu takov\u00fdch slo\u017eit\u011bj\u0161\u00edch pozic, za\u010dne na obchodov\u00e1n\u00ed opc\u00ed pohl\u00ed\u017eet z\u00a0jin\u00e9ho \u00fahlu a z\u00a0daleko s\u00a0v\u011bt\u0161\u00edm nadhledem. Cht\u011bl bych uk\u00e1zat pr\u00e1v\u011b takovou komplexnost t\u0159eba na tomto speci\u00e1ln\u00edm tvaru Collaru a jeho modifikac\u00edch.<\/span><\/p>\n

\u00a0\u00a0 V\u00a0\u010dl\u00e1nku Vypisov\u00e1n\u00ed opc\u00ed \u2013 kdo je kr\u00e1l?<\/a><\/strong><\/span>\u00a0jsem popsal chov\u00e1n\u00ed tv\u016frce trhu za situace, kdy b\u011b\u017en\u00fd op\u010dn\u00ed trader (jako nap\u0159\u00edklad kdokoliv z\u00a0n\u00e1s) se rozhodne, \u017ee chce vypsat opci. Konkr\u00e9tn\u011b jsem uvedl, \u017ee trader Viktor cht\u011bl vypsat Short Call opci na OTM strike a fiktivn\u00ed Market Maker mu takov\u00fd p\u0159\u00edkaz vyplnil a s\u00e1m se p\u0159itom zajistil<\/strong> prodejem podkladov\u00e9 akcie<\/strong> a vyps\u00e1n\u00edm Short Put opce <\/strong>na stejn\u00e9m strike. Na t\u00e9to jednor\u00e1zov\u00e9 operaci jsem uk\u00e1zal, kdo je vlastn\u011b v\u00a0tomto obchodu t\u00e9m\u011b\u0159 jist\u00fd v\u00edt\u011bz a komu na bedrech z\u016fstala valn\u00e1 v\u011bt\u0161ina risku. Cht\u011bl bych takovou situaci d\u00e1le rozvinout a uk\u00e1zat, co by si z\u00a0takov\u00e9 situace mohl vz\u00edt b\u011b\u017en\u00fd op\u010dn\u00ed obchodn\u00edk.<\/span><\/p>\n

\u00a0\u00a0 Zd\u00e1lo by se, \u017ee Market Maker mus\u00ed m\u00edt k\u00a0dispozici obrovsk\u00e9 pen\u00edze, aby byl schopen kr\u00fdt objedn\u00e1vky trader\u016f, zejm\u00e9na ty kuri\u00f3zn\u011bj\u0161\u00ed, kter\u00e9 nen\u00ed mo\u017en\u00e9 p\u00e1rovat s\u00a0jin\u00fdmi objedn\u00e1vkami jin\u00fdch trader\u016f, zejm\u00e9na proto, \u017ee jsou na vzd\u00e1len\u00fdch a neobvykl\u00fdch strikes nebo vzd\u00e1len\u00fdch expirac\u00edch, pokud by postupoval podle mnou popsan\u00e9ho zaji\u0161\u0165ov\u00e1n\u00ed pozic ji\u017e popsan\u00fdm zp\u016fsobem. Pokud by cht\u011bl nap\u0159\u00edklad uspokojit n\u00e1kup 100 opc\u00ed na n\u011bjakou akcii a cht\u011bl se t\u011bmito akciemi zajistit, tak by pot\u0159eboval po\u0159\u00eddit\/vypsat 10.000 akci\u00ed a pokud by st\u00e1la jedna 100 USD, musel by m\u00edt n\u011bjak\u00fdm zp\u016fsobem k\u00a0dispozici 1 milion dolar\u016f. Nen\u00ed tomu zdaleka tak, jak uk\u00e1\u017eu na praktick\u00e9m p\u0159\u00edkladu.<\/span><\/p>\n

\n

Conversion<\/strong><\/span><\/h1>\n

\u00a0 Jsem fiktivn\u00ed Market Maker na op\u010dn\u00edm pitu AAPL a tvo\u0159\u00edm trh. Vid\u00edm p\u0159ich\u00e1zej\u00edc\u00ed p\u0159\u00edkazy na otev\u00edr\u00e1n\u00ed op\u010dn\u00edch kontrakt\u016f. Prost\u0159ednictv\u00edm brokera je na pit doru\u010den limitn\u00ed p\u0159\u00edkaz na po\u0159\u00edzen\u00ed OTM Long Call<\/strong> opce tradera Viktora na strike 143<\/strong> s\u00a0expirac\u00ed za 37 dn\u00ed za cenu 263 USD. Akcie AAPL se obchoduje za Ask 141,13 USD<\/strong> a Bid 141,27 USD<\/strong>. Viktor chce b\u00fdt Long v\u00a0op\u010dn\u00edm kontraktu, pravd\u011bpodobn\u011b v\u011b\u0159\u00ed v\u00a0n\u00e1r\u016fst ceny do expirace. Tento p\u0159\u00edkaz jsem ochoten, nyn\u00ed jako fiktivn\u00ed Market Maker, vyplnit a tak\u00e9 se proti takov\u00e9mu otev\u0159en\u00e9mu op\u010dn\u00edmu kontraktu n\u00e1le\u017eit\u011b zajistit. Jdu do takov\u00e9ho obchodu a Viktorovi za 263 USD takov\u00fd Long Call 143 op\u010dn\u00ed kontrakt otev\u00edr\u00e1m. Viktor je Long Call AAPL 143 s\u00a0expirac\u00ed za 37 dn\u016f, za kterou zaplatil limit cenu -263 USD. J\u00e1 m\u00e1m na sv\u00e9m Market Maker \u00fa\u010dtu otev\u0159enu opa\u010dnou pozici \u2013 Short Call 143<\/strong> za cenu +263 USD<\/strong>, k zaji\u0161t\u011bn\u00ed jsem pak nakoupil 100 x Long akci\u00ed AAPL<\/strong> za cenu Ask 141,13 USD<\/strong> a koupil na voln\u00e9m trhu Long Put<\/strong> na stejn\u00e9m strike 143<\/strong> za cenu -485 USD<\/strong>. M\u00e1 pozice je vid\u011bt na obr\u00e1zku:\u00a0\u00a0<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Vytvo\u0159il jsem speci\u00e1ln\u00ed Collar s\u00a0opcemi na stejn\u00e9m strike. Takov\u00e9 pozici se \u0159\u00edk\u00e1 Conversion<\/strong><\/span> a m\u00e1 pro m\u011b, jako fiktivn\u00edho Market Makera, speci\u00e1ln\u00ed vlastnosti. Celou Conversion jsem po\u0159\u00eddil za n\u00e1klady<\/strong> ve v\u00fd\u0161i +263 USD<\/strong> (za v\u00fdpis Short Call 143) \u2013 14.113 USD<\/strong> (n\u00e1klad na akcie) \u2013 485 USD<\/strong> (n\u00e1klad na Long Put 143) = -14.335 USD<\/strong><\/span>. Nebudu nyn\u00ed spekulovat o tom, \u017ee jsem mohl Long Put 143 na trhu koupit m\u00edrn\u011b levn\u011bji, m\u00e1m toti\u017e mo\u017enost na trhu b\u00fdt jako Market Maker uspokojen za v\u00fdrazn\u011b lep\u0161\u00ed ceny, ne\u017e vid\u00edm j\u00e1, b\u011b\u017en\u00fd obchodn\u00edk ve sv\u00e9 platform\u011b, jde o plastick\u00e9 vyj\u00e1d\u0159en\u00ed cel\u00e9ho principu. Co se nyn\u00ed m\u016f\u017ee st\u00e1t?<\/span><\/p>\n

\u00a0\u00a0 Conversion<\/strong> se bude p\u0159i expiraci v\u017edy chovat tak, \u017ee v\u0161echny pozice zmiz\u00ed a j\u00e1 obdr\u017e\u00edm jenom pen\u00edze, proto\u017ee<\/span><\/p>\n

\u00a0\u00a0 A\/ Akcie AAPL se p\u0159i expiraci budou obchodovat za cenu nad strike 143<\/strong>. M\u00e1 Short Call 143 bude assigned (p\u0159i\u0159azena) a budou mi na \u00fa\u010det dod\u00e1ny 100 x Short akcie za cenu strike, tedy 143 USD a +14.300 USD za jejich prodej. Akciov\u00e9 pozice se vyru\u0161\u00ed (dr\u017een\u00e9 Long akcie x p\u0159i\u0159azen\u00e9 Short akcie). Long Put 143 vypr\u0161\u00ed jako bezcenn\u00e1. Proto\u017ee jsem obdr\u017eel +14.300 USD a m\u00e9 n\u00e1klady byly -14.335 USD je m\u00e1 ztr\u00e1ta -35 USD<\/strong><\/span><\/p>\n

\u00a0\u00a0 B\/ Akcie AAPL se p\u0159i expiraci budou obchodovat za cenu pod strike 143<\/strong>. M\u00e1 Long Put 143 bude exercised (uplatn\u011bna) a budou mi na \u00fa\u010det dod\u00e1ny 100 x Short akcie za cenu strike, tedy 143 USD a +14.300 USD za jejich prodej. Akciov\u00e9 pozice se vyru\u0161\u00ed (dr\u017een\u00e9 Long akcie x p\u0159i\u0159azen\u00e9 Short akcie). Short Call 143 vypr\u0161\u00ed jako bezcenn\u00e1. Proto\u017ee jsem obdr\u017eel +14.300 USD a m\u00e9 n\u00e1klady byly -14.335 USD je m\u00e1 ztr\u00e1ta -35 USD<\/strong><\/span><\/p>\n

\n

Reversal \u00a0\u00a0<\/span><\/strong><\/h1>\n

\u00a0 Ztr\u00e1ta -35 USD v p\u0159edch\u00e1zej\u00edc\u00ed transakci je pro fiktivn\u00edho Market Makera nemil\u00e1 situace. Tato zaji\u0161t\u011bn\u00e1 pozice byla po\u0159\u00edzena se ztr\u00e1tou<\/strong>. Pokud bych ud\u011blal pouze tento jeden obchod za celou dobu do expirace, prod\u011blal bych jist\u00fdch -35 USD. Je jasn\u00e9, \u017ee jako Market Maker \u010del\u00edm mnoha dal\u0161\u00edm objedn\u00e1vk\u00e1m obchodn\u00edk\u016f, tak\u017ee v\u00a0\u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b nen\u00ed nic ztraceno. Moje \u010dinnost d\u00e1le pokra\u010duje. Aby to bylo pro uk\u00e1zku v\u00fdrazn\u011bj\u0161\u00ed, tak o t\u0159i dny pozd\u011bji se akcie AAPL<\/strong> obchoduje za Ask 142,37 USD<\/strong> a Bid 142,51 USD<\/strong>. Do\u0161lo tedy k\u00a0m\u00edrn\u00e9mu uptrendu, Obchodn\u00edk Viktor se svou Long Call 143 s\u00a0p\u0159edch\u00e1zej\u00edc\u00edho obchodu m\u016f\u017ee b\u00fdt pravd\u011bpodobn\u011b spokojen. Na monitoru vid\u00edm dal\u0161\u00ed objedn\u00e1vku op\u010dn\u00edho obchodn\u00edka (\u0159\u00edkejme mu Tom\u00e1\u0161), tentokr\u00e1te v\u0161ak tento obchodn\u00edk po\u017eaduje vyplnit sv\u016fj p\u0159\u00edkaz na prodej OTM Short Call<\/strong> na strike 145<\/strong> za cenu +204 USD<\/strong> s expirac\u00ed za 34 dn\u016f. Podle moment\u00e1ln\u00ed situace na trhu se rozhoduji, \u017ee takovou pozici vypln\u00edm a otev\u0159u Tom\u00e1\u0161ovi tento op\u010dn\u00ed kontrakt. Tom je tedy Short Call 145 za cenu +204 USD. Je spokojen a pravd\u011bpodobn\u011b v\u011b\u0159\u00ed v pokles nebo stagnaci ceny. J\u00e1 m\u00e1m na sv\u00e9m Market Maker \u00fa\u010dtu otev\u0159enu opa\u010dnou pozici \u2013 Long Call 145<\/strong> za cenu -204 USD<\/strong>, k zaji\u0161t\u011bn\u00ed jsem pak prodal 100 x Short akci\u00ed AAPL<\/strong> za cenu Bid 142,51 USD<\/strong> a vypsal jsem na voln\u00e9m trhu Short Put<\/strong> na stejn\u00e9m strike 145<\/strong> za cenu +510<\/strong> USD. M\u00e1 pozice je vid\u011bt na obr\u00e1zku: <\/span>\u00a0 \u00a0<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 Vytvo\u0159il jsem pozici opa\u010dnou ke speci\u00e1ln\u00edmu Collaru s\u00a0opcemi na stejn\u00e9m strike. Takov\u00e9 pozici se \u0159\u00edk\u00e1 Reversal<\/strong><\/span> (Reverzn\u00ed Conversion) a m\u00e1 pro m\u011b, jako fiktivn\u00edho Market Makera, speci\u00e1ln\u00ed vlastnosti. Cel\u00fd Reversal jsem po\u0159\u00eddil<\/strong> za n\u00e1klady ve v\u00fd\u0161i -204 USD<\/strong> (za n\u00e1kup Long Call 145) + 14.251 USD<\/strong> (tr\u017eba za prodej akci\u00ed) +510 USD<\/strong> (pr\u00e9mium za Short Put 145) = +14.557 USD<\/strong><\/span>. Nebudu nyn\u00ed spekulovat o tom, \u017ee bych asi Short Call 145 neprodal za tak vysokou cenu a mohl ji koupit za m\u00e9n\u011b a v\u00fdrazn\u011b tak je\u0161t\u011b u\u0161et\u0159it na n\u00e1kladech, ale op\u011bt jde o plastick\u00e9 vyj\u00e1d\u0159en\u00ed cel\u00e9ho principu. Co se nyn\u00ed m\u016f\u017ee s\u00a0m\u00fdm Reversal st\u00e1t?<\/span><\/p>\n

\u00a0\u00a0 Reversal<\/strong> se bude p\u0159i expiraci v\u017edy chovat tak, \u017ee v\u0161echny pozice zmiz\u00ed a j\u00e1 obdr\u017e\u00edm jenom pen\u00edze, proto\u017ee<\/span><\/p>\n

\u00a0 \u00a0A\/ Akcie AAPL se p\u0159i expiraci budou obchodovat za cenu nad strike 145<\/strong>. M\u00e1 Long Call 145 bude exercised (uplatn\u011bna) a budou mi na \u00fa\u010det dod\u00e1ny 100 x Long akcie za cenu strike, tedy 145 USD a z \u00fa\u010dtu odebr\u00e1no -14.500 USD za jejich n\u00e1kup. Akciov\u00e9 pozice se vyru\u0161\u00ed (dr\u017een\u00e9 Short akcie x uplatn\u011bn\u00e9 Long akcie). Short Put 145 vypr\u0161\u00ed jako bezcenn\u00e1. Proto\u017ee jsem obdr\u017eel +14.500 USD a m\u00e9 n\u00e1klady byly +14.557 USD je m\u016fj profit +57 USD<\/strong><\/span><\/p>\n

\u00a0 \u00a0B\/ Akcie AAPL se p\u0159i expiraci budou obchodovat za cenu pod strike 145<\/strong>. M\u00e1 Short Put 145 bude assigned (p\u0159i\u0159azena) a budou mi na \u00fa\u010det dod\u00e1ny 100 x Long akcie za cenu strike, tedy 145 USD a z \u00fa\u010dtu odebr\u00e1no -14.500 USD za jejich n\u00e1kup. Akciov\u00e9 pozice se vyru\u0161\u00ed (dr\u017een\u00e9 Short akcie x uplatn\u011bn\u00e9 Long akcie). Long Call 145 vypr\u0161\u00ed jako bezcenn\u00e1. Proto\u017ee jsem obdr\u017eel +14.500 USD a m\u00e9 n\u00e1klady byly +14.557 USD je m\u016fj profit +57 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Jestli\u017ee jsem na p\u0159edchoz\u00ed transakci s\u00a0Viktorovou Long Call 143 prod\u011blal -35 USD<\/strong>, tak nyn\u00ed jsem na Tom\u00e1\u0161ov\u011b Short Call 145 vyd\u011blal +57 USD<\/strong>. M\u00e1m tedy +22 USD celkov\u00fd profit<\/strong><\/span>.<\/span><\/p>\n

\n

Conversion + Reversal = Box<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Ob\u011b v\u00fd\u0161e popsan\u00e9 transakce ale prob\u011bhly na jednom obchodn\u00edm \u00fa\u010dtu a j\u00e1 popisoval, jak se budou ob\u011b pozice, tedy Conversion a Reversal, chovat p\u0159i expiraci<\/strong>, ale ta je a\u017e za v\u00edce ne\u017e m\u011bs\u00edc<\/strong>. Nic se ned\u011bje, ba naopak. Zrekapituluji, co na sv\u00e9m \u00fa\u010dtu vlastn\u011b m\u00e1m. M\u00e1m Conversion na ni\u017e\u0161\u00edm strike a Reversal na vy\u0161\u0161\u00edm strike:<\/span><\/p>\n

Short Call 143\u00a0\u00a0\u00a0\u00a0 100 x Long akcie AAPL<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0 Long Put 143<\/span><\/h4>\n

Long Call 145\u00a0\u00a0\u00a0\u00a0\u00a0 100 x Short akcie AAPL<\/span>\u00a0\u00a0\u00a0\u00a0 Short Put 145<\/span><\/h4>\n

\u00a0\u00a0 Pokud bych toto takto dr\u017eel, tak se mi akciov\u00e9 pozice vyru\u0161\u00ed<\/strong> a z\u016fstanou pouze dr\u017een\u00e9 op\u010dn\u00ed kontrakty<\/strong> na t\u011bchto strikes se vzd\u00e1lenost\u00ed dva body. Takov\u00e9 pozici se \u0159\u00edk\u00e1 Box<\/strong><\/span>. Vypad\u00e1 velmi jednodu\u0161e a p\u0159i jej\u00ed spr\u00e1vn\u00e9 konstrukci m\u016f\u017ee velmi dob\u0159e fungovat. Z\u00e1kladem takov\u00e9 pozice je toti\u017e to, \u017ee pokud je spr\u00e1vn\u011b po\u0159\u00edzena, tak na ni m\u016f\u017eete zapomenout a v\u011bnovat se jin\u00fdm obchod\u016fm. Jak je to mo\u017en\u00e9?<\/span><\/p>\n

\u00a0\u00a0 Na takov\u00fd Box<\/strong> se m\u016f\u017eu d\u00edvat ze dvou perspektiv:<\/strong><\/span><\/p>\n

\u00a0 \u00a01\/ Horizont\u00e1ln\u00ed pohled<\/strong>. Na ni\u017e\u0161\u00edm strike 143 m\u00e1m syntetickou akciovou pozici Short<\/strong> a na vy\u0161\u0161\u00edm strike m\u00e1m\u00a0syntetickou akciovou pozici Long<\/strong>. M\u016f\u017eu si ji p\u0159edstavit, jako bych sou\u010dasn\u011b dr\u017eel akcie AAPL Short a z\u00e1rove\u0148 Long, ale pomoc\u00ed opc\u00ed. Obchodn\u00edci komoditn\u00edch futures mohou d\u00edky \u010dasov\u00e9 struktu\u0159e futures kontrakt\u016f dr\u017eet nap\u0159\u00edklad Short \u010dervencovou kuku\u0159ici a Long prosincovou kuku\u0159ici z\u00e1rove\u0148 na jednom obchodn\u00edm \u00fa\u010dtu a obchodovat tak jejich spread. Akcie \u017e\u00e1dnou takovou \u010dasovou strukturu nemaj\u00ed, proto nen\u00ed mo\u017en\u00e9 sou\u010dasn\u011b m\u00edt akcie nakoupen\u00e9 a prodan\u00e9 \u2013 takov\u00e9 pozice se ihned kompenzuj\u00ed. M\u016f\u017eete si ji ale nasimulovat pomoc\u00ed opc\u00ed<\/strong>, nap\u0159\u00edklad v\u00a0takov\u00e9m v\u00fd\u0161e uveden\u00e9m tvaru.<\/span><\/p>\n

\u00a0 2\/ Vertik\u00e1ln\u00ed pohled<\/strong>. Na lev\u00e9 stran\u011b Call m\u00e1m Short Call na ni\u017e\u0161\u00edm strike a Long Call na vy\u0161\u0161\u00edm strike. M\u00e1m tedy klasick\u00fd Credit Call Bear Spread -143\/+145<\/strong>. Na prav\u00e9 stran\u011b m\u00e1m Short Put na vy\u0161\u0161\u00edm strike a Long Put na ni\u017e\u0161\u00edm strike, tedy klasick\u00fd Credit Put Bull Spread -145\/+143<\/strong>. Takov\u00fd pohled pak zejm\u00e9na znamen\u00e1, \u017ee cel\u00fd takov\u00fd obchod s\u00a0Conversion a Reversal se nyn\u00ed \u201esmrskl\u201c na dva Credit spready a proto po\u017eadavek na margin bude ve v\u00fd\u0161i rozsahu strike takov\u00e9ho spreadu v\u00a0jeho dolarov\u00e9m vyj\u00e1d\u0159en\u00ed. V\u00a0na\u0161em p\u0159\u00edpad\u011b 200 USD (145-143).<\/span><\/p>\n

\u00a0\u00a0 Z\u00a0obou pohled\u016f, zejm\u00e9na z\u00a0pohledu na Vertik\u00e1ln\u00ed spready, pak jednodu\u0161e vypl\u00fdvaj\u00ed pravidla<\/strong> pro to, jak bych m\u011bl takov\u00fd Box m\u00edt po\u0159\u00edzen, aby byl v\u00a0profitu a j\u00e1 na n\u011bj mohl zapomenout.<\/span><\/p>\n

\u00a0\u00a0 Credit Vertical Spread<\/strong> m\u00e1 maxim\u00e1ln\u00ed ztr\u00e1tu<\/strong> ve v\u00fd\u0161i dolarov\u00e9ho vyj\u00e1d\u0159en\u00ed rozd\u00edlu strike obou opc\u00ed spreadu<\/strong>. Maxim\u00e1ln\u00ed ztr\u00e1ta Credit Call Bear Spreadu -143\/+145 je tak -200 USD, maxim\u00e1ln\u00ed ztr\u00e1ta Credit Put Bull Spreadu -145\/+143 je tak\u00e9 -200 USD. Pokud ale dok\u00e1\u017eu po\u0159\u00eddit takov\u00fd spread za pr\u00e9mium v\u011bt\u0161\u00ed, ne\u017e je dolarov\u00e9 vyj\u00e1d\u0159en\u00ed rozsahu strike spreadu, tak rozd\u00edl tohoto dolarov\u00e9ho vyj\u00e1d\u0159en\u00ed rozsahu spreadu a skute\u010dn\u011b utr\u017een\u00e9ho pr\u00e9mia (pokud je v\u011bt\u0161\u00ed ne\u017e rozsah strike) je m\u016fj profit, kter\u00fd mi nikdo nem\u016f\u017ee vz\u00edt. V\u00a0m\u00e9m p\u0159\u00edpad\u011b m\u011b tak zaj\u00edm\u00e1, jestli jsem po\u0159\u00eddil v\u00edce pr\u00e9mia ne\u017e je rozsah strike<\/strong> Vertik\u00e1ln\u00edch Spread\u016f tvo\u0159\u00edc\u00edch Box, tedy v\u00edce ne\u017e 200 USD.<\/span><\/p>\n

\u00a0 Conversion<\/strong> jsem po\u0159\u00eddil za celkov\u00e9 n\u00e1klady -14.335 USD<\/strong>. Reversal<\/strong> jsem po\u0159\u00eddil za +14.557 USD<\/strong>. Akcie zmizely a z\u016fstaly pouze op\u010dn\u00ed pozice tvo\u0159\u00edc\u00ed Box. Celkem jsem na sv\u016fj \u00fa\u010det dodal -14.335 USD + 14.557 USD = +222 USD<\/strong>. P\u0159i rozsahu strike 200 USD m\u00e1m tak jist\u00fd profit +22 USD<\/strong> a na cel\u00fd Box m\u016f\u017eu zapomenout<\/strong>. Tento profit mi ji\u017e nikdo nevezme. Jak je to mo\u017en\u00e9? P\u0159i t\u00e9to op\u010dn\u00ed pozici<\/span><\/p>\n

Short Call 143\u00a0\u00a0\u00a0\u00a0 Long Put 143<\/span><\/strong><\/h4>\n

Long Call 145\u00a0\u00a0\u00a0\u00a0 Short Put 145<\/span><\/strong><\/h4>\n

\u00a0<\/span>\u00a0\u00a0 mohou toti\u017e p\u0159i expiraci nastat tyto mo\u017enosti<\/span><\/p>\n

\u00a0\u00a0 1\/ Cena akci\u00ed AAPL je pod 143 USD<\/strong>. Ob\u011b Call opce vypr\u0161\u00ed jako bezcenn\u00e9. Ob\u011b Put opce budou v pen\u011bz\u00edch. Long Put 143 bude exercised (uplatn\u011bna) a na \u00fa\u010det mi budou dod\u00e1ny 100 x Short akcie AAPL za cenu 143 USD a za tyto prodan\u00e9 akcie obdr\u017e\u00edm na \u00fa\u010det +14.300 USD. Short Put 145 bude vz\u00e1p\u011bt\u00ed p\u0159i\u0159azena (assigned) a na m\u016fj \u00fa\u010det budou dod\u00e1ny 100 x Long akcie AAPL za cenu 145 USD, za tuto transakci zaplat\u00edm -14.500 USD. Ob\u011b akciov\u00e9 pozice se vyru\u0161\u00ed (100 x Short x 100 x Long) a vznikne mi tak pouze ztr\u00e1ta +14.300 USD -14.500 USD = -200 USD. P\u0159i celkov\u00fdch n\u00e1kladech na Box ve v\u00fd\u0161i +222 USD m\u00e1m tak celkov\u00fd profit<\/strong> -200 USD + 222 USD = +22 USD.<\/strong><\/span><\/p>\n

\u00a0 2\/ Cena akci\u00ed AAPL je nad 143 USD, ale pod 145 USD<\/strong>. Long Call 145 opce a Long Put 143 opce vypr\u0161\u00ed jako bezcenn\u00e9. Short Call 143 opce a Short Put 145 opce budou v pen\u011bz\u00edch. Short Call 143 bude p\u0159i\u0159azena (assigned) a na \u00fa\u010det mi budou dod\u00e1ny 100 x Short akcie AAPL za cenu 143 USD a za tyto prodan\u00e9 akcie obdr\u017e\u00edm na \u00fa\u010det +14.300 USD. Short Put 145 bude tak\u00e9 p\u0159i\u0159azena (assigned) a na m\u016fj \u00fa\u010det budou dod\u00e1ny 100 x Long akcie AAPL za cenu 145 USD, za tuto transakci zaplat\u00edm -14.500 USD. Ob\u011b akciov\u00e9 pozice se vyru\u0161\u00ed (100 x Short x 100 x Long) a vznikne mi tak pouze ztr\u00e1ta +14.300 USD -14.500 USD = -200 USD. P\u0159i celkov\u00fdch n\u00e1kladech na Box ve v\u00fd\u0161i +222 USD m\u00e1m tak celkov\u00fd profit<\/strong> -200 USD + 222 USD = +22 USD<\/strong>.<\/span><\/p>\n

\u00a0 3\/ Cena akci\u00ed AAPL je nad 145 USD<\/strong>. Ob\u011b Put opce vypr\u0161\u00ed jako bezcenn\u00e9. Ob\u011b Call opce budou v pen\u011bz\u00edch. Long Call 145 bude exercised (uplatn\u011bna) a na \u00fa\u010det mi budou dod\u00e1ny 100 x Long akcie AAPL za cenu 145 USD a za tyto po\u0159\u00edzen\u00e9 akcie zaplat\u00edm n\u00e1klady -14.500 USD. Short Call 143 bude vz\u00e1p\u011bt\u00ed p\u0159i\u0159azena (assigned) a na m\u016fj \u00fa\u010det budou dod\u00e1ny 100 x Short akcie AAPL za cenu 143 USD, za tuto obdr\u017e\u00edm tr\u017ebu ve v\u00fd\u0161i +14.300 USD. Ob\u011b akciov\u00e9 pozice se vyru\u0161\u00ed (100 x Short x 100 x Long) a vznikne mi tak pouze ztr\u00e1ta -14.500 USD +14.300 USD = -200 USD. P\u0159i celkov\u00fdch n\u00e1kladech na Box ve v\u00fd\u0161i +222 USD m\u00e1m tak celkov\u00fd profit -200 USD + 222 USD = +22 USD<\/strong>.<\/span><\/p>\n

\u00a0 \u00a0Nic hor\u0161\u00edho, ne\u017e profit +22 USD se ji\u017e nem\u016f\u017ee p\u0159ihodit<\/strong> a j\u00e1 mohu na tyto \u010dty\u0159i opce tvo\u0159\u00edc\u00ed Box zapomenout. A takto se mohu na sv\u00e9 op\u010dn\u00ed portfolio d\u00edvat jako fiktivn\u00ed Market Maker nebo tak\u00e9 jako oby\u010dejn\u00fd op\u010dn\u00ed trader. Pokud bych vypl\u0148oval jednotliv\u00e9 p\u0159\u00edkazy na po\u0159izov\u00e1n\u00ed nebo vypisov\u00e1n\u00ed opc\u00ed na jednotliv\u00fdch strike a takto se zaji\u0161\u0165oval pomoc\u00ed opc\u00ed na stejn\u00fdch strike sou\u010dasn\u011b s\u00a0po\u0159izov\u00e1n\u00edm\/prod\u00e1v\u00e1n\u00edm podkladov\u00fdch akci\u00ed, doch\u00e1zelo by tak k\u00a0vz\u00e1jemn\u00fdm kompenzac\u00edm t\u011bchto akci\u00ed a na m\u00e9m \u00fa\u010dtu by tak z\u016fst\u00e1valy pouze takov\u00e9 otev\u0159en\u00e9 op\u010dn\u00ed kontrakty na r\u016fzn\u00fdch strike na obou stran\u00e1ch Call i Put op\u010dn\u00edho \u0159et\u011bzce. Musel bych si pak jej hl\u00eddat celkovou stavbu a strukturu takov\u00fdch pozic, abych p\u0159i expiraci neprod\u011blal. Je to samoz\u0159ejm\u011b velmi zjednodu\u0161en\u00e1 p\u0159edstava a ve skute\u010dnosti je toto mnohem komplikovan\u011bj\u0161\u00ed, v\u0161echno ale vych\u00e1z\u00ed z\u00a0podobn\u00fdch princip\u016f.<\/span><\/p>\n

\n

Reversal + Conversion = (tak\u00e9) Box<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Uveden\u00fd p\u0159\u00edklad se t\u00fdkal dvou vzorov\u00fdch obchod\u016f trader\u016f Viktora a Tom\u00e1\u0161e, kdy jsem na sv\u00e9m \u00fa\u010dtu jako fiktivn\u00ed Market Maker vytvo\u0159il Conversion na ni\u017e\u0161\u00edm strike<\/strong> a Reversal na vy\u0161\u0161\u00edm strike<\/strong>, proto\u017ee takto \u010dasov\u011b p\u0159i\u0161ly jednotliv\u00e9 objedn\u00e1vky. Mohlo ty b\u00fdt samoz\u0159ejm\u011b tak\u00e9 naopak<\/strong>. Musel bych nap\u0159\u00edklad \u010delit opa\u010dn\u00fdm po\u017eadavk\u016fm a na ni\u017e\u0161\u00edm strike<\/strong> nejd\u0159\u00edve otev\u0159\u00edt Reversal <\/strong>a na vy\u0161\u0161\u00edm strike<\/strong> pot\u00e9 vyrobit Conversion<\/strong>. Jak by to dopadlo ve sv\u011btle v\u00fd\u0161e uveden\u00fdch skute\u010dnost\u00ed a pravidel? M\u011bl bych toti\u017e tuto modelovou pozici:<\/span><\/p>\n

Long Call 143\u00a0\u00a0\u00a0\u00a0\u00a0 100 x Short akcie AAPL<\/span>\u00a0\u00a0\u00a0\u00a0 Short Put 143<\/span><\/strong><\/h4>\n

Short Call 145\u00a0\u00a0\u00a0\u00a0 100 x Long akcie AAPL<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0 Long Put 145<\/span><\/strong><\/h4>\n

\u00a0 Nebudu ji\u017e p\u0159ipojovat praktick\u00e9 obr\u00e1zky z\u00a0obchodn\u00ed platformy, ale vysv\u011btl\u00edm pouze teoreticky. Op\u011bt se mi ob\u011b akciov\u00e9 pozice vyru\u0161\u00ed a z\u016fstanou pouze zbyl\u00e9 \u010dty\u0159i op\u010dn\u00ed kontrakty.<\/span><\/p>\n

\u00a0\u00a0 Na takov\u00fd \u201eopa\u010dn\u00fd\u201c Box se m\u016f\u017eu op\u011bt d\u00edvat ze dvou perspektiv:<\/span><\/p>\n

\u00a0 \u00a01\/ Horizont\u00e1ln\u00ed pohled<\/strong>. Na ni\u017e\u0161\u00edm strike 143 m\u00e1m syntetickou akciovou pozici Long<\/strong> a na vy\u0161\u0161\u00edm strike 145 m\u00e1me syntetickou akciovou pozici Short<\/strong>.<\/span><\/p>\n

\u00a0 \u00a02\/ Vertik\u00e1ln\u00ed pohled<\/strong>. Na lev\u00e9 stran\u011b Call m\u00e1m Long Call na ni\u017e\u0161\u00edm strike a Short Call na vy\u0161\u0161\u00edm strike. M\u00e1m tedy klasick\u00fd Debet Call Bull Spread +143\/-145<\/strong>. Na prav\u00e9 stran\u011b m\u00e1m Short Put na ni\u017e\u0161\u00edm strike a Long Put na vy\u0161\u0161\u00edm strike, tedy klasick\u00fd Debet Put Bear Spread -143\/+145<\/strong>. Takov\u00fd pohled pak zejm\u00e9na znamen\u00e1, \u017ee cel\u00fd takov\u00fd obchod s\u00a0Conversion a Reversal se nyn\u00ed \u201esmrskl\u201c na dva Debetn\u00ed spready, kter\u00e9 nemaj\u00ed \u017e\u00e1dn\u00fd po\u017eadavek na margin.<\/span><\/p>\n

\u00a0\u00a0 Z\u00a0obou pohled\u016f, zejm\u00e9na z\u00a0pohledu na Vertik\u00e1ln\u00ed spready, pak jednodu\u0161e vypl\u00fdvaj\u00ed pravidla<\/strong> pro to, jak bych m\u011bl takov\u00fd Box m\u00edt po\u0159\u00edzen, aby byl v\u00a0profitu a j\u00e1 na n\u011bj mohl zapomenout. \u00a0<\/span><\/p>\n

\u00a0\u00a0 Debet Call Bull Spread +143\/-145<\/strong> nebo Debet Put Bear Spread -143\/+145<\/strong> m\u00e1 jasn\u011b definovanou ztr\u00e1tu ve v\u00fd\u0161i jeho po\u0159\u00edzen\u00ed<\/strong>, v\u00edce ji\u017e ztratit nemohu a maxim\u00e1ln\u00ed profit<\/strong> pak p\u0159edstavuje dolarov\u00e9 vyj\u00e1d\u0159en\u00ed rozd\u00edlu strike<\/strong>, od kter\u00e9ho mus\u00edm ode\u010d\u00edst po\u0159izovac\u00ed n\u00e1klady jednotliv\u00e9ho spreadu. Vysv\u011btlen\u00ed je v\u00a0\u010dl\u00e1nku o Call Bull Spreadu<\/a><\/strong><\/span>. Oba mnou dr\u017een\u00e9 spready maj\u00ed rozsah strike dva body, co\u017e p\u0159edstavuje 200 USD. Pokud budu schopen takov\u00e9 opce po\u0159\u00eddit za cenu, kter\u00e9 je v\u00a0sou\u010dtu men\u0161\u00ed ne\u017e t\u011bchto 200 USD, bude tento rozd\u00edl po\u0159izovac\u00ed ceny a \u010d\u00e1stky 200 USD m\u00fdm profitem, kter\u00fd mi ji\u017e nikdo nevezme..<\/span><\/p>\n

\u00a0 Pokud bych tedy Reversal<\/strong> na ni\u017e\u0161\u00edm strike 143 po\u0159\u00eddil modelov\u011b za +<\/strong>14.350 USD<\/strong>\u00a0a Conversion<\/strong> na vy\u0161\u0161\u00edm strike 145 nap\u0159\u00edklad po\u0159\u00eddil za\u00a0-14.530 USD<\/strong><\/span>, tak rozd\u00edlem by byla \u010d\u00e1stka -180 USD<\/strong>. Rozd\u00edl rozsahu strike ve v\u00fd\u0161i 200 USD \u2013 n\u00e1klady na po\u0159\u00edzen\u00ed spread\u016f ve v\u00fd\u0161i -180 USD by pak znamenalo, \u017ee +20 USD je m\u016fj jist\u00fd profit<\/strong><\/span>. Jak je to mo\u017en\u00e9? Za t\u00e9to op\u010dn\u00ed konstelace:<\/span><\/p>\n

Long Call 143\u00a0\u00a0\u00a0\u00a0\u00a0 Short Put 143<\/strong><\/span><\/h4>\n

Short Call 145\u00a0\u00a0\u00a0\u00a0\u00a0 Long Put 145<\/span><\/strong><\/h4>\n

\u00a0 \u00a0mohou toti\u017e op\u011bt nastat pouze tyto t\u0159i mo\u017enosti<\/span><\/p>\n

\u00a0\u00a0 1\/ Cena akci\u00ed AAPL je pod 143 USD<\/strong>. Ob\u011b Call opce vypr\u0161\u00ed jako bezcenn\u00e9. Ob\u011b Put opce budou v\u00a0pen\u011bz\u00edch. Long Put 145 bude exercised (uplatn\u011bna) a na \u00fa\u010det mi budou dod\u00e1ny 100 x Short akcie AAPL za cenu 145 USD a za tyto prodan\u00e9 akcie obdr\u017e\u00edm na \u00fa\u010det +14.500 USD. Short Put 143 bude vz\u00e1p\u011bt\u00ed p\u0159i\u0159azena (assigned) a na m\u016fj \u00fa\u010det budou dod\u00e1ny 100 x Long akcie AAPL za cenu 143 USD, za tuto transakci zaplat\u00edm -14.300 USD. Ob\u011b akciov\u00e9 pozice se vyru\u0161\u00ed (100 x Short x 100 x Long) a vznikne mi tak pouze profit +14.500 USD -14.300 USD = +200 USD. P\u0159i celkov\u00fdch n\u00e1kladech na Box ve v\u00fd\u0161i -180 USD m\u00e1m tak celkov\u00fd profit +200 USD -180 USD = +20 USD<\/strong>.<\/span><\/p>\n

\u00a0 2\/ Cena akci\u00ed AAPL je nad 143 USD, ale pod 145 USD<\/strong>. Short Call 145 opce a Short Put 143 opce vypr\u0161\u00ed jako bezcenn\u00e9. Long Call 143 opce a Long Put 145 opce budou v\u00a0pen\u011bz\u00edch. Long Call 143 bude exercised (uplatn\u011bna) a na \u00fa\u010det mi budou dod\u00e1ny 100 x Long akcie AAPL za cenu 143 USD a za tyto koupen\u00e9 akcie vynalo\u017e\u00edm -14.300 USD. Long Put 145 bude tak\u00e9 exercised (uplatn\u011bna) a na m\u016fj \u00fa\u010det budou dod\u00e1ny 100 x Short akcie AAPL za cenu 145 USD, za tuto transakci obdr\u017e\u00edm +14.500 USD. Ob\u011b akciov\u00e9 pozice se vyru\u0161\u00ed (100 x Short x 100 x Long) a vznikne mi tak pouze profit +14.500 USD -14.300 USD = +200 USD. P\u0159i celkov\u00fdch n\u00e1kladech na Box ve v\u00fd\u0161i +-180 USD m\u00e1m tak celkov\u00fd profit +200 USD -180 USD = +20 USD<\/strong>.<\/span><\/p>\n

\u00a0 3\/ Cena akci\u00ed AAPL je nad 145 USD<\/strong>. Ob\u011b Put opce vypr\u0161\u00ed jako bezcenn\u00e9. Ob\u011b Call opce budou v\u00a0pen\u011bz\u00edch. Long Call 143 bude exercised (uplatn\u011bna) a na \u00fa\u010det mi budou dod\u00e1ny 100 x Long akcie AAPL za cenu 143 USD a za tyto po\u0159\u00edzen\u00e9 akcie zaplat\u00edm n\u00e1klady -14.300 USD. Short Call 145 bude vz\u00e1p\u011bt\u00ed p\u0159i\u0159azena (assigned) a na m\u016fj \u00fa\u010det budou dod\u00e1ny 100 x Short akcie AAPL za cenu 145 USD, za tuto obdr\u017e\u00edm tr\u017ebu ve v\u00fd\u0161i +14.500 USD. Ob\u011b akciov\u00e9 pozice se vyru\u0161\u00ed (100 x Short x 100 x Long) a vznikne mi tak pouze profit -14.300 USD +14.500 USD = +200 USD. P\u0159i celkov\u00fdch n\u00e1kladech na Box ve v\u00fd\u0161i +-180 USD m\u00e1m tak celkov\u00fd profit +200 USD -180 USD = +20 USD<\/strong><\/span><\/p>\n

\u00a0 Funguje to tedy t\u00e9m\u011b\u0159 \u00fapln\u011b stejn\u011b, jako v\u00a0p\u0159echoz\u00edm p\u0159\u00edpad\u011b. Op\u011bt plat\u00ed, \u017ee pokud budu kumulovat op\u010dn\u00ed pozice na m\u00e9m obchodn\u00edm \u00fa\u010dtu na r\u016fzn\u00fdch strikes a na obou stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce, mohu na n\u011b pohl\u00ed\u017eet jako na Boxy tohoto typu nebo ve sv\u011btle cel\u00e9ho \u010dl\u00e1nku na kombinace obou typ\u016f takov\u00fdch Box\u016f<\/strong>, na shluky Vertik\u00e1ln\u00edch Spread\u016f r\u016fzn\u00fdch typ\u016f<\/strong>, kde budu hl\u00eddat pouze cenov\u00e9 parametry, zdali se mi poda\u0159ilo vytvo\u0159it Boxy s\u00a0dostate\u010dn\u011b velk\u00fdm pr\u00e9miem<\/strong> (prvn\u00ed p\u0159\u00edpad Boxu) nebo naopak jsem za Box zaplatil co nejm\u00e9n\u011b<\/strong> (druh\u00fd p\u0159\u00edpad Boxu).<\/span><\/p>\n

\u00a0 Co si z\u00a0toho vz\u00edt pro vlastn\u00ed trading? Bylo by skv\u011bl\u00e9, kdyby se n\u00e1m poda\u0159ilo p\u0159\u00edmo vstupovat do takov\u00fdch pozic a mohli je pak nechat sv\u00e9mu osudu a\u017e do expirace. Nen\u00ed to v\u00a0\u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b tak jednoduch\u00e9<\/strong>. Jako b\u011b\u017en\u00fd op\u010dn\u00ed trader, kter\u00fd nakupuje za Ask a prod\u00e1v\u00e1 za Bid nem\u016f\u017ee takto do pozice p\u0159\u00edmo vstoupit. Byly by to samoz\u0159ejm\u011b pen\u00edze zadarmo. Na obr\u00e1zku je vid\u011bt, jak bychom nap\u0159\u00edklad po\u0159\u00eddili p\u0159\u00edm\u00e9 pozice s\u00a0Boxem podle prvn\u00edho p\u0159\u00edpadu, kdy jeho z\u00e1rodkem byla Conversion na ni\u017e\u0161\u00edm strike 140 a Reversal na vy\u0161\u0161\u00edm strike 145, v\u0161e na voln\u00e9m trhu a bez po\u0159izov\u00e1n\u00ed Short a Long akci\u00ed, jejich\u017e pozice by se stejn\u011b ihned vyru\u0161ily a pouze by n\u00e1s st\u00e1ly komise.<\/span><\/p>\n

\"\"\u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 Pokud bych se dr\u017eel p\u0159esn\u011b cen Ask a Bid, tak bych pot\u0159eboval, aby takov\u00fd Box byl po\u0159\u00edzen za hodnotu, kter\u00e1 je v\u011bt\u0161\u00ed ne\u017e dolarov\u00e9 vyj\u00e1d\u0159en\u00ed rozsahu strike opc\u00ed<\/strong> (145-140), co\u017e je 500 USD. Z\u00a0obr\u00e1zku vypl\u00fdv\u00e1, \u017ee bych za Short Call 140 a Short Put 145 obdr\u017eel +445 USD + 510 USD = +955 USD<\/strong> a na po\u0159\u00edzen\u00ed Long Call 145 a Long Put 140 bych vynalo\u017eil -214 USD – 271 USD = -485 USD<\/strong>. Celkov\u011b bych tak m\u011bl tr\u017ebu +955 USD -485 USD = +470 USD<\/strong>. To je m\u00e1lo, takov\u00fd Box by m\u011b st\u00e1l jasnou ztr\u00e1tu -30 USD, to je p\u0159esn\u011b \u010d\u00e1stka, kter\u00e1 chyb\u00ed do 500 USD, aby Box byl alespo\u0148 na nule. Jako fiktivn\u00ed Market Maker jsem v\u0161ak v p\u0159edchoz\u00edch uk\u00e1zk\u00e1ch mohl prod\u00e1vat ur\u010dit\u00e9 pozice za Ask a kupovat ur\u010dit\u00e9 pozice za Bid a t\u00edm mi vznik\u00e1 prostor pro vytvo\u0159en\u00ed mal\u00e9ho profitu ihned po vstupu do t\u00e9to komplexn\u00ed pozice.<\/span><\/p>\n

\u00a0\u00a0 Pro\u010d to tedy vlastn\u011b ukazuji?<\/strong> Proto\u017ee Box je vynikaj\u00edc\u00ed pozice<\/strong>, kterou mohou kon\u010dit jin\u00e9 op\u010dn\u00ed kombinace na m\u00e9m \u00fa\u010dtu. Mohu do n\u011bj vstupovat postupn\u011b<\/strong> po jednotliv\u00fdch opc\u00edch nebo cel\u00fdch spreadech. Mohu pomoc\u00ed takov\u00fdch poznan\u00fdch vlastnost\u00ed nap\u0159\u00edklad zav\u00edrat<\/strong> r\u016fzn\u00e9 otev\u0159en\u00e9 op\u010dn\u00ed pozice, nap\u0159\u00edklad zamykat profity<\/strong> na zisku, kter\u00fd jsem si p\u0159edsevzal nebo zamykat ztr\u00e1ty<\/strong>, aby d\u00e1le nerostly. Mohu tak z\u00a0n\u011bj vytv\u00e1\u0159et stop-loss<\/strong> nebo profit target<\/strong>. Mohu postupn\u00fdm vstupov\u00e1n\u00edm opravovat<\/strong> nap\u0159\u00edklad ne\u0161\u0165astn\u011b otev\u0159en\u00fd kreditn\u00ed spread nebo zamknout profit na Short opc\u00edch pro odblokov\u00e1n\u00ed marginu<\/strong>, pou\u017eit\u00ed je opravdu velmi \u0161irok\u00e9 a bude se objevovat v\u00a0m\u00fdch budouc\u00edch \u010dl\u00e1nc\u00edch.<\/span><\/p>\n

\u00a0 \u00a0V\u0161echno je demonstrov\u00e1no na opc\u00edch, kter\u00e9 m\u011bly expiraci ve stejn\u00fd expira\u010dn\u00ed den<\/strong>. Tak jednoduch\u00e1 realita v\u0161ak pro Market Makera a op\u010dn\u00edho obchodn\u00edka neexistuje. Mus\u00ed tvo\u0159it sv\u016fj trh ve v\u0161ech mo\u017en\u00fdch expirac\u00edch sou\u010dasn\u011b, proto\u017ee si to op\u010dn\u00ed obchodn\u00edci budou, v intenc\u00edch sv\u00fdch objedn\u00e1vek na n\u00e1kup\/prodej op\u010dn\u00edch kontrakt\u016f, jednodu\u0161e p\u0159\u00e1t. Jak by to ve skute\u010dnosti alespo\u0148 zjednodu\u0161en\u011b vypadalo, kdybych do takov\u00fdch kombinac\u00ed zapojil i opce s\u00a0jin\u00fdmi expiracemi <\/strong>a co bych si s takov\u00e9ho pohledu mohl vz\u00edt pro sv\u00e9 obchody,<\/strong> uk\u00e1\u017eu v\u00a0n\u011bkter\u00e9m z\u00a0n\u00e1sleduj\u00edc\u00edch \u010dl\u00e1nk\u016f, bude to alespo\u0148 je\u0161t\u011b v\u00edce zamotan\u011bj\u0161\u00ed :c)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 \u00a0Rovnice s\u00a0t\u0159emi nezn\u00e1m\u00fdmi a jakoby nesouvisej\u00edc\u00edmi v\u00fdrazy. Mo\u017en\u00e1 pro chovatele andulek, nikoliv v\u0161ak pro op\u010dn\u00edho obchodn\u00edka. V\u00a0\u010dl\u00e1nku o technice Collar\u00a0jsem uvedl, \u017ee jeho speci\u00e1ln\u00ed formou, kdy je k\u00a0dr\u017een\u00fdm akci\u00edm vyps\u00e1na Short Call a koupena Long Put na stejn\u00e9m strike, se budu zab\u00fdvat v\u00a0n\u011bkter\u00e9m dal\u0161\u00edm \u010dl\u00e1nku. Cht\u011bl bych se zhostit Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":223,"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":[16,14,15],"class_list":["post-218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opcni-kombinace","tag-box","tag-conversion","tag-reversal"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/Box-uvod.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-3w","jetpack-related-posts":[{"id":7474,"url":"https:\/\/dobretrejdy.com\/?p=7474","url_meta":{"origin":218,"position":0},"title":"Dluhopisy \u2013 XXIII.","author":"dobretrejdy :c)","date":"2.2.2025","format":false,"excerpt":"\u00a0 V minul\u00e9m \u010dl\u00e1nku Dluhopisy \u2013 XXII. jsem nakousnul t\u00e9ma op\u010dn\u00edch kontrakt\u016f nav\u00e1zan\u00fdch na dluhopisov\u00e1 podkladov\u00e1 aktiva. Po prvotn\u00edm prozkoum\u00e1n\u00ed ter\u00e9nu jsem konstatoval, \u017ee dluhopisov\u00e9 opce nejsou v tomto smyslu op\u010dn\u00ed kontrakty listovan\u00e9 na jednotliv\u00e9 dluhopisov\u00e9 emise nap\u0159\u00edklad vl\u00e1dn\u00edch nebo korpor\u00e1tn\u00edch dluhopis\u016f, ale \u017ee burzovn\u011b obchodovan\u00e9 opce p\u0159edstavuj\u00ed op\u010dn\u00ed kontrakty,\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\/02\/SR1.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/02\/SR1.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/02\/SR1.jpg?resize=525%2C300 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/02\/SR1.jpg?resize=700%2C400 2x"},"classes":[]},{"id":7416,"url":"https:\/\/dobretrejdy.com\/?p=7416","url_meta":{"origin":218,"position":1},"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. 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":294,"url":"https:\/\/dobretrejdy.com\/?p=294","url_meta":{"origin":218,"position":2},"title":"Time Spread","author":"dobretrejdy :c)","date":"30.4.2017","format":false,"excerpt":"\u00a0 \u00a0Time Spread, Horizontal Spread nebo Calendar Spread (\u010deskou hant\u00fdrkou asi \u201ekalend\u00e1\u0159\u201c) spo\u010d\u00edv\u00e1 v po\u0159izov\u00e1n\u00ed r\u016fzn\u00fdch op\u010dn\u00edch kontrakt\u016f v\u00a0r\u016fzn\u00fdch expirac\u00edch. 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Jejich vyu\u017eit\u00ed, stavba, vstupy\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\/time2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/time2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/time2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/time2.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":1055,"url":"https:\/\/dobretrejdy.com\/?p=1055","url_meta":{"origin":218,"position":3},"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":[]},{"id":27,"url":"https:\/\/dobretrejdy.com\/?p=27","url_meta":{"origin":218,"position":4},"title":"Z\u00e1kladn\u00ed op\u010dn\u00ed pojmy","author":"dobretrejdy :c)","date":"29.3.2017","format":false,"excerpt":"\u00a0 \u00a0Za\u010d\u00ednaj\u00edc\u00ed op\u010dn\u00ed trader mus\u00ed pochopit a zcela vst\u0159ebat z\u00e1kladn\u00ed pojmoslov\u00ed, definice a principy, kter\u00e9 jsou s takov\u00fdmi obchody spojeny. 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Uvedu z\u00e1kladn\u00ed pojmy v jejich obecn\u00e9 definici, abych v budoucnu ka\u017ed\u00fd\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed z\u00e1klady\u201c","block_context":{"text":"Op\u010dn\u00ed z\u00e1klady","link":"https:\/\/dobretrejdy.com\/?cat=2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":133,"url":"https:\/\/dobretrejdy.com\/?p=133","url_meta":{"origin":218,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/218","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=218"}],"version-history":[{"count":26,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/218\/revisions"}],"predecessor-version":[{"id":6885,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/218\/revisions\/6885"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/223"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}