{"id":2356,"date":"2018-08-26T18:27:47","date_gmt":"2018-08-26T16:27:47","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=2356"},"modified":"2022-06-20T17:09:58","modified_gmt":"2022-06-20T15:09:58","slug":"synteticke-pozice-iii","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=2356","title":{"rendered":"Syntetick\u00e9 pozice – III."},"content":{"rendered":"

\u00a0\u00a0 Pochopen\u00ed rovnice\u00a0Call\/Put Parity<\/a><\/strong><\/span> \u00a0a vliv Dividendy<\/a><\/strong><\/span> na cenu op\u010dn\u00edch kontrakt\u016f \u00a0bylo \u00favodem do pozn\u00e1n\u00ed, jak funguj\u00ed z\u00e1kladn\u00ed vztahy mezi cenami opc\u00ed. Jednoduchou algebraickou \u00fapravou z\u00e1kladn\u00edch vzorc\u016f pak byly tyto jednoduch\u00e9 vztahy d\u00e1le rozvedeny a v\u00a0tomto \u201erozpl\u00e9t\u00e1n\u00ed\u201c bych cht\u011bl pokra\u010dovat tak\u00e9 v\u00a0tomto \u010dl\u00e1nku. Je s\u00a0podivem, \u017ee p\u0159esto\u017ee na t\u00e9ma syntetick\u00e9 pozice mohu narazit v\u00a0mnoha dostupn\u00fdch informa\u010dn\u00edch zdroj\u00edch (knihy, \u010dl\u00e1nky, r\u016fzn\u00e9 studie), jak m\u00e1lo praktick\u00fdch uk\u00e1zek spojen\u00fdch s\u00a0touto problematikou je zde nakonec uvedeno. K\u00a0\u010demu je mi teorie, kdy\u017e nen\u00ed vyu\u017eiteln\u00e1 pro praktick\u00e9 obchody? Nejsem \u017e\u00e1dn\u00fd akademik, abych se ut\u00e1p\u011bl ve slo\u017eit\u00fdch formul\u00edch nebo slo\u017eit\u00e9 matematice a dalo by se jednodu\u0161e konstatovat, \u017ee co nen\u00ed v\u00a0tradingu prakticky vyu\u017eiteln\u00e9 m\u011b t\u00e9m\u011b\u0159 nezaj\u00edm\u00e1. Toto samoz\u0159ejm\u011b plat\u00ed tak\u00e9 o pozn\u00e1n\u00ed vlastnost\u00ed a tvorb\u011b syntetick\u00fdch pozic. Nen\u00ed, podle m\u011b, nic plasti\u010dt\u011bj\u0161\u00edho, ne\u017e do teoretick\u00e9 \u00favahy zapojit tak\u00e9 konkr\u00e9tn\u00ed praktick\u00e9 uk\u00e1zky a na nich jednodu\u0161e demonstrovat, jak t\u011bchto vlastnost\u00ed konkr\u00e9tn\u011b vyu\u017e\u00edt. P\u016flhodinov\u00e9 popisov\u00e1n\u00ed zbarven\u00ed k\u0159\u00eddel sojky obecn\u00e9 u\u010ditelem biologie tak patrn\u011b nebude m\u00edt takov\u00fd efekt, jako kolov\u00e1n\u00ed vypelichan\u00e9 letit\u00e9 vycpaniny unud\u011bnou t\u0159\u00eddou. Za\u010dnu proto rovnou jednoduch\u00fdm p\u0159\u00edkladem.<\/span><\/p>\n

\u00a0\u00a0 Je 26.12.2017<\/strong> a v\u00a0pov\u00e1no\u010dn\u00ed n\u00e1lad\u011b usuzuji, \u017ee akcie spole\u010dnosti ULTA<\/strong> (ULTA Beauty Inc.) porostou<\/strong> a j\u00e1 budu cht\u00edt tento cenov\u00fd pohyb nahoru zobchodovat pomoc\u00ed op\u010dn\u00edho kontraktu. Situace vypadala, jako na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku,<\/span><\/p>\n

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\u00a0\u00a0 P\u0159i velmi n\u00edzk\u00e9 Implied Volatilit\u011b titulu bylo mo\u017en\u00e9 p\u0159i cen\u011b akcie ULTA na \u00farovni 226.68 USD<\/strong> pozorovat tyto ceny op\u010dn\u00edch kontrakt\u016f.\u00a0 \u00a0<\/span><\/p>\n

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\u00a0\u00a0 Pro svou investici jsem si vybral Long Call<\/strong> op\u010dn\u00ed kontrakt na strike 225<\/strong>, tedy nejv\u00edce ATM strike nach\u00e1zej\u00edc\u00ed se nejbl\u00ed\u017ee sou\u010dasn\u00e9 cen\u011b akcie a za tuto investici jsem zaplatil -1.160 USD<\/strong>. Opce m\u00e1 expiraci za 52 kalend\u00e1\u0159n\u00edch dn\u016f, cenov\u00fd pohyb se tak m\u00e1 mo\u017enost naplno projevit. Spol\u00e9hal jsem se na uptrend, kter\u00fd by mohl potvrdit spr\u00e1vnost m\u00e9ho p\u0159edpokladu o r\u016fstu ceny podkladov\u00e9 akcie.<\/span><\/p>\n

\u00a0\u00a0 Po osmi kalend\u00e1\u0159n\u00edch dnech<\/strong> cena opravdu za\u010dala prudce nar\u016fstat<\/strong> a j\u00e1 mohl pozorovat jej\u00ed aktu\u00e1ln\u00ed situaci na obr\u00e1zku n\u00ed\u017ee<\/span><\/p>\n

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\u00a0\u00a0 Je patrn\u00e9, \u017ee se m\u016fj p\u0159edpoklad potvrdil a cena opravdu mohutn\u011b narostla a\u017e na hodnotu 245.12 USD<\/strong>, a to bylo skv\u011bl\u00e9. V\u00a0tuto chv\u00edli jsem m\u011bl mo\u017enost pozorovat cenu m\u00e9 Long Call 225<\/strong> podle obr\u00e1zku.<\/span><\/p>\n

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\u00a0\u00a0 Svou p\u016fvodn\u00ed investici bych nyn\u00ed mohl ukon\u010dit na skv\u011bl\u00e9m v\u00fdsledku, kdy\u017e prodejem<\/strong> m\u00e9 Long Call 225<\/strong> bych utr\u017eil +2.370 USD<\/strong> a j\u00e1 mohl spokojen\u011b p\u0159ijmout profit<\/strong> ve v\u00fd\u0161i (-1.160 USD + 2.370 USD) = +1.210 USD<\/strong><\/span>.<\/span><\/p>\n

\u00a0\u00a0 T\u00edmto bych mohl obchod ukon\u010dit a d\u00e1le se porozhl\u00ed\u017eet po jin\u00fdch p\u0159\u00edle\u017eitostech. Hlodaj\u00ed ve mn\u011b ale pochybnosti, jestli je uptrend opr\u00e1vn\u011bn\u00fd a jestli je takov\u00fd v\u00fdst\u0159el ceny norm\u00e1ln\u00ed a jak bych mohl takovou abnormalitu zobchodovat l\u00e9pe a elegantn\u011bji. Samoz\u0159ejm\u011b si uv\u011bdomuji, \u017ee pokud nebudu d\u011blat nic, tak se tak\u00e9 m\u016f\u017ee st\u00e1t, \u017ee euforie na tomto titulu opadne a cena za\u010dne op\u011bt klesat a tento pokles bude ub\u00edrat z\u00a0m\u00e9ho nyn\u011bj\u0161\u00edho potenci\u00e1ln\u00edho profitu, m\u00e1m tedy obchod uzav\u0159\u00edt nebo nechat profit d\u00e1le r\u016fst v\u00a0dal\u0161\u00edm mo\u017en\u00e9m uptrendu?<\/span><\/p>\n

\u00a0\u00a0 Jak tedy zachytit a \u201ezafixovat\u201c tento profit a ponechat si bezpe\u010dn\u00e9 a dobr\u00e9 vyhl\u00eddky na jeho p\u0159\u00edpadn\u00fd dal\u0161\u00ed n\u00e1r\u016fst? Vypad\u00e1 to, \u017ee bych asi cht\u011bl po trz\u00edch mnoho, abych mohl takto postupovat, elasticita op\u010dn\u00edch kontrakt\u016f a pozn\u00e1n\u00ed z\u00e1kladn\u00edch vlastnost\u00ed syntetick\u00fdch pozic by mi ale mohly takov\u00e9 po\u017eadavky splnit. V\u00a0danou chv\u00edli tedy m\u00fdm jednoduch\u00fdm rozhodnut\u00edm bude dan\u00fd profit zakonzervovat<\/strong> a t\u011b\u017eit z\u00a0p\u0159\u00edpadn\u00e9ho obratu trendu<\/strong>, proto\u017ee p\u0159ece jen nic neroste do nebe a nav\u00edc m\u00e1 moje Long Call 225 opce do expirace dlouh\u00fdch 44 kalend\u00e1\u0159n\u00edch dn\u016f, aby se mohly ve\u0161ker\u00e9 tr\u017en\u00ed tendence a p\u0159\u00edpadn\u00e9 zvraty projevit.<\/span><\/p>\n

\u00a0\u00a0 Obrat trendu s \u201euzam\u010den\u00fdm\u201c profitem bych mohl jednodu\u0161e realizovat prodejem Long Call 225, vz\u00edt si tak nahromad\u011bn\u00fd zisk a vstoupit do opa\u010dn\u00e9 pozice Long Put a vy\u010dk\u00e1vat, jestli mi o\u010dek\u00e1van\u00fd obrat trendu nenad\u011bl\u00ed dal\u0161\u00ed pen\u00edze. Z\u00e1kladn\u00edm probl\u00e9mem takov\u00e9ho (a f\u00e9rov\u00e9ho) p\u0159\u00edstupu je vysok\u00fd Ask\/Bid spread na m\u00e9 Long Call 225 opci, p\u0159i jej\u00edm prodeji bych patrn\u011b p\u0159i\u0161el zbyte\u010dn\u011b o des\u00edtky dolar\u016f a n\u00e1kupem Long Put opce bych samoz\u0159ejm\u011b musel investovat do Pr\u00e9mia na t\u00e9to nov\u011b po\u0159\u00edzen\u00e9 Long Put opci podle toho, jak\u00fd bych si vybral jej\u00ed strike. Toto je sice dobr\u00e9 \u0159e\u0161en\u00ed, ale nen\u00ed nejefektivn\u011bj\u0161\u00ed. Zkus\u00edm tedy rozebrat ji\u017e poznan\u00e9 vztahy mezi op\u010dn\u00edmi kontrakty z minul\u00fdch \u010dl\u00e1nku a poohl\u00e9dnout se po jin\u00e9m \u0159e\u0161en\u00ed.<\/span><\/p>\n

\u00a0\u00a0 Rovnice pro pozorov\u00e1n\u00ed Call\/Put Parity v\u00a0p\u0159\u00edpad\u011b, \u017ee akcie za \u017eivota op\u010dn\u00edch kontrakt\u016f nevypl\u00e1c\u00ed<\/strong> Dividendu<\/strong> m\u00e1 n\u00ed\u017ee uveden\u00fd obecn\u00fd a ji\u017e poznan\u00fd tvar:<\/span><\/p>\n

Call<\/strong><\/span> + Strike = Put<\/span> + Akcie<\/span><\/strong><\/span><\/h1>\n

\u00a0\u00a0 Je to m\u016fj p\u0159\u00edpad, kdy m\u016fj podklad, akcie ULTA<\/strong>, opravdu \u017e\u00e1dn\u00e9 Dividendy nevypl\u00e1c\u00ed<\/strong>, nemus\u00edm nyn\u00ed v\u00a0t\u00e9to rovnici s\u00a0Dividendami po\u010d\u00edtat. Proveden\u00edm algebraick\u00fdch \u00faprav rovnice Call\/Put Parity mohu pak jednodu\u0161e dovodit, jak\u00fdm zp\u016fsobem mohu nahradit jednu op\u010dn\u00ed pozici pozic\u00ed jinou se stejn\u00fdmi vlastnostmi.<\/span><\/p>\n

+Put<\/span> = +Call <\/span>+ Strike \u2013 Akcie<\/span><\/span><\/strong><\/h1>\n

+Call <\/span>= +Put\u00a0<\/span><\/span>\u2013 Strike\u00a0<\/span>+ Akcie<\/span>\u00a0<\/span><\/strong><\/h1>\n

\u00a0\u00a0 Pokud p\u0159ijmu za sv\u00e9, \u017ee kladn\u00e1 znam\u00e9nka<\/strong> znamenaj\u00ed Long pozice<\/strong> a z\u00e1porn\u00e1 znam\u00e9nka<\/strong>\u00a0p\u0159edstavuj\u00ed Short pozice<\/strong>, pak z\u00a0algebraicky upraven\u00fdch rovnic v\u00fd\u0161e mohu jednodu\u0161e vypozorovat, \u017ee opce Long Call i Long Put mohu mezi sebou zam\u011b\u0148ovat p\u0159id\u00e1v\u00e1n\u00edm<\/strong> Long akci\u00ed<\/strong> nebo Short akci\u00ed.<\/strong> Z\u00a0prvn\u00ed rovnice vypl\u00fdv\u00e1, \u017ee pokud ji\u017e vlastn\u00edm Long Call (+Call), pak p\u0159id\u00e1n\u00edm 100x Short akci\u00ed (-Akcie) spln\u00edm pravou stranu rovnice a tato se mus\u00ed rovnat stran\u011b lev\u00e9, tedy Long Put (+Put). Ve stejn\u00e9m smyslu pak druh\u00e1 rovnice znamen\u00e1, \u017ee pokud ji\u017e vlastn\u00edm Long Put (+Put) a po\u0159\u00edd\u00edm 100x Long akcie (+Akcie) m\u00e1m v\u0161e co pot\u0159ebuji na prav\u00e9 stran\u011b druh\u00e9 rovnice jej\u00ed v\u00fdznam se rovn\u00e1 stran\u011b lev\u00e9, tedy Long Call op\u010dn\u00edmu kontraktu (+Call).<\/span><\/p>\n

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Syntetick\u00e1 Long Put<\/strong><\/span><\/h1>\n

\u00a0 Tato zji\u0161t\u011bn\u00ed jsou z\u00e1kladem \u00fapravy m\u00e9ho obchodu s\u00a0Long Call opc\u00ed na strike 225 na akcii ULTA. Pro tuto \u00fapravu tedy vyu\u017eiji prvn\u00ed z\u00a0rovnic.<\/span><\/p>\n

+Put<\/strong><\/span> = +Call <\/strong><\/span>+ Strike \u2013 Akcie<\/strong><\/span><\/span><\/h2>\n

\u00a0 \u00a0Proto\u017ee tedy ji\u017e Long Call vlastn\u00edm a m\u00fdm po\u017eadavkem je vyrobit z\u00a0t\u00e9to Long Call opce pozici Long Put (proto\u017ee p\u0159edpokl\u00e1d\u00e1m obrat trhu), jednodu\u0161e podle t\u00e9to\u00a0rovnice po\u0159\u00edd\u00edm<\/strong> 100x Short akci\u00ed ULTA<\/strong> a cel\u00e1 moje pozice Long Call 225 a 100x Short akci\u00ed ULTA se bude chovat jako Long Put, vytvo\u0159\u00edm tak Syntetickou Long Put<\/strong> pozici na strike 225<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Pro tuto Syntetickou Long Put pozici<\/strong>, stejn\u011b jako pro p\u0159\u00edm\u00e9 po\u0159\u00edzen\u00ed Long Put op\u010dn\u00edho kontraktu, pak plat\u00ed stejn\u00e9 parametry zisku a ztr\u00e1ty v\u00a0souvislosti s\u00a0pohybem podkladu. Pro \u010dist\u00fd Long Put op\u010dn\u00ed kontrakt plat\u00ed, \u017ee na jeho po\u0159\u00edzen\u00ed vynalo\u017e\u00edm n\u011bjak\u00e9 prost\u0159edky a tyto prost\u0159edky jsou pak mou investic\u00ed a tak\u00e9 maxim\u00e1ln\u00ed mo\u017enou ztr\u00e1tou, kterou mohu utrp\u011bt. Toto bude platit v\u00a0p\u0159\u00edpad\u011b, \u017ee se cena podkladov\u00e9ho aktiva bude p\u0159i sv\u00e9 expiraci nach\u00e1zet nad strike t\u00e9to Long Put opce. Profitem pak bude situace, kdy se cena podkladov\u00e9ho aktiva bude nach\u00e1zet pod strike m\u00e9 Long Put, a to alespo\u0148 natolik, aby m\u011bla hodnotu nejm\u00e9n\u011b m\u00e9 vstupn\u00ed investice do jej\u00edho po\u0159\u00edzen\u00ed. Mohu proto prozkoumat, jak\u00e9 jsou parametry m\u00e9 konkr\u00e9tn\u00ed Syntetick\u00e9 Long Put opce<\/strong> na strike 225<\/strong> vytvo\u0159en\u00e9 pomoc\u00ed Long Call 225 a 100x Short akci\u00ed. Ve smyslu rovnice +Put = +Call + Strike \u2013 Akcie, <\/strong>pak mohu hodnotu m\u00e9 Syntetick\u00e9 Long Put (lev\u00e1 strana) stanovit jako hodnotu jej\u00ed prav\u00e9 strany. Long Call na strike 225 jsem po\u0159\u00eddil za -1.160 USD a sto akci\u00ed jsem nyn\u00ed prodal za jejich aktu\u00e1ln\u00ed cenu 245.12 USD. Prav\u00e1 strana m\u00e1 tak hodnotu (-22.500 -1.160) + 24.512 = +852 USD<\/strong>. Sou\u010det je p\u0159esn\u011b v\u00a0duchu prav\u00e9 strany rovnice, kdy hodnota v z\u00e1vorce znamen\u00e1, \u017ee v\u017edy p\u0159i Exercise Long Call 225 obdr\u017e\u00edm 100x Long akci\u00ed za cenu strike, od kter\u00fdch mus\u00edm ode\u010d\u00edst po\u0159izovac\u00ed n\u00e1klady na tuto opci a \u010d\u00e1stka +24.512 USD za z\u00e1vorkou znamen\u00e1 p\u0159ijatou \u010d\u00e1stku za prodej 100x Short akci\u00ed ULTA za cenu 245.12 USD\/kus. V\u00fdsledkem je tedy kredit<\/strong> ve v\u00fd\u0161i +852 USD<\/strong>. M\u00e1 Syntetick\u00e1 Long Put 225 je tedy po\u0159\u00edzena za kredit ve v\u00fd\u0161i +852 USD, co\u017e jednodu\u0161e znamen\u00e1, \u017ee tuto \u010d\u00e1stku mi ji\u017e nikdo nevezme, poda\u0159ilo se mi tak tento profit \u201euzamknout\u201c, Syntetickou Long Put 225 jsem toti\u017e nekoupil za debet a nemusel vynakl\u00e1dat sv\u00e9 prost\u0159edky, ale naopak jsem za ni dostal zaplaceno, co\u017e je neuv\u011b\u0159iteln\u011b ide\u00e1ln\u00ed situace.<\/span><\/p>\n

\u00a0\u00a0 Co to tedy konkr\u00e9tn\u011b znamen\u00e1 pro mou Syntetickou Long Put 225<\/strong>, slo\u017eenou z\u00a0Long Call na strike 225<\/strong> a Short akci\u00ed<\/strong> po\u0159\u00edzen\u00fdch za 245.12 USD?<\/span><\/p>\n

\u00a0\u00a0 1\/<\/strong> Akcie mohou r\u016fst jak cht\u011bj\u00ed<\/strong>, na m\u016fj profit to nebude m\u00edt \u017e\u00e1dn\u00fd vliv. P\u0159i nakoupen\u00e9 Long Call za -1.160 USD a p\u0159ijat\u00fdm pen\u011bz\u016fm za prodej akci\u00ed na cen\u011b 245.12 USD\/kus jsem na sv\u016fj \u00fa\u010det p\u0159ijal (-1.160 + 24.512) = +23.352 USD<\/strong>. V\u017edy ale mohu prov\u00e9st Exercise m\u00e9 Long Call 225 a nakoupit 100x Long akcie za cenu strike, tedy za 225 USD\/kus p\u0159i n\u00e1kladech -22.500 USD. Dr\u017een\u00e9 Short akcie a p\u0159ivolan\u00e9 Long akcie z\u00a0Exercise se navz\u00e1jem vyru\u0161\u00ed a zbudou jenom pen\u00edze, tr\u017eba ve v\u00fd\u0161i +23.352 USD m\u00ednus n\u00e1klady na Exercise -22.500 USD je jist\u00fd profit\u00a0+852 USD<\/span><\/strong><\/span><\/p>\n

\u00a0 2\/<\/strong> Akcie mohou klesat<\/strong>, pokles ale nebude pod strike Long Call 225<\/strong>, potom plat\u00ed v\u0161e uveden\u00e9 v\u00a0p\u0159edch\u00e1zej\u00edc\u00edm bodu 1\/, v\u017edy mohu prov\u00e9st Exercise a m\u016fj profit bude op\u011bt jist\u00fdch\u00a0\u00a0+852 USD<\/span><\/strong><\/span><\/p>\n

\u00a0\u00a0 3\/<\/strong> Akcie mohou klesat<\/strong> a tento pokles bude pod strike m\u00e9 Long Call 225<\/strong>. Long Call 225 se stane bezcennou, ale 100x Short akcie budou generovat dal\u0161\u00ed profit, a ten bude tak vysok\u00fd, nakolik se budou m\u00e9 akcie nach\u00e1zet pod strike Long Call 225. K profitu ve v\u00fd\u0161i +852 USD<\/span><\/strong>\u00a0pak p\u0159id\u00e1m dal\u0161\u00ed \u010d\u00e1stku<\/strong><\/span><\/p>\n

\u00a0\u00a0 S\u00e1zka na obrat trendu po\u0159\u00edzen\u00edm Short akci\u00ed k\u00a0Long Call 225 a vytvo\u0159en\u00ed Syntetick\u00e9 Long Put na strike 225 tak bude m\u00edt smysl p\u0159i poklesu ceny pod strike t\u00e9to syntetick\u00e9 pozice, tedy stejn\u00fd princip, jako bych dr\u017eel Long Put op\u010dn\u00ed kontrakt, kter\u00fd vyd\u011bl\u00e1v\u00e1 p\u0159i poklesu pod sv\u016fj strike. Jak to prakticky dopadlo v\u00a0m\u00e9m konkr\u00e9tn\u00edm p\u0159\u00edpad\u011b? \u00a0\u00a0<\/span><\/p>\n

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\u00a0\u00a0 Pokles<\/strong> se po uptrendu a po\u0159\u00edzen\u00ed Syntetick\u00e9 Long Put 225<\/strong> opravdu dostavil<\/strong>, co\u017e je patrn\u00e9 z\u00a0grafu v\u00fd\u0161e. Pokles zp\u016fsobil, \u017ee se ke dni 31.1.2018 nach\u00e1zela cena akcie ULTA na hodnot\u011b 222.10 USD<\/strong> a Syntetick\u00e9 Long Put opci zb\u00fdvalo do expirace 16 kalend\u00e1\u0159n\u00edch dn\u016f. Ceny jsou patrn\u00e9 na obr\u00e1zku n\u00ed\u017ee<\/span><\/p>\n

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\u00a0\u00a0 Cena akci\u00ed ULTA nakonec opravdu poklesla pod hodnotu strike 225. Vzhledem k\u00a0tomu, \u017ee Long Call 225<\/strong> m\u00e1 je\u0161t\u011b dostate\u010dn\u011b dlouhou dobu do expirace, d\u00e1 se prodat za slu\u0161nou cenu, i kdy\u017e je ji\u017e m\u00edrn\u011b \u201emimo pen\u00edze\u201c, v\u00a0m\u00e9m p\u0159\u00edpad\u011b za +450 USD<\/strong>, k\u00a0dosavadn\u00edm pen\u011bz\u016fm na n\u00e1kup Long Call (-1.160 USD) a tr\u017eb\u011b za prodej 100x Short akci\u00ed ULTA (+24.512 USD), tak p\u0159id\u00e1v\u00e1m je\u0161t\u011b tyto pen\u00edze za prodej Long Call 225 (+450 USD), tedy celkem p\u0159ij\u00edm\u00e1m +23.802 USD<\/strong>. Proto\u017ee se akcie nyn\u00ed nach\u00e1zej\u00ed na moment\u00e1ln\u00ed cen\u011b 222.10 USD (jsou pod strike m\u00e9 Long Call 225) likviduji je n\u00e1kupem zp\u011bt za tuto ni\u017e\u0161\u00ed cenu a vynakl\u00e1d\u00e1m -22.210 USD<\/strong>. V\u0161echny pozice mi miz\u00ed a v\u00fdsledkem je profit +1.592 USD<\/span><\/strong>. \u010d\u00edm n\u00ed\u017ee by akcie klesly, t\u00edm v\u00edce bych vyd\u011blal na tomto propadu. Pokud bych cht\u011bl vypozorovat, jak by si st\u00e1la m\u00e1 pozice p\u0159i expiraci, tak bych zjistil, \u017ee akcie nakonec klesla a\u017e na 203.15 USD, opce Long Call 225 by samoz\u0159ejm\u011b byla bezcenn\u00e1 a nem\u011bl bych \u017e\u00e1dnou tr\u017ebu za jej\u00ed prodej, k\u00a0n\u00e1klad\u016fm na jej\u00ed po\u0159\u00edzen\u00ed (-1.160 USD) a tr\u017eb\u011b za prodej 100x Short akci\u00ed ULTA (+24.512 USD) bych tak p\u0159ipojil n\u00e1klady na likvidaci akci\u00ed ve v\u00fd\u0161i -20.315 USD, celkov\u011b bych tak vyd\u011blal velmi slu\u0161n\u00fdch + 3.037 USD.<\/span><\/p>\n

\n

Syntetick\u00e1 Long Call<\/span><\/strong><\/h1>\n

\u00a0\u00a0 Ve stejn\u00e9 logice pak bude fungovat p\u0159\u00edklad s\u00a0konstrukc\u00ed Syntetick\u00e9 Long Call pozice podle druh\u00e9 z\u00a0rovnic<\/span><\/p>\n

+Call <\/strong><\/span>= +Put\u00a0<\/strong><\/span><\/span>\u2013 Strike\u00a0<\/span>+ Akcie<\/strong><\/span><\/span><\/h1>\n

\u00a0\u00a0 Princip je pak obdobn\u00fd, jako konstrukce Syntetick\u00e9 Long Put. Investici<\/strong> do op\u010dn\u00edho kontraktu Long Put<\/strong> kontraktu s\u00a0n\u00e1hledem na pokles trh\u016f<\/strong> bych mohl \u201eobr\u00e1tit\u201c do investice do Syntetick\u00e9 Long Call<\/strong> pozice p\u0159i p\u0159esv\u011bd\u010den\u00ed, \u017ee se m\u016fj n\u00e1hled na trhy zm\u011bnil z\u00a0medv\u011bd\u00edho na b\u00fd\u010d\u00ed, a to pouh\u00fdm nakoupen\u00edm 100x Long akci\u00ed<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 26.6.2018<\/strong> jsem u akcie IBM<\/strong> p\u0159esv\u011bd\u010den o tom, \u017ee se ji v\u00a0bl\u00edzk\u00e9m budoucnu nebude da\u0159it a tento pesimistick\u00fd n\u00e1hled chci zobchodovat pomoc\u00ed Long Put<\/strong> op\u010dn\u00edho kontraktu. Situace je na obr\u00e1zku<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 P\u0159i cen\u011b akcie IBM<\/strong> na hodnot\u011b 139.08 USD<\/strong> vyb\u00edr\u00e1m ke sv\u00e9 investici Long Put<\/strong> op\u010dn\u00ed kontrakt s\u00a0expirac\u00ed za 24 kalend\u00e1\u0159n\u00edch dn\u016f a vol\u00edm strike nejbl\u00ed\u017ee aktu\u00e1ln\u00ed cen\u011b, tedy na hodnot\u011b 139<\/strong>, za tuto Long Put opci na strike 139 bych musel zaplatit -350 USD<\/strong>. Pokud by mi m\u011bla m\u00e1 Long Put opce vyd\u011blat, musel by b\u00fdt m\u016fj pl\u00e1n o poklesu ceny napln\u011bn a nav\u00edc by cena musela poklesnout minim\u00e1ln\u011b o -3.5 bodu (-350 USD), aby pokryla mou investici do Long Put 139. Po po\u010d\u00e1te\u010dn\u00edm pln\u011bn\u00ed m\u00e9 p\u0159edstavy ale cena akcie za\u010dala m\u00edrn\u011b stoupat a j\u00e1 jsem ji\u017e za\u010dal m\u00edt obavy o zd\u00e1rn\u00fd a profitabiln\u00ed v\u00fdvoj m\u00e9ho obchodu. Rozhodl jsem se tedy \u201etrhnout kormidlem d\u011bjin\u201c a obr\u00e1tit sv\u016fj obchod p\u0159esn\u011b opa\u010dn\u00fdm sm\u011brem, tedy reformoval jsem svou p\u0159edstavu o poklesu na nyn\u011bj\u0161\u00ed p\u0159esv\u011bd\u010den\u00ed o r\u016fstu. M\u00e1m ale nakoupenou Long Put opci na strike 139 a tato investice nezapad\u00e1 do t\u00e9to nov\u00e9 r\u016fstov\u00e9 p\u0159edstavy. Vybaven nejnov\u011bj\u0161\u00edmi poznatky o mo\u017en\u00e9m p\u0159eklopen\u00ed op\u010dn\u00ed pozice do synteticky opa\u010dn\u00e9ho obchodu p\u0159id\u00e1n\u00edm Long akci\u00ed tedy monitoruji, jak bych toto mohl prov\u00e9st.<\/span><\/p>\n

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\u00a0\u00a0 Po pouh\u00fdch dvou dnech mohu pozorovat, \u017ee cena akcie IBM oto\u010dila a sm\u011b\u0159uje severn\u00edm sm\u011brem a je nyn\u00ed na hodnot\u011b 140.04 USD<\/strong>. Mohu tedy za\u010d\u00edt litovat, \u017ee jsem investoval do Long Put 139, kter\u00e1 ji\u017e za\u010d\u00edn\u00e1 ztr\u00e1cet na sv\u00e9 hodnot\u011b a pokud bych ji nyn\u00ed prodal, mohl bych za ni utr\u017eit +299 USD (sloupec Bid). Takovou likvidaci a p\u0159izn\u00e1n\u00ed ztr\u00e1ty odm\u00edt\u00e1m a nakupuji 100x Long akcie<\/strong> za aktu\u00e1ln\u00ed cenu 140.04 USD<\/strong> a na t\u011bchto 100x Long akci\u00ed IBM vynakl\u00e1d\u00e1m -14.004 USD<\/strong>. Spole\u010dn\u011b s\u00a0p\u016fvodn\u00ed investic\u00ed do Long Put 139 za -350 USD tak \u010din\u00ed m\u00e9 n\u00e1klady na tuto pozici -14.354 USD<\/strong>. Tato pozice je Syntetick\u00e1 Long Call 139<\/strong>. Podle vzorce pro tvorbu Syntetick\u00e9 Call (+Call) jsem pot\u0159eboval na pravou stranu rovnice k\u00a0Long Put op\u010dn\u00edmu kontraktu (+Put) p\u0159idat je\u0161t\u011b 100x Long akcie (+Akcie). Proto\u017ee jsem pravou stranu rovnice po\u0159\u00eddil za -14.354 USD a tyto pen\u00edze p\u0159edstavuj\u00ed Syntetickou Long Call na strike 139, mohu p\u0159i tvrzen\u00ed, \u017ee Long Call na strike 139 v\u017edy znamen\u00e1 mo\u017enost (prost\u0159ednictv\u00edm Exercise) po\u0159\u00eddit akcie za cenu strike (v m\u00e9m p\u0159\u00edpad\u011b 139 USD\/kus) za n\u00e1klady -13.900 USD<\/strong>, potom jsem p\u0159i sou\u010dasn\u00fdch n\u00e1kladech -14.354 USD<\/strong> ve ztr\u00e1t\u011b\u00a0-454 USD<\/strong>. Nekoupil jsem tedy Syntetickou Long Call 139<\/strong> za kredit, jako v\u00a0p\u0159\u00edpad\u011b z\u00a0akci\u00ed ULTA v\u00a0p\u0159edchoz\u00edm p\u0159\u00edpad\u011b se Syntetickou Long Put, n\u00fdbr\u017e jsem musel za po\u0159\u00edzen\u00ed Syntetick\u00e9 Long Call 139 zaplatit<\/strong>, co\u017e je b\u011b\u017en\u011bj\u0161\u00ed stav a odpov\u00edd\u00e1 klasick\u00e9mu po\u0159\u00edzen\u00ed Long Call op\u010dn\u00edho kontraktu na voln\u00e9m trhu, mus\u00edm za n\u011bj jednodu\u0161e zaplatit.<\/span><\/p>\n

\u00a0\u00a0 Jak\u00e9 m\u00e1m nyn\u00ed vyhl\u00eddky se Syntetickou Long Call 139 po\u0159\u00edzenou za -454 USD<\/strong>? Nejd\u0159\u00edve vyhodnot\u00edm, jestli nejsou n\u00e1klady na po\u0159\u00edzen\u00ed moc drah\u00e9. V obr\u00e1zku v\u00fd\u0161e jsem tenk\u00fdm modr\u00fdm krou\u017ekem vyzna\u010dil, za kolik bych mohl nakoupit Long Call 139 op\u010dn\u00ed „nesynteticky“ p\u0159\u00edmo na trhu a pozoruji, \u017ee by to bylo mo\u017en\u00e9 za -435 USD. Pokud bych tedy p\u016fvodn\u011b dr\u017eenou Long Put 139 (nakoupenou za -350 USD) prodal za +299 USD, vytvo\u0159il bych ztr\u00e1tu -51 USD. Pokud bych tuto ztr\u00e1tu p\u0159ipo\u010d\u00edtal k n\u00e1kupn\u00ed cen\u011b klasick\u00e9 Long Call opce na \u00farovni -435 USD v tenk\u00e9m modr\u00e9m krou\u017eku, byla by jej\u00ed po\u0159izovac\u00ed cena ji\u017e -486 USD, nebyl by to tak identick\u00e1 cena, jako po\u0159\u00edzen\u00ed 100x Long akci\u00ed do dotvo\u0159en\u00ed Syntetick\u00e9 Long Call 139, proto\u017ee na tvorb\u011b Syntetick\u00e9 Long Call bych u\u0161et\u0159il +32 USD. Proto\u017ee m\u00e1m nyn\u00ed v\u00fddaje na Syntetickou Long Call 139 ve v\u00fd\u0161i -454 USD a celkov\u00e9 sou\u010dasn\u00e9 n\u00e1klady -14.354 USD<\/strong>, mus\u00ed b\u00fdt pro profitabilitu cel\u00e9ho obchodu napln\u011bn r\u016fstov\u00fd sc\u00e9n\u00e1\u0159, a tento n\u00e1r\u016fst mus\u00ed b\u00fdt tak velk\u00fd, aby zaplatil minim\u00e1ln\u011b hodnotu vstupn\u00ed investice (-14.354 USD). Tato situace nastane, pokud bude cena p\u0159i expiraci vy\u0161\u0161\u00ed o \u010d\u00e1stku +454 USD ne\u017e je strike 139 Syntetick\u00e9 Long Call opce, tedy minim\u00e1ln\u011b na hodnot\u011b 139 +4.54 = 143.54 USD,<\/strong> jak\u00e9 budou tedy mo\u017en\u00e9 sc\u00e9n\u00e1\u0159e p\u0159i expiraci m\u00e9 Long Put 139 vstupuj\u00edc\u00ed do Syntetick\u00e9 Long Call:<\/span><\/p>\n

\u00a0\u00a0 1\/<\/strong> Cena akcie IBM<\/strong> se bude nach\u00e1zet nad 143.54 USD<\/strong>. Budu moci po\u010d\u00edtat s\u00a0profitem<\/span><\/strong>, kter\u00fd bude tak velk\u00fd, nakolik bude cena akci\u00ed nad touto cenou. Long Put 139 vypr\u0161\u00ed jako bezcenn\u00e1, za prodan\u00e9 akcie dostanu v\u017edy v\u00edce, ne\u017e 14.3545 USD.<\/span><\/p>\n

\u00a0\u00a0 2\/<\/strong> Cena akcie IBM<\/strong>\u00a0se bude pohybovat nad jej\u00ed po\u0159izovac\u00ed cenou 140.04 USD<\/strong> ale bude ni\u017e\u0161\u00ed ne\u017e 143.54 USD<\/strong>. Long Put 139 op\u011bt vypr\u0161\u00ed jako bezcenn\u00e1 a j\u00e1 budu m\u00edt ztr\u00e1tu<\/span><\/strong>, tato v\u0161ak bude ni\u017e\u0161\u00ed ne\u017e -350 USD<\/span><\/strong> (hodnota p\u016fvodn\u00ed investice do Long Put 139) o \u010d\u00e1stku p\u0159edstavuj\u00edc\u00ed rozd\u00edl mezi n\u00e1kupn\u00ed a prodejn\u00ed cenou akci\u00ed.<\/span><\/p>\n

\u00a0\u00a0 3\/<\/strong> Cena akcie IBM\u00a0<\/strong>bude p\u0159esn\u011b na hodnot\u011b 140.04 USD<\/strong> (po\u0159izovac\u00ed cena akci\u00ed). Long Put 139 op\u011bt vypr\u0161\u00ed jako bezcenn\u00e1, ale akcie mi p\u0159inesou zp\u011bt +14.004 USD. K\u00a0p\u016fvodn\u00edm n\u00e1klad\u016fm -14.354 USD pak po p\u0159id\u00e1n\u00ed t\u00e9to tr\u017eby budu m\u00edt ztr\u00e1tu -350 USD<\/strong><\/span> (p\u016fvodn\u00ed investici do Long Put 139)<\/span><\/p>\n

\u00a0\u00a0 4\/<\/strong> Cena akcie IBM<\/strong> bude nad hodnotou strike 139 USD<\/strong>, ale pod po\u0159izovac\u00ed cenou akci\u00ed na hodnot\u011b 140.04 USD<\/strong>. Long Put 139 op\u011bt vypr\u0161\u00ed jako bezcenn\u00e1, ale akcie mi nep\u0159inesou zp\u011bt profit nebo pen\u00edze zp\u011bt do nich vlo\u017een\u00e9, ale naopak m\u00edrnou ztr\u00e1tu, kter\u00e9 bude prohlubovat ztr\u00e1tu<\/strong><\/span> p\u016fvodn\u00ed investice ve v\u00fd\u0161i -350 USD<\/span><\/strong> o \u010d\u00e1stku ztr\u00e1ty, kter\u00e1 bude rozd\u00edlem po\u0159izovac\u00ed ceny akcie (140.04 USD) a jej\u00ed prodejn\u00ed ceny.<\/span><\/p>\n

\u00a0\u00a0 5\/<\/strong> Cena akcie IBM<\/strong> bude pod hodnotou strike 139 USD<\/strong>. Akcie si mohou klesat, jak cht\u011bj\u00ed. Proveden\u00edm Exercise m\u00e9 Long Put 139 v\u017edy budu m\u00edt mo\u017enost prodat sv\u00e9 akcie za 139 USD\/kus a z\u00edskat zp\u011bt +13.900 USD., K p\u016fvodn\u00edm n\u00e1klad\u016fm -14.354 USD pak po p\u0159id\u00e1n\u00ed t\u00e9to tr\u017eby budu m\u00edt ztr\u00e1tu -454 USD<\/span><\/strong>, kter\u00e9 bude mou maxim\u00e1ln\u00ed mo\u017enou ztr\u00e1tou<\/strong> z\u00a0tohoto obchodu, tedy ztr\u00e1tou cel\u00e9 investice do nov\u011b po\u0159\u00edzen\u00e9 Syntetick\u00e9 Long Call 139.<\/span><\/p>\n

\u00a0\u00a0 Cel\u00e9 chov\u00e1n\u00ed tak op\u011bt p\u0159ipom\u00edn\u00e1 chov\u00e1n\u00ed prost\u00e9ho Long Call op\u010dn\u00edho kontraktu, kde maxim\u00e1ln\u00ed mo\u017enou ztr\u00e1tou je pouze hodnota jej\u00edho po\u0159\u00edzen\u00ed, kde\u017eto profit p\u0159i neomezen\u00e9 r\u016fstu podkladu mu\u017ee b\u00fdt tak\u00e9 neomezen\u00fd.<\/span><\/p>\n

\u00a0\u00a0 Jak m\u00e1 pozice na modelov\u00e9m p\u0159\u00edklad\u011b s akci\u00ed IBM konkr\u00e9tn\u011b nakonec dopadla je patrn\u00e9 z\u00a0obr\u00e1zku<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Uptrend byl potvrzen a 12.7.2018<\/strong>, tedy v\u00a0okam\u017eiku, kdy op\u010dn\u00edmu kontraktu zb\u00fdvalo do expirace 8 kalend\u00e1\u0159n\u00edch dn\u016f<\/strong> se cena akcie IBM pohybovala na hodnot\u011b 146.45 USD<\/strong>. Mohl jsem pak pozorovat, \u017ee p\u0159esto\u017ee se ji\u017e m\u00e1 Long Put opce 139 nach\u00e1zela \u201emimo pen\u00edze\u201c a do expirace zb\u00fdvalo v\u00edce ne\u017e t\u00fdden, m\u011bla opce je\u0161t\u011b hodnotu +80 USD<\/strong>, za kterou jsem tuto Long Put opci prodal. K\u00a0n\u00e1klad\u016fm ve v\u00fd\u0161i -14.354 USD jsem tak p\u0159isp\u011bl touto \u010d\u00e1stkou +80 USD, aby tyto n\u00e1klady \u010dinily -14.274 USD<\/strong>. Sou\u010dasn\u011b jsem ale tak\u00e9 prodal sv\u00e9 Long akcie za cenu 146.45\/kus a p\u0159ipsal si k\u00a0dobru dal\u0161\u00edmi +14.645 USD<\/strong>, celkov\u011b jsem pak na tomto obratu trendu profitoval +371 USD<\/strong><\/span>.<\/span><\/p>\n

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\u00a0\u00a0 P\u0159id\u00e1v\u00e1n\u00edm Long pozic nebo Short pozic podklad\u016f k\u00a0jednoduch\u00fdm Long op\u010dn\u00edm pozic\u00edm tak mohu elegantn\u011b reagovat na zm\u011bny n\u00e1lady na trz\u00edch a nemus\u00edm prov\u00e1d\u011bt nijak n\u00e1kladn\u00e9 operace. Konkr\u00e9tn\u00ed uk\u00e1zky sice byly modelov\u00fdmi p\u0159\u00edklady, v\u00a0principu je ale dobr\u00e9 tyto vztahy mezi op\u010dn\u00edmi kontrakty a podkladov\u00fdmi aktivy poznat a sna\u017eit se jich vyu\u017e\u00edt. Konkr\u00e9tn\u00edch situac\u00ed, kdy je vhodn\u00e9 takovou transformaci vyu\u017e\u00edt je mnoho, mohu nap\u0159\u00edklad takto zafixovat profit na ITM Long opc\u00edch t\u011bsn\u011b p\u0159ed expirac\u00ed p\u0159i v\u011bt\u0161\u00edch pohybech podkladu, kdy\u017e ceny v\u00a0d\u016fsledku t\u011bchto pohyb\u016f osciluj\u00ed v\u00a0bl\u00edzkosti strike a j\u00e1 mohu takto pohodln\u011b, pomoc\u00ed Exercise, z\u00a0pozice bezpe\u010dn\u011b vystoupit je\u0161t\u011b p\u0159ed posledn\u00edm Close p\u0159ed expirac\u00ed opce. Nemus\u00edm tak\u00e9 pravd\u011bpodobn\u011b podot\u00fdkat, \u017ee p\u0159id\u00e1n\u00ed Long\/Short podkladu m\u016f\u017ee b\u00fdt do\u010dasn\u00e9 a po potvrzen\u00ed dan\u00e9ho trendu vyj\u00e1d\u0159en\u00e9ho po\u0159\u00edzen\u00edm podkladu mohu tento op\u011bt zlikvidovat a pokra\u010dovat v\u00a0prvotn\u00edm p\u0159esv\u011bd\u010den\u00ed o trendu, kter\u00fd jsem m\u011bl p\u0159i po\u0159\u00edzen\u00ed p\u016fvodn\u00edho op\u010dn\u00edho kontraktu\u2026 :c)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0\u00a0 Pochopen\u00ed rovnice\u00a0Call\/Put Parity \u00a0a vliv Dividendy na cenu op\u010dn\u00edch kontrakt\u016f \u00a0bylo \u00favodem do pozn\u00e1n\u00ed, jak funguj\u00ed z\u00e1kladn\u00ed vztahy mezi cenami opc\u00ed. Jednoduchou algebraickou \u00fapravou z\u00e1kladn\u00edch vzorc\u016f pak byly tyto jednoduch\u00e9 vztahy d\u00e1le rozvedeny a v\u00a0tomto \u201erozpl\u00e9t\u00e1n\u00ed\u201c bych cht\u011bl pokra\u010dovat tak\u00e9 v\u00a0tomto \u010dl\u00e1nku. Je s\u00a0podivem, \u017ee p\u0159esto\u017ee na t\u00e9ma syntetick\u00e9 Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":2367,"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":[47],"class_list":["post-2356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opcni-kombinace","tag-synteticke-pozice"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2018\/08\/main-2.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-C0","jetpack-related-posts":[{"id":2380,"url":"https:\/\/dobretrejdy.com\/?p=2380","url_meta":{"origin":2356,"position":0},"title":"Syntetick\u00e9 pozice \u2013 IV.","author":"dobretrejdy :c)","date":"9.9.2018","format":false,"excerpt":"\u00a0\u00a0 Vytv\u00e1\u0159en\u00edm \u201eum\u011bl\u00fdch\u201c Syntetick\u00fdch Long op\u010dn\u00edch pozic jsem se zab\u00fdval v\u00a0minul\u00e9m \u010dl\u00e1nku, kdy\u017e principi\u00e1ln\u011b jsem vych\u00e1zel z\u00a0rovnice pro Call\/Put Paritu cen op\u010dn\u00edch kontrakt\u016f na stejn\u00e9m strike, kterou jsem se sna\u017eil oz\u0159ejmit v\u00a0\u010dl\u00e1nku zahajuj\u00edc\u00edm minis\u00e9rii o syntetick\u00fdch pozic\u00edch. Smyslem p\u0159edch\u00e1zej\u00edc\u00edho \u010dl\u00e1nku pak bylo na jednoduch\u00fdch p\u0159\u00edkladech uk\u00e1zat, jak lze p\u0159i dr\u017een\u00ed\u00a0jednoho\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed kombinace\u201c","block_context":{"text":"Op\u010dn\u00ed kombinace","link":"https:\/\/dobretrejdy.com\/?cat=4"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/09\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/09\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/09\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/09\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":2423,"url":"https:\/\/dobretrejdy.com\/?p=2423","url_meta":{"origin":2356,"position":1},"title":"Syntetick\u00e9 pozice – V.","author":"dobretrejdy :c)","date":"24.9.2018","format":false,"excerpt":"\u00a0 \u00a0Vyu\u017eit\u00ed rovnice Call\/Put Parity o vztahu cen op\u010dn\u00edch kontrakt\u016f na stejn\u00e9m strike vygenerovalo mo\u017enosti, jak libovoln\u011b p\u0159ech\u00e1zet z\u00a0jednoho typu op\u010dn\u00ed pozice do opa\u010dn\u00e9 a \u010dinit tak pokud mo\u017eno efektivn\u011b, toto bylo p\u0159edm\u011btem minul\u00fdch \u010dl\u00e1nk\u016f. Jestli je to v\u00a0danou chv\u00edli v\u00fdhodn\u00e9 je odvisl\u00e9 od aktu\u00e1ln\u00ed tr\u017en\u00ed situace vzhledem k\u00a0aktu\u00e1ln\u00ed profitabilit\u011b\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed kombinace\u201c","block_context":{"text":"Op\u010dn\u00ed kombinace","link":"https:\/\/dobretrejdy.com\/?cat=4"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/09\/main-2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/09\/main-2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/09\/main-2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/09\/main-2.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":5275,"url":"https:\/\/dobretrejdy.com\/?p=5275","url_meta":{"origin":2356,"position":2},"title":"Delta Neutral – XIII.","author":"dobretrejdy :c)","date":"22.2.2021","format":false,"excerpt":"\u00a0 Neuv\u011b\u0159iteln\u00fd pokrok v p\u0159\u00edstupu k obchodov\u00e1n\u00ed od spekulac\u00ed s tulip\u00e1nov\u00fdmi cibulkami k aktu\u00e1ln\u011b supersofistikovan\u00e9mu elektronick\u00e9mu tradingu znamen\u00e1 p\u0159edev\u0161\u00edm p\u0159esun od fyzick\u00e9ho \u201epo\u017emoul\u00e1n\u00ed si\u201c v\u011bt\u0161inou graficky skv\u011ble vyveden\u00e9ho \u201ecenn\u00e9ho pap\u00edru z pap\u00edru\u201c k existenci elektronicky zaknihovan\u00fdch entit, na kter\u00e9 si nemohu jakkoliv s\u00e1hnout a uc\u00edtit lehce spaluj\u00edc\u00ed propojen\u00ed tohoto fyzick\u00e9ho\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\/2021\/02\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/02\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/02\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/02\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":1055,"url":"https:\/\/dobretrejdy.com\/?p=1055","url_meta":{"origin":2356,"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. 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Zd\u00e1 se, \u017ee z dosavadn\u00edho popisu t\u00e9to problematiky v \u010dl\u00e1nc\u00edch nep\u0159in\u00e1\u0161\u00ed obchodov\u00e1n\u00ed dluhopis\u016f takov\u00e9 \u201epovyra\u017een\u00ed\u201c, jako jin\u00e9 t\u0159\u00eddy aktiv a nen\u00ed tak atraktivn\u00ed z pohledu mo\u017en\u00e9ho v\u00fdnosu k vynalo\u017een\u00e9 investici. 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Toto jednoduch\u00e9 \u0159eck\u00e9 p\u00edsmeno ozna\u010duje m\u00edru z\u00e1vislosti ceny opce na pohybu podkladov\u00e9ho aktiva. 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