{"id":2515,"date":"2018-10-17T16:44:34","date_gmt":"2018-10-17T14:44:34","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=2515"},"modified":"2023-09-05T09:52:14","modified_gmt":"2023-09-05T07:52:14","slug":"butterfly-i","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=2515","title":{"rendered":"Butterfly – I."},"content":{"rendered":"

\u00a0\u00a0 Pochopen\u00ed principu Call Bull Spreadu<\/a><\/strong><\/span>, kde maxim\u00e1ln\u00ed ztr\u00e1tou je vlo\u017een\u00e1 investice s\u00a0maxim\u00e1ln\u00edm potenci\u00e1lem profitu ve v\u00fd\u0161i dolarov\u00e9ho vyj\u00e1d\u0159en\u00ed rozsahu strike a sou\u010dasn\u011b porozum\u011bn\u00ed logice Call Bear Spreadu<\/a><\/span><\/strong>, kde maxim\u00e1ln\u00ed ztr\u00e1tou je dolarov\u00e9 vyj\u00e1d\u0159en\u00ed rozsahu strike a maxim\u00e1ln\u00edm profitem v\u00fdsledek vstupn\u00ed investice \u2013 p\u0159ijat\u00fd kredit, je z\u00e1kladem k\u00a0pochopen\u00ed slo\u017eit\u011bj\u0161\u00ed op\u010dn\u00ed kombinace, kterou je Butterfly<\/strong> p\u0159edstavuj\u00edc\u00ed kombinaci pr\u00e1v\u011b v\u00fd\u0161e uveden\u00fdch spreadov\u00fdch pozic. Slo\u017eit a obchodovat kombinaci nap\u0159\u00edklad s\u00a0RRR 1:3 sou\u010dasn\u011b s kombinac\u00ed s\u00a0RRR 3:1 je opravdu velmi dobr\u00e1 v\u00fdchoz\u00ed obchodn\u00ed situace, kdy\u017e pochopit jej\u00ed vnit\u0159n\u00ed logiku je velmi jednoduch\u00e9, proto\u017ee vych\u00e1z\u00ed z\u00a0principu uveden\u00fdch jednotliv\u00fdch op\u010dn\u00edch spread\u016f, kter\u00e9 jsou do takov\u00e9 kombinace zapojeny. \u00a0\u00a0<\/span><\/p>\n

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Nesm\u011brov\u00fd Call Butterfly<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Butterfly je v\u00a0nejb\u011b\u017en\u011bj\u0161\u00edm smyslu op\u010dn\u00ed kombinace s\u00a0opcemi na t\u0159ech strike<\/strong>, co\u017e nemus\u00ed b\u00fdt dogma, jak ostatn\u011b vyplyne z\u00a0dal\u0161\u00edho \u010dten\u00ed (dal\u0161\u00edho \u010dl\u00e1nku) o t\u00e9to op\u010dn\u00ed kombinaci. Na obr\u00e1zku n\u00ed\u017ee je vid\u011bt nejjednodu\u0161\u0161\u00ed kombinace vytvo\u0159en\u00e9ho Call Butterfly<\/strong>.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Zobrazen\u00fd Call Butterfly +112\/-115\/-115\/+118<\/strong> je slo\u017eeninou Call Bull Debit Spreadu<\/strong> s\u00a0nakoupenou Long Call na strike 112, kter\u00e1 je moment\u00e1ln\u011b \u201ev pen\u011bz\u00edch\u201c a Short Call na strike 115, kter\u00e1 je \u201ena pen\u011bz\u00edch\u201c na sou\u010dasn\u00e9 cen\u011b podkladov\u00e9 akcie JPM, kter\u00e1 \u010din\u00ed 115.24 USD. Tento Call Bull Debit Spread +112\/-115<\/strong> bych mohl po\u0159\u00eddit za (-425 USD za Long Call 112 a +219 USD za Short Call 115) = -206 USD<\/strong>, na tuto \u010d\u00e1st Butterfly bych tak musel pen\u00edze vynalo\u017eit<\/strong>. Maxim\u00e1ln\u00ed potenci\u00e1l ztr\u00e1ty<\/strong> je pr\u00e1v\u011b tato investice<\/strong>, maxim\u00e1ln\u00ed profit<\/strong> je vyj\u00e1d\u0159en dolarov\u00fdm rozp\u011bt\u00edm strike<\/strong>, kter\u00e9 je t\u0159i body (115-112), tedy +300 USD, p\u0159i investici -206 USD bych tak na tomto Call Bull Debit Spreadu +112\/-115 mohl maxim\u00e1ln\u011b vyd\u011blat +94 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Tento Call Bull Debit Spread +112\/-115 je v\u0161ak vylep\u0161en sou\u010dasn\u00fdm po\u0159\u00edzen\u00edm Call Bear Credit Spreadu<\/strong> s\u00a0vypsanou Short Call na strike 115, kter\u00e9 je \u201ena pen\u011bz\u00edch\u201c na sou\u010dasn\u00e9 cen\u011b podkladov\u00e9 akcie JPM a nakoupenou Long Call 118, kter\u00e1 je aktu\u00e1ln\u011b \u201emimo pen\u00edze\u201c. Tento Call Bear Credit Spread -115\/+118<\/strong> bych mohl po\u0159\u00eddit za (+219 USD za Short Call 115 a -95 USD za Long Call 118) = +124 USD<\/strong>, za tuto \u010d\u00e1st Butterfly bych tak dostal zaplaceno<\/strong>. Maxim\u00e1ln\u00ed potenci\u00e1l ztr\u00e1ty<\/strong> tohoto spreadu je d\u00e1n dolarov\u00fdm rozp\u011bt\u00edm strike<\/strong>, kter\u00e9 je t\u0159i body (115-118) a tato maxim\u00e1ln\u00ed ztr\u00e1ta by pak \u010dinila -300 USD, maxim\u00e1ln\u00ed profit<\/strong> je vyj\u00e1d\u0159en p\u0159ijat\u00fdm kreditem<\/strong> ve v\u00fd\u0161i +124 USD<\/strong>, p\u0159i \u010dist\u00e9m p\u0159ijat\u00e9m Pr\u00e9miu +124 USD bych tak na tomto Call Bull Debit Spreadu +112\/-115 mohl maxim\u00e1ln\u011b prod\u011blat -176 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Proto\u017ee zn\u00e1m situace, kdy jednotliv\u00e9 spready maxim\u00e1ln\u011b profituj\u00ed a tak\u00e9 kdy maxim\u00e1ln\u011b ztr\u00e1c\u00ed, mohu se na m\u016fj Call Butterfly pod\u00edvat pr\u00e1v\u011b z\u00a0t\u00e9to perspektivy. P\u0159i po\u0159\u00edzen\u00ed tohoto Call Butterfly +112\/-115\/-115\/+118<\/strong> mohu vypo\u010d\u00edtat, kolik bych za n\u011bj musel zaplatit, pohledem na obr\u00e1zek bych za ob\u011b Short opce utr\u017eil (2x 219 USD) = +438 USD a na ob\u011b Long opce bych vydal (-425 USD -95 USD) = -520 USD, celkov\u011b bych musel vydat<\/strong> (+438 USD \u2013 520 USD) = -82 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Co tedy mohu od m\u00e9ho Call Butterfly +112\/-115\/-115\/+118 za -82 USD o\u010dek\u00e1vat? Pohledy na celkov\u00fd profit a ztr\u00e1tu se odv\u00edj\u00ed od t\u0159ech cenov\u00fdch situac\u00edch p\u0159i expiraci op\u010dn\u00edch kontrakt\u016f tvo\u0159\u00edc\u00edch Butterfly:<\/span><\/p>\n

\u00a0\u00a0 1\/ Cena<\/strong> zakon\u010dila p\u0159i expiraci pod hodnotou 112 USD<\/strong>, tedy pod v\u0161emi strike<\/strong> m\u00e9ho Call Butterfly +112\/-115\/-115\/+118. V\u0161echny opce vypr\u0161\u00ed jako bezcenn\u00e9 a j\u00e1 trat\u00edm pouze investici do po\u0159\u00edzen\u00ed v\u0161ech opc\u00ed, kter\u00e9 \u010dinila -82 USD<\/span><\/strong>. M\u016fj Credit Call Spread -115\/+118 vypr\u0161el bezcenn\u00fd, a to jsem cht\u011bl, m\u016fj Debit Call Spread +112\/-115 vypr\u0161el jako bezcenn\u00fd tak\u00e9, a to jsem necht\u011bl, co ale nad\u011bl\u00e1m.<\/span><\/p>\n

\u00a0\u00a0 2\/ Cena<\/strong> zakon\u010dila p\u0159i expiraci p\u0159esn\u011b na hodnot\u011b 115 USD<\/strong>, tedy p\u0159esn\u011b na strike<\/strong> m\u00fdch vypsan\u00fdch Short Call<\/strong> 115 opc\u00edch. Call Bull Debit Spread +112\/-115 zaznamen\u00e1v\u00e1 maxim\u00e1ln\u00ed mo\u017en\u00fd profit +300 USD, kde\u017eto Call Bear Credit Spread -115\/+118 nem\u00e1 \u017e\u00e1dnou hodnotu a vypr\u0161\u00ed jako bezcenn\u00fd. P\u0159i investici ve v\u00fd\u0161i -82 USD je tak m\u016fj profit +218 USD<\/strong><\/span> (Pozn.: P\u0159i cen\u011b 115 USD by vypr\u0161ely bezcenn\u00e9 ob\u011b Short Call 115 opce, proto\u017ee by nebyly alespo\u0148 jeden cent v\u00a0pen\u011bz\u00edch, Long Call 112 by v\u0161ak jist\u011b m\u011bla hodnotu +300 USD) \u00a0<\/span><\/p>\n

\u00a0\u00a0 3\/ Cena<\/strong> zakon\u010dila p\u0159i expiraci nad hodnotou 118 USD<\/strong>, tedy nad v\u0161emi strike<\/strong> m\u00e9ho Butterfly +112\/-115\/-115\/+118. V\u0161echny op\u010dn\u00ed kontrakty tak jsou \u201ev pen\u011bz\u00edch\u201c a budou automaticky Exercised a Assigned. Znamen\u00e1 to jedin\u00e9, \u017ee Call Bull Debit Spread +112\/-115 zaznamen\u00e1 maxim\u00e1ln\u00ed mo\u017en\u00fd profit +300 USD (je vyj\u00e1d\u0159en dolarov\u00fdm rozd\u00edlem strike), a to je velmi p\u0159\u00edjemn\u00e9, nicm\u00e9n\u011b Call Bear Credit Spread -115\/+118 zaznamen\u00e1 maxim\u00e1ln\u00ed mo\u017enou ztr\u00e1tu -300 USD (je vyj\u00e1d\u0159ena dolarov\u00fdm rozd\u00edlem strike), co\u017e je nep\u0159\u00edjemn\u00e9, ale ned\u00e1 se nic d\u011blat. Ob\u011b tyto hodnoty by se kompenzovaly (maxim\u00e1ln\u00ed profit +300 by smazala maxim\u00e1ln\u00ed ztr\u00e1ta -300) a z\u016fstala by mi pouze ztr\u00e1ta<\/strong> ve v\u00fd\u0161i p\u016fvodn\u00ed investice do m\u00e9ho Butterfly +112\/-115\/-115\/+118 ve v\u00fd\u0161i -82 USD<\/span><\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Co z\u00a0tohoto rozboru situac\u00ed p\u0159i expiraci jednodu\u0161e vypl\u00fdv\u00e1? Trivi\u00e1ln\u00ed pravidla<\/strong> nutn\u00e1 k\u00a0tomu, abych rozpoznal ziskovost t\u00e9to strategie:<\/span><\/p>\n

\u00a0\u00a0 1\/<\/strong> Pokud se cena podkladu ocitne p\u0159i expiraci mimo strike m\u00e9ho Call Butterfly, nemus\u00edm d\u011blat v\u016fbec nic, bu\u010f v\u0161echny opce vypr\u0161\u00ed jako bezcenn\u00e9 nebo budou v\u0161echny \u201ev pen\u011bz\u00edch\u201c, bude to v\u017edy maxim\u00e1ln\u00ed ztr\u00e1ta ve v\u00fd\u0161i po\u0159izovac\u00edch n\u00e1klad\u016f.<\/span><\/p>\n

\u00a0\u00a0 2\/<\/strong> Pokud se cena podkladu ocitne p\u0159i expiraci mezi strike m\u00e9ho Call Butterfly, budu v\u017edy muset prov\u00e1d\u011bt n\u011bjakou akci, pokud budu cht\u00edt odvr\u00e1tit automatick\u00e9 p\u0159i\u0159azen\u00ed nebo uplatn\u011bn\u00ed opce\/\u00ed, kter\u00e1\/\u00e9 nebudou sou\u010d\u00e1st\u00ed jednoho ze spread\u016f tvo\u0159\u00edc\u00edch Call Butterfly<\/span><\/p>\n

\u00a0\u00a0 3\/<\/strong> Maxim\u00e1ln\u00ed profit vy\u017eaduje, aby cena p\u0159i expiraci po\u0159\u00edzen\u00e9ho Call Butterfly zakon\u010dila p\u0159esn\u011b na strike Short Call 115 opc\u00ed.<\/span><\/p>\n

\u00a0\u00a0 4\/<\/strong> Pokud se cena podkladu ocitne p\u0159i expiraci mezi strike m\u00e9ho Call Butterfly, pak mus\u00ed m\u00edt opce alespo\u0148 takovou hodnotu, aby jejich likvidace zaru\u010dila, \u017ee se mi navr\u00e1t\u00ed m\u00e1 p\u016fvodn\u00ed investice ve v\u00fd\u0161i -82 USD. Toto nastane jedin\u011b ve dvou\u00a0p\u0159\u00edpadech a oba tyto p\u0159\u00edpady mus\u00ed nastat sou\u010dasn\u011b:<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0 A\/<\/strong> Kdy\u017e cena podkladu bude vy\u0161\u0161\u00ed ne\u017e 112.82 USD, proto\u017ee v\u00a0tomto p\u0159\u00edpad\u011b budu schopen Long Call 112 prodat za +82 USD, ostatn\u00ed opce vypr\u0161\u00ed jako bezcenn\u00e9, hodnota 112.82 je spodn\u00ed BreakEven<\/strong> bod m\u00e9ho Call Butterfly a mohu ho jednodu\u0161e vypo\u010d\u00edtat jako hodnota spodn\u00edho strike<\/strong> (112) + maxim\u00e1ln\u00ed mo\u017en\u00e1 ztr\u00e1ta<\/strong> (0.82) = 112.82 USD<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0 B\/<\/strong> Kdy\u017e cena podkladu bude ni\u017e\u0161\u00ed ne\u017e 117.18 USD, proto\u017ee v\u00a0tomto p\u0159\u00edpad\u011b Call Debit Spread +112\/-115 zaznamen\u00e1 maxim\u00e1ln\u00ed mo\u017en\u00fd profit +300 USD, ale budu muset likvidovat druhou Short Call 115 opci tak, abych byl schopen pokr\u00fdt n\u00e1klady -82 USD na vstup do pozice a nevy\u010derpal ji\u017e z\u00edskan\u00fd maxim\u00e1ln\u00ed profit +300 USD, Long Call 118 bude bezcenn\u00e1. Toto se stane pouze v\u00a0p\u0159\u00edpad\u011b, kdy\u017e neutrat\u00edm v\u00edce ne\u017e (+300 USD \u201382 USD) -218 USD. \u00datratu maxim\u00e1ln\u011b -218 USD na likvidaci Short Call 115 budu m\u00edt pouze v\u00a0p\u0159\u00edpad\u011b, kdy cena podkladu nebude vy\u0161\u0161\u00ed ne\u017e 117.18 USD, hodnota 117.18 USD je horn\u00ed BreakEven<\/strong> bod m\u00e9ho Call Butterfly a mohu ho jednodu\u0161e vypo\u010d\u00edtat jako hodnota horn\u00edho strike<\/strong> (118) – maxim\u00e1ln\u00ed mo\u017en\u00e1 ztr\u00e1ta<\/strong> (0.82) = 117.18 USD\u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 Co tedy mohu konstatovat v\u00a0obecn\u00e9m shrnut\u00ed. P\u0159i n\u00e1kladech -82 USD m\u00e1m potenci\u00e1l vyd\u011blat +218 USD, pom\u011br risku a odm\u011bny (RRR<\/strong>) je tak t\u00e9m\u011b\u0159 1:3<\/strong>, a to je skv\u011bl\u00e9 zji\u0161t\u011bn\u00ed. K\u00a0tomu, abych profitoval, pot\u0159ebuji, aby se podkladov\u00e9 aktivum nepohybovalo nebo pohybovalo velmi m\u00edrn\u011b a pokud by se pohybovalo, tak je jedno kter\u00fdmi sm\u011bry, pouze nesm\u00ed p\u0159ekonat hodnoty BreakEven bod\u016f. Takto sestrojen\u00fd Butterfly s\u00a0vypsan\u00fdmi Call opcemi na sou\u010dasn\u00e9 cen\u011b je pak pova\u017eov\u00e1n za nesm\u011brovou strategii<\/strong>, kter\u00e1 ke sv\u00e9 profitabilit\u011b vy\u017eaduje velmi vla\u017en\u00e9 pohyby podkladu.<\/span><\/p>\n

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Nesm\u011brov\u00fd Put Butterfly<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Ve stejn\u00e9 logice mohu vytv\u00e1\u0159et stejnou kombinaci dvou spread\u016f, a to Put Credit Spreadu a Put Debit Spreadu na Put stran\u011b op\u010dn\u00edho \u0159et\u011bzce a pozorovat, jestli mohu m\u00edt stejn\u00e1 o\u010dek\u00e1v\u00e1n\u00ed jako v\u00a0textu v\u00fd\u0161e s\u00a0kombinac\u00ed Call spread\u016f s\u00a0protikladn\u00fdmi profily zisku a ztr\u00e1ty. Na obr\u00e1zku op\u011bt p\u0159\u00edklad takto poskl\u00e1dan\u00e9ho Put Butterfly<\/span><\/p>\n

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

\u00a0\u00a0 Vytvo\u0159en\u00fd Put Butterfly +112\/-115\/-115\/+118<\/strong> je op\u011bt slo\u017eeninou dvou spreadov\u00fdch pozic, a to Put Debit Spreadu +118\/-115<\/strong> a Put Credit Spreadu -115\/+112<\/strong>. ka\u017ed\u00fd z\u00a0t\u011bchto d\u00edl\u010d\u00edch spread\u016f m\u00e1 odli\u0161n\u00fd profil zisku a ztr\u00e1ty v\u00a0z\u00e1vislosti na pohybu podkladov\u00e9ho aktiva a pokud se tyto profily obou spread\u016f spoj\u00ed dohromady, vytv\u00e1\u0159ej\u00ed velmi p\u0159\u00edznivou obchodn\u00ed z\u00e1le\u017eitost. Nyn\u00ed jsem ji\u017e z\u00a0n\u00e1zv\u016f jednotliv\u00fdch spread\u016f odstranil \u201ezv\u00ed\u0159ec\u00ed n\u00e1zvy\u201c Bull a Bear, mysl\u00edm si \u017ee je celkem pochopiteln\u00e9, jak\u00fd pohyb ka\u017ed\u00e9mu spread\u016f sv\u011bd\u010d\u00ed.<\/span><\/p>\n

\u00a0\u00a0 Put Debit Spread +118\/-115<\/strong> je pozice, kter\u00e1 je v\u017edy po\u0159\u00edzen\u00e1 za n\u011bjak\u00fd v\u00fddaj, pokud je po\u0159izov\u00e1na najednou. Nakupovan\u00e1 Long Put opce na vy\u0161\u0161\u00edm strike m\u00e1 v\u017edy vy\u0161\u0161\u00ed hodnotu ne\u017e vypisovan\u00e1 Short Put opce na ni\u017e\u0161\u00edm strike a tento v\u00fddaj je tak\u00e9 maxim\u00e1ln\u00ed mo\u017enou ztr\u00e1tou, kterou mohu na t\u00e9to spreadov\u00e9 pozici tratit. Maxim\u00e1ln\u00ed profit bude dosa\u017een, pokud budou ob\u011b opce spreadu p\u0159i expiraci „v\u00a0pen\u011bz\u00edch“ a tento p\u0159edstavuje dolarov\u00e9 vyj\u00e1d\u0159en\u00ed rozsahu strike tohoto Put Debit Spreadu +118\/-115, v\u00a0tomto p\u0159\u00edpad\u011b +300 USD<\/strong>.<\/span><\/p>\n

\u00a0 Put Credit Spread -115\/+112<\/strong> je op\u010dn\u00ed kombinace, kter\u00e1 je v\u017edy po\u0159\u00edzen\u00e1 za kredit, proto\u017ee nakupovan\u00e1 Long Put 112 na ni\u017e\u0161\u00edm strike m\u00e1 v\u017edy ni\u017e\u0161\u00ed hodnotu ne\u017e vypisovan\u00e1 Short Put 115, kter\u00e1 je na vy\u0161\u0161\u00edm strike a je tak v\u017edy dra\u017e\u0161\u00ed a jej\u00edm v\u00fdpisem obdr\u017e\u00edm v\u017edy v\u00edce pen\u011bz, ne\u017e utrat\u00edm za n\u00e1kup Long Put na ni\u017e\u0161\u00edm strike, pokud tedy po\u0159izuji celou spreadovou kombinaci najednou. Maxim\u00e1ln\u00edm profitem je pak pr\u00e1v\u011b p\u0159ijat\u00fd kredit, v\u00edce pen\u011bz ji\u017e z\u00edskat nemohu. Maxim\u00e1ln\u00ed mo\u017en\u00e1 ztr\u00e1ta Put Credit Spreadu -115\/+112 je pak vytvo\u0159ena v\u00a0p\u0159\u00edpad\u011b, \u017ee budou ob\u011b opce spreadu p\u0159i expiraci \u201ev pen\u011bz\u00edch\u201c a bude vyjad\u0159ovat dolarov\u00fd rozd\u00edl strike m\u00e9ho spreadu, v\u00a0m\u00e9m konkr\u00e9tn\u00ed p\u0159\u00edpad\u011b -300 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Mohu si tedy podle obr\u00e1zku a chov\u00e1n\u00ed jednotliv\u00fdch spread\u016f vstupuj\u00edc\u00edch do Put Butterfly +112\/-115\/-115\/+118<\/strong> ud\u011blat celkov\u00fd n\u00e1hled na celou op\u010dn\u00ed kombinaci o t\u0159ech strike. Pokud bych Put Butterfly +112\/-115\/-115\/+118 po\u0159izoval najednou, za ob\u011b<\/strong> vypsan\u00e9 Short Put opce<\/strong> na strike 115 bych inkasoval +368 USD<\/strong>. Ob\u011b Long Put opce<\/strong> by m\u011b st\u00e1ly v\u00fddaj (-85 USD -365 USD) = -450 USD<\/strong>, celkov\u011b bych tento Put Butterfly po\u0159\u00eddil za v\u00fddaj -82 USD<\/strong>. Byla by to tak v\u00fddajov\u011b toto\u017en\u00e1 transakce, jako po\u0159\u00edzen\u00ed Call Butterfly na stejn\u00fdch strike z\u00a0\u010dl\u00e1nku v\u00fd\u0161e. Proto\u017ee m\u00e9 opce jsou na t\u0159ech jednotliv\u00fdch strike, budou tyto \u00farovn\u011b tak\u00e9 podstatn\u00e9 pro profil zisku a ztr\u00e1ty, n\u00ed\u017ee tedy cenov\u00e9 situace, jak\u00e9 by mohly nastat p\u0159i expiraci:<\/span><\/p>\n

\u00a0\u00a0 1\/<\/strong> Cena<\/strong> zakon\u010dila p\u0159i expiraci pod hodnotou 112 USD<\/strong>, tedy pod v\u0161emi strike<\/strong> m\u00e9ho Put Butterfly +112\/-115\/-115\/+118. V\u0161echny op\u010dn\u00ed kontrakty tak jsou \u201ev pen\u011bz\u00edch\u201c a budou automaticky Exercised a Assigned. Znamen\u00e1 to jedin\u00e9, \u017ee Put Debit Spread +118\/-115 zaznamenal maxim\u00e1ln\u00ed mo\u017en\u00fd profit +300 USD (je vyj\u00e1d\u0159en dolarov\u00fdm rozd\u00edlem strike), a to je velmi p\u0159\u00edjemn\u00e9, nicm\u00e9n\u011b Put Credit Spread -115\/+112 zaznamenal maxim\u00e1ln\u00ed mo\u017enou ztr\u00e1tu -300 USD (je vyj\u00e1d\u0159ena dolarov\u00fdm rozd\u00edlem strike), co\u017e je nep\u0159\u00edjemn\u00e9, ale ned\u00e1 se nic d\u011blat. Ob\u011b tyto hodnoty by se kompenzovaly (maxim\u00e1ln\u00ed profit +300 by smazala maxim\u00e1ln\u00ed ztr\u00e1ta -300) a z\u016fstala by mi pouze ztr\u00e1ta<\/strong> ve v\u00fd\u0161i p\u016fvodn\u00ed investice do m\u00e9ho Put Butterfly +112\/-115\/-115\/+118 ve v\u00fd\u0161i -82 USD<\/span><\/strong>.<\/span><\/p>\n

\u00a0\u00a0 2\/ Cena<\/strong> zakon\u010dila p\u0159i expiraci p\u0159esn\u011b na hodnot\u011b 115 USD<\/strong>, tedy p\u0159esn\u011b na strike m\u00fdch vypsan\u00fdch Short Put<\/strong> 115 opc\u00edch. Put Debit Spread +118\/-115 zaznamen\u00e1 maxim\u00e1ln\u00ed mo\u017en\u00fd profit +300 USD, kde\u017eto Put Credit Spread -115\/+112 nem\u00e1 \u017e\u00e1dnou hodnotu a vypr\u0161\u00ed jako bezcenn\u00fd. P\u0159i investici ve v\u00fd\u0161i -82 USD je tak m\u016fj profit +218 USD<\/span><\/strong> (Op\u011bt pozn.: P\u0159i cen\u011b 115 USD by vypr\u0161ely bezcenn\u00e9 ob\u011b Short Put 115 opce, proto\u017ee by nebyly alespo\u0148 jeden cent v\u00a0pen\u011bz\u00edch, Long Put 118 by v\u0161ak jist\u011b m\u011bla hodnotu +300 USD)\u00a0<\/span><\/p>\n

\u00a0\u00a0 3\/ Cena<\/strong> zakon\u010dila p\u0159i expiraci nad hodnotou 118 USD<\/strong>, tedy nad v\u0161emi strike m\u00e9ho Put Butterfly +112\/-115\/-115\/+118. V\u0161echny opce vypr\u0161\u00ed jako bezcenn\u00e9 a j\u00e1 trat\u00edm pouze investici do po\u0159\u00edzen\u00ed v\u0161ech opc\u00ed, kter\u00e9 \u010dinila -82 USD<\/span><\/strong>. M\u016fj Put Credit Spread -115\/+112 vypr\u0161el bezcenn\u00fd, a to jsem cht\u011bl, m\u016fj Put Debit Spread +118\/-115 vypr\u0161el jako bezcenn\u00fd tak\u00e9, a to jsem necht\u011bl, co ale nad\u011bl\u00e1m.<\/span><\/p>\n

\u00a0\u00a0\u00a0Co tak\u00e9 z\u00a0tohoto rozboru situac\u00ed p\u0159i expiraci jednodu\u0161e vypl\u00fdv\u00e1? Stejn\u00e1 trivi\u00e1ln\u00ed pravidla<\/strong> nutn\u00e1 k\u00a0tomu, abych rozpoznal ziskovost t\u00e9to strategie:<\/span><\/p>\n

\u00a0\u00a0 1\/<\/strong> Pokud se cena podkladu ocitne p\u0159i expiraci mimo strike m\u00e9ho Put Butterfly, nemus\u00edm d\u011blat v\u016fbec nic, bu\u010f v\u0161echny opce vypr\u0161\u00ed jako bezcenn\u00e9 nebo budou v\u0161echny \u201ev pen\u011bz\u00edch\u201c, bude to v\u017edy maxim\u00e1ln\u00ed ztr\u00e1ta ve v\u00fd\u0161i po\u0159izovac\u00edch n\u00e1klad\u016f.<\/span><\/p>\n

\u00a0\u00a0 2\/<\/strong> Pokud se cena podkladu ocitne p\u0159i expiraci mezi strike m\u00e9ho Put Butterfly, budu v\u017edy muset prov\u00e1d\u011bt n\u011bjakou akci, pokud budu cht\u00edt odvr\u00e1tit automatick\u00e9 p\u0159i\u0159azen\u00ed nebo uplatn\u011bn\u00ed opce\/\u00ed, kter\u00e1\/\u00e9 nebudou sou\u010d\u00e1st\u00ed jednoho ze spread\u016f tvo\u0159\u00edc\u00edch Put Butterfly<\/span><\/p>\n

\u00a0\u00a0 3\/<\/strong> Maxim\u00e1ln\u00ed profit vy\u017eaduje, aby cena p\u0159i expiraci po\u0159\u00edzen\u00e9ho Put Butterfly zakon\u010dila p\u0159esn\u011b na strike Short Put 115 opc\u00ed.<\/span><\/p>\n

\u00a0\u00a0 4\/<\/strong> Pokud se cena podkladu ocitne p\u0159i expiraci mezi strike m\u00e9ho Put Butterfly, pak mus\u00ed m\u00edt opce alespo\u0148 takovou hodnotu, aby jejich likvidace zaru\u010dila, \u017ee se mi navr\u00e1t\u00ed m\u00e1 p\u016fvodn\u00ed investice ve v\u00fd\u0161i -82 USD. Toto nastane jedin\u011b ve dvou\u00a0p\u0159\u00edpadech a oba tyto p\u0159\u00edpady mus\u00ed nastat sou\u010dasn\u011b:<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0 A\/<\/strong> Kdy\u017e cena podkladu bude ni\u017e\u0161\u00ed ne\u017e 117.18 USD, proto\u017ee v\u00a0tomto p\u0159\u00edpad\u011b budu schopen Long Put 118 prodat za +82 USD, ostatn\u00ed opce vypr\u0161\u00ed jako bezcenn\u00e9, hodnota 117.18 USD je horn\u00ed BreakEven bod<\/strong> m\u00e9ho Put Butterfly a mohu ho jednodu\u0161e vypo\u010d\u00edtat jako hodnota horn\u00edho strike<\/strong> (118) – maxim\u00e1ln\u00ed mo\u017en\u00e1 ztr\u00e1ta<\/strong> (0.82) = 117.18 USD<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0 B\/<\/strong> Kdy\u017e cena podkladu bude vy\u0161\u0161\u00ed ne\u017e 112.82 USD, proto\u017ee v\u00a0tomto p\u0159\u00edpad\u011b Put Debit Spread +118\/-115 zaznamen\u00e1 maxim\u00e1ln\u00ed mo\u017en\u00fd profit +300 USD, ale budu muset likvidovat druhou Short Put 115 opci tak, abych byl schopen pokr\u00fdt n\u00e1klady -82 USD na vstup do pozice a nevy\u010derpal ji\u017e z\u00edskan\u00fd maxim\u00e1ln\u00ed profit +300 USD, Long Put 112 bude bezcenn\u00e1. Toto se stane pouze v\u00a0p\u0159\u00edpad\u011b, kdy\u017e neutrat\u00edm v\u00edce ne\u017e (+300 USD \u201382 USD) -218 USD. \u00datratu maxim\u00e1ln\u011b -218 USD na likvidaci Short Put 115 budu m\u00edt pouze v\u00a0p\u0159\u00edpad\u011b, kdy cena podkladu nebude ni\u017e\u0161\u00ed ne\u017e 112.82 USD, hodnota 112.82 USD je spodn\u00ed BreakEven bod<\/strong> m\u00e9ho Put Butterfly a mohu ji jednodu\u0161e vypo\u010d\u00edtat jako hodnota spodn\u00edho strike (112)<\/strong> + maxim\u00e1ln\u00ed mo\u017en\u00e1 ztr\u00e1ta<\/strong> (0.82) = 112.82 USD\u00a0<\/span><\/p>\n

\u00a0\u00a0 Co tedy mohu konstatovat op\u011bt v\u00a0obecn\u00e9m shrnut\u00ed. M\u00e1m identick\u00fd obchod s\u00a0identick\u00fdmi \u0161ancemi, jako bych po\u0159izoval Call Butterfly. P\u0159i n\u00e1kladech -82 USD m\u00e1m op\u011bt potenci\u00e1l vyd\u011blat +218 USD, pom\u011br risku a odm\u011bny (RRR<\/strong>) je tak t\u00e9m\u011b\u0159 1:3<\/strong>, a to je op\u011bt skv\u011bl\u00e9 zji\u0161t\u011bn\u00ed. K\u00a0tomu, abych profitoval, pot\u0159ebuji, aby se podkladov\u00e9 aktivum nepohybovalo nebo pohybovalo velmi m\u00edrn\u011b a pokud by se pohybovalo, tak je jedno kter\u00fdmi sm\u011bry, pouze nesm\u00ed p\u0159ekonat hodnoty BreakEven bod\u016f. Takto sestrojen\u00fd Butterfly s\u00a0vypsan\u00fdmi Put opcemi na sou\u010dasn\u00e9 cen\u011b je pak pova\u017eov\u00e1n za nesm\u011brovou strategii<\/strong>, kter\u00e1 ke sv\u00e9 profitabilit\u011b vy\u017eaduje velmi vla\u017en\u00e9 pohyby podkladu.<\/span><\/p>\n

\n

Sm\u011brov\u00fd Call Butterfly<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Z\u00a0p\u0159edchoz\u00edch \u0159\u00e1dk\u016f vyplynulo, jak\u00fd mohou b\u00fdt nejjednodu\u0161\u0161\u00ed pohledy na po\u0159izov\u00e1n\u00ed op\u010dn\u00edch kombinac\u00ed, pro kter\u00e9 se za\u017eilo pojmenov\u00e1n\u00ed Butterfly. Tyto nejjednodu\u0161\u0161\u00ed p\u0159\u00edklady m\u011bly um\u00edst\u011bny Short op\u010dn\u00ed kontrakty na ATM strike p\u0159edstavuj\u00edc\u00ed sou\u010dasnou cenu podkladu, a proto\u017ee tyto Butterflies maj\u00ed nejv\u011bt\u0161\u00ed potenci\u00e1l profitu, pokud cena do expirace z\u016fstane na \u00farovni t\u011bchto vypsan\u00fdch opc\u00ed, bude profitabilit\u011b sv\u011bd\u010dit \u201enepohyb\u201c na podkladu, proto jsou tyto nejjednodu\u0161\u0161\u00ed konstrukce ozna\u010dov\u00e1ny jako nesm\u011brov\u00e9. Toto se mi ale nemus\u00ed l\u00edbit, proto\u017ee mohu m\u00edt n\u011bjakou sk\u00e1lopevnou p\u0159edstavu o budouc\u00edm pohybu podkladu a t\u00e9to sv\u00e9 p\u0159edstav\u011b mohu tak\u00e9 p\u0159izp\u016fsobit mou zkoumanou op\u010dn\u00ed \u201emot\u00fdl\u00ed\u201c slo\u017eeninu. Na obr\u00e1zku n\u00ed\u017ee je vyobrazen op\u010dn\u00ed \u0159et\u011bzec akcie JPM s\u00a0vyzna\u010denou mo\u017enost\u00ed prom\u00edtnut\u00ed m\u00e9 p\u0159edstavy o budouc\u00edm pohybu do v\u00fdb\u011bru strike zva\u017eovan\u00e9ho Call Butterfly.<\/span><\/p>\n

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\u00a0\u00a0 Oproti p\u0159edch\u00e1zej\u00edc\u00edm p\u0159\u00edklad\u016fm jsem nyn\u00ed um\u00edstil m\u00e9 vypsan\u00e9 Short Call<\/strong> opce \u201emimo pen\u00edze\u201c<\/strong> a vytvo\u0159il tak OTM Call Butterfly +115\/-118\/-118\/+121<\/strong>. Proto\u017ee jsem ji\u017e v\u00fd\u0161e p\u0159edeslal, \u017ee nejv\u011bt\u0161\u00edho profitu dos\u00e1hnu tak, \u017ee cena bude p\u0159i expiraci na hodnot\u011b strike vypsan\u00fdch opc\u00ed, tak p\u0159i cen\u011b JPM na \u00farovni 115.24 USD budu pot\u0159ebovat, aby cena vystoupala k\u00a0tomuto strike na \u00farovni 118 USD. Jsem tak p\u0159esv\u011bd\u010den, \u017ee cena akci\u00ed JPM poroste<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Pokud bych si vypo\u010d\u00edtal finan\u010dn\u00ed parametry tohoto OTM Call Butterfly, tak mohu zjistit, \u017ee jsem za v\u00fdpis 2x Short Call 118 inkasoval +186 USD, abych za n\u00e1kup Long Call opce 115 a Long Call opce 121 ve vzd\u00e1lenosti t\u0159\u00ed strike utratil (-223 USD -33 USD) = celkov\u011b -256 USD. M\u016fj celkov\u00fd v\u00fddaj na tento Call Butterfly je -70 USD<\/strong>. T\u011bchto vynalo\u017een\u00fdch -70 USD bude m\u00e1 maxim\u00e1ln\u00ed ztr\u00e1ta<\/strong>, pokud cena p\u0159i expiraci skon\u010d\u00ed mimo v\u0161echny strike, v\u00a0tomto p\u0159\u00edpad\u011b to pak znamen\u00e1 m\u00edrn\u00fd pokles a dramatick\u00fd r\u016fst. Spodn\u00ed BreakEven<\/strong> bod je na hodnot\u011b spodn\u00edho strike (115) + maxim\u00e1ln\u00ed mo\u017en\u00e1 ztr\u00e1ta (0.70) = 115.70 USD<\/strong>. P\u0159i aktu\u00e1ln\u00ed cen\u011b 115.24 USD to znamen\u00e1, \u017ee akcie mus\u00ed do expirace nejm\u00e9n\u011b pos\u00edlit o +0.46 USD pr\u00e1v\u011b na hodnotu BreakEven bodu, abych mohl z\u00a0pozice vystoupit alespo\u0148 s\u00a0nulov\u00fdm v\u00fdsledkem. Ka\u017ed\u00e9 dal\u0161\u00ed pos\u00edlen\u00ed ceny ji\u017e bude znamenat profit, a to a\u017e do hodnoty horn\u00edho BreakEven bodu<\/strong>, kterou je na hodnot\u011b horn\u00edho strike (121) – maxim\u00e1ln\u00ed mo\u017en\u00e1 ztr\u00e1ta (0.70) = 120.30 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Podstatn\u00e9 na takov\u00e9 struktu\u0159e strike OTM Call Butterfly je ale skute\u010dnost, \u017ee p\u0159i p\u0159esv\u011bd\u010den\u00ed o pohybu ur\u010dit\u00fdm sm\u011brem m\u00e1m p\u0159i n\u00e1kladech -70 USD mo\u017enost z\u00edskat +230 USD profitu, pom\u011br m\u00e9ho risku k\u00a0mo\u017en\u00e9mu profitu (RRR<\/strong>) je v\u00edce ne\u017e 1:3<\/strong> a je tak stejn\u00fd jako u Call Butterfly se strike vypsan\u00fdch opc\u00ed um\u00edst\u011bn\u00fdmi \u201ena pen\u011bz\u00edch\u201c tedy na sou\u010dasn\u00e9 cen\u011b. Takov\u00fd komfort mi nem\u016f\u017ee nab\u00eddnou ani jedna ze samostatn\u00fdch kombinac\u00ed tvo\u0159\u00edc\u00ed Call Butterfly, tedy Call Credit Spread a Call Debit Spread, proto\u017ee posouv\u00e1n\u00edm jejich strike \u201edo pen\u011bz\u201c nebo \u201eod pen\u011bz\u201c se v\u00fdrazn\u011b m\u011bn\u00ed profil risku a profitu (RRR), takto ov\u0161em p\u0159i jejich slo\u017een\u00ed do jedn\u00e9 kombinace je RRR daleko p\u0159\u00edv\u011btiv\u011bj\u0161\u00ed. Toto \u010din\u00ed z\u00a0Butterfly velmi efektivn\u00ed kombinaci, proto\u017ee posunut\u00edm strike kamkoliv p\u0159i zachov\u00e1n\u00ed stejn\u00e9ho rozsahu strike na obou stran\u00e1ch jednotliv\u00fdch spread\u016f se tento profil RRR v\u00fdrazn\u011b nem\u011bn\u00ed, pokud pom\u011b\u0159uji stejn\u00e9 kombinace o stejn\u00e9m rozsahu strike. Ostatn\u011b, jako d\u016fkaz takov\u00e9ho stabiln\u00edho profilu risku a profitu, mohu m\u00edt tak\u00e9 opa\u010dn\u00fd n\u00e1hled na pohyb podkladov\u00e9 akcie a mohu si vytvo\u0159it t\u0159\u00edbodov\u00fd Call Butterfly podle n\u00ed\u017ee uveden\u00e9ho obr\u00e1zku.<\/span><\/p>\n

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\u00a0\u00a0 V\u00a0tomto p\u0159\u00edpad\u011b jsem nyn\u00ed um\u00edstil m\u00e9 vypsan\u00e9 Short Call<\/strong> opce \u201edo pen\u011bz\u201c<\/strong> a vytvo\u0159il tak ITM Call Butterfly +109\/-112\/-112\/+115<\/strong>. Proto\u017ee jsem ji\u017e prok\u00e1zal, \u017ee nejv\u011bt\u0161\u00edho profitu dos\u00e1hnu tak, \u017ee cena bude p\u0159i expiraci na hodnot\u011b strike vypsan\u00fdch opc\u00ed, tak p\u0159i cen\u011b JPM na \u00farovni 115.24 USD budu pot\u0159ebovat, aby cena klesala k\u00a0tomuto strike na \u00farovni 112 USD. Jsem tak p\u0159esv\u011bd\u010den, \u017ee cena akci\u00ed JPM bude klesat<\/strong>.<\/strong><\/span><\/p>\n

\u00a0\u00a0 V\u00fdpo\u010dtem finan\u010dn\u00edch parametr\u016f tohoto ITM Call Butterfly, tak mohu zjistit, \u017ee jsem za v\u00fdpis 2x Short Call 112 inkasoval +830 USD, abych za n\u00e1kup Long Call opce 109 a Long Call opce 115 ve vzd\u00e1lenosti t\u0159\u00ed strike utratil (-675 USD -223 USD) = celkov\u011b -898 USD. M\u016fj celkov\u00fd v\u00fddaj na tento Call Butterfly je -68 USD<\/strong>. T\u011bchto vynalo\u017een\u00fdch -68 USD bude m\u00e1 maxim\u00e1ln\u00ed ztr\u00e1ta<\/strong>, pokud cena p\u0159i expiraci skon\u010d\u00ed mimo v\u0161echny strike, v\u00a0tomto p\u0159\u00edpad\u011b to pak znamen\u00e1 m\u00edrn\u00fd n\u00e1r\u016fst a dramatick\u00fd pokles. Horn\u00ed BreakEven bod<\/strong> je na hodnot\u011b horn\u00edho strike (115) – maxim\u00e1ln\u00ed mo\u017en\u00e1 ztr\u00e1ta (0.68) = 114.32 USD<\/strong>. P\u0159i aktu\u00e1ln\u00ed cen\u011b 115.24 USD to znamen\u00e1, \u017ee akcie mus\u00ed do expirace nejm\u00e9n\u011b klesnout o +0.92 USD pr\u00e1v\u011b na hodnotu BreakEven bodu, abych mohl z\u00a0pozice vystoupit alespo\u0148 s\u00a0nulov\u00fdm v\u00fdsledkem. Ka\u017ed\u00fd dal\u0161\u00ed pokles ceny ji\u017e bude znamenat profit, a to a\u017e do hodnoty spodn\u00edho BreakEven bodu<\/strong>, kterou je na hodnot\u011b spodn\u00edho strike (109) + maxim\u00e1ln\u00ed mo\u017en\u00e1 ztr\u00e1ta (0.68) = 109.68 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Op\u011bt mohu pozorovat, \u017ee p\u0159i takov\u00e9 konstrukci ITM Call Butterfly a p\u0159i p\u0159esv\u011bd\u010den\u00ed pohybu ur\u010dit\u00fdm sm\u011brem m\u00e1m p\u0159i n\u00e1kladech -68 USD mo\u017enost z\u00edskat +232 USD profitu, pom\u011br m\u00e9ho risku k\u00a0mo\u017en\u00e9mu profitu (RRR<\/strong>) je v\u00edce ne\u017e 1:3<\/strong> a je tak stejn\u00fd jako u Call Butterfly se strike vypsan\u00fdch opc\u00ed um\u00edst\u011bn\u00fdmi \u201ena pen\u011bz\u00edch\u201c tedy na sou\u010dasn\u00e9 cen\u011b nebo \u201emimo pen\u00edze\u201c.<\/span><\/p>\n

\n

Sm\u011brov\u00fd Put Butterfly<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Pokud n\u011bco plat\u00ed na Call stran\u011b, m\u011blo by se prozkoumat, jestli to tak\u00e9 plat\u00ed na Put stran\u011b op\u010dn\u00edho \u0159et\u011bzce. Zkoum\u00e1m tedy, jestli mohu svou p\u0159edstavu o budouc\u00edm sm\u011bru pohybu podkladu tak\u00e9 prom\u00edtnout do kombinace Butterfly sestaven\u00e9 z\u00a0kombinace Put opc\u00ed na jin\u00fdch strike ne\u017e s\u00a0vypsan\u00fdmi opcemi na \u00farovni sou\u010dasn\u00e9 ceny. Prvn\u00ed variantou je pak mo\u017enost vyobrazen\u00e1 na obr\u00e1zku n\u00ed\u017ee.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Na p\u0159\u00edkladu z obr\u00e1zku jsem um\u00edstil m\u00e9 vypsan\u00e9 Short Put<\/strong> opce \u201edo pen\u011bz\u201c<\/strong> a vytvo\u0159il tak ITM Put Butterfly +114\/-117\/-117\/+120<\/strong>. Proto\u017ee m\u00e1m za prok\u00e1zan\u00e9, \u017ee nejv\u011bt\u0161\u00edho profitu dos\u00e1hnu tak, \u017ee cena bude p\u0159i expiraci na hodnot\u011b strike vypsan\u00fdch opc\u00ed, tak p\u0159i cen\u011b JPM na \u00farovni 115.24 USD budu pot\u0159ebovat, aby cena stoupala k\u00a0tomuto strike na \u00farovni 117 USD. Jsem tak p\u0159esv\u011bd\u010den, \u017ee cena akci\u00ed JPM poroste.<\/strong><\/span><\/p>\n

\u00a0\u00a0 V\u00fdpo\u010dtem n\u00e1kladovosti tohoto ITM Put Butterfly, tak mohu zjistit, \u017ee jsem za v\u00fdpis 2x Short Put 117 inkasoval +582 USD, abych za n\u00e1kup Long Put opce 114 a Long Put opce 120 ve vzd\u00e1lenosti t\u0159\u00ed strike utratil (-146 USD -520 USD) = celkov\u011b -666 USD. M\u016fj celkov\u00fd v\u00fddaj na tento Put Butterfly je -84 USD<\/strong>. T\u011bchto vynalo\u017een\u00fdch -84 USD bude m\u00e1 maxim\u00e1ln\u00ed ztr\u00e1ta<\/strong>, pokud cena p\u0159i expiraci skon\u010d\u00ed mimo v\u0161echny strike, v\u00a0tomto p\u0159\u00edpad\u011b to pak znamen\u00e1 m\u00edrn\u011bj\u0161\u00ed pokles pod \u00farove\u0148 114 USD nebo v\u00fdznamn\u011bj\u0161\u00ed r\u016fst nad 120 USD. Spodn\u00ed BreakEven bod<\/strong> je na hodnot\u011b spodn\u00edho strike (114) + maxim\u00e1ln\u00ed mo\u017en\u00e1 ztr\u00e1ta (0.84) = 114.84 USD<\/strong>. P\u0159i aktu\u00e1ln\u00ed cen\u011b 115.24 USD to znamen\u00e1, \u017ee akcie mohou do expirace dokonce poklesnout o -0.40 USD (p\u0159esto\u017ee p\u0159edpov\u00edd\u00e1m r\u016fst) pr\u00e1v\u011b na hodnotu BreakEven bodu, abych mohl z\u00a0pozice vystoupit alespo\u0148 s\u00a0nulov\u00fdm v\u00fdsledkem. Ka\u017ed\u00fd m\u00edrn\u011bj\u0161\u00ed pokles ne\u017e -0,40 USD a samoz\u0159ejm\u011b pos\u00edlen\u00ed ceny ji\u017e bude znamenat profit, a to a\u017e do hodnoty n\u00e1r\u016fstu ceny na \u00farove\u0148 horn\u00edho BreakEven bodu<\/strong>, kter\u00fd je na hodnot\u011b horn\u00edho strike (120) – maxim\u00e1ln\u00ed mo\u017en\u00e1 ztr\u00e1ta (0.84) = 119.16 USD<\/strong>.<\/span><\/p>\n

\u00a0 \u00a0Za pozornost tak stoj\u00ed, \u017ee op\u011bt mohu pozorovat, \u017ee i p\u0159i takov\u00e9 konstrukci ITM Put Butterfly a p\u0159i sou\u010dasn\u00e9m p\u0159esv\u011bd\u010den\u00ed o pohybu ur\u010dit\u00fdm sm\u011brem m\u00e1m p\u0159i n\u00e1kladech -84 USD mo\u017enost z\u00edskat +216 USD profitu, pom\u011br m\u00e9ho risku k\u00a0mo\u017en\u00e9mu profitu (RRR<\/strong>) je m\u00edrn\u011b pod 1:3<\/strong> a je tak t\u00e9m\u011b\u0159 stejn\u00fd jako u ATM Put Butterfly s\u00a0vypsan\u00fdmi Short Put opcemi na \u00farovni sou\u010dasn\u00e9 ceny a tak\u00e9 v\u0161ech v\u00fd\u0161e popsan\u00fdch Call Butterflies se strike vypsan\u00fdch opc\u00ed um\u00edst\u011bn\u00fdmi \u201ena pen\u011bz\u00edch\u201c, \u201ev pen\u011bz\u00edch\u201c nebo \u201emimo pen\u00edze\u201c.<\/span><\/p>\n

\u00a0\u00a0 Pro vy\u010derp\u00e1n\u00ed v\u0161ech mo\u017enost\u00ed, kter\u00e9 se mi nab\u00edz\u00ed mohu tak\u00e9 sestrojit Put Butterfly s\u00a0vypsan\u00fdmi opcemi \u201emimo pen\u00edze\u201c a pozorovat, jak se takov\u00e1 kombinace bude chovat a co by mi mohla p\u0159in\u00e9st p\u0159i r\u016fzn\u00fdch mo\u017en\u00fdch pohybech podkladov\u00e9 akcie, jej\u00ed z\u00a0varianta je na obr\u00e1zku.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 P\u0159\u00edklad z obr\u00e1zku vyjad\u0159uje mo\u017enost, \u017ee jsem um\u00edstil m\u00e9 vypsan\u00e9 Short Put<\/strong> opce \u201emimo pen\u00edze\u201c<\/strong> a vytvo\u0159il tak OTM Put Butterfly +110\/-113\/-113\/+116<\/strong>. Proto\u017ee ji\u017e m\u00e1m op\u011bt za prok\u00e1zan\u00e9, \u017ee nejv\u011bt\u0161\u00edho profitu dos\u00e1hnu tak, \u017ee cena bude p\u0159i expiraci na hodnot\u011b strike vypsan\u00fdch opc\u00ed, tak p\u0159i cen\u011b JPM na \u00farovni 115.24 USD budu pot\u0159ebovat, aby cena klesala k\u00a0tomuto strike na \u00farovni 113 USD. Jsem tak p\u0159esv\u011bd\u010den, \u017ee cena akci\u00ed JPM bude klesat.<\/strong><\/span><\/p>\n

\u00a0Jak\u00e9 budu m\u00edt s\u00a0takovou pozic\u00ed OTM Put Butterfly vyd\u00e1n\u00ed mohu zjistit v\u00fdpo\u010dtem, kdy jsem za v\u00fdpis 2x Short Put 113 inkasoval +218 USD, abych za n\u00e1kup Long Put opce 110 a Long Put opce 116 ve vzd\u00e1lenosti t\u0159\u00ed strike utratil (-47 USD -238 USD) = celkov\u011b -285 USD. M\u016fj celkov\u00fd v\u00fddaj na tento Put Butterfly je -67 USD<\/strong>. T\u011bchto vynalo\u017een\u00fdch -67 USD bude m\u00e1 maxim\u00e1ln\u00ed ztr\u00e1ta<\/strong>, pokud cena p\u0159i expiraci skon\u010d\u00ed mimo v\u0161echny strike, v\u00a0tomto p\u0159\u00edpad\u011b to pak znamen\u00e1 v\u00fdznamn\u00fd pokles pod \u00farove\u0148 110 USD nebo m\u00edrn\u011bj\u0161\u00ed r\u016fst nad 116 USD. Horn\u00ed BreakEven bod<\/strong> je na hodnot\u011b horn\u00edho strike (116) – maxim\u00e1ln\u00ed mo\u017en\u00e1 ztr\u00e1ta (0.67) = 115.33 USD<\/strong>. P\u0159i aktu\u00e1ln\u00ed cen\u011b 115.24 USD to znamen\u00e1, \u017ee akcie mohou do expirace zcela m\u00edrn\u011b nar\u016fst (+0.09 USD) pr\u00e1v\u011b na hodnotu horn\u00edho BreakEven bodu, abych mohl z\u00a0pozice vystoupit alespo\u0148 s\u00a0nulov\u00fdm v\u00fdsledkem. Pokud ale budou klesat, tak mi budou nad\u011blovat profit, a to a\u017e do hodnoty poklesu ceny na \u00farove\u0148 spodn\u00edho BreakEven bodu<\/strong>, kterou je na hodnot\u011b spodn\u00edho strike (110) + maxim\u00e1ln\u00ed mo\u017en\u00e1 ztr\u00e1ta (0.67) = 110.67 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Mou pozornost pak op\u011bt pout\u00e1 zejm\u00e9na skute\u010dnost, \u017ee mohu pozorovat, \u017ee i p\u0159i takov\u00e9 konstrukci OTM Put Butterfly \u00a0a p\u0159i p\u0159esv\u011bd\u010den\u00ed pohybu ur\u010dit\u00fdm sm\u011brem m\u00e1m p\u0159i n\u00e1kladech -67 USD mo\u017enost z\u00edskat +233 USD profitu, pom\u011br m\u00e9ho risku k\u00a0mo\u017en\u00e9mu profitu (RRR<\/strong>) je v\u00edce ne\u017e 1:3<\/strong> a je tak t\u00e9m\u011b\u0159 stejn\u00fd jako u ATM Put Butterfly s\u00a0vypsan\u00fdmi Short Put opcemi na \u00farovni sou\u010dasn\u00e9 ceny, ITM Put Butterfly s\u00a0vypsan\u00fdmi opcemi \u201ev pen\u011bz\u00edch\u201c a tak\u00e9 v\u0161ech v\u00fd\u0161e popsan\u00fdch Call Butterflies se strike vypsan\u00fdch opc\u00ed um\u00edst\u011bn\u00fdmi \u201ena pen\u011bz\u00edch\u201c, \u201ev pen\u011bz\u00edch\u201c nebo \u201emimo pen\u00edze\u201c.<\/span><\/p>\n

\n

\u00a0\u00a0 Skv\u011bl\u00e9 RRR p\u0159edur\u010duje kombinaci Butterfly k\u00a0obchodov\u00e1n\u00ed obchodn\u00edky, kte\u0159\u00ed hledaj\u00ed zp\u016fsob, jak p\u0159i p\u0159im\u011b\u0159en\u00e9 maxim\u00e1ln\u00ed mo\u017en\u00e9 mal\u00e9 ztr\u00e1t\u011b m\u00edt mo\u017enost z\u00edskat n\u00e1sobn\u011b vy\u0161\u0161\u00ed profit. P\u0159i pohledu na text tohoto \u010dl\u00e1nku uzn\u00e1v\u00e1m, \u017ee v\u00fd\u0161e uveden\u00e9 \u0159\u00e1dky jsou pravd\u011bpodobn\u011b suchop\u00e1rn\u00e9, jsou v\u0161ak nezbytn\u00e9 k\u00a0uv\u011bdom\u011bn\u00ed, jak\u00fdm potenci\u00e1lem mohou takov\u00e9 op\u010dn\u00ed slo\u017eeniny disponovat a nazna\u010duj\u00ed mo\u017enosti vyu\u017eit\u00ed takov\u00fdch strategi\u00ed v\u00a0praktick\u00fdch obchodech a bez t\u011bchto „suchop\u00e1rnost\u00ed“ to jednodu\u0161e nejde. Jak tyto Butterflies obchodovat, nap\u0159\u00edklad sou\u010dasn\u011b na obou stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce, jak a kdy do obchodu vstupovat a \u010d\u00edm se p\u0159i jejich po\u0159izov\u00e1n\u00ed \u0159\u00eddit, bude p\u0159edm\u011btem pokra\u010dov\u00e1n\u00ed tohoto \u010dl\u00e1nku…..:c) \u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0\u00a0 Pochopen\u00ed principu Call Bull Spreadu, kde maxim\u00e1ln\u00ed ztr\u00e1tou je vlo\u017een\u00e1 investice s\u00a0maxim\u00e1ln\u00edm potenci\u00e1lem profitu ve v\u00fd\u0161i dolarov\u00e9ho vyj\u00e1d\u0159en\u00ed rozsahu strike a sou\u010dasn\u011b porozum\u011bn\u00ed logice Call Bear Spreadu, kde maxim\u00e1ln\u00ed ztr\u00e1tou je dolarov\u00e9 vyj\u00e1d\u0159en\u00ed rozsahu strike a maxim\u00e1ln\u00edm profitem v\u00fdsledek vstupn\u00ed investice \u2013 p\u0159ijat\u00fd kredit, je z\u00e1kladem k\u00a0pochopen\u00ed slo\u017eit\u011bj\u0161\u00ed op\u010dn\u00ed Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":2524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[49,48,13],"class_list":["post-2515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opcni-kombinace","tag-butterfly","tag-call-bear-spread","tag-call-bull-spread"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-Ez","jetpack-related-posts":[{"id":5223,"url":"https:\/\/dobretrejdy.com\/?p=5223","url_meta":{"origin":2515,"position":0},"title":"Kreditn\u00ed strategie \u2013 IV.","author":"dobretrejdy :c)","date":"24.1.2021","format":false,"excerpt":"\u00a0 \u00a0V p\u0159edch\u00e1zej\u00edc\u00edm \u010dl\u00e1nku Kreditn\u00ed strategie \u2013 III. jsem pouk\u00e1zal na vztah pom\u011bru rizika a ztr\u00e1ty (RRR) k pot\u0159eb\u011b vysok\u00e9ho n\u00e1roku na po\u010det v\u00edt\u011bzn\u00fdch obchod\u016f (%Win), aby m\u011blo obchodov\u00e1n\u00ed popisovan\u00fdch kreditn\u00edch op\u010dn\u00edch kombinac\u00ed n\u011bjak\u00fd z\u00e1kladn\u00ed smysl. Nosnou my\u0161lenkou bylo uk\u00e1zat, \u017ee obchody s nep\u0159\u00edzniv\u00fdm RRR vy\u017eaduj\u00ed velmi vysok\u00fd po\u010det profitabiln\u00edch\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\/01\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/01\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/01\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/01\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":5155,"url":"https:\/\/dobretrejdy.com\/?p=5155","url_meta":{"origin":2515,"position":1},"title":"Kreditn\u00ed strategie – III.","author":"dobretrejdy :c)","date":"19.12.2020","format":false,"excerpt":"\u00a0 \u00a0Zadejte do vyhled\u00e1va\u010de \u201estrategy+options+income\u201c a budete se divit, kolik odkaz\u016f nab\u00edz\u00ed a doslova slibuje sd\u011blen\u00ed zaru\u010den\u00fdch strategi\u00ed a p\u0159\u00edstup\u016f, kter\u00e9 generuj\u00ed pravideln\u00fd p\u0159\u00edjem. V drtiv\u00e9 v\u011bt\u0161in\u011b p\u0159\u00edpad\u016f se jedn\u00e1 o nejr\u016fzn\u011bj\u0161\u00ed techniky vypisov\u00e1n\u00ed opc\u00ed v nejrozmanit\u011bj\u0161\u00edch kombinac\u00edch, od vylo\u017een\u00e9ho nekryt\u00e9ho vypisov\u00e1n\u00ed a\u017e po sofistikovan\u00e9 spletence nejr\u016fzn\u011bj\u0161\u00edch op\u010dn\u00edch strategi\u00ed, ve\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed kombinace\u201c","block_context":{"text":"Op\u010dn\u00ed kombinace","link":"https:\/\/dobretrejdy.com\/?cat=4"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/12\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/12\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/12\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/12\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":81,"url":"https:\/\/dobretrejdy.com\/?p=81","url_meta":{"origin":2515,"position":2},"title":"Call Bull Spread","author":"dobretrejdy :c)","date":"31.3.2017","format":false,"excerpt":"\u00a0\u00a0 Z\u00e1kladn\u00ed op\u010dn\u00ed kombinace. Pokud bych \u010derpal z\u00a0ve\u0159ejn\u00fdch diskuz\u00ed trader\u016f nebo odvozoval ze sv\u00fdch tradingov\u00fdch zku\u0161enost\u00ed s\u00a0jin\u00fdmi obchodn\u00edky, je opravdu s\u00a0podivem, jak je takov\u00e1 oby\u010dejn\u00e1 a nejjednodu\u0161\u0161\u00ed op\u010dn\u00ed kombinace p\u0159ehl\u00ed\u017eena. Podstatou takov\u00e9 z\u00e1kladn\u00ed strategie je po\u0159\u00edzen\u00ed opc\u00ed Long Call na ni\u017e\u0161\u00edm strike a Short Call na vy\u0161\u0161\u00edm strike \u00a0\u00a0 Na\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\/03\/Bull-WP-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/Bull-WP-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/Bull-WP-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/Bull-WP-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/Bull-WP-1.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/Bull-WP-1.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":2590,"url":"https:\/\/dobretrejdy.com\/?p=2590","url_meta":{"origin":2515,"position":3},"title":"Ratio Spread \u2013 II.","author":"dobretrejdy :c)","date":"17.11.2018","format":false,"excerpt":"\u00a0 V\u00a0minul\u00e9m \u010dl\u00e1nku\u00a0jsem se pokou\u0161el objasnit z\u00e1klady op\u010dn\u00ed kombinace s\u00a0v\u011bt\u0161\u00edm po\u010dtem vypsan\u00fdch opc\u00ed ne\u017e opc\u00ed nakoupen\u00fdch, pro tento jin\u00fd pom\u011br se pak tato op\u010dn\u00ed kombinace naz\u00fdv\u00e1 Ratio Spread. Sou\u010dasn\u011b jsem upozornil, \u017ee je to strategie s\u00a0neomezen\u00fdm potenci\u00e1lem ztr\u00e1ty, tak\u017ee krom\u011b dokonal\u00e9ho pochopen\u00ed princip\u016f chov\u00e1n\u00ed cel\u00fdch kombinac\u00ed je nutn\u00e9 tak\u00e9 v\u011bd\u011bt,\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\/11\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/11\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/11\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/11\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":2741,"url":"https:\/\/dobretrejdy.com\/?p=2741","url_meta":{"origin":2515,"position":4},"title":"Back Spread – I.","author":"dobretrejdy :c)","date":"29.12.2018","format":false,"excerpt":"\u00a0 \u00a0Kamar\u00e1dstv\u00ed s\u00a0nejv\u011bt\u0161\u00edm pot\u00ed\u017eistou ze t\u0159\u00eddy je z\u00e1rukou neobvykl\u00fdch z\u00e1\u017eitk\u016f a vy\u017eaduje vyskytovat se v\u017edy tam, kde by mohly b\u00fdt k dispozici vypjat\u00e9 situace a kdy \u201eo n\u011bco p\u016fjde\u201c. Pokud pot\u0159ebuji ke sv\u00e9mu \u017eivotu akci a jsem p\u0159\u00edznivcem vyplavov\u00e1n\u00ed adrenalinu do krevn\u00edho \u0159e\u010di\u0161t\u011b, nem\u011bla by m\u011b nechat op\u010dn\u00ed kombinace Back\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\/12\/main-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-3.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":2763,"url":"https:\/\/dobretrejdy.com\/?p=2763","url_meta":{"origin":2515,"position":5},"title":"Back Spread – II.","author":"dobretrejdy :c)","date":"3.1.2019","format":false,"excerpt":"\u00a0 \u00a0V\u00a0minul\u00e9m \u010dl\u00e1nku Back Spread I.\u00a0jsem popsal z\u00e1kladn\u00ed informace a podstatu op\u010dn\u00ed kombinace Back Spread a cel\u00fd \u010dl\u00e1nek uzav\u0159el mo\u017enost\u00ed si takovou op\u010dn\u00ed kombinaci analyzovat pomoc\u00ed platformy thinkorswim. V tomto \u010dl\u00e1nku p\u016fjde o jednoduchou uk\u00e1zku mo\u017en\u00e9ho obchodu op\u010dn\u00edch kombinac\u00ed Back Spread s uveden\u00edm z\u00e1kladn\u00edch mo\u017enost\u00ed jeho \u0159\u00edzen\u00ed do doby expirace\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed kombinace\u201c","block_context":{"text":"Op\u010dn\u00ed kombinace","link":"https:\/\/dobretrejdy.com\/?cat=4"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/01\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/01\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/01\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/01\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2018\/10\/main-1.jpg","_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/2515","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=2515"}],"version-history":[{"count":7,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/2515\/revisions"}],"predecessor-version":[{"id":2531,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/2515\/revisions\/2531"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/2524"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}