{"id":2534,"date":"2018-10-21T13:23:33","date_gmt":"2018-10-21T11:23:33","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=2534"},"modified":"2024-03-21T15:47:02","modified_gmt":"2024-03-21T13:47:02","slug":"butterfly-ii","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=2534","title":{"rendered":"Butterfly – II."},"content":{"rendered":"

\u00a0 \u00a0Pokud by se m\u011b v\u0161echny z\u00e1kladn\u00ed a nejjednodu\u0161\u0161\u00ed op\u010dn\u00ed strategie zeptaly \u201eKter\u00e1 z\u00a0n\u00e1s je nejkr\u00e1sn\u011bj\u0161\u00ed?\u201c, odpov\u011bd\u011bl bych bez mrknut\u00ed oka \u201eButterfly\u201c. Proto\u017ee ale obchodov\u00e1n\u00ed nen\u00ed poh\u00e1dka o Sn\u011bhurce, musel jsem p\u0159esv\u011bd\u010den\u00ed o poutavosti t\u00e9to op\u010dn\u00ed kombinace pravd\u011bpodobn\u011b n\u011bkde z\u00edskat. Kr\u00e1sa a u\u017eite\u010dnost toti\u017e nemus\u00ed j\u00edt ruku v\u00a0ruce, ba naopak, mohou b\u00fdt i v\u00a0prudk\u00fdch protikladech. Pro\u010d si tedy mysl\u00edm, \u017ee je dobr\u00e9 t\u00e9to op\u010dn\u00ed kombinaci porozum\u011bt a pokusit se j\u00ed n\u011bjak\u00fdm smyslupln\u00fdm zp\u016fsobem zab\u00fdvat? \u00a0<\/span><\/p>\n

\u00a0\u00a0 V\u00a0minul\u00e9m \u010dl\u00e1nku Butterfly \u2013 I.<\/a><\/span><\/strong> jsem popsal, jak\u00fdm zp\u016fsobem mohu tuto pozici sestavit na jednotliv\u00fdch stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce a jak\u00e9 mohu m\u00edt p\u0159edstavy o budouc\u00edch pohybech podkladu ve smyslu konstrukce Butterfly na jednotliv\u00fdch strike. Tak\u00e9 vyplynulo, kolik mohu maxim\u00e1ln\u011b ztratit a kolik mohu maxim\u00e1ln\u011b z\u00edskat a tak\u00e9, \u017ee se mus\u00edm d\u00edvat na Butterfly jako na slo\u017eeninu dvou jednoduch\u00fdch spreadov\u00fdch pozic s\u00a0opa\u010dn\u00fdm profilem zisku a ztr\u00e1ty. Prozkoum\u00e1n\u00edm t\u011bchto atribut\u016f Butterfly by m\u011blo b\u00fdt dostate\u010dn\u00fdm z\u00e1kladem pro pokusy o dobr\u00e9 obchodov\u00e1n\u00ed. \u00a0Proto\u017ee jsem ozna\u010dil minul\u00fd p\u0159\u00edsp\u011bvek<\/a><\/span><\/strong> za \u201eteoretickou a suchop\u00e1rnou z\u00e1le\u017eitost\u201c, ud\u011bl\u00e1m nyn\u00ed p\u0159esn\u00fd opak a v\u0161echny sd\u011blovan\u00e9 my\u0161lenky podpo\u0159\u00edm konkr\u00e9tn\u00ed uk\u00e1zkou na jednom z\u00a0m\u00fdch posledn\u00edch obchod\u016f, aby tyto sd\u011blovan\u00e9 informace nabyly na pat\u0159i\u010dn\u00e9 plasti\u010dnosti. P\u0159ed t\u011bmito konkr\u00e9tn\u00edmi uk\u00e1zkami mus\u00edm p\u0159ipomenout dva z\u00e1kladn\u00ed parametry t\u00e9to op\u010dn\u00ed kombinace, aby bylo jasn\u00e9, pro\u010d jsem d\u011blal \u00fakony takov\u00e9, jak\u00e9 jsem d\u011blal.<\/span><\/p>\n

Margin<\/strong><\/span><\/h2>\n

\u00a0\u00a0 N\u00e1kup Butterfly, a\u0165 je na jak\u00e9koliv op\u010dn\u00ed stran\u011b op\u010dn\u00edho \u0159et\u011bzce a je po\u0159\u00edzen najednou, nem\u00e1 \u017e\u00e1dn\u00fd po\u017eadavek<\/strong> na blokovan\u00fd margin<\/strong>. Ka\u017ed\u00e1 op\u010dn\u00ed obchodn\u00ed platforma by m\u011bla rozpoznat, \u017ee m\u00e1 nabyt\u00e1 op\u010dn\u00ed struktura je Butterfly a tento poznatek by m\u011bl b\u00fdt vyhodnocen tak, \u017ee mi nebude blokov\u00e1n \u017e\u00e1dn\u00fd margin, pokud je tomu jinak, musel bych se opr\u00e1vn\u011bn\u011b pt\u00e1t, jestli m\u00edsto, kde obchoduji sv\u00e9 op\u010dn\u00ed kontrakty, je to prav\u00e9. P\u0159edm\u011btem m\u00e9 uk\u00e1zky ale nebude nakupov\u00e1n\u00ed Butterfly jedn\u00edm obchodn\u00edm p\u0159\u00edkazem, proto mus\u00edm p\u0159i jeho postupn\u00e9m tvo\u0159en\u00ed m\u00edt na pam\u011bti, \u017ee po\u017eadavky na margin se budou mo\u017en\u00e1 postupn\u011b vyskytovat, budou v\u0161ak omezen\u00e9, a to tak, jak si tyto marginov\u00e9 n\u00e1roky vy\u017eaduj\u00ed jednotliv\u00e9 spreadov\u00e9 pozice tvo\u0159\u00edc\u00ed Butterfly. D\u016fle\u017eit\u00e9 je ale zji\u0161t\u011bn\u00ed, \u017ee pokud si tuto pozici nakonec na sv\u00e9m \u00fa\u010dtu sestav\u00edm, v\u0161echny po\u017eadavky na margin se mi odblokuj\u00ed.<\/span><\/p>\n

Maxim\u00e1ln\u00ed zisk a Maxim\u00e1ln\u00ed ztr\u00e1ta<\/strong><\/span><\/h2>\n

\u00a0\u00a0 Definov\u00e1n\u00ed maxim\u00e1ln\u00edho profitu, kter\u00fdm je dolarov\u00fd rozsah strike m\u00e9ho Butterfly (pokud je symetrick\u00fd) a maxim\u00e1ln\u00ed mo\u017enost ztr\u00e1ty ve v\u00fd\u0161i investice do t\u00e9to op\u010dn\u00ed konstrukce je tak\u00e9 jednou z\u00a0odpov\u011bd\u00ed na ot\u00e1zku, pro\u010d mi nen\u00ed blokov\u00e1n brokerem \u017e\u00e1dn\u00fd margin p\u0159i po\u0159\u00edzen\u00ed Butterfly. Nemohu toti\u017e ztratit v\u00edce, ne\u017e jsem ji\u017e za \u201emot\u00fdla\u201c utratil, tak\u017ee nen\u00ed d\u016fvod mi blokovat n\u011bjak\u00e9 dal\u0161\u00ed prost\u0159edky na m\u00e9m obchodn\u00edm \u00fa\u010dtu. Podstatn\u011bj\u0161\u00ed na tomto zji\u0161t\u011bn\u00ed je ale jin\u00e1 skute\u010dnost, pokud je tedy moj\u00ed maxim\u00e1ln\u00ed mo\u017enou ztr\u00e1tou v\u00fd\u0161e n\u00e1klad\u016f na po\u0159\u00edzen\u00e9 Butterfly, m\u011blo by b\u00fdt moj\u00ed hlavn\u00ed obchodn\u00ed iniciativou nikoliv sledovat v\u00fd\u0161i maxim\u00e1ln\u00edho profitu, ale snaha m\u00edt co nejni\u017e\u0161\u00ed n\u00e1klady. \u010c\u00edm budou m\u00e9 n\u00e1klady ni\u017e\u0161\u00ed, t\u00edm bude v\u011bt\u0161\u00ed pravd\u011bpodobnost profitu, proto\u017ee jen tak budu m\u00edt mo\u017enost vtisknout sv\u00e9mu obchodu co nejvy\u0161\u0161\u00ed pom\u011br mo\u017en\u00e9ho risku a mo\u017en\u00e9ho zisku (RRR). Dovedeno do absurdity bude m\u00e1 jedin\u00e1 snaha sm\u011b\u0159ovat k\u00a0arbitr\u00e1\u017ei, tedy konstruovat postupn\u011b obchody na obou stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce tak, abych dos\u00e1hl toho, \u017ee \u201eprodej jedn\u00e9 kombinace bude v\u00fdnosn\u011bj\u0161\u00ed ne\u017e n\u00e1kup druh\u00e9\u201c, tedy \u017ee se budu sna\u017eit do jednotliv\u00fdch obchod\u016f vstupovat takov\u00fdm zp\u016fsobem, abych po\u0159\u00eddil Butterfly nikoliv za Debit, ale naopak, aby mi n\u011bjak\u00e9 pen\u00edze p\u0159eb\u00fdvaly. Vypad\u00e1 to na p\u0159et\u011b\u017ek\u00fd \u00fakol, ale k\u00a0jeho spln\u011bn\u00ed nebude pot\u0159eba n\u011bjak zvl\u00e1\u0161tn\u00edho \u00fasil\u00ed a doprov\u00e1zen\u00e9ho rizika, jak by se na prvn\u00ed pohled zd\u00e1lo.<\/span><\/p>\n

\n

ADBE \u2013 den prvn\u00ed<\/strong><\/span><\/h1>\n

(Doobchoduvstoupen\u00ed)<\/strong><\/span><\/h1>\n

\u00a0\u00a0\u00a0 ADBE<\/strong> (Adobe Systems Inc.) m\u00e1m jednodu\u0161e r\u00e1d. Nen\u00ed to sice levn\u00e1 akcie, ale um\u00ed se slu\u0161n\u011b pohybovat, um\u00ed vytv\u00e1\u0159et slu\u0161n\u00e9 kr\u00e1tkodob\u00e9 pohyby na ob\u011b strany, disponuje slu\u0161n\u00fdm objemem denn\u00edch akciov\u00fdch obchod\u016f a na op\u010dn\u00edch kontraktech je dostate\u010dn\u00e1 likvidita. Vybral jsem si ji z\u00a0n\u011bjak\u00e9ho m\u00e9ho obchodn\u00edho d\u016fvodu pro sv\u016fj obchod.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Je 4.9.2018 a rozhodl jsem se, \u017ee polo\u017e\u00edm z\u00e1klad m\u00e9ho budouc\u00edho obchodu, proto jsem p\u0159i cen\u011b akcie ADBE<\/strong> na \u00farovni 264.91 USD<\/strong> nakoupil Long Strangle +265\/+262.50<\/strong>, tedy s\u00a0opcemi, kter\u00e9 jsou nejbl\u00ed\u017ee \u201ek pen\u011bz\u016fm\u201c.<\/span><\/p>\n

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\u00a0\u00a0 Na obr\u00e1zku m\u00e1m zachyceny ob\u011b pozice m\u00e9ho Long Strangle +265\/+262.50<\/strong> a je patrn\u00e9, \u017ee jsem za Long Call 265<\/strong> vydal -623.79 USD<\/strong> a za n\u00e1kup Long Put<\/strong> jsem vydal -505.79 USD<\/strong>. Celkov\u011b jsem vydal -1.129,58 USD<\/strong>. Pro obecn\u00fd trend ukazovat obchodn\u00ed \u00fa\u010dty (mysl\u00edm si o tom \u201ekapitalisticky\u201c sv\u00e9) p\u0159ipojuji existenci t\u00e9to pozice na m\u00e9m \u00fa\u010dtu.<\/span><\/p>\n

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\u00a0\u00a0 Pro\u010d zrovna v\u00a0tuto chv\u00edli a pro\u010d takto?<\/span><\/p>\n

\u00a0\u00a0 M\u00e1m mnoho mo\u017enost\u00ed, pro\u010d vstupovat do obchodu v\u00a0ur\u010dit\u00e9 chv\u00edle, kter\u00e9 mohou m\u016fj budouc\u00ed obchod obda\u0159it v\u00fdhodami, kter\u00e9 by v\u00a0jin\u00e9 chv\u00edle nebyly nab\u00edzeny. N\u00e1kup Long Strangle se strike na pen\u011bz\u00edch se vyzna\u010duje velmi nevhodn\u00fdm pom\u011brem zaplacen\u00e9ho Pr\u00e9mia a Vnit\u0159n\u00ed Hodnoty<\/a><\/span><\/strong>. M\u00e1 po\u0159\u00edzen\u00e1 kombinace nem\u00e1 v\u00a0danou chv\u00edli \u017e\u00e1dnou Vnit\u0159n\u00ed Hodnotu na obou opc\u00edch (proto\u017ee ob\u011b jsou m\u00edrn\u011b \u201emimo pen\u00edze\u201c) a zaplacen\u00e1 cena tak p\u0159edstavuje pouze platbu za Pr\u00e9mium vypisovateli t\u00e9to opce. Long Strangle +265\/+262.50 jsem po\u0159\u00eddil na op\u010dn\u00edch kontraktech s\u00a0expirac\u00ed za 10 kalend\u00e1\u0159n\u00edch dn\u016f, tak\u017ee mohu konstatovat, \u017ee pokud se cena ADBE nebude pohybovat, hodnota m\u00fdch Long opc\u00ed se bude rozpadat a bude pro m\u011b znamenat dosti bolestivou ztr\u00e1tu. Z\u00a0tohoto pohledu pak mohu vybrat chv\u00edle, kdy tato mo\u017enost postupn\u00e9ho rozpadu Pr\u00e9mia obou opc\u00ed nebude tak dramatick\u00e1, a to tak, \u017ee bych Long Strangle +265\/+262.50<\/strong> po\u0159\u00eddil ve chv\u00edli extr\u00e9mn\u011b n\u00edzk\u00e9 Implied Volatility<\/strong>, kter\u00e1 by zp\u016fsobila, \u017ee cena nakupovan\u00fdch Long opc\u00ed bude extr\u00e9mn\u011b levn\u00e1 a m\u016fj v\u00fddaj na Long opce bude v\u00fdrazn\u011b ni\u017e\u0161\u00ed nebo bych si vybral chv\u00edli, kdy sice budou Long opce drah\u00e9, ale jejich cena nebude sm\u011brem do budoucnosti tak extr\u00e9mn\u011b klesat, proto\u017ee mi jej\u00ed neklesaj\u00edc\u00ed trajektorii zajist\u00ed n\u00e1r\u016fst Implied Volatility<\/strong> spojen\u00fd s\u00a0existenc\u00ed n\u011bjak\u00e9 zvl\u00e1\u0161tn\u00ed ud\u00e1losti vyskytuj\u00edc\u00ed se za dobu \u017eivota m\u00fdch Long op\u010dn\u00edch kontrakt\u016f. Takovou ud\u00e1lost\u00ed m\u016f\u017ee b\u00fdt nejb\u011b\u017en\u011bji vyhla\u0161ov\u00e1n\u00ed hospod\u00e1\u0159sk\u00fdch v\u00fdsledk\u016f, kter\u00e9 v\u00a0p\u0159\u00edpad\u011b ADBE je 13.9.2018, tedy p\u0159ed expirac\u00ed m\u00fdch Long op\u010dn\u00edch kontrakt\u016f, z\u00a0tohoto d\u016fvodu jsem si vybral tento moment k\u00a0n\u00e1stupu do obchodu. Nebudu se nyn\u00ed zab\u00fdvat t\u011bmito okolnostmi, proto\u017ee jsem je ji\u017e podrobn\u011b popsal v\u00a0s\u00e9rii \u010dl\u00e1nk\u016f o Earnings<\/strong><\/a><\/span> . Za zaznamen\u00e1n\u00ed tak bude pouze hodnota Implied Volatility v obr\u00e1zku v\u00a0jeho prav\u00e9m horn\u00edm rohu na \u00farovni 34.20 %. Mohu tedy vych\u00e1zet z\u00a0p\u0159edpokladu, \u017ee pokud se cena nebude pohybovat, budou sice m\u00e9 opce ztr\u00e1cet na sv\u00e9 hodnot\u011b, nebude to ale tak dramatick\u00e9, jako v\u00a0obdob\u00ed s\u00a0n\u00edzkou volatilitou bez vidiny z\u00e1sadn\u00ed fundament\u00e1ln\u00ed ud\u00e1losti v\u00a0budoucnosti.<\/span><\/p>\n

\u00a0\u00a0 Pro\u010d jsem si vybral pr\u00e1v\u011b tyto strike a tuto op\u010dn\u00ed kombinaci Long Strangle +265\/+262.50? P\u0159edn\u011b proto, \u017ee mi nen\u00ed blokov\u00e1n \u017e\u00e1dn\u00fd margin<\/strong>, proto\u017ee maxim\u00e1ln\u00ed mo\u017enou ztr\u00e1tou jsou pouze m\u00e9 vynalo\u017een\u00e9 n\u00e1klady na tyto opce, moment\u00e1ln\u011b tedy m\u00e1m mo\u017enost ztratit -1.129,58 USD<\/strong>. K\u00a0t\u00e9to maxim\u00e1ln\u00ed mo\u017en\u00e9 ztr\u00e1t\u011b ale mus\u00edm nyn\u00ed p\u0159idat tak\u00e9 mo\u017enost neomezen\u00e9ho maxim\u00e1ln\u00edho profitu<\/strong>. Akcie toti\u017e m\u016f\u017ee ihned raketov\u011b nar\u016fst nebo tak\u00e9 v\u00fdrazn\u011b a podstatn\u011b poklesnout a tyto stavy by m\u011b zastihly skv\u011ble p\u0159ipraven\u00e9ho, proto\u017ee by n\u011bkter\u00e1 z\u00a0opc\u00ed v\u017edy zaznamenala zna\u010dn\u00e9 zhodnocen\u00ed. V\u00a0takov\u00e9m p\u0159\u00edpad\u011b bych mohl opce likvidovat jejich prodejem a inkasov\u00e1n\u00edm profitu, mohl bych ale tuto situaci vy\u0159e\u0161it tak, \u017ee bych p\u0159i takov\u00fdch dramatick\u00fdch poklesech\/n\u00e1r\u016fstech mohl na opa\u010dn\u00fdch strike opce sou\u010dasn\u011b vypsat (konkr\u00e9tn\u011b Short Call 262.50 a Short Put 265) a celou pozici uzamknout do konstelace Box<\/a><\/strong><\/span> a d\u00e1le se ji\u017e o ni nemusel starat, odhl\u00e9dnu nyn\u00ed tak\u00e9 od mo\u017enosti tento Box sestavit postupn\u011b, proto\u017ee p\u0159i takov\u00e9m obrovsk\u00e9m pohybu by jedna z mo\u017en\u00fdch Short opc\u00ed m\u011bla zna\u010dnou hodnotu oproti druh\u00e9, tuto bych ale mohl \u201edopo\u0159\u00eddit\u201c p\u0159i p\u0159\u00edpadn\u00e9m obratu trendu. Pokud bych nam\u00edsto mnou vybran\u00e9ho Long Strangle +265\/+262.50 zaujal pozici nap\u0159\u00edklad Long Straddle +265\/+265, tuto mo\u017enost s\u00a0uzamknut\u00edm profitu formou Boxu bych nem\u011bl. Ve shrnut\u00ed d\u016fvod\u016f tak p\u0159i nulov\u00e9m marginu a maxim\u00e1ln\u00ed mo\u017en\u00e9 dan\u00e9 ztr\u00e1t\u011b m\u00e1m mo\u017enost neomezen\u00e9ho maxim\u00e1ln\u00edho profitu, a to je ur\u010dit\u011b dobr\u00fd d\u016fvod pro klidn\u00e9 span\u00ed a kvalitn\u011bj\u0161\u00ed ment\u00e1ln\u00ed pocit z\u00a0tohoto obchodu.<\/span><\/p>\n

\n

ADBE \u2013 den druh\u00fd <\/strong><\/span><\/h1>\n

(Pravidla mo\u0161t\u00e1rny)<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Pokud existuj\u00ed pravidla i pro mo\u0161t\u00e1rnu, mus\u00edm si n\u011bjak\u00e1 pravidla pro dal\u0161\u00ed postup definovat tak\u00e9. K\u00a0z\u00e1sad\u011b, \u017ee budu v\u017edy po\u017eadovat po cel\u00e9 budovan\u00e9 op\u010dn\u00ed konstrukci men\u0161\u00ed mo\u017enou maxim\u00e1ln\u00ed ztr\u00e1tu, ne\u017e je mo\u017en\u00fd v\u011bt\u0161\u00ed potencion\u00e1ln\u00ed profit a zat\u011b\u017eovat \u00fa\u010det co nejmen\u0161\u00edm marginov\u00fdm po\u017eadavkem, p\u0159ipoj\u00edm dal\u0161\u00ed pravidlo, kterou nejl\u00e9pe definoval Alan J. Baird<\/strong> ve sv\u00e9 knize Option Market Making<\/strong>, jako axiom, kter\u00fd by opatrn\u00fd op\u010dn\u00ed trader m\u011bl v\u017edy dodr\u017eovat: \u201eGo Long before going Short and always remain net Long more options than these Short<\/em>\u201c. To nen\u00ed tak \u0161patn\u00e1 my\u0161lenka a \u0159\u00eddit se podle t\u00e9to jednoduch\u00e9 v\u011bty m\u016f\u017ee p\u0159in\u00e9st ne\u010dekan\u00e9 zvraty v\u00a0p\u0159em\u00fd\u0161len\u00ed o vlastn\u00edm obchodov\u00e1n\u00ed.<\/span><\/p>\n

\u00a0\u00a0 Je 5.9.2018 a od po\u0159\u00edzen\u00ed Long Strangle +265\/+262.50 ub\u011bhl pouh\u00fd jeden den, aby trhy p\u0159ekvapily sv\u00fdm pohybem a cena akcie ADBE poklesla na hodnotu 256.06 USD. Ve sv\u011btle tohoto pohybu jsem m\u011bl n\u011bkolik mo\u017enost\u00ed, co se sou\u010dasnou pozic\u00ed ud\u011blat.<\/span><\/p>\n

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\u00a0\u00a0 Na obr\u00e1zku je mo\u017en\u00e9 vypozorovat, \u017ee jsem mohl z\u00a0pozice Long Strangle +265\/+262.50<\/strong> po\u0159\u00edzen\u00e9 za -1.129,58 USD<\/strong> vystoupit prodejem obou Long opc\u00ed. Long Call 265 bych byl schopen prodat za +320 USD a sou\u010dasn\u011b Long Put 262.50 bych mohl prodat za +1.020 USD, celkov\u011b bych utr\u017eil +1.340 USD a mohl bych tak inkasovat profit +210.42 USD. Tato mo\u017enost byla velice l\u00e1kav\u00e1, v\u011b\u0159il jsem ale, \u017ee mohu nakonec dopadnout l\u00e9pe, ne\u017e vz\u00edt toto jednoduch\u00e9 \u0159e\u0161en\u00ed. Proto\u017ee do\u0161lo k\u00a0poklesu a p\u0159ibl\u00ed\u017een\u00ed se k\u00a0o\u010dek\u00e1van\u00e9 fundament\u00e1ln\u00ed ud\u00e1losti, narostla<\/strong> adekv\u00e1tn\u011b tak\u00e9 hodnota Implied Volatility<\/strong> v\u00a0hn\u011bd\u00e9m krou\u017eku v\u00a0obr\u00e1zku v\u00a0jeho prav\u00e9m horn\u00edm rohu na \u00farove\u0148 41.90 %<\/strong>, tedy t\u00e9m\u011b\u0159 8% n\u00e1r\u016fst jej\u00ed hodnoty mezi dv\u011bma obchodn\u00edmi dny.<\/span><\/p>\n

\u00a0\u00a0 V\u00a0duchu p\u0159ijat\u00fdch pravidel jsem tak na Put stran\u011b op\u010dn\u00edho \u0159et\u011bzce nam\u00edsto ukon\u010den\u00ed cel\u00e9ho obchodu vypsal na sou\u010dasn\u00e9m ATM strike\u00a0Short Put<\/strong>\u00a0255<\/strong>\u00a0opci a p\u0159ijal +602.21 USD<\/strong> op\u010dn\u00edho Pr\u00e9mia. Pohledem na m\u016fj \u00fa\u010det, tak mohu demonstrovat p\u0159\u00edjem t\u011bchto pen\u011bz podle obr\u00e1zku n\u00ed\u017ee. M\u00e1 celkov\u00e1 investice se tak sn\u00ed\u017eila na (-1.129,58 USD +602.21 USD) = -527,37 USD<\/strong>.<\/span><\/p>\n

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\u00a0\u00a0 Na Put stran\u011b jsem vytvo\u0159il Put Bear Debit Spread +262.50\/-255<\/strong>, na Call stran\u011b z\u016fst\u00e1v\u00e1 Long Call 265<\/strong>. Put Bear Debit Spread +262.50\/-255 m\u00e1 maxim\u00e1ln\u00ed potenci\u00e1l profitu +750 USD (dolarov\u00fd rozd\u00edl rozsahu strike) za p\u0159edpokladu, \u017ee pokles bude pokra\u010dovat a cena z\u016fstane pod strike tohoto spreadu, na Call stran\u011b m\u00e1m neomezenou mo\u017enost dal\u0161\u00edho profitu, proto\u017ee cena se m\u016f\u017ee oto\u010dit a za\u010d\u00edt neomezen\u011b stoupat. P\u0159i n\u00e1kladech -527.37 USD tak z\u00a0m\u00e9 pozice nevymizela mo\u017enost neomezen\u00e9ho profitu na Call stran\u011b a omezen\u00e9ho profitu na Put stran\u011b p\u0159i omezen\u00e9 mo\u017enosti ztr\u00e1ty, kter\u00e1 byla sn\u00ed\u017eena v\u00edce ne\u017e na polovinu. Nen\u00ed mi blokov\u00e1n \u017e\u00e1dn\u00fd margin.<\/span><\/p>\n

\n

ADBE \u2013 den t\u0159et\u00ed<\/strong><\/span><\/h1>\n

(\u201eMoje Prachy First\u201c \u2013 DT)<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Proklamaci \u201eAmerica First“ \u2013 Donald Trump jsem si vyp\u016fj\u010dil u sou\u010dasn\u00e9 sv\u011btov\u00e9 jedni\u010dky a p\u0159izp\u016fsobil jsem si ji pro sv\u00e9 dal\u0161\u00ed pravidlo, kter\u00fdm je \u201eMoje Prachy First\u201c \u2013 Dobr\u00e9 Trejdy. Jednodu\u0161e to znamen\u00e1, \u017ee nebudu m\u00edt d\u00e1le ochotu nech\u00e1vat v\u00a0trhu sv\u00e9 vlastn\u00ed pen\u00edze a budu se sna\u017eit v\u00a0duchu p\u0159ijat\u00fdch z\u00e1sad z\u00edskat co nejv\u00edce pen\u011bz na sv\u016fj \u00fa\u010det zp\u011bt p\u0159i zachov\u00e1n\u00ed co nejlep\u0161\u00edch obchodn\u00edch vyhl\u00eddek.<\/span><\/p>\n

\u00a0\u00a0 Je 6.9.2018, (t\u0159et\u00ed den obchodu) a cena akcie ADBE se ze sv\u00e9ho poklesu ani nezotavuje, ale jej\u00ed cena ani nekles\u00e1. Stagnace ceny m\u016f\u017ee znamenat dlouhodob\u011bj\u0161\u00ed setrval\u00fd stav s\u00a0hled\u00e1n\u00edm sm\u011bru, ale tak\u00e9 p\u0159edzv\u011bst dal\u0161\u00edho cenov\u00e9ho pohybu, tyto v\u011bci se jednodu\u0161e ji\u017e nepokou\u0161\u00edm odhadovat, proto je m\u00e1 pozornost zam\u011b\u0159ena na Implied Volatilitu a ceny jednotliv\u00fdch op\u010dn\u00edch kontrakt\u016f Na obr\u00e1zku n\u00ed\u017ee je pak v\u00fdsledek m\u00fdch skutk\u016f proveden\u00fdch v\u00a0tento obchodn\u00ed den za dan\u00e9ho cenov\u00e9ho stavu.<\/span><\/p>\n

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\u00a0\u00a0 Implied Volatilita z\u016fst\u00e1v\u00e1 na stejn\u00fdch \u00farovn\u00edch jako v\u00a0minul\u00e9m obchodn\u00edm dni, cena velmi m\u00edrn\u011b a celkem zanedbateln\u011b narostla. V\u00a0dan\u00e9m stavu jsem se rozhodl na Put stran\u011b vz\u00edt si, co nejv\u00edce je mi nab\u00edzeno, proto jsem vypsal Short Put opci<\/strong> na strike 252.50<\/strong> za kterou jsem utr\u017eil +450.27 USD<\/strong> a sou\u010dasn\u011b nakoupil Long Put<\/strong> na strike 245<\/strong> vzd\u00e1len\u00e9 stejn\u00fdch 7.5 bodu pod touto vypsanou Short Put opc\u00ed, za kterou jsem zaplatil -251.79 USD<\/strong>, celkov\u011b jsem za tento vytvo\u0159en\u00fd Put Bull Credit Spread -252.50\/+245<\/strong> z\u00edskal (+450.27 USD \u2013 251.79 USD) = +198.48 USD<\/strong>. Pohled na m\u016fj \u00fa\u010det budi\u017e d\u016fkazem, \u017ee to byly pr\u00e1v\u011b tyto ceny.<\/span><\/p>\n

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\u00a0\u00a0 T\u00edmto jsem na Put stran\u011b vytvo\u0159il kombinaci Put Bull Spreadu a Put Bear Spreadu, tedy kompletn\u00ed Put Butterfly<\/strong>, pouze s\u00a0t\u00edm, \u017ee vypsan\u00e9 opce Short Put jsou na nestejn\u00fdch strike<\/strong>. V op\u010dn\u00ed terminologii je n\u011bkdy mo\u017en\u00e9 se setkat s\u00a0ozna\u010den\u00edm \u201ebody<\/strong>\u201c pro vypsan\u00e9 opce Butterfly, jak\u00e9si ozna\u010den\u00ed t\u011bla mot\u00fdla a pro jednotliv\u00e9 ob\u011b Long opce se n\u011bkdy pou\u017e\u00edvaj\u00ed term\u00edny \u201elegs<\/strong>\u201c nebo \u201ewings<\/strong>\u201c, v\u00a0souladu s\u00a0touto hant\u00fdrkou tak m\u00e1m jednodu\u0161e \u201e\u0161ir\u0161\u00ed body\u201c ne\u017e je v kraji zvykem :c). P\u0159ijat\u00e9 dal\u0161\u00ed pen\u00edze ve v\u00fd\u0161i +198.48 USD pak znamenaj\u00ed, \u017ee celkov\u00e9 n\u00e1klady na m\u016fj obchod klesly z -527,37 USD na -328.89 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 M\u016fj maxim\u00e1ln\u00ed potenci\u00e1l profitu<\/strong> je tak +750 USD<\/strong> na Put stran\u011b<\/strong> a tento se mi d\u00edky \u201e\u0161ir\u0161\u00edmu body\u201c, tedy situaci, kdy m\u00e1m jednotliv\u00e9 strike vypsan\u00fdch opc\u00ed na nestejn\u00fdch strike, nach\u00e1z\u00ed v\u00a0p\u00e1smu mezi<\/strong> t\u011bmito strike 255 – 252.50<\/strong>, pokud z\u016fstane cena p\u0159i expiraci mezi t\u011bmito strike, budu moci po\u010d\u00edtat s\u00a0p\u0159\u00edd\u011blem +750 USD na m\u016fj \u00fa\u010det, proto\u017ee to bude znamenat, \u017ee Put Bear Spread +262.50\/-255 bude cel\u00fd \u201ev pen\u011bz\u00edch\u201c a bude generovat maxim\u00e1ln\u00ed profit, Put Bull Spread -252.50\/+245 pak vypr\u0161\u00ed jako bezcenn\u00fd. Cel\u00fdch sv\u00fdch -328.89 USD bych pak ztratil v\u00a0p\u0159\u00edpad\u011b, \u017ee by cena klesla mimo m\u016fj Put Butterfly +262.50\/-255\/-252.50\/+245, a to pod hodnotu 245 USD. M\u016fj spodn\u00ed Break Even<\/strong> bod je mo\u017en\u00e9 vypo\u010d\u00edtat jako hodnota spodn\u00edho strike (245) + maxim\u00e1ln\u00ed mo\u017en\u00e1 ztr\u00e1ta (3.2889) = 248.29 USD<\/strong> a horn\u00ed Break Even<\/strong> je mo\u017en\u00e9 vypo\u010d\u00edtat jako hodnota horn\u00edho strike (262.50) – maxim\u00e1ln\u00ed mo\u017en\u00e1 ztr\u00e1ta (3.2889) = 259.21 USD<\/strong>. Mezi hodnotami BreakEven bod\u016f ji\u017e mohu po\u010d\u00edtat s\u00a0profitem na Put stran\u011b.<\/span><\/p>\n

\u00a0\u00a0 M\u016fj maxim\u00e1ln\u00ed potenci\u00e1l<\/strong> na Call stran\u011b<\/strong> je po\u0159\u00e1d neomezen\u00fd<\/strong>, proto\u017ee Long Call 265 m\u00e1 st\u00e1le tento neomezen\u00fd potenci\u00e1l p\u0159i neomezen\u00e9m r\u016fstu ceny akcie ADBE, tento by v\u0161ak musel nyn\u00ed b\u00fdt takov\u00fd, aby vyd\u011blal na dosavadn\u00ed n\u00e1klady ve v\u00fd\u0161i -328.89 USD, znamenalo by to, \u017ee cena p\u0159esahuj\u00edc\u00ed (265 USD strike Long Call + 3.29 USD ztr\u00e1ta) 268.29 USD<\/strong> je t\u0159et\u00ed BreakEven bod<\/strong>\u00a0t\u00e9to dosavadn\u00ed konstrukce. Proto\u017ee o\u010dek\u00e1v\u00e1m Earnings v n\u00e1sleduj\u00edc\u00edm t\u00fddnu p\u0159ed expirac\u00ed v\u0161ech op\u010dn\u00edch kontrakt\u016f, mohu pom\u00fd\u0161let i na tuto variantu, jakkoliv by se nyn\u00ed mohl zd\u00e1t takov\u00fd uptrend nepravd\u011bpodobn\u00fd.\u00a0 \u00a0 \u00a0 \u00a0<\/span><\/p>\n

\u00a0\u00a0 Ve shrnut\u00ed m\u00e1m tak neust\u00e1le mo\u017enost m\u00edt neomezen\u00fd profit<\/strong> p\u0159i maxim\u00e1ln\u00ed mo\u017en\u00e9 ztr\u00e1t\u011b<\/strong>, z p\u016fvodn\u00edch n\u00e1klad\u016f na \u00farovni -1.129.58 USD jsem tak ji\u017e na jejich pouh\u00e9 t\u00e9m\u011b\u0159 \u010dtvrtin\u011b ve v\u00fd\u0161i -328.89 USD. P\u0159esto\u017ee jsem po\u0159\u00eddil Put Credit Spread nen\u00ed mi blokov\u00e1n \u017e\u00e1dn\u00fd margin, m\u00e1 obchodn\u00ed platforma rozpoznala, \u017ee m\u00e1m na sv\u00e9m \u00fa\u010dtu na Put stran\u011b Put Butterfly, by\u0165 jsou vypsan\u00e9 opce na nestejn\u00fdch strike. \u00a0\u00a0\u00a0<\/span><\/p>\n

\n

\u00a0ADBE \u2013 den \u010dtvrt\u00fd<\/strong><\/span><\/h1>\n

(\u201eTrumpi\u00e1da\u201c pokra\u010duje\u2026)<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Je 7.9.2018 a jsem \u010dtvrt\u00fd den v\u00a0op\u010dn\u00edch obchodech na akci\u00ed ADBE a m\u00e1m dosavadn\u00ed n\u00e1klady -328.89 USD a op\u010dn\u00ed konstrukci popsanou a zobrazenou v\u00fd\u0161e v\u00a0odstavci. Akce ADBE p\u0159i p\u00e1tku pos\u00edlila, co\u017e je pro moji dosavadn\u00ed pozici dobr\u00e9 a titul potvrdil, \u017ee se um\u00ed v\u00a0rozmez\u00edch dn\u016f p\u011bkn\u011b pohybovat. To m\u011b ale tak nezaj\u00edm\u00e1 jako to, \u017ee chci bezezbytku naplnit poopraven\u00e9 Trumpovo pravidlo \u201eMoje Prachy First\u201c, kter\u00e9 jsem p\u0159ijal za sv\u00e9 a kter\u00e9 znamen\u00e1, za dodr\u017een\u00ed v\u0161ech ostatn\u00edch z\u00e1sad, z\u00edskat co nejv\u00edce sv\u00fdch vlo\u017een\u00fdch pen\u011bz zp\u011bt a zachovat si dobr\u00e9 mo\u017enosti dal\u0161\u00edho v\u00fdvoje m\u00fdch op\u010dn\u00edch kontrakt\u016f do jejich expirace. Na obr\u00e1zku n\u00ed\u017ee je pak cel\u00e1 situace sou\u010dasn\u011b s\u00a0p\u00e1te\u010dn\u00edmi obchody vyobrazena.<\/span><\/p>\n

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\u00a0\u00a0 Put Butterfly +262.50\/-255\/-252.50\/+245<\/strong> ji\u017e nepot\u0159ebuje \u017e\u00e1dn\u00fdch \u00faprav<\/strong> a tato strana op\u010dn\u00edho \u0159et\u011bzce z\u016fstala nedot\u010dena. Na Call stran\u011b, kde m\u00e1m Long Call 265, jsem ale provedl \u201ekone\u010dnou \u00fapravu\u201c, kterou budu cht\u00edt z\u00edskat co nejv\u00edce pen\u011bz zp\u011bt, proto jsem v\u00fdpisem 2x Short Call 272.50<\/strong> a n\u00e1kupem Long Call 280<\/strong> vytvo\u0159il Call Butterfly +265\/-272.50\/-272.50\/+280<\/strong> s\u00a0rozsahem strike +750 USD. Proto\u017ee jsem v\u00fdpisem 2x Short Call 272.50<\/strong> za ka\u017edou z\u00a0nich z\u00edskal +235.51 USD a celkov\u011b +471.02 USD<\/strong>, tak za n\u00e1kup Long Call 280<\/strong> jsem vydal -105.79 USD<\/strong>, celkov\u011b jsem na sv\u016fj \u00fa\u010det p\u0159ijal dal\u0161\u00edch +365.23 USD<\/strong>. P\u0159i dosavadn\u00edch n\u00e1kladech na m\u00e9 obchody s\u00a0opcemi ADBE ve v\u00fd\u0161i -328.89 USD znamen\u00e1 tento p\u0159\u00edsun dal\u0161\u00edch prost\u0159edk\u016f skute\u010dnost, \u017ee ji\u017e m\u00e1m p\u0159ebytek<\/strong> +36.34 USD<\/span>!!!<\/strong> N\u00ed\u017ee obr\u00e1zek stavu m\u00e9ho \u00fa\u010dtu uveden\u00e9 situace i s\u00a0vyzna\u010den\u00fdmi cenov\u00fdmi parametry.<\/span><\/p>\n

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\u00a0\u00a0 Toto je p\u0159esn\u011b situace, do kter\u00e9 jsem se cht\u011bl dostat. Co vlastn\u011b znamen\u00e1? Nic jin\u00e9ho, ne\u017e \u017ee mi t\u011bchto +36.34 USD<\/span><\/strong> nem\u016f\u017ee nikdo vz\u00edt<\/strong> a bude mou \u201emaxim\u00e1ln\u00ed ztr\u00e1tou\u201c z\u00a0tohoto obchodu, nic hor\u0161\u00edho, ne\u017e \u017ee mi tyto pen\u00edze z\u016fstanou se nem\u016f\u017ee st\u00e1t, a to je velmi dobr\u00e9 obchodn\u00ed rozpolo\u017een\u00ed. Tento profit se mi p\u0159ihod\u00ed v\u00a0okam\u017eiku, kdy bude cena ADBE p\u0159i expiraci mimo m\u00e9 strike obou Butterfly, konkr\u00e9tn\u011b nad 280 USD, pod 245 USD a mezi 262.50 USD \u2013 265 USD. Kdekoliv bude jinde<\/strong> (uvnit\u0159 strike kter\u00e9hokoliv z\u00a0Butterflies), budu m\u00edt dal\u0161\u00ed profit<\/strong>, a ten m\u016f\u017ee m\u00edt maxim\u00e1ln\u00ed hodnotu a\u017e +750 USD, co\u017e je dolarov\u00e9 rozp\u011bt\u00ed strike obou Butterflies. Maxim\u00e1ln\u00ed profit tak budu m\u00edt ve dvou p\u0159\u00edpadech \u2013 pokud se cena zastav\u00ed na hodnot\u011b strike Short Call 272.50 USD nebo z\u016fstane mezi strike vypsan\u00fdch Short Put opc\u00ed 255 USD -252.50 USD. Obzvl\u00e1\u0161t\u011b druh\u00e1 mo\u017enost nen\u00ed nic nepravd\u011bpodobn\u00e9ho a nav\u00edc – Earnings ohl\u00e1\u0161en\u00e9 na 13.9.2018 m\u011b ji\u017e t\u00e9m\u011b\u0159 nezaj\u00edmaj\u00ed.<\/span><\/p>\n

\u00a0\u00a0 Co kdy\u017e…?<\/strong><\/span><\/h2>\n

\u00a0\u00a0 Zcela jasn\u011b nyn\u00ed sly\u0161\u00edm v\u00fdhrady typu \u201e\u2026to m\u011bl norm\u00e1ln\u011b \u0161t\u011bst\u00ed, \u017ee akcie ADBE klesla a pak za\u010dala zase stoupat\u2026\u201c a t\u00edm jsem mohl nasb\u00edrat dobr\u00e9 ceny na obou stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce. Je to dobr\u00e1 p\u0159ipom\u00ednka, ale mnoho akciov\u00fdch titul\u016f se takto chov\u00e1 a netrenduje neust\u00e1le n\u011bjak\u00fdm jasn\u00fdm sm\u011brem, tak\u017ee je jen v\u011bc\u00ed obchodn\u00ed zru\u010dnosti, jak sv\u00e9 pen\u00edze p\u0159i zachov\u00e1n\u00ed dobr\u00fdch obchodn\u00edch vyhl\u00eddek nakonec dostanu v\u00a0co nejv\u011bt\u0161\u00edm mno\u017estv\u00ed nakonec zp\u011bt. M\u00e1m toti\u017e nep\u0159ebern\u00e9 mno\u017estv\u00ed variant, jak toto za\u0159\u00eddit, nemus\u00edm volit symetrick\u00e9 strike, mohu \u201et\u011bla\u201c v\u00edce roztahovat nebo smr\u0161\u0165ovat a mohu vyu\u017e\u00edvat vzd\u00e1len\u011bj\u0161\u00ed strike pro p\u0159\u00edpad, \u017ee po\u010d\u00edt\u00e1m (nap\u0159\u00edklad p\u0159i Earnings) s\u00a0v\u011bt\u0161\u00edmi pohyby a t\u00edm daleko vy\u0161\u0161\u00ed v\u00fdkonnost\u00ed jednotliv\u00fdch spread\u016f vstupuj\u00edc\u00edch do Butterfly a podobn\u011b, nakonec nemus\u00edm na obou stran\u00e1ch tvo\u0159it Butterfly, ale mohu nap\u0159\u00edklad z\u016fstat u Butterfly na stran\u011b Call a na stran\u011b Put pouze u Put Bear Spreadu nebo p\u0159i siln\u00fdch a \u00a0postupn\u00fdch trendech na jednu stranu vytvo\u0159it dva Butterfly pod\/nad sebou\u2026<\/span><\/p>\n

\u00a0\u00a0 Proto\u017ee se cena ADBE opravdu m\u00edrn\u011b zotavila, mohl jsem prov\u00e9st \u00fapravu takovou, jakou jsem nakonec opravdu uskute\u010dnil. Pokud by ale takov\u00fd sc\u00e9n\u00e1\u0159 nebyl napln\u011bn a akcie by setrv\u00e1vala na ni\u017e\u0161\u00edch hodnot\u00e1ch z\u00a0prvn\u00edch dn\u016f obchodu, nemusel bych nap\u0159\u00edklad svou pozornost zam\u011b\u0159it na konstrukci zbyl\u00e9ho Call Butterfly nad mou Long Call 265<\/strong>, kter\u00e1 je jeho spodn\u00ed \u201enohou\u201c, ale naopak ji vyu\u017e\u00edt jako horn\u00ed \u201enohu\u201c Butterfly<\/strong>. Toto by pak odpov\u00eddalo vyobrazen\u00ed jako n\u00ed\u017ee na obr\u00e1zku<\/span><\/p>\n

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\u00a0\u00a0 K\u0159\u00ed\u017eky jsou odebr\u00e1ny m\u00e9 skute\u010dn\u00e9 pozice, kter\u00e9 jsem po\u0159\u00eddil nyn\u00ed a krou\u017eky vyzna\u010deny mo\u017en\u00e9 volby strike pro v\u00fdpis a n\u00e1kup, pokud by cena ADBE nestoupala, ale z\u016fstala na sn\u00ed\u017een\u00e9 cen\u011b po jej\u00edm poklesu. Proto\u017ee by se v\u017edy jednalo o v\u00fdpis dvou opc\u00ed na vy\u0161\u0161\u00edm strike a n\u00e1kup pouze jedn\u00e9 opce na ni\u017e\u0161\u00edm strike, v\u017edy by to pak znamenalo p\u0159\u00edjem dal\u0161\u00edho Pr\u00e9mia<\/strong> na m\u016fj \u00fa\u010det a z\u00e1le\u017eelo by pak na cenov\u00e9 situaci, jak by celkov\u00fd p\u0159\u00edjem byl vysok\u00fd. Toto je nap\u0159\u00edklad jedna z\u00a0mo\u017enost\u00ed. Pokud by pak oba Butterflies byly na obou stran\u00e1ch Call i Put nap\u0159\u00edklad na podobn\u00fdch nebo p\u0159esn\u011b stejn\u00fdch strike a cena p\u0159i expiraci z\u016fstala mezi t\u011bmito strike, byla by mo\u017enost profitu z takov\u00e9 konstelace obou Butterflies tak\u00e9 i dvojn\u00e1sobn\u00e1\u2026<\/span><\/p>\n

\n

\u00a0 ADBE \u2013 den \u010dtvrt\u00fd<\/strong><\/span><\/h1>\n

(Expirace)<\/strong><\/span><\/h1>\n

\u00a0\u00a0 \u00a0Vstoupit do obchodu dob\u0159e je jen jedna \u010d\u00e1st \u00fasp\u011bchu, druhou \u010d\u00e1st\u00ed je pak vyhodnotit, jak z\u00a0obchodu vystoupit s\u00a0co nejmen\u0161\u00edmi starostmi a tak\u00e9 co nejefektivn\u011bji. P\u0159edeslal jsem ji\u017e v\u00a0minul\u00e9m \u010dl\u00e1nku p\u0159i teoretizov\u00e1n\u00ed o kombinaci Butterfly, \u017ee pokud cena podkladu skon\u010d\u00ed p\u0159i expiraci mimo strike, nemus\u00edm d\u011blat v\u016fbec nic. Butterfly vypr\u0161\u00ed cel\u00fd jako bezcenn\u00fd nebo naopak cel\u00fd \u201ev pen\u011bz\u00edch\u201c a bude to v\u00a0ka\u017ed\u00e9m p\u0159\u00edpad\u011b znamenat ztr\u00e1tu ve v\u00fd\u0161i pouze vynalo\u017een\u00fdch n\u00e1klad\u016f na jeho vytvo\u0159en\u00ed. Druhou mo\u017enost\u00ed (obchodn\u011b b\u011b\u017en\u011bj\u0161\u00ed) je situace, kdy cena podkladu z\u016fstane p\u0159i expiraci mezi strike Butterfly nebo v\u00a0m\u00e9m p\u0159\u00edpad\u011b dvou Butterflies vytvo\u0159en\u00fdch na Call i Put stran\u011b, potom mus\u00edm p\u0159i expiraci prov\u00e1d\u011bt v\u017edy n\u011bjakou akci, abych nebyl p\u0159i expiraci p\u0159i\u0159azen nebo uplatn\u011bn na opci, kter\u00e1 z\u016fstala \u201ev pen\u011bz\u00edch\u201c a nen\u00ed ji\u017e sou\u010d\u00e1st\u00ed n\u011bkter\u00e9ho z\u00a0jednotliv\u00fdch spread\u016f tvo\u0159\u00edc\u00edch Butterfly, proto\u017ee jedna \u010d\u00e1st tohoto d\u00edl\u010d\u00edho spreadu se st\u00e1v\u00e1 bezcennou. Jak je to my\u0161leno? Na obr\u00e1zku n\u00ed\u017ee je m\u016fj konkr\u00e9tn\u00ed obchod v\u00a0situaci zhruba 15 minut p\u0159ed p\u00e1te\u010dn\u00edm Close, kter\u00e9 je pro m\u00e9 opce p\u00e1tkem expira\u010dn\u00edm. P\u0159ipom\u00edn\u00e1m, \u017ee se mi ji\u017e poda\u0159ilo z\u00edskat celkov\u00fd kredit +36.34 USD a tyto pen\u00edze ji\u017e m\u00e1m jist\u011b v\u00a0kapse.<\/span><\/p>\n

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\u00a0\u00a0 Expira\u010dn\u00ed p\u00e1tek zastihl cenu akcie ADBE v\u00a0situaci, kdy se nach\u00e1z\u00ed mezi strike<\/strong> m\u00e9ho Call Butterfly +265\/-272.50\/-272.50\/+280<\/strong>, konkr\u00e9tn\u011b mezi strike Short Call 272.50 a Long Call 280, p\u0159ibli\u017en\u011b na cen\u011b kolem 276 USD. Prakticky to znamen\u00e1, \u017ee v\u0161echny opce, kter\u00e9 tvo\u0159\u00ed Put Butterfly<\/strong> +262.50\/-255\/-252.50\/+245 jsou bezcenn\u00e9<\/strong>, takt\u00e9\u017e bezcenn\u00e1<\/strong> je\u00a0Long Call 280<\/strong> opce, tuto bezcennost jsem do obr\u00e1zku tak\u00e9 vyzna\u010dil. V\u00fdsledek takov\u00e9 aktu\u00e1ln\u00ed ceny je zp\u016fsoben v\u010derej\u0161\u00edm vyhl\u00e1\u0161en\u00edm hospod\u00e1\u0159sk\u00fdch v\u00fdsledk\u016f, kter\u00e9 zp\u016fsobily n\u00e1r\u016fst jej\u00ed ceny, proto\u017ee ale ji\u017e m\u00e1m zaru\u010den kredit z t\u011bchto Butterflies, byl mi nyn\u00ed opravdu jedno, jak toto vyhl\u00e1\u0161en\u00ed dopadne, proto\u017ee jsem na obchodu s opcemi ADBE ji\u017e nemohl prod\u011blat.\u00a0 \u00a0<\/span><\/p>\n

\u00a0\u00a0 Proto\u017ee zb\u00fdvaj\u00ed minuty do konce obchodov\u00e1n\u00ed op\u010dn\u00edch kontrakt\u016f, mus\u00edm vy\u0159e\u0161it op\u010dn\u00ed kontrakty z\u00a0Call Butterfly, kter\u00e9 jsou moment\u00e1ln\u011b \u201ev pen\u011bz\u00edch\u201c a jsou ozna\u010deny v\u00a0obr\u00e1zku b\u00edl\u00fdm obd\u00e9ln\u00edkem. Nen\u00ed to nic z\u00e1vratn\u00e9ho k\u00a0\u0159e\u0161en\u00ed, proto\u017ee 1x vyobrazen\u00e1 Long Call 265 a 1x Short Call 272.50 vytv\u00e1\u0159\u00ed Call Bull Spread +265\/-272.50<\/strong>, kter\u00fd je cel\u00fd \u201ev pen\u011bz\u00edch\u201c a kter\u00fd p\u0159inese na m\u016fj \u00fa\u010det profit ve v\u00fd\u0161i dolarov\u00e9ho rozsahu strike, tedy +750 USD<\/strong>. Long Call 265<\/strong> bude toti\u017e automaticky uplatn\u011bna<\/strong> a budou mi dod\u00e1ny 100x Long akcie ADBE za cenu 265 USD\/kus s\u00a0n\u00e1kladem -26.500 USD, abych na Short Call 272.50\u00a0<\/strong>byl vz\u00e1p\u011bt\u00ed automaticky p\u0159i\u0159azen<\/strong> s\u00a0povinnost\u00ed dodat 100x akcie ADBE za cenu strike s\u00a0tr\u017ebou +27.250 USD, co\u017e miler\u00e1d budu sn\u00e1\u0161et, proto\u017ee se zbav\u00edm t\u011bchto opc\u00ed, v\u0161ech akci\u00ed a z\u016fstane mi pouze +750 USD jako v\u00fdsledek t\u00e9to transakce.<\/span><\/p>\n

\u00a0\u00a0 K\u00a0\u0159e\u0161en\u00ed mi tak z\u016fst\u00e1v\u00e1 1x Short Call 272.50<\/strong>, kter\u00e9 nen\u00ed sou\u010d\u00e1st\u00ed \u017e\u00e1dn\u00e9ho spreadu, proto\u017ee \u201ejej\u00ed spreadov\u00fd partner\u201c Long Call 280 vypr\u0161\u00ed jako bezcenn\u00e1. Dr\u017een\u00ed Short Call \u201ev pen\u011bz\u00edch\u201c pak znamen\u00e1, \u017ee jsem povinen dodat (prodat) protistran\u011b 100x Long akci\u00ed za cenu strike, jeliko\u017e ale \u017e\u00e1dn\u00e9 akcie nem\u00e1m, broker mi je zap\u016fj\u010d\u00ed a j\u00e1 spln\u00edm po\u017eadavek vypl\u00fdvaj\u00edc\u00ed z\u00a0vypsan\u00e9ho op\u010dn\u00edho kontraktu, budu v\u0161ak v\u00a0pond\u011bl\u00ed na sv\u00e9m \u00fa\u010dtu vid\u011bt otev\u0159enou pozici 100x Short akci\u00ed ADBE, a to v\u00a0\u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b nen\u00ed nic, co bych si p\u0159\u00e1l. Akcie mohou raketov\u011b nar\u016fst a vyrobit otev\u00edrac\u00ed gap a j\u00e1 mohu na t\u00e9to nekryt\u00e9 Short akciov\u00e9 pozici zna\u010dn\u011b ztratit. Abych tedy splnil po\u017eadavek vypl\u00fdvaj\u00edc\u00ed z\u00a0m\u00e9ho op\u010dn\u00edho kontraktu, kter\u00fd moment\u00e1ln\u011b \u0159e\u0161\u00edm, vyp\u016fj\u010d\u00edm si \u0159e\u0161en\u00ed z\u00a0\u010dl\u00e1nku Syntetick\u00e9 pozice \u2013 IV.<\/a><\/span><\/strong> \u00a0a k\u00a0vypsan\u00e9 Short Call 272.50 po\u0159\u00edd\u00edm 100x Long akcie ADBE za aktu\u00e1ln\u00ed cenu na trhu. Tuto situaci jsem vyzna\u010dil tak\u00e9 v\u00a0obr\u00e1zku v\u00fd\u0161e a aby bylo patrn\u00e9, kdy jsem akciovou pozici po\u0159\u00eddil, p\u0159ikl\u00e1d\u00e1m n\u00ed\u017ee obr\u00e1zek z\u00a0m\u00e9ho \u00fa\u010dtu s\u00a0vyzna\u010den\u00fdm \u010dasem a hodnotou po\u0159\u00edzen\u00ed<\/span><\/p>\n

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\u00a0\u00a0 Z\u00a0obr\u00e1zku vypl\u00fdv\u00e1, \u017ee jsem 14.9.2018 (expira\u010dn\u00ed p\u00e1tek) nakoupil 100x Long akci\u00ed ADBE<\/strong> v\u00a015:47 hodin<\/strong> americk\u00e9ho \u010dasu, tedy 13 minut p\u0159ed uzav\u0159en\u00edm trh\u016f, a to za cenu 276.08 USD<\/strong> s\u00a0poplatkem 1 USD. Na tuto transakci jsem vynalo\u017eil -27.609 USD a vytvo\u0159il jsem tak Syntetickou Short Put na strike 272.50 a poprv\u00e9 jsem tak sv\u016fj \u00fa\u010det vystavil marginov\u00e9mu po\u017eadavku na n\u00e1kup 100x Long akci\u00ed ADBE.<\/span><\/p>\n

\u00a0\u00a0 Co tedy mohu v\u016fbec o\u010dek\u00e1vat? Na konstrukci obou Butterflies jsem ji\u017e z\u00edskal kredit +36.34 USD a m\u016fj Call Bull Spread +265\/-272.50, kter\u00fd je cel\u00fd \u201ev pen\u011bz\u00edch\u201c (\u010d\u00e1st torza Call Butterfly), mi p\u0159in\u00e1\u0161\u00ed +750 USD, m\u00e1m tedy +786.34 USD<\/strong> jist\u00fdch. Na desetidenn\u00ed \u010dasov\u00e9 ose jsem vytvo\u0159il t\u0159in\u00e1ctiminutov\u00e9 \u010dasov\u00e9 okno do konce obchodov\u00e1n\u00ed, kde p\u0159edpokl\u00e1d\u00e1m, \u017ee Short Call 272.50 z\u016fstane „v\u00a0pen\u011bz\u00edch“, co\u017e p\u0159i aktu\u00e1ln\u00ed cen\u011b akcie ADBE na \u00farovni 276.17 USD je v\u00edce ne\u017e slu\u0161n\u00fd p\u0159edpoklad, \u017ee akcie za t\u0159in\u00e1ct minut neztrat\u00ed na cen\u011b necel\u00e9 \u010dty\u0159i dolary. Short Call 272.50 bude tedy t\u00e9m\u011b\u0159 s\u00a0jistotou p\u0159i\u0159azena a j\u00e1 budu muset dodat<\/strong> protistran\u011b 100x Long akcie ADBE<\/strong> za cenu strike 272.50 USD\/kus<\/strong> s\u00a0tr\u017ebou +27.250 USD, proto\u017ee jsem ale akcie nakoupil za -27.609 USD, bude tato transakce pro m\u011b ztr\u00e1tou -359 USD<\/strong>. Od\u00a0p\u0159edchoz\u00edch +786.34 USD tedy ode\u010d\u00edt\u00e1m tyto kone\u010dn\u00e9 \u201eexpira\u010dn\u00ed v\u00fddaje\u201c, abych konstatoval, \u017ee jsem z\u00edskal velmi slu\u0161n\u00fd kone\u010dn\u00fd profit<\/strong> z cel\u00e9ho m\u00e9ho obchodu ve v\u00fd\u0161i +427.34 USD<\/strong><\/span>.<\/span><\/p>\n

\u00a0\u00a0 M\u016f\u017eu se nyn\u00ed tak\u00e9 zab\u00fdvat my\u0161lenkou, pro\u010d jsem slo\u017eit\u011b vstupoval do Long akciov\u00e9ho obchodu a pota\u017emo do Syntetick\u00e9 Short Put pozice, vystavoval m\u016fj \u00fa\u010det t\u0159in\u00e1ctiminutov\u00e9mu riziku a nav\u00edc si nechal na sv\u00e9m \u00fa\u010dtu zablokovat na tuto t\u0159in\u00e1ctiminutovou chv\u00edli margin pro n\u00e1kup akci\u00ed. Mohl jsem jednodu\u0161e zb\u00fdvaj\u00edc\u00ed Short Call 272.50 t\u011bsn\u011b p\u0159ed Close likvidovat n\u00e1kupem zp\u011bt a v\u0161echny tyto starosti by odpadly. To je samoz\u0159ejm\u011b pravda, ale jen proto, \u017ee se pohybuji na velmi likvidn\u00edm akciov\u00e9m a zejm\u00e9na op\u010dn\u00edm trhu, kde je toto mo\u017en\u00e9. V\u0161echny tyto transakce s\u00a0postupn\u00fdm vstupem do Butterfly je mo\u017en\u00e9 prov\u00e1d\u011bt na jak\u00e9mkoliv trhu, kde podklady maj\u00ed listov\u00e1ny op\u010dn\u00ed kontrakty a nemus\u00ed to b\u00fdt zrovna trhy, kde je tak dobr\u00e1 likvidita, tedy mohu vystupovat a vstupovat t\u00e9m\u011b\u0159 s\u00a0okam\u017eit\u00fdm pln\u011bn\u00edm za dobrou cenu. Nap\u0159\u00edklad na trz\u00edch komoditn\u00edch opc\u00ed je n\u011bkdy nemo\u017en\u00e9 nebo velmi neefektivn\u00ed vystupovat likvidac\u00ed takov\u00fdch opc\u00ed velmi t\u011bsn\u011b p\u0159ed expirac\u00ed, proto\u017ee zejm\u00e9na tv\u016frci trhu nech\u00e1vaj\u00ed z\u00e1jemce o takov\u00e9 obchody zaplatit za takov\u00e9 v\u00fdstupy zna\u010dn\u00e9 pen\u00edze, je pak jednodu\u0161\u0161\u00ed po\u0159\u00eddit podkladov\u00e1 futures nebo adekv\u00e1tn\u00ed podklady, kde se ceny a rozp\u011bt\u00ed Ask\/Bid pohybuj\u00ed v\u00a0daleko u\u017e\u0161\u00edch r\u00e1mc\u00edch a likvidita je daleko vy\u0161\u0161\u00ed. \u00a0V\u00a0m\u00e9m konkr\u00e9tn\u00edm obchodu na opc\u00edch ADBE bych mohl takovou Short Call 272.50 podle obr\u00e1zku v\u00fd\u0161e nakoupit zp\u011bt za -375 USD, tak\u017ee oproti ztr\u00e1t\u011b vytvo\u0159en\u00e9 n\u00e1kupem a p\u0159i\u0159azen\u00ed akci\u00ed p\u0159i expiraci ve v\u00fd\u0161i -359 USD bych tak p\u0159\u00edmou likvidac\u00ed t\u00e9to opce zhor\u0161il sv\u016fj v\u00fdsledek o -16 USD, a to se opravdu pohybuji v\u00a0m\u00edst\u011b, kde je likvidita obchod\u016f opravdu zna\u010dn\u00e1.<\/span><\/p>\n

\u00a0 \u00a0Jak to nakonec dopadlo s\u00a0m\u00fdmi op\u010dn\u00edmi pozicemi konkr\u00e9tn\u011b po p\u00e1te\u010dn\u00ed expiraci? V\u0161e je patrn\u00e9 z\u00a0TradeLogu m\u00e9ho \u00fa\u010dtu pro tento titul<\/span><\/p>\n

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\u00a0\u00a0 Jednotliv\u00fdmi \u010d\u00edsly jsou ozna\u010deny \u0159\u00e1dky s\u00a0nejpodstatn\u011bj\u0161\u00edmi transakcemi:<\/span><\/p>\n

\u00a0\u00a0 (1)<\/strong> V\u00a0tomto \u0159\u00e1dku je zachycen n\u00e1kup 100x Long akci\u00ed\u00a0ADBE<\/strong> do Syntetick\u00e9 Short Put 272.50 tvo\u0159en\u00e9 100x Long akciemi ADBE za cenu 276.08 USD<\/strong> +1 USD komise<\/strong> a Short Call opc\u00ed na strike 272.50, a to t\u0159in\u00e1ct minut p\u0159ed p\u00e1te\u010dn\u00edm Close op\u010dn\u00edch a akciov\u00fdch trh\u016f.<\/span><\/p>\n

\u00a0 (2)<\/strong> \u0158\u00e1dek reprezentuje v\u00fdsledek automatick\u00e9ho p\u0159i\u0159azen\u00ed<\/strong> (Assigned) dvou Short Call 272.50<\/strong>, kter\u00e9 jsou v\u00a0obr\u00e1zku v\u00fd\u0161e zachyceny v\u00a0b\u00edl\u00e9m obd\u00e9ln\u00edku a jsou to vypsan\u00e9 opce, kter\u00e9 byly p\u0159i expiraci \u201ev pen\u011bz\u00edch\u201c a jeho\u017e v\u00fdsledkem je prodej 200x Short akci\u00ed ADBE.<\/strong><\/span><\/p>\n

\u00a0 \u00a0(3)<\/strong> V\u00a0tomto \u0159\u00e1dku je v\u00fdsledek automatick\u00e9ho uplatn\u011bn\u00ed<\/strong> (Autoexercise) jedn\u00e9 Long Call 265<\/strong>, kter\u00e1 je v\u00a0obr\u00e1zku v\u00fd\u0161e zachycena tak\u00e9 v\u00a0b\u00edl\u00e9m obd\u00e9ln\u00edku a je to tak jedin\u00e1 Long opce, kter\u00e9 byla p\u0159i expiraci \u201ev pen\u011bz\u00edch\u201ca jeho\u017e v\u00fdsledkem je n\u00e1kup 100x Long akci\u00ed ADBE.<\/strong><\/span><\/p>\n

\u00a0\u00a0 V\u00fdsledkem n\u00e1kupu celkem 200x Long akci\u00ed ADBE (p\u0159\u00edm\u00fd n\u00e1kup v\u00a0p\u00e1tek a v\u00fdsledek uplatn\u011bn\u00ed Long Call 265) a automatick\u00e9ho p\u0159i\u0159azen\u00ed dvou vypsan\u00fdch Short Call s\u00a0p\u0159\u00edsunem 200x Short akci\u00ed pak m\u011blo za v\u00fdsledek vz\u00e1jemnou kompenzaci t\u011bchto akciov\u00fdch pozic s\u00a0t\u00edm, \u017ee na ticker ADBE ji\u017e mohu zapomenout\u2026.<\/span><\/p>\n

\n

\u00a0\u00a0 Co t\u00edm cht\u011bl b\u00e1sn\u00edk v\u016fbec \u0159\u00edci? Butterfly je opravdu \u201ehezk\u00e1\u201c kombinace a poskytuje dobr\u00e9 obchodn\u00ed p\u0159\u00edle\u017eitosti, je univerz\u00e1ln\u00ed, proto\u017ee se s\u00a0n\u00ed d\u00e1 pracovat na v\u0161emo\u017en\u00fdch podkladov\u00fdch aktivech a jej\u00ed komplexnost nelze p\u0159ehl\u00e9dnout. D\u00edky mo\u017enosti umis\u0165ovat jednotliv\u00e9 pozice na r\u016fzn\u00fdch strike bez ztr\u00e1ty dobr\u00fdch vyhl\u00eddek nebo p\u0159ij\u00edm\u00e1n\u00ed nep\u0159im\u011b\u0159en\u00e9ho rizika je p\u0159edur\u010dena pro ment\u00e1ln\u011b nen\u00e1ro\u010dn\u00e9 p\u0159\u00edstupy k\u00a0obchodov\u00e1n\u00ed, po celou dobu takov\u00fdch postupn\u00fdch obchod\u016f budete toti\u017e t\u011b\u017eit z\u00a0velmi p\u0159\u00edv\u011btiv\u00e9ho pom\u011bru RRR a budete tak m\u00edt mo\u017enost \u010derpat mo\u017enost statistick\u00e9 v\u00fdhody z\u00a0tohoto pom\u011bru vypl\u00fdvaj\u00edc\u00ed. Pokud v\u00a0danou chv\u00edli tu\u0161\u00edte, co ud\u011blat spr\u00e1vn\u011b, je mo\u017en\u00e9 ji velmi skv\u011ble p\u0159izp\u016fsobit sv\u00fdm pot\u0159eb\u00e1m a sv\u00e9mu nastaven\u00ed. V\u00a0\u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b tento konkr\u00e9tn\u00ed obchod neznamen\u00e1, \u017ee v\u0161echny ostatn\u00ed obchody skon\u010d\u00ed tak, \u017ee budu schopen p\u0159ijmou kredit z postupn\u00e9ho tvo\u0159en\u00ed cel\u00fdch Butterflies, mohu si ale u\u017e jen touto postupnou metodou vytvo\u0159it z\u00e1klady pro takovou vynikaj\u00edc\u00ed vyhl\u00eddku, \u017ee by se mi to mohlo poda\u0159it nebo alespo\u0148 upravit mo\u017en\u00e9 n\u00e1klady na velmi n\u00edzkou \u00farove\u0148. Vstup do Butterflies postupn\u00fdm tvo\u0159en\u00edm nam\u00edsto jedn\u00edm obchodn\u00edm p\u0159\u00edkazem je opravdu dobr\u00e1 v\u00fdzva a pokud se pokus\u00edte tyto cesty prozkoumat, v\u017edy si p\u0159i ne\u00fasp\u011bchu (nap\u0159\u00edklad nez\u00edskat kredit) zkuste polo\u017eit ot\u00e1zku, jak\u00e1 by byla cena vstupu \u201ejedn\u00edm vrzem\u201c oproti postupn\u00e9mu vybudov\u00e1n\u00ed cel\u00e9 pozice\u2026.:c)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 \u00a0Pokud by se m\u011b v\u0161echny z\u00e1kladn\u00ed a nejjednodu\u0161\u0161\u00ed op\u010dn\u00ed strategie zeptaly \u201eKter\u00e1 z\u00a0n\u00e1s je nejkr\u00e1sn\u011bj\u0161\u00ed?\u201c, odpov\u011bd\u011bl bych bez mrknut\u00ed oka \u201eButterfly\u201c. Proto\u017ee ale obchodov\u00e1n\u00ed nen\u00ed poh\u00e1dka o Sn\u011bhurce, musel jsem p\u0159esv\u011bd\u010den\u00ed o poutavosti t\u00e9to op\u010dn\u00ed kombinace pravd\u011bpodobn\u011b n\u011bkde z\u00edskat. Kr\u00e1sa a u\u017eite\u010dnost toti\u017e nemus\u00ed j\u00edt ruku v\u00a0ruce, ba naopak, Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":2550,"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_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-2534","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_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2018\/10\/main-2.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-ES","jetpack-related-posts":[{"id":2515,"url":"https:\/\/dobretrejdy.com\/?p=2515","url_meta":{"origin":2534,"position":0},"title":"Butterfly – I.","author":"dobretrejdy :c)","date":"17.10.2018","format":false,"excerpt":"\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\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\/10\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/10\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/10\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/10\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":4354,"url":"https:\/\/dobretrejdy.com\/?p=4354","url_meta":{"origin":2534,"position":1},"title":"Volatilita a cenov\u00fd pohyb \u2013 IV.","author":"dobretrejdy :c)","date":"26.5.2020","format":false,"excerpt":"Aktualizace (ukon\u010den\u00ed) pozice CVX Butterfly k 19.6.2020 (klikni pro p\u0159esun v \u010dl\u00e1nku) \u201eSmoking Gun\u201c v tradingu neexistuje. Tento v\u00fdraz pou\u017eije mazan\u00fd vy\u0161et\u0159ovatel v americk\u00e9 krimin\u00e1lce v p\u0159\u00edpad\u011b, \u017ee kone\u010dn\u011b objevil nezvratn\u00fd a usv\u011bd\u010duj\u00edc\u00ed d\u016fkaz viny p\u0159i sp\u00e1chan\u00ed n\u011bjak\u00e9ho ohavn\u00e9ho trestn\u00e9ho \u010dinu. Trader ale hled\u00e1n\u00edm podobn\u00e9ho p\u0159edm\u011btu jistoty m\u016f\u017ee ztratit velmi\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\/2020\/05\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/05\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/05\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/05\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":2654,"url":"https:\/\/dobretrejdy.com\/?p=2654","url_meta":{"origin":2534,"position":2},"title":"Ratio Spread \u2013 III.","author":"dobretrejdy :c)","date":"4.12.2018","format":false,"excerpt":"\u00a0\u00a0 V\u00a0minul\u00fdch dvou \u010dl\u00e1nc\u00edch jsem se zab\u00fdval existenc\u00ed Ratio Spread\u016f s\u00a0po\u0159\u00edzenou Long opc\u00ed za sou\u010dasn\u00e9ho po\u0159\u00edzen\u00ed dvou Short op\u010dn\u00edch kontrakt\u016f. Tento nestejn\u00fd po\u010det sou\u010dasn\u011b po\u0159\u00edzen\u00fdch opc\u00ed se stejnou expirac\u00ed pak generoval ur\u010dit\u00e9 vlastnosti takov\u00e9 op\u010dn\u00ed kombinace a z\u00a0n\u00ed vypl\u00fdvaj\u00edc\u00ed nutnost jej\u00edmu dokonal\u00e9mu porozum\u011bn\u00ed a ostra\u017eitosti p\u0159i p\u0159\u00edpadn\u00e9m obchodov\u00e1n\u00ed. Tyto n\u00e1strahy\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-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":5223,"url":"https:\/\/dobretrejdy.com\/?p=5223","url_meta":{"origin":2534,"position":3},"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":5545,"url":"https:\/\/dobretrejdy.com\/?p=5545","url_meta":{"origin":2534,"position":4},"title":"Delta Neutral \u2013 XIV.","author":"dobretrejdy :c)","date":"14.8.2021","format":false,"excerpt":"\u00a0\u00a0 Aplikovat principy Delta Neutrality lze v mnoha obchodn\u00edch situac\u00edch, m\u016f\u017ee b\u00fdt zaj\u00edmav\u00e9 je v\u00edce prozkoumat a porovnat, jak by se tento obchodn\u00ed p\u0159\u00edstup mohl nap\u0159\u00edklad zapojit do obchodov\u00e1n\u00ed n\u011bjak\u00e9 klasick\u00e9 a zaveden\u00e9 op\u010dn\u00ed strategie. Abych mohl tento princip prozkoumat s n\u011bjakou \u010dasovou efektivitou a alespo\u0148 na orienta\u010dn\u00ed b\u00e1zi mo\u017en\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\/08\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/08\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/08\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/08\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":3810,"url":"https:\/\/dobretrejdy.com\/?p=3810","url_meta":{"origin":2534,"position":5},"title":"Delta Neutral \u2013 XI.","author":"dobretrejdy :c)","date":"27.10.2019","format":false,"excerpt":"\u00a0\u00a0 Pozn\u00e1n\u00ed princip\u016f Delta Neutral obchodov\u00e1n\u00ed ve v\u0161ech nuanc\u00edch nen\u00ed jednoduch\u00e9, p\u0159esto\u017ee se to tak m\u016f\u017ee na prvn\u00ed pohled zd\u00e1t. 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