{"id":2590,"date":"2018-11-17T10:35:59","date_gmt":"2018-11-17T08:35:59","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=2590"},"modified":"2022-09-18T08:23:15","modified_gmt":"2022-09-18T06:23:15","slug":"ratio-spread-ii","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=2590","title":{"rendered":"Ratio Spread \u2013 II."},"content":{"rendered":"

\u00a0 V\u00a0minul\u00e9m \u010dl\u00e1nku<\/a><\/span><\/strong>\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<\/strong>. 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, jak se zachovat za situace, kdy se takto po\u0159\u00edzen\u00e1 kombinace nechov\u00e1 tak, jak jsem si p\u0159edstavoval, ale tato pozice p\u016fjde proti m\u011b s\u00a0\u00famyslem u\u0161t\u011bd\u0159it mi po\u0159\u00e1dn\u00fd \u201ez\u00e1\u0159ez\u201c do m\u00e9ho obchodn\u00edho \u00fa\u010dtu.<\/span><\/p>\n

\u00a0\u00a0 V\u00a0minul\u00e9m \u010dl\u00e1nku jsem pouk\u00e1zal na to, \u017ee pro dobr\u00fd vstup do obchodu s\u00a0nestejn\u00fdm pom\u011brem vypsan\u00fdch a nakoupen\u00fdch opc\u00ed je dobr\u00e9 vyhledat takov\u00e9 podklady, kter\u00e9 jsou moment\u00e1ln\u011b volatiln\u011bj\u0161\u00ed, proto\u017ee ceny op\u010dn\u00edch kontrakt\u016f jsou vy\u0161\u0161\u00ed. Vysok\u00e9 ceny op\u010dn\u00edch kontrakt\u016f znamenaj\u00ed, \u017ee se mi do obchodu poda\u0159\u00ed vstoupit na strike, kter\u00e9 budou dostate\u010dn\u011b vzd\u00e1len\u00e9 a vytvo\u0159\u00ed tak dostate\u010dn\u00fd pol\u0161t\u00e1\u0159 proti ne\u017e\u00e1douc\u00edmu pohybu proti t\u00e9to spreadov\u00e9 kombinaci. Ta je toti\u017e tvo\u0159ena ze spreadov\u00e9 pozice, kter\u00e1 p\u0159i pohybu ve sm\u011bru k\u00a0m\u00fdm strike nejd\u0159\u00edve vytv\u00e1\u0159\u00ed profit, aby p\u0159i pokra\u010duj\u00edc\u00edm pohybu nad strike vypsan\u00fdch opc\u00ed z\u00a0tohoto profitu bylo ub\u00edr\u00e1no zvy\u0161uj\u00edc\u00ed se cenou nekryt\u00e9ho Short op\u010dn\u00edho kontraktu, kter\u00fd vytv\u00e1\u0159\u00ed Ratio a kter\u00fd budu nucen \u201en\u011bjak\u00fdm zp\u016fsobem\u201c likvidovat nebo o\u0161et\u0159it, proto je dobr\u00e9 um\u00edstit vypsan\u00e9 op\u010dn\u00ed kontrakty na strike v\u00a0co nejv\u011bt\u0161\u00ed vzd\u00e1lenosti, aby \u0161\u00ed\u0159ka spreadu, kter\u00fd vyd\u011bl\u00e1v\u00e1, poskytovala dostate\u010dnou obranu proti nep\u0159\u00edjemn\u00e9mu p\u0159\u00edpadn\u00e9mu zdra\u017eov\u00e1n\u00ed nekryt\u00e9 vypsan\u00e9 opce.<\/span><\/p>\n

\u00a0\u00a0 Ve sv\u011btle t\u011bchto z\u00e1sad pak mohu p\u0159em\u00fd\u0161let, jak\u00fdm zp\u016fsobem do t\u00e9to kombinace vstoupit, proto\u017ee po\u017eadavky kladen\u00e9 na Ratio Spread m\u016f\u017eou ve mn\u011b vzbuzovat nejr\u016fzn\u011bj\u0161\u00ed p\u0159edstavy o jeho konstrukci. Z\u00e1kladn\u00ed dilema by pak mohlo vyplynout z\u00a0doby, po kterou budu cht\u00edt takovou kombinaci dr\u017eet, proto\u017ee je jist\u00e9, \u017ee krom\u011b Implied Volatility, tvo\u0159\u00ed z\u00e1sadn\u00ed slo\u017eku ceny op\u010dn\u00edho kontraktu tak\u00e9 \u010das, kter\u00fd zb\u00fdv\u00e1 do expirace. \u010c\u00edm je expirace vzd\u00e1len\u011bj\u0161\u00ed, t\u00edm jsou opce dra\u017e\u0161\u00ed a zcela jist\u011b mohu um\u00edstit sv\u00e9 vypsan\u00e9 opce na zna\u010dn\u011b vzd\u00e1len\u011bj\u0161\u00edch strike, bohu\u017eel s\u00a0touto \u00favahou je tak\u00e9 spojena pravd\u011bpodobnost v\u011bt\u0161\u00edho pohybu podkladov\u00e9ho aktiva proti m\u00e9mu Ratio Spreadu, tak\u017ee cel\u00e9 \u0159e\u0161en\u00ed pak spo\u010d\u00edv\u00e1 ve schopnosti celou pozici n\u011bjak\u00fdm p\u0159im\u011b\u0159en\u00fdm zp\u016fsobem \u0159\u00eddit. V\u00a0obecn\u00e9m pohledu se nezd\u00e1 b\u00fdt favoritem \u017e\u00e1dn\u00e1 z\u00a0variant, tedy v\u00fdhoda vypl\u00fdvaj\u00edc\u00ed z\u00a0d\u00e9lky dr\u017een\u00ed op\u010dn\u00edch kombinac\u00ed s\u00a0vy\u0161\u0161\u00edm po\u010dtem vypsan\u00fdch ne\u017e nakoupen\u00fdch opc\u00ed.<\/span><\/p>\n

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Kr\u00e1tkodob\u00fd Ratio Spread 1:2<\/span><\/strong><\/h1>\n

\u00a0\u00a0 23.3.2018 bylo mo\u017en\u00e9 zaznamenat na akcii AAPL<\/strong> vy\u0161\u0161\u00ed hodnotu Implied Volatility<\/strong> zp\u016fsobenou p\u00e1dem jej\u00ed ceny.<\/span><\/p>\n

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\u00a0\u00a0 N\u00e1r\u016fst jej\u00ed hodnoty nebyl zp\u016fsoben fundament\u00e1ln\u00ed zpr\u00e1vou typu \u201eo\u010dek\u00e1van\u00e9 vyhl\u00e1\u0161en\u00ed hospod\u00e1\u0159sk\u00fdch v\u00fdsledk\u016f\u201c (tento term\u00edn je t\u00e9m\u011b\u0159 uprost\u0159ed obdob\u00ed mezi dv\u011bma vyhl\u00e1\u0161en\u00edmi Earnings), ale byl zp\u016fsoben pravd\u011bpodobn\u011b celkov\u00fdm sentimentem na trhu technologick\u00fdch titul\u016f. Toto zji\u0161t\u011bn\u00ed je d\u016fle\u017eit\u00e9 pro pohled na op\u010dn\u00ed \u0159et\u011bzec, proto\u017ee obdob\u00ed p\u00e1d\u016f ceny akciov\u00fdch titul\u016f, kter\u00e9 je spojeno s\u00a0r\u016fstem Implied Volatility zejm\u00e9na znamen\u00e1, \u017ee budou vy\u0161\u0161\u00ed Pr\u00e9mia a ceny opc\u00ed na Put stran\u011b op\u010dn\u00edho \u0159et\u011bzce ne\u017e na stran\u011b Call, co\u017e je patrn\u00e9 z\u00a0obr\u00e1zku analytick\u00e9 platformy thinkorswim pro tento den s\u00a0vyzna\u010den\u00fdmi opcemi, kter\u00e9 by tvo\u0159ily Ratio Spread 1:2<\/span><\/p>\n

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\u00a0\u00a0 Za pov\u0161imnut\u00ed stoj\u00ed \u00fadaj z\u00a0obr\u00e1zku v\u00a0hn\u011bd\u00e9m obd\u00e9ln\u00edku, vyzna\u010duj\u00edc\u00ed hodnotu Implied Volatility zobrazenou v\u00a0t\u00e9to platform\u011b (35.45%) a hodnotou Implied Volatility z\u00a0ro\u010dn\u00edho grafu zobrazovan\u00e9ho platformou TWS v\u00fd\u0161e (27.30%). Rozd\u00edl pak p\u0159edstavuje diferenci zp\u016fsobenou jinou strukturou v\u00fdpo\u010dtu jej\u00ed hodnoty ka\u017ed\u00fdm z t\u011bchto broker\u016f. V\u00a0tento den (p\u00e1tek) jsem se p\u0159i cen\u011b akcie AAPL na \u00farovni 164.94 USD rozhodl vytvo\u0159it Ratio Spread<\/strong> s\u00a0op\u010dn\u00edmi kontrakty s\u00a0expirac\u00ed za \u0161est kalend\u00e1\u0159n\u00edch dn\u016f<\/strong>, kdy\u017e dva z\u00a0t\u011bchto kalend\u00e1\u0159n\u00edch dn\u016f p\u0159edstavuje sobota a ned\u011ble a cel\u00fd t\u00fdden je nav\u00edc zkr\u00e1cen zav\u0159en\u00edm burzy p\u0159\u00ed\u0161t\u00ed p\u00e1tek 30.3.2018, expirace tak nastane ve \u010dtvrtek n\u00e1sleduj\u00edc\u00edho t\u00fddne, kdy budu v\u00a0p\u0159edpokl\u00e1dan\u00e9m obchodu pouze \u010dty\u0159i obchodn\u00ed dny.<\/span><\/p>\n

\u00a0\u00a0 Z\u00a0obr\u00e1zku je patrn\u00e9, \u017ee jsem necht\u011bl ponechat nic n\u00e1hod\u011b a po\u0159\u00eddil jsem Ratio Spready 1:2<\/strong> na obou stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce, tedy na Call i Put stran\u011b. M\u00e1m k\u00a0tomu t\u0159i dobr\u00e9 d\u016fvody<\/strong>. Za prv\u00e9 nev\u00edm, kam cena m\u016f\u017ee zam\u00ed\u0159it<\/strong>, jestli bude d\u00e1le klesat nebo se kone\u010dn\u011b zotav\u00ed, proto bych cht\u011bl participovat na jak\u00e9mkoliv m\u00edrn\u00e9m pohybu bez ohledu na jeho sm\u011br. Za druh\u00e9, proto\u017ee je mi p\u0159i vytvo\u0159en\u00ed Ratio Spreadu 1:2 blokov\u00e1n margin pro nekrytou vypsanou opci, mohu si dovolit v\u00a0r\u00e1mci t\u00e9to blokace otev\u0159\u00edt stejn\u00fd Ratio Spread tak\u00e9 na opa\u010dn\u00e9 stran\u011b op\u010dn\u00edho \u0159et\u011bzce, marginov\u00fd po\u017eadavek se nezm\u011bn\u00ed<\/strong>. Za t\u0159et\u00ed, vzhledem k\u00a0tomu, \u017ee m\u00fdm p\u016fvodn\u00edm z\u00e1m\u011brem bylo po\u0159\u00eddit Ratio Spread na Call stran\u011b, tak s\u00a0odkazem na vy\u0161\u0161\u00ed volatilitu a p\u0159edchoz\u00ed p\u00e1d ceny akcie AAPL bude patrn\u011b na Put stran\u011b vy\u0161\u0161\u00ed cena op\u010dn\u00edch kontrakt\u016f, tak\u017ee by byla \u0161koda tuto p\u0159\u00edle\u017eitost nevyu\u017e\u00edt<\/strong>, proto\u017ee na t\u00e9to stran\u011b bude jeho tvorba d\u00edky vy\u0161\u0161\u00edm cen\u00e1m komfortn\u011bj\u0161\u00ed. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 Z\u00a0obr\u00e1zku je tedy patrn\u00e9, \u017ee jsem vytvo\u0159il Call Ratio Spread +165\/-167.50\/-170<\/strong>, na kter\u00fd jsem vynalo\u017eil (-282 USD + 159 USD +87 USD) -36 USD<\/strong>, tento jsem tak po\u0159\u00eddil za debet. Na Put stran\u011b jsem vytvo\u0159il Put Ratio Spread +165\/-162.50\/-160.50<\/strong> a za jeho po\u0159\u00edzen\u00ed jsem inkasoval (-278 USD +173 USD +115 USD) kredit +10 USD<\/strong>. Je tak potvrzeno, \u017ee stejn\u011b symetrick\u00e1 kombinace p\u0159in\u00e1\u0161\u00ed v\u00edce Pr\u00e9mia na Put stran\u011b. Celkov\u011b m\u011b tak st\u00e1lo vytvo\u0159en\u00ed t\u00e9to slo\u017eeniny dvou Ratio Spread\u016f –26 USD<\/strong>. Co mohu od t\u00e9to kombinace o\u010dek\u00e1vat a jak\u00e9 m\u00e1 vlastn\u011b parametry?<\/span><\/p>\n

\u00a0 1\/<\/strong> Strike<\/strong> nakoupen\u00fdch opc\u00ed Long<\/strong> Call i Long Put jsou stejn\u00e9<\/strong>, znamen\u00e1 to, \u017ee budu participovat na jak\u00e9mkoliv pohybu.<\/span><\/p>\n

\u00a0 \u00a02\/<\/strong> Strike<\/strong> vypsan\u00fdch opc\u00ed jsou na nestejn\u00fdch strike na obou stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce a nejbli\u017e\u0161\u00ed vypsan\u00e9 opce jsou od Long opc\u00ed stejn\u011b vzd\u00e1leny, a to ve vzd\u00e1lenosti 2.5 bodu. Znamen\u00e1 to, \u017ee oba spready, Call Bull Spread +165\/-167.50 a Put Bear Spread +165\/-162.50 maj\u00ed maxim\u00e1ln\u00ed potenci\u00e1l profitu<\/strong> ve v\u00fd\u0161i dolarov\u00e9ho rozsahu strike, tedy +250 USD<\/strong>, od kter\u00e9ho je nutno ode\u010d\u00edst po\u0159izovac\u00ed n\u00e1klady ve v\u00fd\u0161i -26 USD. Pokud bude p\u0159i expiraci za \u0161est dn\u016f n\u011bkter\u00fd z nich v\u00a0pen\u011bz\u00edch, budu na n\u011bm profitovat (250 USD -26 USD) = +224 USD<\/strong>.<\/span><\/p>\n

\u00a0 \u00a03\/<\/strong> D\u00edky n\u00e1klad\u016fm ve v\u00fd\u0161i -26 USD bude zapot\u0159eb\u00ed, aby pohyb ceny zp\u016fsobil, \u017ee alespo\u0148 na tento n\u00e1klad vyd\u011bl\u00e1m, toto se stane v\u00a0p\u0159\u00edpad\u011b, \u017ee cena Long Call nebo Long Put bude m\u00edt p\u0159i expiraci pr\u00e1v\u011b nejm\u00e9n\u011b tuto hodnotu. Toto se p\u0159ihod\u00ed v\u00a0p\u0159\u00edpad\u011b, \u017ee cena bude o +26 USD nad strike Long Call 165 opce, tedy v\u00a0p\u0159\u00edpad\u011b, \u017ee cena akcie AAPL bude na hodnot\u011b 165.26 USD nebo v p\u0159\u00edpad\u011b, \u017ee cena bude o -26 USD pod strike Long Put 165 opce, tedy v\u00a0p\u0159\u00edpad\u011b, \u017ee cena akcie AAPL bude na hodnot\u011b 164.74 USD. Ceny 165.26 USD<\/strong> a 164.74 USD<\/strong> tak tvo\u0159\u00ed „vnit\u0159n\u00ed“ BreakEven<\/strong> body<\/strong> m\u00fdch obou Ratio Spread\u016f. Pokud p\u0159i expiraci cena z\u016fstane v\u00a0tomto \u201ep\u016fldolarov\u00e9m p\u00e1smu\u201c, bude to pro m\u011b p\u0159edstavovat n\u011bjakou ztr\u00e1tu, nejv\u00fd\u0161e v\u0161ak -26 USD \u00a0<\/span><\/p>\n

\u00a0 \u00a04\/<\/strong> Bude zapot\u0159eb\u00ed sledovat, jestli pohyb ceny zp\u016fsob\u00ed, \u017ee se opravdu bude nach\u00e1zet nad\/pod Break Even body z\u00a0odstavce v\u00fd\u0161e a jestli se nestane, \u017ee i n\u011bkter\u00fd ze spread\u016f (Call Bull Spread +165\/-167.50 a Put Bear Spread +165\/-162.50) nevytvo\u0159\u00ed maxim\u00e1ln\u00ed profit +224 USD<\/strong>. Toto se stane v\u00a0p\u0159\u00edpad\u011b, \u017ee cena bude nad<\/strong> hodnotou strike Short Call 167.50<\/strong>, ale sou\u010dasn\u011b pod<\/strong> hodnotou druh\u00e9 vypsan\u00e9 opce Short Call 170<\/strong>. Stejn\u011b tak na Put stran\u011b se toto stane v\u00a0p\u0159\u00edpad\u011b, \u017ee cena bude pod<\/strong> hodnotou strike Short Put 162.50<\/strong>, ale sou\u010dasn\u011b nad<\/strong> hodnotou druh\u00e9 vypsan\u00e9 opce Short Put 160<\/strong>. Rozsah 160 USD \u2013 170 USD je tak p\u00e1smo, ve kter\u00e9m se m\u016f\u017ee cena pohybovat a mohu pom\u00fd\u0161let na maxim\u00e1ln\u00ed profit +224 USD. P\u0159i aktu\u00e1ln\u00ed cen\u011b 164.94 USD to znamen\u00e1, \u017ee pom\u00fd\u0161let na takov\u00fd profit mohu p\u0159i poklesu do -2.99% a p\u0159i n\u00e1r\u016fstu o +3.1% za \u010dty\u0159i obchodn\u00ed dny.<\/span><\/p>\n

\u00a0 \u00a05\/<\/strong> Pokud se cena utrhne a bude to vypadat, \u017ee se j\u00ed toto p\u00e1smo 160 USD \u2013 170 USD (-2.99% – +3.1%) bude zd\u00e1t t\u011bsn\u00e9, bude to znamenat, \u017ee z\u00a0maxim\u00e1ln\u00edho profitu +224 USD bude ukrajov\u00e1no na n\u00e1klady, kter\u00e9 budu muset vynalo\u017eit, abych zlikvidoval druhou vypsanou opci (bu\u010f Short Call 170 p\u0159i n\u00e1r\u016fstu nebo Short Put 160 p\u0159i poklesu). Ztr\u00e1tu v\u0161ech vyd\u011blan\u00fdch +224 USD pak utrp\u00edm, pokud se bude cena nach\u00e1zet na \u00farovni strike Short Call 170 + 224 USD = 172.24 USD nebo na \u00farovni strike Short Put 160 -224 USD = 157.76 USD. Hodnoty 157.75 USD<\/strong> a 172.24 USD<\/strong> jsou pak „vn\u011bj\u0161\u00ed“ BreakEven body<\/strong> m\u00fdch obou Ratio Spread\u016f. P\u0159i sou\u010dasn\u00e9 cen\u011b 164.94 USD to pak znamen\u00e1, \u017ee abych na cel\u00e9 pozici nic neztratil, tak se cena mus\u00ed pohybovat v\u00a0p\u00e1smu 157.76 USD \u2013 172.24 USD<\/strong>, vyj\u00e1d\u0159eno absolutn\u011b to pak znamen\u00e1 mo\u017enost poklesu do -7.18 USD nebo n\u00e1r\u016fstu o +7.30 USD, v\u00a0procentn\u00edm vyj\u00e1d\u0159en\u00ed je pak toto p\u00e1smo profitu definov\u00e1no rozsahem\u00a0-4.35% <\/strong>a\u017e +4.42%<\/strong> za n\u00e1sleduj\u00edc\u00ed \u010dty\u0159i obchodn\u00ed dny.<\/span><\/p>\n

\u00a0 V\u00a0jednoduch\u00e9m shrnut\u00ed pak p\u0159i cen\u011b akcie AAPL na \u00farovni 164.94 USD budu po\u010d\u00edtat s\u00a0t\u00edm, \u017ee nastane \u201en\u011bjak\u00fd pohyb\u201c, n\u00e1r\u016fst pak nesm\u00ed p\u0159ekro\u010dit hodnotu 172.24 USD a pokles nesm\u00ed b\u00fdt v\u011bt\u0161\u00ed ne\u017e pod 157.76 USD.<\/span><\/p>\n

\u00a0 Jak nakonec u expirace za \u010dty\u0159i kalend\u00e1\u0159n\u00ed dny cel\u00fd obchod s\u00a0Ratio Spready na akcii AAPL dopadl je patrn\u00e9 z\u00a0n\u00ed\u017ee uveden\u00e9ho obr\u00e1zku<\/span><\/p>\n

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\u00a0\u00a0 Cena p\u0159i p\u00e1te\u010dn\u00edm expira\u010dn\u00edm Close zakon\u010dila na hodnot\u011b 167.78 USD, co\u017e bych mohl nazvat obchodn\u00edm ide\u00e1lem. Put Ratio Spread vypr\u0161el cel\u00fd jako bezcenn\u00fd. Call Ratio Spread skon\u010dil \u201ev pen\u011bz\u00edch\u201c s\u00a0opcemi Long Call na strike 165 a Short Call na strike 167.50. Tento Call Bull Spread +165\/-167.50<\/strong> tak zaznamenal maxim\u00e1ln\u00ed mo\u017en\u00fd profit +224 USD<\/strong>, kdy\u017e druh\u00e1 vypsan\u00e1 Short Call 170 vypr\u0161ela jako bezcenn\u00e1.<\/span><\/p>\n

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Dlouhodob\u00fd Ratio Spread 1:2<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Ve stejn\u00e9m duchu mohu tak\u00e9 uva\u017eovat dlouhodob\u011bji a vyzkou\u0161et obchodovat stejn\u00fdm zp\u016fsobem Ratio Spread 1:2 nap\u0159\u00edklad s\u00a0m\u011bs\u00ed\u010dn\u00edm horizontem. V\u00a0dal\u0161\u00edm p\u0159\u00edkladu mohu pozorovat, \u017ee za\u010d\u00e1tek dubna zastihl jinak poklidnou akcii DIS<\/strong> ve stavu zv\u00fd\u0161en\u00e9 volatility, tuto bych mohl odez\u00edrat op\u011bt na grafu Implied Volatility<\/strong> z\u00a0obchodn\u00ed platformy TWS<\/span><\/p>\n

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\u00a0 Zv\u00fd\u0161en\u00e1 volatilita zp\u016fsobila zv\u00fd\u0161en\u00ed cen op\u010dn\u00edch kontrakt\u016f, proto bylo mo\u017en\u00e9 dne 2.4.2018 p\u0159i cen\u011b akcie DIS vypozorovat jejich hodnoty v\u00a0op\u010dn\u00ed \u0159et\u011bzci s expirac\u00ed za 32 kalend\u00e1\u0159n\u00edch dn\u016f<\/strong> jako na obr\u00e1zku.<\/span><\/p>\n

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\u00a0\u00a0 Opce s\u00a0m\u011bs\u00ed\u010dn\u00ed expirac\u00ed dovolovaly vytvo\u0159it na obou stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce Ratio Spread 1:2<\/strong>, a to za t\u011bchto cenov\u00fdch podm\u00ednek. Call Ratio Spread +98.50\/-101\/-102<\/strong> bych po\u0159\u00eddil za kredit +16 USD<\/strong> a Put Ratio Spread +98\/50\/-96\/-95.50<\/strong> bych po\u0159\u00eddil tak\u00e9 za kredit +47 USD<\/strong>. Celkov\u011b bych za takto po\u0159\u00edzenou konstrukci \u0161esti op\u010dn\u00edch kontrakt\u016f utr\u017eil kredit ve v\u00fd\u0161i +63 USD. Co takov\u00e1 konstelace znamen\u00e1?<\/span><\/p>\n

\u00a0 \u00a01\/<\/strong> Proto\u017ee jsou ob\u011b Long<\/strong> opce na stejn\u00e9m strike<\/strong> (98.50) a m\u00e1m po\u0159\u00edzeno za kredit +63 USD, znamen\u00e1 to, \u017ee neexistuj\u00ed<\/strong> \u017e\u00e1dn\u00e9 „vnit\u0159n\u00ed“\u00a0BreakEven body<\/strong> t\u00e9to konstrukce, opce se jednodu\u0161e nemus\u00ed \u201epohnout n\u011bkam\u201c, aby vyd\u011blaly alespo\u0148 na po\u0159izovac\u00ed hodnotu obou Ratio Spread\u016f.<\/span><\/p>\n

\u00a0 \u00a02\/<\/strong> Pokud pohyb nemus\u00ed vyd\u011blat na po\u0159izovac\u00ed cenu, zb\u00fdv\u00e1 jedin\u00e1 starost, aby cena sv\u00fdm pohybem nep\u0159ekonala<\/strong> „vn\u011bj\u0161\u00ed“ BreakEven body<\/strong> a m\u00e1m zcela jist\u011b vyd\u011bl\u00e1no.<\/span><\/p>\n

\u00a0 \u00a03\/<\/strong> Proto\u017ee vzd\u00e1lenost Long opc\u00ed od nejbl\u00ed\u017ee vypsan\u00fdch Short opc\u00ed je 2.5 bodu, znamen\u00e1 to, \u017ee pokud se cena dostane mimo tyto strike, tak n\u011bkter\u00fd ze spread\u016f (Call Bull Spread +98.50\/-101 nebo Put Bear Spread +98.50\/-96) bude p\u0159in\u00e1\u0161et profit +250 USD<\/strong>, spolu p\u0159ijat\u00fdm kreditem ve v\u00fd\u0161i +63 USD to bude znamenat, \u017ee \u010d\u00e1stka ve v\u00fd\u0161i (+250 USD +63 USD) +313 USD<\/strong> by mohla b\u00fdt maxim\u00e1ln\u00edm profitem<\/strong>, pokud by cena akcie DIS p\u0159i expiraci nebyla zcela mimo v\u0161echny strike n\u011bkter\u00e9ho z\u00a0m\u00fdch Ratio Spread\u016f, tedy nad<\/strong> hodnotou 102 USD<\/strong> nebo pod<\/strong> hodnotou 95.50 USD<\/strong>. Toto jsou strike m\u00fdch vzd\u00e1len\u011bji vypsan\u00fdch Short opc\u00ed a tyto bych musel p\u0159ed touto expirac\u00ed likvidovat. Na tuto likvidaci mohu pou\u017e\u00edt maxim\u00e1ln\u011b +313 m\u00fdch teoreticky vyd\u011blan\u00fdch dolar\u016f, abych se cel\u00e9ho obchodu zhostil bez profitu a ztr\u00e1ty. Tato skute\u010dnost reprezentuje situaci, kdy se cena p\u0159i expiraci bude nach\u00e1zet p\u0159esn\u011b na hodnot\u011b (102 USD +3.13) 105.13 USD nebo p\u0159esn\u011b na hodnot\u011b (95.50 USD \u2013 3.13) 92.37 USD. Hodnoty 92.37 USD<\/strong> a 105.13 USD<\/strong> jsou BreakEven body<\/strong> m\u00e9 pozice a p\u0159i cen\u011b DIS na \u00farovni 98.66 USD p\u0159edstavuj\u00ed m\u011bs\u00ed\u010dn\u00ed pohyb sm\u011brem dol\u016f o -6.29 USD (-6.37%)<\/strong> nebo pohyb sm\u011brem nahoru o +6.47 USD (+6.55%)<\/strong>.<\/span><\/p>\n

\u00a0 Jak cel\u00fd obchod dopadl je patrn\u00e9 na obr\u00e1zku reprezentuj\u00edc\u00edho situaci p\u0159i expiraci 4.5.2018<\/span><\/p>\n

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\u00a0\u00a0 Akcie DIS zaznamenala uptrend, aby p\u0159i p\u00e1te\u010dn\u00edm expira\u010dn\u00edm Close zakon\u010dila na hodnot\u011b 101.15 USD<\/strong>. Znamen\u00e1 to, \u017ee neprorazila ani jeden z\u00a0BreakEven bod\u016f a nechala vyd\u011blat Call Bull Spread +98.50\/-101, tvo\u0159\u00edc\u00ed m\u016fj Call Ratio Spread, maxim\u00e1ln\u00ed profit +250 USD, spole\u010dn\u011b s\u00a0p\u0159ijat\u00fdm kreditem ve v\u00fd\u0161i +63 USD jsem tak mohl zaznamenat celkov\u00fd profit +313 USD<\/strong><\/span>. Zbyl\u00e1 Short Call 102 a opce cel\u00e9ho Put Ratio Spreadu +98\/50\/-96\/-95.50 vypr\u0161ely jako bezcenn\u00e9.<\/span><\/p>\n

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Co kdy\u017e…\u00a0<\/strong> \u00a0<\/span><\/h1>\n

\u00a0 \u00a0Vytvo\u0159it uk\u00e1zku obchodu, kter\u00fd byl \u00fasp\u011b\u0161n\u00fd by mohlo navodit dojem, \u017ee obchodov\u00e1n\u00ed Ratio Spread\u016f je velmi jednoduch\u00e1 z\u00e1le\u017eitost a nem\u016f\u017ee se nic v\u00e1\u017en\u00e9ho p\u0159ihodit, pokud si vyberu ty spr\u00e1vn\u00e9 kandid\u00e1ty. Nen\u00ed to v\u00a0\u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b pravda, proto\u017ee nepochopen\u00ed mechanizmu fungov\u00e1n\u00ed a neschopnost poznat p\u0159esn\u00e9 hranice profitability t\u00e9to op\u010dn\u00ed konstrukce m\u016f\u017ee b\u00fdt p\u0159i neobvykl\u00fdch tr\u017en\u00edch pohybech zcela fat\u00e1ln\u00ed neznalost, kter\u00e1 m\u016f\u017ee zp\u016fsobit nezku\u0161en\u00e9mu obchodn\u00edkovi zna\u010dn\u00e9 ztr\u00e1ty. Mus\u00edm si tedy, v\u017edy p\u0159i vstupu do takov\u00e9ho typu obchodu, p\u0159esn\u011b uv\u011bdomovat a vypo\u010d\u00edtat, kde jsou p\u0159esn\u011b jeho BreakEven body a tak\u00e9 to, jak se mus\u00edm v\u00a0dan\u00e9 chv\u00edli zachovat, abych neutrp\u011bl v\u00e1\u017en\u00e9 ztr\u00e1ty.<\/span><\/p>\n

\u00a0\u00a0 Pro dobr\u00e9 pochopen\u00ed logiky a zp\u016fsobu, jak\u00fdm by bylo mo\u017en\u00e9 postupovat p\u0159i obchodu, kter\u00fd se n\u011bjak\u00fdm zp\u016fsobem vyv\u00edjel, by mohl poslou\u017eit jednoduch\u00fd p\u0159\u00edklad. Na akcii GS<\/strong> jsem dne 23.3.2018 p\u0159i jej\u00ed aktu\u00e1ln\u00ed cen\u011b 245.26 USD usoudil, \u017ee se budu cht\u00edt \u00fa\u010dastnit t\u0159\u00edt\u00fddenn\u00ed spekulace na pohyb t\u00e9to akcie, ale nev\u00edm, kter\u00fdm sm\u011brem se tento pohyb bude uskute\u010d\u0148ovat. K\u00a0t\u00e9to spekulaci jsem si tedy vyty\u010dil t\u0159\u00edt\u00fddenn\u00ed horizont, a proto jsem se zam\u011b\u0159il na op\u010dn\u00ed \u0159et\u011bzec s\u00a0expirac\u00ed za 21 kalend\u00e1\u0159n\u00edch dn\u016f<\/strong>, kter\u00e1 t\u00e9to d\u00e9lce odpov\u00edd\u00e1.<\/span><\/p>\n

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\u00a0\u00a0 Vytvo\u0159il jsem tedy na obou stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce Ratio Spready 1:2, proto\u017ee opravdu nev\u00edm, kudy se cena GS v\u00a0t\u0159\u00edt\u00fddenn\u00edm horizontu vyd\u00e1. Call Ratio Spread +245\/-252.50\/-252.50<\/strong> jsem po\u0159\u00eddil za celkov\u00fd kredit +40 USD<\/strong>. Ob\u011b vypsan\u00e9 Short Call opce jsou na stejn\u00e9m strike. Put Ratio Spread +245\/-235\/-235<\/strong> jsem po\u0159\u00eddil za debet -15 USD<\/strong>. Ob\u011b vypsan\u00e9 Short Put opce jsou na stejn\u00e9m strike. Celkov\u011b jsem za tuto op\u010dn\u00ed kombinaci na obou stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce p\u0159ijal kredit +25 USD. Proto\u017ee jsem nemusel pen\u00edze za po\u0159\u00edzen\u00ed vydat, nemus\u00edm se zab\u00fdvat my\u0161lenkou, kam se mus\u00ed cena pohnout, aby vyd\u011blala alespo\u0148 na n\u00e1klady na v\u0161echny opce, proto\u017ee jsem za jejich po\u0159\u00edzen\u00ed je\u0161t\u011b dostal zaplaceno +25 USD. Znamen\u00e1 to, \u017ee pozice nem\u00e1<\/strong> \u201evnit\u0159n\u00ed\u201c BreakEven body, ale to, co m\u011b bude ohro\u017eovat<\/strong>, bude cenov\u00fd pohyb za<\/strong> m\u00e9 \u201evn\u011bj\u0161\u00ed\u201c BreakEven body<\/strong>. Pokud bude cena p\u0159i expiraci v\u00a0p\u00e1smu mezi t\u011bmito \u201evn\u011bj\u0161\u00edmi\u201c BreakEven body, v\u017edy na kombinaci vyd\u011bl\u00e1m nejm\u00e9n\u011b +25 USD, a toto se p\u0159ihod\u00ed v\u00a0kuri\u00f3zn\u00edm p\u0159\u00edpad\u011b, kdyby cena p\u0159i expiraci z\u016fstala p\u0159esn\u011b na strike m\u00fdch Long opc\u00ed, tedy na hodnot\u011b 245 USD.<\/span><\/p>\n

\u00a0 Cena se v\u0161ak ur\u010dit\u011b bude pohybovat a bude tedy nutn\u00e9 pozici \u0159\u00eddit, abych neutrp\u011bl ztr\u00e1tu, kdyby do\u0161lo k\u00a0velk\u00e9mu pohybu v\u00a0n\u011bkter\u00e9m ze sm\u011br\u016f a cena \u201eza\u00fato\u010dila\u201c na m\u00e9 BreakEven body.<\/span><\/p>\n

Vytv\u00e1\u0159\u00edm Butterfly<\/strong><\/span><\/h1>\n

\u00a0\u00a0 V\u00a0\u010dl\u00e1nc\u00edch Butterfly \u2013 I.<\/a><\/strong><\/span> \u00a0a Butterfly \u2013 II.<\/strong><\/span><\/a> \u00a0jsem popisoval, \u017ee jejich po\u0159\u00edzen\u00ed znamen\u00e1 m\u00edt omezenou ztr\u00e1tu<\/strong> za cenu omezen\u00e9 mo\u017enosti profitu<\/strong>, co\u017e m\u016f\u017ee b\u00fdt, p\u0159i vytvo\u0159en\u00ed dobr\u00e9 pozice (nap\u0159\u00edklad jej\u00edm postupn\u00fdm sestaven\u00edm), zna\u010dn\u011b komfortn\u00ed obchodn\u00ed situace. Na obr\u00e1zku se vstupn\u00ed po\u0159izovac\u00ed konstelac\u00ed v\u00fd\u0161e jsem nazna\u010dil tenk\u00fdmi modr\u00fdmi krou\u017eky na obou stran\u00e1ch Call i Put mo\u017enosti, kde by bylo vhodn\u00e9 m\u00edt Long op\u010dn\u00ed kontrakty<\/strong>, abych sv\u016fj Ratio Spread transformoval<\/strong> pr\u00e1v\u011b do Butterfly<\/strong>. Tyto hypoteticky mo\u017en\u00e9 Butterflies by byly symetrick\u00fdmi pozicemi (strike Put a Call ve stejn\u00fdch vzd\u00e1lenostech) a zaru\u010dovaly by, \u017ee bych mohl ztratit pouze hodnotu jejich po\u0159\u00edzen\u00ed.<\/span><\/p>\n

\u00a0 Mohu si tedy zvolit, jako prvn\u00ed zp\u016fsob ochrany, pokus sestrojit (l\u00e9pe \u0159e\u010deno transformovat) sv\u00e9 Ratio Spready<\/strong> pr\u00e1v\u011b do Butterflies<\/strong> a t\u011b\u017eit z\u00a0jejich z\u00e1kladn\u00ed vlastnosti omezen\u00e9ho profitu p\u0159i omezen\u00e9 ztr\u00e1t\u011b. Je jist\u00e9, \u017ee tato transformace nebude zadarmo, proto\u017ee nakoupit Long opce nelze jinak, ne\u017e \u017ee mus\u00edm na jejich n\u00e1kup vynalo\u017eit n\u011bjak\u00e9 prost\u0159edky. Vzhledem k\u00a0rozsahu strike m\u00fdch Ratio Call Spread\u016f pak m\u016f\u017eu tento budouc\u00ed v\u00fddaj pom\u011b\u0159it z\u00a0maxim\u00e1ln\u00edm mo\u017en\u00fdm profitem a vy\u010dlenit si tak na tento n\u00e1kup pat\u0159i\u010dn\u00e9 prost\u0159edky. Call Ratio Spread +245\/-252.50\/-252.50<\/strong> m\u00e1 rozsah strike mezi Long Call +245 a Short Call 252.50 o velikosti 7.5 bodu a jeho maxim\u00e1ln\u00ed potenci\u00e1l profitu je tak +750 USD<\/strong> a Put Ratio Spread +245\/-235\/-235<\/strong> m\u00e1 rozsah strike mezi Long Put +245 a Short Put 235 o velikosti 10 bod\u016f a jeho maxim\u00e1ln\u00ed potenci\u00e1l profitu je tak +1.000 USD<\/strong>, v\u0161echno za p\u0159edpokladu, \u017ee cena zakon\u010d\u00ed p\u0159esn\u011b na strike vypsan\u00e9 opce. Mohu se tak rozhodnout, \u017ee vynalo\u017e\u00edm na tyto n\u00e1kupy, kter\u00e9 povedou k\u00a0transformaci do Butterfly, \u010d\u00e1stku -100 USD a spole\u010dn\u011b s\u00a0p\u0159ijat\u00fdm kreditem ve v\u00fd\u0161i +25 USD potom budou vynalo\u017een\u00e9 prost\u0159edky \u010dinit -75 USD. Pokud bych je utratil v\u0161echny takto napl\u00e1novan\u00e9, m\u011bl bych na Call stran\u011b RRR 1:10 a na Put stran\u011b RRR 1:13, a to v\u016fbec nejsou \u0161patn\u00e1 \u010d\u00edsla.<\/span><\/p>\n

\u00a0\u00a0 Po t\u00fddnu setrv\u00e1n\u00ed v\u00a0pozici obou Ratio Spread\u016f jsem p\u0159i n\u00e1r\u016fstu ceny akcie GS mohl vypozorovat, \u017ee Long Put 225<\/strong> by se dala po\u0159\u00eddit za -48 USD<\/strong> (tlust\u00fd modr\u00fd krou\u017eek \u010d.1), co\u017e p\u0159edpokl\u00e1dalo v\u011bt\u0161\u00ed polovinu sumy ur\u010den\u00e9 k\u00a0transformaci do Butterfly, proto jsem tento n\u00e1kup tak\u00e9 provedl.<\/span><\/p>\n

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\u00a0\u00a0 P\u0159i 15-ti dnech zb\u00fdvaj\u00edc\u00edch do expirace, jsem podle obr\u00e1zku v\u00fd\u0161e dne 29.3.2018 utratil -48 USD a vytvo\u0159il tak z\u00a0m\u00e9ho Put Ratio Spreadu +245\/-235\/-235 kombinaci Put Butterfly +245\/-235\/-235\/+225<\/strong>. \u201eUzam\u010den\u00ed\u201c pozice na Put stranu nyn\u00ed znamen\u00e1, \u017ee cena m\u016f\u017ee poklesnout kamkoliv a j\u00e1 budu m\u00edt v\u017edy zaru\u010denou maxim\u00e1ln\u00ed mo\u017enou ztr\u00e1tu ve v\u00fd\u0161i n\u00e1klad\u016f na v\u0161echny op\u010dn\u00ed pozice (dostal jsem zaplaceno +25 USD) a n\u00e1klad\u016f na nyn\u00ed po\u0159izovanou Long Put 225 ve v\u00fd\u0161i -48 USD, celkov\u011b bych tak m\u011bl maxim\u00e1ln\u00ed mo\u017enou ztr\u00e1tu z\u00a0poklesu pod v\u0161echny Put strike ve v\u00fd\u0161i (+25 USD \u2013 48 USD) =\u00a0 -23 USD.\u00a0 \u00a0\u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 V\u00a0situaci dva dny do expirace jsem mohl, podle obr\u00e1zku n\u00ed\u017ee, vytvo\u0159it stejnou pozici n\u00e1kupem Long Call 260<\/strong> tak\u00e9 na Call stran\u011b za -46 USD<\/strong> (tlust\u00fd modr\u00fd krou\u017eek \u010d.2)<\/span><\/p>\n

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\u00a0\u00a0 11.4.2018 p\u0159i cen\u011b GS na \u00farovni 252.94 USD jsem m\u011bl k\u00a0dispozici n\u00e1kup Long Call 260 za -46 USD, co\u017e jsem tak\u00e9 provedl. T\u00edmto jsem ze sv\u00e9ho Call Ratio Spreadu +245\/-252.50\/-252.50 vytvo\u0159il Call Butterfly +245\/-252.50\/-252.50\/+260<\/strong>. Proto\u017ee jsem p\u0159i p\u0159ijat\u00e9m kreditu +25 USD ji\u017e po\u0159\u00eddil Long Put 225 za -48 USD, tak tento n\u00e1kup Long Call 260 za -46 USD znamen\u00e1, \u017ee m\u00e9 celkov\u00e9 n\u00e1klady na vytvo\u0159en\u00ed Butterflies na obou stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce nyn\u00ed \u010din\u00ed (+25 USD -48 USD -46 USD) = -69 USD<\/strong>. Toto je maxim\u00e1ln\u00ed mo\u017en\u00e1 ztr\u00e1ta, kter\u00e1 se mi m\u016f\u017ee p\u0159ihodit, a\u0165 je p\u0159i p\u00e1te\u010dn\u00ed expiraci za dva dny cena akcie GS kdekoliv, v\u00edce ztratit nemohu.<\/span><\/p>\n

\u00a0 P\u0159esto\u017ee po dotvo\u0159en\u00ed obou Butteflies cena atakovala hranici strike nov\u011b po\u0159izovan\u00e9 Long Call 260, tak p\u00e1te\u010dn\u00ed expirace 13.4.2018 znamenala pro akcii GS Close cenu 255.92 USD a zobrazovala tak situaci patrnou na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku.\u00a0\u00a0<\/span><\/p>\n

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\u00a0 \u00a0Put Butterfly +245\/-235\/-235\/+225<\/strong> vypr\u0161el jako bezcenn\u00fd<\/strong>. Vytvo\u0159en\u00fd\u00a0Call Butterfly +245\/-252.50\/-252.50\/+260<\/strong> byl ale \u010d\u00e1ste\u010dn\u011b \u201ev pen\u011bz\u00edch\u201c<\/strong> a vy\u017eadoval tak \u201eur\u010ditou akci\u201c. Vzhledem k\u00a0tomu, \u017ee Long Call 245 a Short Call 252.50 (Call Bull Spread) zakon\u010dil cel\u00fd \u201ev pen\u011bz\u00edch\u201c, vytvo\u0159il maxim\u00e1ln\u00ed profit ve v\u00fd\u0161i +750 USD. Zbylou Short Call 252.50 jsem ale musel nakoupit zp\u011bt za -390 USD (\u010derven\u00e1 \u0161ipka) a Long Call 260 vypr\u0161ela jako bezcenn\u00e1. Mohu tak po\u010d\u00edtat kone\u010dn\u00e9 zisky a ztr\u00e1ty. P\u0159i celkov\u00fdch n\u00e1kladech (a maxim\u00e1ln\u00ed mo\u017en\u00e9 ztr\u00e1t\u011b) -79 USD si p\u0159ipisuji profit na Call Bull Spreadu +750 USD a ode\u010d\u00edt\u00e1m v\u00fddaje na likvidaci Short Call 252.50 ve v\u00fd\u0161i -390 USD, celkov\u011b jsem profitoval \u010d\u00e1stkou +281 USD<\/span><\/strong>.<\/span><\/p>\n

Po\u0159izuji podklad<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Transformace Ratio Spread\u016f do Butterfly je dobr\u00e1 taktika, jej\u00edm p\u0159edpokladem je ale postupn\u00e9 ub\u00fdv\u00e1n\u00ed Pr\u00e9mia na opc\u00edch \u201emimo pen\u00edze\u201c, kter\u00e9 by m\u011bly b\u00fdt kandid\u00e1ty na takovou transformaci a kter\u00e9 vytvo\u0159\u00ed z\u00a0rizikov\u00e9ho obchodu komplexn\u00ed op\u010dn\u00ed kombinaci s\u00a0jasn\u011b danou ztr\u00e1tou a pevn\u011b dan\u00fdm maxim\u00e1ln\u00edm mo\u017en\u00fdm profitem. Ub\u00fdv\u00e1n\u00ed Pr\u00e9mia p\u016fsoben\u00edm \u010dasu u\u00a0t\u011bchto OTM op\u010dn\u00edch kontrakt\u016f je ov\u0161em mo\u017en\u00e9 jen za p\u0159edpokladu, \u017ee cena podkladu fluktuuje v\u00a0p\u00e1smu, kter\u00e9 nezp\u016fsobuje n\u00e1r\u016fst cen t\u011bchto opc\u00ed a nev\u00fdznamn\u00e9 pohyby zp\u016fsobuj\u00ed rozpad jejich cen spole\u010dn\u011b s b\u011bhem \u010dasu \u017eivota op\u010dn\u00edch kontrakt\u016f. Pokud se v\u0161ak ceny po po\u0159\u00edzen\u00ed Ratio Spread\u016f pohnou v\u00fdznamn\u011b a prudce, nen\u00ed mo\u017en\u00e9 takovou obrannou strategii pou\u017e\u00edt a mus\u00edm proto hledat dal\u0161\u00ed dobr\u00e9 zp\u016fsoby, jak si svou pozici ochr\u00e1nit p\u0159ed nekontrolovatelnou ztr\u00e1tou. T\u00edmto man\u00e9vrem by mohlo b\u00fdt nakoupen\u00ed podkladu<\/strong> za p\u0159esn\u011b definovan\u00fdch podm\u00ednek<\/strong>. Co je t\u00edm vlastn\u011b my\u0161leno je uvedeno v\u00a0dal\u0161\u00edm p\u0159\u00edkladu, kdy se cena podkladu po po\u0159\u00edzen\u00ed Ratio Spreadu v\u00fdrazn\u011b pohnula v\u00a0n\u011bkter\u00e9m ze sm\u011br\u016f a zp\u016fsobila vylou\u010den\u00ed mo\u017enosti nakoupen\u00ed opc\u00ed do Butterfly na n\u011bkter\u00e9 ze stran m\u00fdch op\u010dn\u00edch kombinac\u00ed.<\/span><\/p>\n

\u00a0\u00a0 23.5.2018 jsem se mohl zam\u011b\u0159it na akcie NVDA,<\/strong> kter\u00e9 se moment\u00e1ln\u011b obchodovaly za 247.54 USD<\/strong>. Rozhodl jsem se pro spekulaci v\u00a0horizontu 16-ti kalend\u00e1\u0159n\u00edch dn\u016f a k\u00a0obchodu jsem si vybral op\u010dn\u00ed strike podle n\u00ed\u017ee uveden\u00e9ho obr\u00e1zku.<\/span><\/p>\n

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\u00a0\u00a0 Z\u00a0obr\u00e1zku vypl\u00fdv\u00e1, \u017ee jsem Call Ratio Spread +247.50\/-252.50\/-255<\/strong> po\u0159\u00eddil za kredit +46 USD<\/strong> a Put Ratio Spread +247.50\/-242.50\/-237.50<\/strong> po\u0159\u00eddil za kredit +2 USD<\/strong>, celkov\u011b jsem tak mohl po\u010d\u00edtat s\u00a0kreditem +48 USD<\/strong>. V\u00a0situaci, kdy jsem p\u0159ijal kredit, mus\u00edm v\u011bd\u011bt, kde le\u017e\u00ed BreakEven body m\u00fdch Ratio Spread\u016f. Proto\u017ee oba Ratio Spready tvo\u0159i debetn\u00ed spready o maxim\u00e1ln\u00ed v\u00fdkonnosti +500 USD a je\u0161t\u011b jsem z\u00edskal Pr\u00e9mium ve v\u00fd\u0161i +46 USD, budou le\u017eet m\u00e9 BreakEven body<\/strong> ve vzd\u00e1lenosti tohoto maxim\u00e1ln\u00edho v\u00fdd\u011blku (+546 USD) od strike vzd\u00e1len\u011bji vypsan\u00fdch Short opc\u00ed. Na Call stran\u011b<\/strong> je tak jeho hodnota (255 +5.46) = 260.46 USD<\/strong> a na Put stran\u011b<\/strong> (237.50 -5.46) = 232.04 USD<\/strong>. Pokud bych tedy po\u017eadoval transformaci do Butterflies, musel bych si v\u00a0pr\u016fb\u011bhu do expirace po\u0159\u00eddit Long Call 260 a Long Put 232.50 a m\u011bl bych obchod o\u0161et\u0159en (tenk\u00e9 modr\u00e9 krou\u017eky).<\/span><\/p>\n

\u00a0\u00a0 Akcie NVDA ov\u0161em nerespektovaly m\u016fj po\u017eadavek m\u00edrn\u00fdch pohyb\u016f v\u00a0po\u017eadovan\u00e9m cenov\u00e9m kan\u00e1le, abych mohl takov\u00e9 n\u00e1kupy Long Call a Long Put vykonat, n\u00fdbr\u017e si to zam\u00ed\u0159ily vzh\u016fru a vydatn\u011b od doby po\u0159\u00edzen\u00ed v\u00a0tomto sm\u011bru p\u0159id\u00e1valy. Do 30.5.2018 cena akci\u00ed NVDA pos\u00edlila na 252.99 USD a zp\u016fsobila, \u017ee na Put stran\u011b jsem opravdu mohl po\u0159\u00eddit Long Put 232.50<\/strong> za p\u0159ijateln\u00fdch -29 USD<\/strong> (modr\u00fd krou\u017eek).<\/span><\/p>\n

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\u00a0\u00a0 N\u00e1kupem Long Put 232.50<\/strong> za -29 USD jsem vytvo\u0159il na Put stran\u011b Put Butterfly +247.50\/-242.50\/-237.50\/+232.50<\/strong> a vy\u010derpal tak z\u00a0p\u0159ijat\u00e9ho Pr\u00e9mia ve v\u00fd\u0161i +48 USD tento v\u00fddaj, tak\u017ee se mi p\u0159ijat\u00fd kredit smrskl na +19 USD. Put Butterfly a +19 USD p\u0159ijat\u00e9ho kreditu znamen\u00e1, \u017ee cena akcie m\u016f\u017ee nyn\u00ed fat\u00e1ln\u011b oslabit kamkoliv a j\u00e1 neztrat\u00edm v\u00edce ne\u017e +19 USD. To m\u011b ale nyn\u00ed neznepokojuje tak, jako zji\u0161t\u011bn\u00ed, \u017ee cena se p\u0159ibli\u017euje k\u00a0m\u00e9mu Call BreakEven bodu<\/strong>, kter\u00fd nyn\u00ed (d\u00edky sn\u00ed\u017een\u00ed kreditu na +19 USD) le\u017e\u00ed na hodnot\u011b (strike vypsan\u00e9 Short Call 255 + 5.19) = 260.19 USD. Mus\u00edm ji\u017e za\u010d\u00edt p\u0159edpokl\u00e1dat, \u017ee cena poroste d\u00e1l a v\u00a0\u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b nemohu zajistit, abych nakoupil uva\u017eovanou Long Call 260 za dobr\u00e9 pen\u00edze a dotvo\u0159il tak\u00e9 Butterfly na Call stran\u011b, jej\u00ed hodnota je toti\u017e nyn\u00ed ji\u017e -170 USD (\u010derven\u00e1 \u0161ipka) a pokud cena d\u00e1le poroste, jej\u00ed cena se bude zvy\u0161ovat. Rozhodl jsem se tedy, \u017ee budu tuto situaci \u0159e\u0161it n\u00e1kupem 100x Long akci\u00ed tak, abych mohl uva\u017eovat p\u0159i nep\u0159\u00edzniv\u00e9m sc\u00e9n\u00e1\u0159i alespo\u0148 s\u00a0m\u00edrn\u00fdm profitem. Pro\u010d Long akcie? Jednodu\u0161e proto, \u017ee mus\u00edm p\u0159i prudk\u00e9m uptrendu vy\u0159e\u0161it mou nekrytou vypsanou Short Call 255, jej\u00ed\u017e cena bude nar\u016fstat tak, jak bude nar\u016fstat cena podkladu a tento n\u00e1r\u016fst jej\u00ed ceny m\u016f\u017ee znamenat zna\u010dn\u00e9 v\u00fddaje p\u0159i jej\u00ed likvidaci. Pokud se tedy nach\u00e1z\u00ed m\u00e1 nekryt\u00e1 Short Call 255 „v\u00a0pen\u011bz\u00edch“, bude to znamenat, \u017ee p\u0159i expiraci budu povinen dodat majiteli opce 100x Long akcie NVDA, a\u0165 je jejich cena jak\u00e1koliv, abych tedy mohl tento po\u017eadavek splnit, nakoup\u00edm ji\u017e nyn\u00ed tyto akcie za p\u0159ijatelnou cenu a vytvo\u0159\u00edm si podm\u00ednky pro spln\u011bn\u00ed m\u00e9 povinnosti vypl\u00fdvaj\u00edc\u00ed z\u00a0op\u010dn\u00edho kontraktu. Proto\u017ee hodnota m\u00e9ho BreakEven bodu je nyn\u00ed 260.19 USD budu se sna\u017eit nakoupit akcie NVDA za m\u00edrn\u011b lep\u0161\u00ed cenu, kter\u00e1 z\u00e1vis\u00ed na individu\u00e1ln\u00ed \u00favaze. V m\u00e9m p\u0159\u00edpad\u011b bych nap\u0159\u00edklad preferoval n\u00e1kup<\/strong> na hodnot\u011b 259.50 USD\/kus<\/strong>, tedy za hodnotu ni\u017e\u0161\u00ed o -0.69 USD ne\u017e je BreakEven bod. Zad\u00e1v\u00e1m proto p\u0159\u00edkaz k\u00a0takov\u00e9mu n\u00e1kupu a nech\u00e1m jej le\u017eet v\u00a0trhu k vypln\u011bn\u00ed.<\/span><\/p>\n

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\u00a0\u00a0 4.6.2018, tedy \u010dty\u0159i dny po zad\u00e1n\u00ed p\u0159\u00edkazu na n\u00e1kup 100x Long akci\u00ed NVDA za 259.50 USD\/kus pozoruji, \u017ee m\u016fj p\u0159\u00edkaz byl za tuto \u010d\u00e1stku vypln\u011bn. Z\u00a0obr\u00e1zku vypl\u00fdv\u00e1, v\u00a0jak\u00e9m cenov\u00e9m p\u00e1smu se cena akcie v\u00a0tento den pohybovala (Open na hodnot\u011b 259 USD, Low 257.70 USD a High 265.74 USD).<\/span><\/p>\n

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\u00a0\u00a0 Mohu tedy na sv\u00e9m \u00fa\u010dtu vypozorovat 100x Long akci\u00ed<\/strong>\u00a0NVDA<\/strong> nakoupen\u00fdch za 259.50 USD\/kus<\/strong> s\u00a0v\u00fddajem -25.950 USD<\/strong>, proto\u017ee je\u0161t\u011b disponuji +19 USD<\/strong> p\u0159ijat\u00e9ho kreditu<\/strong>, jsou m\u00e9 celkov\u00e9 v\u00fddaje nyn\u00ed na \u00farovni -25.950 USD +19 USD) = -25.931 USD<\/strong>. Co m\u011b nyn\u00ed \u010dek\u00e1? Cena m\u016f\u017ee r\u016fst kamkoliv, proto\u017ee sv\u016fj z\u00e1vazek dodat 100x Long akcie, vypl\u00fdvaj\u00edc\u00ed z\u00a0vypsan\u00e9 a nekryt\u00e9 Short Call 255, mohu nyn\u00ed s\u00a0p\u0159ehledem splnit. Proto\u017ee dod\u00e1v\u00e1m za cenu strike 255 USD\/kus s\u00a0tr\u017ebou +25.500 USD a j\u00e1 akcie nakoupil za n\u00e1klady -25.931 USD, je tato transakce pro m\u011b prod\u011blkem ve v\u00fd\u0161i -431 USD<\/strong>. Toto dod\u00e1n\u00ed akci\u00ed je ale pln\u011b kompenzov\u00e1no +500 USD<\/strong>, kter\u00e9 vytvo\u0159\u00ed Call Bull Spread +247.50\/-252.50<\/strong>, kter\u00fd je sou\u010d\u00e1st\u00ed Call Ratio Spreadu, tento Call Bull Spread +247.50\/-252.50 je toti\u017e cel\u00fd \u201ev pen\u011bz\u00edch\u201c. Jak to tedy nakonec dopadlo?<\/span><\/p>\n

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\u00a0 Akcie ve sv\u00e9m uptrendu nijak neumdl\u00e9vala a p\u0159i expira\u010dn\u00edm Close 8.6.2018 zakon\u010dila na cen\u011b 262.28 USD<\/strong>, tedy\u00a0<\/span>prorazila BreakEven<\/strong>\u00a0bod<\/strong> m\u00e9ho Call Ratio Spreadu +247.50\/-252.50\/-255, kter\u00fd byl +260.19 USD. Pokud bych nekupoval akcie NVDA, m\u011bl bych sice maxim\u00e1ln\u00ed profit na Call Bull Spreadu +247.50\/-252.50 ve v\u00fd\u0161i +500 USD a k\u00a0n\u011bmu z\u016fstatek kreditu ve v\u00fd\u0161i +19 USD, musel bych ale likvidovat nekrytou Short Call 255, jej\u00ed\u017e expira\u010dn\u00ed cena je vyzna\u010dena \u010dern\u00fdm obd\u00e9ln\u00edkem ve v\u00fd\u0161i -750 USD, prod\u011blal bych (+500 USD +19 USD -750 USD) -231 USD. J\u00e1 m\u00e1m ale nakoupen\u00e9 akcie NVDA, tak\u017ee p\u0159i automatick\u00e9m p\u0159i\u0159azen\u00ed nekryt\u00e9 Short Call 255 dod\u00e1v\u00e1m za cenu strike tyto akcie s\u00a0v\u00fdsledkem vypo\u010d\u00edtan\u00fdm v\u00a0odstavci v\u00fd\u0161e, a to s\u00a0profitem<\/strong> (+500 USD \u2013 431 USD) ve v\u00fd\u0161i +69 USD<\/strong><\/span>.<\/span><\/p>\n

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Koment\u00e1\u0159 re\u00e1ln\u00e9ho obchodu<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Kompenzac\u00ed zna\u010dn\u00e9 suchop\u00e1rnosti v\u00fd\u0161e uveden\u00e9ho textu by mohla b\u00fdt praktick\u00e1 uk\u00e1zka \u017eiv\u00e9ho obchodu, kter\u00fd jsem z\u00a0propaga\u010dn\u00edch d\u016fvod\u016f otev\u0159el na sv\u00e9m \u00fa\u010dtu, abych popsal zcela konkr\u00e9tn\u00ed pr\u016fb\u011bh konkr\u00e9tn\u00edho obchodu s\u00a0konkr\u00e9tn\u00edmi v\u00fdsledky. Potk\u00e1v\u00e1m se pravideln\u011b p\u0159i jist\u00e9 sportovn\u00ed aktivit\u011b s\u00a0kamar\u00e1dem, se kter\u00fdm zevrubn\u011b komentujeme n\u00e1zory na obchodov\u00e1n\u00ed, zejm\u00e9na jeho styly a proto\u017ee v\u00ed, \u017ee jsem op\u010dn\u00ed obchodn\u00edk a p\u00ed\u0161u tento blog, v\u017edy si posteskne, \u017ee \u201e\u2026to je cel\u00e9 o akci\u00edch a ty j\u00e1 neobchoduji\u2026\u201c. V\u017edy argumentuji t\u00edm, \u017ee opce jsou univerz\u00e1ln\u00ed obchodn\u00ed n\u00e1stroj a nejl\u00e9pe se tato obchodn\u00ed problematika vysv\u011btluje zejm\u00e9na na akci\u00edch a s nimi souvisej\u00edc\u00edch op\u010dn\u00edch kontraktech, zejm\u00e9na proto, \u017ee je to l\u00e9pe p\u0159edstaviteln\u00e9 a pochopiteln\u00e9. Z\u00a0v\u00fd\u0161e uveden\u00fdch odstavc\u016f vypl\u00fdv\u00e1, \u017ee hled\u00e1m odpov\u011bdi na ot\u00e1zky co nejbezpe\u010dn\u011bj\u0161\u00edho obchodov\u00e1n\u00ed Ratio Spread\u016f a \u017ee se pokou\u0161\u00edm tyto op\u010dn\u00ed konstrukce n\u011bjak\u00fdm zp\u016fsobem zaji\u0161\u0165ovat proti hrozb\u011b devastuj\u00edc\u00ed ztr\u00e1ty. Teoretick\u00e9 uk\u00e1zky, hledaj\u00edc\u00ed zaji\u0161t\u011bn\u00ed pomoc\u00ed n\u00e1kupu Long opc\u00ed nebo n\u00e1kupu podkladov\u00e9ho aktiva ve spr\u00e1vn\u00fdch a p\u0159edem ur\u010den\u00fdch chv\u00edl\u00edch zejm\u00e9na p\u0159edpokl\u00e1daj\u00ed, \u017ee se mus\u00edm pohybovat na velmi likvidn\u00edch trz\u00edch<\/strong>, kter\u00e9 mi zaru\u010d\u00ed bezpe\u010dn\u00e9 a hladk\u00e9 pln\u011bn\u00ed bez mimo\u0159\u00e1dn\u00fdch skluz\u016f a mo\u017en\u00fdch v\u00fdpadk\u016f. Proto by se m\u011bla m\u00e1 pozornost up\u0159\u00edt na trhy, kde budou pr\u00e1v\u011b takov\u00e9 vlastnosti dobr\u00e9 likvidity za jak\u00fdchkoliv podm\u00ednek zaru\u010dovat. Ke sv\u00e9mu obchodu jsem si proto vybral titul ES DEC18<\/strong>, tedy E-mini S&P futures<\/strong> kontrakt, kter\u00fd takov\u00fdmi vlastnostmi bezezbytku disponuje. Obrovsk\u00e1 likvidita na futures kontraktu, vynikaj\u00edc\u00ed op\u010dn\u00ed Volume a p\u0159ijateln\u00e9 marginov\u00e9 po\u017eadavky p\u0159edur\u010duj\u00ed tento investi\u010dn\u00ed n\u00e1stroj pr\u00e1v\u011b k takov\u00fdm mo\u017en\u00fdm obchod\u016fm. Rozhodl jsem se tedy sv\u016fj obchod s\u00a0nestejn\u00fdm po\u010dtem kontrakt\u016f um\u00edstit pr\u00e1v\u011b na tento trh.<\/span><\/p>\n

Den prvn\u00ed – p\u00e1tek<\/strong><\/span><\/h2>\n

\u00a0 \u00a0Ve zna\u010dn\u011b volatiln\u00ed dob\u011b, kdy si trhy t\u00e9m\u011b\u0159 d\u011blaj\u00ed co cht\u011bj\u00ed (no, ony si v\u017edy d\u011blaj\u00ed co cht\u011bj\u00ed) a pohyby v\u00a0jak\u00e9mkoliv sm\u011bru jsou absolutn\u011b nepredikovateln\u00e9, jsem otev\u0159el minul\u00fd p\u00e1tek Put Ratio Spread s\u00a0opcemi, kter\u00e9 expiruj\u00ed ve st\u0159edu tohoto t\u00fddne (t\u00fddne, kdy p\u00ed\u0161u tento \u010dl\u00e1nek). Sentiment trh\u016f je nastaven dosti negativn\u011b, proto\u017ee otev\u0159en\u00ed obchodu p\u0159edch\u00e1zela \u0161\u0148\u016fra pokles\u016f na tomto investi\u010dn\u00edm n\u00e1stroji, tak\u017ee z\u00e1kladn\u00ed obchodn\u00ed \u00favahou bylo, \u017ee pokles by mo\u017en\u00e1 mohl pokra\u010dovat, nemusel by b\u00fdt ale nad\u00e1le tak hlubok\u00fd, jak by se mohlo p\u0159edpokl\u00e1dat a cena by se mohla konsolidovat po p\u0159\u00edpadn\u00e9m dal\u0161\u00edm poklesu na n\u011bjak\u00e9 p\u0159ijateln\u00e9 cen\u011b. Vstupn\u00ed pozice je zachycena na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku.<\/span><\/p>\n

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

\u00a0\u00a0 Obchod na Put Ratio Spreadu jsem otev\u0159el v\u00a0p\u00e1tek s\u00a0opcemi, kter\u00e9 expiruj\u00ed ve st\u0159edu p\u0159\u00ed\u0161t\u00ed t\u00fdden, v\u00a0obchodu tak budu \u010dty\u0159i obchodn\u00ed dny<\/strong>. P\u0159i cen\u011b ES DEC18<\/strong> na hodnot\u011b 2786 bod\u016f<\/strong> jsem vytvo\u0159il OTM Put Ratio Spread +2780\/-2750\/-2745<\/strong>. Op\u010dn\u00ed kontrakt Long Put 2780<\/strong> jsem po\u0159\u00eddil za -16.02 bodu<\/strong>, v\u00fdpisem Short Put 2750<\/strong> jsem z\u00edskal +8.22 bodu<\/strong> a v\u00fdpisem Short Put 2745<\/strong> jsem z\u00edskal dal\u0161\u00edch +7.72 bodu<\/strong>. Celkov\u011b jsem tuto pozici po\u0159\u00eddil (-16.02 +8.22 +7.72) za m\u00edrn\u00fd debet, kter\u00fd p\u0159edstavuje -0.08 bodu. Proto\u017ee hodnota jednoho bodu ES p\u0159edstavuje 50 USD, je m\u00fdm n\u00e1kladem (-0.08*50) = -4 USD<\/strong>. Za op\u010dn\u00ed konstrukci jsem t\u00e9m\u011b\u0159 nic neutratil a n\u00e1klady jsou pouh\u00e9 \u010dty\u0159i dolary. Na obr\u00e1zku n\u00ed\u017ee TradeLog z\u00a0platformy TWS<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Stejn\u00e1 transakce zachycen\u00e1 na m\u00e9m obchodn\u00edm \u00fa\u010dtu<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 Na co spol\u00e9h\u00e1m? Na dal\u0161\u00ed pokles, kter\u00fd ji\u017e nebude nijak dramatick\u00fd. Pokud trhy obr\u00e1t\u00ed a za\u010dnou okam\u017eit\u011b stoupat, bude m\u00e1 ztr\u00e1ta pouh\u00e9 \u010dty\u0159i dolary, proto\u017ee cel\u00fd Put Ratio Spread vypr\u0161\u00ed jako bezcenn\u00fd. Pokud trh podle p\u0159edpokladu poklesne, budu p\u0159ipraven vytvo\u0159it tak\u00e9 Call Ratio Spread na Call stran\u011b, abych zachytil p\u0159\u00edpadn\u00fd uptrend nebo pozici br\u00e1nil proti obratu trendu p\u0159i po\u0159\u00edzen\u00ed zaji\u0161t\u011bn\u00ed (jak vyplyne d\u00e1le z textu), toto v\u0161ak nen\u00ed nyn\u00ed moj\u00ed prioritou, touto je profitovat na dal\u0161\u00ed m\u00edrn\u00e9 korekci a hlavn\u011b na obchodu neprod\u011blat a nevystavovat se hrozb\u011b nekontrolovateln\u00e9 ztr\u00e1ty p\u0159i mo\u017en\u00e9m p\u00e1du trh\u016f.<\/span><\/p>\n

„Your Ego Is Not Your Amigo“<\/strong><\/span><\/h2>\n

\u00a0\u00a0 Absolutn\u00ed prioritou ka\u017ed\u00e9ho obchodu je jeho zaji\u0161t\u011bn\u00ed nebo vytvo\u0159en\u00ed syst\u00e9mu \u201ez\u00e1chrann\u00fdch brzd\u201c. Z\u00e1m\u011brn\u011b nemluv\u00edm o StopLossu, p\u0159esto\u017ee n\u00e1sledn\u011b popisovan\u00e9 \u00fakony jsou jeho ur\u010ditou formou a m\u011bly by p\u016fsobit se stejnou v\u00fdznamnost\u00ed. V\u00a0\u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b nedoporu\u010duji zab\u00fdvat se \u00favahami \u201e\u2026a\u017e tak n\u00edzko to ur\u010dit\u011b nespadne\u2026\u201c nebo \u201e\u2026sice u\u017e prod\u011bl\u00e1v\u00e1m, ale ono se to nakonec vr\u00e1t\u00ed tam, kam pot\u0159ebuji\u2026\u201c, to je jist\u00e1 cesta, jak v\u00a0trz\u00edch systematicky prod\u011bl\u00e1vat p\u0159i stejn\u011b systematick\u00fdch \u00favah\u00e1ch tohoto typu. \u00a0V\u00a0popisovan\u00fdch p\u0159\u00edpadech v\u00fd\u0161e jsem nazna\u010dil mo\u017enost obrany<\/strong> m\u00e9 pozice Put Ratio Spreadu transformac\u00ed do Put Butterfly<\/strong> nebo po\u0159\u00edzen\u00edm podkladu<\/strong>. Budu prov\u00e1d\u011bt ob\u011b popisovan\u00e9 transakce najednou. V\u00a0obr\u00e1zku v\u00fd\u0161e jsem vyzna\u010dil, \u017ee vzd\u00e1lenost Long Put 2780 a vypsan\u00e9 Short Put 2750 je t\u0159icet bod\u016f. Tento Put Bear Spread +2780\/-2750 m\u00e1 tak maxim\u00e1ln\u00ed potenci\u00e1l profitu pln\u00fdch +30 bod\u016f, pokud z\u016fstane p\u0159i expiraci „v\u00a0pen\u011bz\u00edch“, a proto\u017ee hodnota jednoho bodu je 50 USD, je m\u016fj maxim\u00e1ln\u00ed potenci\u00e1l profitu +1.500 USD<\/strong>. Toto se stane v\u00a0p\u0159\u00edpad\u011b, \u017ee cena poklesne pod 2750 bod\u016f, ale z\u016fstane nad strike n\u00ed\u017ee vypsan\u00e9 Short Put 2745. V\u00a0tomto p\u00e1smu 2750 \u2013 2745<\/strong> (mezi strike vypsan\u00fdch Put opc\u00ed) le\u017e\u00ed m\u016fj maxim\u00e1ln\u00ed profit<\/strong> a nen\u00ed to nic nere\u00e1ln\u00e9ho.<\/span><\/p>\n

\u00a0\u00a0 Pokud v\u0161ak za\u010dne ES DEC18 futures klesat i pod toto p\u00e1smo 2750-2745, mus\u00edm za\u010d\u00edt p\u0159em\u00fd\u0161let, \u017ee budu muset likvidovat Short Put 2745<\/strong> a tato likvidace bude vy\u017eadovat vynalo\u017een\u00ed prost\u0159edk\u016f. Proto\u017ee tento v\u00fdznamn\u00fd pokles bude znamenat, \u017ee m\u00e1m k\u00a0dispozici +30 bod\u016f z Put Bear Spreadu +2780\/-2750, budou tyto prost\u0159edky vy\u010derp\u00e1ny v\u00a0okam\u017eiku, kdy cena ES DEC18 futures poklesne o dal\u0161\u00edch -30 bod\u016f pod strike nekryt\u00e9 Short Put 2745, tedy pokles na strike 2715<\/strong>. Z\u00a0t\u00e9to jednoduch\u00e9 anal\u00fdzy mohu vych\u00e1zet p\u0159i konstrukci ochrany m\u00e9 pozice, jednodu\u0161e tak, \u017ee p\u0159i nev\u00fdrazn\u00fdch poklesech a pohybech budu cht\u00edt nakoupit Long Put<\/strong> na strike 2715<\/strong> za velmi levnou cenu a vytvo\u0159it Put Butterfly nebo na p\u0159edem stanoven\u00e9 cen\u011b po\u0159\u00eddit<\/strong>\u00a0p\u0159i tomto poklesu podkladov\u00e9 aktivum<\/strong>, tedy ES DEC18 futures. \u00a0\u00a0<\/span><\/p>\n

\u00a0 \u00a0Zad\u00e1n\u00ed t\u011bchto mo\u017en\u00fdch budouc\u00edch zaji\u0161\u0165ovac\u00edch akc\u00ed provedu ve sv\u00e9 obchodn\u00ed platform\u011b TWS najednou. Proto\u017ee br\u00e1n\u00edm situaci, kdy budu cht\u00edt likvidovat Short Put 2745 na p\u0159ijateln\u00e9 cen\u011b, mus\u00edm si uv\u011bdomit, \u017ee p\u0159i\u0159azen\u00edm (Assignment) t\u00e9to opce p\u0159i expiraci z\u00edsk\u00e1m na sv\u016fj \u00fa\u010det Long ES DEC18 futures kontrakt, proto bude m\u00fdm c\u00edlem po\u0159\u00eddit<\/strong> na ur\u010den\u00e9 cen\u011b Short ES DEC18 futures<\/strong>, aby se oba tyto kontrakty p\u0159i expiraci p\u0159\u00edpadn\u011b kompenzovaly. Nyn\u00ed ji\u017e v\u00edm, \u017ee m\u00fdm BreakEven bodem<\/strong> je cenov\u00e1 \u00farove\u0148 30 bod\u016f n\u00ed\u017ee od strike n\u00ed\u017ee vypsan\u00e9 Short Put 2745, tedy cenov\u00e1 \u00farove\u0148 2715 bodu<\/strong>, um\u00edst\u00edm sv\u016fj p\u0159\u00edkaz k\u00a0shortov\u00e1n\u00ed futures na hodnotu 2718 USD, abych mohl p\u0159i dramatick\u00e9m poklesu kompenzovat alespo\u0148 n\u00e1klady na m\u016fj obchod a vytvo\u0159it alespo\u0148 m\u00edrn\u00fd profit. P\u0159\u00edkazy jsem zadal podle n\u00ed\u017ee uveden\u00e9ho obr\u00e1zku<\/span><\/p>\n

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\u00a0\u00a0 V\u00a0\u0159\u00e1dku ozna\u010den\u00e9m \u010d.2<\/strong> jsem zadal p\u0159\u00edkaz, kdy chci nakoupit Long Put 2715<\/strong> za LIMIT ve v\u00fd\u0161i 0.10 bodu<\/strong> a vytvo\u0159it tak Put Butterfly v\u00a0p\u0159\u00edpad\u011b, \u017ee cena nebude dramaticky klesat a hodnota OTM opc\u00ed klesne na minimum, pot\u00e9 bych mohl odhodit obavy z\u00a0obrovsk\u00e9ho mo\u017en\u00e9ho prod\u011blku, proto\u017ee m\u00e9 vstupn\u00ed n\u00e1klady ve v\u00fd\u0161i -0.08 bodu a po\u0159\u00edzen\u00ed t\u00e9to Long Put 2715 za -0.10 bodu by pak byly m\u00fdm maxim\u00e1ln\u00edm mo\u017en\u00fdm prod\u011blkem<\/span><\/p>\n

\u00a0 V\u00a0\u0159\u00e1dku ozna\u010den\u00e9m \u010d.1<\/strong> vytv\u00e1\u0159\u00edm p\u0159\u00edkaz na po\u0159\u00edzen\u00ed Short ES DEC18 futures<\/strong>. P\u0159esto\u017ee jsem ji\u017e v\u00a0n\u011bkter\u00e9m z\u00a0minul\u00fdch \u010dl\u00e1nk\u016f psal, \u017ee nemohu zad\u00e1vat po\u0159izov\u00e1n\u00ed Short n\u00e1stroje za n\u011bjakou danou limitn\u00ed cenu v\u00a0okam\u017eiku, kdy chci vstoupit do Short pozice v situaci, kdy je aktu\u00e1ln\u00ed cena na trhu vy\u0161\u0161\u00ed ne\u017e po\u017eadovan\u00e1 po\u0159izovac\u00ed Short cena podkladu, uk\u00e1\u017eu, jak jsem takov\u00fd p\u0159\u00edkaz konkr\u00e9tn\u011b zadal pomoc\u00ed podm\u00ednky. Trhy ES jsou mimo\u0159\u00e1dn\u011b likvidn\u00ed a zad\u00e1n\u00edm p\u0159\u00edkazu MARKET dostanu v\u017edy vynikaj\u00edc\u00ed pln\u011bn\u00ed, proto chci vstoupit do trhu pr\u00e1v\u011b t\u00edmto p\u0159\u00edkazem. V\u00a0\u0159\u00e1dku \u010d.1 tak vytv\u00e1\u0159\u00edm GTC p\u0159\u00edkaz<\/strong> (do doby, ne\u017e jej nezru\u0161\u00edm nebo pokud nebude vypln\u011bn) za okam\u017eitou cenu MARKET<\/strong>. Kliknut\u00edm prav\u00fdm tla\u010d\u00edtkem my\u0161i do \u0159\u00e1dku vytv\u00e1\u0159en\u00e9ho p\u0159\u00edkazu zad\u00e1m podm\u00ednku, za kter\u00e9 budu po\u017eadovat odesl\u00e1n\u00ed p\u0159\u00edkazu do trhu.<\/span><\/p>\n

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\u00a0 \u00a0(1)<\/strong> Kliknut\u00edm prav\u00fdm tla\u010d\u00edtkem my\u0161i vyvol\u00e1m nab\u00eddku \u00fapravy p\u0159\u00edkazu<\/span><\/p>\n

\u00a0 \u00a0(2)<\/strong> Vyberu \u201eModify<\/strong>\u201c<\/span><\/p>\n

\u00a0 \u00a0(3)<\/strong> Z\u00a0nab\u00eddky potvrzuji \u201eCondition<\/strong>\u201c<\/span><\/p>\n

\u00a0\u00a0 V\u00a0okn\u011b, kter\u00e9 je iniciov\u00e1no t\u00edmto v\u00fdb\u011brem, zad\u00e1m parametry m\u00e9 podm\u00ednky podle m\u00e9 p\u0159edstavy o pln\u011bn\u00ed volbou „Add<\/strong>„, kterou spust\u00edm podokno nab\u00eddky zad\u00e1n\u00ed konkr\u00e9tn\u00edch parametr\u016f podm\u00ednky.<\/span><\/p>\n

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\u00a0\u00a0 Po\u017eadavkem je, aby byl p\u0159\u00edkaz dod\u00e1n na trh za situace, kdy je Last<\/strong> cena ES DEC18<\/strong> futures na hodnot\u011b \u201erovn\u00e9 nebo men\u0161\u00ed<\/strong>\u201c \u00farovn\u011b 2718 bod\u016f<\/strong>. Tyto parametry podm\u00ednky potvrzuji kliknut\u00edm na \u201eFinish<\/strong>\u201c. Dokon\u010den\u00ed tvorby podm\u00ednky mohu jej\u00ed definici kontrolovat v\u00a0okn\u011b podm\u00ednek.<\/span><\/p>\n

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\u00a0\u00a0 Pokud je podm\u00ednka spr\u00e1vn\u011b, p\u0159ijmu jej\u00ed parametry k\u00a0m\u00e9mu p\u0159\u00edkazu kliknut\u00edm na tla\u010d\u00edtko \u201eAccept<\/strong>\u201c Nyn\u00ed ji\u017e zb\u00fdv\u00e1 p\u0159\u00edkazy odeslat do trhu, toto mohu najednou z nab\u00eddky \u201eTrade<\/strong>\u201c<\/span><\/p>\n

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\u00a0\u00a0 Oba p\u0159\u00edkazy jsem si vytvo\u0159il na nov\u00e9 z\u00e1lo\u017ece TWS, kterou jsem si nazval \u201eRatio<\/strong>\u201c. Potom mohu vyvol\u00e1vat pos\u00edl\u00e1n\u00ed p\u0159\u00edkaz\u016f pouze z\u00a0vybran\u00fdch z\u00e1lo\u017eek a neohro\u017eovat spou\u0161t\u011bn\u00ed jin\u00fdch p\u0159ipraven\u00fdch p\u0159\u00edkaz\u016f na jin\u00fdch z\u00e1lo\u017ek\u00e1ch.<\/span><\/p>\n

\u00a0 \u00a0(1)<\/strong> Kliknut\u00edm na \u201eTrade<\/strong>\u201c v\u00a0platform\u011b TWS vyvol\u00e1m okno s\u00a0akc\u00ed pro obchodov\u00e1n\u00ed<\/span><\/p>\n

\u00a0\u00a0 (2)<\/strong> V\u00fdberu mo\u017enost \u201eTransmit<\/strong>\u201c<\/span><\/p>\n

\u00a0 \u00a0(3)<\/strong> M\u00e1m nyn\u00ed mo\u017enost odeslat pr\u00e1v\u011b pouze skupinu p\u0159\u00edkaz\u016f \u201ePouze ze z\u00e1lo\u017eky Ratio<\/strong>\u201c, co\u017e potvrzuji a umis\u0165uji tak p\u0159\u00edkazy na trh<\/span><\/p>\n

\u00a0\u00a0 T\u00edmto jsem vytvo\u0159il jednoduch\u00fd obrann\u00fd pl\u00e1n pro ne\u010dekan\u00fd a prudk\u00fd pokles nebo pro stagnaci ceny podkladu. Nemus\u00edm m\u00edt obavy z\u00a0vypln\u011bn\u00ed obou p\u0159\u00edkaz\u016f najednou, proto\u017ee p\u0159i prudk\u00e9m poklesu ceny ES DEC 18 futures nebude Long Put 2715 levn\u00e1 pro m\u016fj n\u00e1kup a naopak, pokud cena op\u010dn\u00edho kontraktu Long Put 2715 bude na m\u00e9 po\u017eadovan\u00e9 cen\u011b, nebude to v\u00a0p\u0159\u00edpad\u011b, \u017ee se bude cena ES DEC18 futures nach\u00e1zet pouh\u00e9 dva body od jej\u00edho strike. Vypln\u011bn\u00edm jednoho z p\u0159\u00edkaz\u016f bude znamenat, \u017ee zru\u0161\u00edm p\u0159\u00edkaz zbyl\u00fd. Mohu tak\u00e9 vyu\u017e\u00edt OCA p\u0159\u00edkazy, kdy jeden z\u00a0vypln\u011bn\u00fdch p\u0159\u00edkaz\u016f z\u00a0ozna\u010den\u00e9 skupiny p\u0159\u00edkaz\u016f automaticky ru\u0161\u00ed ty zbyl\u00e9, osobn\u011b ale v\u017edy p\u0159esto kontroluji, jestli se takto opravdu stalo, tak\u017ee ru\u010dn\u00ed zru\u0161en\u00ed p\u0159\u00edkazu nen\u00ed \u017e\u00e1dn\u00fd probl\u00e9m.<\/span><\/p>\n

\u00a0 Den druh\u00fd \u2013 pond\u011bl\u00ed<\/strong><\/span><\/h2>\n

\u00a0\u00a0 P\u0159i cen\u011b ES DEC18 futures na hodnot\u011b 2786 jsem m\u011bl po\u0159\u00edzen Put Ratio Spread +2780\/-2750\/-2745 s\u00a0ochranou na \u00farovni 2718 bod\u016f. Za \u010dty\u0159i dny by pak pokles na tomto futures musel b\u00fdt o 68 bod\u016f, aby byla m\u00e1 ochrana spu\u0161t\u011bna a p\u0159edstavovala by pokles o 2.44%. Toto se zd\u00e1lo jako p\u0159ijateln\u00e9 akceptovat, kdy\u017e pokles sice pokra\u010doval, ale nebyl tak dramatick\u00fd, aby vyvolal spu\u0161t\u011bn\u00ed n\u011bjak\u00e9 z\u00a0napl\u00e1novan\u00fdch akc\u00ed. Na obr\u00e1zku n\u00ed\u017ee je situace s\u00a0p\u0159ed pond\u011bln\u00edm Close.<\/span><\/p>\n

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\u00a0 Zobrazen\u00e1 situace znamen\u00e1, \u017ee cena ES DEC18 futures opravdu poklesla a nach\u00e1z\u00ed se na hodnot\u011b 2741.50 bodu a zp\u016fsobuje, \u017ee poklesla t\u011bsn\u011b pod v\u0161echny strike. V\u0161echny opce maj\u00ed ale v\u00a0sob\u011b je\u0161t\u011b dostatek Pr\u00e9mia (zejm\u00e9na ob\u011b Short Put, kter\u00e9 jsou nejbl\u00ed\u017ee \u201ek pen\u011bz\u016fm\u201c), tak\u017ee vystoupit z\u00a0cel\u00e9 pozice jej\u00ed likvidac\u00ed by p\u0159ineslo dokonce m\u00edrnou ztr\u00e1tu. Long Put 2780 bych byl schopen prodat za +40.50 bodu, ob\u011b Short Put bych musel nakoupit zp\u011bt za -41.50 bodu, ztratil bych tak -1 bod (-50 USD), p\u0159esto\u017ee jsou opce tvo\u0159\u00edc\u00ed Put Bear Spread +2780\/-2750 \u201ev pen\u011bz\u00edch\u201c a p\u0159edstavuj\u00ed \u201eexpira\u010dn\u00ed profit\u201c +1.500 USD. \u00a0\u00a0<\/span><\/p>\n

Den t\u0159et\u00ed \u2013 \u00fater\u00fd<\/strong><\/span><\/h2>\n

\u00a0\u00a0 T\u0159et\u00ed obchodn\u00ed den byl poznamen\u00e1n zaj\u00edmav\u00fdm cenov\u00fdm v\u00fdvojem. P\u0159es po\u010d\u00e1te\u010dn\u00ed vzedmut\u00ed ceny nastal obrat s n\u00e1sledn\u00fdm kles\u00e1n\u00edm ceny ES DEC18. Pokles ceny zp\u016fsobil, \u017ee byl p\u0159ed p\u016fl dev\u00e1tou ve\u010der na\u0161eho \u010dasu spu\u0161t\u011bn<\/strong> m\u016fj nastaven\u00fd p\u0159\u00edkaz<\/strong> na po\u0159\u00edzen\u00ed Short ES DEC18 futures<\/strong>, proto\u017ee byla dosa\u017eena hranice 2718 bod\u016f. N\u00ed\u017ee uveden\u00fd obr\u00e1zek zobrazuje pr\u016fb\u011bh \u00fatern\u00ed obchodn\u00ed seance.\u00a0<\/span><\/p>\n

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\u00a0\u00a0 Obr\u00e1zek z\u00a0TradeLog platformy TWS<\/span><\/p>\n

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\u00a0\u00a0 \u2026a takto se transakce zaznamenala na m\u00e9m obchodn\u00edm \u00fa\u010dtu<\/span><\/p>\n

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\u00a0\u00a0 Celkov\u00e1 pozice Put Ratio Spreadu sou\u010dasn\u011b s\u00a0po\u0159\u00edzenou Short pozic\u00ed ES DEC18 futures je na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku a reprezentuje situaci v platform\u011b TWS t\u011bsn\u011b p\u0159ed \u00fatern\u00edm Close.<\/span><\/p>\n

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\u00a0\u00a0 Po\u0159\u00edzen\u00e9 ES DEC18 futures na m\u016fj \u00fa\u010det zp\u016fsobuje, \u017ee mi ji\u017e v\u00a0\u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b nehroz\u00ed \u017e\u00e1dn\u00e1 ztr\u00e1ta p\u0159i dal\u0161\u00edm poklesu<\/strong>. Po\u0159\u00edzen\u00e9 futures toti\u017e zaji\u0161\u0165uje nekrytou Short Put 2745 proti jak\u00e9mukoliv propadu. Znamen\u00e1 to, \u017ee pokud cena ES DEC18 z\u016fstane do expirace pod strike<\/strong> t\u00e9to vypsan\u00e9 Short Put 2745<\/strong> opce, bude tato automaticky p\u0159i\u0159azena<\/strong> (Assigned) a budu nucen nakoupit Long ES DEC18 futures za cenu strike, tedy za v\u00fddaj -2745 bod\u016f<\/strong>. Proto\u017ee ji\u017e ale jsem \u00a0v\u00a0pozici Short DEC18 futures a za tento Short jsem p\u0159ijal na sv\u016fj \u00fa\u010det (v\u010detn\u011b zaplacen\u00fdch komis\u00ed) podle obr\u00e1zku v\u00fd\u0161e +2717.96 bod\u016f<\/strong>, bude tato transakce pro m\u011b ztr\u00e1tou ve v\u00fd\u0161i -27.04 bodu<\/strong>. Ka\u017edop\u00e1dn\u011b ale p\u0159i t\u00e9to konstelaci, kdy cena bude p\u0159i expiraci pod strike ni\u017e\u0161\u00ed Short Put 2745, to bude znamenat, \u017ee Long Put 2780 a Short Put 2750 bude vytv\u00e1\u0159et profit +30 bod\u016f<\/strong> (Put Bear Spread +2780\/-2750), mohu tedy konstatovat, \u017ee m\u00e9 nakoupen\u00e9 zaji\u0161t\u011bn\u00ed zp\u016fsobuje profit<\/strong> (-27.04 bodu +30 bod\u016f) = +2.96 bodu<\/strong> (+148 USD).<\/span><\/p>\n

Den \u010dtvrt\u00fd – expira\u010dn\u00ed st\u0159eda<\/strong><\/span><\/h2>\n

\u00a0\u00a0 Expira\u010dn\u00ed st\u0159eda p\u0159inesla dal\u0161\u00ed \u201emateri\u00e1l k\u00a0zamy\u0161len\u00ed\u201c. S Put Ratio Spreadem +2780\/-2750\/-2745<\/strong> s\u00a0vytvo\u0159enou ochranou na \u00farovni 2718 bod\u016f<\/strong> nyn\u00ed mohu velmi spokojen\u011b p\u0159ihl\u00ed\u017eet jak\u00e9mukoliv dal\u0161\u00edmu propadu, proto\u017ee v\u00edm, \u017ee jsem proti n\u011bmu dob\u0159e zaji\u0161t\u011bn a toto zaji\u0161t\u011bn\u00ed je\u0161t\u011b p\u0159inese m\u00edrn\u00fd profit +148 USD. Pozor v\u0161ak na „usnut\u00ed na vav\u0159\u00ednech“, proto\u017ee jsem sice vytvo\u0159il dokonalou ochranu na pokles, ale nikoliv na op\u011btovn\u00fd r\u016fst!!!<\/strong> Pokud by se mi nam\u00edsto po\u0159\u00edzen\u00ed Short ES DEC18 futures poda\u0159ilo nakoupit Long Put opci 2715, mohu na nep\u0159\u00edzniv\u00e9 d\u016fsledky obratu trendu a vzestupu ceny p\u0159ihl\u00ed\u017eet zcela v\u00a0klidu. Proto\u017ee ale m\u00e1m po\u0159\u00edzen\u00e9 Short futures ES DEC18, kter\u00e9 kompenzuje v\u00fdsledek p\u0159i\u0159azen\u00ed na Short Put 2745 op\u010dn\u00edm kontraktu, je zp\u011btn\u00fd n\u00e1r\u016fst jeho ceny nad strike t\u00e9to opce Short Put 2745 ji\u017e vytv\u00e1\u0159en\u00edm ztr\u00e1ty, proto\u017ee to znamen\u00e1, \u017ee tato Short Put 2745 opce vypr\u0161\u00ed jako bezcenn\u00e1 a j\u00e1 budu muset likvidovat Short ES DEC18 na voln\u00e9m trhu. Ztr\u00e1tu tak budou tvo\u0159it nejen n\u00e1klady na likvidaci tohoto Short \u00a0ES DEC18 futures, ale bude se tak\u00e9 prohlubovat p\u0159\u00edpadn\u00fdm dal\u0161\u00edm r\u016fstem ceny nad druhou Short Put 2750 na vy\u0161\u0161\u00edm strike, proto\u017ee bude ukrajovat z\u00a0profitu vytvo\u0159en\u00e9m na Put Bear Spreadu +2780\/-2750. V\u00a0p\u0159\u00edpad\u011b zcela dramatick\u00e9ho obratu nad v\u0161echny opce Put Ratio Spreadu +2780\/-2750\/-2745, tedy nad 2780 bod\u016f by mohla b\u00fdt ztr\u00e1ta neomezen\u00e1. Jak se mohu proti t\u00e9to skute\u010dnostem br\u00e1nit?<\/span><\/p>\n

\u00a0 1\/<\/strong> P\u0159i obratu trendu je nutn\u00e9 zafixovat mo\u017enost zbavit se Short ES DEC18 futures p\u0159i expiraci za cenu strike Short Put 2745, a to tak, \u017ee vytvo\u0159\u00edm Reversal <\/a><\/strong><\/span>na tomto strike Short Put 2745 \u00a0\u00a0dokoupen\u00edm Long Call 2745<\/strong><\/span><\/p>\n

\u00a0 \u00a02\/<\/strong> Pokud vy\u0159e\u0161\u00edm probl\u00e9m s ES DEC18 futures, budu se ji\u017e nucen pouze vypo\u0159\u00e1dat p\u0159i uptrendu s\u00a0vytv\u00e1\u0159ej\u00edc\u00ed se ztr\u00e1tou na Put Bear Spreadu +2780\/-2750, a to r\u016fstem ceny nad strike Short Put 2750. Tuto obranu vytvo\u0159\u00edm tak, \u017ee na Call stran\u011b, p\u0159i velmi t\u011bsn\u00e9m p\u0159ibl\u00ed\u017een\u00ed se ceny ES DEC18 k\u00a0hodnot\u011b tohoto strike, vytvo\u0159\u00edm Call Ratio Spread<\/strong> s\u00a0Long Call<\/strong> opc\u00ed na strike 2750<\/strong> a vypsan\u00fdmi Short Call opcemi na vy\u0161\u0161\u00edm strike podle aktu\u00e1ln\u00ed cenov\u00e9 situace. Ztr\u00e1ta na Short Put 2750 opci pak bude kompenzov\u00e1na profitem na Long Call opci 2750, kter\u00e1 je na stejn\u00e9m strike. Proto\u017ee t\u00edm vytvo\u0159\u00edm Call Ratio Spread, budu pak p\u0159em\u00fd\u0161let, jak\u00fd m\u00e1 BreakEven bod a na n\u011bm pak budu cht\u00edt vytvo\u0159it obdobnou obranu<\/strong>. V\u00a0dan\u00e9m p\u0159\u00edpad\u011b bude pouze o hled\u00e1n\u00ed Long Call vzd\u00e1len\u00e9 opce za dobrou cenu s dotvo\u0159en\u00edm do Butterfly, proto\u017ee zad\u00e1n\u00ed p\u0159\u00edkazu na n\u00e1kup Long ES DEC18 futures by p\u0159i jeho vypln\u011bn\u00ed znamenalo kompenzaci s\u00a0ji\u017e dr\u017een\u00fdm Short ES DEC18 futures po\u0159\u00edzen\u00fdm jako ochrana Put Ratio Spreadu z textu v\u00fd\u0161e.<\/span><\/p>\n

\u00a0\u00a0\u00a0Expira\u010dn\u00ed st\u0159eda neza\u010dala zcela podle m\u00fdch p\u0159edstav, proto\u017ee se cena ES DEC18 futures za\u010dala zotavovat a za\u010dala se nebezpe\u010dn\u011b p\u0159ibli\u017eovat<\/strong> m\u00e9mu strike Short Put 2745<\/strong>, kter\u00e1 je m\u011bla kompenzovat. Musel jsem tak \u0159e\u0161it prvn\u00ed ze sc\u00e9n\u00e1\u0159\u016f v\u00fd\u0161e, tedy zabezpe\u010dit, abych se p\u0159i ve\u010dern\u00ed expiraci zbavil Short ES DEC18 futures. Na obr\u00e1zku n\u00ed\u017ee je ji\u017e vid\u011bt cel\u00fd pr\u016fb\u011bh m\u00e9ho \u010dty\u0159denn\u00edho obchodu a \u010dervenou \u0161ipkou zachyceno lok\u00e1ln\u00ed p\u0159ibl\u00ed\u017een\u00ed k\u00a0tomuto strike.<\/span><\/p>\n

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\u00a0\u00a0 Proto\u017ee jsem v\u00a0\u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b nemohl v\u011bd\u011bt, kam se cena pohne v\u00a0n\u00e1sleduj\u00edc\u00edch okam\u017eic\u00edch (proto\u017ee to nev\u00ed nikdo nikdy) nakoupil<\/strong> jsem na stejn\u00e9m strike jako je Short Put 2745 tak\u00e9 Long Call 2745<\/strong>. T\u00edm jsem vytvo\u0159il Reversal<\/strong> na strike 2745 s\u00a0jistotou, \u017ee mi dnes p\u0159i expiraci zmiz\u00ed m\u00e9 ES DEC18 futures za cenu 2745 bodu. Situace v\u00a0op\u010dn\u00edm \u0159et\u011bzci vypadala n\u00ed\u017ee takto.<\/span><\/p>\n

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\u00a0\u00a0 Long Call 2745<\/strong> do Reversal jsem nepo\u0159\u00eddil zadarmo, n\u00fdbr\u017e za -5.02 bodu<\/strong>. T\u00edmto jsem sv\u016fj obchod s\u00a0dan\u00fdm m\u00edrn\u00fdm profitem p\u0159i poklesu ve v\u00fd\u0161i +2.96 bodu znehodnotil na ztr\u00e1tu -2.06 bodu<\/strong> (-103 USD). M\u011bl jsem ale jistotu, \u017ee uptrend do ceny 2750 bod\u016f mi nep\u0159inese \u017e\u00e1dn\u00e9 p\u0159ekvapen\u00ed ne\u017e tento v\u00fddaj. Na obr\u00e1zku n\u00ed\u017ee je TradeLog po\u0159\u00edzen\u00ed t\u00e9to Long Call opce ve st\u0159ede\u010dn\u00edch rann\u00edch hodin\u00e1ch.<\/span><\/p>\n

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\u00a0 Stejnou transakci m\u00e1m pak vyzna\u010denou na sv\u00e9m obchodn\u00edm \u00fa\u010dtu<\/span><\/p>\n

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\u00a0\u00a0 Z\u00a0v\u00fd\u0161e uveden\u00e9ho \u010dty\u0159denn\u00edho grafu vypl\u00fdv\u00e1, \u017ee se nakonec nic dal\u0161\u00edho nestalo, co by mohlo ve sv\u011btle nast\u00edn\u011bn\u00fdch sc\u00e9n\u00e1\u0159\u016f ovlivnit mou celkovou pozici, proto jsem mohl t\u011bsn\u011b p\u0159ed st\u0159ede\u010dn\u00edm expira\u010dn\u00edm Close pozorovat sv\u016fj op\u010dn\u00ed \u0159et\u011bzec s\u00a0dr\u017een\u00fdmi pozicemi.<\/span><\/p>\n

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\u00a0\u00a0\u00a0 Cena nakonec poklesla na \u00farove\u0148 p\u0159ibli\u017en\u011b 2712 bod\u016f<\/strong>, co\u017e jsem samoz\u0159ejm\u011b nemohl nijak p\u0159edpokl\u00e1dat. Za pov\u0161imnut\u00ed pak stoj\u00ed \u00fadaj o cen\u011b v\u00a0b\u00edl\u00e9m krou\u017eku, kter\u00fd ud\u00e1v\u00e1, za kolik bod\u016f bych byl musel likvidovat nekrytou Short Put 2745, pokud bych neprov\u00e1d\u011bl \u017e\u00e1dnou zaji\u0161\u0165ovac\u00ed akci. Tato cena likvidace by byla na \u00farovni 33.50 bodu a mohl bych b\u00fdt je\u0161t\u011b r\u00e1d, \u017ee se cena celkov\u011b nepropadla n\u00ed\u017ee, proto\u017ee ambice k\u00a0dal\u0161\u00edmu poklesu rozhodn\u011b ES DEC18 futures nechyb\u011bly.<\/span><\/p>\n

\u00a0\u00a0 Po Close trh\u016f do\u0161lo k\u00a0celkov\u00e9mu vypo\u0159\u00e1d\u00e1n\u00ed m\u00fdch transakc\u00ed. Z\u00a0obr\u00e1zku v\u00fd\u0161e vypl\u00fdv\u00e1 \u017ee v\u0161echny opce Put Ratio Spreadu +2780\/-2750\/-2745<\/strong> byly \u201ev pen\u011bz\u00edch\u201c<\/strong>, k\u00a0nim jsem m\u011bl nakoupenou Long Call 2745<\/strong> do Reversal, kter\u00e1 je nyn\u00ed p\u0159i expiraci bezcenn\u00e1 a m\u011bl jsem po\u0159\u00edzeno\u00a0Short ES DEC18 futures<\/strong>. TradeLog zachycuje kone\u010dn\u00e9 vypo\u0159\u00e1d\u00e1vac\u00ed transakce<\/span><\/p>\n

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\u00a0 \u00a0\u00a0(1)<\/strong> \u00a0Opce Short Put 2750<\/strong> byla p\u0159i\u0159azena<\/strong> (Assigned), co\u017e vedlo k\u00a0n\u00e1kupu Long ES DEC18 futures za cenu strike a v\u00fddaj -2750 bodu<\/strong><\/span><\/p>\n

\u00a0\u00a0 (2)<\/strong> Opce Long Put 2780<\/strong> byla uplatn\u011bna<\/strong> (Autoexercise), co\u017e vedlo k\u00a0prodeji Long ES DEC18 futures po\u0159\u00edzen\u00e9ho v\u00fd\u0161e odstavci (1) za cenu strike a tr\u017ebu +2780 bodu<\/strong>, \u010dist\u00fd profit +30 bod\u016f<\/strong><\/span><\/span><\/p>\n

\u00a0\u00a0 (3)<\/strong> Opce Short Put 2745<\/strong> byla p\u0159i\u0159azena<\/strong> (Assigned), co\u017e vedlo k\u00a0n\u00e1kupu Long ES DEC18 futures za cenu strike a v\u00fddaj -2745 bodu<\/strong>, toto „expira\u010dn\u011b nakoupen\u00e9“ Long ES DEC18 futures kompenzuje Short ES DEC18 futures, po\u0159\u00edzen\u00e9 jako ochrana za tr\u017ebu +2717.96 bodu<\/strong>, rozd\u00edlem je ztr\u00e1ta -27.04 bodu<\/strong><\/span><\/span><\/p>\n

\u00a0\u00a0 (4)<\/strong> Opce Long Call 2745<\/strong> vypr\u0161ela jako bezcenn\u00e1<\/strong>, na jej\u00ed po\u0159\u00edzen\u00ed jsem vynalo\u017eil -5.02 bodu<\/strong>, vytvo\u0159il jsem tak ztr\u00e1tu -5.02 bodu<\/strong><\/span><\/span><\/p>\n

\u00a0\u00a0 Sumarizac\u00ed v\u00fd\u0161e uveden\u00fdch polo\u017eek (+30 bod\u016f -27.04 bod\u016f -5.02 bod\u016f) se zapo\u010d\u00edt\u00e1n\u00edm vstupn\u00ed investice ve v\u00fd\u0161i -0.08 bodu, mohu nyn\u00ed v\u00fdpo\u010dty uzav\u0159\u00edt na celkov\u00e9 ztr\u00e1t\u011b –2.14 bod\u016f (-107 USD)<\/strong><\/span>.<\/span><\/p>\n

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\u00a0 \u00a0Nep\u0159edpokl\u00e1dal jsem, \u017ee by mi cenov\u00fd v\u00fdvoj v re\u00e1ln\u00e9m obchod\u011b nab\u00eddl tolik „propaga\u010dn\u00edho materi\u00e1lu“ k popisu nuanc\u00ed, kter\u00e9 byly s obchodem spojeny. Nech\u00e1m na ka\u017ed\u00e9m, a\u0165 vyhodnot\u00ed tento v\u00fdsledek po sv\u00e9m. Utr\u017eit ztr\u00e1tu nen\u00ed p\u0159\u00edjemn\u00e1 v\u011bc, ale p\u0159i maxim\u00e1ln\u00edm mo\u017en\u00e9m profitu ve v\u00fd\u0161i +1.500 USD za \u010dty\u0159i dny s\u00a0konstelac\u00ed, kter\u00e1 disponuje v\u00a0dob\u011b po\u0159\u00edzen\u00ed neomezen\u00fdm potenci\u00e1lem ztr\u00e1ty v\u00a0p\u0159\u00edpad\u011b, \u017ee ji nijak nezaji\u0161\u0165uji, je s\u00a0p\u0159ihl\u00e9dnut\u00edm ke zna\u010dn\u011b turbulentn\u00ed dob\u011b velmi dobr\u00fd v\u00fdsledek. Pokud bych pov\u00fd\u0161il tuto strategii na p\u0159im\u011b\u0159en\u011b mechanickou a prov\u00e1d\u011bl d\u016fsledn\u00e9 zaji\u0161\u0165ovac\u00ed transakce alespo\u0148 podle takto nazna\u010den\u00e9ho postupu, zcela jist\u011b by to mohl b\u00fdt jeden ze zp\u016fsob\u016f, jak nal\u00e9zt cestu k\u00a0p\u0159im\u011b\u0159en\u00fdm profit\u016fm :c)\u00a0 \u00a0\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\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, Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":2630,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[4],"tags":[49,13,50],"class_list":["post-2590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opcni-kombinace","tag-butterfly","tag-call-bull-spread","tag-ratio-spread"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2018\/11\/main.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-FM","jetpack-related-posts":[{"id":2654,"url":"https:\/\/dobretrejdy.com\/?p=2654","url_meta":{"origin":2590,"position":0},"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":2590,"position":1},"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":2741,"url":"https:\/\/dobretrejdy.com\/?p=2741","url_meta":{"origin":2590,"position":2},"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":2799,"url":"https:\/\/dobretrejdy.com\/?p=2799","url_meta":{"origin":2590,"position":3},"title":"Back Spread – III.","author":"dobretrejdy :c)","date":"5.1.2019","format":false,"excerpt":"\u00a0 \u00a0V posledn\u00edch p\u011bti \u010dl\u00e1nc\u00edch jsem popisoval principy op\u010dn\u00edch kombinac\u00ed s\u00a0nestejn\u00fdm po\u010dtem prodan\u00fdch a nakoupen\u00fdch opc\u00ed se stejnou expirac\u00ed, kter\u00e9 nesou v\u017eit\u00e1 a souhrnn\u00e1 ozna\u010den\u00ed Ratio Spread a Back Spread. Pov\u011bt\u0161inou teoretick\u00e9 rozbory a v\u00fdpo\u010dty se zab\u00fdvaly pops\u00e1n\u00edm obchodn\u00edch zp\u016fsob\u016f a p\u0159\u00edstup\u016f, jak na tyto op\u010dn\u00ed kombinace nahl\u00ed\u017eet a jak\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-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/01\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/01\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/01\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":294,"url":"https:\/\/dobretrejdy.com\/?p=294","url_meta":{"origin":2590,"position":4},"title":"Time Spread","author":"dobretrejdy :c)","date":"30.4.2017","format":false,"excerpt":"\u00a0 \u00a0Time Spread, Horizontal Spread nebo Calendar Spread (\u010deskou hant\u00fdrkou asi \u201ekalend\u00e1\u0159\u201c) spo\u010d\u00edv\u00e1 v po\u0159izov\u00e1n\u00ed r\u016fzn\u00fdch op\u010dn\u00edch kontrakt\u016f v\u00a0r\u016fzn\u00fdch expirac\u00edch. O t\u011bchto Time Spreadech jsou pops\u00e1ny tuny pap\u00edr\u016f, bylo vyd\u00e1no spoustu knih a lze se o jejich z\u00e1kladn\u00edch vlastnostech do\u010d\u00edst na spoust\u011b voln\u011b dostupn\u00fdch webov\u00fdch str\u00e1nk\u00e1ch. Jejich vyu\u017eit\u00ed, stavba, vstupy\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed kombinace\u201c","block_context":{"text":"Op\u010dn\u00ed kombinace","link":"https:\/\/dobretrejdy.com\/?cat=4"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/time2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/time2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/time2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/time2.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":574,"url":"https:\/\/dobretrejdy.com\/?p=574","url_meta":{"origin":2590,"position":5},"title":"Vega","author":"dobretrejdy :c)","date":"2.7.2017","format":false,"excerpt":"\u00a0\u201e\u2026 p\u0159esto\u017ee se v\u017eilo, \u017ee popis faktor\u016f p\u016fsob\u00edc\u00edch na tvorbu op\u010dn\u00ed ceny jsme zvykl\u00ed ozna\u010dovat \u0159eck\u00fdmi p\u00edsmeny Delta, Gamma, Th\u00e9ta, Rho, Vega, tak mus\u00edm podotknout, \u017ee Vega nen\u00ed p\u00edsmenem \u0159eck\u00e9 abecedy\u2026\u201c, v\u00a0tomto smyslu v\u011bt\u0161inou b\u00fdvaj\u00ed uv\u00e1d\u011bny \u010dl\u00e1nky o \"Vega\" zab\u00fdvaj\u00edc\u00ed se vlivem zm\u011bny Implied Volatility na cenu op\u010dn\u00edho kontraktu, z\u0159ejm\u011b\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed z\u00e1klady\u201c","block_context":{"text":"Op\u010dn\u00ed z\u00e1klady","link":"https:\/\/dobretrejdy.com\/?cat=2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/07\/30.06.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/07\/30.06.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/07\/30.06.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/07\/30.06.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/2590","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=2590"}],"version-history":[{"count":16,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/2590\/revisions"}],"predecessor-version":[{"id":2646,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/2590\/revisions\/2646"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/2630"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}