{"id":27,"date":"2017-03-29T10:52:49","date_gmt":"2017-03-29T10:52:49","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=27"},"modified":"2021-07-14T06:45:03","modified_gmt":"2021-07-14T04:45:03","slug":"zakladni-opcni-pojmy","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=27","title":{"rendered":"Z\u00e1kladn\u00ed op\u010dn\u00ed pojmy"},"content":{"rendered":"

\u00a0 \u00a0Za\u010d\u00ednaj\u00edc\u00ed op\u010dn\u00ed trader mus\u00ed pochopit a zcela vst\u0159ebat z\u00e1kladn\u00ed pojmoslov\u00ed, definice a principy, kter\u00e9 jsou s takov\u00fdmi obchody spojeny. Pochopen\u00edm takov\u00fdch z\u00e1klad\u016f je absolutn\u00edm p\u0159edpokladem pro dal\u0161\u00ed \u00fasp\u011b\u0161n\u00fd v\u00fdvoj op\u010dn\u00edho obchodn\u00edka. Jak\u00fdm pojm\u016fm by m\u011bl tedy ka\u017ed\u00fd porozum\u011bt? Uvedu z\u00e1kladn\u00ed pojmy v jejich obecn\u00e9 definici, abych v budoucnu ka\u017ed\u00fd jednotliv\u00fd pojem d\u016fkladn\u011b rozebral nejen z teoretick\u00e9ho, ale zejm\u00e9na z praktick\u00e9ho hlediska. Mo\u017en\u00e1 je to nuda pro znalce, pro za\u010d\u00e1te\u010dn\u00edka v\u0161ak nutn\u00e1 nezbytnost<\/span><\/p>\n

\u00a0 \u00a0Call Opce<\/b>\u00a0je smlouva (contract) p\u0159edstavuj\u00edc\u00ed pr\u00e1vo po ur\u010ditou specifickou dobu<\/strong> koupit specifick\u00e9 podkladov\u00e9 aktivum<\/strong> za specifickou cenu<\/strong><\/span><\/p>\n

\u00a0 \u00a0Put Opce<\/b>\u00a0je \u00a0smlouvu (contract) p\u0159edstavuj\u00edc\u00ed pr\u00e1vo po ur\u010ditou specifickou dobu<\/strong> prodat specifick\u00e9 podkladov\u00e9 aktivum<\/strong> za specifickou cenu<\/strong><\/span><\/p>\n

\u00a0 \u00a0Specifick\u00e1 doba<\/strong> je ur\u010dena datem expirace op\u010dn\u00edho kontraktu, do t\u00e9 doby b\u011b\u017e\u00ed specifick\u00e1 doba.\u00a0Specifick\u00e1 cena<\/strong> je hodnota strike op\u010dn\u00edho kontraktu a\u00a0Specifick\u00e9 podkladov\u00e9 aktivum<\/strong>\u00a0je cenn\u00fd pap\u00edr nebo aktivum, kter\u00e9 je p\u0159edm\u011btem op\u010dn\u00edho kontraktu.<\/span><\/p>\n

\u00a0 \u00a0Co to prakticky znamen\u00e1? Pokud jsem koupil Call opci s expirac\u00ed 15.5.2017 na podkladov\u00e9 aktivum AAPL na strike 215, pak to ve sv\u011btle v\u00fd\u0161e uveden\u00fdch definic znamen\u00e1, \u017ee po ur\u010ditou specifickou dobu (do 15.5.2017) mohu koupit specifick\u00e9 podkladov\u00e9 aktivum (100 akci\u00ed AAPL) za specifickou cenu (215 USD = hodnota strike). Nic dal\u0161\u00edho to neznamen\u00e1.<\/span><\/p>\n

\u00a0 \u00a0Takov\u00e1 Call opce je pak tzv. „americk\u00e9ho typu“, proto\u017ee mohu toto pr\u00e1vo z t\u00e9to smlouvy (dr\u017een\u00e9ho kontraktu) uplatnit kdykoliv do konce specifick\u00e9 doby. Pokud bych mohl takov\u00e9 pr\u00e1vo z takto dr\u017een\u00e9ho op\u010dn\u00edho kontraktu uplatnit pouze v ur\u010ditou dobu p\u0159i expiraci – byla by m\u00e1 opce tzv. „evropsk\u00e9ho typu“.<\/span><\/p>\n

\u00a0 \u00a0Zab\u011bhnutou hant\u00fdrkou op\u010dn\u00edch obchodn\u00edk\u016f je pak popis moment\u00e1ln\u00ed situace a polohy jeho strike op\u010dn\u00edho kontraktu vzhledem k sou\u010dasn\u00e9 cen\u011b podkladov\u00e9ho aktiva. Takto jsou hant\u00fdrkou ozna\u010dov\u00e1ny tyto mo\u017en\u00e9 situace, kdy op\u010dn\u00ed kontrakt je takzvan\u011b:<\/span><\/p>\n

\u00a0 \u00a0ITM – In-The-Money<\/strong> – Call opce, jejich\u017e strike jsou pod sou\u010dasnou cenou podkladu a Put opce, jejich\u017e strike je nad sou\u010dasnou cenou podkladu<\/span><\/p>\n

\u00a0\u00a0 OTM – Out Of-The-Money<\/strong> – \u00a0Call opce, jejich\u017e strike jsou nad sou\u010dasnou cenou podkladu a Put opce, jejich\u017e strike je pod sou\u010dasnou cenou podkladu<\/span><\/p>\n

\u00a0\u00a0ATM – At-The-Money<\/strong> – Call a Put opce, jejich\u017e strike je t\u00e9m\u011b\u0159 shodn\u00fd se sou\u010dasnou cenou podkladu<\/span><\/p>\n

\u00a0 \u00a0Opce, kter\u00e9 se obchoduj\u00ed na regul\u00e9rn\u00edch op\u010dn\u00edch burz\u00e1ch jsou naz\u00fdv\u00e1ny „Listed Options“. Na jedno podkladov\u00e9 aktivum lze opce obchodovat v\u011bt\u0161inou i na n\u011bkolika r\u016fzn\u00fdch burz\u00e1ch. Takov\u00e9 opce, respektive jejich nab\u00eddkov\u00e9 a popt\u00e1vkov\u00e9 ceny (Ask\/Bid) pak m\u016f\u017eete vid\u011bt ve v\u0161ech op\u010dn\u00edch platform\u00e1ch. Takov\u00e9 nab\u00eddce se pak \u0159\u00edk\u00e1 „Option Chain“, op\u010dn\u00ed \u0159et\u011bzec, kter\u00fd zobrazuje v p\u0159ehledn\u00e9 form\u011b ceny jednotliv\u00fdch op\u010dn\u00edch kontrakt\u016f pro jednotliv\u00e9 strikes v jednotliv\u00fdch expira\u010dn\u00edch obdob\u00edch.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 \u00a0Na v\u00fd\u0161e uveden\u00e9m obr\u00e1zku je vid\u011bt op\u010dn\u00ed \u0159et\u011bzec op\u010dn\u00edch cen na akcii AAPL (\u010derven\u00fd obd\u00e9ln\u00edk vlevo naho\u0159e) pro opce, kter\u00e9 maj\u00ed expiraci za 7 dn\u016f (modr\u00fd obd\u00e9ln\u00edk). Lev\u00e1 \u010d\u00e1st \u0159et\u011bzce reprezentuje nab\u00eddku pro Call opce a prav\u00e1 \u010d\u00e1st pro Put opce (\u010derven\u00e9 obd\u00e9ln\u00edky). Zelen\u00fdm obd\u00e9ln\u00edkem je pak vyzna\u010den strike 170, pro kter\u00fd jsou p\u0159\u00edslu\u0161n\u00fdmi cenami pro n\u00e1kup a prodej Call opce ceny vyzna\u010den\u00e9 zelen\u00fdm a \u010derven\u00fdm krou\u017ekem. Obdobn\u011b jsou pak tyto ceny uvedeny i pro Put opce na prav\u00e9 stran\u011b obr\u00e1zku.<\/span><\/p>\n

\u00a0 Krom\u011b takov\u00fdch listovan\u00fdch opc\u00ed existuj\u00ed i jin\u00e9 typy opc\u00ed (Non Listed\/Over-The-Counter (OTC) opce. Tyto nejsou obecn\u011b nijak standardizov\u00e1ny a neobchoduj\u00ed se na burz\u00e1ch, jsou uzav\u00edr\u00e1ny \u00a0p\u0159\u00edmo, zejm\u00e9na mezi velk\u00fdmi institucion\u00e1ln\u00edmi \u00fa\u010dastn\u00edky trhu. Zavol\u00e1 takto trader z obchodn\u00edho odd\u011blen\u00ed Goldman Sachs traderovi do obchodn\u00edho odd\u011blen\u00ed banky J.P. Morgan a \u0159\u00edk\u00e1: „Kupujeme od priv\u00e1tn\u00edho vlastn\u00edka bal\u00edk 50 milion\u016f akci\u00ed Norwood Inc. za 13 USD\/kus, za jakou cenu od n\u00e1s koup\u00edte Call opci s expirac\u00ed 31.1.2018 na strike 15,50?<\/em>“ Trader z J.P. Morgan po chv\u00edli do sluch\u00e1tka po mal\u00e9, ale dramatick\u00e9 pauze sd\u011bl\u00ed „1,75 za jeden<\/em>„. Deal Is Done. Goldman Sachs prod\u00e1 a J.P. Morgan koup\u00ed odpov\u00eddaj\u00edc\u00ed mno\u017estv\u00ed (500.000) op\u010dn\u00edch kontrakt\u016f po 175 USD za jeden. Op\u010dn\u00ed \u0159et\u011bzec nepot\u0159ebovali. Ud\u011blali obchod mezi sebou, jedna strana ud\u011blala nab\u00eddku na prodej (Bid) a druh\u00e1 strana ji p\u0159ijala (Ask). Goldman Sachs tak maj\u00ed sv\u00e9 prodan\u00e9 opce kryt\u00e9 (cover) nakoupen\u00fdmi akciemi, cel\u00e1 jejich pozice se naz\u00fdv\u00e1 Covered Call (ale o t\u00e9to pozici n\u011bkdy pozd\u011bji), kde\u017eto J.P. Morgan dr\u017e\u00ed z tohoto obchodu \u010distou Long Call op\u010dn\u00ed pozici.<\/span><\/p>\n

\u00a0 \u00a0Co z toho vypl\u00fdv\u00e1? OTC opce maj\u00ed sv\u00e9 konkr\u00e9tn\u00ed \u00fa\u010dastn\u00edky a tito v\u011bt\u0161inou o sob\u011b v\u011bd\u00ed<\/strong>. Je dan\u00fd kupec a prodejce konkr\u00e9tn\u00edho op\u010dn\u00edho kontraktu. Toto v\u0161ak u klasick\u00e9ho op\u010dn\u00edho kontraktu obchodovan\u00e9ho op\u010dn\u00edmi tradery neplat\u00ed, tento kupuje standardizovan\u00e9 op\u010dn\u00ed kontrakty, jejich\u017e parametry vid\u00ed pr\u00e1v\u011b ve v\u00fd\u0161e uveden\u00fdch op\u010dn\u00edch \u0159et\u011bzc\u00edch zobrazovan\u00fdch v brokersk\u00fdch platform\u00e1ch. Tyto op\u010dn\u00ed a listovan\u00e9 op\u010dn\u00ed kontrakty jsou standardizov\u00e1ny, evidov\u00e1ny a vypo\u0159\u00e1d\u00e1v\u00e1ny prost\u0159ednictv\u00edm clearingov\u00e9 instituce, pokud se budeme nap\u0159\u00edklad pohybovat na americk\u00e9m akciov\u00e9m trhu, touto clearingovou instituc\u00ed je OCC (Option Clearing Corporation<\/a><\/strong>). Do t\u00e9to clearingov\u00e9 instituce se v\u0161echny op\u010dn\u00ed obchody po ukon\u010den\u00ed obchodov\u00e1n\u00ed „sb\u00edhaj\u00ed“ a jsou tak\u00e9 u t\u00e9to instituce vypo\u0159\u00e1d\u00e1v\u00e1ny. OCC m\u00e1 sv\u00e9 \u010dleny (members), pov\u011bt\u0161inou brokersk\u00e9 firmy, kter\u00e9 tyto op\u010dn\u00ed kontrakty nab\u00edzej\u00ed ke koupi\/prodeji. OCC garantuje pln\u011bn\u00ed z op\u010dn\u00edho kontraktu, nap\u0159\u00edklad v p\u0159\u00edpad\u011b exercise Call op\u010dn\u00edho kontraktu dr\u017eitelem opce zaru\u010duje, \u017ee budou tomuto dr\u017eiteli opce dod\u00e1ny podkladov\u00e9 akcie (o tomto tak\u00e9 pozd\u011bji). Z\u00e1kladn\u00edm poznatkem v tuto chv\u00edli by pak mohlo b\u00fdt pov\u011bdom\u00ed, \u017ee pokud chceme opci koupit (Long) nebo opci prodat (Short)<\/strong> prost\u0159ednictv\u00edm n\u011bjak\u00e9 tradingov\u00e9 platformy a obchod se n\u00e1m poda\u0159\u00ed, tak tento obchodn\u00ed p\u0159\u00edpad uzav\u00edr\u00e1me s n\u00e1m nezn\u00e1m\u00fdm \u00fa\u010dastn\u00edkem trhu<\/strong>, kter\u00fd ji\u017e do trhu sv\u016fj opa\u010dn\u00fd p\u0159\u00edkaz um\u00edstil nebo v p\u0159\u00edpad\u011b na\u0161eho obchodn\u00edho po\u017eadavku byl tv\u016frcem trhu (market maker) takov\u00fd opa\u010dn\u00fd p\u0159\u00edkaz vytvo\u0159en a uspokojen.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 \u00a0Za\u010d\u00ednaj\u00edc\u00ed op\u010dn\u00ed trader mus\u00ed pochopit a zcela vst\u0159ebat z\u00e1kladn\u00ed pojmoslov\u00ed, definice a principy, kter\u00e9 jsou s takov\u00fdmi obchody spojeny. Pochopen\u00edm takov\u00fdch z\u00e1klad\u016f je absolutn\u00edm p\u0159edpokladem pro dal\u0161\u00ed \u00fasp\u011b\u0161n\u00fd v\u00fdvoj op\u010dn\u00edho obchodn\u00edka. Jak\u00fdm pojm\u016fm by m\u011bl tedy ka\u017ed\u00fd porozum\u011bt? Uvedu z\u00e1kladn\u00ed pojmy v jejich obecn\u00e9 definici, abych v budoucnu ka\u017ed\u00fd Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":1683,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[2],"tags":[],"class_list":["post-27","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opcni-zaklady"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-r","jetpack-related-posts":[{"id":7416,"url":"https:\/\/dobretrejdy.com\/?p=7416","url_meta":{"origin":27,"position":0},"title":"Dluhopisy \u2013 XXII.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0","author":"dobretrejdy :c)","date":"2.1.2025","format":false,"excerpt":"\u00a0\u00a0 Trvale vysok\u00e1 likvidita na americk\u00fdch vl\u00e1dn\u00edch dluhopisech s nejr\u016fzn\u011bj\u0161\u00edmi splatnostmi vytvo\u0159ila p\u0159\u00edle\u017eitost vytvo\u0159it na n\u011b nav\u00e1zan\u00e9 deriv\u00e1ty \u2013 dluhopisov\u00e9 futures kontrakty. V minul\u00fdch \u010dl\u00e1nc\u00edch tak byly pops\u00e1ny \u201evelk\u00e9\u201c dluhopisov\u00e9 Treasury futures a n\u00e1sledn\u011b jejich desetinov\u00e9 klony - Treasury Micro futures. Oba tyto futures kontrakty replikuj\u00ed zm\u011bnu ceny podkladov\u00fdch aktiv\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/01\/Opt1.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/01\/Opt1.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/01\/Opt1.jpg?resize=525%2C300 1.5x"},"classes":[]},{"id":1081,"url":"https:\/\/dobretrejdy.com\/?p=1081","url_meta":{"origin":27,"position":1},"title":"Exercise (prakticky u IB)","author":"dobretrejdy :c)","date":"22.11.2017","format":false,"excerpt":"\u00a0 V\u00a0n\u011bkolika posledn\u00edch dnech jsem v n\u011bkolika odpov\u011bd\u00edch v koment\u00e1\u0159\u00edch n\u011bkolikr\u00e1t zm\u00ednil mo\u017enost (n\u011bkdy nutnost) vyvolat proces Exercise op\u010dn\u00edho kontraktu na z\u00e1klad\u011b vlastn\u00edho \u00fasudku a rozhodnut\u00ed. Obchoduji u Interactive Brokers a p\u0159edpokl\u00e1d\u00e1m, \u017ee valn\u00e1 v\u011bt\u0161ina op\u010dn\u00edch obchodn\u00edk\u016f vyu\u017e\u00edv\u00e1 tuto obchodn\u00ed platformu nebo jej\u00ed mutace, proto bych cht\u011bl v\u00a0tomto \u010dl\u00e1nku uk\u00e1zat,\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\/11\/main-5.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-5.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-5.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-5.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":7474,"url":"https:\/\/dobretrejdy.com\/?p=7474","url_meta":{"origin":27,"position":2},"title":"Dluhopisy \u2013 XXIII.","author":"dobretrejdy :c)","date":"2.2.2025","format":false,"excerpt":"\u00a0 V minul\u00e9m \u010dl\u00e1nku Dluhopisy \u2013 XXII. jsem nakousnul t\u00e9ma op\u010dn\u00edch kontrakt\u016f nav\u00e1zan\u00fdch na dluhopisov\u00e1 podkladov\u00e1 aktiva. Po prvotn\u00edm prozkoum\u00e1n\u00ed ter\u00e9nu jsem konstatoval, \u017ee dluhopisov\u00e9 opce nejsou v tomto smyslu op\u010dn\u00ed kontrakty listovan\u00e9 na jednotliv\u00e9 dluhopisov\u00e9 emise nap\u0159\u00edklad vl\u00e1dn\u00edch nebo korpor\u00e1tn\u00edch dluhopis\u016f, ale \u017ee burzovn\u011b obchodovan\u00e9 opce p\u0159edstavuj\u00ed op\u010dn\u00ed kontrakty,\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/02\/SR1.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/02\/SR1.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/02\/SR1.jpg?resize=525%2C300 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/02\/SR1.jpg?resize=700%2C400 2x"},"classes":[]},{"id":1686,"url":"https:\/\/dobretrejdy.com\/?p=1686","url_meta":{"origin":27,"position":3},"title":"Vnit\u0159n\u00ed hodnota a Pr\u00e9mium","author":"dobretrejdy :c)","date":"8.4.2018","format":false,"excerpt":"\u00a0\u00a0\u00a0 Homonymum \u201eSink Or Swim\u201c zn\u00ed t\u00e9m\u011b\u0159 stejn\u011b jako n\u00e1zev skv\u011bl\u00e9 op\u010dn\u00ed analytick\u00e9 platformy z\u00a0minul\u00e9ho \u010dl\u00e1nku a zcela p\u0159esn\u011b vystihuje dialektiku tradingu, bu\u010f se mi poda\u0159\u00ed na trz\u00edch plavat nebo na nich utonu. Nev\u00edm, jestli vyn\u00e1lezci n\u00e1zvu t\u00e9to aplikace m\u011bli na mysli pr\u00e1v\u011b tyto protikladn\u00e9 procesy p\u0159e\u017eit\u00ed, ale platforma thinkorswim\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\/2018\/04\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":1726,"url":"https:\/\/dobretrejdy.com\/?p=1726","url_meta":{"origin":27,"position":4},"title":"Z\u00e1kladn\u00ed mechanika op\u010dn\u00edch obchod\u016f","author":"dobretrejdy :c)","date":"16.4.2018","format":false,"excerpt":"\u00a0\u00a0 Pohledem na op\u010dn\u00ed \u0159et\u011bzec a mo\u017enosti obchodovat op\u010dn\u00ed kontrakty Call i Put na libovoln\u00fd strike (ITM, ATM a OTM), nav\u00edc v\u00a0obou mo\u017enostech op\u010dn\u00ed kontrakt nakoupit i prodat, popsan\u00fdch v\u00a0minul\u00e9m \u010dl\u00e1nku, pak nele\u017e\u00ed z\u00e1kladn\u00ed principy op\u010dn\u00edch obchod\u016f nikde jinde, ne\u017e v\u00a0cen\u00e1ch jednotliv\u00fdch op\u010dn\u00edch kontrakt\u016f na sv\u00fdch jednotliv\u00fdch strike a v\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\/2018\/04\/main2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main2.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":1790,"url":"https:\/\/dobretrejdy.com\/?p=1790","url_meta":{"origin":27,"position":5},"title":"Long Put","author":"dobretrejdy :c)","date":"28.4.2018","format":false,"excerpt":"\u00a0\u00a0 Nakoupen\u00ed Long Put op\u010dn\u00edho kontraktu b\u00fdv\u00e1 v\u011bt\u0161inou spojeno s p\u0159edstavou, \u017ee tvo\u0159\u00edm s\u00e1zku na pokles trh\u016f podkladov\u00e9ho aktiva a tento pokles zp\u016fsob\u00ed, \u017ee na nakoupen\u00e9 Long Put opci vyd\u011bl\u00e1m. Je to samoz\u0159ejm\u011b pravda, pokud je pokles ceny podkladu takov\u00fd, \u017ee aktu\u00e1ln\u00ed cena Long Put opce je vy\u0161\u0161\u00ed ne\u017e hodnota\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\/2018\/04\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main-1.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/main-1.jpg","_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/27","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=27"}],"version-history":[{"count":4,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/27\/revisions"}],"predecessor-version":[{"id":1046,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/27\/revisions\/1046"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/1683"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}