{"id":2741,"date":"2018-12-29T10:39:46","date_gmt":"2018-12-29T08:39:46","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=2741"},"modified":"2022-10-25T18:41:15","modified_gmt":"2022-10-25T16:41:15","slug":"back-spread-i","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=2741","title":{"rendered":"Back Spread – I."},"content":{"rendered":"

\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 Spread<\/strong> chladn\u00fdm. Opojen\u00ed z\u00a0poznan\u00e9ho vypisov\u00e1n\u00ed nekryt\u00fdch op\u010dn\u00edch kontrakt\u016f doprov\u00e1zen\u00e9ho p\u0159\u00edjmem Pr\u00e9mia m\u016f\u017ee znamenat pro nezku\u0161en\u00e9ho obchodn\u00edka fiasko a neomezenou mo\u017enost ztr\u00e1ty p\u0159i nep\u0159\u00edjemn\u00fdch pohybech podklad\u016f proti jeho pozici. Zdokonalen\u00ed techniky t\u011bchto \u201enaked\u201c v\u00fdpis\u016f kryt\u00edm ve form\u011b nakoupen\u00e9 vzd\u00e1len\u00e9 opce je ji\u017e sofistikovan\u011bj\u0161\u00ed obchodn\u00ed technikou Vertik\u00e1ln\u00edch Spread\u016f, kde mohu p\u0159i p\u0159ijet\u00ed ur\u010dit\u00e9ho Pr\u00e9mia utrp\u011bt p\u0159edem stanovenou ztr\u00e1tu, co\u017e ji\u017e zn\u00ed, z\u00a0pohledu risk managementu, obstojn\u011b a b\u00fdv\u00e1 z\u00e1kladn\u00edm v\u00fdchoz\u00edm bodem pro mnoh\u00e9 op\u010dn\u00ed obchodn\u00edky. M\u00edt mo\u017enost utr\u017eit mal\u00fd profit v\u00a0p\u0159\u00edpad\u011b, \u017ee se zcela zm\u00fdl\u00edm v\u00a0odhadu tr\u017en\u00edho pohybu sou\u010dasn\u011b s\u00a0mo\u017enost\u00ed p\u0159ijmout p\u0159edem stanoven\u00e9m ztr\u00e1tu, pokud bude m\u016fj odhad budouc\u00edho pohybu sice spr\u00e1vn\u00fd, ale nebude dostate\u010dn\u011b vydatn\u00fd a k\u00a0tomu m\u00edt nav\u00edc mo\u017enost utr\u017eit neomezen\u00fd profit v p\u0159\u00edpad\u011b, \u017ee budu m\u00edt pravdu a m\u016fj odhad vydatn\u00e9ho budouc\u00edho pohybu se potvrd\u00ed, toto jsou v\u0161echno mo\u017en\u00e9 vlastnosti op\u010dn\u00ed kombinace Back Spread, a to nezn\u00ed v\u016fbec \u0161patn\u011b.<\/span><\/p>\n

\u00a0\u00a0 Vypisov\u00e1n\u00ed op\u010dn\u00edch kontrakt\u016f za sou\u010dasn\u00e9ho nakupov\u00e1n\u00ed v\u011bt\u0161\u00edho po\u010dtu op\u010dn\u00edch kontrakt\u016f na strikes, kter\u00e9 jsou \u201emimo pen\u00edze\u201c je podstatou op\u010dn\u00ed kombinace Back Spread. Je tak prav\u00fdm opakem<\/strong> Ratio Spread\u016f<\/strong>, kter\u00e9 jsem popisoval v\u00a0minul\u00fdch \u010dl\u00e1nc\u00edch. Z\u00a0opa\u010dn\u00e9 konstrukce Back Spreadu v\u016f\u010di Ratio Spread\u016fm pak tak\u00e9 vypl\u00fdvaj\u00ed opa\u010dn\u00e9 p\u0159edpoklady konstrukce a tak\u00e9 opa\u010dn\u00e9 po\u017eadavky \u0159\u00edzen\u00ed t\u00e9to op\u010dn\u00ed kombinace. Pokud jsem se v\u00a0\u010dl\u00e1nc\u00edch o Ratio Spreadech zab\u00fdval nejjednodu\u0161\u0161\u00ed pom\u011brovou kombinac\u00ed 1:2, jako n\u00e1kup 1x Long opce a v\u00fdpis 2x Short opc\u00ed \u201ed\u00e1le od pen\u011bz\u201c, tak tak\u00e9 v\u00a0tomto \u010dl\u00e1nku bude m\u00e1 pozornost soust\u0159ed\u011bna na nejjednodu\u0161\u0161\u00ed kombinaci Back Spreadu 1:2<\/strong>, tedy v\u00fdpis 1x Short opce<\/strong> za sou\u010dasn\u00e9ho po\u0159\u00edzen\u00ed 2x vzd\u00e1len\u011bj\u0161\u00edch Long op\u010dn\u00edch kontrakt\u016f<\/strong>.\u00a0 \u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 Pohledem na n\u00ed\u017ee uveden\u00fd obr\u00e1zek mohu identifikovat mo\u017en\u00e9 umis\u0165ov\u00e1n\u00ed op\u010dn\u00edch kombinac\u00ed Back Spread\u016f vzhledem k\u00a0aktu\u00e1ln\u00ed cen\u011b podkladov\u00e9ho aktiva (akcie JPM) a na t\u011bchto pozic\u00edch identifikovat nejjednodu\u0161\u0161\u00ed principy takov\u00fdch konstrukc\u00ed, sestrojen\u00fdch na Call stran\u011b op\u010dn\u00edho \u0159et\u011bzce.\u00a0<\/span><\/p>\n

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\u00a0\u00a0 Ve t\u0159ech mo\u017enostech z obr\u00e1zku mohu zjistit, co vlastn\u011b takov\u00e1 kombinace znamen\u00e1. Mohu ji nap\u0159\u00edklad nazvat n\u00e1kupem dvou Long Call opc\u00ed hed\u017eovan\u00fd v\u00fdpisem jedn\u00e9 Short Call opce, ale p\u0159esn\u011bj\u0161\u00ed, z\u00a0pohledu vyhodnocen\u00ed profilu risku a profitu, bude interpretace, \u017ee po\u0159izuji Vertical Call Credit Bear Spread<\/strong> s\u00a0p\u0159idanou Long Call opc\u00ed<\/strong>. Jak\u00e9 jsou m\u00e1 o\u010dek\u00e1v\u00e1n\u00ed u jednotliv\u00fdch kombinac\u00ed? Z\u00e1le\u017e\u00ed, jak jsem tyto jednotliv\u00e9 kombinace po\u0159\u00eddil, z\u00a0tohoto po\u0159\u00edzen\u00ed pak vypl\u00fdvaj\u00ed nad\u011bje na zisk nebo mo\u017enou ztr\u00e1tu. Co je ale vlastn\u00ed v\u0161em t\u0159em kombinac\u00edm, vypl\u00fdv\u00e1 z\u00a0mechaniky pohyb\u016f vy\u0161\u0161\u00edho po\u010dtu Long opc\u00ed ne\u017e je po\u010det Short opc\u00ed. V\u00a0p\u0159\u00edpad\u011b Call Back Spreadu to pak jednozna\u010dn\u011b znamen\u00e1, \u017ee jeho po\u0159\u00edzen\u00ed je s\u00e1zkou na uptrend, a to pokud mo\u017eno vydatn\u00fd.<\/span><\/p>\n

\u00a0\u00a0 1\/<\/strong> Kombinace ozna\u010den\u00e1 jedni\u010dkou znamen\u00e1 po\u0159\u00edzen\u00ed t\u0159\u00edstrikov\u00e9ho Back Spreadu -110\/+113\/+113<\/strong>, jeho\u017e v\u0161echny opce jsou \u201ev pen\u011bz\u00edch\u201c<\/strong>. Na jeho po\u0159\u00edzen\u00ed jsem musel vynalo\u017eit pen\u00edze<\/strong>, proto\u017ee za v\u00fdpis Short Call 110 jsem sice utr\u017eil +575 USD, ale za n\u00e1kup 2x Long Call 113 jsem utratil -700 USD, celkov\u011b jsem tak investoval -125 USD. M\u00e9 vyhl\u00eddky jsou tak jednozna\u010dn\u011b ur\u010deny pot\u0159ebou r\u016fstu ceny akcie JPM, jak\u00fdkoliv jin\u00fd sc\u00e9n\u00e1\u0159 toti\u017e znamen\u00e1 jist\u00fd prod\u011blek. Ur\u010duj\u00edc\u00edm faktorem takov\u00e9ho r\u016fstu je pak existence Call Bear Credit Spreadu -110\/+113, proto\u017ee v\u00a0p\u0159\u00edpad\u011b, \u017ee z\u016fstane p\u0159i expiraci cel\u00fd \u201ev pen\u011bz\u00edch\u201c, vygeneruje ztr\u00e1tu rovnaj\u00edc\u00ed se dolarov\u00e9mu rozd\u00edlu rozsahu sv\u00fdch strike (110-113), tedy -300 USD. Proto\u017ee jsem na n\u00e1kup cel\u00e9ho Back Spreadu vydal -125 USD, budu za t\u00e9to situace ztr\u00e1cet na tomto Call Bear Credit Spreadu -110\/+113 \u010d\u00e1stku -425 USD a budu o\u010dek\u00e1vat, \u017ee toto nad\u011blen\u00ed mi vylep\u0161\u00ed druh\u00e1 Long Call 113. K\u00a0p\u0159ekon\u00e1n\u00ed ztr\u00e1ty -425 USD bude zapot\u0159eb\u00ed, aby tato Long Call opce m\u011bla nejm\u00e9n\u011b tuto hodnotu, a toto se p\u0159ihod\u00ed jedin\u011b v\u00a0p\u0159\u00edpad\u011b, \u017ee bude m\u00edt hodnotu +425 USD a vy\u0161\u0161\u00ed, tedy cena akcie JPM mus\u00ed b\u00fdt v\u00a0takov\u00e9m p\u0159\u00edpad\u011b nejm\u00e9n\u011b na hodnot\u011b strike Long Call 113 + 4.25 = 117.25 USD, akcii JPM p\u0159i jej\u00ed aktu\u00e1ln\u00ed cen\u011b 115.24 USD\u00a0nezb\u00fdv\u00e1 nic jin\u00e9ho ne\u017e r\u016fst<\/strong>, aby kryla ztr\u00e1tu vyrobenou po\u0159\u00edzen\u00edm v\u0161ech opc\u00ed (-125 USD) a ztr\u00e1tou na Call Bear Credit Spreadu -110\/+113 (-300 USD), a to nejm\u00e9n\u011b na hodnotu 117.25 USD<\/strong>, co\u017e je BreakEven bod<\/strong> m\u00e9ho Back Spreadu -110\/+113\/+113. Jak\u00fdkoliv jin\u00fd pohyb akcie JPM, ne\u017e je p\u0159ekon\u00e1n\u00ed BreakEven bodu, pak bude pro m\u011b ztr\u00e1tovou z\u00e1le\u017eitost\u00ed. Je ale tak\u00e9 jasn\u00e9, \u017ee mo\u017enost raketov\u00e9ho uptrendu znamen\u00e1 tak\u00e9 mo\u017enost neomezen\u011b<\/strong> na t\u00e9to kombinaci vyd\u011blat<\/strong>. Cel\u00fd Risk Profil pak mohu shrnout do tvrzen\u00ed, \u017ee p\u0159i maxim\u00e1ln\u00ed mo\u017en\u00e9 ztr\u00e1t\u011b -425 USD mohu m\u00edt neomezenou mo\u017enost v\u00fdd\u011blku za p\u0159edpokladu vydatn\u00e9ho uptrendu. \u00a0<\/span><\/p>\n

\u00a0\u00a0 2\/<\/strong> Kombinace ozna\u010den\u00e1 dvojkou znamen\u00e1 op\u011bt po\u0159\u00edzen\u00ed t\u0159\u00edstrikov\u00e9ho Back Spreadu -115\/+118\/+118<\/strong>, jeho\u017e Short Call opce<\/strong> je \u201ena pen\u011bz\u00edch\u201c<\/strong> a ob\u011b Long Call opce<\/strong> jsou \u201emimo pen\u00edze\u201c<\/strong>. Za po\u0159\u00edzen\u00ed tohoto Back Spreadu -115\/+118\/+118\u00a0jsem dostal zaplaceno<\/strong>, proto\u017ee jsem v\u00fdpisem Short Call 115 obdr\u017eel +219 USD, abych na n\u00e1kup obou vzd\u00e1len\u011bj\u0161\u00edch Long Call 118 utratil (2x -95 USD) \u010d\u00e1stku -190 USD, p\u0159ijal jsem tak kredit<\/strong> ve v\u00fd\u0161i +29 USD<\/strong>. Tento kredit m\u011b tak stav\u00ed, oproti p\u0159edch\u00e1zej\u00edc\u00edmu typu Back Spreadu z odstavce v\u00fd\u0161e, do jin\u00e9 pozice vypl\u00fdvaj\u00edc\u00ed z\u00a0pohybu podkladov\u00e9 akcie JPM. K\u00a0profitabilit\u011b budu op\u011bt pot\u0159ebovat uptrend na t\u00e9to akcii, nebude mi ale vadit p\u0159\u00edpadn\u00fd omyl v\u00a0m\u00e9m \u00fasudku, kdy\u017e akcie JPM za\u010dnou klesat. V\u00a0p\u0159\u00edpad\u011b, \u017ee se p\u0159i expiraci budou nach\u00e1zet v\u0161echny m\u00e9 op\u010dn\u00ed pozice jako bezcenn\u00e9, a to se stane v\u00a0p\u0159\u00edpad\u011b, \u017ee cena JPM klesne pod 115 USD, z\u016fstane mi cel\u00fd p\u0159ijat\u00fd kredit, jako profit z\u00a0t\u00e9to op\u010dn\u00ed kombinace. Pokud akcie poroste jen nepatrn\u011b nad strike m\u00e9 Short Call 115, tak do ceny (115 USD + 0.29 Pr\u00e9mium) na \u00farovni 115.29 USD v\u017edy vyd\u011bl\u00e1m n\u011bjak\u00e9 mal\u00e9 pen\u00edze. Hodnota 115.29 USD<\/strong> je tak prvn\u00edm BreakEven bodem<\/strong> m\u00e9 pozice. Pokud v\u0161ak bude cena nar\u016fstat nad hodnotu m\u00e9ho BreakEven bodu na \u00farovni 115.29 USD, bude to znamenat, \u017ee Call Credit Spread -115\/+118 bude p\u0159in\u00e1\u0161et ztr\u00e1tu. Tato ztr\u00e1ta bude p\u0159edstavovat dolarov\u00e9 rozp\u011bt\u00ed strike tohoto Call Credit Spread -115\/+118 (-300 USD) sn\u00ed\u017een\u00e1 o p\u0159ijat\u00fd kredit ve v\u00fd\u0161i +29 USD, mohu tak utrp\u011bt ztr\u00e1tu -271 USD v\u00a0p\u0159\u00edpad\u011b, \u017ee uptrend zp\u016fsob\u00ed, \u017ee se cena p\u0159i expiraci zastav\u00ed p\u0159esn\u011b na hodnot\u011b strike m\u00fdch Long Call 118 opc\u00ed. V\u011bt\u0161\u00ed ztr\u00e1tu ji\u017e utrp\u011bt nemohu, proto\u017ee p\u0159i dal\u0161\u00edm uptrendu ji\u017e za\u010dne vyd\u011bl\u00e1vat m\u00e1 druh\u00e1 Long Call 118 a bude sni\u017eovat ztr\u00e1tu vytvo\u0159enou na Call Credit Spreadu -115\/+118 v jej\u00ed maxim\u00e1ln\u00ed v\u00fd\u0161i -271 USD. K smaz\u00e1n\u00ed ztr\u00e1ty a v\u00fdstupu z\u00a0m\u00e9 pozice s \u201enulov\u00fdm profitem\u201c dojde v\u00a0okam\u017eiku, kdy druh\u00e1 Long Call 118 bude m\u00edt hodnotu +271 USD, kter\u00e9 bude kr\u00fdt takto vytvo\u0159enou ztr\u00e1tu, a tento stav nastane v\u00a0p\u0159\u00edpad\u011b, \u017ee cena akcie JPM bude na hodnot\u011b strike Long Call 118 (118 USD + 2.71 ztr\u00e1ta) p\u0159edstavuj\u00edc\u00ed cenu 120.71 USD<\/strong>. Toto je druh\u00fd BreakEven bod<\/strong> m\u00e9ho Back Spreadu -115\/+118\/+118. Pokud cena d\u00e1le neomezen\u011b poroste, mohu neomezen\u011b na tomto Back Spreadu vyd\u011blat. \u00a0Cel\u00fd Risk Profil pak mohu shrnout do tvrzen\u00ed, \u017ee p\u0159i maxim\u00e1ln\u00ed mo\u017en\u00e9 ztr\u00e1t\u011b -271 USD mohu m\u00edt omezen\u00fd v\u00fdd\u011blek<\/strong> do +29 USD, pokud cena bude klesat nebo nep\u0159ekro\u010d\u00ed hodnotu 115.90 USD a neomezenou<\/strong> mo\u017enost v\u00fdd\u011blku<\/strong> za p\u0159edpokladu uptrendu nad cenu akcie JPM 120.71 USD. \u00a0Mezi t\u011bmito hodnotami<\/strong> pak bude m\u00e1 pozice ztr\u00e1cet, maxim\u00e1ln\u011b<\/strong> v\u0161ak -271 USD. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 3\/<\/strong> Kombinace ozna\u010den\u00e1 trojkou znamen\u00e1 op\u011btovn\u00e9 po\u0159\u00edzen\u00ed t\u0159\u00edstrikov\u00e9ho Back Spreadu -120\/+123\/+123<\/strong>, jeho\u017e Short opce<\/strong> a ob\u011b Long Call opce<\/strong> jsou \u201emimo pen\u00edze\u201c<\/strong>. Za po\u0159\u00edzen\u00ed tohoto Back Spreadu jsem op\u011bt dostal zaplaceno<\/strong>, proto\u017ee jsem v\u00fdpisem Short Call 120 obdr\u017eel +46 USD, abych na n\u00e1kup obou vzd\u00e1len\u011bj\u0161\u00edch Long Call 123 utratil (2x -16 USD) \u010d\u00e1stku -32 USD, p\u0159ijal jsem tak kredit<\/strong> ve v\u00fd\u0161i +14 USD<\/strong>. Tento kredit m\u011b tak op\u011bt stav\u00ed, oproti typu Back Spreadu po\u0159\u00edzen\u00e9ho za debit v prvn\u00edm odstavci, do jin\u00e9 pozice vypl\u00fdvaj\u00edc\u00ed z\u00a0pohybu podkladov\u00e9 akcie JPM. K\u00a0profitabilit\u011b budu op\u011bt pot\u0159ebovat uptrend na t\u00e9to akcii, nebude mi ale op\u011bt vadit p\u0159\u00edpadn\u00fd omyl v\u00a0m\u00e9m \u00fasudku, kdy\u017e akcie JPM za\u010dnou klesat. V\u00a0p\u0159\u00edpad\u011b, \u017ee se p\u0159i expiraci budou nach\u00e1zet v\u0161echny m\u00e9 op\u010dn\u00ed pozice jako bezcenn\u00e9, a to se stane v\u00a0p\u0159\u00edpad\u011b, \u017ee se cena JPM bude nach\u00e1zet pod 120 USD, z\u016fstane mi p\u0159ijat\u00fd kredit, jako profit z\u00a0t\u00e9to op\u010dn\u00ed kombinace. Pokud akcie poroste a bude nepatrn\u011b nad strike m\u00e9 Short Call 120, tak do ceny (120 USD + 0.14 Pr\u00e9mium) na \u00farovni 120.14 USD v\u017edy vyd\u011bl\u00e1m n\u011bjak\u00e9 mal\u00e9 pen\u00edze. Hodnota 120.14 USD<\/strong> je tak prvn\u00edm BreakEven bodem<\/strong> m\u00e9 pozice. Pokud v\u0161ak bude cena nar\u016fstat nad hodnotu m\u00e9ho BreakEven bodu na \u00farovni 120.14 USD, bude to znamenat, \u017ee Call Credit Spread -120\/+123 bude p\u0159in\u00e1\u0161et ztr\u00e1tu. Tato ztr\u00e1ta bude p\u0159edstavovat dolarov\u00e9 rozp\u011bt\u00ed strike tohoto Call Credit Spreadu -120\/+123 (-300 USD) sn\u00ed\u017een\u00e1 o p\u0159ijat\u00fd kredit ve v\u00fd\u0161i +14 USD, mohu tak utrp\u011bt maxim\u00e1ln\u00ed ztr\u00e1tu -286 USD v\u00a0p\u0159\u00edpad\u011b, \u017ee uptrend zp\u016fsob\u00ed, \u017ee se cena p\u0159i expiraci zastav\u00ed p\u0159esn\u011b na hodnot\u011b strike m\u00fdch Long Call 123 opc\u00ed. V\u011bt\u0161\u00ed ztr\u00e1tu ji\u017e utrp\u011bt nemohu, proto\u017ee p\u0159i dal\u0161\u00edm uptrendu ji\u017e za\u010dne vyd\u011bl\u00e1vat m\u00e1 druh\u00e1 Long Call 123 a bude sni\u017eovat ztr\u00e1tu vytvo\u0159enou na Call Credit Spreadu -120\/+123 v jej\u00ed maxim\u00e1ln\u00ed v\u00fd\u0161i -286 USD. K smaz\u00e1n\u00ed ztr\u00e1ty a v\u00fdstupu z\u00a0m\u00e9 pozice s \u201enulov\u00fdm profitem\u201c dojde v\u00a0okam\u017eiku, kdy druh\u00e1 Long Call 118 bude m\u00edt hodnotu +286 USD, kter\u00e9 bude kr\u00fdt takto vytvo\u0159enou ztr\u00e1tu, a tento stav nastane v\u00a0p\u0159\u00edpad\u011b, \u017ee cena akcie JPM bude na hodnot\u011b strike Long Call 123 (123 USD + 2.86 ztr\u00e1ta) p\u0159edstavuj\u00edc\u00ed cenu 125.86 USD<\/strong>. Toto je druh\u00fd BreakEven bod<\/strong> m\u00e9ho Back Spreadu -120\/+123\/+123. Pokud cena d\u00e1le neomezen\u011b poroste, mohu neomezen\u011b na tomto Back Spreadu vyd\u011blat. Cel\u00fd risk profil pak mohu shrnout do tvrzen\u00ed, \u017ee p\u0159i maxim\u00e1ln\u00ed mo\u017en\u00e9 ztr\u00e1t\u011b -286 USD mohu m\u00edt omezen\u00fd v\u00fdd\u011blek<\/strong> do +14 USD, pokud cena bude klesat nebo bude r\u016fst i podstatn\u011b, ale nep\u0159ekro\u010d\u00ed hodnotu 120.14 USD a neomezenou<\/strong> mo\u017enost v\u00fdd\u011blku<\/strong> za p\u0159edpokladu uptrendu nad cenu akcie JPM 125.86 USD.\u00a0Mezi t\u011bmito hodnotami<\/strong> pak bude m\u00e1 pozice ztr\u00e1cet, maxim\u00e1ln\u011b<\/strong> v\u0161ak –286<\/strong> USD.<\/span><\/p>\n

\u00a0\u00a0 Z\u00a0t\u00e9to velmi jednoduch\u00e9 anal\u00fdzy pak vypl\u00fdv\u00e1, \u017ee by bylo z\u00e1hodno vstoupit do Back Spreadu 1:2 za takov\u00fdch tr\u017en\u00edch okolnost\u00ed, kter\u00e9 umo\u017en\u00ed, abych mohl za takovou op\u010dn\u00ed konstrukci inkasovat kredit. Mohl bych si pak dovolit nem\u00edt pravdu v\u00a0p\u0159edpokladu budouc\u00edho cenov\u00e9ho v\u00fdvoje podkladu a v\u00a0p\u0159\u00edpad\u011b opa\u010dn\u00e9ho pohybu pak m\u00edt mo\u017enost ponechat si tento p\u0159ebytek (nebo jeho \u010d\u00e1st) na sv\u00e9m \u00fa\u010dtu. Toto velmi jednoduch\u00e9 pravidlo ale vy\u017eaduje velmi specifick\u00e9 tr\u017en\u00ed p\u0159edpoklady. Pokud jsem u Ratio Spread\u016f po\u017eadoval, aby nakoupenou Long Call financovaly vzd\u00e1len\u00e9 v\u00fdpisy Short opc\u00ed, pot\u0159eboval jsem k\u00a0tomu situaci, aby tyto vzd\u00e1len\u00e9 vypisovan\u00e9 op\u010dn\u00ed kontrakty m\u011bly zna\u010dn\u011b vysokou cenu, kter\u00e1 by vstup do Long opce zcela uhradila a z\u00e1rove\u0148, aby strike t\u011bchto financuj\u00edc\u00edch vypisovan\u00fdch opc\u00ed byly v\u00a0co nejv\u011bt\u0161\u00ed vzd\u00e1lenosti od nakupovan\u00e9 Long opce. Pro Back Spread budu m\u00edt ale po\u017eadavky zcela opa\u010dn\u00e9. Budu po\u017eadovat<\/strong>, aby vypsan\u00e1 Short opce<\/strong> byla co nejdra\u017e\u0161\u00ed<\/strong> a sou\u010dasn\u011b, aby vzd\u00e1len\u011bj\u0161\u00ed Long opce<\/strong> byly co nejlevn\u011bj\u0161\u00ed<\/strong>, zejm\u00e9na proto, abych v\u00fdpisem Short opce kryl jejich n\u00e1kup a tak\u00e9, abych je byl schopen po\u0159\u00eddit na co nejbli\u017e\u0161\u00edch strike<\/strong> od vypisovan\u00e9 opce a eliminoval tak ztr\u00e1tu z\u00a0rozsahu strike Vertik\u00e1ln\u00edho Kreditn\u00edho Spreadu, kter\u00fd je sou\u010d\u00e1st\u00ed Back Spreadu.<\/span><\/p>\n

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\u00a0\u00a0 Stejn\u011b jako v\u00a0p\u0159\u00edpad\u011b Ratio Spreadu, budu vhodnost podm\u00ednek pro vstup do Back Spreadu odvozovat od celkov\u00e9 n\u00e1lady na trz\u00edch, kterou mi pom\u00e1h\u00e1 m\u011b\u0159it jeden z\u00a0cenotvorn\u00fdch prvk\u016f op\u010dn\u00edho kontraktu \u2013 Implied Volatilita<\/strong>. Pokud jsem zjistil, \u017ee pro Ratio Spread je nejvhodn\u011bj\u0161\u00ed vstup na vy\u0161\u0161\u00ed Implied Volatilit\u011b (o\u010dek\u00e1v\u00e1m, \u017ee i vzd\u00e1len\u011bj\u0161\u00ed vypsan\u00e9 opce budou m\u00edt vy\u0161\u0161\u00ed cenu), potom by mohlo platit, \u017ee pro Back Spread budou platit podm\u00ednky opa\u010dn\u00e9, proto\u017ee budu zejm\u00e9na po\u017eadovat, aby vzd\u00e1len\u00e9 nakoupen\u00e9 opce byly naopak co nejlevn\u011bj\u0161\u00ed. Pro plasti\u010dt\u011bj\u0161\u00ed obraz tohoto tvrzen\u00ed prozkoum\u00e1m dva p\u0159\u00edpady na extr\u00e9mech Implied Volatility, kdy\u017e v p\u0159\u00edkladech z\u016fstanu u titulu JPM a Back Spreadu s\u00a0rozsahem t\u0159\u00ed strike.<\/span><\/p>\n

Vysok\u00e1 Implied Volatilita<\/strong><\/span><\/h1>\n

\u00a0 \u00a0Akciov\u00e9 v\u00fdprodeje v\u00a0\u00fanoru 2018 by mohly b\u00fdt ilustrativn\u00edm p\u0159\u00edkladem prozkoum\u00e1n\u00ed vstupu na vzedmut\u00e9 Implied Volatilit\u011b. 8.2.2018 se nach\u00e1zela hodnota Implied Volatility<\/strong> na neobvykl\u00fdch \u00farovn\u00edch okolo 30%<\/strong> po propadu ceny akcie JPM. Na obr\u00e1zku n\u00ed\u017ee je obr\u00e1zek ro\u010dn\u00edho pr\u016fb\u011bhu Implied Volatility s\u00a0platformy TWS<\/span><\/p>\n

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\u00a0\u00a0\u00a0 V\u00a0tento den se cena akcie JPM nach\u00e1zela na \u00farovni 107.88 USD a mo\u017enosti po\u0159\u00eddit Back Spread s\u00a0rozsahem t\u0159\u00ed strike jsou vyzna\u010deny v\u00a0obr\u00e1zku z\u00a0analytick\u00e9 platformy thinkorswim.<\/span><\/p>\n

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\u00a0\u00a0 Veden snahou utr\u017eit co nejv\u00edce Pr\u00e9mia na \u00fakor Vnit\u0159n\u00ed Hodnoty<\/a><\/span><\/strong> jsem um\u00edstil Short o<\/span>p\u010dn\u00ed kontrakty na strike \u201ena pen\u011bz\u00edch\u201c a pokusil se zjistit, jak\u00e9 jsou hodnoty dvou Long opc\u00ed ve vzd\u00e1lenosti t\u0159i strike od vypsan\u00fdch opc\u00ed. Vych\u00e1z\u00edm z\u00a0p\u0159edpokladu, \u017ee chci m\u00edt maxim\u00e1ln\u00ed mo\u017enou ztr\u00e1tu na Kreditn\u00edch Vertik\u00e1ln\u00edch Spreadech maxim\u00e1ln\u011b -300 USD a m\u00fdm dal\u0161\u00edm p\u0159edpokladem je pohyb na podkladov\u00e9 akcii v\u00a0horizontu 22 kalend\u00e1\u0159n\u00edch dn\u016f, kter\u00fd p\u0159edstavuje doba do expirace opc\u00ed. Z\u00a0obr\u00e1zku je patrn\u00e9, \u017ee nemohu p\u0159i takto vysok\u00e9 Implied Volatilit\u011b v\u00a0\u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b po\u010d\u00edtat s\u00a0mo\u017enost\u00ed vstoupit do Back Spreadu za kredit na kter\u00e9koliv ze stran op\u010dn\u00edho \u0159et\u011bzce. Na Call Stran\u011b bych toti\u017e p\u0159i po\u0159\u00edzen\u00ed Call Back Spreadu -108\/+111\/+111<\/strong> musel vynalo\u017eit -212 USD<\/strong> a na Put stran\u011b bych po\u0159\u00eddil Put Back Spread -108\/+105\/+105<\/strong> za investici -233 USD<\/strong>. Pokud bych se tedy rozhodl pro kteroukoliv z\u00a0mo\u017enost\u00ed Call nebo Put, v\u017edy by to znamenalo, \u017ee by m\u016fj \u00fasudek o p\u0159edpokl\u00e1dan\u00e9m pohybu musel b\u00fdt spr\u00e1vn\u00fd, proto\u017ee p\u0159\u00edpadn\u00fd omyl a skute\u010dnost, \u017ee v\u0161echny opce u expirace vypr\u0161\u00ed jako bezcenn\u00e9, by p\u0159edstavovaly ztr\u00e1tu vlo\u017een\u00e9 investice ve v\u00fd\u0161i -212 na Call stran\u011b resp. -233 USD na Put stran\u011b. Tyto vlo\u017een\u00e9 investice pak p\u0159edstavuj\u00ed tak\u00e9 dosti zna\u010dnou vzd\u00e1lenost pro BreakEven body obou zam\u00fd\u0161len\u00fdch Spread\u016f, proto\u017ee v\u00a0p\u0159\u00edpad\u011b pohybu p\u0159edpokl\u00e1dan\u00fdm sm\u011brem by musel tento pokr\u00fdt nejen ztr\u00e1tu -300 USD na Vertik\u00e1ln\u00edm Spreadu tvo\u0159\u00edc\u00edm Back Spread, ale tak\u00e9 vyd\u011blat na investici vzniklou p\u0159i po\u0159\u00edzen\u00ed Back Spreadu, v\u00a0obou p\u0159\u00edpadech by pak musel b\u00fdt pohyb na akcii JPM takov\u00fd, aby druh\u00e1 Long opce, kter\u00e1 nen\u00ed sou\u010d\u00e1st\u00ed Vertik\u00e1ln\u00edho Spreadu, na v\u0161e vyd\u011blala. Na Call stran\u011b by musela cena dos\u00e1hnout \u00farovn\u011b strike Long Call 111 + 300 USD (ztr\u00e1ta na Call Credit Spreadu -108\/+111) + 212 USD (po\u0159izovac\u00ed cena Back Spreadu), tedy na hodnotu nejm\u00e9n\u011b 116.12 USD<\/strong> nebo na Put stran\u011b by musela cena klesnout na \u00farove\u0148 strike Long Put 105 – 300 USD (ztr\u00e1ta na Put Credit Spreadu -108\/+105) \u2013 233 USD (po\u0159izovac\u00ed cena Back Spreadu), tedy na hodnotu nejm\u00e9n\u011b 99.67 USD<\/strong>. Hodnoty 116.12 USD a 99.67 USD jsou pak BreakEven body<\/strong>\u00a0obou t\u011bchto Back Spread\u016f. Vyj\u00e1d\u0159eno pot\u0159ebou pohybu na akciov\u00e9m titulu JPM v\u00a0procentech, by dosa\u017een\u00ed BreakEven bod\u016f znamenalo pohyb v\u011bt\u0161\u00ed ne\u017e +\/- 7.5%<\/strong><\/span><\/p>\n

\u00a0\u00a0 Na obr\u00e1zku jsou modr\u00fdmi tenk\u00fdmi krou\u017eky vyzna\u010deny mo\u017enosti, za kter\u00fdch by se mi poda\u0159ilo vstoupit do Back Spread\u016f za m\u00edrn\u00fd kredit<\/strong> p\u0159i t\u00e9to vysok\u00e9 Implied Volatilit\u011b. Je zcela evidentn\u00ed, \u017ee takov\u00e1 konstrukce by znamenala zna\u010dn\u011b \u0161irok\u00e9 rozp\u011bt\u00ed strike a z\u00a0n\u00ed vypl\u00fdvaj\u00edc\u00ed riziko ztr\u00e1ty na Kreditn\u00edch Vertik\u00e1ln\u00edch Spreadech na obou stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce. Na Call stran\u011b by pak p\u0159ijet\u00ed kreditu bylo spojeno s\u00a0nakoupen\u00ed Long Call opc\u00ed na strike 115, co\u017e p\u0159i vypsan\u00e9 Short Call opci na strike 108 p\u0159edstavuje riziko ztr\u00e1ty -700 USD (m\u00ednus p\u0159ijat\u00fd kredit) a na Put stran\u011b by pak p\u0159ijet\u00ed kreditu bylo spojeno s\u00a0nakoupen\u00ed Long Put opc\u00ed na strike 101, co\u017e p\u0159i vypsan\u00e9 Short Put opci na strike 108 p\u0159edstavuje rovn\u011b\u017e riziko ztr\u00e1ty -700 USD (m\u00ednus p\u0159ijat\u00fd kredit). V\u00a0obou p\u0159\u00edpadech by pak pro profitabilitu obou Back Spread\u016f s\u00a0p\u0159ijat\u00fdm kreditem byl zapot\u0159eb\u00ed obrovsk\u00fd pohyb o velikosti v\u00edce ne\u017e t\u011bchto zhruba 700 USD za strike Long opc\u00ed, co\u017e v\u00a0horizontu 22 kalend\u00e1\u0159n\u00edch dn\u016f je velmi m\u00e1lo pravd\u011bpodobn\u00e9.<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/span><\/p>\n

N\u00edzk\u00e1 Implied Volatilita<\/span><\/strong><\/h1>\n

\u00a0\u00a0 T\u0159i m\u011bs\u00edce po obdob\u00ed zv\u00fd\u0161en\u00e9 Implied Volatility podle v\u00fd\u0161e uveden\u00e9 uk\u00e1zky do\u0161lo na akciov\u00e9m titulu JPM ke zklidn\u011bn\u00ed a Implied Volatilita<\/strong> p\u0159edvedla v\u00a0cel\u00e9 sv\u00e9 kr\u00e1se svou charakteristickou vlastnost \u201en\u00e1vratu k\u00a0norm\u00e1lu\u201c, tedy jej\u00ed pokles na b\u011b\u017en\u00e9 \u00farovn\u011b. V\u00a0kv\u011btnu 2018 se tak nach\u00e1zela na \u00farovni kolem 16%<\/strong>.<\/span><\/p>\n

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\u00a0\u00a0\u00a0 Stejn\u00e9 po\u017eadavky na z\u00edsk\u00e1n\u00ed co nejv\u00edce Pr\u00e9mia na \u00fakor Vnit\u0159n\u00ed hodnoty m\u011b vedou, p\u0159i konstrukci Back Spreadu o rozsahu t\u0159\u00ed strike s opcemi s\u00a0p\u0159ibli\u017en\u011b stejnou expirac\u00ed v\u00a0obdob\u00ed n\u00edzk\u00e9 Implied Volatility, k\u00a0v\u00fdpis\u016fm Short opc\u00ed na strike \u201ena pen\u011bz\u00edch\u201c. Na obr\u00e1zku n\u00ed\u017ee je op\u010dn\u00ed \u0159et\u011bzec s\u00a0expirac\u00ed za 25 kalend\u00e1\u0159n\u00edch dn\u016f akcie JPM, kter\u00e1 se nach\u00e1z\u00ed na hodnot\u011b 113.90 USD.<\/span><\/p>\n

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\u00a0\u00a0 Um\u00edst\u011bn\u00edm Short opc\u00ed \u201ena pen\u011bz\u00edch\u201c a dvou Long opc\u00ed ve vzd\u00e1lenosti op\u011bt t\u0159i strike na obou stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce Call i Put maj\u00ed za n\u00e1sledek z\u00edsk\u00e1n\u00ed kreditu<\/strong> na obou mo\u017enostech takov\u00e9 konstrukce. Call Back Spread -114\/+117\/+117<\/strong> bych byl schopen po\u0159\u00eddit za kredit ve v\u00fd\u0161i +41 USD<\/strong> (+181 USD \u201370 USD -70 USD) a Put Back Spread -114\/+111\/111<\/strong>\u00a0bych byl schopen po\u0159\u00eddit za kredit ve v\u00fd\u0161i +6 USD<\/strong> (+176 -85 USD -85 USD). V\u00a0obou p\u0159\u00edpadech bych si p\u0159i po\u0159\u00edzen\u00ed Back Spreadu mohl dovolit nem\u00edt v\u016fbec pravdu<\/strong> v\u00a0odhadu sm\u011bru<\/strong> o\u010dek\u00e1van\u00e9ho pohybu a v\u00a0t\u011bchto p\u0159\u00edpadech, kdyby opce tvo\u0159\u00edc\u00ed ka\u017ed\u00fd Back Spread vypr\u0161ely jako bezcenn\u00e9, z\u016fstalo by mi v\u017edy p\u0159ijat\u00e9 Pr\u00e9mium (kredit) za jeho po\u0159\u00edzen\u00ed. V\u00a0p\u0159\u00edpad\u011b potvrzen\u00ed spr\u00e1vnosti p\u0159edpokl\u00e1dan\u00e9ho pohybu by tento musel b\u00fdt v\u017edy takov\u00fd, aby umo\u0159il ztr\u00e1tu na Kreditn\u00edm Vertik\u00e1ln\u00edm Spreadu o rozsahu t\u0159i strike (-300 USD) sn\u00ed\u017eenou o p\u0159ijat\u00fd kredit. V\u00a0p\u0159\u00edpad\u011b Call Back Spreadu -114\/+117\/+117 by tak musel b\u00fdt alespo\u0148 na \u00farove\u0148 strike Long Call 117 zv\u00fd\u0161en\u00fd o +300 USD (ztr\u00e1ta Call Credit Spreadu -114\/+117) \u201341 USD (z\u00edskan\u00fd kredit), tedy alespo\u0148 na hodnotu 119.59 USD<\/strong>. \u00a0V\u00a0p\u0159\u00edpad\u011b Put Back Spreadu -114\/+111\/+111 by tak musela cena klesnout alespo\u0148 na \u00farove\u0148 strike Long Put 111 sn\u00ed\u017een\u00e1 o -300 USD (ztr\u00e1ta Put Credit Spreadu -114\/+111) +6 USD (z\u00edskan\u00fd kredit), tedy alespo\u0148 na hodnotu 108.06 USD<\/strong>. Hodnoty 119.59 USD a 108.06 USD jsou pak vn\u011bj\u0161\u00ed BreakEven body<\/strong> t\u011bchto Back Spread\u016f. Vyj\u00e1d\u0159eno pot\u0159ebou pohybu na akciov\u00e9m titulu JPM v\u00a0procentech, by dosa\u017een\u00ed BreakEven bod\u016f znamenalo pohyb v\u011bt\u0161\u00ed ne\u017e +\/- 5.10<\/strong>%, co\u017e je o dv\u011b a p\u016fl procenta m\u00e9n\u011b<\/strong>, ne\u017e v\u00a0p\u0159\u00edpad\u011b s\u00a0vysokou Implied Volatilitou.<\/strong> Je tak\u00e9 jasn\u00e9, \u017ee jak\u00fdkoliv pohyb v\u00a0p\u0159edpokl\u00e1dan\u00e9m sm\u011bru u obou Back Spread\u016f m\u00e1 tak\u00e9 vnit\u0159n\u00ed BreakEven body<\/strong> ve vzd\u00e1lenosti strike Short opc\u00ed + p\u0159ijat\u00fd kredit, na Call stran\u011b Short Call 114 + 0.41 = 114.41 USD<\/strong> a na Put stran\u011b Short Put 114 -0.06 = 113.94 USD<\/strong>. Jak\u00fdkoliv pohyb v\u00a0p\u0159edpokl\u00e1dan\u00e9m sm\u011bru pro dan\u00fd Back Spread do t\u011bchto hodnot<\/strong> znamen\u00e1 profit, ov\u0161em pouze maxim\u00e1ln\u011b do v\u00fd\u0161e p\u0159ijat\u00e9ho kreditu.<\/span><\/p>\n

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\u00a0 Anal\u00fdza prakticky…<\/strong><\/span><\/h1>\n

\u00a0 \u00a0Nech\u00e1m nyn\u00ed oddechnout v\u0161emo\u017en\u00fdm op\u010dn\u00edm kombinac\u00edm s\u00a0t\u00edm, \u017ee se v\u00a0dal\u0161\u00edm rozboru Back Spread\u016f vr\u00e1t\u00edm v dal\u0161\u00edm \u010dl\u00e1nku. Psan\u00edm v\u00fd\u0161e uveden\u00fdch \u0159\u00e1dk\u016f jsem si toti\u017e uv\u011bdomil, \u017ee by nebylo \u0161patn\u00e9 suchop\u00e1rn\u00e9 v\u00fdpo\u010dty nahradit n\u011bjakou sofistikovan\u011bj\u0161\u00ed metodou. V\u00a0p\u0159edchoz\u00edch \u010dl\u00e1nc\u00edch o op\u010dn\u00edch kombinac\u00edch Butterfly nebo Ratio Spread jsem se sna\u017eil p\u0159esn\u011b vypo\u010d\u00edtat a stanovovat BreakEven body ka\u017ed\u00e9 z\u00a0uk\u00e1zkov\u00fdch mo\u017enost\u00ed, kdy\u017e hodnoty BreakEven bod\u016f pak bu\u010f reprezentovaly \u201ebod akce\u201c p\u0159i \u0159\u00edzen\u00ed obchodu nebo alespo\u0148 teoretickou hranici, kter\u00e1 p\u0159edstavovala okam\u017eik, kter\u00fd odd\u011bluje profit od ztr\u00e1ty. V\u00fdpo\u010det hodnoty BreakEven bod\u016f pak pov\u011bt\u0161inou p\u0159edstavuje velmi nudnou a nez\u00e1\u017eivnou pas\u00e1\u017e t\u011bchto \u010dl\u00e1nk\u016f, p\u0159esto\u017ee jeho p\u0159esn\u00e9 stanoven\u00ed je naprostou nezbytnost\u00ed. Proto\u017ee jsem v\u00a0\u010dl\u00e1nku Technologie<\/a><\/strong><\/span> pouk\u00e1zal na mo\u017enost si zdarma opat\u0159it vynikaj\u00edc\u00ed analytick\u00fd software thinkorswim<\/strong> a d\u00e1le v\u00a0\u010dl\u00e1nc\u00edch nasliboval, \u017ee budu ukazovat n\u011bkter\u00e9 z\u00a0mo\u017enost\u00ed, kter\u00e9 by mohly op\u010dn\u00edmu obchodn\u00edkovi pomoci p\u0159i anal\u00fdze obchod\u016f, uk\u00e1\u017eu nyn\u00ed na jednoduch\u00e9m p\u0159\u00edkladu, jak je mo\u017en\u00e9 si nechat vyobrazit hodnoty BreakEven bod\u016f<\/strong> jak\u00e9koliv op\u010dn\u00ed kombinace sou\u010dasn\u011b s\u00a0profilem zisku a ztr\u00e1ty (Risk Profile<\/strong>) pr\u00e1v\u011b pomoc\u00ed t\u00e9to analytick\u00e9 aplikace.<\/span><\/p>\n

\u00a0\u00a0 Aplikace thinkorswim umo\u017e\u0148uje v\u00a0re\u00e1ln\u00e9m \u010dase zobrazovat Risk Profile jak\u00e9koliv aktu\u00e1ln\u00ed re\u00e1ln\u00e9 pozice, kterou si mohu do t\u00e9to platformy nasimulovat jej\u00edm po\u0159\u00edzen\u00edm jednodu\u0161e tak, \u017ee si zad\u00e1m v\u00a0obchodn\u00edch hodin\u00e1ch jej\u00ed n\u00e1kup\/prodej a po proveden\u00ed \u201epap\u00edrov\u00e9ho obchodu\u201c mohu zobrazovat jeho profil ziku a ztr\u00e1ty. To vypad\u00e1 jako jednoduch\u00e1 \u00faloha. J\u00e1 v\u0161ak chci zobrazovat Risk Profile a zejm\u00e9na hodnoty BreakEven bod\u016f u historick\u00fdch obchod\u016f, kter\u00e9 pak mohu d\u00e1le pozorovat a analyzovat pr\u00e1v\u011b pomoc\u00ed Risk Profile, a to platforma thinkorswim \u201enap\u0159\u00edmo\u201c neum\u00ed. Mus\u00edm si proto zad\u00e1v\u00e1n\u00ed historick\u00fdch obchod\u016f tro\u0161ku p\u0159izp\u016fsobit t\u00e9to pot\u0159eb\u011b. Ostatn\u011b tyto p\u0159izp\u016fsobovac\u00ed \u00fakony mohou b\u00fdt u\u017eite\u010dn\u00e9 i p\u0159i sledov\u00e1n\u00ed re\u00e1ln\u011b simulovan\u00e9ho b\u011b\u017e\u00edc\u00edho obchodu.<\/span><\/p>\n

\u00a0\u00a0 V\u00a0jednoduch\u00e9m zad\u00e1n\u00ed, v\u00a0duchu p\u0159\u00edkladu v\u00fd\u0161e v \u010dl\u00e1nku, budu cht\u00edt zjistit Risk Profile<\/strong> a hodnoty BreakEven bod\u016f<\/strong> pro Back Spread vytvo\u0159en\u00fd za n\u00edzk\u00e9 Implied Volatility<\/strong> na akcii JPM, kter\u00e1 m\u011bla 14.5.2018 cenu 113.90 USD<\/strong>. Analyzovan\u00fd Call Back Spread -114\/+117\/+117<\/strong> je tvo\u0159en op\u010dn\u00edm kontraktem Short Call 114<\/strong>, za kter\u00fd jsem z\u00edskal +181 USD<\/strong> a dv\u011bma Long Call 117<\/strong> opcemi na strike ve vzd\u00e1lenosti t\u0159i body, za kter\u00e9 jsem utratil 2x -70 USD<\/strong>. Do t\u00e9to pozice jsem pak vstoupil za kredit ve v\u00fd\u0161i +41 USD<\/strong> a z\u00a0\u010dl\u00e1nku v\u00fd\u0161e vypl\u00fdv\u00e1, \u017ee cel\u00e1 kombinace Call Back Spreadu -114\/+117\/+117 m\u00e1 spodn\u00ed BreakEven bod<\/strong> na hodnot\u011b 114.41 USD<\/strong><\/span> a horn\u00ed BreakEven bod<\/strong> na hodnot\u011b 119.59 USD<\/strong><\/span>. Budu se nyn\u00ed sna\u017eit zjistit nebo ov\u011b\u0159it tyto skute\u010dnosti pomoc\u00ed thinkorswim a je\u0161t\u011b si budu cht\u00edt nechat graficky vykreslit po\u017eadovan\u00fd Risk Profile. Postup je zachycen na n\u00ed\u017ee uveden\u00fdch obr\u00e1zc\u00edch.<\/span><\/p>\n

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1<\/strong>\/ Platformu thinkorswim p\u0159epnu na z\u00e1lo\u017eku \u201eAnalyze<\/strong>\u201c<\/span><\/p>\n

2<\/strong>\/ Kliknu na tla\u010d\u00edtko \u201eAdd Simulated Trades<\/strong>\u201c pro p\u0159id\u00e1n\u00ed zkouman\u00e9 pozice<\/span><\/p>\n

3<\/strong>\/ V\u00a0okn\u011b pro ticker zad\u00e1m \u201eJPM<\/strong>\u201c<\/span><\/p>\n

4<\/strong>\/ Vyberu takov\u00fd aktu\u00e1ln\u00ed\u00a0op\u010dn\u00ed \u0159et\u011bzec<\/strong>, kter\u00fd zobrazuje op\u010dn\u00ed kontrakty m\u00e9ho Call Back Spreadu -114\/+117\/+117. N\u011bkter\u00e9 vzd\u00e1len\u011bj\u0161\u00ed op\u010dn\u00ed \u0159et\u011bzce nemus\u00ed m\u00edt v\u0161echny po\u017eadovan\u00e9 strike, ale mohou m\u00edt nap\u0159\u00edklad krok 2.5 bodu, mus\u00edm tedy vybrat takov\u00fd op\u010dn\u00ed \u0159et\u011bzec, ve kter\u00e9m se objevuj\u00ed strike 114 a 117 m\u00e9ho Back Spreadu<\/span><\/p>\n

5<\/strong>\/ Ve sloupci \u201eBid<\/strong>\u201c kliknu na \u0159\u00e1dek u strike 114 pro v\u00fdpis Short Call 114<\/span><\/p>\n

6<\/strong>\/ Ve sloupci \u201eAsk<\/strong>\u201c kliknu na \u0159\u00e1dek u strike 117 pro n\u00e1kup Long Call 117<\/span><\/p>\n

7<\/strong>\/ Oba tyto obchody se mi p\u0159enesou a zobraz\u00ed v\u00a0sekci \u201ePositions and Simulated Trades<\/strong>\u201c<\/span><\/p>\n

8<\/strong>\/ Uprav\u00edm po\u017eadovan\u00e9 mno\u017estv\u00ed<\/strong> op\u010dn\u00edch kontrakt\u016f pro analyzovan\u00fd Back Spread (-1<\/strong> pro 1x Short Call 114 a +2<\/strong> pro 2x Long Call 117)<\/span><\/p>\n

9<\/strong>\/ P\u0159ep\u00ed\u0161u po\u0159izovac\u00ed cenu jednotliv\u00fdch opc\u00ed<\/strong> na skute\u010dnost, kterou analyzuji (Short Call za 1.81<\/strong> a Long Call za 0.70<\/strong>)<\/span><\/p>\n

10<\/strong>\/ P\u0159ep\u00ed\u0161u aktu\u00e1ln\u00ed cenu akcie JPM<\/strong> na hodnotu v\u00a0okam\u017eiku, kdy prov\u00e1d\u00edm historickou anal\u00fdzu, tedy na hodnotu 113.90 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 T\u00edmto je zad\u00e1n\u00ed parametr\u016f analyzovan\u00e9ho obchodu hotovo a mohu p\u0159ikro\u010dit k\u00a0zobrazen\u00ed po\u017eadovan\u00fdch analytick\u00fdch v\u00fdstup\u016f, tedy Risk Profile a BreakEven Bod\u016f podle n\u00ed\u017ee uveden\u00e9ho obr\u00e1zku.<\/span><\/p>\n

\"\"<\/p>\n

1<\/strong>\/ P\u0159epnu platformu v\u00a0z\u00e1lo\u017ece \u201eAnalyze<\/strong>\u201c do sekce \u201eRisk Profile<\/strong>\u201c<\/span><\/p>\n

2<\/strong>\/ Vyberu pole pro v\u00fdb\u011br zobrazen\u00ed k\u0159ivek v\u00a0grafu<\/span><\/p>\n

3<\/strong>\/ Z nab\u00eddky vyberu mo\u017enost \u201e+1 <\/strong>@ <\/strong>Expiration<\/strong>\u201c<\/span><\/p>\n

\u00a0\u00a0 V\u00fdsledkem t\u00e9to volby by se m\u011bl v\u00a0grafu zobrazit pr\u016fb\u011bh dvou k\u0159ivek, kter\u00e9 zobrazuj\u00ed Risk Profile m\u00e9ho Back Spreadu. K\u0159ivka fialov\u00e9 barvy<\/strong> zobrazuje situaci m\u00e9 pozice v\u00a0dob\u011b po\u0159\u00edzen\u00ed<\/strong> za zadan\u00fdch upraven\u00fdch cenov\u00fdch parametr\u016f podle analyzovan\u00fdch po\u017eadavk\u016f. Zelen\u00e1 k\u0159ivka<\/strong> zobrazuje Risk Profile p\u0159i expiraci<\/strong>, a to je to, co m\u011b eminentn\u011b zaj\u00edm\u00e1. V\u00a0grafu vid\u00edm svisl\u00e9 \u010d\u00e1ry, kter\u00e9 zobrazuj\u00ed aktu\u00e1ln\u00ed cenu a dal\u0161\u00ed mo\u017en\u00e9 parametry, m\u011b v\u0161ak budou krom\u011b k\u0159ivek Risk Profile zaj\u00edmat pouze svislice s\u00a0vyzna\u010den\u00ed BreakEven bod\u016f. Toho dos\u00e1hnu \u00fapravou podle n\u00ed\u017ee uveden\u00e9ho obr\u00e1zku.<\/span><\/p>\n

\"\"<\/p>\n

1<\/strong>\/ v\u00a0sekci \u201ePrice Slices<\/strong>\u201c se zam\u011b\u0159\u00edm na menu p\u0159i prav\u00e9m okraji<\/strong> obr\u00e1zku pro v\u00fdb\u011br z\u00a0nab\u00eddky mo\u017en\u00fdch svisl\u00fdch \u010dar<\/span><\/p>\n

2<\/strong>\/ V\u00fdb\u011brem z\u00a0nab\u00eddky mo\u017en\u00fdch sad svislic vyberu mo\u017enost \u201eBreak Even<\/strong>\u201c a z\u00a0v\u00fdb\u011bru datum\u016f vyberu zelen\u011b podbarven\u00e9 datum<\/strong> zobrazuj\u00edc\u00ed expiraci op\u010dn\u00edch kontrakt\u016f.<\/span><\/p>\n

\u00a0\u00a0 T\u00edmto je vyobrazen\u00ed po\u017eadovan\u00fdch parametr\u016f hotovo a mohu zji\u0161\u0165ovat, zda byly m\u00e9 teoretick\u00e9 v\u00fdpo\u010dty pro analyzovan\u00fd Call Back Spread -114\/+117\/+117 v\u00a0\u010dl\u00e1nku v\u00fd\u0161e spr\u00e1vn\u00e9.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 \u00a0Z \u010derven\u011b dokreslen\u00fdch grafick\u00fdch prvk\u016f a hodnot pak vypl\u00fdv\u00e1 n\u00ed\u017ee uveden\u00e9:<\/p>\n

\u00a0 \u00a01<\/strong>\/ a 2<\/strong>\/ V\u00a0\u010derven\u00fdch krou\u017ec\u00edch jsou vyzna\u010deny BreakEven body<\/strong> Call Back Spreadu -114\/+117\/+117 na hodnot\u00e1ch 114.40 USD<\/strong><\/span> a 119.58 USD<\/span><\/strong> (setinov\u00e9 rozd\u00edly p\u0159ikl\u00e1d\u00e1m na vrub zaokrouhlov\u00e1n\u00ed) vyzna\u010den\u00e9 vy\u017e\u00e1dan\u00fdmi svislicemi a jsou tak identick\u00e9<\/strong> jako teoreticky vypo\u010d\u00edtan\u00e9<\/strong>\u00a0BreakEven body v\u00fd\u0161e v\u00a0\u010dl\u00e1nku.<\/span><\/p>\n

\u00a0 \u00a03<\/strong>\/ Ostr\u00fd obr\u00e1cen\u00fd\u00a0spodn\u00ed vrchol<\/strong>\u00a0zelen\u00e9 k\u0159ivky Risk Profile ozna\u010duje m\u00edsto<\/strong>, kde utrp\u00ed m\u00e1 kombinace p\u0159i expiraci maxim\u00e1ln\u00ed mo\u017enou ztr\u00e1tu<\/strong>. Pohybem ukazov\u00e1tka my\u0161i v plo\u0161e grafu pak zjist\u00edm, \u017ee to je hodnota 117 USD. Na t\u00e9to cen\u011b akcie JPM p\u0159i expiraci utr\u017e\u00edm maxim\u00e1ln\u00ed ztr\u00e1tu -251 USD, pozorovatelnou na lev\u00e9 ose \u201ey\u201c a p\u0159edstavuje maxim\u00e1ln\u00ed ztr\u00e1tu vytvo\u0159enou Call Credit Bear Spreadem -114\/+117 ve v\u00fd\u0161i -300 USD vylep\u0161enou o p\u0159ijat\u00fd kredit ve v\u00fd\u0161i +41 USD sou\u010dasn\u011b za skute\u010dnosti, \u017ee druh\u00e1 Long Call 117 vypr\u0161\u00ed jako bezcenn\u00e1.<\/span><\/p>\n

\u00a0 \u00a04<\/strong>\/ Pr\u016fb\u011bh<\/strong> zelen\u00e9 k\u0159ivky nalevo od BreakEven<\/strong> bodu na hodnot\u011b 114.40 USD<\/span><\/strong> se nach\u00e1z\u00ed nad nulovou hodnotou grafu a znamen\u00e1, \u017ee p\u0159i takov\u00e9m stavu ceny akcie JPM p\u0159i expiraci budu m\u00edt m\u00edrn\u00fd profit, od ceny 114 USD a ni\u017e\u0161\u00ed (ozna\u010deno svislou tenkou zelenou \u0161ipkou) pak budu m\u00edt profit ve v\u00fd\u0161i +41 USD ve form\u011b ponech\u00e1n\u00ed si cel\u00e9ho kreditu, proto\u017ee za situace p\u0159i expiraci, kdy bude cena ni\u017e\u0161\u00ed ne\u017e 114 USD, vypr\u0161\u00ed cel\u00fd Call Back Spread -114\/+117\/+117 jako bezcenn\u00fd.<\/span><\/p>\n

\u00a0\u00a0 Vytv\u00e1\u0159en\u00ed Risk Profile pomoc\u00ed aplikace thinkorswim je velice u\u017eite\u010dn\u00e1 z\u00e1le\u017eitost a m\u016f\u017ee napomoci k\u00a0celkov\u00e9mu n\u00e1hledu na op\u010dn\u00ed obchodov\u00e1n\u00ed, a nav\u00edc je zadarmo. P\u0159esto\u017ee m\u00e1m v\u00a0hlav\u011b z\u00e1kladn\u00ed tvary jednotliv\u00fdch z\u00e1kladn\u00edch op\u010dn\u00edch strategi\u00ed, u multikontraktn\u00ed pozice s\u00a0r\u016fzn\u00fdmi druhy opc\u00ed na r\u016fzn\u00fdch strike na obou stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce je ji\u017e velmi obt\u00ed\u017en\u00e9 si ud\u011blat jednoduch\u00fd grafick\u00fd obr\u00e1zek o pr\u016fb\u011bhu v\u00fdvoje risku a profitu pro nejr\u016fzn\u011bj\u0161\u00ed ceny a mo\u017en\u00e9 pohyby podkladov\u00e9ho aktiva. V\u00fdpo\u010det BreakEven bod\u016f pak m\u016f\u017ee b\u00fdt tak\u00e9 dosti slo\u017eit\u00e1 a nam\u00e1hav\u00e1 pr\u00e1ce s\u00a0mo\u017enost\u00ed vyrobit p\u0159i takov\u00e9m v\u00fdpo\u010dtu fat\u00e1ln\u00ed chybu pro dal\u0161\u00ed mo\u017en\u00e9 \u0159\u00edzen\u00ed pozice. Velmi u\u017eite\u010dn\u00e1 je ale tak\u00e9 tvorba Risk Profile pro takto simulovan\u00e9 historick\u00e9 obchody, proto\u017ee mi m\u016f\u017ee jednodu\u0161e poskytnout informaci o \u201ezlomov\u00fdch bodech\u201c analyzovan\u00e9 strategie a j\u00e1 pak mohu sledovat na dal\u0161\u00edm historick\u00e9m v\u00fdvoji ceny podkladu jej\u00ed vztah k ur\u010den\u00fdm BreakEven bod\u016fm.<\/span><\/p>\n

\u00a0 \u00a0Z takto nasimulovan\u00e9ho pr\u016fb\u011bhu obchodu pomoc\u00ed grafick\u00e9ho zobrazen\u00ed Risk Profile m\u00e9ho\u00a0Call Back Spreadu -114\/+117\/+117 pak mohu velmi jednodu\u0161e vypozorovat, \u017ee k profitabilit\u011b pot\u0159ebuji dobr\u00fd pohyb ceny akcie JPM sm\u011brem vzh\u016fru, pokud se tento nedostav\u00ed, existuje jak\u00e1si z\u00f3na vymezen\u00e1 BreakEven body, kter\u00e1 znamen\u00e1 p\u00e1smo, kde vytvo\u0159\u00edm n\u011bjakou ztr\u00e1tu. Velikost t\u00e9to maxim\u00e1ln\u00ed ztr\u00e1ty je pak d\u00e1na vytvo\u0159en\u00fdm spodn\u00edm hrotem zelen\u00e9 k\u0159ivky. Tak\u00e9 jednodu\u0161e vid\u00edm, \u017ee pokles ceny kamkoliv m\u011b m\u016f\u017ee nechat zcela klidn\u00fdm, proto\u017ee to bude znamenat m\u00edrn\u00fd, ale bezpochyby p\u0159\u00edjemn\u00fd profit. Pohled na takto zobrazen\u00fd Risk Profile je zejm\u00e9na pohledem na situaci p\u0159i expiraci op\u010dn\u00edch kontrakt\u016f m\u00e9ho Back Spreadu za p\u0159edpokladu, \u017ee bych tuto op\u010dn\u00ed kombinaci nijak nesledoval a ne\u0159\u00eddil a ponechal ji sv\u00e9mu osudu. Mo\u017en\u00e9 obchodn\u00ed z\u00e1sahy, jako reakce na v\u00fdvoj ceny podkladu v pr\u016fb\u011bhu dr\u017een\u00ed Back Spreadu, pak budou p\u0159edm\u011btem dal\u0161\u00edho \u010dl\u00e1nku … :c)\u00a0 \u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\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 Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":2755,"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":[51],"class_list":["post-2741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opcni-kombinace","tag-back-spread"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-3.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-Id","jetpack-related-posts":[{"id":5155,"url":"https:\/\/dobretrejdy.com\/?p=5155","url_meta":{"origin":2741,"position":0},"title":"Kreditn\u00ed strategie – III.","author":"dobretrejdy :c)","date":"19.12.2020","format":false,"excerpt":"\u00a0 \u00a0Zadejte do vyhled\u00e1va\u010de \u201estrategy+options+income\u201c a budete se divit, kolik odkaz\u016f nab\u00edz\u00ed a doslova slibuje sd\u011blen\u00ed zaru\u010den\u00fdch strategi\u00ed a p\u0159\u00edstup\u016f, kter\u00e9 generuj\u00ed pravideln\u00fd p\u0159\u00edjem. V drtiv\u00e9 v\u011bt\u0161in\u011b p\u0159\u00edpad\u016f se jedn\u00e1 o nejr\u016fzn\u011bj\u0161\u00ed techniky vypisov\u00e1n\u00ed opc\u00ed v nejrozmanit\u011bj\u0161\u00edch kombinac\u00edch, od vylo\u017een\u00e9ho nekryt\u00e9ho vypisov\u00e1n\u00ed a\u017e po sofistikovan\u00e9 spletence nejr\u016fzn\u011bj\u0161\u00edch op\u010dn\u00edch strategi\u00ed, ve\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed kombinace\u201c","block_context":{"text":"Op\u010dn\u00ed kombinace","link":"https:\/\/dobretrejdy.com\/?cat=4"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/12\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/12\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/12\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/12\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":5223,"url":"https:\/\/dobretrejdy.com\/?p=5223","url_meta":{"origin":2741,"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":2534,"url":"https:\/\/dobretrejdy.com\/?p=2534","url_meta":{"origin":2741,"position":2},"title":"Butterfly – II.","author":"dobretrejdy :c)","date":"21.10.2018","format":false,"excerpt":"\u00a0 \u00a0Pokud by se m\u011b v\u0161echny z\u00e1kladn\u00ed a nejjednodu\u0161\u0161\u00ed op\u010dn\u00ed strategie zeptaly \u201eKter\u00e1 z\u00a0n\u00e1s je nejkr\u00e1sn\u011bj\u0161\u00ed?\u201c, odpov\u011bd\u011bl bych bez mrknut\u00ed oka \u201eButterfly\u201c. Proto\u017ee ale obchodov\u00e1n\u00ed nen\u00ed poh\u00e1dka o Sn\u011bhurce, musel jsem p\u0159esv\u011bd\u010den\u00ed o poutavosti t\u00e9to op\u010dn\u00ed kombinace pravd\u011bpodobn\u011b n\u011bkde z\u00edskat. Kr\u00e1sa a u\u017eite\u010dnost toti\u017e nemus\u00ed j\u00edt ruku v\u00a0ruce, ba naopak,\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed kombinace\u201c","block_context":{"text":"Op\u010dn\u00ed kombinace","link":"https:\/\/dobretrejdy.com\/?cat=4"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/10\/main-2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/10\/main-2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/10\/main-2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/10\/main-2.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":133,"url":"https:\/\/dobretrejdy.com\/?p=133","url_meta":{"origin":2741,"position":3},"title":"Covered Call nebo Naked Put?","author":"dobretrejdy :c)","date":"7.4.2017","format":false,"excerpt":"\u00a0\u00a0 Je velmi kuri\u00f3zn\u00ed pozorovat, jak ve velk\u00e9 \u010d\u00e1sti publikovan\u00fdch \u010dl\u00e1nk\u016f nebo literatu\u0159e o obchodov\u00e1n\u00ed opc\u00ed, je jej\u00edmi autory odsuzov\u00e1no obchodov\u00e1n\u00ed s\u00a0nekryt\u00fdmi opcemi. V\u00fdpisy nekryt\u00fdch (\u201enaked\u201c) opc\u00ed je popisov\u00e1no jako hazard s\u00a0dalekos\u00e1hl\u00fdmi dopady na n\u00e1\u0161 obchodn\u00ed \u00fa\u010det s\u00a0neomezen\u00fdmi riziky. Pozice ni\u010d\u00edm nekryt\u00e9 Short Call nebo Short Put je pak prezentov\u00e1na\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\/CCnp.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/CCnp.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/CCnp.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":2475,"url":"https:\/\/dobretrejdy.com\/?p=2475","url_meta":{"origin":2741,"position":4},"title":"Call Bear Credit Spread","author":"dobretrejdy :c)","date":"8.10.2018","format":false,"excerpt":"\u00a0 \u00a0Vypisov\u00e1n\u00ed Short Call opc\u00ed a po\u0159izov\u00e1n\u00ed Long Call opc\u00ed na vy\u0161\u0161\u00edm strike je jedna z\u00a0discipl\u00edn op\u010dn\u00edho tradingu, kter\u00e1 pro m\u016fj \u00fa\u010det znamen\u00e1 po\u0159\u00edzen\u00ed Call Bear Spreadu, pokud oba tyto \u00fakony provedu sou\u010dasn\u011b (v\u00fdpis Short Call a n\u00e1kup Long Call na vy\u0161\u0161\u00edm strike), obdr\u017e\u00edm na sv\u016fj \u00fa\u010det Kredit, proto\u017ee ceny\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed kombinace\u201c","block_context":{"text":"Op\u010dn\u00ed kombinace","link":"https:\/\/dobretrejdy.com\/?cat=4"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/10\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/10\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/10\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/10\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":195,"url":"https:\/\/dobretrejdy.com\/?p=195","url_meta":{"origin":2741,"position":5},"title":"Kupuji akcie \u2013 kupuji obr\u00e1nce","author":"dobretrejdy :c)","date":"19.4.2017","format":false,"excerpt":"\u00a0 \u00a0V\u00a0minul\u00e9m \u010dl\u00e1nku jsem popisoval jednu z\u00a0mo\u017enost\u00ed, jak pomoc\u00ed jednoduch\u00e9 op\u010dn\u00ed konstrukce za\u0159\u00eddit, abychom mohli napravit \u0161kody, zp\u016fsoben\u00e9 poklesem ceny dr\u017een\u00fdch Long akci\u00ed. Vyu\u017eil jsem p\u0159itom z\u00e1kladn\u00edch znalost\u00ed obchodov\u00e1n\u00ed opc\u00ed, kter\u00e9 nejsou nijak zvl\u00e1\u0161t\u011b sofistikovan\u00e9 (Covered Call a Call Bull Spread). Na cel\u00e9m \u201ez\u00e1chrann\u00e9m\u201c obchodu se nav\u00edc nevytvo\u0159il \u017e\u00e1dn\u00fd dodate\u010dn\u00fd\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\/ramos1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/ramos1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/ramos1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/ramos1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/2741","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=2741"}],"version-history":[{"count":7,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/2741\/revisions"}],"predecessor-version":[{"id":2762,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/2741\/revisions\/2762"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/2755"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}