{"id":2763,"date":"2019-01-03T16:12:39","date_gmt":"2019-01-03T14:12:39","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=2763"},"modified":"2023-07-01T07:56:27","modified_gmt":"2023-07-01T05:56:27","slug":"back-spread-ii","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=2763","title":{"rendered":"Back Spread – II."},"content":{"rendered":"

\u00a0 \u00a0V\u00a0minul\u00e9m \u010dl\u00e1nku Back Spread I.<\/a><\/strong><\/span>\u00a0jsem popsal z\u00e1kladn\u00ed informace a podstatu op\u010dn\u00ed kombinace Back Spread a cel\u00fd \u010dl\u00e1nek uzav\u0159el mo\u017enost\u00ed si takovou op\u010dn\u00ed kombinaci analyzovat pomoc\u00ed platformy thinkorswim. V tomto \u010dl\u00e1nku p\u016fjde o jednoduchou uk\u00e1zku mo\u017en\u00e9ho obchodu op\u010dn\u00edch kombinac\u00ed Back Spread s uveden\u00edm z\u00e1kladn\u00edch mo\u017enost\u00ed jeho \u0159\u00edzen\u00ed do doby expirace op\u010dn\u00edch kontrakt\u016f. Ne\u017e se ale p\u0159esunu k\u00a0dal\u0161\u00edmu teoretizov\u00e1n\u00ed, mus\u00edm se vypo\u0159\u00e1dat s\u00a0kapit\u00e1lov\u00fdmi n\u00e1roky na tuto kombinaci, tedy s\u00a0t\u00edm, kolik m\u011b bude vlastn\u011b po\u0159\u00edzen\u00ed Back Spreadu v\u016fbec st\u00e1t.<\/span><\/p>\n

Margin<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Proto\u017ee sou\u010d\u00e1st\u00ed ka\u017ed\u00e9ho Back Spreadu je v\u017edy Kreditn\u00ed Vertik\u00e1ln\u00ed Spread s\u00a0vypsanou opc\u00ed a nakoupenou opc\u00ed na strike v\u00edce \u201emimo pen\u00edze\u201c, tak existence t\u011bchto spread\u016f je posti\u017eena blokov\u00e1n\u00edm marginov\u00e9ho po\u017eadavku na m\u00e9m obchodn\u00edm \u00fa\u010dtu. Maxim\u00e1ln\u00ed mo\u017en\u00e1 ztr\u00e1ta Kreditn\u00edho Vertik\u00e1ln\u00edho Spreadu je d\u00e1na dolarov\u00fdm rozsahem strike t\u011bchto opc\u00ed, proto je v\u00a0rozsahu t\u00e9to maxim\u00e1ln\u00ed ztr\u00e1ty tak\u00e9 blokov\u00e1na stejn\u00e1 \u010d\u00e1stka jako marginov\u00fd po\u017eadavek. Pokud se budu nap\u0159\u00edklad dr\u017eet uk\u00e1zek z\u00a0minul\u00e9ho \u010dl\u00e1nku, tak Call Back Spread -114\/+117\/+117 m\u00e1 rozsah sv\u00fdch strike na Call Credit Spreadu -114\/+117 ve v\u00fd\u0161i 3 bod\u016f, kter\u00e9 reprezentuj\u00ed maxim\u00e1ln\u00ed mo\u017enou ztr\u00e1tu ve v\u00fd\u0161i -300 USD, proto bude marginov\u00fd po\u017eadavek pr\u00e1v\u011b t\u011bchto 300 USD. Tento je pak konstantn\u00ed do doby, ne\u017e pozici Call Credit Spreadu -114\/+117 (tato je sou\u010d\u00e1st\u00ed Back Spreadu) nezru\u0161\u00edm jej\u00ed likvidac\u00ed nebo modifikac\u00ed a je to prvn\u00ed v\u00fdrazn\u011bj\u0161\u00ed odli\u0161nost od Ratio Spread\u016f, kde marginov\u00fd po\u017eadavek je odvozen od existence nekryt\u00e9 vypsan\u00e9 opce, kter\u00fd je samoz\u0159ejm\u011b vy\u0161\u0161\u00ed.<\/span><\/p>\n

\u00a0 Z\u00a0vypozorovan\u00e9ho je z\u0159ejm\u00e9, \u017ee Back Spread\u016fm 1:2 by m\u011blo sv\u011bd\u010dit obecn\u011b vstupov\u00e1n\u00ed na ni\u017e\u0161\u00edch \u00farovn\u00edch Implied Volatility. Vypozorov\u00e1n\u00ed momentu spr\u00e1vn\u00e9ho vstupu je ale tak\u00e9 na anal\u00fdze trhu p\u0159\u00edslu\u0161n\u00e9ho podkladu a na jeho celkov\u00e9m sentimentu. P\u0159esto\u017ee je Back Spread kombinac\u00ed s\u00a0neomezenou mo\u017enost\u00ed profitu a omezenou mo\u017enost\u00ed ztr\u00e1ty, mus\u00ed b\u00fdt z\u00e1kladn\u00ed podm\u00ednkou pro \u00fasp\u011b\u0161n\u00e9 obchody alespo\u0148 z\u00e1kladn\u00ed obchodn\u00ed zku\u0161enost a pov\u011bdom\u00ed, co v\u00a0danou chv\u00edli d\u011blat a jak se p\u0159i r\u016fzn\u00fdch v\u00fdvoj\u00edch pohybu ceny podkladu vlastn\u011b zachovat. Tyto obchodn\u00ed mo\u017enosti budou nazna\u010deny v\u00a0n\u00e1sleduj\u00edc\u00edm mo\u017en\u00e9m uk\u00e1zkov\u00e9m a teoretick\u00e9m obchodu na n\u00edzk\u00e9 Implied Volatilit\u011b, co\u017e je patrn\u011b pro p\u0159ehlednost vhodn\u011bj\u0161\u00ed ne\u017e obecn\u00e9 \u00favahy.<\/span><\/p>\n

\n

\u00a0 \u00a0Uk\u00e1zkov\u00e1 kombinace<\/strong><\/span><\/h1>\n

\u00a0 \u00a0Co znamen\u00e1 n\u00edzk\u00e1 Implied Volatilita? P\u0159edev\u0161\u00edm klidnou n\u00e1ladu na trz\u00edch podkladov\u00e9ho aktiva spojenou s neexistenc\u00ed budouc\u00ed z\u00e1sadn\u00ed fundament\u00e1ln\u00ed zpr\u00e1vy, pov\u011bt\u0161inou doprov\u00e1zenou m\u00edrn\u00fdm nebo vytrval\u00fdm uptrendem. Proto\u017ee do budoucnosti nevid\u00edm, nemohu vylou\u010dit jak\u00e9koliv sc\u00e9n\u00e1\u0159e, proto bych k\u00a0v\u00fdchoz\u00ed \u00favaze o mo\u017en\u00e9m \u0159\u00edzen\u00ed obchodu vyu\u017eil ji\u017e pou\u017eitou uk\u00e1zku vstupu do Back Spreadu na akcii JPM<\/strong> dne 14.5.2018<\/strong> za velmi n\u00edzk\u00e9 Implied Volatility, kterou jsem pou\u017eil v\u00a0minul\u00e9m \u010dl\u00e1nku.<\/span><\/p>\n

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\u00a0\u00a0 Po\u0159\u00eddil jsem Back Spready<\/strong> o rozsahu t\u0159\u00ed strike<\/strong> na obou stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce, a sice Call Back Spread -114\/+117\/+117<\/strong> po\u0159\u00edzen\u00fd za kredit ve v\u00fd\u0161i +41 USD<\/strong> (+181 USD \u201370 USD -70 USD) a Put Back Spread -114\/+111\/-111<\/strong> po\u0159\u00edzen\u00fd za kredit ve v\u00fd\u0161i +6 USD<\/strong> (+176 -85 USD -85 USD), ob\u011b tyto kombinace jsou na op\u010dn\u00edch kontraktech s\u00a0expirac\u00ed za 25 kalend\u00e1\u0159n\u00edch dn\u016f a za takto sestaven\u00fd obchod jsem z\u00edskal na sv\u016fj \u00fa\u010det p\u0159ebytek Pr\u00e9mia<\/strong> ve v\u00fd\u0161i +47 USD<\/strong>. \u00a0Pro\u010d jsem otev\u0159el obchod na obou stran\u00e1ch najednou?<\/span><\/p>\n

\u00a0\u00a0 1\/<\/strong> Nev\u00edm, kam se cena akcie JPM vyd\u00e1 nejen v\u00a0nejbli\u017e\u0161\u00edch okam\u017eic\u00edch, nato\u017e v\u00a0p\u011btadvacetidenn\u00edm horizontu, nech\u00e1v\u00e1m si proto p\u0159\u00edle\u017eitost k\u00a0pohybu na obou stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce.<\/span><\/p>\n

\u00a0\u00a0 2\/<\/strong> Chci Pr\u00e9mium (kredit) u obou stran op\u010dn\u00edho \u0159et\u011bzce, i kdy\u017e na Put stran\u011b je nevaln\u00e9 (+6 USD)<\/span><\/p>\n

\u00a0\u00a0\u00a03\/<\/strong> Margin je blokov\u00e1n pouze ve v\u00fd\u0161i 1x -300 USD, p\u0159esto\u017ee m\u00e1m na obou stran\u00e1ch Kreditn\u00ed Vertik\u00e1ln\u00ed Spready (Call Credit Vertical Spread -114\/+117 a Put Credit Vertical Spread -114\/+111) o rozsahu strike 3 body. Platforma m\u00e9ho brokera rozpozn\u00e1, \u017ee se jedn\u00e1 o Kreditn\u00ed Vertik\u00e1ln\u00ed Spready na opa\u010dn\u00fdch stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce, hroz\u00ed tedy pouze jedna ztr\u00e1ta -300 USD, nelze utrp\u011bt ztr\u00e1tu na obou stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce najednou (p\u0159i expiraci).<\/span><\/p>\n

\u00a0\u00a0 4\/<\/strong> P\u0159i nev\u00fdrazn\u00e9m pohybu nebo p\u0159i oto\u010den\u00ed trh\u016f po v\u00fdrazn\u00e9m pohybu budu moci ve vhodn\u00e9 tr\u017en\u00ed konstelaci p\u0159\u00edpadn\u011b \u010derpat \u201ez druh\u00e9 strany\u201c op\u010dn\u00edho \u0159et\u011bzce dal\u0161\u00ed mo\u017en\u00e9 pen\u00edze (vysv\u011btleno d\u00e1le). \u00a0<\/span><\/p>\n

\u00a0\u00a0 Pro zaj\u00edmavost jsem vyzna\u010dil tenk\u00fdmi \u010derven\u00fdmi a zelen\u00fdmi \u010dtverci Delta <\/strong>jednotliv\u00fdch op\u010dn\u00edch kontrakt\u016f. Celkov\u00fd sou\u010det Delta je -2<\/strong> a jednodu\u0161e to v\u00a0tuto chv\u00edli (mimo jin\u00e9) znamen\u00e1, \u017ee v\u0161ech po\u0159\u00edzen\u00fdch \u0161est op\u010dn\u00edch kontrakt\u016f na obou stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce se nyn\u00ed chov\u00e1 identicky, jako bych m\u011bl 2x Short akcie JPM<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 P\u0159ijat\u00fd kredit ve v\u00fd\u0161i +47 USD a dolarov\u00fd rozsah strike Vertik\u00e1ln\u00edch Kreditn\u00edch Spread\u016f na obou stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce ve v\u00fd\u0161i 300 USD mi p\u0159edur\u010duje maxim\u00e1ln\u00ed mo\u017enou ztr\u00e1tu<\/strong> (-300 USD +47 USD) ve v\u00fd\u0161i -253 USD<\/strong>. Tato ztr\u00e1ta by m\u011b potkala ve chv\u00edl\u00edch, kdyby se cena akcie JPM p\u0159i expiraci nach\u00e1zela p\u0159esn\u011b na strike Long opc\u00ed, v\u00a0m\u00e9m p\u0159\u00edpad\u011b na hodnot\u011b 117 USD (strike Long Call) nebo 111 USD (strike Long Put), nic hor\u0161\u00edho m\u011b nem\u016f\u017ee potkat. Bude to toti\u017e znamenat, \u017ee Vertik\u00e1ln\u00ed Spready tvo\u0159\u00edc\u00ed Back Spread vytvo\u0159ily maxim\u00e1ln\u00ed ztr\u00e1tu sn\u00ed\u017eenou o p\u0159ijat\u00fd kredit a zbyl\u00e9 Long opce vypr\u0161ely jako bezcenn\u00e9. Pohyb ceny alespo\u0148 na BreakEven body pak bude zaji\u0161\u0165ovat, \u017ee z\u00a0obchodu nevyv\u00e1znu ani se ztr\u00e1tou, ale ani s\u00a0profitem, a tento p\u0159\u00edpad nastane, pokud:<\/span><\/p>\n

\u00a0 \u00a0A\/<\/strong> Long opce netvo\u0159\u00edc\u00ed Vertik\u00e1ln\u00ed Spread vytvo\u0159\u00ed d\u00edky pohybu podkladov\u00e9 akcie takov\u00fd profit, \u017ee pokryje nejm\u00e9n\u011b vytvo\u0159enou ztr\u00e1tu -253 USD. Na Call stran\u011b tak Long Call 117 bude m\u00edt hodnotu +253 USD v\u00a0p\u0159\u00edpad\u011b, \u017ee cena podkladov\u00e9 akcie JPM vzroste<\/strong> a bude (117 USD +2.53) na \u00farovni 119.53 USD a naopak na Put stran\u011b Long Put 111 bude m\u00edt hodnotu +253 USD v\u00a0p\u0159\u00edpad\u011b, \u017ee cena podkladov\u00e9 akcie JPM poklesne<\/strong> a bude (111 USD -2.53) na \u00farovni 108.47 USD.\u00a0 Hodnoty 108.47 USD<\/strong> a 119.53 USD<\/strong> jsou vn\u011bj\u0161\u00ed BreakEven body<\/strong> m\u00e9 kombinace obou Back Spread\u016f.<\/span><\/p>\n

\u00a0 \u00a0B\/<\/strong> P\u0159ijat\u00fd kredit ve v\u00fd\u0161i +47 USD znamen\u00e1, \u017ee se m\u016f\u017ee tak\u00e9 p\u0159ihodit, \u017ee mi cel\u00fd z\u016fstane. Toto se stane pouze v\u00a0p\u0159\u00edpad\u011b, \u017ee by v\u0161echny opce vypr\u0161ely jako bezcenn\u00e9, a tato situace nastane, pokud by p\u0159i expiraci byla cena akcie JPM p\u0159esn\u011b na hodnot\u011b 114 USD. Toto je velmi nepravd\u011bpodobn\u00e1 ud\u00e1lost, proto mus\u00edm v\u011bd\u011bt, \u017ee pokud se nep\u0159ihod\u00ed, budu muset n\u011bkterou ze Short opc\u00ed na n\u011bkter\u00e9 ze stran op\u010dn\u00edho \u0159et\u011bzce likvidovat. Bude m\u011b pak zaj\u00edmat, abych na tuto likvidaci nevynalo\u017eil v\u00edce pen\u011bz ne\u017e je p\u0159ijat\u00fd kredit ve v\u00fd\u0161i +47 USD, a toto se stane v\u00a0p\u0159\u00edpad\u011b, \u017ee cena akcie JPM nebude vy\u0161\u0161\u00ed<\/strong> (strike Short Call 114 +0.47) ne\u017e 114.47 USD nebo nebude ni\u017e\u0161\u00ed<\/strong> (strike Short Put 114 -0.47 USD) ne\u017e 113.53 USD. Hodnoty 113.53 USD<\/strong> a 114.47<\/strong> USD jsou vnit\u0159n\u00edmi BreakEven body<\/strong> m\u00fdch Back Spread\u016f.<\/span><\/p>\n

\u00a0 Ve shrnut\u00ed mohu konstatovat, \u017ee vypo\u010dten\u00e9 BreakEven body budou pro m\u011b znamenat vymezen\u00ed oblast\u00ed ceny akcie JPM, kde budu zcela jist\u011b ztr\u00e1cet a oblasti ceny, kde budu zcela jist\u011b profitovat. Z\u00a0v\u00fdpo\u010dt\u016f v\u00fd\u0161e vypl\u00fdv\u00e1, \u017ee ztr\u00e1ta v\u00a0ka\u017ed\u00e9m p\u0159\u00edpad\u011b<\/strong> m\u011b \u010dek\u00e1 na Call stran\u011b v\u00a0p\u00e1smu 114.47 USD a\u017e 119.53 USD<\/strong> a na Put stran\u011b budu ztr\u00e1tov\u00fd p\u0159i cen\u011b akcie JPM p\u0159i expiraci v\u00a0p\u00e1smu 108.47 USD a\u017e 113.53 USD<\/strong>. U\u017e nyn\u00ed v\u00edm, jak si takovou skute\u010dnost mohu jednodu\u0161e ov\u011b\u0159it v\u00a0aplikaci thinkorswim, proto si zkus\u00edm sv\u016fj obchod namodelovat a zobrazit jeho Risk Profile p\u0159i expiraci.<\/span><\/p>\n

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\u00a0 \u00a0<\/span>Podle potvrzen\u00fdch a spr\u00e1vn\u011b vypo\u010d\u00edtan\u00fdch BreakEven bod\u016f tedy budu o\u010dek\u00e1vat, \u017ee pohyb bude do expirace takov\u00fd, aby p\u0159i expiraci byla cena pokud mo\u017eno nezm\u011bn\u011bn\u00e1 a j\u00e1 mohl z\u00edskat \u010d\u00e1st z\u00edskan\u00e9ho kreditu nebo naopak, aby do\u0161lo k\u00a0v\u00fdrazn\u00e9mu pohybu a cena se usadila pokud mo\u017eno co nejd\u00e1l za vn\u011bj\u0161\u00edmi BreakEven body a j\u00e1 mohl uzav\u0159\u00edt profitabiln\u00ed Long opci. Odlo\u017eit svou pozornost a ponechat tuto pozici obou Back Spread\u016f bez pov\u0161imnut\u00ed do expirace by byla ale patrn\u011b velk\u00e1 chyba a m\u00e9 obchodn\u00ed ignorantstv\u00ed by mohlo b\u00fdt po z\u00e1sluze potrest\u00e1no. Spol\u00e9hat se toti\u017e na pohyb, kter\u00fd se prom\u011bn\u00ed bu\u010f do profitu nebo ztr\u00e1ty zachycen\u00fd p\u0159i expira\u010dn\u00edm p\u00e1tku za 25 kalend\u00e1\u0159n\u00edch dn\u016f by mohlo zna\u010dn\u011b omezit potenci\u00e1l cel\u00e9ho obchodu, proto\u017ee v\u00a0horizontu v\u00edce ne\u017e t\u0159\u00ed t\u00fddn\u016f mohou nastat v\u00fdznamn\u00e9 pohyby, kter\u00e9 mohou b\u00fdt v\u00a0absolutn\u00ed velikost nakonec v\u011bt\u0161\u00ed ne\u017e rozd\u00edl ceny mezi vstupem do pozice a kone\u010dnou cenou p\u0159i expirac\u00ed.<\/span><\/p>\n

\u00a0\u00a0 Pokud jsem v\u00a0\u010dl\u00e1nc\u00edch o Ratio Spreadech<\/strong> popisoval, \u017ee BreakEven body jsou m\u00edsta, kde mus\u00edm prov\u00e1d\u011bt akce pro obranu p\u0159ed neomezenou ztr\u00e1tou<\/strong>, kterou bych mohl vytvo\u0159it na nekryt\u00e9 Short opci v\u00a0d\u016fsledku nekontrolovan\u00e9ho pohybu podkladu, budu m\u00edt u Back Spread\u016f<\/strong> technicky opa\u010dn\u00e9 obavy, tedy jak za\u0159\u00eddit, abych p\u0159i zasa\u017een\u00ed nebo p\u0159ekro\u010den\u00ed \u00farovn\u011b BreakEven bod\u016f jsem si mohl mo\u017en\u00fd profit zafixovat<\/strong> tak, abych neutrp\u011bl jeho vymizen\u00ed obratem cenov\u00e9ho pohybu a n\u00e1vratu cenov\u00e9 \u00farovn\u011b zp\u011bt pod BreakEven bod. Z\u00e1kladn\u00ed principy by m\u011bly vyplynout z\u00a0n\u00e1sledn\u00e9 konkr\u00e9tn\u00ed situace, kter\u00e1 nastala na m\u00e9 pozici dvou Back Spread\u016f.<\/span><\/p>\n

\u00a0\u00a0 Konstrukce dvou Back Spread\u016f p\u0159i n\u00edzk\u00e9 Implied Volatilit\u011b s\u00a0rozsahem t\u0159i strike a p\u0159ijat\u00fdm kreditem odr\u00e1\u017e\u00ed situaci, kdy se podkladov\u00e1 akcie JPM chov\u00e1 klidn\u011b nebo je v\u00a0trvalej\u0161\u00edm uptrendu. Mohu tak p\u0159edpokl\u00e1dat, \u017ee uptrend bude pokra\u010dovat nebo naopak, \u017ee dojde na titulu k\u00a0vyb\u00edran\u00ed zisk\u016f a cena podkladu poklesne, jin\u00fdmi slovy, ur\u010dit\u00e9ho nev\u00edm v\u016fbec nic, jenom v\u00edm, \u017ee cena se ur\u010dit\u011b bude pohybovat. Nakonec nastala druh\u00e1 varianta, kdy se cena po ur\u010dit\u00e9m p\u0159evalov\u00e1n\u00ed na m\u00edst\u011b za\u010dala pou\u0161t\u011bt z\u00a0kopce, aby se 29.5.2018, tedy dlouh\u00fdch deset dn\u016f do expirace<\/strong> propadla na hodnotu 105.93 USD<\/strong>. Situace je na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku. \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n


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\u00a0 Call Back Spread -114\/+117\/+117<\/strong> je nyn\u00ed t\u00e9m\u011b\u0159 bezcenn\u00fd<\/strong>, proto\u017ee se v\u0161echny op\u010dn\u00ed kontrakty nach\u00e1zej\u00ed zna\u010dn\u011b \u201emimo pen\u00edze\u201c a naopak Put Back Spread -114\/+111\/111<\/strong> je cel\u00fd hluboce \u201ev pen\u011bz\u00edch\u201c<\/strong> a v\u0161echny op\u010dn\u00ed kontrakty maj\u00ed velmi vysok\u00e9 ceny, proto\u017ee tyto tvo\u0159\u00ed z\u00a0valn\u00e9 \u010d\u00e1sti Vnit\u0159n\u00ed Hodnota opc\u00ed. Proto\u017ee je ale velmi dlouho do expirace, mus\u00edm na t\u00e9to cen\u011b prov\u00e9st \u201en\u011bjak\u00e9 akce\u201c, abych na t\u00e9to unik\u00e1tn\u00ed cen\u011b podkladu mohl za\u0159\u00eddit, aby teoretick\u00fd profit byl \u201ep\u0159etaven\u201c do konkr\u00e9tn\u00ed podoby. Co tedy mohu ud\u011blat?<\/span><\/p>\n

\n

Prodej Long Put 111<\/strong><\/span><\/h1>\n

\u00a0\u00a0\u00a0 Prvn\u00ed z\u00a0nab\u00edzen\u00fdch mo\u017enost\u00ed je likvidace op\u010dn\u00edho kontraktu, kter\u00fd mi vyd\u011bl\u00e1v\u00e1 a nen\u00ed ni\u010deho sou\u010d\u00e1st\u00ed.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0\u00a0 Patrn\u011b nejjednodu\u0161\u0161\u00ed variantou je prodej Long Put 111<\/strong>, kter\u00e1 nen\u00ed sou\u010d\u00e1st\u00ed Put Vertical Credit Bull Spreadu -114\/+111. Tento prodej bych mohl realizovat za nab\u00edzen\u00fdch +515 USD<\/strong> vyzna\u010den\u00fdch v\u00a0tlust\u00e9m \u010derven\u00e9m krou\u017eku. Znamenalo by to tak\u00e9, \u017ee Put Vertical Credit Bull Spread -114\/+111 bych si na Put stran\u011b ponechal. Bylo by to vskutku dobr\u00e9 \u0159e\u0161en\u00ed, proto\u017ee by m\u011b zajistilo jist\u00fd profit a mohl bych tak odlo\u017eit ve\u0161ker\u00e9 starosti o dal\u0161\u00ed osud m\u00fdch zbyl\u00fdch op\u010dn\u00edch kontrakt\u016f. Prodejem bych toti\u017e mohl utr\u017eit daleko v\u00edce<\/strong>, ne\u017e je maxim\u00e1ln\u00ed mo\u017en\u00e1 ztr\u00e1ta -253 USD<\/strong> a rozd\u00edl (-253 USD +515 USD) ve v\u00fd\u0161i +262 USD<\/strong><\/span> by mi ji\u017e nikdo nevzal a byl by jist\u00fdm profitem. Naopak, tento bych si mohl je\u0161t\u011b vylep\u0161it v\u00a0p\u0159\u00edpad\u011b, \u017ee by nastal obrat ceny sm\u011brem vzh\u016fru a mohl by zp\u016fsobit, \u017ee se cena vr\u00e1t\u00ed nap\u0159\u00edklad zp\u011bt nad strike Long Put 111 a j\u00e1 bych mohl utr\u017eit men\u0161\u00ed ne\u017e maxim\u00e1ln\u00ed ztr\u00e1tu -253 USD na Put Vertical Credit Bull Spreadu -114\/+111 a to by nebylo v\u016fbec \u0161patn\u00e9.<\/span><\/p>\n

\n

V\u00fdpis Short Put 108<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Nic neprod\u00e1vat, na rozd\u00edl od v\u00fd\u0161e uveden\u00e9 varianty, ale n\u011bco naopak prodat by mohlo b\u00fdt dal\u0161\u00ed z\u00a0jednoduch\u00fdch mo\u017enost\u00ed.<\/span><\/p>\n

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

\u00a0 \u00a0Vyps\u00e1n\u00edm op\u010dn\u00edho kontraktu Short Put na strike 108<\/strong>, ozna\u010den\u00e9m tlust\u00fdm \u010derven\u00fdm krou\u017ekem, je dal\u0161\u00ed z\u00a0mo\u017enost\u00ed. T\u00edmto v\u00fdpisem by bylo mo\u017en\u00e9 p\u0159ijmout na m\u016fj \u00fa\u010det +274 USD a s\u00a0p\u0159ijat\u00fdm kreditem ve v\u00fd\u0161i +47 USD, z\u00edskan\u00fdm p\u0159i po\u0159izov\u00e1n\u00ed cel\u00e9 pozice, bych tak celkov\u011b p\u0159ijal +321 USD<\/strong>. Znamenalo by to, \u017ee jsem Vytvo\u0159il Put Reverzn\u00ed Butterfly -114\/+111\/+111\/-108<\/strong> o rozsahu t\u0159i strike. Tento rozd\u00edl t\u0159i strike znamen\u00e1, \u017ee mohu utr\u017eit maxim\u00e1ln\u00ed ztr\u00e1tu -300 USD, pokud se bude cena p\u0159i expiraci nal\u00e9zat p\u0159esn\u011b na strike Long Put 111 <\/strong>m\u00e9ho\u00a0Put Reverzn\u00edho Butterfly -114\/+111\/+111\/-108 a znamenalo by to, \u017ee v\u00a0takov\u00e9 situaci budu profitovat<\/strong> (+321 USD -300 USD) \u010d\u00e1stkou +21 USD<\/strong><\/span>. Pokud by cena z\u016fstala pod v\u0161emi strike m\u00e9ho\u00a0Put Reverzn\u00edho Butterfly -114\/+111\/+111\/-108 (pod \u00farovn\u00ed 108 USD) nebylo by to tak\u00e9 v\u016fbec \u0161patn\u00e9, proto\u017ee bych maxim\u00e1ln\u00ed mo\u017enou ztr\u00e1tu na Put Credit Vertical Bull Spreadu -114\/+111 ve v\u00fd\u0161i -300 USD kompenzoval maxim\u00e1ln\u00edm ziskem na Put Debit Bear Spreadu +111\/-108 ve v\u00fd\u0161i +300 USD a mohl bych si tak ponechat<\/strong> v\u0161echny doposud utr\u017een\u00e9 pen\u00edze<\/strong> ve v\u00fd\u0161i +321 USD<\/strong><\/span>. Zaj\u00edmav\u00e1 by ov\u0161em byla situace, kdyby se cena oto\u010dila a za\u010dala op\u011bt stoupat, co\u017e tak\u00e9 nen\u00ed nic nepravd\u011bpodobn\u00e9ho, pokud je do expirace je\u0161t\u011b dlouh\u00fdch 10 kalend\u00e1\u0159n\u00edch dn\u016f. Pokud by se u expirace nap\u0159\u00edklad ust\u00e1lila na cen\u011b 110 USD<\/strong>, znamenalo by to, \u017ee nov\u011b vypsan\u00e1 Short Put 108 by byla bezcenn\u00e1 a j\u00e1 bych m\u011bl t\u011bsn\u011b p\u0159ed expirac\u00ed \u201ev pen\u011bz\u00edch\u201c op\u011bt sv\u016fj p\u016fvodn\u00ed Put Back Spread -114\/+111\/+111. Na Put Vertical Credit Bull Spreadu -114\/+111 bych sice ztratil -300 USD, ale druh\u00e1 Long Put 110 by m\u011bla hodnotu nejm\u00e9n\u011b +100 USD, tak\u017ee bych mohl na takov\u00e9 situaci profitovat (+321 USD p\u0159ijat\u00e9\u00a0 Pr\u00e9mium -300 USD ztr\u00e1ta na Put Vertical Spreadu +100 USD tr\u017eba za Long Put) celkovou \u010d\u00e1stkou +121 USD<\/strong><\/span>. Ka\u017ed\u00e9 dal\u0161\u00ed zv\u00fd\u0161en\u00ed ceny a\u017e do ceny p\u0159edstavuj\u00edc\u00ed strike obou Long Put 111 opc\u00ed by znamenalo sni\u017eov\u00e1n\u00ed tohoto profitu a\u017e na hodnotu +21 USD, aby dal\u0161\u00ed r\u016fst ceny nad tyto strike tento profit zase adekv\u00e1tn\u011b zvy\u0161oval. Pokud by cena akcie JPM vystoupala do expirace nap\u0159\u00edklad na hodnotu 113 USD<\/strong>, znamenalo by to, \u017ee nov\u011b vypsan\u00e1 Short Put 108 by byla bezcenn\u00e1 a rovn\u011b\u017e ob\u011b Long Put 111 by byly bezcenn\u00e9 a j\u00e1 bych musel likvidovat pouze Short Put 114, na tuto likvidaci p\u0159i expiraci bych vynalo\u017eil (p\u0159i cen\u011b JPM na \u00farovni 113 USD) -100 USD a celkov\u011b bych tak upravil sv\u016fj profit (+321 USD -100 USD) na \u010d\u00e1stku +221 USD<\/strong><\/span>. V p\u0159\u00edpad\u011b, \u017ee by r\u016fst pokra\u010doval a cena se p\u0159i expiraci zastavila p\u0159esn\u011b na hodnot\u011b 114<\/strong>, kter\u00fd reprezentuje strike Short Put 114, v\u0161echny Put opce a tak\u00e9 Call opce by vypr\u0161ely jako bezcenn\u00e9 a j\u00e1 bych si ponechal cel\u00e9 p\u0159ijat\u00e9 Pr\u00e9mium ve v\u00fd\u0161i +321 USD<\/span><\/strong>.\u00a0 \u00a0\u00a0<\/span><\/p>\n

\n

V\u00fdpis Short Put 114<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Vypsat Short opci na jin\u00e9m strike, ne\u017e je v\u00fd\u0161e uveden\u00e1 varianta m\u00e1 tak\u00e9 sv\u016fj vlastn\u00ed p\u016fvab a m\u016f\u017ee p\u0159in\u00e9st dal\u0161\u00ed mo\u017enosti.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 V\u00fdpis\u00a0Short Put 114<\/strong>, ozna\u010den\u00e9 tlust\u00fdm \u010derven\u00fdm krou\u017ekem, nen\u00ed tak\u00e9 \u00fapln\u011b nejhor\u0161\u00ed obchodn\u00ed rozhodnut\u00ed a p\u0159ineslo by na m\u016fj \u00fa\u010det \u010d\u00e1stku +795 USD, spole\u010dn\u011b s\u00a0p\u0159ijat\u00fdm kreditem +47 USD bych tak ji\u017e na sv\u00e9m \u00fa\u010dtu disponoval \u010d\u00e1stkou +847 USD<\/strong>. Touto transakc\u00ed bych transformoval sv\u016fj Put Back Spread -114\/+111\/+111 do dvou<\/strong> Put Vertical Credit Bull Spread\u016f -114\/+111<\/strong>, kdy\u017e za jejich po\u0159\u00edzen\u00ed jsem obdr\u017eel +842 USD. Maxim\u00e1ln\u00ed mo\u017en\u00e1 ztr\u00e1ta na t\u011bchto dvou t\u0159istrikov\u00fdch Put Vertical Spreadech je (2x -300 USD) maxim\u00e1ln\u011b -600 USD, pokud by oba z\u016fstaly p\u0159i expiraci \u201ev pen\u011bz\u00edch\u201c. Toto by pak znamenalo ji\u017e jist\u00fd profit (+847 USD -600 USD) ve v\u00fd\u0161i +247 USD<\/span><\/strong> a nemusel by to b\u00fdt op\u011bt v\u016fbec nepravd\u011bpodobn\u00fd sc\u00e9n\u00e1\u0159, kter\u00fd by mi samoz\u0159ejm\u011b nevadil. Ka\u017ed\u00fd jin\u00fd sc\u00e9n\u00e1\u0159 by pak naopak znamenal je\u0161t\u011b daleko vy\u0161\u0161\u00ed profit, proto\u017ee p\u0159i op\u011btovn\u00e9m obratu ceny by se mohlo st\u00e1t, \u017ee se cena vr\u00e1t\u00ed nap\u0159\u00edklad mezi strike t\u011bchto Put Vertical Credit Bull Spread\u016f -114\/+111 a m\u00e1 maxim\u00e1ln\u00ed ztr\u00e1ta na t\u011bchto spreadech pak nebude pln\u00fdch -600 USD, ale ni\u017e\u0161\u00ed, co\u017e v\u00fdrazn\u011b zv\u00fd\u0161\u00ed m\u016fj profit. P\u0159i extr\u00e9mn\u00edm sc\u00e9n\u00e1\u0159i pak p\u0159i n\u00e1vratu ceny do expirace nad v\u0161echny strike p\u016fvodn\u00edho Put Back Spreadu -114\/+111\/+111 by pak tato \u010d\u00e1stka +847 USD p\u0159edstavovala profit z\u00edskan\u00fd na Put stran\u011b, ze kter\u00e9ho by ale bylo ukrajov\u00e1no na Call stran\u011b, proto\u017ee vypsan\u00e9 Short opce obou Back Spread\u016f byly na stejn\u00e9m strike 114\u2026.. \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

\n

\u00a0\u00a0\u00a0N\u00e1kup Long akci\u00ed<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Dal\u0161\u00ed a velmi efektivn\u00ed variantou je n\u00e1kup podkladu, akci\u00ed JPM na p\u0159edem ur\u010den\u00e9 cen\u011b na nastaven\u00e9m p\u0159\u00edkazu.<\/span><\/p>\n

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

\u00a0\u00a0 Nebudu nyn\u00ed tak optimistick\u00fd s\u00a0cenou, jakou mi nab\u00edz\u00ed Close obr\u00e1zek z\u00a0platformy thinkorswim v\u00fd\u0161e, ale budu p\u0159edpokl\u00e1dat, \u017ee dop\u0159edu zad\u00e1m n\u00e1kupn\u00ed p\u0159\u00edkaz na 100x Long akci\u00ed na cen\u011b 106.50 USD. Z\u00a0hn\u011bd\u00e9ho obd\u00e9ln\u00edku s\u00a0rozsahem cen v\u00a0pr\u016fb\u011bhu obchodn\u00edho dne vypl\u00fdv\u00e1, \u017ee tato cena by byla celkem jist\u011b pro m\u016fj p\u0159\u00edkaz vypln\u011bna a j\u00e1 bych na sv\u016fj \u00fa\u010det obdr\u017eel tyto akcie za tuto cenu. P\u0159i cen\u011b 106.50 USD\/kus bych vydal -10.650 USD a spole\u010dn\u011b s\u00a0p\u0159ijat\u00fdm kreditem ve v\u00fd\u0161i +47 USD bych tak m\u011bl v\u00a0tuto chv\u00edli investov\u00e1no -10.603 USD<\/strong>. P\u0159id\u00e1n\u00edm 100x Long akci\u00ed (5) do t\u00e9to komplexn\u00ed \u0161estikontraktn\u00ed pozice na t\u00e9to cen\u011b vznik\u00e1 velmi zaj\u00edmav\u00e1 kombinace, kter\u00e1 m\u00e1 dobr\u00fd obchodn\u00ed potenci\u00e1l. Co jsem vlastn\u011b vytvo\u0159il?<\/span><\/p>\n

\u00a0 \u00a0<\/span>1\/<\/strong> Short Put 114 (1) a Long Put 111 (2) je po\u0159\u00e1d Put Vertical Spread -114\/+111<\/strong> s\u00a0potenci\u00e1lem maxim\u00e1ln\u00ed mo\u017en\u00e9 ztr\u00e1ty -300 USD<\/strong><\/span><\/p>\n

\u00a0 \u00a0<\/span>2\/<\/strong> Long Put 111 (3) a 100x Long akcie (5) je Syntetick\u00e1 Long Call<\/a><\/span> na strike 111<\/strong>, kterou jsem po\u0159\u00eddil za -10.630 USD. Nakoupen\u00e9 akcie m\u00e1m pln\u011b hed\u017eov\u00e1ny druhou volnou Long Put 111, kter\u00e1 nen\u00ed sou\u010d\u00e1st\u00ed Put Vertical Spreadu -114\/+111 a m\u00e1m v\u017edy jistotu, \u017ee proveden\u00edm jej\u00ed Exercise mohu m\u00e9 100x Long akcie JPM v\u017edy prodat za strike Long Put 111 a obdr\u017eet zp\u011bt +11.100 USD. P\u0159i dosavadn\u00ed investici -10.603 USD tak m\u00e1m (-10.630 USD + 11.100 USD) jist\u00fdch +470 USD. P\u0159i maxim\u00e1ln\u00ed ztr\u00e1t\u011b -300 USD na Put Vertical Spreadu -114\/+111 m\u00e1m nyn\u00ed zcela jist\u011b v\u00a0kapse (+470 USD \u2013 300 USD) profit\u00a0+170 USD<\/span>, <\/strong>a tento sc\u00e9n\u00e1\u0159 nastane, pokud by cena opravdu do expirace z\u016fstala pod strike Long Put 111. Cena si pak m\u016f\u017ee padat kam chce, i kdy\u017e m\u00e1m Long akcie, tyto pen\u00edze mi nikdo nevezme. V intenc\u00edch \u010dl\u00e1nku o Syntetick\u00fdch opc\u00edch tak mohu konstatovat, \u017ee Syntetickou Long Call 111 jsem zakoupil nikoliv za investici, jak je u Long Call zvyklost\u00ed, ale dostal jsem za n\u00ed zaplaceno +170 USD. Z\u00e1kladn\u00ed vlastnost\u00ed z pohledu Risk Profile u Long Call je pak mo\u017enost utrp\u011bt maxim\u00e1ln\u011b ztr\u00e1tu ve v\u00fd\u0161i investice do t\u00e9to opce, za opci jsem ale nic nevydal, ba naopak za ni dostal zaplaceno, tak\u017ee p\u0159ijat\u00e9 pen\u00edze ve v\u00fd\u0161i +170 USD mi p\u0159inejhor\u0161\u00edm z\u016fstanou, co\u017e nen\u00ed zas a\u017e tak \u0161patn\u00e1 progn\u00f3za :c)\u00a0\u00a0<\/span><\/p>\n

\u00a0 3\/<\/strong> Pokud by cena po n\u00e1kupu akci\u00ed za\u010dala obracet a r\u016fst, mohl bych po\u010d\u00edtat z\u00a0daleko v\u011bt\u0161\u00edm profitem, kter\u00fd by mohl b\u00fdt tak\u00e9 neomezen\u00fd. P\u0159i n\u00e1vratu ceny akcie JPM nad 111 USD (strike Long Put), mi za\u010dnou m\u00e9 Long akcie vyd\u011bl\u00e1vat a nen\u00ed to v\u016fbec nerealistick\u00e9 o\u010dek\u00e1v\u00e1n\u00ed, proto\u017ee do expirace opc\u00ed zb\u00fdv\u00e1 deset kalend\u00e1\u0159n\u00edch dn\u016f. Mohl bych se pak d\u00edvat na mou Syntetickou Long Call 111 nikoliv touto „syntetickou optikou“, ale mohl bych se na Long Put 111<\/strong> (3), 100x Long akcie JPM<\/strong> (5) a Short Call 114<\/strong> (4) d\u00edvat jako na Collar<\/strong><\/a><\/span>. Pokud by akcie za\u010daly padat, tak plat\u00ed v\u00fd\u0161e uveden\u00fd sc\u00e9n\u00e1\u0159 s +170 USD. Pokud by ale za\u010daly r\u016fst, tak vypsan\u00e1 Short Call 114 by zp\u016fsobila, \u017ee pokud by cena akcie byla nad t\u00edmto strike, znamenalo by to p\u0159i\u0159azen\u00ed m\u00fdch 100x Long akci\u00ed JPM a j\u00e1 bych musel za cenu 114 USD\/kus tyto akcie prodat a utr\u017eil bych p\u0159\u00edjemn\u00fdch +11.400 USD. P\u0159i dosavadn\u00edch n\u00e1kladech -10.603 USD bych tak celkov\u011b (-10.603 USD +11.400 USD) vyk\u00e1zal profit +797 USD<\/strong><\/span>. To by byl celkov\u00fd profit a znamenalo by to, \u017ee v\u0161echny Put opce by byly bezcenn\u00e9, tedy zejm\u00e9na Put Vertical Spread -114\/+111 by nevytvo\u0159il \u017e\u00e1dnou ztr\u00e1tu.<\/span><\/p>\n

\u00a0 4\/<\/strong> Akcie JPM by se ale po jejich po\u0159\u00edzen\u00ed mohly utrhnout ze \u0159et\u011bzu a mohly by raketov\u011b stoupat, a dokonce jejich cena by mohla prorazit strike dvou Long Call 117 (6). V\u00a0takov\u00e9m p\u0159\u00edpad\u011b by vyd\u011bl\u00e1valy krom\u011b akci\u00ed<\/strong> tak\u00e9 tyto dv\u011b Long Call 117<\/strong> opce, co\u017e by bylo v\u00edce ne\u017e p\u0159\u00edjemnou z\u00e1le\u017eitost\u00ed, proto\u017ee tento profit<\/strong> by mohl b\u00fdt tak\u00e9 neomezen\u00fd<\/strong>. Toto je p\u0159\u00edklad \u010derp\u00e1n\u00ed „z druh\u00e9 strany op\u010dn\u00edho \u0159et\u011bzce“ po oto\u010den\u00ed trendu, kter\u00e9 jsem popisoval v \u00favodu \u010dl\u00e1nku.\u00a0 \u00a0<\/span><\/p>\n

\u00a0\u00a0 Po\u0159\u00edzen\u00ed akci\u00ed, jako jak\u00e9hosi pomysln\u00e9ho ProfitTargetu nebo zp\u016fsobu, jak zafixovat profit, je velmi efektivn\u00edm zp\u016fsobem, jak si ponechat dobr\u00e9 vyhl\u00eddky na dal\u0161\u00ed profit. Pokud bych si srovnal n\u00e1kup podkladu s\u00a0prezentovanou ochranou v\u00a0\u010dl\u00e1nc\u00edch o Ratio Spreadu<\/strong>, tak zde je po\u0159\u00edzen\u00ed podkladu,<\/strong> jako zaji\u0161t\u011bn\u00ed p\u0159ed \u00farovn\u00ed BreakEven bodu, sice jedna z\u00a0mo\u017enost\u00ed, oto\u010den\u00ed trendu ale m\u016f\u017ee vytv\u00e1\u0159et dal\u0161\u00ed ztr\u00e1ty<\/strong> a ty dokonce mohou b\u00fdt<\/strong> neomezen\u00e9<\/strong>. Naopak, u Back Spreadu<\/strong> je po\u0159\u00edzen\u00ed podkladu<\/strong> za hranic\u00ed BraekEven bodu \u00fakonem potvrzuj\u00edc\u00edm profit<\/strong> a tento m\u016f\u017ee b\u00fdt p\u0159i oto\u010den\u00ed trendu je\u0161t\u011b vylep\u0161en, a to dokonce tak, \u017ee m\u016f\u017ee b\u00fdt neomezen\u00fd<\/strong>. \u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 Jak nakonec tento obchod skon\u010dil? Po\u0159\u00edzen\u00e9 Back Spready o rozsahu t\u0159\u00ed strike na obou stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce s\u00a0expirac\u00ed za 25 kalend\u00e1\u0159n\u00edch dn\u016f, a sice Call Back Spread -114\/+117\/+117 a Put Back Spread -114\/+111\/111, oba po\u0159\u00edzen\u00e9 za celkov\u00fd kredit ve v\u00fd\u0161i +47 USD p\u0159i cen\u011b akcie JPM na \u00farovni 113.90 USD, zakon\u010dily p\u0159i expiraci tak, jak je patrn\u00e9 na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 P\u0159esto\u017ee akcie JPM p\u0159edvedla za \u017eivota op\u010dn\u00edch kontrakt\u016f slu\u0161n\u00fd pohyb v\u00a0jednom ze sm\u011br\u016f, nakonec zakon\u010dila<\/strong> na cen\u011b 111.11 USD<\/strong>. Znamenalo to, \u017ee v\u0161echny Call opce vypr\u0161ely jako bezcenn\u00e9 a na Put stran\u011b bylo nutn\u00e9 likvidovat Short Put 114<\/strong>, proto\u017ee tak\u00e9 ob\u011b Long Put 111 vypr\u0161ely tak\u00e9 jako bezcenn\u00e9. Z\u00a0platformy vypl\u00fdv\u00e1, \u017ee bych Short Put 114 mohl vykoupit p\u0159ed expirac\u00ed zp\u011bt za -310 USD (tenk\u00fd modr\u00fd krou\u017eek), co\u017e by se zapo\u010d\u00edtan\u00fdm kreditem ve v\u00fd\u0161i +47 USD p\u0159edstavovalo ztr\u00e1tu -263 USD<\/span><\/strong>. Takovou ztr\u00e1tu bych bezpochyby utrp\u011bl, pokud bych se obchodu v\u016fbec nev\u011bnoval a nechal jej plynout bez pov\u0161imnut\u00ed a\u017e do expirace a spol\u00e9hal se na n\u011bjak\u00fd vytrvalej\u0161\u00ed pohyb v\u00a0n\u011bkter\u00e9m ze sm\u011br\u016f s\u00a0p\u0159edstavou, \u017ee tento z\u00e1sadn\u00ed pohyb do expirace nepolev\u00ed. Ne\u010dinnost by m\u011b p\u0159ipravila o profity, kter\u00e9 jsem mohl \u201ecestou nasb\u00edrat\u201c a nakonec je mo\u017en\u00e1 je\u0161t\u011b do expirace vylep\u0161it, pokud bych pou\u017eil n\u011bkter\u00fd z\u00a0v\u00fd\u0161e uveden\u00fdch postup\u016f.<\/span><\/p>\n

\n

\u00a0Co kdy\u017e se neda\u0159\u00ed?<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Rozebran\u00e9 mo\u017enosti v\u00fd\u0161e vych\u00e1zej\u00ed z\u00a0p\u0159edpokladu, \u017ee pohyb u Back Spread\u016f opravdu nastane a bude za \u017eivota op\u010dn\u00edch kontrakt\u016f opravdu vydatn\u00fd. Co kdy\u017e ale nastane situace, kdy se cena nebude podstatn\u011b pohybovat a nebude umo\u017e\u0148ovat takov\u00e9 zachycov\u00e1n\u00ed \u010d\u00e1st\u00ed profit\u016f. To je opravdu velmi pravd\u011bpodobn\u00fd p\u0159edpoklad a je f\u00e9rovou sou\u010d\u00e1st\u00ed ka\u017ed\u00e9 obchodn\u00ed \u00favahy. Ne v\u017edy m\u016f\u017ee b\u00fdt pohyb natolik vydatn\u00fd, aby umo\u017enil Long opc\u00edm vyd\u011blat natolik, \u017ee to p\u0159inese celkov\u00fd profit. Mus\u00edm si proto vytvo\u0159it pl\u00e1n, jak se budu v\u00a0takov\u00fdch nenapln\u011bn\u00fdch sc\u00e9n\u00e1\u0159\u00edch chovat, jak\u00e9 \u00fapravy ud\u011bl\u00e1m a jak\u00e9 bude jejich \u010dasov\u00e1n\u00ed, abych odvr\u00e1til hroz\u00edc\u00ed ztr\u00e1tu (by\u0165 je omezen\u00e1) nebo ji alespo\u0148 redukoval na minimum. V\u00fdpisy dal\u0161\u00edch Short opc\u00ed podle v\u00fd\u0161e uveden\u00fdch princip\u016f do Butterfly nebo ke kompletaci Vertik\u00e1ln\u00edch Spread\u016f dod\u00e1vaj\u00ed do pozice dal\u0161\u00ed Pr\u00e9mium v situac\u00edch, kdy jsou tato Pr\u00e9mia dostate\u010dn\u011b vysok\u00e1, co\u017e bude t\u0159eba v p\u0159\u00edpadech ceny bl\u00ed\u017e\u00edc\u00ed se k BreakEven bod\u016fm. Prodej „voln\u00fdch“ Long opc\u00ed, kter\u00e9 nejsou sou\u010d\u00e1stmi Vertik\u00e1ln\u00edch Spread\u016f mohou rovn\u011b\u017e p\u0159in\u00e9st na m\u016fj \u00fa\u010det dal\u0161\u00ed pen\u00edze ke sn\u00ed\u017een\u00ed ztr\u00e1ty, kdy\u017e tyto dal\u0161\u00ed pen\u00edze budou patrn\u011b v\u00fdznamn\u011bj\u0161\u00ed, kdy\u017e se cena nebude p\u0159\u00edli\u0161 pohybovat a bude se nach\u00e1zet pobl\u00ed\u017e jejich strike. Nazna\u010den\u00e9\u00a0zp\u016fsoby\u00a0tak vedou alespo\u0148 k\u00a0redukci p\u0159\u00edpadn\u00e9 ztr\u00e1ty a v\u00a0n\u011bkter\u00fdch p\u0159\u00edpadech, p\u0159i zm\u011bn\u011b tr\u017en\u00edch podm\u00ednek, mohou dokonce celou ztr\u00e1tu tak\u00e9 n\u00e1sledn\u011b smazat. Pr\u00e1ce s Back Spready je pak t\u0159eba vn\u00edmat jako pr\u00e1ci s Credit Vertical Spready<\/a><\/strong><\/span>, kter\u00e9 p\u0159i nep\u0159\u00edzni pohybu podkladu opravdu nenab\u00edzej\u00ed n\u011bjak\u00e9 valn\u00e9 mo\u017enosti z\u00e1chrany, tyto zp\u016fsoby a mo\u017enosti jsem popsal pr\u00e1v\u011b v \u010dl\u00e1nku o t\u00e9to z\u00e1kladn\u00ed spreadov\u00e9 kombinaci, jejich pou\u017eit\u00ed pak lze u t\u011bchto „z\u00e1chran\u00e1\u0159sk\u00fdch prac\u00ed“ voln\u011b aplikovat.\u00a0 \u00a0<\/span><\/p>\n

\u00a0\u00a0 Z\u00e1kladn\u00ed obchodn\u00ed dilema pak le\u017e\u00ed tak\u00e9 v\u00a0samotn\u00e9m principu konstrukce takov\u00e9ho obchodu, zejm\u00e9na v\u00a0po\u017eadavc\u00edch na v\u00fd\u0161i investice. Mohu preferovat vstup za kredit a mohu si dovolit se pak zcela zm\u00fdlit v\u00a0p\u0159edpokl\u00e1dan\u00e9m budouc\u00edm pohybu. Mohu p\u0159ipustit, \u017ee vstoup\u00edm za debet a p\u0159i nespr\u00e1vn\u00e9m odhadu utrp\u00edm jeho ztr\u00e1tu, mohu v\u0161ak naopak dos\u00e1hnout na ni\u017e\u0161\u00ed riziko plynouc\u00ed z\u00a0maxim\u00e1ln\u00ed mo\u017en\u00e9 ztr\u00e1ty t\u00edm, \u017ee na \u00fakor p\u0159ijat\u00e9ho Pr\u00e9mia zmen\u0161\u00edm vzd\u00e1lenosti mezi strike vypsan\u00fdch a nakoupen\u00fdch opc\u00ed. Mohu se tak\u00e9 zab\u00fdvat variantami, kdy nebudu pracovat s nejjednodu\u0161\u0161\u00edm pom\u011brem 1:2, ale budu vstupovat na jin\u00fdch pom\u011brech, nap\u0159\u00edklad 1:3 nebo 2:5, tyto varianty ji\u017e nebudu rozeb\u00edrat, proto\u017ee si chov\u00e1n\u00ed takov\u00fdch kombinac\u00ed mohu p\u0159im\u011b\u0159en\u011b odvodit podle v\u00fd\u0161e napsan\u00fdch \u0159\u00e1dk\u016f a byla by to jenom odvozen\u00e1 analogie a principy. V\u017edy je ale n\u011bco za n\u011bco, ov\u0161em skryt\u00fd potenci\u00e1l vypl\u00fdvaj\u00edc\u00ed z\u00a0existence omezen\u00e9 mo\u017enosti ztr\u00e1ty za sou\u010dasn\u011b velmi slu\u0161n\u00e9 \u0161ance na neomezen\u00fd profit nelze t\u00e9to jednoduch\u00e9 kombinaci rozhodn\u011b up\u0159\u00edt :c)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 \u00a0V\u00a0minul\u00e9m \u010dl\u00e1nku Back Spread I.\u00a0jsem popsal z\u00e1kladn\u00ed informace a podstatu op\u010dn\u00ed kombinace Back Spread a cel\u00fd \u010dl\u00e1nek uzav\u0159el mo\u017enost\u00ed si takovou op\u010dn\u00ed kombinaci analyzovat pomoc\u00ed platformy thinkorswim. V tomto \u010dl\u00e1nku p\u016fjde o jednoduchou uk\u00e1zku mo\u017en\u00e9ho obchodu op\u010dn\u00edch kombinac\u00ed Back Spread s uveden\u00edm z\u00e1kladn\u00edch mo\u017enost\u00ed jeho \u0159\u00edzen\u00ed do doby expirace Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":2776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[51],"class_list":["post-2763","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\/2019\/01\/main.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-Iz","jetpack-related-posts":[{"id":5223,"url":"https:\/\/dobretrejdy.com\/?p=5223","url_meta":{"origin":2763,"position":0},"title":"Kreditn\u00ed strategie \u2013 IV.","author":"dobretrejdy :c)","date":"24.1.2021","format":false,"excerpt":"\u00a0 \u00a0V p\u0159edch\u00e1zej\u00edc\u00edm \u010dl\u00e1nku Kreditn\u00ed strategie \u2013 III. jsem pouk\u00e1zal na vztah pom\u011bru rizika a ztr\u00e1ty (RRR) k pot\u0159eb\u011b vysok\u00e9ho n\u00e1roku na po\u010det v\u00edt\u011bzn\u00fdch obchod\u016f (%Win), aby m\u011blo obchodov\u00e1n\u00ed popisovan\u00fdch kreditn\u00edch op\u010dn\u00edch kombinac\u00ed n\u011bjak\u00fd z\u00e1kladn\u00ed smysl. Nosnou my\u0161lenkou bylo uk\u00e1zat, \u017ee obchody s nep\u0159\u00edzniv\u00fdm RRR vy\u017eaduj\u00ed velmi vysok\u00fd po\u010det profitabiln\u00edch\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed kombinace\u201c","block_context":{"text":"Op\u010dn\u00ed kombinace","link":"https:\/\/dobretrejdy.com\/?cat=4"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/01\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/01\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/01\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/01\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":2741,"url":"https:\/\/dobretrejdy.com\/?p=2741","url_meta":{"origin":2763,"position":1},"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":2654,"url":"https:\/\/dobretrejdy.com\/?p=2654","url_meta":{"origin":2763,"position":2},"title":"Ratio Spread \u2013 III.","author":"dobretrejdy :c)","date":"4.12.2018","format":false,"excerpt":"\u00a0\u00a0 V\u00a0minul\u00fdch dvou \u010dl\u00e1nc\u00edch jsem se zab\u00fdval existenc\u00ed Ratio Spread\u016f s\u00a0po\u0159\u00edzenou Long opc\u00ed za sou\u010dasn\u00e9ho po\u0159\u00edzen\u00ed dvou Short op\u010dn\u00edch kontrakt\u016f. Tento nestejn\u00fd po\u010det sou\u010dasn\u011b po\u0159\u00edzen\u00fdch opc\u00ed se stejnou expirac\u00ed pak generoval ur\u010dit\u00e9 vlastnosti takov\u00e9 op\u010dn\u00ed kombinace a z\u00a0n\u00ed vypl\u00fdvaj\u00edc\u00ed nutnost jej\u00edmu dokonal\u00e9mu porozum\u011bn\u00ed a ostra\u017eitosti p\u0159i p\u0159\u00edpadn\u00e9m obchodov\u00e1n\u00ed. Tyto n\u00e1strahy\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed kombinace\u201c","block_context":{"text":"Op\u010dn\u00ed kombinace","link":"https:\/\/dobretrejdy.com\/?cat=4"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":2515,"url":"https:\/\/dobretrejdy.com\/?p=2515","url_meta":{"origin":2763,"position":3},"title":"Butterfly – I.","author":"dobretrejdy :c)","date":"17.10.2018","format":false,"excerpt":"\u00a0\u00a0 Pochopen\u00ed principu Call Bull Spreadu, kde maxim\u00e1ln\u00ed ztr\u00e1tou je vlo\u017een\u00e1 investice s\u00a0maxim\u00e1ln\u00edm potenci\u00e1lem profitu ve v\u00fd\u0161i dolarov\u00e9ho vyj\u00e1d\u0159en\u00ed rozsahu strike a sou\u010dasn\u011b porozum\u011bn\u00ed logice Call Bear Spreadu, kde maxim\u00e1ln\u00ed ztr\u00e1tou je dolarov\u00e9 vyj\u00e1d\u0159en\u00ed rozsahu strike a maxim\u00e1ln\u00edm profitem v\u00fdsledek vstupn\u00ed investice \u2013 p\u0159ijat\u00fd kredit, je z\u00e1kladem k\u00a0pochopen\u00ed slo\u017eit\u011bj\u0161\u00ed op\u010dn\u00ed\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed kombinace\u201c","block_context":{"text":"Op\u010dn\u00ed kombinace","link":"https:\/\/dobretrejdy.com\/?cat=4"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/10\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/10\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/10\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/10\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":2590,"url":"https:\/\/dobretrejdy.com\/?p=2590","url_meta":{"origin":2763,"position":4},"title":"Ratio Spread \u2013 II.","author":"dobretrejdy :c)","date":"17.11.2018","format":false,"excerpt":"\u00a0 V\u00a0minul\u00e9m \u010dl\u00e1nku\u00a0jsem se pokou\u0161el objasnit z\u00e1klady op\u010dn\u00ed kombinace s\u00a0v\u011bt\u0161\u00edm po\u010dtem vypsan\u00fdch opc\u00ed ne\u017e opc\u00ed nakoupen\u00fdch, pro tento jin\u00fd pom\u011br se pak tato op\u010dn\u00ed kombinace naz\u00fdv\u00e1 Ratio Spread. Sou\u010dasn\u011b jsem upozornil, \u017ee je to strategie s\u00a0neomezen\u00fdm potenci\u00e1lem ztr\u00e1ty, tak\u017ee krom\u011b dokonal\u00e9ho pochopen\u00ed princip\u016f chov\u00e1n\u00ed cel\u00fdch kombinac\u00ed je nutn\u00e9 tak\u00e9 v\u011bd\u011bt,\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed kombinace\u201c","block_context":{"text":"Op\u010dn\u00ed kombinace","link":"https:\/\/dobretrejdy.com\/?cat=4"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/11\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/11\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/11\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/11\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":1522,"url":"https:\/\/dobretrejdy.com\/?p=1522","url_meta":{"origin":2763,"position":5},"title":"VX Futures \u2013 Volatility Spread \u2013 VI.","author":"dobretrejdy :c)","date":"4.3.2018","format":false,"excerpt":"\u00a0 \u00a0Trading je p\u0159esn\u011b takov\u00fd, jak\u00fd si jej ud\u011bl\u00e1m. V\u0161echno je v\u00a0n\u011bm z\u00e1visl\u00e9 na m\u00e9 volb\u011b a m\u00fdch preferenc\u00edch. Pokud s\u00e1m p\u0159ij\u00edm\u00e1m rozhodnut\u00ed pro vstupov\u00e1n\u00ed do obchod\u016f, tak tak\u00e9 s\u00e1m sob\u011b odpov\u00edd\u00e1m za v\u00fdsledky t\u011bchto rozhodnut\u00ed v\u00a0podob\u011b zisk\u016f a ztr\u00e1t. Obchoduje se pro pen\u00edze, proto m\u016f\u017ee zn\u00edt kuri\u00f3zn\u011b proklamace, \u017ee\u2026","rel":"","context":"V \u201eVolatilita a jej\u00ed Deriv\u00e1ty\u201c","block_context":{"text":"Volatilita a jej\u00ed Deriv\u00e1ty","link":"https:\/\/dobretrejdy.com\/?cat=37"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/03\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/03\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/03\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/03\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/2763","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=2763"}],"version-history":[{"count":22,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/2763\/revisions"}],"predecessor-version":[{"id":2843,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/2763\/revisions\/2843"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/2776"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}