{"id":2799,"date":"2019-01-05T15:26:28","date_gmt":"2019-01-05T13:26:28","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=2799"},"modified":"2021-10-15T23:10:51","modified_gmt":"2021-10-15T21:10:51","slug":"back-spread-iii","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=2799","title":{"rendered":"Back Spread – III."},"content":{"rendered":"

\u00a0 \u00a0V posledn\u00edch p\u011bti \u010dl\u00e1nc\u00edch jsem popisoval principy op\u010dn\u00edch kombinac\u00ed s\u00a0nestejn\u00fdm po\u010dtem prodan\u00fdch a nakoupen\u00fdch opc\u00ed se stejnou expirac\u00ed, kter\u00e9 nesou v\u017eit\u00e1 a souhrnn\u00e1 ozna\u010den\u00ed Ratio Spread<\/strong> a Back Spread<\/strong>. Pov\u011bt\u0161inou teoretick\u00e9 rozbory a v\u00fdpo\u010dty se zab\u00fdvaly pops\u00e1n\u00edm obchodn\u00edch zp\u016fsob\u016f a p\u0159\u00edstup\u016f, jak na tyto op\u010dn\u00ed kombinace nahl\u00ed\u017eet a jak je mo\u017en\u00e9 tyto op\u010dn\u00ed slo\u017eeniny b\u011bhem jejich \u017eivota tak\u00e9 p\u0159im\u011b\u0159en\u011b \u0159\u00eddit. Zaji\u0161t\u011bn\u00ed Ratio Spread\u016f po\u0159\u00edzen\u00edm podklad\u016f nebo dal\u0161\u00edmi opcemi, zaji\u0161t\u011bn\u00ed profitu pomoc\u00ed obdobn\u00e9ho po\u0159\u00edzen\u00ed podkladov\u00e9ho aktiva nebo p\u0159im\u011b\u0159en\u011b vhodn\u00e9 opce u Back Spread\u016f pak nazna\u010dilo, jak tyto op\u010dn\u00ed kombinace vyu\u017e\u00edt nebo alespo\u0148 relativn\u011b bezpe\u010dn\u011b obchodovat. Dne\u0161n\u00ed \u010dl\u00e1nek bude prav\u00fdm opakem t\u011bchto p\u0159edchoz\u00edch p\u011bti \u010dl\u00e1nk\u016f, proto\u017ee bude ryze praktick\u00fd a konkr\u00e9tn\u00ed, bude popisovat proveden\u00fd \u017eiv\u00fd obchod a bude demonstrovat a vych\u00e1zet z\u00a0opa\u010dn\u00e9ho pohledu<\/strong> na vlastnosti Ratio Spreadu a Back Spreadu.<\/span><\/p>\n

\u00a0\u00a0 Na Silvestra jsem si po\u0159\u00eddil Facebook. Nikoliv aplikaci do m\u00e9ho mobilu nebo zbrusu nov\u00fd fake \u00fa\u010det na netu. To v\u0161echno ji\u017e m\u00e1m, dokonce u\u017e m\u011b n\u011bkte\u0159\u00ed provozovatel\u00e9 \u201ev\u00fdznamn\u00fdch tradingov\u00fdch profil\u016f\u201c i banuj\u00ed. Nic takov\u00e9ho. Koupil jsem si 100 kus\u016f Long akci\u00ed<\/strong> spole\u010dnosti Facebook Inc.<\/strong> a nehodl\u00e1m na nich prod\u011blat<\/strong>. M\u00e9 odhodl\u00e1n\u00ed ale mus\u00ed vych\u00e1zet z\u00a0re\u00e1ln\u00fdch o\u010dek\u00e1v\u00e1n\u00ed, m\u00edrn\u00e9 anal\u00fdzy, aktu\u00e1ln\u00ed tr\u017en\u00ed situace a hlavn\u011b p\u0159im\u011b\u0159en\u00e9ho zaji\u0161t\u011bn\u00ed. Jako op\u010dn\u00edmu obchodn\u00edkovi se mi zaji\u0161\u0165ovac\u00ed n\u00e1stroje p\u0159\u00edmo nab\u00edzej\u00ed, proto poznan\u00fdch vlastnost\u00ed op\u010dn\u00edch kontrakt\u016f vyu\u017eiji pr\u00e1v\u011b k\u00a0napln\u011bn\u00ed p\u0159edpoklad\u016f vhodn\u00e9ho obchodu, a to p\u0159edev\u0161\u00edm za pou\u017eit\u00ed kombinac\u00ed, kter\u00e9 jsem popsal ve sv\u00fdch posledn\u00edch \u010dl\u00e1nc\u00edch.<\/span><\/p>\n

\u00a0 \u00a0Od \u010dervence 2018 si akcie FB nevedly dob\u0159e a jejich cena neust\u00e1le klesala, tento trend si akcie udr\u017eely do konce roku 2018. Situace je patrn\u00e1 na n\u00ed\u017ee uveden\u00e9m grafu.<\/span><\/p>\n

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\u00a0\u00a0 Z\u00a0grafu vypl\u00fdv\u00e1, \u017ee akcie maj\u00ed tendenci klesat, aby p\u0159i kr\u00e1tk\u00fdch n\u011bkolikadenn\u00edch o\u017eiven\u00edch op\u011bt p\u0159e\u0161ly k\u00a0sestupn\u00e9mu trendu. Nakupov\u00e1n\u00ed akci\u00ed na dobr\u00e9 cen\u011b je u\u017eite\u010dn\u00fd p\u0159\u00edstup, jenom mus\u00edm v\u011bd\u011bt, \u201eco je dobr\u00e1 cena\u201c. Nemus\u00edm o t\u011bchto v\u011bcech hluboce spekulovat, proto\u017ee m\u016fj \u00fasudek nemus\u00ed b\u00fdt nutn\u011b spr\u00e1vn\u00fd, mohu se ale vyzbrojit poznatky, kter\u00e9 se mi aktu\u00e1ln\u011b nab\u00edzej\u00ed. V\u00a0minul\u00fdch \u010dl\u00e1nc\u00edch jsem popisoval vyu\u017e\u00edv\u00e1n\u00ed op\u010dn\u00ed analytick\u00e9 platformy thinkorswim<\/a><\/strong><\/span>, zejm\u00e9na jejich funkc\u00ed ze z\u00e1lo\u017eky \u201eAnalyze\u201c t\u00e9to aplikace. Tak\u00e9 nyn\u00ed s\u00e1hnu po t\u011bchto zdroj\u00edch informac\u00ed a uk\u00e1\u017eu, jak si n\u011bkter\u00e9 zobrazovan\u00e9 informace mohu vysv\u011btlit pro m\u016fj obchod.<\/span><\/p>\n

\u00a0\u00a0 Jak\u00e9 tedy byly m\u00e9 silvestrovsk\u00e9 \u00famysly? 31.12.2018<\/strong> padlo na pond\u011bl\u00ed<\/strong> a v\u00a0tento den se velmi l\u00edn\u011b, ale p\u0159ece jen obchoduje, co\u017e m\u016f\u017ee p\u0159in\u00e9st klidn\u00e9 vstoupen\u00ed do zam\u00fd\u0161len\u00e9ho obchodu. N\u00e1sleduj\u00edc\u00edho dne, v \u00fater\u00fd 1.1.2019, kter\u00e9 je sv\u00e1te\u010dn\u00edm dnem, se na americk\u00fdch burz\u00e1ch neobchoduje, proto jsem sv\u00e9 zam\u00fd\u0161len\u00e9 dr\u017een\u00ed 100x Long akci\u00ed FB omezil pouze do p\u00e1tku stejn\u00e9ho t\u00fddne, tedy do 4.1.2019<\/strong>. T\u00fddenn\u00ed dr\u017een\u00ed akci\u00ed budu op\u00edrat o zaji\u0161t\u011bn\u00ed pomoc\u00ed weeklys opc\u00ed expiruj\u00edc\u00edch pr\u00e1v\u011b v\u00a0p\u00e1tek 4.1.2019, v\u00a0cel\u00e9m obchodu tak hodl\u00e1m setrvat pouze necel\u00e9 \u010dty\u0159i obchodn\u00ed dny. Vla\u017en\u00e9 silvestrovsk\u00e9 obchodov\u00e1n\u00ed a jeden sv\u00e1te\u010dn\u00ed den tak vystavuj\u00ed mou pozici v\u00a0trz\u00edch na pouh\u00e9 t\u0159i plnohodnotn\u00e9 obchodn\u00ed dny. Pokus\u00edm se tedy nejd\u0159\u00edve zjistit, jak\u00e9 \u201estatistick\u00e9 vyhl\u00eddky\u201c pro m\u011b p\u0159ipravila platforma thinkorswim. Otev\u0159en\u00ed z\u00e1lo\u017eky \u201eAnalyze<\/strong>\u201c a potvrzen\u00edm volby „Risk Profile<\/strong>“ mohu vytvo\u0159it n\u00ed\u017ee uveden\u00fd obr\u00e1zek.<\/span><\/p>\n

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\u00a0 \u00a0<\/span>Nem\u00e1m nyn\u00ed zad\u00e1ny \u017e\u00e1dn\u00e9 konkr\u00e9tn\u00ed op\u010dn\u00ed pozice<\/strong> ke konkr\u00e9tn\u00ed anal\u00fdze, ale zaj\u00edm\u00e1 m\u011b nyn\u00ed obecn\u00fd pohled na akcii FB<\/strong> a jej\u00ed mo\u017en\u00e9 pohyby. Podle \u00fadaj\u016f tv\u016frc\u016f t\u00e9to platformy jsou vizualizace t\u011bchto \u00fadaj\u016f zpracov\u00e1v\u00e1ny matematick\u00fdmi modely vych\u00e1zej\u00edc\u00edmi z\u00a0Implied Volatility existuj\u00edc\u00edch op\u010dn\u00edch kontrakt\u016f a mohou mi poskytnout pohledy do budoucnosti na z\u00e1klad\u011b v\u00fdpo\u010dt\u016f pr\u00e1v\u011b na b\u00e1zi t\u00e9to o\u010dek\u00e1van\u00e9 volatility, jak je vtisknuta do cen op\u010dn\u00edch kontrakt\u016f p\u0159\u00edslu\u0161n\u00e9ho pokladu v\u00a0jednotliv\u00fdch expirac\u00edch. Co si chci tedy zobrazit? Obecn\u00fd, rychl\u00fd a srozumiteln\u00fd pohled na v\u00fdvoj ceny akcie FB do p\u00e1tku 4.1.2019, kdy budou expirovat opce, zaji\u0161\u0165uj\u00edc\u00ed m\u00e9 akcie.<\/span><\/p>\n

1\/<\/strong> V\u00a0poli pro ticker zad\u00e1m \u201eFB<\/strong>\u201c<\/span><\/p>\n

2\/<\/strong> Z\u00a0rolovac\u00edho menu si vyberu \u201e\u00b11<\/strong>\u03b4\u201c<\/strong> pro zobrazen\u00ed pohybu v\u00a0rozsahu prvn\u00ed standardn\u00ed odchylky<\/span><\/p>\n

3\/<\/strong> Zad\u00e1m datum, ke kter\u00e9mu chci zobrazit o\u010dek\u00e1van\u00fd pohyb v\u00a0budoucnosti, v\u00a0m\u00e9m p\u0159\u00edpad\u011b budoucnost znamen\u00e1 datum \u201e4.1.2019<\/strong>\u201c<\/span><\/p>\n

4\/<\/strong> a 5\/<\/strong> V\u00a0grafu se zobraz\u00ed plocha s\u00a0v\u00fdpln\u00ed s \u0161ed\u00fdm podbarven\u00edm<\/strong>, kter\u00e9 ozna\u010duje p\u00e1smo pohybu v\u00a0rozsahu prvn\u00ed standardn\u00ed odchylky od sou\u010dasn\u00e9 ceny<\/span><\/p>\n

6\/<\/strong> Konkr\u00e9tn\u00ed hodnoty jsou zobrazeny pod plochou grafu<\/span><\/p>\n

7\/<\/strong> Konkr\u00e9tn\u00ed hodnoty svislic a samotn\u00e9 svislice vyzna\u010duj\u00edc\u00ed pohyb v\u00a0rozsahu prvn\u00ed standardn\u00ed odchylky<\/strong> vyberu z\u00a0menu ozna\u010den\u00e9ho \u0161ipkou podle n\u00ed\u017ee uveden\u00e9ho obr\u00e1zku<\/span><\/p>\n

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\u00a0\u00a0 T\u011bmito \u00fakony mohu velmi jednodu\u0161e odhadovat, s\u00a0jakou pravd\u011bpodobnost\u00ed by se mohl uskute\u010dnit budouc\u00ed pohyb akcie FB podle pravidel \u201et\u0159\u00ed sigma\u201c podle model\u016f volatility zpracovan\u00e9ho touto analytickou platformou. Mohu tak konstatovat, \u017ee p\u0159i cen\u011b akcie FB<\/strong> na \u00farovni 130.89 USD<\/strong> mohu s\u00a0pravd\u011bpodobnost\u00ed 68.27%<\/strong> o\u010dek\u00e1vat, \u017ee se cena do 4.1.2019<\/strong> bude nach\u00e1zet v\u00a0intervalu 125.30 USD a\u017e 136.51 USD<\/strong>. Mohu tak\u00e9 pou\u017e\u00edt obdobnou interpretaci v\u00a0jin\u00e9m v\u00fdznamu, \u017ee je pravd\u011bpodobn\u00e9, \u017ee v\u00a068.27% \u010dasu do expirace se bude cena akcie FB pohybovat v\u00a0p\u00e1smu 125.30 USD a\u017e 136.51 USD.<\/strong> Pokud bych si cht\u011bl stejnou vizualizaci zpracovat tak\u00e9 pro jinou pravd\u011bpodobnost\u00ed, nap\u0159\u00edklad pro druhou standardn\u00ed odchylku<\/strong>, mohu toto nastaven\u00ed zm\u011bnit podle obr\u00e1zku n\u00ed\u017ee.<\/span><\/p>\n

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\u00a0\u00a0 Zm\u011bnou hodnoty v\u00a0pol\u00ed\u010dku pro standardn\u00ed odchylku pak mohu stejn\u00fdm zp\u016fsobem konstatovat, \u017ee s\u00a0pravd\u011bpodobnost\u00ed 95.45%<\/strong> mohu o\u010dek\u00e1vat, \u017ee se cena do 4.1.2019<\/strong> bude nach\u00e1zet v\u00a0intervalu 120.04 USD a\u017e 142.49 USD. <\/strong>\u00a0<\/span><\/p>\n

\n

Den prvn\u00ed \u2013 vstup<\/strong><\/span><\/h1>\n

\u00a0 \u00a0Silvestrovsk\u00e9 otev\u0159en\u00ed trh\u016f v\u00a0roce 2018 za\u010dalo poklesem, pro sv\u016fj vstup jsem si ponechal okam\u017eik asi hodinu po otev\u0159en\u00ed na\u00a0n\u00ed\u017ee uveden\u00e9m cenov\u00e9m pr\u016fb\u011bhu. Nechal jsem trhy odpo\u010dinout po \u201eotev\u00edrac\u00edm chaosu\u201c a ponechal ostatn\u00ed obchodn\u00edky, a\u0165 \u0159eknou, co si v\u00a0danou chv\u00edli o cen\u011b akcie FB mysl\u00ed.<\/span><\/p>\n

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\u00a0\u00a0 Hodinu po otev\u0159en\u00ed trh\u016f jsem nakoupil 100x Long akci\u00ed FB<\/strong> za cenu 131.31 USD s\u00a0poplatkem -1 USD, tak\u017ee jsem celkov\u011b po\u0159\u00eddil akcie za 131.32 USD<\/strong>. Na tuto investici jsem vydal -13.132 USD<\/strong><\/span>. Sou\u010dasn\u011b s\u00a0touto akciovou investic\u00ed jsem hodlal po\u0159\u00eddit tak\u00e9 jej\u00ed zaji\u0161t\u011bn\u00ed formou kombinace op\u010dn\u00edch kontrakt\u016f. Od tohoto zaji\u0161t\u011bn\u00ed jsem o\u010dek\u00e1val ur\u010ditou m\u00edru ochrany proti poklesu, a tak\u00e9 jsem toto zaji\u0161t\u011bn\u00ed cht\u011bl po\u0159\u00eddit pokud mo\u017eno zadarmo<\/strong>. Vypad\u00e1 to jako nadlidsk\u00fd \u00fakol, ale mnou po\u0159\u00edzen\u00e9 op\u010dn\u00ed kontrakty kupodivu takov\u00e9 po\u017eadavky spl\u0148uj\u00ed. Na obr\u00e1zku n\u00ed\u017ee je cel\u00e1 pozice podkladu FB spole\u010dn\u011b s\u00a0opcemi.<\/span><\/p>\n

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\u00a0\u00a0 K\u00a0po\u0159\u00edzen\u00fdm akci\u00edm FB jsem po\u0159\u00eddil Put Ratio Spread +131\/-126\/-123<\/strong> a Call Back Spread -134\/+139\/+144<\/strong>. Ud\u011blal jsem tak p\u0159esn\u00fd opak, kter\u00fd jsem popisoval v\u00a0p\u0159edch\u00e1zej\u00edc\u00edch \u010dl\u00e1nc\u00edch, kdy jsem tyto op\u010dn\u00ed kombinace zaji\u0161\u0165oval nebo z\u00edsk\u00e1val profit n\u00e1sledn\u00fdm po\u0159izov\u00e1n\u00edm podklad\u016f, tedy nakupoval akcie proti ji\u017e dr\u017een\u00fdm o\u010dn\u00edm kombinac\u00edm. V\u00a0tomto p\u0159\u00edpad\u011b jsem naopak proti dr\u017een\u00fdm akci\u00edm<\/strong> po\u0159\u00eddil tyto op\u010dn\u00ed kombinace.<\/strong> Jak tedy spl\u0148uj\u00ed tyto kombinace m\u00e9 po\u017eadavky na po\u0159\u00edzen\u00ed zaji\u0161t\u011bn\u00ed zadarmo a co vlastn\u011b zaji\u0161t\u011bn\u00ed znamen\u00e1?<\/span><\/p>\n

\u00a0\u00a0 Se\u010dten\u00edm v\u0161ech cen op\u010dn\u00edch kontrakt\u016f z\u00a0obr\u00e1zku (ceny jsou zobrazeny se zapo\u010d\u00edtan\u00fdmi komisemi), lze zjistit, \u017ee jsem v\u0161ech \u0161est op\u010dn\u00edch kontrakt\u016f po\u0159\u00eddil za kredit +3.50 USD<\/strong><\/span>. Po\u0159\u00edzen\u00ed opc\u00ed mne tak nic nest\u00e1lo a dokonce jsem na sv\u00e9m \u00fa\u010dtu vytvo\u0159il m\u00edrn\u00fd p\u0159ebytek, t\u00edm je po\u017eadavek na \u201epo\u0159\u00edzen\u00ed zdarma\u201c spln\u011bn. P\u016fvodn\u00ed investici do akci\u00ed FB ve v\u00fd\u0161i -13.132 USD jsem tak vylep\u0161il o +3.50 USD na \u010d\u00e1stku (zaokrouhlenou) ve v\u00fd\u0161i -13.129 USD<\/strong><\/span>. Cel\u00fd obchod je zn\u00e1zorn\u011bn v\u00a0obr\u00e1zku z\u00a0TradeLog platformy TWS.<\/span><\/p>\n

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\u00a0 Stejn\u00e9 transakce zachycen\u00e9 na m\u00e9m obchodn\u00edm \u00fa\u010dtu m\u00e9ho brokera v \u201esilvestrovsk\u00e9m\u201c v\u00fdpisu obchod\u016f. \u00a0<\/span><\/p>\n

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\u00a0 Pro rozbor zaji\u0161t\u011bn\u00ed<\/strong> se zam\u011b\u0159\u00edm na ka\u017edou ze stran op\u010dn\u00edho \u0159et\u011bzce zvl\u00e1\u0161\u0165. Put Ratio Spread +131\/-126\/-123<\/strong> s\u00a0nakoupenou Long Put na strike 131<\/strong> znamen\u00e1 n\u00e1sleduj\u00edc\u00ed:<\/span><\/p>\n

\u00a0 A\/<\/strong> Long Put 131 opce spole\u010dn\u011b s\u00a0vypsanou Short Put 126 tvo\u0159\u00ed Put Bear Vertical Spread +131\/-126<\/strong> s\u00a0potenci\u00e1lem maxim\u00e1ln\u00edho profitu +500 USD<\/strong>, pokud by cena klesla pod strike 126<\/strong>. Pokud by tedy akcie FB za\u010daly klesat, tak pokles do hodnoty 126 USD je pln\u011b zaji\u0161t\u011bn touto spreadovou kombinac\u00ed. P\u0159i po\u0159izovac\u00ed cen\u011b akcie FB na hodnot\u011b 131.32 USD jsem tak zaji\u0161t\u011bn proti -3.80 %<\/strong> poklesu v\u00a0horizontu t\u0159\u00ed obchodn\u00edch dn\u016f.<\/span><\/p>\n

\u00a0\u00a0 B\/<\/strong> P\u0159i poklesu hlub\u0161\u00edm<\/strong>, ne\u017e na hodnotu 126<\/strong> by m\u00e9 akcie ji\u017e prod\u011bl\u00e1valy. Pokud by prorazily strike tak\u00e9 vzd\u00e1len\u011bj\u0161\u00ed Short Put 123, za\u010daly by prod\u011bl\u00e1vat akcie a tak\u00e9 t\u00e1to vypsan\u00e1 opce. K\u00a0zamezen\u00ed tohoto sc\u00e9n\u00e1\u0159e m\u00e1m v\u00a0pl\u00e1nu nakoupit a vypsat op\u010dn\u00ed kontrakty na Put strike ozna\u010den\u00e9 tenk\u00fdm zelen\u00fdm a \u010derven\u00fdm krou\u017ekem, spu\u0161t\u011bn\u00ed po\u0159izovac\u00ed procedury je nastaveno na hodnotu prora\u017een\u00ed cenov\u00e9 \u00farovn\u011b 126 USD, reprezentuj\u00edc\u00ed strike Short Put 126, a to na z\u00e1klad\u011b podmi\u0148ovac\u00edho p\u0159\u00edkazu, popisovan\u00e9ho nap\u0159\u00edklad zde<\/a><\/strong><\/span>. Touto transakc\u00ed bych vytvo\u0159il dal\u0161\u00ed Put Bear Vertical Spread +125\/-123 s potenci\u00e1lem zaji\u0161t\u011bn\u00ed proti dal\u0161\u00edmu poklesu ve v\u00fd\u0161i +200 USD\u2026<\/span><\/p>\n

\u00a0\u00a0 C\/<\/strong> Pokud by cena klesla m\u00e9n\u011b ne\u017e<\/strong> na hodnotu 126 USD<\/strong>, tak Long Put 131 mi v\u017edy zaru\u010d\u00ed, \u017ee p\u0159i expiraci budu moci sv\u00e9 akcie prodat za cenu strike, tedy za 131 USD\/kus a p\u0159ijmout tak +13.100 USD, tato Long Put 131 by byla „v pen\u011bz\u00edch“ a byla by automaticky uplatn\u011bna. P\u0159i po\u0159izovac\u00edch n\u00e1kladech -13.129 USD bych tak na akci\u00edch ztratil -29 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 D\/<\/strong> P\u0159i r\u016fstu ceny akcie FB nebo jej\u00ed stagnaci, kter\u00fd by zp\u016fsobil, \u017ee cena p\u0159i expiraci z\u016fstane nad strike 131 USD bude znamenat, \u017ee v\u0161echny Put opce vypr\u0161\u00ed jako bezcenn\u00e9 a j\u00e1 mohu pom\u00fd\u0161let na maxim\u00e1ln\u00ed ztr\u00e1tu ve v\u00fd\u0161i -31 USD nebo profit.<\/span><\/p>\n

\u00a0\u00a0 Call Back Spread -134\/+139\/+144<\/strong> s\u00a0vypsanou Short Call opc\u00ed na strike 134<\/strong> znamen\u00e1 n\u00e1sleduj\u00edc\u00ed:<\/span><\/p>\n

\u00a0\u00a0 A\/<\/strong> P\u0159i r\u016fstu<\/strong> cen\u011b akcie FB do hodnoty 134 USD<\/strong> p\u0159i expiraci mohu pom\u00fd\u0161let na profit. Pokud by cena p\u0159i expiraci zakon\u010dila p\u0159esn\u011b na cen\u011b 134 USD, v\u0161echny op\u010dn\u00ed kontrakty Put i Call vypr\u0161\u00ed jako bezcenn\u00e9 a j\u00e1 mohu p\u0159i n\u00e1kupn\u00ed cen\u011b akci\u00ed ve v\u00fd\u0161i -13.129 USD konstatovat, \u017ee m\u00e9 akcie vyd\u011blaly +271 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 B\/<\/strong> R\u016fst ceny nad hodnotu 134<\/strong> (strike Short Call), ale nikoliv nad<\/strong> strike Long Call<\/strong> 139<\/strong> znamen\u00e1 prora\u017een\u00ed strike Short Call 134 a zp\u016fsob\u00ed, \u017ee sv\u00e9 akcie budu muset dodat dr\u017eiteli t\u00e9to opce za cenu strike, to znamen\u00e1 za 134 USD\/kus a platilo by tak v\u00fd\u0161e uveden\u00e9 s\u00a0profitem ve v\u00fd\u0161i +271 USD<\/strong>. Na tuto variantu mohu pohl\u00ed\u017eet jako na Covered Call<\/a><\/span><\/strong>\u00a0(po\u0159\u00edzen\u00e9 Long akcie a vypsan\u00e1 Short Call opce). \u00a0\u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 C\/<\/strong> Dal\u0161\u00ed r\u016fst<\/strong> nad strike Long Call 139,\u00a0<\/strong>ale nikoliv nad strike\u00a0Long Call144<\/strong>\u00a0znamen\u00e1, \u017ee sice akcie ji\u017e nevyd\u011bl\u00e1vaj\u00ed (mus\u00edm je dodat za 134 USD \u2013 viz p\u0159edch\u00e1zej\u00edc\u00ed odstavec), ale za\u010d\u00edn\u00e1 vyd\u011bl\u00e1vat tato Long Call 139 opce a tento v\u00fdd\u011blek m\u016f\u017ee b\u00fdt neomezen\u00fd<\/strong><\/span><\/p>\n

\u00a0\u00a0 D\/<\/strong> Vy\u0161\u0161\u00ed r\u016fst ceny, kter\u00fd zp\u016fsob\u00ed r\u016fst ceny akcie FB tak\u00e9 nad<\/strong> strike Long Call 144<\/strong> znamen\u00e1, \u017ee sice akcie ji\u017e op\u011bt nevyd\u011bl\u00e1vaj\u00ed (mus\u00edm je op\u011bt dodat za cenu 134 USD), ale za\u010d\u00edn\u00e1 vyd\u011bl\u00e1vat krom\u011b Long Call 139 tak\u00e9 tato druh\u00e1 Long Call 144 opce a tyto v\u00fdd\u011blky mohou b\u00fdt tak\u00e9 neomezen\u00e9<\/strong>.<\/span><\/p>\n

\u00a0 Ve shrnut\u00ed mohu konstatovat, \u017ee jsem zadarmo<\/strong> po\u0159\u00eddil pro nakoupenou akcii FB na n\u00e1sleduj\u00edc\u00ed t\u0159i obchodn\u00ed dny zaji\u0161t\u011bn\u00ed<\/strong> do hodnoty poklesu na \u00farove\u0148 126 USD<\/strong> (-3.8%<\/strong>) s\u00a0dal\u0161\u00ed p\u0159edstavou o kroc\u00edch, pokud by pokles d\u00e1le pokra\u010doval a ponechal si mo\u017enost neomezen\u00e9ho profitu<\/strong> p\u0159i neomezen\u00e9m r\u016fstu ceny akcie do p\u00e1te\u010dn\u00ed expirace. Pokud bych si tuto zjednodu\u0161enou interpretaci pot\u0159eboval jednodu\u0161e graficky zpracovat, mohu pou\u017e\u00edt vizualizaci pomoc\u00ed thinkorswim popisovanou v\u00a0\u010dl\u00e1nku Back Spread – I.<\/a><\/span><\/strong>, a to tak, \u017ee bych sv\u00e9 uskute\u010dn\u011bn\u00e9 obchody do thinkorswim nasilmuloval i s\u00a0po\u0159izovac\u00edmi cenami a nechal si zobrazit Risk Profile cel\u00e9ho obchodu akci\u00ed a opc\u00ed.<\/span><\/p>\n

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\u00a0\u00a0 V\u00a0obr\u00e1zku jsem si nechal zobrazit svislice s\u00a0po\u0159izovac\u00ed cenou<\/strong> a tak\u00e9 svislici na hodnot\u011b strike Short Put 126<\/strong>, kter\u00e1 je pro m\u011b prvn\u00edm kritick\u00fdm bodem<\/strong> cel\u00e9 kombinace. Svislice m\u016f\u017eu do obr\u00e1zku p\u0159id\u00e1val tla\u010d\u00edtkem \u201e+\u201c<\/strong> v\u00a0oblasti jejich definov\u00e1n\u00ed. Pr\u016fb\u011bh obchodu zn\u00e1zorn\u011bn\u00fd zelenou k\u0159ivkou zobrazuje vztah profitu\/ztr\u00e1ty k\u00a0cen\u011b podkladov\u00e9 akcie FB p\u0159i expiraci. Body ka\u017ed\u00e9ho \u201ezlomen\u00ed\u201c k\u0159ivky reprezentuj\u00ed jednotliv\u00e9 strike. Cel\u00fd pr\u016fb\u011bh tak charakterizuje neomezenou mo\u017enost ztr\u00e1ty p\u0159i neomezen\u00e9m profitu, tento v\u00e1\u017en\u00fd nedostatek tak mus\u00ed b\u00fdt p\u0159edm\u011btem dal\u0161\u00edho \u0159\u00edzen\u00ed obchodu do expirace.<\/span><\/p>\n

\u00a0 \u00a0Pokud jsem v\u00a0\u00favodu \u010dl\u00e1nku uk\u00e1zal, jak mohu jednodu\u0161e vyhodnotit pravd\u011bpodobnost pohybu akcie FB do expirace pomoc\u00ed pr\u00e1zdn\u00e9ho grafu Risk Profile, tak mohu stejnou anal\u00fdzu pravd\u011bpodobnosti tak\u00e9 prov\u00e9st pro m\u00e9, ji\u017e nasimulovan\u00e9 obchody a zji\u0161\u0165ovat nap\u0159\u00edklad pravd\u011bpodobnost rizika dosa\u017een\u00ed kritick\u00e9 hodnoty m\u00e9ho obchodu, v\u00a0m\u00e9m p\u0159\u00edpad\u011b ceny strike Short Put 126, p\u0159i aktu\u00e1ln\u00ed cen\u011b podkladu (po\u0159izovac\u00ed cen\u011b m\u00fdch akci\u00ed). Pokud m\u00e1m nasimulov\u00e1ny m\u00e9 obchody do thinkorswim pomoc\u00ed \u201eAdd Simulated Trades<\/strong>\u201c a zad\u00e1m si svislici s\u00a0kritickou hranic\u00ed 126 USD, mohu p\u0159epnout do z\u00e1lo\u017eky \u201eProbability Analysis<\/strong>\u201c, abych mohl pozorovat n\u00ed\u017ee uveden\u00fd obr\u00e1zek<\/span><\/p>\n

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\u00a0<\/span>\u00a0\u00a0 V\u00a0obr\u00e1zku ponech\u00e1m nastaven\u00ed na hodnotu prvn\u00ed standardn\u00ed odchylky<\/strong> (1)<\/strong>, kter\u00e9 mohu libovoln\u011b p\u0159ep\u00ednat. P\u0159ep\u00edn\u00e1n\u00edm t\u011bchto hodnot se bude m\u011bnit tvar \u201eparaboly pravd\u011bpodobnosti<\/strong>“ (2)<\/strong>, kter\u00e1 zobrazuje hodnoty pravd\u011bpodobnosti do 68.27% setrv\u00e1v\u00e1n\u00ed v\u00a0cenov\u00fdch intervalech, kter\u00e9 jsou na t\u00e9to parabole zobrazov\u00e1ny pro jednotliv\u00e9 budouc\u00ed expirace<\/strong> (3)<\/strong>. M\u011b ale bude eminentn\u011b zaj\u00edmat, jak\u00e1 je pravd\u011bpodobnost, \u017ee cena proraz\u00ed strike Short Put 126<\/strong> do\u00a0expirace<\/strong> za \u010dty\u0159i kalend\u00e1\u0159n\u00ed dny (t\u0159i obchodn\u00ed dny) do 4.1.2019 (4).<\/strong> Mohu tak zjistit, \u017ee podle modelu volatility autor\u016f aplikace je tato pravd\u011bpodobnost 20.95%<\/strong> (\u010derven\u00e1 \u0161ipka). Mohu tak\u00e9 vy\u010d\u00edst pravd\u011bpodobnost setrv\u00e1n\u00ed v\u00a0intervalu mezi po\u0159izovac\u00ed cenou akci\u00ed a touto kritickou hodnotou 126 na \u00farovni 29.93% a tak\u00e9 pravd\u011bpodobnost, \u017ee cena z\u016fstane nad hodnotou po\u0159izovac\u00ed ceny ve v\u00fd\u0161i 49.12%. Hodnoty svislic<\/strong> jsou tak\u00e9 zobrazeny v\u00a0grafu (5)<\/strong> a pohybem my\u0161\u00ed po plo\u0161e grafu si mohu zobrazovat nejr\u016fzn\u011bj\u0161\u00ed pravd\u011bpodobnosti v\u00a0nejr\u016fzn\u011bj\u0161\u00edch budouc\u00edch okam\u017eic\u00edch pro nejr\u016fzn\u011bj\u0161\u00ed ceny. Proto\u017ee jsem cht\u011bl zobrazit pravd\u011bpodobnost pro mou po\u0159izovac\u00ed cenu akci\u00ed FB, musel jsem si tuto po\u0159izovac\u00ed cenu uzamknout<\/strong> a nastavit v\u00a0pol\u00ed\u010dku (6)<\/strong>. Odemknut\u00edm z\u00e1me\u010dku u tohoto pole se mi hodnota p\u0159epne na aktu\u00e1ln\u00ed cenu.<\/span><\/p>\n

\u00a0\u00a0 Vybaven t\u011bmito informacemi jsem o\u010dek\u00e1val b\u011bh v\u011bc\u00ed p\u0159\u00ed\u0161t\u00edch.<\/span><\/p>\n

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Den druh\u00fd \u2013 neobchoduje se<\/strong><\/span><\/h1>\n

\u00a0\u00a0 1.1.2019 (\u00fater\u00fd) byl st\u00e1tn\u00ed sv\u00e1tek tak\u00e9 v\u00a0USA a na burz\u00e1ch se neobchodovalo. Mohl jsem tak pozorovat, \u017ee cena akcie FB zakon\u010dila v\u00a0p\u0159edch\u00e1zej\u00edc\u00ed obchodn\u00ed den (Silvestr) na cen\u011b 131.09 USD. Mohl jsem tak rozkliknout pravd\u011bpodobnostn\u00ed anal\u00fdzu a odez\u00edrat, nakolik se pravd\u011bpodobnosti ohro\u017een\u00ed m\u00e9ho obchodu zm\u011bnily.<\/span><\/p>\n

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

\u00a0\u00a0 Pravd\u011bpodobnost, \u017ee cena zas\u00e1hne strike Short Put 126<\/strong> do 4.1.2019<\/strong> se sn\u00ed\u017eila na 18.44%<\/strong> a \u00fam\u011brn\u011b tomuto sn\u00ed\u017een\u00ed narostla pravd\u011bpodobnost setrv\u00e1n\u00ed ceny v\u00a0intervalu mezi sou\u010dasnou cenou a t\u00edmto strike 126 na hodnotu 32.33%. Dal\u0161\u00ed zji\u0161t\u011bn\u00ed jsem neprov\u00e1d\u011bl.<\/span><\/p>\n

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Den t\u0159et\u00ed \u2013 prvn\u00ed \u00faprava<\/strong><\/span><\/h1>\n

\u00a0\u00a0\u00a0 Vstup do nov\u00e9ho obchodn\u00edho roku 2019 ve st\u0159edu 2.1.2019 zastihl akcie FB v\u00a0\u201epoklesl\u00e9 cenov\u00e9 n\u00e1lad\u011b\u201c, aby nakonec p\u0159evl\u00e1dl m\u00edrn\u00fd optimismus a cena za\u010dala r\u016fst. Nebyly ohro\u017eeny \u017e\u00e1dn\u00e9 kritick\u00e9 body (strike Short Put 126), tak\u017ee jsem cel\u00fd vstupn\u00ed cenov\u00fd pr\u016fb\u011bh sledoval pouze nam\u00e1tkov\u011b na sv\u00e9m mobiln\u00edm telefonu.<\/span><\/p>\n

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\u00a0 \u00a0Po sedm\u00e9 hodin\u011b ve\u010dern\u00ed jsem se rozhodl pro prvn\u00ed \u00fapravu m\u00e9 pozice na m\u00edrn\u00e9m uptrendu ceny. Hodlal jsem zejm\u00e9na odebrat risk<\/strong> plynouc\u00ed z\u00a0mo\u017enosti neomezen\u00e9 ztr\u00e1ty<\/strong> p\u0159i poklesu a cht\u011bl jsem takovou transakci ud\u011blat pokud mo\u017eno za co nejm\u00e9n\u011b pen\u011bz. Proto\u017ee m\u011b ohro\u017euje zejm\u00e9na Short Put 126<\/strong>, kter\u00e1 je sou\u010d\u00e1st\u00ed Put Ratio Spreadu, a kter\u00e1 poskytuje pouze ochranu do v\u00fd\u0161e +500 USD <\/strong>(pokles o -3.80%), rozhodl jsem se ji zlikvidovat jej\u00edm zp\u011btn\u00fdm n\u00e1kupem. Tento n\u00e1kup jsem pak hodlal financovat prodejem jedn\u00e9 z\u00a0Long Call m\u00e9ho Back Spreadu. Na obr\u00e1zku n\u00ed\u017ee je vid\u011bt obr\u00e1zek m\u00e9 pozice z\u00a0platformy TWS a zobrazuje situaci po uzav\u0159en\u00ed trh\u016f v\u00a0tento obchodn\u00ed den, proto\u017ee jsem cel\u00fd obchod realizoval z\u00a0restaurace, kde jsem byl \u201en\u00e1hodou na n\u00e1v\u0161t\u011bv\u011b\u201c.<\/span><\/p>\n

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\u00a0\u00a0 Likvidaci Short Put 126 jsem kompenzoval prodejem<\/strong> Long Call 139. P\u016fsoben\u00edm plynut\u00ed \u010dasu a uptrendem na cen\u011b akci\u00ed FB ztratila Short Put 126 na hodnot\u011b a naopak Long Call 139 na tom cenov\u011b nebyla \u0161patn\u011b. Tento n\u00e1kup a prodej je patrn\u00fd z\u00a0TradeLog n\u00ed\u017ee na obr\u00e1zku.<\/span><\/p>\n

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\u00a0\u00a0 Stejn\u00e1 transakce ve v\u00fdpisu z\u00a0m\u00e9ho obchodn\u00edho \u00fa\u010dtu<\/span><\/p>\n

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\u00a0\u00a0 Touto transakc\u00ed jsem z\u00edskal +72 USD<\/strong> za prodej Long Call 139 a utratil -12 USD<\/strong> za likvidaci Short Put 126, zaplatil jsem -2.15 USD<\/strong> za poplatky. Celkov\u011b jsem za tuto transakci z\u00edskal +57.85 USD<\/span><\/strong> a mohl si o tyto pen\u00edze sn\u00ed\u017eit svou dosavadn\u00ed investici -13.129 USD na novou hodnotu -13.071 USD<\/strong><\/span>. P\u0159ijat\u00e9 pen\u00edze a proveden\u00e1 \u00faprava znamenaj\u00ed t\u0159i velmi z\u00e1va\u017en\u00e9 skute\u010dnosti:<\/span><\/p>\n

\u00a0 1\/<\/strong> Na Put stran\u011b jsem vytvo\u0159il z\u00a0Put Ratio Spreadu jednoduch\u00fd Put Vertical Bear Spread +131\/-123<\/strong>, kter\u00fd m\u00e1 potenci\u00e1l profitu ji\u017e slu\u0161n\u00fdch\u00a0+800 USD<\/strong> a tyto pen\u00edze ochra\u0148uj\u00ed pokles ceny akcie FB pr\u00e1v\u011b o tuto \u010d\u00e1stku, pokud by cena poklesla pod strike 123<\/strong>. P\u0159i sou\u010dasn\u00e9 investici -13.071 USD (130.71 USD\/akcii) to znamen\u00e1 ochranu proti poklesu o -6.12 %<\/strong> ve zb\u00fdvaj\u00edc\u00edch dvou dnech.<\/span><\/p>\n

\u00a0 2\/<\/strong> Pokud cena poklesne pod strike Long Put 131<\/strong>, ale nikoliv<\/strong> pod strike Short Put 123<\/strong>, tak v\u017edy budu moci sv\u00e9 akcie prodat za strike Long Put 131, kter\u00e1 bude \u201ev pen\u011bz\u00edch\u201c, tedy za 131 USD\/kus a obdr\u017eet +13.100 USD, p\u0159i sou\u010dasn\u00e9 investici -13.071 USD to znamen\u00e1, \u017ee budu m\u00edt profit nejm\u00e9n\u011b +29 USD<\/strong>.<\/span><\/p>\n

\u00a0 3\/<\/strong> Na Call stran\u011b jsem vytvo\u0159il z\u00a0Back Spreadu jednoduch\u00fd Call Vertical Bear Spread -134\/+144<\/strong>. Tento m\u011b ale p\u0159i dr\u017een\u00ed 100x Long akci\u00ed zaj\u00edm\u00e1 v\u00edce jako Covered Call (Long akcie a Short Call 144), proto\u017ee nep\u0159edpokl\u00e1d\u00e1m raketov\u00fd r\u016fst ceny a\u017e za strike Long Call 144 ve zb\u00fdvaj\u00edc\u00edch dvou dnech. \u00a0<\/span><\/p>\n

\u00a0\u00a0 Kritickou ud\u00e1lost\u00ed by tak nyn\u00ed bylo, kdyby se v\u00a0n\u00e1sleduj\u00edc\u00edch dvou obchodn\u00edch dnech cena propadla pod strike Short Put 123, ka\u017ed\u00fd lep\u0161\u00ed sc\u00e9n\u00e1\u0159 mi ji\u017e zaru\u010duje profit nejm\u00e9n\u011b +29 USD. Tuto skute\u010dnost jsem zanesl do analytick\u00e9 platformy thinkorswim, kde jsem pro tento den upravil hodnotu svislice<\/strong> z\u00a0p\u016fvodn\u00edch \u201ekritick\u00fdch\u201c 126 USD (strike likvidovan\u00e9 Short Put 126) na nyn\u00ed aktu\u00e1ln\u00edch 123 USD<\/strong>, jako hranice mo\u017en\u00e9ho ne\u00fasp\u011bchu (strike zbyl\u00e9 Short Put 123).<\/span><\/p>\n

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\u00a0 \u00a0<\/span>Mohu jednodu\u0161e zjistit, \u017ee volatility model vyhodnocuje skute\u010dnost poklesu pod hranici strike Short Put 123 v\u00a0n\u00e1sleduj\u00edc\u00edch dvou dnech jako nemo\u017enou a p\u0159isuzuje ji 0% pravd\u011bpodobnost<\/strong>. To je sice hezk\u00e9, ale p\u0159esto po\u0159\u00e1d \u010del\u00edm riziku neomezen\u00e9 ztr\u00e1ty p\u0159i fat\u00e1ln\u00edm poklesu. M\u016f\u017ee se klidn\u011b st\u00e1t, \u017ee M\u00e1ra Zuckerberg\u016f se zaplete do barov\u00e9 rva\u010dky nebo se na facebooku objev\u00ed \u017ehav\u00e9 fotky Donaldova ohanb\u00ed a z\u00e1sadn\u00ed fundament\u00e1ln\u00ed zpr\u00e1va je na sv\u011bt\u011b\u2026 :c)<\/span><\/p>\n

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Den \u010dtvrt\u00fd \u2013 dal\u0161\u00ed \u00faprava<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Ve \u010dtvrtek 3.1.2019 otev\u0159ela akcie FB uptrendem ceny, kter\u00fd m\u011b inspiroval k\u00a0dal\u0161\u00ed obchodn\u00ed akci.<\/span><\/p>\n

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\u00a0 P\u0159esto\u017ee se uptrend po otev\u0159en\u00ed vy\u010derp\u00e1val a cena za\u010dala pozvolna klesat, mohl jsem pozorovat cenov\u00e9 rozlo\u017een\u00ed m\u00fdch op\u010dn\u00edch kontrakt\u016f.<\/span><\/p>\n

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\u00a0\u00a0 Ve zv\u00fdrazn\u011bn\u00fdch hn\u011bd\u00fdch obd\u00e9ln\u00edc\u00edch jsem mohl pozorovat dal\u0161\u00ed mo\u017en\u00e9 cenov\u00e9 \u00fapravy, kter\u00e9 by m\u011b nemusely st\u00e1t n\u011bjak z\u00e1vratn\u00e9 v\u00fddaje a v\u00fdrazn\u011b by vylep\u0161ily m\u016fj profil zisku a ztr\u00e1ty. V\u00a0stejn\u00e9m smyslu jako v p\u0159edch\u00e1zej\u00edc\u00ed obchodn\u00ed den jsem p\u0159ikro\u010dil k\u00a0likvidaci Short Put 123 jej\u00edm n\u00e1kupem zp\u011bt a financov\u00e1n\u00edm t\u00e9to transakce<\/strong> prodejem Long Call 144. P\u0159esto\u017ee jsou ob\u011b opce zna\u010dn\u011b \u201emimo pen\u00edze\u201c po\u0159\u00e1d maj\u00ed zbytkovou hodnotu, kterou mohu takto vyu\u017e\u00edt. Celou transakci jsem provedl kolem \u010dtvrt\u00e9 hodiny odpoledn\u00ed na\u0161eho \u010dasu a jej\u00ed pr\u016fb\u011bh je vyzna\u010den v\u00a0TradeLog obr\u00e1zku<\/span><\/p>\n

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\u00a0 Cel\u00e1 tato transakce v\u00a0zachycen\u00ed tak\u00e9 na m\u00e9m obchodn\u00edm \u00fa\u010dtu ve v\u00fdpisu denn\u00edch transakc\u00ed s\u00a0opcemi na podkladovou akcii FB.<\/span><\/p>\n

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\u00a0\u00a0 Z\u00a0proveden\u00fdch transakc\u00ed vypl\u00fdv\u00e1, \u017ee jsem za +6 USD<\/strong> prodal Long Call 144<\/strong> a n\u00e1kladem -7 USD<\/strong> likvidoval Short Put 123<\/strong>, p\u0159i zaplacen\u00fdch komis\u00edch ve v\u00fd\u0161i -2.16 USD<\/strong> jsem na tuto transakci vynalo\u017eil -3.16 USD<\/strong><\/span>, po zaokrouhlen\u00ed (-4 USD) mohu touto \u010d\u00e1stkou zat\u00ed\u017eit mou dosavadn\u00ed investici -13.071 USD, abych mohl po\u010d\u00edtat s\u00a0dosavadn\u00edmi n\u00e1klady ve v\u00fd\u0161i -13.075 USD<\/strong><\/span>. Proveden\u00edm t\u011bchto obchodn\u00edch \u00faprav mohu na ve sv\u00e9 platform\u011b pozorovat zbytek pozic, se kter\u00fdmi se p\u0159ibli\u017euji k\u00a0expiraci, do kter\u00e9 zb\u00fdv\u00e1 cel\u00fd n\u00e1sleduj\u00edc\u00ed obchodn\u00ed den \u2013 p\u00e1te\u010dn\u00ed expirace. Na obr\u00e1zku n\u00ed\u017ee je vid\u011bt v\u00fdsledek po \u010dtvrte\u010dn\u00edch operac\u00edch.<\/span><\/p>\n

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\u00a0\u00a0 Toto nen\u00ed nejhor\u0161\u00ed konstelace, proto\u017ee nem\u00e1m ji\u017e nyn\u00ed \u017e\u00e1dn\u00fd risk<\/strong> vypl\u00fdvaj\u00edc\u00ed s\u00a0poklesu ceny<\/strong>, m\u00e1m toti\u017e po\u0159\u00edzen Collar<\/a><\/span><\/strong> s\u00a0Long Put opc\u00ed na strike 131 a Short Call opc\u00ed na strike 134. jak\u00fdkoliv pokles pod strike 131<\/strong> (strike Long Put 131) znamen\u00e1 jist\u00fd profit +25 USD<\/strong>, jak\u00fdkoliv r\u016fst nad 134<\/strong> (Short Call 134) znamen\u00e1 profit +325 USD<\/strong>, jakkoliv skon\u010d\u00ed cena p\u0159i z\u00edt\u0159ej\u0161\u00ed expiraci mezi t\u011bmito hodnotami<\/strong>, bude to znamenat profit<\/strong>, jsem jist\u00fd v\u00edt\u011bz, jenom nev\u00edm, jak sladk\u00e9 toto v\u00edt\u011bzstv\u00ed bude.<\/span><\/p>\n

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Den p\u00e1t\u00fd \u2013 p\u00e1te\u010dn\u00ed expirace<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Expira\u010dn\u00ed p\u00e1tek pro m\u011b neznamen\u00e1 nyn\u00ed nic jin\u00e9ho, ne\u017e o\u010dek\u00e1v\u00e1n\u00ed, jak obchod nakonec dopadne a kolik mi nakonec p\u0159inese pen\u011bz. Proto\u017ee ji\u017e v\u00edm, \u017ee nemohu prod\u011blat a nejl\u00e9pe by se mi da\u0159ilo, kdyby cena z\u016fstala nad strike Short Call 134 m\u00e9ho Collaru, mohl bych se spol\u00e9hat na to, \u017ee \u201etrhy za\u0159\u00edd\u00ed\u201c, \u017ee se tak stane. Na to v\u0161ak v\u00a0\u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b spol\u00e9hat nelze, i kdy\u017e se cena akcie FB vyv\u00edjela ihned po Open slibn\u011b nad touto cenou. Jako op\u010dn\u00ed obchodn\u00edk ale um\u00edm za\u0159\u00eddit, aby se k\u00fd\u017een\u00e1 ud\u00e1lost s\u00a0prora\u017een\u00edm ceny 134 USD nakonec p\u0159i dne\u0161n\u00ed expiraci stala a vedla k\u00a0prodeji m\u00fdch akci\u00ed FB za cenu 134 USD kus. Vyrob\u00edm si toti\u017e\u00a0Conversion<\/strong><\/a><\/span>\u00a0na strike Short Call 134 rolov\u00e1n\u00edm<\/strong> m\u00e9 Long Put 131 v\u00fd\u0161e, pr\u00e1v\u011b na tento strike. Na obr\u00e1zku n\u00ed\u017ee je vid\u011bt v\u00fdsledek tohoto rolov\u00e1n\u00ed v\u00a0op\u010dn\u00edm \u0159et\u011bzci.<\/span><\/p>\n

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\u00a0\u00a0 Bohu\u017eel rolov\u00e1n\u00ed nen\u00ed zadarmo<\/strong>. M\u00e1m ale r\u00e1d jist\u00e9 v\u011bci a zafixov\u00e1n\u00ed zna\u010dn\u00e9 \u010d\u00e1sti profitu n\u011bjakou operac\u00ed mi v\u00a0\u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b nevad\u00ed. Prodej Long Put opce na ni\u017e\u0161\u00edm strike a jej\u00ed n\u00e1kup na vy\u0161\u0161\u00edm strike znamen\u00e1 v\u017edy v\u00fddaj, na obr\u00e1zku n\u00ed\u017ee je TradeLog t\u00e9to transakce z\u00a0m\u00e9 platformy, kter\u00fd zobrazuje skute\u010dnost, \u017ee jsem tuto operaci provedl ihned po Open p\u00e1te\u010dn\u00edch trh\u016f.<\/span><\/p>\n

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\u00a0 \u00a0Op\u011bt obr\u00e1zek z\u00a0v\u00fdpisu z\u00a0m\u00e9ho obchodn\u00edho \u00fa\u010dtu<\/span><\/p>\n

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\u00a0<\/span>\u00a0\u00a0 Z\u00a0obr\u00e1zk\u016f vypl\u00fdv\u00e1, \u017ee jsem za prodej Long Put 131<\/strong> utr\u017eil +15 USD<\/strong> a na n\u00e1kup Long Put 134<\/strong> jsem vydal -79 USD<\/strong>, tak\u00e9 jsem zaplatil poplatky ve v\u00fd\u0161i -1.75 USD<\/strong>. Celkov\u011b m\u011b tak rolov\u00e1n\u00ed na vy\u0161\u0161\u00ed strike 134 st\u00e1lo -65.75 USD<\/strong><\/span> a touto transakc\u00ed op\u011bt zat\u00ed\u017e\u00edm m\u00e9 celkov\u00e9 dosavadn\u00ed n\u00e1klady ve v\u00fd\u0161i -13.075 USD na (po zaokrouhlen\u00ed v\u00fddaje na rolov\u00e1n\u00ed na \u010d\u00e1stku -66 USD) kone\u010dn\u00fdch -13.141 USD<\/strong><\/span>.<\/span><\/p>\n

\u00a0\u00a0<\/span>\u00a0\u00a0 Vytvo\u0159en\u00edm Conversion m\u00e1m nyn\u00ed zaji\u0161t\u011bno, \u017ee budu p\u0159i expiraci dnes po Close trh\u016f bu\u010f p\u0159i\u0159azen na Short Call 134<\/strong> (cena bude nad 134 USD) nebo bude uplatn\u011bna m\u00e1 Long Put 134<\/strong> (cena bude pod 134 USD) a v\u00a0ka\u017ed\u00e9m p\u0159\u00edpad\u011b se zbav\u00edm sv\u00fdch 100x Long akci\u00ed za cenu strike 134, tedy za 134 USD\/kus a obdr\u017e\u00edm na sv\u016fj \u00fa\u010det +13.400 USD. p\u0159i sou\u010dasn\u00fdch n\u00e1kladech tak m\u00e1m jist\u00fd profit +259 USD<\/strong><\/span>. <\/span>T\u00edmto m\u00e9 \u201ep\u00e1te\u010dn\u00ed \u00fakoly\u201c skon\u010dily a j\u00e1 mohu ji\u017e jen vy\u010dkat na to, a\u017e po vypo\u0159\u00e1d\u00e1n\u00ed po Close trh\u016f zmiz\u00ed v\u0161echny pozice. Mohu tak\u00e9 str\u00e1vit chvilku rekapitulac\u00ed m\u00e9ho t\u00fddenn\u00edho obchodu nad grafem posledn\u00edch \u010dty\u0159 obchodn\u00edch dn\u016f, jak je patrn\u00e9 na obr\u00e1zku n\u00ed\u017ee.<\/span><\/p>\n

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\u00a0\u00a0 Z\u00a0obr\u00e1zku je zejm\u00e9na patrn\u00e9, \u017ee cena akcie FB zakon\u010dila siln\u011b nad strike 134<\/strong>, mohu tedy litovat, \u017ee jsem rolov\u00e1n\u00ed Long Put do Conversion neprovedl pozd\u011bji a st\u00e1lo by m\u011b tak daleko men\u0161\u00ed n\u00e1klady, kter\u00e9 by tak neukrajovaly z\u00a0m\u00e9ho kone\u010dn\u00e9ho profitu. Takovou l\u00edtost v\u00a0\u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b nepoci\u0165uji, proto\u017ee by to byla l\u00edtost z\u00a0\u201epohledu do zp\u011btn\u00e9ho zrc\u00e1tka\u201c. Nemohu v\u00a0\u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b p\u0159edpokl\u00e1dat, \u017ee cena takto vystoup\u00e1, stejn\u011b tak mohla oto\u010dit a ne\u00faprosn\u011b poklesnout, mohl bych pak b\u00fdt pr\u00e1vem hrd\u00fd na svou Conversion, \u017ee mi uzamknula podstatnou \u010d\u00e1st profitu. \u00a0<\/span><\/p>\n

\u00a0\u00a0 Po uzav\u0159en\u00ed trh\u016f jsem mohl ve sv\u00e9 obchodn\u00ed platform\u011b pozorovat transakce, kter\u00e9 vypo\u0159\u00e1daly mou Conversion.<\/span><\/p>\n

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\u00a0 Obr\u00e1zek zachycuje v\u0161e, co se za t\u00fdden d\u011blo a m\u011blo v prvn\u00edm t\u00fddnu v roce 2019 vazbu na ticker FB. Kone\u010dn\u00e9 transakce jsou ze sobotn\u00edho dopoledne, kdy p\u00ed\u0161u tento \u010dl\u00e1nek a zobrazuj\u00ed vypo\u0159\u00e1d\u00e1n\u00ed Conversion p\u0159i cen\u011b podkladu \u2013 akcie FB, kter\u00e1 uzav\u0159ela nad cenou 134 USD<\/strong>. V\u00a0prvn\u00edm \u0159\u00e1dku je vyzna\u010deno, \u017ee Long Put 134<\/strong> s\u00a0Conversion expirovala jako bezcenn\u00e1<\/strong>. V\u00a0druh\u00e9m \u0159\u00e1dku je zobrazena skute\u010dnost, \u017ee Short Call 134<\/strong> byla p\u0159i\u0159azena (Assigned<\/strong>), aby ve t\u0159et\u00edm \u0159\u00e1dku byl vid\u011bt v\u00fdsledek tohoto p\u0159i\u0159azen\u00ed, prodej akci\u00ed FB<\/strong> za cenu 134 USD\/kus<\/strong>.<\/span><\/p>\n

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\u00a0\u00a0 Popsan\u00fd re\u00e1ln\u00fd obchod by mohl b\u00fdt obrazem vytvo\u0159en\u00ed takov\u00e9 slo\u017een\u00e9 pozice, kter\u00e1 poskytuje dobrou m\u00edru ochrany (tato se d\u00e1 po\u0159\u00eddit zdarma nebo alespo\u0148 velmi levn\u011b) a slu\u0161n\u00e9 vyhl\u00eddky na p\u0159im\u011b\u0159en\u00fd profit. Pou\u017eil jsem p\u0159i jej\u00ed konstrukci na\u010derpan\u00e9 znalosti z\u00a0podstaty kombinac\u00ed Ratio Spread a Back Spread a vlastnost\u00ed souvisej\u00edc\u00edch kombinac\u00ed, kter\u00e9 jsem ji\u017e na tomto webu popisoval. P\u0159etv\u00e1\u0159en\u00ed jednotliv\u00fdch kombinac\u00ed Back Spreadu a Ratio Spreadu do Vertik\u00e1ln\u00edch Spread\u016f, tyto p\u0159etvo\u0159en\u00e9 n\u00e1sledn\u011b do Collar a tento kone\u010dn\u011b do Conversion nen\u00ed v\u016fbec \u017e\u00e1dn\u00e1 v\u011bda, sta\u010d\u00ed jen pozorn\u011b pozorovat v\u00fdvoj m\u00e9ho obchodu a vyu\u017e\u00edt alespo\u0148 z\u00e1kladn\u00edch zku\u0161enost\u00ed s\u00a0nakl\u00e1d\u00e1n\u00edm dan\u00fdch op\u010dn\u00edch kombinac\u00ed. Vyu\u017eit\u00ed podklad\u016f k\u00a0zaji\u0161t\u011bn\u00ed spreadov\u00fdch kombinac\u00ed s\u00a0nestejn\u00fdm po\u010dtem nakoupen\u00fdch a prodan\u00fdch opc\u00ed z\u00a0posledn\u00edch \u010dl\u00e1nk\u016f tak m\u016f\u017ee naj\u00edt vyu\u017eit\u00ed i p\u0159i postupu opa\u010dn\u00e9m, kdy slo\u017een\u00e9 op\u010dn\u00ed kombinace s\u00a0nestejn\u00fdm po\u010dtem nakoupen\u00fdch a prodan\u00fdch opc\u00ed mohou dob\u0159e zaji\u0161\u0165ovat tak\u00e9 samotn\u00e9 podklady :c) \u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 \u00a0V posledn\u00edch p\u011bti \u010dl\u00e1nc\u00edch jsem popisoval principy op\u010dn\u00edch kombinac\u00ed s\u00a0nestejn\u00fdm po\u010dtem prodan\u00fdch a nakoupen\u00fdch opc\u00ed se stejnou expirac\u00ed, kter\u00e9 nesou v\u017eit\u00e1 a souhrnn\u00e1 ozna\u010den\u00ed Ratio Spread a Back Spread. Pov\u011bt\u0161inou teoretick\u00e9 rozbory a v\u00fdpo\u010dty se zab\u00fdvaly pops\u00e1n\u00edm obchodn\u00edch zp\u016fsob\u016f a p\u0159\u00edstup\u016f, jak na tyto op\u010dn\u00ed kombinace nahl\u00ed\u017eet a jak Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":2828,"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":[51,5,14],"class_list":["post-2799","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opcni-kombinace","tag-back-spread","tag-collar","tag-conversion"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2019\/01\/main-1.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-J9","jetpack-related-posts":[{"id":2654,"url":"https:\/\/dobretrejdy.com\/?p=2654","url_meta":{"origin":2799,"position":0},"title":"Ratio Spread \u2013 III.","author":"dobretrejdy :c)","date":"4.12.2018","format":false,"excerpt":"\u00a0\u00a0 V\u00a0minul\u00fdch dvou \u010dl\u00e1nc\u00edch jsem se zab\u00fdval existenc\u00ed Ratio Spread\u016f s\u00a0po\u0159\u00edzenou Long opc\u00ed za sou\u010dasn\u00e9ho po\u0159\u00edzen\u00ed dvou Short op\u010dn\u00edch kontrakt\u016f. Tento nestejn\u00fd po\u010det sou\u010dasn\u011b po\u0159\u00edzen\u00fdch opc\u00ed se stejnou expirac\u00ed pak generoval ur\u010dit\u00e9 vlastnosti takov\u00e9 op\u010dn\u00ed kombinace a z\u00a0n\u00ed vypl\u00fdvaj\u00edc\u00ed nutnost jej\u00edmu dokonal\u00e9mu porozum\u011bn\u00ed a ostra\u017eitosti p\u0159i p\u0159\u00edpadn\u00e9m obchodov\u00e1n\u00ed. Tyto n\u00e1strahy\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed kombinace\u201c","block_context":{"text":"Op\u010dn\u00ed kombinace","link":"https:\/\/dobretrejdy.com\/?cat=4"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":2563,"url":"https:\/\/dobretrejdy.com\/?p=2563","url_meta":{"origin":2799,"position":1},"title":"Ratio Spread – I.","author":"dobretrejdy :c)","date":"2.11.2018","format":false,"excerpt":"\u00a0 Pozn\u00e1n\u00ed v\u00fdhod a nev\u00fdhod op\u010dn\u00ed kombinace Butterfly a jej\u00ed mo\u017en\u00e9 obchodov\u00e1n\u00ed podle minul\u00fdch \u010dl\u00e1nk\u016f m\u016f\u017ee leckomu p\u0159ij\u00edt nez\u00e1bavn\u00e9 a m\u00e1lo ak\u010dn\u00ed, p\u0159esto\u017ee je doprov\u00e1zeno mo\u017enost\u00ed m\u00edt p\u0159edem jasn\u011b definovanou mo\u017enost ztr\u00e1ty k\u00a0mo\u017en\u00e9mu maxim\u00e1ln\u00edmu profitu. Stejn\u00fd pocit pak m\u016f\u017ee nastat p\u0159i obchodov\u00e1n\u00ed Call Bull Spread\u016f nebo Put Bear Spread\u016f, kter\u00e9\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\/maim.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/11\/maim.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/11\/maim.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/11\/maim.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":2741,"url":"https:\/\/dobretrejdy.com\/?p=2741","url_meta":{"origin":2799,"position":2},"title":"Back Spread – I.","author":"dobretrejdy :c)","date":"29.12.2018","format":false,"excerpt":"\u00a0 \u00a0Kamar\u00e1dstv\u00ed s\u00a0nejv\u011bt\u0161\u00edm pot\u00ed\u017eistou ze t\u0159\u00eddy je z\u00e1rukou neobvykl\u00fdch z\u00e1\u017eitk\u016f a vy\u017eaduje vyskytovat se v\u017edy tam, kde by mohly b\u00fdt k dispozici vypjat\u00e9 situace a kdy \u201eo n\u011bco p\u016fjde\u201c. Pokud pot\u0159ebuji ke sv\u00e9mu \u017eivotu akci a jsem p\u0159\u00edznivcem vyplavov\u00e1n\u00ed adrenalinu do krevn\u00edho \u0159e\u010di\u0161t\u011b, nem\u011bla by m\u011b nechat op\u010dn\u00ed kombinace Back\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed kombinace\u201c","block_context":{"text":"Op\u010dn\u00ed kombinace","link":"https:\/\/dobretrejdy.com\/?cat=4"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-3.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":5223,"url":"https:\/\/dobretrejdy.com\/?p=5223","url_meta":{"origin":2799,"position":3},"title":"Kreditn\u00ed strategie \u2013 IV.","author":"dobretrejdy :c)","date":"24.1.2021","format":false,"excerpt":"\u00a0 \u00a0V p\u0159edch\u00e1zej\u00edc\u00edm \u010dl\u00e1nku Kreditn\u00ed strategie \u2013 III. jsem pouk\u00e1zal na vztah pom\u011bru rizika a ztr\u00e1ty (RRR) k pot\u0159eb\u011b vysok\u00e9ho n\u00e1roku na po\u010det v\u00edt\u011bzn\u00fdch obchod\u016f (%Win), aby m\u011blo obchodov\u00e1n\u00ed popisovan\u00fdch kreditn\u00edch op\u010dn\u00edch kombinac\u00ed n\u011bjak\u00fd z\u00e1kladn\u00ed smysl. Nosnou my\u0161lenkou bylo uk\u00e1zat, \u017ee obchody s nep\u0159\u00edzniv\u00fdm RRR vy\u017eaduj\u00ed velmi vysok\u00fd po\u010det profitabiln\u00edch\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed kombinace\u201c","block_context":{"text":"Op\u010dn\u00ed kombinace","link":"https:\/\/dobretrejdy.com\/?cat=4"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/01\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/01\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/01\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/01\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":1522,"url":"https:\/\/dobretrejdy.com\/?p=1522","url_meta":{"origin":2799,"position":4},"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":[]},{"id":2590,"url":"https:\/\/dobretrejdy.com\/?p=2590","url_meta":{"origin":2799,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/2799","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=2799"}],"version-history":[{"count":12,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/2799\/revisions"}],"predecessor-version":[{"id":3845,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/2799\/revisions\/3845"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/2828"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}