{"id":294,"date":"2017-04-30T22:27:48","date_gmt":"2017-04-30T22:27:48","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=294"},"modified":"2021-09-20T17:16:45","modified_gmt":"2021-09-20T15:16:45","slug":"time-spread","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=294","title":{"rendered":"Time Spread"},"content":{"rendered":"

\u00a0 \u00a0Time Spread, Horizontal Spread nebo Calendar Spread (\u010deskou hant\u00fdrkou asi \u201ekalend\u00e1\u0159\u201c) spo\u010d\u00edv\u00e1 v po\u0159izov\u00e1n\u00ed r\u016fzn\u00fdch op\u010dn\u00edch kontrakt\u016f v\u00a0r\u016fzn\u00fdch expirac\u00edch. O t\u011bchto Time Spreadech jsou pops\u00e1ny tuny pap\u00edr\u016f, bylo vyd\u00e1no spoustu knih a lze se o jejich z\u00e1kladn\u00edch vlastnostech do\u010d\u00edst na spoust\u011b voln\u011b dostupn\u00fdch webov\u00fdch str\u00e1nk\u00e1ch. Jejich vyu\u017eit\u00ed, stavba, vstupy a v\u00fdstupy jsou p\u0159edm\u011btem mnoha taktik, strategi\u00ed a p\u0159\u00edstup\u016f. Za nejjednodu\u0161\u0161\u00ed z\u00a0nich bych mohl uv\u00e9st takovou, kter\u00e1 vych\u00e1z\u00ed z\u00a0p\u0159edpokladu, \u017ee opce se vzd\u00e1len\u011bj\u0161\u00ed expirac\u00ed<\/strong> maj\u00ed Implied Volatilitu vy\u0161\u0161\u00ed<\/strong>, ne\u017e je Implied Volatilita v\u00a0bli\u017e\u0161\u00ed expiraci<\/strong> (Volatilita je v\u00a0Contango<\/strong>). Pokud je situace obr\u00e1cen\u00e1, tedy opce s\u00a0bli\u017e\u0161\u00ed expirac\u00ed maj\u00ed Implied Volatilitu vy\u0161\u0161\u00ed ne\u017e opce s\u00a0expirac\u00ed vzd\u00e1len\u011bj\u0161\u00ed (Implied Volatilita je v\u00a0Backwardation<\/strong>), mohou trade\u0159i vyu\u017e\u00edt takov\u00fd nesoulad a prodat \u201edra\u017e\u0161\u00ed\u201c Implied Volatilitu na bli\u017e\u0161\u00ed expiraci a koupit \u201elevn\u011bj\u0161\u00ed\u201c Implied Volatilitu na vzd\u00e1len\u011bj\u0161\u00ed expiraci. Principem takov\u00e9ho obchodu je, aby se volatilita vr\u00e1tila do sv\u00fdch p\u016fvodn\u00edch kolej\u00ed, tedy aby Implied Volatilita na opc\u00edch s\u00a0bli\u017e\u0161\u00ed expirac\u00ed klesla a Implied Volatilita na opc\u00edch se\u00a0vzd\u00e1len\u011bj\u0161\u00ed expirac\u00ed vzrostla a nastal tak \u201enorm\u00e1ln\u00ed stav\u201c. My\u0161lenka je to dobr\u00e1, proto\u017ee Volatilita je<\/strong> opravdu \u201emean reverting<\/strong>\u201c, tedy m\u00e1 silnou a p\u0159irozenou tendenci se vracet k\u00a0norm\u00e1ln\u00edmu stavu (touto vlastnost\u00ed se budu v \u010dl\u00e1nc\u00edch o obchodov\u00e1n\u00ed volatility v budoucnosti podrobn\u011b zab\u00fdvat). Pro takov\u00fd jednoduch\u00fd Time Spread je v\u0161ak zapot\u0159eb\u00ed je\u0161t\u011b dal\u0161\u00ed podm\u00ednka, aby byl profitabiln\u00ed. Podkladov\u00e9 aktivum (nap\u0159\u00edklad akcie) se nesm\u00ed z\u00e1sadn\u011b pohnout, aby se n\u00e1m profitabilita s\u00a0o\u010dek\u00e1van\u00e9ho \u201emean reverting\u201c pohybu volatility nevytratila pr\u00e1v\u011b velk\u00fdm pohybem na podkladov\u00e9 akcii. Pr\u00e1v\u011b situace, kdy je bli\u017e\u0161\u00ed Volatilita vy\u0161\u0161\u00ed ne\u017e vzd\u00e1len\u00e1 m\u00e1 toti\u017e v\u017edy n\u011bjak\u00fd konkr\u00e9tn\u00ed d\u016fvod, pro\u010d tomu tak na trz\u00edch je. Vy\u0161\u0161\u00ed Implied Volatilita zejm\u00e9na znamen\u00e1, \u017ee do ceny opce je \u201ezamontov\u00e1na\u201c n\u011bjak\u00e1 o\u010dek\u00e1van\u00e1 ud\u00e1lost, kter\u00e1 pravd\u011bpodobn\u011b zp\u016fsob\u00ed dramati\u010dt\u011bj\u0161\u00ed pohyb na podkladu. Pokud toto nastane, jsou Time Spready v\u011bt\u0161inou prod\u011ble\u010dn\u00e9. Time Spread je velmi \u0161irok\u00e9 t\u00e9ma, zam\u011b\u0159\u00edm se proto jen na n\u011bkter\u00e9 jeho aspekty. Z\u00e1kladn\u00ed \u00favahou pak bude nalezen\u00ed souvislost\u00ed mezi opcemi r\u016fzn\u00fdch typ\u016f a r\u016fzn\u00fdch expirac\u00ed<\/strong> s\u00a0hlavn\u00ed my\u0161lenkou, jak takov\u00e9 souvislosti spojit do jednoduch\u00e9 obchodn\u00ed \u00favahy. P\u0159edm\u011btem tohoto \u010dl\u00e1nku pak bude sledovat jednoduchou kombinaci Time Spread\u016f, ze kter\u00e9 tyto souvislosti pak mohou vyplynout.<\/span><\/p>\n

\u00a0\u00a0 P\u0159i krkolomn\u00e9 p\u0159edstav\u011b, \u017ee psan\u00ed \u010dl\u00e1nku o Time Spreadech je n\u00e1v\u0161t\u011bva ma\u0161karn\u00edho b\u00e1lu, zvolil bych k\u00a0objasn\u011bn\u00ed n\u011bkter\u00fdch souvislost\u00ed op\u011bt p\u0159evlek Market Makera, tedy osoby, kter\u00e1 stoj\u00ed \u201ena druh\u00e9 stran\u011b barik\u00e1dy\u201c a pom\u00e1h\u00e1 n\u00e1m obchodovat t\u00edm, \u017ee velmi \u010dasto vypl\u0148uje na\u0161e obchodn\u00ed p\u0159\u00edkazy. V\u00a0\u010dl\u00e1nku Conversion + Reversal = Box<\/strong><\/a><\/span>\u00a0jsem uk\u00e1zal, jak \u010dinnost takov\u00e9 osoby funguje p\u0159i vypln\u011bn\u00ed p\u0159\u00edkaz\u016f trader\u016f, kte\u0159\u00ed sv\u00e9 n\u00e1kupy a prodeje op\u010dn\u00edch kontrakt\u016f po\u017eadovali u kontrakt\u016f se stejnou expirac\u00ed<\/strong>. Zaji\u0161\u0165ov\u00e1n\u00edm n\u00e1kup\u016f\/prodej\u016f pak bylo prov\u00e1d\u011bno okam\u017eit\u00fdm hedge n\u00e1kupem\/prodejem opa\u010dn\u00e9 op\u010dn\u00ed pozice v\u00a0t\u00e9\u017ee expiraci a po\u0159\u00edzen\u00edm\/prodejem podkladov\u00e9ho aktiva. V\u00a0z\u00e1v\u011bru \u010dl\u00e1nku jsem sl\u00edbil, \u017ee uk\u00e1\u017eu, jak takov\u00e9 jednoduch\u00e9 principy funguj\u00ed u op\u010dn\u00edch kontrakt\u016f s\u00a0r\u016fznou expirac\u00ed<\/strong>. Takovou uk\u00e1zkou je pak vlastn\u00ed pr\u00e1ce s\u00a0Time Spready, je koneckonc\u016f bli\u017e\u0161\u00ed realit\u011b, kumulace opc\u00ed na r\u016fzn\u00fdch strike a v\u00a0r\u016fzn\u00fdch expirac\u00edch je pravd\u011bpodobn\u011bj\u0161\u00ed ne\u017e pohybov\u00e1n\u00ed se pouze v\u00a0r\u00e1mci jedin\u00e9 expirace.<\/span><\/p>\n

\u00a0\u00a0\u00a0 Na trhy podkladov\u00e9 akcie, nap\u0159\u00edklad AAPL, kde tvo\u0159\u00edm trh jako Market Maker, sm\u011b\u0159uje zna\u010dn\u00e9 mno\u017estv\u00ed r\u016fzn\u00fdch objedn\u00e1vek r\u016fzn\u00fdch obchodn\u00edk\u016f s\u00a0po\u017eadavky na n\u00e1kupy a prodeje opc\u00ed ve v\u0161ech mo\u017en\u00fdch expirac\u00edch. Mus\u00edm se sna\u017eit je vyplnit a tak\u00e9 se n\u00e1le\u017eit\u011b zajistit, aby m\u011b nahromad\u011bn\u00e9 obchody nezruinovaly. Budu op\u011bt vych\u00e1zet z\u00a0princip\u016f zaji\u0161\u0165ov\u00e1n\u00ed opcemi a akciemi jako v\u00a0p\u0159\u00edpad\u011b Conversion a Reversal.<\/span><\/p>\n

\u00a0\u00a0 Na dvou n\u00ed\u017ee uveden\u00fdch obr\u00e1zc\u00edch jsou vid\u011bt aktu\u00e1ln\u00ed op\u010dn\u00ed \u0159et\u011bzce akci\u00ed AAPL. Jeden op\u010dn\u00ed<\/strong> \u0159et\u011bzec<\/strong> zobrazuje ceny opc\u00ed s\u00a0expirac\u00ed za 26 dn\u016f<\/strong> a druh\u00fd op\u010dn\u00ed \u0159et\u011bzec<\/strong> ceny opc\u00ed s\u00a0expirac\u00ed za 40 dn\u016f<\/strong>. Akcie AAPL<\/strong> se obchoduje za Ask = 143.82 USD<\/strong> a Bid = 143.76 USD<\/strong>. Toto jsou v\u00fdchoz\u00ed p\u0159edpoklady. Na monitoru vid\u00edm, \u017ee se mi objevuj\u00ed k\u00a0vypln\u011bn\u00ed dva p\u0159\u00edkazy dvou obchodn\u00edk\u016f s\u00a0t\u00edm, \u017ee ka\u017ed\u00fd po\u017eaduje pln\u011bn\u00ed jin\u00e9 opce a v\u00a0jin\u00e9 expiraci. \u0158\u00edkejme jim op\u011bt Viktor a Tom\u00e1\u0161. Viktor po\u017eaduje n\u00e1kup Long Call 143 s expirac\u00ed za 26 dn\u016f<\/strong> a Tom\u00e1\u0161 po\u017eaduje prodej Short Call 143 ale s expirac\u00ed za 40 dn\u016f<\/strong>. Ka\u017edou objedn\u00e1vku vypln\u00edm a provedu zaji\u0161t\u011bn\u00ed pomoc\u00ed dal\u0161\u00edch opc\u00ed a k\u00a0takov\u00fdm pozic\u00edm koup\u00edm nebo prod\u00e1m p\u0159\u00edslu\u0161n\u00e9 akcie. Jak jsem postupoval je vid\u011bt pod jednotliv\u00fdmi \u010d\u00edsly ozna\u010duj\u00edc\u00ed postupn\u00e9 kroky obchod\u016f.<\/span><\/p>\n

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\u00a0 Viktorova objedn\u00e1vka na Long Call 143 s\u00a0expirac\u00ed za 26 dn\u016f<\/strong><\/span><\/h4>\n

\u00a0 \u00a01.<\/span><\/strong> Prodal jsem Viktorovi Long Call 143 za +340 USD, Viktor je Long Call 143. M\u00e1 pozice je Short Call 143 a tr\u017eba +340 USD. 2.<\/strong><\/span> Zajistil jsem se koupen\u00edm Long Put 143 se stejnou expirac\u00ed a na tuto transakci jsem vynalo\u017eil -309 USD (koupil jsem h\u016f\u0159e jak za Mid). 3.<\/strong><\/span> Sou\u010dasn\u011b jsem nakoupil za Ask 143,82 USD 100 x Long akcie AAPL a za tuto transakci jsem zaplatil -14.382,- USD. \u00a0Vytvo\u0159il jsem Conversion pomoc\u00ed akci\u00ed a opc\u00ed s touto bli\u017e\u0161\u00ed expiraci. Celkem jsou m\u00e9 n\u00e1klady<\/strong> +340 USD (Short Call 143) \u2013 14.382 USD (akcie) \u2013 309 (Long Put 143) = -14.351 USD.<\/strong><\/span><\/p>\n

\u00a0\u00a0 Tom\u00e1\u0161ova objedn\u00e1vka na Short Call 143 s\u00a0expirac\u00ed za 40 dn\u016f<\/strong><\/span><\/h4>\n

. 4.<\/strong> <\/span>Otev\u0159el jsem Tom\u00e1\u0161ovi Short Call 143 za -340 USD, Tom\u00e1\u0161 je Short Call 143. M\u00e1 pozice je Long Call 143 a vynalo\u017eil jsem na ni -365 USD. 5<\/span><\/strong>. Zajistil jsem se vyps\u00e1n\u00edm Short Put 143 s\u00a0expirac\u00ed za 40 dn\u016f a za tento v\u00fdpis jsem obdr\u017eel +347 USD (prodal jsem h\u016f\u0159e jak za Mid). 6.<\/strong><\/span> Sou\u010dasn\u011b jsem prodal za Bid = 143,76 USD 100 x Short akcie AAPL a za tuto transakci jsem obdr\u017eel +14.376 USD. Vytvo\u0159il jsem Reversal pomoc\u00ed akci\u00ed a opc\u00ed s touto vzd\u00e1len\u011bj\u0161\u00ed expirac\u00ed. Celkem jsem utr\u017eil -365 USD (Long Put 143) + 14.376 USD (akcie) + 347 (Short Call 143) = +14.358 USD<\/strong>.<\/span><\/p>\n

\u00a0 \u00a0M\u00e1m nyn\u00ed na sv\u00e9m \u00fa\u010dtu tuto komplexn\u00ed pozici:<\/span><\/p>\n

Short Call 143 (26 dn\u016f)\u00a0\u00a0\u00a0\u00a0 100 x Long akcie AAPL<\/span>\u00a0\u00a0\u00a0\u00a0 Long Put 143 (26 dn\u016f)<\/span><\/strong><\/p>\n

Long Call 143 (40 dn\u016f)\u00a0\u00a0\u00a0\u00a0 100 x Short akcie AAPL<\/span>\u00a0\u00a0\u00a0\u00a0 Short Put 143 (40 dn\u016f)\u00a0\u00a0\u00a0\u00a0<\/span><\/strong><\/p>\n

\u00a0\u00a0 M\u00e9 akciov\u00e9 pozice Long a Short se vz\u00e1jemn\u011b vyru\u0161\u00ed a z\u016fstanou mi pouze opce v\u00a0obou expirac\u00edch. Za celou pozici v\u00a0prvn\u00edm \u0159\u00e1dku jsem zaplatil -14.351 USD<\/strong> a za celou pozici v\u00a0druh\u00e9m \u0159\u00e1dku jsem utr\u017eil +14.358 USD<\/strong>. M\u00e9 \u010dist\u00e9 n\u00e1klady na takovou slo\u017eenou pozici jsou +7 USD<\/strong><\/span>. P\u0159esto\u017ee jsou m\u00e9 pozice sm\u011bsic\u00ed kontrakt\u016f v\u00a0r\u016fzn\u00fdch expirac\u00edch, mohu sm\u011ble prohl\u00e1sit, \u017ee tyto pen\u00edze (+7 USD) mi ji\u017e nikdo nevezme. Jak je to mo\u017en\u00e9?<\/span><\/p>\n

\u00a0\u00a0 Na takovou zbytkovou pozici se mohu pod\u00edvat ze t\u0159\u00ed z\u00e1kladn\u00edch perspektiv:<\/span><\/p>\n

Short Call 143 (26 dn\u016f) \u00a0 \u00a0 Long Put 143 (26 dn\u016f)<\/span><\/strong><\/p>\n

Long Call 143 (40 dn\u016f) \u00a0 \u00a0 Short Put 143 (40 dn\u016f)\u00a0\u00a0\u00a0\u00a0<\/span><\/strong><\/p>\n

\u00a0 \u00a01\/ Horizont\u00e1ln\u011b<\/span><\/strong>. Short Call 143 s\u00a0expirac\u00ed za 26 dn\u016f a Long Call s\u00a0expirac\u00ed za 40 dn\u016f je klasick\u00fd Time Spread<\/strong>.\u00a0 Long Put 143 s\u00a0expirac\u00ed za 26 dn\u016f a Short Put s\u00a0expirac\u00ed za 40 dn\u016f je klasick\u00fd reverzn\u00ed Time Spread<\/strong>.<\/span><\/p>\n

\u00a0 \u00a02\/ Vertik\u00e1ln\u011b<\/span><\/strong>. V\u00a0prvn\u00edm \u0159\u00e1dku<\/strong> mi z\u016fstala Short Call 143 a Long Put 143, ob\u011b opce s\u00a0expirac\u00ed za 26 dn\u016f. Toto je pozice Syntetic Short akcie<\/strong>, tato pozice bude chovat identicky jako Short akcie. V\u00a0druh\u00e9m \u0159\u00e1dku<\/strong> mi z\u016fstala Long Call 143 a Short Put 143, ob\u011b opce s\u00a0expirac\u00ed za 40 dn\u016f p\u0159edstavuj\u00ed pozici Syntetic Long akcie<\/strong>, tato pozice bude chovat identicky jako Long akcie. Op\u011bt tedy simuluji sou\u010dasn\u00fd n\u00e1kup a prodej akci\u00ed pomoc\u00ed opc\u00ed. Proto\u017ee jsou v\u0161echny opce na stejn\u00fd strike, tak jsem tyto syntetick\u00e9 akcie koupil a prodal z\u00e1rove\u0148 a z\u016fstalo mi +7 USD.<\/span><\/p>\n

\u00a0 \u00a03\/ Kombinovan\u011b<\/span><\/strong>. Short Call 143 s\u00a0expirac\u00ed za 26 dn\u016f a Short Put s\u00a0expirac\u00ed za 40 dn\u016f je Short Straddle<\/strong> a Long Put 143 s\u00a0expirac\u00ed za 26 dn\u016f a Long Call s\u00a0expirac\u00ed za 40 dn\u016f je Long Straddle<\/strong>, oba Straddle maj\u00ed sv\u00e9 nohy v\u00a0jin\u00fdch expirac\u00edch<\/strong>. Vyps\u00e1n\u00edm takov\u00e9ho Short Straddle jsem z\u00edskal v\u00edce pen\u011bz, ne\u017e kolik jsem vynalo\u017eil na koupen\u00ed Long Straddle (+7 USD). Tyto pen\u00edze mi ji\u017e nikdo nevezme<\/span><\/p>\n

\u00a0\u00a0 Pro\u010d mi nikdo m\u00e9 pen\u00edze nevezme? A\u0165 to toti\u017e dopadne jakkoliv, Short Call 143 a Long Put 143, ob\u011b opce s\u00a0expirac\u00ed za 26 dn\u016f, povedou v\u017edy k\u00a0z\u00edsk\u00e1n\u00ed 100 x Short akci\u00ed AAPL<\/strong> p\u0159i expiraci op\u010dn\u00edch kontrakt\u016f s bli\u017e\u0161\u00ed expirac\u00ed. Jak je to mo\u017en\u00e9?<\/span><\/p>\n

\u00a0 \u00a01\/ Pokud se bude AAPL p\u0159i expiraci obchodovat nad 143 USD<\/span><\/strong>. Short Call 143 bude p\u0159i\u0159azena a j\u00e1 obdr\u017e\u00edm 100 x Short akcie AAPL za cenu strike 143 USD. Long Put 143 vypr\u0161\u00ed jako bezcenn\u00e1. K\u00a0m\u00fdm +7 USD p\u0159ibude tr\u017eba za prodej akci\u00ed za strike opc\u00ed, tedy + 14.300,- USD, celkov\u011b budu disponovat +14.307 USD<\/strong><\/span><\/p>\n

\u00a0 \u00a02\/ Pokud se bude AAPL p\u0159i expiraci obchodovat pod 143 USD<\/span><\/strong>. Long Put 143 bude exercised a j\u00e1 obdr\u017e\u00edm 100 x Short akcie AAPL za cenu strike 143 USD. Short Call 143 vypr\u0161\u00ed jako bezcenn\u00e1. K\u00a0m\u00fdm +7 USD p\u0159ibude tr\u017eba za prodej akci\u00ed za strike opc\u00ed, tedy + 14.300,- USD, celkov\u011b budu disponovat +14.307 USD<\/strong><\/span><\/p>\n

\u00a0\u00a0 Obdr\u017een\u00e9 100 x Short akcie a zbyl\u00e9 dv\u011b op\u010dn\u00ed pozice s\u00a0expirac\u00ed za 40 dn\u016f vytvo\u0159\u00ed n\u00e1sledn\u011b klasick\u00fd Reversal<\/strong>.<\/span><\/p>\n

Long Call 143 (40) + 100 x Short akcie AAPL + Short Put 143 (40)<\/strong><\/span><\/h4>\n

\u00a0\u00a0 P\u0159i expiraci opc\u00ed se vzd\u00e1len\u011bj\u0161\u00ed expirac\u00ed\u00a0cel\u00fd Reversal zmiz\u00ed<\/strong>. Bu\u010f bude opce Long Call 143 exercised<\/strong> nebo opce Short Put assigned<\/strong>. j\u00e1 v\u017edy obdr\u017e\u00edm 100 x Long akcie AAPL za cenu strike 143 USD. Ob\u011b akciov\u00e9 pozice se vyru\u0161\u00ed (dr\u017een\u00e9 Short a p\u0159ivolan\u00e9 Long). Z\u00a0m\u00e9 dosavadn\u00ed tr\u017eby ve v\u00fd\u0161i +14.307 USD bude -14.300 USD pou\u017eito na n\u00e1kup t\u011bchto 100 x Long akci\u00ed AAPL za cenu 143 USD\/kus. Ve v\u00fdsledku mi pak zbude profit +7 USD<\/strong><\/span>.<\/span><\/p>\n

\u00a0 Kombinace opc\u00ed na r\u016fzn\u00fdch strike disponuje stejn\u00fdmi cenov\u00fdmi proporcemi, jako opce v\u00a0op\u010dn\u00edch \u0159et\u011bzc\u00edch se stejnou expirac\u00ed. Takov\u00e9 proporce je zapot\u0159eb\u00ed si uv\u011bdomit, aby se obchodov\u00e1n\u00ed dr\u017eelo n\u011bjak\u00e9 skryt\u00e9 vnit\u0159n\u00ed logiky. Z\u00a0pohledu na takov\u00e9 op\u010dn\u00ed komplexn\u011bj\u0161\u00ed pozice pak vypl\u00fdv\u00e1 velmi jednoduch\u00e1 interpretace, kter\u00e1 je z\u00e1kladem v\u0161ech arbitr\u00e1\u017en\u00edch op\u010dn\u00edch strategi\u00ed. V\u00a0tomto p\u0159\u00edpad\u011b se dalo nap\u0159\u00edklad na vzniklou op\u010dn\u00ed pozici d\u00edvat jako na Short Straddle x Long Straddle<\/strong> s\u00a0opcemi na stejn\u00fdch strikes,<\/strong> ale v\u00a0jin\u00fdch expirac\u00edch<\/strong>. Pokud se poda\u0159\u00ed tyto opa\u010dn\u00e9 pozice stejn\u00e9ho typu po\u0159\u00eddit za kredit, nem\u016f\u017eeme ji\u017e na takov\u00e9 pozici prod\u011blat a m\u016f\u017eeme ji ponechat sv\u00e9mu osudu. Stejn\u011b tak v\u00a0p\u0159\u00edpad\u011b pozice Box popisovan\u00e9 v \u010dl\u00e1nku Conversion + Reversal = Box<\/strong><\/a><\/span> m\u016f\u017eeme na tuto pozici nahl\u00ed\u017eet jako na Short Strangle<\/strong> x Long Strangle<\/strong> s\u00a0opcemi na r\u016fzn\u00fdch strikes<\/strong> se stejnou expirac\u00ed<\/strong>\u00a0a op\u011bt plat\u00ed, \u017ee kdy\u017e se poda\u0159\u00ed tyto opa\u010dn\u00e9 pozice stejn\u00e9ho typu po\u0159\u00eddit za kredit, nem\u016f\u017eeme ji\u017e na takov\u00e9 pozici prod\u011blat a op\u011bt je m\u016f\u017eeme ponechat sv\u00e9mu osudu a tento kredit n\u00e1m ji\u017e nikdo nevezme.<\/span><\/p>\n

\u00a0\u00a0 Vstupovat p\u0159\u00edmo do takov\u00fdch slo\u017eit\u011bj\u0161\u00edch pozic p\u0159\u00edmo nen\u00ed mo\u017en\u00e9 tak, aby byly okam\u017eit\u011b profitabiln\u00ed. Na trhu se nic nenab\u00edz\u00ed zadarmo. Takov\u00e9 slo\u017eit\u011bj\u0161\u00ed pozice se ale mohou st\u00e1t kone\u010dnou op\u010dn\u00ed konstelac\u00ed postupn\u00fdch obchod\u016f, kter\u00e9 t\u011b\u017e\u00ed ze v\u0161ech mo\u017en\u00fdch vlastnost\u00ed op\u010dn\u00edch kontrakt\u016f, zejm\u00e9na z n\u00e1r\u016fst\u016f a p\u00e1d\u016f volatility, rozpadu \u010dasov\u00e9 slo\u017eky obsa\u017een\u00e9 v op\u010dn\u00ed cen\u011b, pohybu podklad\u016f\u2026.:c)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 \u00a0Time Spread, Horizontal Spread nebo Calendar Spread (\u010deskou hant\u00fdrkou asi \u201ekalend\u00e1\u0159\u201c) spo\u010d\u00edv\u00e1 v po\u0159izov\u00e1n\u00ed r\u016fzn\u00fdch op\u010dn\u00edch kontrakt\u016f v\u00a0r\u016fzn\u00fdch expirac\u00edch. O t\u011bchto Time Spreadech jsou pops\u00e1ny tuny pap\u00edr\u016f, bylo vyd\u00e1no spoustu knih a lze se o jejich z\u00e1kladn\u00edch vlastnostech do\u010d\u00edst na spoust\u011b voln\u011b dostupn\u00fdch webov\u00fdch str\u00e1nk\u00e1ch. Jejich vyu\u017eit\u00ed, stavba, vstupy Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":297,"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":[23,24,22,25,21],"class_list":["post-294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opcni-kombinace","tag-backwardation","tag-calendar-spread","tag-contango","tag-horizontal-spread","tag-time-spread"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/time2.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-4K","jetpack-related-posts":[{"id":783,"url":"https:\/\/dobretrejdy.com\/?p=783","url_meta":{"origin":294,"position":0},"title":"Earnings – VI.","author":"dobretrejdy :c)","date":"17.9.2017","format":false,"excerpt":"\u00a0 Zlat\u00e1 fyzika. Pokud pojedu z\u00a0Prahy do Brna a v\u00edm, \u017ee je to 200 km, tak pokud pojedu stovkou, budu tam za dv\u011b hodiny. K\u00a0tomu sta\u010d\u00ed pr\u016fm\u011brn\u00e9mu fyzikovi jednoduch\u00fd vzorec o vztahu rychlosti a vzd\u00e1lenosti mezi dv\u011bma pevn\u00fdmi body trasy. Pokud bych si, jako fyzik, takovou cestovatelskou ud\u00e1lost cht\u011bl modelovat,\u2026","rel":"","context":"V \u201eVolatilita\u201c","block_context":{"text":"Volatilita","link":"https:\/\/dobretrejdy.com\/?cat=35"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/09\/E-6.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/09\/E-6.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/09\/E-6.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":1148,"url":"https:\/\/dobretrejdy.com\/?p=1148","url_meta":{"origin":294,"position":1},"title":"VX Futures – \u010dasov\u00e1 struktura","author":"dobretrejdy :c)","date":"5.12.2017","format":false,"excerpt":"\u00a0\u00a0 Porozum\u011bn\u00ed obchodov\u00e1n\u00ed s\u00a0VX futures (...a obecn\u011b s\u00a0deriv\u00e1ty volatility od t\u011bchto futures odvozen\u00fdch) vy\u017eaduje vypozorov\u00e1n\u00ed z\u00e1kladn\u00edch vlastnost\u00ed tzv. \u201eterm structure\u201c, tedy \u010dasov\u00e9 struktury ceny t\u011bchto VX futures kontrakt\u016f. Nazna\u010doval jsem ji\u017e v\u00a0\u010dl\u00e1nku o VX Futures , \u017ee \u010dasov\u00e1 struktura jednotliv\u00fdch VX futures kontrakt\u016f je p\u0159\u00edmo z\u00e1visl\u00e1 na m\u00ed\u0159e nejistoty na\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\/2017\/12\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/12\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/12\/main.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":308,"url":"https:\/\/dobretrejdy.com\/?p=308","url_meta":{"origin":294,"position":2},"title":"Delta","author":"dobretrejdy :c)","date":"4.5.2017","format":false,"excerpt":"\u00a0 \u00a0Delta je rozd\u00edl. Delta Praha \u2013 Brno je 200 (kilometr\u016f), o tom ale \u010dl\u00e1nek nebude. Bude to o Delta op\u010dn\u00edch kontrakt\u016f. Porozum\u011bn\u00ed Delta je jednou ze z\u00e1kladn\u00edch dovednost\u00ed, kterou by m\u011bl disponovat ka\u017ed\u00fd op\u010dn\u00ed trader. Toto jednoduch\u00e9 \u0159eck\u00e9 p\u00edsmeno ozna\u010duje m\u00edru z\u00e1vislosti ceny opce na pohybu podkladov\u00e9ho aktiva. Vyjdu\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed z\u00e1klady\u201c","block_context":{"text":"Op\u010dn\u00ed z\u00e1klady","link":"https:\/\/dobretrejdy.com\/?cat=2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/Delta.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/Delta.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/Delta.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/Delta.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":574,"url":"https:\/\/dobretrejdy.com\/?p=574","url_meta":{"origin":294,"position":3},"title":"Vega","author":"dobretrejdy :c)","date":"2.7.2017","format":false,"excerpt":"\u00a0\u201e\u2026 p\u0159esto\u017ee se v\u017eilo, \u017ee popis faktor\u016f p\u016fsob\u00edc\u00edch na tvorbu op\u010dn\u00ed ceny jsme zvykl\u00ed ozna\u010dovat \u0159eck\u00fdmi p\u00edsmeny Delta, Gamma, Th\u00e9ta, Rho, Vega, tak mus\u00edm podotknout, \u017ee Vega nen\u00ed p\u00edsmenem \u0159eck\u00e9 abecedy\u2026\u201c, v\u00a0tomto smyslu v\u011bt\u0161inou b\u00fdvaj\u00ed uv\u00e1d\u011bny \u010dl\u00e1nky o \"Vega\" zab\u00fdvaj\u00edc\u00ed se vlivem zm\u011bny Implied Volatility na cenu op\u010dn\u00edho kontraktu, z\u0159ejm\u011b\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed z\u00e1klady\u201c","block_context":{"text":"Op\u010dn\u00ed z\u00e1klady","link":"https:\/\/dobretrejdy.com\/?cat=2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/07\/30.06.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/07\/30.06.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/07\/30.06.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/07\/30.06.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":3237,"url":"https:\/\/dobretrejdy.com\/?p=3237","url_meta":{"origin":294,"position":4},"title":"Delta Neutral – VII.","author":"dobretrejdy :c)","date":"12.5.2019","format":false,"excerpt":"\u00a0 \u00a0Super Mario, sk\u00e1kaj\u00edc\u00ed chl\u00e1pek z\u00a0nesmrteln\u00e9 plo\u0161inovky, je doposud pravd\u011bpodobn\u011b m\u00fdm nejv\u011bt\u0161\u00edm proniknut\u00edm do sv\u011bta po\u010d\u00edta\u010dov\u00fdch her :c). The Sims, Need For Speed nebo FIFA m\u011b nijak nezas\u00e1hly, p\u0159esto m\u00e1m pov\u011bdom\u00ed, \u017ee se jedn\u00e1 z\u00a0komer\u010dn\u00edho pohledu o miliardov\u00fd byznys a tv\u016frci t\u011bchto sv\u011btov\u00fdch hern\u00edch trh\u00e1k\u016f na tom pravd\u011bpodobn\u011b nejsou nejh\u016f\u0159e.\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed kombinace\u201c","block_context":{"text":"Op\u010dn\u00ed kombinace","link":"https:\/\/dobretrejdy.com\/?cat=4"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/05\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/05\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/05\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2019\/05\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":551,"url":"https:\/\/dobretrejdy.com\/?p=551","url_meta":{"origin":294,"position":5},"title":"Th\u00e9ta","author":"dobretrejdy :c)","date":"25.6.2017","format":false,"excerpt":"\u00a0 Nev\u00edm, jestli Th\u00e9ta Kaz\u00ed Libu\u0161i, proto\u017ee nejsem vojvoda Krok, ale proto\u017ee jsem op\u010dn\u00ed obchodn\u00edk, tak v\u00edm, jak\u00a0Th\u00e9ta m\u016f\u017ee zkazit i velmi dobrou op\u010dn\u00ed pozici. V\u00a0p\u0159edch\u00e1zej\u00edc\u00edch \u010dl\u00e1nc\u00edch jsem ji\u017e popisoval, jak se m\u011bn\u00ed cena op\u010dn\u00edho kontraktu v\u00a0souvislost\u00ed s\u00a0pohybem podkladov\u00e9ho aktiva a jak tuto z\u00e1vislost zachycujeme pomoc\u00ed \u0159eck\u00e9ho p\u00edsmene Delta. V\u00a0n\u00e1vaznosti\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed z\u00e1klady\u201c","block_context":{"text":"Op\u010dn\u00ed z\u00e1klady","link":"https:\/\/dobretrejdy.com\/?cat=2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/theta.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/theta.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/theta.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/theta.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/294","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=294"}],"version-history":[{"count":10,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/294\/revisions"}],"predecessor-version":[{"id":1421,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/294\/revisions\/1421"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/297"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}