{"id":30,"date":"2017-03-29T10:58:16","date_gmt":"2017-03-29T10:58:16","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=30"},"modified":"2024-10-26T08:57:01","modified_gmt":"2024-10-26T06:57:01","slug":"exercise-uplatneni-opci","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=30","title":{"rendered":"Exercise (uplatn\u011bn\u00ed) opc\u00ed"},"content":{"rendered":"

\u00a0 \u00a0Exercise (uplatn\u011bn\u00ed) op\u010dn\u00edho kontraktu je nejmocn\u011bj\u0161\u00ed n\u00e1stroj vlo\u017een\u00fd do rukou dr\u017eitele opce a tvo\u0159\u00ed z\u00e1kladn\u00ed v\u00fdbavu obchodn\u00edho arsen\u00e1lu prot\u0159el\u00e9ho op\u010dn\u00edho obchodn\u00edka. Je neuv\u011b\u0159iteln\u00e9, jak m\u00e1lo je b\u011b\u017en\u00fdmi op\u010dn\u00edmi tradery Exercise vyu\u017e\u00edv\u00e1no a jak mal\u00e9 je pov\u011bdom\u00ed o jeho principu.\u00a0Exercise je pr\u00e1vo dr\u017eitele Long opce<\/strong>\u00a0americk\u00e9ho typu (Call nebo Put)\u00a0kdykoliv za dobu trv\u00e1n\u00ed op\u010dn\u00edho kontraktu nakoupit nebo prodat podkladov\u00e9 aktivum<\/strong>\u00a0(akcie, futures…)\u00a0za cenu strike<\/strong>\u00a0dr\u017een\u00e9ho kontraktu. Exercise je tedy neodejmuteln\u00e9 pr\u00e1vo, m\u016f\u017eeme jej kdykoliv vyu\u017e\u00edt a nikdo n\u00e1m v n\u011bm nem\u016f\u017ee br\u00e1nit. Proto\u017ee n\u00e1m z dr\u017een\u00e9ho op\u010dn\u00edho toto pr\u00e1vo vypl\u00fdv\u00e1 a sv\u011bd\u010d\u00ed,\u00a0mus\u00ed b\u00fdt na druh\u00e9 stran\u011b n\u011bkdo, kdo m\u00e1 opa\u010dnou povinnost<\/strong>\u00a0a tuto mus\u00ed strp\u011bt – takovou povinnost a nutnost strp\u011bt uplatn\u011bn\u00ed pr\u00e1va prov\u00e9st Exercise dr\u017eitel\u016f opc\u00ed jsou vypisovatel\u00e9 odpov\u00eddaj\u00edc\u00edch op\u010dn\u00edch kontrakt\u016f na odpov\u00eddaj\u00edch strikes a s odpov\u00eddaj\u00edc\u00ed expirac\u00ed (tedy ti co maj\u00ed Short Call nebo Short Put op\u010dn\u00ed kontrakty). Povinnost strp\u011bt Exercise op\u010dn\u00edho kontraktu se naz\u00fdv\u00e1 Assignment (p\u0159i\u0159azen\u00ed) a je to ud\u00e1lost, kter\u00e1 tak m\u016f\u017ee postihnou jenom ty, kte\u0159\u00ed opce vypsali. Jak to ale vlastn\u011b prob\u00edh\u00e1 prakticky?<\/span><\/p>\n

\u00a0 \u00a0Pokyn Exercise zad\u00e1v\u00e1 b\u011b\u017en\u00fd op\u010dn\u00ed obchodn\u00edk ve sv\u00e9 op\u010dn\u00ed platform\u011b. Pokud tedy vlastn\u00edm opci Long Call AAPL na strike 210 a kliknu ve sv\u00e9 platform\u011b na tla\u010d\u00edtko „Exercise“, znamen\u00e1 to, \u017ee jsem uplatnil sv\u00e9 pr\u00e1vo dr\u017eitele op\u010dn\u00edho kontraktu a chci toto pr\u00e1vo (za kter\u00e9 jsem zaplatil jeho cenu – cenu opce p\u0159i jej\u00edm po\u0159\u00edzen\u00ed) „p\u0159etavit“ do dr\u017een\u00ed akci\u00ed (jak se to d\u011bl\u00e1 prakticky u Interactive Brokers je pops\u00e1no v tomto \u010dl\u00e1nku<\/a><\/strong><\/span>). Touto transakc\u00ed takto dr\u017eitel Long Call „p\u0159ivol\u00e1“ na sv\u016fj \u00fa\u010det 100 Long akci\u00ed AAPL za cenu 210 USD\/kus (hodnota strike opce). Transakce prob\u011bhne ve vte\u0159in\u011b, opce zmiz\u00ed a j\u00e1 vid\u00edm na sv\u00e9m \u00fa\u010dtu akcie AAPL za 210 USD\/kus. Kde se ale vzaly ony akcie? Kdo mi je vlastn\u011b dal?<\/span><\/p>\n

\u00a0 Pro zjednodu\u0161enou p\u0159edstavu. V minul\u00e9m \u010dl\u00e1nku jsem uvedl, \u017ee garantem pln\u011bn\u00ed op\u010dn\u00edch kontrakt\u016f na americk\u00e9 akcie je clearingov\u00e1 instituce\u00a0OCC (Option Clearing Corporation<\/strong><\/a>)<\/span>. Do t\u00e9to instituce se sb\u00edhaj\u00ed po\u00a0ka\u017edodenn\u00edm\u00a0ukon\u010den\u00ed obchodov\u00e1n\u00ed v\u0161echny op\u010dn\u00ed kontrakty a jsou tam vypo\u0159\u00e1d\u00e1v\u00e1ny. OCC m\u00e1 sv\u00e9 \u010dleny – brokery – kte\u0159\u00ed pro sv\u00e9 klienty, op\u010dn\u00ed obchodn\u00edky, zprost\u0159edkovali n\u00e1kupy a prodeje op\u010dn\u00edch kontrakt\u016f, m\u00e1 tedy p\u0159ehled, kter\u00fd broker eviduje jak\u00e9 zobchodovan\u00e9 op\u010dn\u00ed kontrakty. Kliknout na tla\u010d\u00edtko „Exercise“ m\u00e1m mo\u017enost ve sv\u00e9 platform\u011b do 16:30 americk\u00e9ho \u010dasu (EST). Broker doru\u010d\u00ed tento po\u017eadavek na Exercise do OCC. Tato instituce, v r\u00e1mci vypo\u0159\u00e1d\u00e1n\u00ed op\u010dn\u00edch kontrakt\u016f v\u00ed, kte\u0159\u00ed broke\u0159i na sv\u00fdch \u00fa\u010dtech eviduj\u00ed klienty s vypsan\u00fdmi Short Call op\u010dn\u00edmi kontrakty na akcie AAPL se strike 210. Podle n\u00e1hodn\u00e9ho algoritmu vybere mezi t\u011bmito jednoho z nich a tento provede vypln\u011bn\u00ed m\u00e9ho p\u0159\u00edkazu Exercise. Prakticky to znamen\u00e1, \u017ee tento n\u00e1hodn\u011b vybran\u00fd broker, jeho\u017e klient vypsal Short Call AAPL 210, tomuto sv\u00e9mu klientovi jeho Short Call zru\u0161\u00ed a vezme mu z \u00fa\u010dtu 100 akci\u00ed AAPL, kter\u00e9 jsou p\u0159edm\u011btem m\u00e9ho Exercise. Pokud je tento klient na \u00fa\u010dtu moment\u00e1ln\u011b nem\u00e1 (a v\u011bt\u0161ina \u010dist\u011b op\u010dn\u00edch obchodn\u00edk\u016f je opravdu nem\u00e1) otev\u0159e mu tento broker Short pozici na akci\u00ed AAPL. Shrnuto to znamen\u00e1, \u017ee j\u00e1 po Exercise m\u00e1m 100 x Long akci\u00ed AAPL a \u017e\u00e1dnou Long Call opci a ozna\u010den\u00fd klient, kter\u00fd m\u011bl Short Call opci m\u00e1 po m\u00e9m Exercise 100 x Short akci\u00ed AAPL a tak\u00e9 ji\u017e nyn\u00ed \u017e\u00e1dnou Short opci. Tento klient tak pro\u0161el procedurou Assignment (p\u0159i\u0159azen\u00ed). M\u011b akcie na \u00fa\u010det p\u0159ibyly a jemu z \u00fa\u010dtu zmizely, nikomu nic nechyb\u00ed. Proto\u017ee procedura Assignment prob\u00edh\u00e1 po uzav\u0159en\u00ed americk\u00fdch trh\u016f (pro n\u00e1s je noc), tak zpravidla v na\u0161ich rann\u00edch a\u017e dopoledn\u00edch hodin\u00e1ch se takto „p\u0159i\u0159azen\u00fd“ trader dozv\u00edd\u00e1, \u017ee mu byla opce p\u0159i\u0159azena a \u017ee se mu tedy na \u00fa\u010dtu objevuj\u00ed Short akcie AAPL (dost\u00e1v\u00e1 upozorn\u011bn\u00ed o t\u00e9to skute\u010dnosti – Notice of Assignment). Zjednodu\u0161en\u00fd princip t\u00e9to procedury pak vysv\u011btluje, pro\u010d j\u00e1 m\u00e1m po kliknut\u00ed na „Exercise“ tla\u010d\u00edtko sv\u00e9 akcie na \u00fa\u010dtu hned, kde\u017eto chud\u00e1k vypisovatel to zjist\u00ed a\u017e druh\u00fd den p\u0159ed otev\u0159en\u00edm trh\u016f. M\u016fj broker toti\u017e v\u00ed, \u017ee mu OCC garantuje vypln\u011bn\u00ed m\u00e9ho Exercise, proto m\u011b akcie na \u00fa\u010det p\u0159ip\u00ed\u0161e ihned, zjednodu\u0161n\u011b mi je dod\u00e1 z „vlastn\u00edch z\u00e1sob“. J\u00e1 jsem na\u0159\u00eddil Exercise jednoho m\u00e9ho kontraktu na strike 210, takov\u00fdch obchodn\u00edk\u016f jako jsem j\u00e1 jsou ale nap\u0159\u00edklad stovky, tak\u017ee existuj\u00ed tak\u00e9 stovky vypisovatel\u016f opc\u00ed na stejn\u00fd podklad a stejn\u00fd strike se stejnou expirac\u00ed, roztrou\u0161en\u00fdch po \u00fa\u010dtech jin\u00fdch broker\u016f, a nikdo z nich ve chv\u00edli m\u00e9ho Exercise nev\u00ed, kdo bude t\u00edm „\u010cern\u00fdm Petrem“, kter\u00fd bude OCC a sv\u00fdm brokerem vybr\u00e1n, aby uspokojil m\u016fj Exercise po\u017eadavek, toto toti\u017e prob\u00edh\u00e1 po zav\u0159en\u00ed trh\u016f, jak v\u00fd\u0161e uvedeno.\u00a0N\u00e1hodn\u00e9 procedury v\u00fdb\u011bru broker\u016f a jejich klient\u016f p\u0159i procesu Exercise op\u010dn\u00edch kontrakt\u016f budou p\u0159edm\u011btem dal\u0161\u00edch pojedn\u00e1n\u00ed spojen\u00fdch zejm\u00e9na s tzv. „dividendov\u00fdmi obchody“.<\/span><\/p>\n

\u00a0 \u00a0Pokud budu dr\u017eet sv\u00e9 opce\u00a0do expirace<\/strong>\u00a0a tyto budou p\u0159i t\u00e9to sv\u00e9 expiraci\u00a0alespo\u0148 1 cent ITM<\/strong>\u00a0(„v pen\u011bz\u00edch“), budu tzv.\u00a0automaticky Exercised<\/strong>, nemus\u00edm \u017e\u00e1dnou proceduru spou\u0161t\u011bt klik\u00e1n\u00edm na tla\u010d\u00edtko v platform\u011b, v\u0161echno za\u0159izuje OCC. Ve sv\u011btle p\u0159\u00edkladu s Long Call opc\u00ed na AAPL a strike 210 by to konkr\u00e9tn\u011b znamenalo, \u017ee pokud p\u0159i expiraci bude cena AAPL \u010dinit 210,01 USD, tedy jeden cent nad m\u00fdm strike, budu automaticky Exercised, OCC provede p\u0159\u00edslu\u0161nou proceduru b\u011bhem expira\u010dn\u00edho v\u00edkendu a j\u00e1 v pond\u011bl\u00ed uvid\u00edm na sv\u00e9m \u00fa\u010dtu p\u0159ivolan\u00e9 100x Long akcie.<\/span><\/p>\n

Pro\u010d bych m\u011bl prov\u00e1d\u011bt Exercise?<\/strong><\/span><\/h1>\n

\u00a0 P\u0159edev\u0161\u00edm by m\u011blo b\u00fdt jasn\u00e9, kdy Exercise ur\u010dit\u011b neprov\u00e1d\u011bt<\/strong>. Obecn\u011b lze \u0159\u00edct, \u017ee to bude tehdy, kdy\u017e bude moje Long Call OTM (\u201emimo pen\u00edze\u201c), tedy v p\u0159\u00edpad\u011b, \u017ee opce nem\u00e1 \u017e\u00e1dnou Vnit\u0159n\u00ed Hodnotu. Takov\u00fdm Exercise nic nez\u00edsk\u00e1m, ba naopak, zp\u016fsob\u00ed mi to pravd\u011bpodobn\u011b okam\u017eitou ztr\u00e1tu. V\u00a0situaci, kdy se AAPL obchoduje za 205 USD, m\u00e1m za -160 USD nakoupenou Long Call AAPL na strike 210. Pokud bych se rozhodl prov\u00e9st jej\u00ed Exercise, z\u00edsk\u00e1m na \u00fa\u010det 100 x akcie AAPL za po\u0159izovac\u00ed cenu, kterou je hodnota strike, tedy za 210 USD\/kus. Proto\u017ee se ale tato akcie na trhu moment\u00e1ln\u011b obchoduje za 205 USD, na ka\u017ed\u00e9 akcii bych ztratil 5 USD, celkov\u011b bych prod\u011bl\u00e1val -500 USD – po\u0159izovac\u00ed cena Long Call -160 USD, tak\u017ee celkem -660 USD. Toto by nebylo dobr\u00e9 obchodn\u00ed rozhodnut\u00ed, draze bych nakoupil a levn\u011b prodal. Kdy se to tedy hod\u00ed?<\/strong><\/span><\/p>\n

\u00a0 \u00a01\/<\/strong> Pokud je opce ITM<\/strong><\/span> (\u201ev pen\u011bz\u00edch\u201c), a to tak hluboce „v\u00a0pen\u011bz\u00edch“, kdy opce ji\u017e nem\u00e1 \u201e\u017e\u00e1dn\u00e9 Pr\u00e9mium\u201c a obchoduje se za paritu<\/strong><\/span>. V\u00a0tom p\u0159\u00edpad\u011b se cena takov\u00e9 opce pohybuje stejn\u011b jako jej\u00ed podklad a pokud chci z\u00a0op\u010dn\u00ed pozice vystoupit a ukon\u010dit \u00fasp\u011b\u0161n\u00fd obchod, tak proveden\u00edm Exercise z\u00edsk\u00e1m podklad, kter\u00fd si mohu ponechat nebo jej prodat na voln\u00e9m trhu a realizovat zisk.<\/span><\/p>\n

\u00a0 \u00a02\/<\/strong> Pokud chci vystoupit z\u00a0op\u010dn\u00edho obchodu nap\u0159\u00edklad na Long opci, kter\u00e1 je ji\u017e „v pen\u011bz\u00edch“ a chci co nejv\u00edce vyt\u011b\u017eit z\u00a0jej\u00edho prodeje<\/strong><\/span> a neztratit zbyte\u010dn\u00e9 pen\u00edze na Ask\/Bid spreadu. Uvedu jednoduch\u00fd p\u0159\u00edklad. 11.5.2018 jsem nabyl siln\u00e9ho p\u0159esv\u011bd\u010den\u00ed, \u017ee cena akcie MMM bude klesat, proto jsem tento sv\u016fj n\u00e1zor p\u0159enesl do po\u0159\u00edzen\u00ed Long Put opce. Pohledem do op\u010dn\u00edho \u0159et\u011bzce jsem mohl vyb\u00edrat z mnoha mo\u017enost\u00ed, m\u00e1 volba nakonec padla na ITM op\u010dn\u00ed kontrakt, jak je mo\u017en\u00e9 pozorovat na obr\u00e1zku.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 \u00a0P\u0159i cen\u011b MMM na \u00farovni 205.16 USD jsem si vybral\u00a0Long Put<\/strong>\u00a0na strike 210<\/strong> a za tuto opci jsem utratil -805 USD<\/strong>. Po\u0159\u00edzen\u00e1 opce m\u00e1 expiraci za 28 kalend\u00e1\u0159n\u00edch dn\u016f.\u00a0M\u016fj p\u0159edpoklad se vyplnil a cena opce za\u010dala opravdu klesat. Rozhodl jsem se, \u017ee pozici ukon\u010d\u00edm a realizuji sv\u016fj zisk. Pohledem na aktu\u00e1ln\u00ed rozlo\u017een\u00ed cen opc\u00ed a akci\u00ed mohu pozorovat na obr\u00e1zku n\u00ed\u017ee.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 \u00a0Z uveden\u00e9ho rozlo\u017een\u00ed ceny nen\u00ed pouh\u00fdm okem patrn\u00e9, pro\u010d bych se m\u011bl zab\u00fdvat „n\u011bjak\u00fdm Exercise“, kdy\u017e mohu opci prodat p\u0159\u00edmo na trhu. P\u0159i sou\u010dasn\u00e9 cen\u011b MMM na \u00farovni kolem 197 USD bych byl schopen dr\u017eenou Long Put opci na strike 210 prodat za jej\u00ed prodejn\u00ed cenu (Bid) +1.235 USD, ozna\u010deno v obr\u00e1zku b\u00edlou jedni\u010dkou<\/strong>, celkov\u00fd profit by pak byl -805 USD (po\u0159\u00edzen\u00ed opce) +1.235 USD (prodej opce) = celkem +430 USD <\/strong><\/span>profit.<\/span><\/p>\n

\u00a0\u00a0 Mohu ale postupovat jinak a efektivn\u011bji. Exercise Long Put opce obecn\u011b znamen\u00e1, \u017ee mohu prodat dr\u017een\u00e9 Long akcie za cenu strike m\u00e9 opce. Pokud je ji\u017e na sv\u00e9m \u00fa\u010dtu budu m\u00edt jproveden\u00edm Exercise se jich zbav\u00edm p\u0159esn\u011b za tuto strike cenu. Mohu tak vyu\u017e\u00edt z\u00e1kladn\u00edho pr\u00e1va dr\u017eitele Long Put opce, kdykoliv prodat za cenu strike, a\u0165 je cena akcie v danou chv\u00edli jak\u00e1koliv. Nemohu si nev\u0161imnout, \u017ee Ask\/Bid spread na opci je velmi \u0161irok\u00fd (b\u00edl\u00e1 jedni\u010dka), Put opci na strike 210 mohu prodat (Bid) za 1.235 USD a nakoupit (Ask) za 1.315 USD, to je velmi velk\u00fd rozd\u00edl, konkr\u00e9tn\u011b 80 USD. Pokud se ale zam\u011b\u0159\u00edm na Ask\/Bid spread na akci\u00edch je mnohem, ale opravdu mnohem men\u0161\u00ed ne\u017e je Ask\/Bid spread na opc\u00edch, podle obr\u00e1zku jenom pouh\u00e9 3 centy (Ask je 197.37 a Bid je 197.34), ozna\u010deno \u010dervenou dvojkou<\/strong>. Proto provedu n\u00e1sleduj\u00edc\u00ed transakci. Nakoup\u00edm Long 100x akcie <\/strong>MMM za cenu Ask <\/strong>podle obr\u00e1zku 197,37 USD <\/strong>a okam\u017eit\u011b provedu Exercise <\/strong>m\u00e9 Long Put 210\u00a0 opce<\/strong>. Co se stane a jak\u00fd bude v\u00fdsledek transakce? N\u00e1kupem 100 x Long akci\u00ed MMM za cenu 197,37 USD budu m\u00edt v\u00fddaj -19.737 USD, spolu s p\u016fvodn\u00edm n\u00e1kupem Long Put opce za -805 USD budu m\u00edt celkov\u00e9 n\u00e1klady -20.542 USD. Okam\u017eit\u011b na\u0159\u00edzenou Exrcise m\u00e9 Long Put 210 ale prod\u00e1m sv\u00fdch 100x Long akci\u00ed za cenu strike, tedy 210 USD\/kus a z t\u00e9to transakce budu m\u00edt v\u017edy p\u0159\u00edjem +21.000 USD. Zmiz\u00ed m\u00e1 opce, zmiz\u00ed v\u0161echny akcie, na \u00fa\u010dtu mi z\u016fstane rozd\u00edl cel\u00e9 transakce -20.542 USD n\u00e1klady a +21.000 ZSD tr\u017eba za prodan\u00e9 akcie, \u010dist\u00fd zisk je pak +458 USD<\/strong><\/span>, a to je o +28 USD<\/strong> v\u00edce, ne\u017e pouh\u00fdm prodejem vyd\u011bl\u00e1vaj\u00edc\u00ed opce, tedy o v\u00edce ne\u017e 6% lep\u0161\u00ed v\u00fdt\u011b\u017eek.<\/span><\/p>\n

\u00a0 \u00a03\/<\/strong> Pokud se za \u017eivota op\u010dn\u00edho kontraktu vypl\u00e1cej\u00ed dividendy na podkladov\u00e9 akcii<\/strong><\/span>. Mohu pou\u017e\u00edt obdobnou situaci s akciemi MMM, budu m\u00edt ale opa\u010dn\u00e1 o\u010dek\u00e1v\u00e1n\u00ed. 1.5.2018 jsem usoudil, \u017ee cena akcie MMM bude r\u016fst, proto jsem se rozhodl nakoupit Long Call opci, v\u00fdb\u011br strike a expirac\u00ed mohu vid\u011bt na obr\u00e1zku n\u00ed\u017ee. <\/span><\/p>\n

\"\"<\/p>\n

\u00a0 \u00a0Pro sv\u00e9 „pror\u016fstov\u00e9“ p\u0159esv\u011bd\u010den\u00ed jsem si vybral, p\u0159i cen\u011b akcie MMM na \u00farovni 195.02 USD, ITM Long Call na strike 190 s expirac\u00ed za 17 dn\u016f, za tuto opci jsem zaplatil -705 USD<\/strong>. Tento uptrend se potvrdila m\u00e1 Long call 190 za\u010dala vyd\u011bl\u00e1vat. Mohl jsem si vybrat ze \u0161k\u00e1ly r\u016fzn\u00fdch mo\u017enost\u00ed, jak z obchodu vystoupit a realizovat profit. Pohledem do obchodn\u00ed platformy zji\u0161\u0165uji, \u017ee 17.5.2018<\/strong> je tzv. Ex-Dividend Day<\/strong>, kter\u00fd znamen\u00e1, \u017ee pokud budu vlastnit na Open tohoto dne akcie MMM, obdr\u017e\u00edm Dividendu ve v\u00fd\u0161i 1.36 USD\/akcii, tedy +136 USD. Dividenda se zda\u0148uje 15% dan\u00ed, tak\u017ee \u010dist\u00fd p\u0159\u00edjem by byl +115.60 USD<\/strong>, a tento by nebylo \u0161patn\u00e9 z\u00edskat. Prov\u00e1d\u00edm proto kontrolu m\u00e9 Long Call 190 op\u010dn\u00ed pozice ve dni p\u0159edch\u00e1zej\u00edc\u00edm v\u00fdplat\u011b Dividendy, tj. 16.5.2018. Mohu pak pozorovat tuto situaci.<\/span><\/p>\n

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

\u00a0 \u00a0Mohu pozorovat, \u017ee v p\u0159edve\u010der Ex-Dividend Day bych svou nakoupenou Long Call opci na strike 190 mohl prodat za +960 USD (\u010derven\u00fd krou\u017eek), p\u0159i po\u0159izovac\u00ed cen\u011b opce ve v\u00fd\u0161i -705 USD bych tak realizoval profit +255 USD<\/strong>. V\u00fdplata Dividendy je v\u0161ak motivem proto, abych provedl jinou transakci. Na Close tohoto dne zad\u00e1v\u00e1m instrukci Exercise<\/strong> a z\u00edsk\u00e1v\u00e1m na sv\u016fj \u00fa\u010det 100x Long akci\u00ed MMM<\/strong> za po\u0159izovac\u00ed cenu strike, tedy za 190 USD\/kus a na tuto transakci vynakl\u00e1d\u00e1m -19.000 USD. M\u00e1m tedy, sou\u010dasn\u011b s po\u0159\u00edzen\u00edm Long call opce za -705 USD celkov\u00e9 n\u00e1klady -19.705 USD. Na Ex-Dividend Day m\u00e1m tedy p\u0159i Open Long akcie a jsem opr\u00e1vn\u011bn p\u0159ijmout \u010distou Dividendu ve v\u00fd\u0161i +115.60 USD<\/strong>. T\u00edmto uprav\u00edm sv\u00e9 n\u00e1klady na kone\u010dn\u00fdch -19.589,40 USD<\/strong>. T\u00edm je spln\u011bno v\u0161e pot\u0159ebn\u00e9 pro m\u00e9 \u00fa\u010dely a na Close Ex-Dividend Day se rozhoduji akcie prodat.\u00a0<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 Tento prodej akci\u00ed MMM by se mohl poda\u0159it za 200.36 USD, za tento prodej jsem utr\u017eil +20.036 USD<\/strong>. P\u0159i n\u00e1kladech -19.589.40 USD m\u00e1m \u010dist\u00fd zisk +446,60 USD<\/strong><\/span>. Tento profit je t\u00e9m\u011b\u0159 dvojn\u00e1sobn\u00fd oproti zisku vypl\u00fdvaj\u00edc\u00edho z pouh\u00e9ho prodeje opce. Prov\u00e1d\u011bn\u00ed operac\u00ed s\u00a0uplatn\u011bn\u00edm a p\u0159i\u0159azen\u00edm souvisej\u00edc\u00edm s\u00a0v\u00fdplatou dividendy se v\u011bnuji v minis\u00e9rii \u010dl\u00e1nk\u016f o obchodov\u00e1n\u00ed opc\u00ed a v\u00fdplat\u00e1ch Dividendy<\/strong><\/span><\/a>.<\/span><\/p>\n

\u00a0 \u00a0O tom, jak prov\u00e1d\u011bt Exercise prost\u0159ednictv\u00edm platformy TWS (Interactive Brokers) se m\u016f\u017eete do\u010d\u00edst v tomto \u010dl\u00e1nku<\/a>.<\/span><\/strong><\/p>\n

\n

\u00a0\u00a0 Ve v\u0161ech t\u011bchto p\u0159\u00edpadech, kdy provedu Exercise, je jeho d\u016fsledkem Assigment (p\u0159i\u0159azen\u00ed) n\u011bjak\u00e9ho vypisovatele op\u010dn\u00edho kontraktu na stejn\u00e9m strike a ve stejn\u00e9 expiraci. Pokud jste takov\u00fdm vypisovatelem opce a stali jste se \u201eob\u011bt\u00ed p\u0159i\u0159azen\u00ed\u201c a p\u0159ipad\u00e1 v\u00e1m nepochopiteln\u00e9, pro\u010d se tak stalo, mohlo to b\u00fdt pr\u00e1v\u011b z\u00a0n\u011bkter\u00e9ho z\u00a0v\u00fd\u0161e uveden\u00e9ho d\u016fvod\u016f. K anal\u00fdze d\u016fvod\u016f by pak mohlo poslou\u017eit objasn\u011bn\u00ed z\u00e1kladn\u00edch princip\u016f Exercise v tomto \u010dl\u00e1nku :c)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 \u00a0Exercise (uplatn\u011bn\u00ed) op\u010dn\u00edho kontraktu je nejmocn\u011bj\u0161\u00ed n\u00e1stroj vlo\u017een\u00fd do rukou dr\u017eitele opce a tvo\u0159\u00ed z\u00e1kladn\u00ed v\u00fdbavu obchodn\u00edho arsen\u00e1lu prot\u0159el\u00e9ho op\u010dn\u00edho obchodn\u00edka. Je neuv\u011b\u0159iteln\u00e9, jak m\u00e1lo je b\u011b\u017en\u00fdmi op\u010dn\u00edmi tradery Exercise vyu\u017e\u00edv\u00e1no a jak mal\u00e9 je pov\u011bdom\u00ed o jeho principu.\u00a0Exercise je pr\u00e1vo dr\u017eitele Long opce\u00a0americk\u00e9ho typu (Call nebo Put)\u00a0kdykoliv za Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":2092,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[2],"tags":[7,8],"class_list":["post-30","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opcni-zaklady","tag-exercise","tag-short-call"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/main-2.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-u","jetpack-related-posts":[{"id":27,"url":"https:\/\/dobretrejdy.com\/?p=27","url_meta":{"origin":30,"position":0},"title":"Z\u00e1kladn\u00ed op\u010dn\u00ed pojmy","author":"dobretrejdy :c)","date":"29.3.2017","format":false,"excerpt":"\u00a0 \u00a0Za\u010d\u00ednaj\u00edc\u00ed op\u010dn\u00ed trader mus\u00ed pochopit a zcela vst\u0159ebat z\u00e1kladn\u00ed pojmoslov\u00ed, definice a principy, kter\u00e9 jsou s takov\u00fdmi obchody spojeny. Pochopen\u00edm takov\u00fdch z\u00e1klad\u016f je absolutn\u00edm p\u0159edpokladem pro dal\u0161\u00ed \u00fasp\u011b\u0161n\u00fd v\u00fdvoj op\u010dn\u00edho obchodn\u00edka. Jak\u00fdm pojm\u016fm by m\u011bl tedy ka\u017ed\u00fd porozum\u011bt? Uvedu z\u00e1kladn\u00ed pojmy v jejich obecn\u00e9 definici, abych v budoucnu ka\u017ed\u00fd\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\/03\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":1686,"url":"https:\/\/dobretrejdy.com\/?p=1686","url_meta":{"origin":30,"position":1},"title":"Vnit\u0159n\u00ed hodnota a Pr\u00e9mium","author":"dobretrejdy :c)","date":"8.4.2018","format":false,"excerpt":"\u00a0\u00a0\u00a0 Homonymum \u201eSink Or Swim\u201c zn\u00ed t\u00e9m\u011b\u0159 stejn\u011b jako n\u00e1zev skv\u011bl\u00e9 op\u010dn\u00ed analytick\u00e9 platformy z\u00a0minul\u00e9ho \u010dl\u00e1nku a zcela p\u0159esn\u011b vystihuje dialektiku tradingu, bu\u010f se mi poda\u0159\u00ed na trz\u00edch plavat nebo na nich utonu. Nev\u00edm, jestli vyn\u00e1lezci n\u00e1zvu t\u00e9to aplikace m\u011bli na mysli pr\u00e1v\u011b tyto protikladn\u00e9 procesy p\u0159e\u017eit\u00ed, ale platforma thinkorswim\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed z\u00e1klady\u201c","block_context":{"text":"Op\u010dn\u00ed z\u00e1klady","link":"https:\/\/dobretrejdy.com\/?cat=2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":1081,"url":"https:\/\/dobretrejdy.com\/?p=1081","url_meta":{"origin":30,"position":2},"title":"Exercise (prakticky u IB)","author":"dobretrejdy :c)","date":"22.11.2017","format":false,"excerpt":"\u00a0 V\u00a0n\u011bkolika posledn\u00edch dnech jsem v n\u011bkolika odpov\u011bd\u00edch v koment\u00e1\u0159\u00edch n\u011bkolikr\u00e1t zm\u00ednil mo\u017enost (n\u011bkdy nutnost) vyvolat proces Exercise op\u010dn\u00edho kontraktu na z\u00e1klad\u011b vlastn\u00edho \u00fasudku a rozhodnut\u00ed. Obchoduji u Interactive Brokers a p\u0159edpokl\u00e1d\u00e1m, \u017ee valn\u00e1 v\u011bt\u0161ina op\u010dn\u00edch obchodn\u00edk\u016f vyu\u017e\u00edv\u00e1 tuto obchodn\u00ed platformu nebo jej\u00ed mutace, proto bych cht\u011bl v\u00a0tomto \u010dl\u00e1nku uk\u00e1zat,\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed z\u00e1klady\u201c","block_context":{"text":"Op\u010dn\u00ed z\u00e1klady","link":"https:\/\/dobretrejdy.com\/?cat=2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-5.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-5.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-5.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-5.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":1790,"url":"https:\/\/dobretrejdy.com\/?p=1790","url_meta":{"origin":30,"position":3},"title":"Long Put","author":"dobretrejdy :c)","date":"28.4.2018","format":false,"excerpt":"\u00a0\u00a0 Nakoupen\u00ed Long Put op\u010dn\u00edho kontraktu b\u00fdv\u00e1 v\u011bt\u0161inou spojeno s p\u0159edstavou, \u017ee tvo\u0159\u00edm s\u00e1zku na pokles trh\u016f podkladov\u00e9ho aktiva a tento pokles zp\u016fsob\u00ed, \u017ee na nakoupen\u00e9 Long Put opci vyd\u011bl\u00e1m. Je to samoz\u0159ejm\u011b pravda, pokud je pokles ceny podkladu takov\u00fd, \u017ee aktu\u00e1ln\u00ed cena Long Put opce je vy\u0161\u0161\u00ed ne\u017e hodnota\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed z\u00e1klady\u201c","block_context":{"text":"Op\u010dn\u00ed z\u00e1klady","link":"https:\/\/dobretrejdy.com\/?cat=2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main-1.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":1726,"url":"https:\/\/dobretrejdy.com\/?p=1726","url_meta":{"origin":30,"position":4},"title":"Z\u00e1kladn\u00ed mechanika op\u010dn\u00edch obchod\u016f","author":"dobretrejdy :c)","date":"16.4.2018","format":false,"excerpt":"\u00a0\u00a0 Pohledem na op\u010dn\u00ed \u0159et\u011bzec a mo\u017enosti obchodovat op\u010dn\u00ed kontrakty Call i Put na libovoln\u00fd strike (ITM, ATM a OTM), nav\u00edc v\u00a0obou mo\u017enostech op\u010dn\u00ed kontrakt nakoupit i prodat, popsan\u00fdch v\u00a0minul\u00e9m \u010dl\u00e1nku, pak nele\u017e\u00ed z\u00e1kladn\u00ed principy op\u010dn\u00edch obchod\u016f nikde jinde, ne\u017e v\u00a0cen\u00e1ch jednotliv\u00fdch op\u010dn\u00edch kontrakt\u016f na sv\u00fdch jednotliv\u00fdch strike a v\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed z\u00e1klady\u201c","block_context":{"text":"Op\u010dn\u00ed z\u00e1klady","link":"https:\/\/dobretrejdy.com\/?cat=2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/04\/main2.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":308,"url":"https:\/\/dobretrejdy.com\/?p=308","url_meta":{"origin":30,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/30","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=30"}],"version-history":[{"count":13,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/30\/revisions"}],"predecessor-version":[{"id":7348,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/30\/revisions\/7348"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/2092"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}