{"id":36,"date":"2017-03-29T11:05:37","date_gmt":"2017-03-29T11:05:37","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=36"},"modified":"2022-12-25T12:01:21","modified_gmt":"2022-12-25T10:01:21","slug":"long-call","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=36","title":{"rendered":"Long Call"},"content":{"rendered":"

\u00a0 \u00a0Jsem Long Call<\/strong>, jsem Long AAPL APR 07\u201917\u00a0140 CALL<\/strong>. Ne, nem\u00e1m dlouh\u00fd telefon\u00e1t z\u00a0m\u00e9ho ajf\u00f3nu, ale m\u00e1m koupen\u00fd \u201edlouh\u00fd\u201c op\u010dn\u00ed kontrakt na podkladov\u00e9 aktivum, kter\u00fdm je 100 akci\u00ed spole\u010dnosti AAPL se strikem 140 a s\u00a0expirac\u00ed tohoto op\u010dn\u00edho kontraktu dne 7. dubna 2017. M\u00e1m tedy na sv\u00e9m \u00fa\u010dtu otev\u0159enou nejtrivi\u00e1ln\u011bj\u0161\u00ed op\u010dn\u00ed pozici \u2013 Long Call opci. P\u0159esto\u017ee je toto nejjednodu\u0161\u0161\u00ed op\u010dn\u00ed kontrakt, kter\u00fd m\u016f\u017eu po\u0159\u00eddit a obchodovat, je s\u00a0podivem, kolik mo\u017enost\u00ed je s\u00a0jeho dr\u017een\u00edm spojeno a jak vlastn\u011b m\u016f\u017eeme s\u00a0cel\u00fdm, na pohled jednoduch\u00fdm, obchodem vlastn\u011b nalo\u017eit. Pokus\u00edm se to n\u011bjak shrnout do tohoto \u010dl\u00e1nku.<\/span><\/p>\n

\u00a0\u00a0 Po\u0159\u00edzen\u00edm tohoto op\u010dn\u00edho kontraktu jsem uzav\u0159el smlouvu se subjektem, kter\u00fd mi opci prodal, kdy\u017e podstatou smlouvy je, \u017ee jej m\u016f\u017eu kdykoliv za \u017eivota a dr\u017een\u00ed op\u010dn\u00edho kontraktu po\u017e\u00e1dat (jedn\u00e1 se toti\u017e o \u201eamerick\u00fd\u201c typ opce\u201c), aby mi na m\u016fj obchodn\u00ed \u00fa\u010det dodal 100 akci\u00ed AAPL za cenu strike m\u00e9 opce. Vypisovatel (prodejce) opce pak mus\u00ed tuto povinnost splnit a po\u017eadovan\u00e9 akcie na m\u016fj \u00fa\u010det dodat. Vyvol\u00e1n\u00ed tohoto m\u00e9ho po\u017eadavku (dr\u017eitele Long Call opce) spou\u0161t\u00edm zad\u00e1n\u00edm pokynu \u201eExercise\u201c v\u00a0m\u00e9 obchodn\u00ed platform\u011b a spln\u011bn\u00ed t\u00e9to povinnosti prodejcem Short Call opce je spln\u011bno procedurou \u201eAssignment\u201c. Ob\u011b procedury jsem popsal v\u00a0minul\u00fdch \u010dl\u00e1nc\u00edch. Slov\u00ed\u010dko \u201eCall\u201c pro dr\u017eitele Long Call opce pak m\u016f\u017eu jednodu\u0161e ch\u00e1pat jako \u201evol\u00e1n\u00ed po akci\u00edch AAPL\u201c, aby p\u0159ist\u00e1ly na m\u016fj obchodn\u00ed \u00fa\u010det podle uzav\u0159en\u00e9 smlouvy \u2013 nakoupen\u00e9ho Long Call op\u010dn\u00edho kontraktu.<\/span><\/p>\n

\u00a0\u00a0 Na po\u0159\u00edzen\u00ed op\u010dn\u00edho kontraktu Long Call mus\u00edm vynalo\u017eit n\u011bjak\u00e9 prost\u0159edky, kter\u00e9 reprezentuje tr\u017en\u00ed cenu opce. Tyto prost\u0159edky p\u0159ed\u00e1v\u00e1m (o\u010di\u0161t\u011bn\u00e9 o brokersk\u00e9 komise) vypisovateli opce, tedy subjektu, kter\u00fd mi mou opci prodal. Za uzav\u0159en\u00ed smlouvy o spln\u011bn\u00ed povinnosti mi dodat podklad za ur\u010ditou cenu tedy mus\u00edm zaplatit tomu, kdo bude povinen tuto povinnost splnit. T\u011bmto pen\u011bz\u016fm se \u0159\u00edk\u00e1 \u201epr\u00e9mium\u201c<\/strong>. Jako kupec op\u010dn\u00edho kontraktu pr\u00e9mium plat\u00edm, vypisovatel op\u010dn\u00edho kontraktu jej z\u00edsk\u00e1v\u00e1. Jako kupec op\u010dn\u00edho kontraktu se modl\u00edm<\/strong>, aby mi kontrakt vyd\u011blal tak, aby mi bylo zaplaceno cel\u00e9 vynalo\u017een\u00e9 pr\u00e9mium a je\u0161t\u011b n\u011bjak\u00fd zisk nav\u00edc<\/strong>, vypisovatel op\u010dn\u00edho kontraktu trne hr\u016fzou<\/strong>, aby se obchod vyv\u00edjel tak, \u017ee mu cel\u00e9 nebo alespo\u0148 \u010d\u00e1st pr\u00e9mia nakonec z\u016fstane<\/strong>. To je z\u00e1kladn\u00ed op\u010dn\u00ed dialektika, z\u00e1kladn\u00ed princip op\u010dn\u00edho obchodov\u00e1n\u00ed. Z\u00a0pohledu t\u00e9to jednoduch\u00e9 dialektiky pak vypl\u00fdv\u00e1, \u017ee pokud se cena akcie AAPL (p\u0159i po\u0159\u00edzen\u00ed opce se obchodovala za 140 USD) pohne do expirace sm\u011brem nahoru nad 140, budu moci na t\u00e9to pozici mo\u017en\u00e1 profitovat. Proto\u017ee m\u011b opce st\u00e1la 200 USD, mus\u00edm vyd\u011blat tolik, abych pokryl m\u00e9 vstupn\u00ed n\u00e1klady a toto bude v\u017edy v\u00a0p\u0159\u00edpad\u011b, kdy\u017e se AAPL bude obchodovat nejm\u00e9n\u011b za 142 USD (140 + 200\/100 = 142). Cena 142 USD p\u0159edstavuje Break Even m\u00e9 op\u010dn\u00ed pozice (BE). V\u00a0p\u0159\u00edpad\u011b, \u017ee se AAPL bude obchodovat za cenu mezi m\u00fdm strike (140) a v\u00fd\u0161e uvedenou cenou 142 USD (BE), nebudu na opci vyd\u011bl\u00e1vat, ale prod\u011bl\u00e1m. Z\u00a0m\u00e9m investice 200 USD mi bude \u201evr\u00e1ceno\u201c tolik, kolik \u010din\u00ed rozd\u00edl m\u00e9ho strike 140 USD a sou\u010dasnou cenou AAPL. Pokud ale bude cena AAPL pod cenou 140 USD, tedy pod cenou m\u00e9ho strike, prod\u011bl\u00e1m celou svou vstupn\u00ed investici 200 USD a opce vypr\u0161\u00ed jako bezcenn\u00e1.<\/span><\/p>\n

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

\u00a0\u00a0\u00a0 Jsem tedy dr\u017eitelem At-The-Money opce na akcie AAPL a bude m\u011b ale zaj\u00edmat, pro\u010d jsem si v\u016fbec takovou opci po\u0159\u00eddit a jestli jsem v\u00a0duchu sv\u00e9ho z\u00e1m\u011bru ud\u011blal dob\u0159e, \u017ee jsem si takovou ATM opci po\u0159\u00eddil. Taky bych cht\u011bl v\u011bd\u011bt, co d\u011blat, kdy\u017e se obchod vyv\u00edj\u00ed podle m\u00fdch o\u010dek\u00e1v\u00e1n\u00ed a za\u010d\u00edn\u00e1 vyd\u011bl\u00e1vat a tak\u00e9 jak se zachovat, kdy\u017e jde pozice \u201eproti mn\u011b\u201c a prod\u011bl\u00e1v\u00e1.<\/span><\/p>\n

\u00a0\u00a0 D\u016fvod\u016f, pro\u010d si kupovat (po\u0159izovat, dr\u017eet) Long Call opci na AAPL aktivum je spousta, uvedu n\u011bkter\u00e9 z\u00a0nich:<\/span><\/p>\n

\u00a0 Pro n\u00ed\u017ee uvedenou skupinu d\u016fvod\u016f je spole\u010dn\u00e9 p\u0159esv\u011bd\u010den\u00ed o uptrendu<\/strong>. Sign\u00e1ly vys\u00edlan\u00e9 mou obchodn\u00ed platformou (technick\u00e1 anal\u00fdza), rozbor fundament\u00e1ln\u00edch faktor\u016f, pohledy do \u00fa\u010detn\u00edch doklad\u016f, sentiment na trhu technologick\u00fdch akci\u00ed nebo tajn\u00fd telefon\u00e1t vzd\u00e1len\u00e9ho bratrance z v\u00fdvojov\u00e9ho odd\u011blen\u00ed v\u00a0Cupertino o tom, \u017ee se v\u00fdvoj\u00e1\u0159\u016fm kone\u010dn\u011b poda\u0159ilo do Iphone dvan\u00e1ctky namontovat vodotrysk. Ka\u017ed\u00fd z t\u011bchto d\u016fvod\u016f m\u011b m\u016f\u017ee v\u00e9st k\u00a0tomu, abych si koupil Long Call op\u010dn\u00ed pozici na AAPL, proto\u017ee to \u201eprost\u011b p\u016fjde nahoru\u201c.<\/span><\/p>\n

\u00a0 \u00a0A\/ Chci participovat na uptrendu AAPL<\/strong>. Nem\u00e1m blokov\u00e1n \u017e\u00e1dn\u00fd margin a riskuji jenom vstupn\u00ed investici 200 USD za po\u0159\u00edzen\u00ed opce. \u010c\u00edm v\u00edce v\u011b\u0159\u00edm v\u00a0uptrend, t\u00edm v\u00edce mohu b\u00fdt strike m\u00e9 kupovan\u00e9 opce vy\u0161\u0161\u00ed a za men\u0161\u00ed cenu, adekv\u00e1tn\u011b se v\u0161ak sni\u017euje pravd\u011bpodobnost profitability obchodu, toto z\u00e1le\u017e\u00ed na s\u00edle p\u0159esv\u011bd\u010den\u00ed o uptrendu<\/span><\/p>\n

\u00a0 \u00a0B\/ Chci po\u0159\u00eddit akcie AAPL za rozumnou cenu p\u0159i potvrzen\u00ed uptrendu<\/strong><\/span>. P\u0159i stejn\u00fdch d\u016fvodech ukazuj\u00edc\u00edch na r\u016fst ceny chci po\u0159\u00eddit akcie AAPL, pot\u0159ebuji k\u00a0tomu ale potvrzen\u00ed takov\u00e9ho uptrendu. Toto se mi v\u00a0budoucnu vyplnilo a nap\u0159\u00edklad na cen\u011b 143 USD prov\u00e1d\u00edm Exercise m\u00e9 Long opce a p\u0159ivol\u00e1v\u00e1m tak na sv\u016fj \u00fa\u010det 100 akci\u00ed AAPL.<\/span><\/p>\n

\u00a0 \u00a0C\/ Chci po\u0159\u00eddit akcie AAPL, nem\u00e1m ale nyn\u00ed voln\u00e9 prost\u0159edky na jejich n\u00e1kup, ale chci zachytit trend<\/strong><\/span>. Stejn\u00e9 d\u016fvody, stejn\u00fd p\u0159\u00edstup. Kupuji levn\u011bj\u0161\u00ed Long Call, proto\u017ee m\u00e1m nap\u0159\u00edklad blokovan\u00e9 prost\u0159edky na \u00fa\u010dtu z\u00a0titulu dr\u017een\u00ed jin\u00fdch op\u010dn\u00edch pozic, kter\u00e9 zanedlouho expiruj\u00ed. Po uvoln\u011bn\u00ed prost\u0159edk\u016f a potvrzen\u00e9m r\u016fstu ceny AAPL op\u011bt prov\u00e1d\u00edm exercise m\u00e9 Long Call opce, abych opci „p\u0159etavil“ do akci\u00ed.<\/span><\/p>\n

\u00a0 \u00a0D\/ Chci simulovat pohyb akcie AAPL<\/strong><\/span>. Chci napodobit pohyb samotn\u00e9 akcie a m\u00edt tak\u00e9 p\u0159im\u011b\u0159en\u00fd profit, jako bych dr\u017eel samotn\u00fdch 100 akci\u00ed AAPL. V\u00a0takov\u00e9m p\u0159\u00edpad\u011b kupuji Long Call AAPL, kter\u00e1 je siln\u011b ITM (\u201ev pen\u011bz\u00edch\u201c) a m\u00e1 zna\u010dn\u011b vysokou Delta (ide\u00e1ln\u011b 100). P\u0159i sou\u010dasn\u00e9 cen\u011b AAPL 140 by takovou opc\u00ed mohla b\u00fdt takov\u00e1 Long Call opce se strikem 130, kter\u00e1 se obchoduje za cenu 10.90 USD. M\u00e1 Delta 96, co\u017e znamen\u00e1, \u017ee pokud se cena akcie pohne nahoru o jeden dolar, tak hodnota m\u00e9 opce stoupne o 96 cent\u016f, tedy t\u00e9m\u011b\u0159 stejn\u011b. V\u00fdhodou pak je, \u017ee samotn\u00e9 dr\u017een\u00ed 100 akci\u00ed AAPL by m\u011b st\u00e1lo 14.000 USD,\u00a0 ale dr\u017een\u00ed takov\u00e9 simuluj\u00edc\u00ed opce pouze 1090 USD, to je 12 x men\u0161\u00ed kapit\u00e1lov\u00fd n\u00e1rok na obdobnou transakci p\u0159i p\u0159esv\u011bd\u010den\u00ed o uptrendu.<\/span><\/p>\n

\u00a0\u00a0 Dal\u0161\u00ed skupina d\u016fvod\u016f pro po\u0159\u00edzen\u00ed takov\u00e9 Long Call pozice je zna\u010dn\u011b r\u016fznorod\u00e1 a nemus\u00ed v\u016fbec odr\u00e1\u017eet p\u0159esv\u011bd\u010den\u00ed o uptrendu<\/strong>, dokonce n\u00e1m m\u016f\u017ee b\u00fdt vcelku jedno, jak se d\u00e1le bude cena AAPL odv\u00edjet<\/span><\/p>\n

\u00a0 \u00a0E\/ Chci do portfolia dodat kladnou Delta<\/strong>. Pokud se budete pokou\u0161et o tzv. Delta-Neutral obchodov\u00e1n\u00ed, bude po\u0159\u00edzen\u00ed takov\u00e9 Long Call AAPL 140, kter\u00e1 m\u00e1 Delta +52 znamenat, \u017ee takov\u00e9 mno\u017estv\u00ed kladn\u00e9 Delta do t\u00e9to pozice dod\u00e1te. M\u016f\u017ee se jednat o portfolio opc\u00ed na AAPL nebo portfolio jin\u00fdch podkladov\u00fdch aktiv (o t\u00e9to technice pozd\u011bji).<\/span><\/p>\n

\u00a0 \u00a0F\/ Chci vytvo\u0159it hedge k\u00a0akci\u00edm AAPL<\/strong><\/span>. M\u00e1m na sv\u00e9m \u00fa\u010dtu 100 x Short akci\u00ed AAPL (nap\u0159\u00edklad v\u00fdsledkem p\u0159i\u0159azen\u00ed m\u00e9 Short Call opce). Nejsem zdaleka p\u0159esv\u011bd\u010den o budouc\u00edm pohybu t\u011bchto akci\u00ed, ale pohr\u00e1v\u00e1m si s\u00a0my\u0161lenkou, \u017ee by akcie mohly klesnou a j\u00e1 na takov\u00e9m akciov\u00e9m pohybu mohl vyd\u011blat. Abych vylou\u010dil prod\u011blek p\u0159i dramatick\u00e9m uptrendu m\u00fdch short akci\u00ed, po\u0159\u00edd\u00edm pr\u00e1v\u011b takovou Long Call. Pokud bude cena opravdu stoupat, tak pohyb na opci bude kompenzovat ztr\u00e1tu na short akci\u00edch. Pokud bych po\u0159\u00eddil Short akcie AAPL za 140 USD\/kus a sou\u010dasn\u011b Long Call AAPL na strike 140 za 200 USD, tak stoup\u00e1n\u00ed nad cenu 140 (tvorba ztr\u00e1ty na akci\u00edch) bude pln\u011b kompenzov\u00e1no za p\u0159ijateln\u00e9 ztr\u00e1ty po\u0159izovac\u00ed ceny Long opce 200 USD. Pokud ov\u0161em bude cena AAPL klesat, tak pokles mus\u00ed nejd\u0159\u00edve vyd\u011blat 200 USD na po\u0159\u00edzen\u00e9 hedge, a to se stane, kdy\u017e cena AAPL klesne pod 138 USD, pak m\u016f\u017ee klesat jak chce, budu ji\u017e jen po\u010d\u00edtat profit.<\/span><\/p>\n

\u00a0 \u00a0G\/ Chci vytvo\u0159it hedge ji\u017e dr\u017een\u00fdch op\u010dn\u00edch pozic AAPL<\/strong><\/span>. Typicky se jedn\u00e1 o vytvo\u0159en\u00ed Vertik\u00e1ln\u00edch Spread\u016f nebo Kalend\u00e1\u0159n\u00edch Spread\u016f. K\u00a0existuj\u00edc\u00edm, v\u011bt\u0161inou nekryt\u00fdm Short Call pozic\u00edm AAPL, po\u0159izuji Long Call opce pod\/nad jej\u00edch strikes se stejnou expirac\u00ed nebo Long Call opce pod\/nad\/se stejn\u00fdm strikes se vzd\u00e1len\u011bj\u0161\u00ed expirac\u00ed. Takov\u00e9 po\u0159izov\u00e1n\u00ed pak vede zejm\u00e9na ke zm\u011bn\u011b m\u00edry rizikovosti cel\u00e9 nov\u011b vytvo\u0159en\u00e9 pozice doprov\u00e1zen\u00e9 zm\u011bnou blokovan\u00e9 v\u00fd\u0161e pen\u011b\u017en\u00edch prost\u0159edk\u016f na obchodn\u00edm \u00fa\u010dtu.<\/span><\/p>\n

\u2026.a dal\u0161\u00ed d\u016fvody, pro kter\u00e9 by bylo vhodn\u00e9 po\u0159izovat takovou jednoduchou op\u010dn\u00ed pozici. Pokud jsem se tedy rozhodl a po\u0159\u00eddil Long Call, mus\u00edm b\u00fdt p\u0159ipraven na budouc\u00ed sc\u00e9n\u00e1\u0159e v\u00fdvoje m\u00e9 dr\u017een\u00e9 pozice a v\u011bd\u011bt co v\u00a0ka\u017ed\u00e9m mo\u017en\u00e9m okam\u017eiku mohu ud\u011blat.<\/span><\/p>\n

\n

Vyd\u011bl\u00e1v\u00e1m, co d\u011blat?<\/span><\/strong><\/h1>\n

\u00a0\u00a0 Pro tento d\u016fvod jsem do obchodu vstoupil. Akcie AAPL potvrdila o\u010dek\u00e1v\u00e1n\u00ed a roste, roste tak\u00e9 cena m\u00e9 Long Call AAPL 140. Jak\u00e9 se mi nab\u00edzej\u00ed mo\u017enosti? Mo\u017enost\u00ed je n\u011bkolik a mohu je rozd\u011blit do t\u0159\u00ed kategori\u00ed. 1\/ Vz\u00edt profit<\/strong><\/span>, 2\/ Uzamknout profit a nechat b\u00fdt<\/span><\/strong> a 3\/ Uzamknout moment\u00e1ln\u00ed profit a ponechat si dal\u0161\u00ed vyhl\u00eddky na dal\u0161\u00ed profit<\/strong><\/span>.<\/span><\/p>\n

1\/ Vz\u00edt profit<\/span><\/strong><\/h2>\n

\u00a0\u00a0\u00a0 A\/ Ned\u011bl\u00e1m nic<\/strong><\/span>. Prvn\u00ed mo\u017enost\u00ed, jak realizovat profit je ponechat pozici jej\u00edmu osudu a nechat opci doj\u00edt ke sv\u00e9 expiraci. AAPL uzav\u00edr\u00e1 v\u00a0p\u00e1tek p\u0159ed expiraci na hodnot\u011b 148,50 USD. M\u00e1 Long Call opce na AAPL se strike 140 bude p\u0159i t\u00e9to expiraci ITM (\u201ev pen\u011bz\u00edch\u201c) V\u00a0pr\u016fb\u011bhu v\u00edkendu dojde k\u00a0automatick\u00e9 exercise a j\u00e1 uvid\u00edm na sv\u00e9m \u00fa\u010dtu 100 x Long akcie AAPL za po\u0159izovac\u00ed cenu 140 USD. P\u0159i pond\u011bln\u00edm Open, pokud modelov\u011b AAPL otev\u0159e nap\u0159\u00edklad za stejnou cenu 148,50 USD, celou akciovou pozici prod\u00e1m. Za opci jsem zaplatil -200 USD, za akcie jsem utratil -14.000 USD a nyn\u00ed je prodal za +14850 USD. Celkov\u00fd profit +650 USD<\/strong>.<\/span><\/p>\n

\u00a0 B\/ Prod\u00e1m Long Call na voln\u00e9m trhu<\/strong><\/span>. Nemus\u00edm \u010dekat na expiraci m\u00e9 opce, ale tuto mohu na voln\u00e9m trhu kdykoliv prodat. P\u0159i cen\u011b AAPL 148,50 by mohla takov\u00e1 opce m\u00edt Ask na hodnot\u011b +880 USD a Bid na hodnot\u011b +800 USD, z\u00a0tohoto vypl\u00fdv\u00e1, \u017ee by se mohla d\u00e1t prodat p\u0159ed expirac\u00ed za Bid +800 USD. Toto provedu. N\u00e1kup za -200 USD, prodej za +800 USD, rozd\u00edlem je profit +600 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 C\/ Zbav\u00edm se Long Call jej\u00ed Exercise po po\u0159\u00edzen\u00ed Short akci\u00ed AAPL<\/strong><\/span>. Ne\u017e prodat opci v\u00fd\u0161e uveden\u00fdm zp\u016fsobem na voln\u00e9m trhu za moment\u00e1ln\u011b nab\u00edzen\u00e9 Bid, mohu efektivn\u011bji postupovat tak, \u017ee nam\u00edsto \u0161irok\u00e9ho Ask\/Bid na opci (\u0161\u00ed\u0159ka 80 dolar\u016f) vyu\u017eiji velmi \u00fazk\u00e9ho Ask\/Bid na akcii AAPL. V\u00a0moment\u011b, kdy se rozhoduji z\u00a0pozice vystoupit, \u010din\u00ed tento pouh\u00fdch 10 cent\u016f. Akcie AAPL, kter\u00e9 se moment\u00e1ln\u011b obchoduj\u00ed za Last 148,50 USD maj\u00ed Ask 148,55 USD a Bid za 148,45 USD. Vyu\u017e\u00edv\u00e1m tohoto \u00fazk\u00e9ho spreadu na akci\u00edch a prod\u00e1v\u00e1m Short 100 x akcie AAPL za Bid 148,45 USD. Na \u00fa\u010dtu se mi objev\u00ed 100 x Short akcie AAPL a sou\u010dasn\u011b mi p\u0159ibude +14.845 USD za jejich prodej. V\u00a0n\u00e1sleduj\u00edc\u00edch vte\u0159in\u00e1ch zad\u00e1v\u00e1m pokyn exercise u m\u00e9 Long Call AAPL na strike 140. Jeho v\u00fdsledkem je okam\u017eit\u00fd p\u0159\u00edsun 100 x Long akci\u00ed AAPL na m\u016fj \u00fa\u010det, za jejich\u017e po\u0159\u00edzen\u00ed mus\u00edm zaplatit +14.000 USD. Ob\u011b akciov\u00e9 pozice se vyru\u0161\u00ed (pozice Short 100 x AAPL je kompenzov\u00e1na pozic\u00ed Long 100 x AAPL). Opce je exercised, tak\u017ee tak\u00e9 zmizela, proto\u017ee jsem ji ale po\u0159\u00eddil za -200 USD, je v\u00fdsledek cel\u00e9 transakce -200 USD (po\u0159\u00edzen\u00ed opce) + 14.845 USD (Short akcie) -14.000 USD (Exercise) = \u00a0profit +645 USD<\/strong>. Vzali jsme profit m\u00edrn\u011b sofistikovan\u011bj\u0161\u00edm zp\u016fsobem a n\u00e1\u0161 v\u00fdsledek je o +45 USD lep\u0161\u00ed. \u00a0Pod\u00edvejte se na n\u00ed\u017ee uveden\u00fd ilustrativn\u00ed obr\u00e1zek s rozd\u00edly mezi Ask\/Bid na akcii a Ask\/Bid na op\u010dn\u00edch kontraktech (ceny jsou odli\u0161n\u00e9 od p\u0159\u00edkladu)<\/span><\/p>\n

\"Ask-Bid\"<\/span><\/p>\n

2\/ Uzamknout profit a nechat b\u00fdt<\/span><\/strong><\/h2>\n

\u00a0Vytvo\u0159\u00edm Reversal<\/strong><\/span>. Uzam\u010den\u00ed profitu t\u00edmto zp\u016fsobem je operace, kdy po\u0159izuji Short Put na stejn\u00e9m strike jako ji\u017e dr\u017een\u00e1 Long Call opce za sou\u010dasn\u00e9ho prodeje 100 ks Short akci\u00ed AAPL<\/strong>. Tento zp\u016fsob uzam\u010den\u00ed profitu je efektivn\u011bj\u0161\u00ed ne\u017e vz\u00edt okam\u017eit\u00fd profit podle v\u0161ech t\u0159\u00ed v\u00fd\u0161e uveden\u00fdch mo\u017enost\u00ed. P\u0159edpokl\u00e1dejme v\u00fd\u0161e uvedenou tr\u017en\u00ed situaci, kdy AAPL se moment\u00e1ln\u011b obchoduje za Last 148,50 USD a akciov\u00fd Ask je 148,55 USD a Bid za 148,45 USD. Opce Short Put na strike 140, tedy na stejn\u00e9m strike jako je m\u00e1 Long Call 140, je nyn\u00ed zna\u010dn\u011b OTM (\u201emimo pen\u00edze\u201c) a mohu ji prodat nap\u0159\u00edklad za pouh\u00fdch +20 USD. Provedu takov\u00fd prodej Short Put 140 a sou\u010dasn\u011b prod\u00e1m 100 x Short akci\u00ed AAPL za cenu Bid 148,45 USD. M\u00e1 pozice m\u00e1 pak tyto n\u00e1klady \u2013 Long Call opci jsem po\u0159\u00eddil za -200 USD, akcie jsem shortoval a p\u0159ibylo mi za tuto operaci +14.850 USD a za Short Put opci na strike 140 jsem utr\u017eil +20 USD, celkem tedy -200 USD + 14.850 USD + 20 USD = +14.670 USD, tyto m\u00e1m na sv\u00e9m \u00fa\u010dtu. Nyn\u00ed mohu na celou pozici zapomenout. \u201eUzamkl\u201c jsem si sv\u016fj profit a tento mi ji\u017e nikdo nevezme. Jak je to mo\u017en\u00e9? M\u00e1 pozice je Long Call 140, 100 x Short akcie a Short Put 140<\/strong>. A\u0165 se p\u0159i expirace stane cokoliv, v\u017edy mi v\u0161e zmiz\u00ed a z\u016fstanou jenom vyd\u011blan\u00e9 pen\u00edze. Jak je to mo\u017en\u00e9?<\/span><\/p>\n

\u00a0 \u00a01\/<\/strong> Pokud bude cena AAPL p\u0159i expiraci nad 140 USD<\/strong> \u2013 M\u00e1 Long Call 140 bude v\u00a0pen\u011bz\u00edch a bude automaticky Exercised (uplatn\u011bna) a budou mi p\u0159ivol\u00e1ny 100 x akcie Long AAPL, za tuto transakci utrat\u00edm -14.000 USD, j\u00e1 jsem v\u0161ak na \u00fa\u010det obdr\u017eel +14.670 USD, rozd\u00edl je \u00a0profit\u00a0+670 USD<\/strong>, Short Put 140 vypr\u0161\u00ed u t\u00e9to expirace jako bezcenn\u00e1, akciov\u00e9 pozice Short a Long se vyru\u0161\u00ed.<\/span><\/p>\n

\u00a0 \u00a02\/<\/strong> Pokud bude cena AAPL p\u0159i expiraci pod 140 USD<\/strong> \u2013 M\u00e1 Long Call 140 vypr\u0161\u00ed jako bezcenn\u00e1, Short Put 140 bude v\u00a0pen\u011bz\u00edch a bude automaticky Assigned (p\u0159i\u0159azena) a budou mi na \u00fa\u010det polo\u017eeny (Put) 100 x akcie Long AAPL, za tuto transakci utrat\u00edm -14.000 USD, j\u00e1 jsem v\u0161ak na \u00fa\u010det obdr\u017eel +14.670 USD, rozd\u00edl je op\u011bt profit +670 USD<\/strong>. Akciov\u00e9 pozice Short a Long se vyru\u0161\u00ed.<\/span><\/p>\n

3\/ Uzamknout profit a ponechat si dal\u0161\u00ed vyhl\u00eddky na dal\u0161\u00ed profit<\/span><\/strong><\/h2>\n

\u00a0\u00a0 A\/ Vytvo\u0159\u00edm Call Bull Spread<\/strong><\/span><\/span><\/h3>\n

\u00a0 \u00a0Op\u011bt pou\u017eiji v\u00fdchoz\u00ed situaci, kdy m\u00e1me za -200 USD koupenou AAPL Long Call 140 a doch\u00e1z\u00ed k\u00a0uptrendu na 148,50. Pohledem do m\u00e9 op\u010dn\u00ed platformy zji\u0161\u0165uji, \u017ee m\u00edrn\u011b ITM Short Call 147 opce d\u00e1 vypsat za +320 USD. Tuto prod\u00e1v\u00e1m a vytv\u00e1\u0159\u00edm tak na sv\u00e9m \u00fa\u010dtu Vertical Bull Spread +140\/-147. Za tento v\u00fdpis, kter\u00fd vede k\u00a0vytvo\u0159en\u00ed sedmibodov\u00e9ho spreadu jsem dostal na sv\u016fj \u00fa\u010det takov\u00e9 pr\u00e9mium, \u017ee nyn\u00ed jsem celkov\u011b v\u00a0profitu +120 USD, kter\u00fd mi ji\u017e nikdo nem\u016f\u017ee vz\u00edt (-200 po\u0159\u00edzen\u00ed Long Call +320 v\u00fdpis Short Call) a mohu na svou pozici nejen\u017ee zapomenout, ale pozorovat, jestli k\u00a0t\u011bmto +120 USD nep\u0159ibydou je\u0161t\u011b dal\u0161\u00ed pen\u00edze. Tento profit +120 USD jsem si \u201euzamkl\u201c, ale m\u016f\u017ee b\u00fdt je\u0161t\u011b v\u011bt\u0161\u00ed. Jak je to mo\u017en\u00e9? Mohou nastat pouze t\u0159i situace:<\/span><\/p>\n

\u00a0 \u00a01\/ Cena AAPL bude p\u0159i expiraci pod 140 USD<\/strong> \u2013 pod strike obou opc\u00ed. Tyto vypr\u0161\u00ed jako bezcenn\u00e9 a na \u00fa\u010dtu mi z\u016fstane pr\u00e1v\u011b t\u011bch ji\u017e z\u00edskan\u00fdch +120 USD, <\/strong>tento profit byl p\u0159i tvorb\u011b Call Bull spreadu „uzam\u010den“ a z dal\u0161\u00edch vyhl\u00eddek na jeho zv\u00fd\u0161en\u00ed se\u0161lo.<\/span><\/p>\n

\u00a0 \u00a0 2\/ Cena AAPL bude p\u0159i expiraci mezi 140 USD a 147 USD<\/strong> \u2013 mezi strike obou opc\u00ed. Short Call 147 vypr\u0161\u00ed jako bezcenn\u00e1 a na Long Call 140 inkasuji takov\u00fd dodate\u010dn\u00fd profit, nakolik je tato opce v\u00a0pen\u011bz\u00edch, nap\u0159\u00edklad p\u0159i cen\u011b 145,50 je to dal\u0161\u00edch +550 USD, tak\u017ee celkov\u011b +120 USD (n\u00e1klady na spread) +550 USD (profit na Long Call) = +670 USD<\/strong>.<\/span><\/p>\n

\u00a0 \u00a03\/ Cena AAPL bude p\u0159i expiraci nad 147 USD<\/strong> \u2013 nad strike obou opc\u00ed. Long Call 140 bude automaticky Exercised (uplatn\u011bna) a j\u00e1 obdr\u017e\u00edm 100 x Long akci\u00ed AAPL za cenu 140 USD a vynalo\u017e\u00edm tak -14.000 USD, opce Short Call 147 bude automaticky Assigned (uplatn\u011bna) a j\u00e1 obdr\u017e\u00edm na sv\u016fj \u00fa\u010det 100 x Short akci\u00ed AAPL za cenu strike 147 USD a kas\u00edruji za tuto operaci +14.700 USD. Ob\u011b opce zmiz\u00ed, ob\u011b akciov\u00e9 pozice se vyru\u0161\u00ed. Rozd\u00edlem jsou pen\u00edze, jako v\u00fdsledek transakce +120 USD (n\u00e1klady na spread) -14.000 (Exercise) + 14.700 USD (Assigned) = profit +820 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 B\/ Kupuji ITM Long Put a vytv\u00e1\u0159\u00edm Long Strangle<\/strong><\/span><\/span><\/h3>\n

\u00a0 \u00a0Ve v\u00fdchoz\u00ed situaci, kdy m\u00e1m za -200 USD koupenou AAPL Long Call 140 a doch\u00e1z\u00ed k uptrendu na 148,50 zji\u0161\u0165uji, \u017ee ITM Long Put 160 se d\u00e1 po\u0159\u00eddit za -1300 USD. Tuto kupuji a vytv\u00e1\u0159\u00edm Long Strangle +140\/+160, kdy ob\u011b opce jsou hluboce ITM \u201ev pen\u011bz\u00edch\u201c. Takov\u00fd Long Strangle, s rozsahem 20 bod\u016f jsem po\u0159\u00eddil za -1500 USD, k p\u016fvodn\u00edm -200 USD za Long Call jsem p\u0159idal za -1.300 USD na Long Put. M\u00e1m jist\u00fd profit +500 USD na tomto 20-ti bodov\u00e9m Long Strangle. Tento profit +500 USD jsem si \u201euzamkl\u201c, ale m\u016f\u017ee b\u00fdt je\u0161t\u011b v\u011bt\u0161\u00ed. Co se nyn\u00ed m\u016f\u017ee st\u00e1t?<\/span><\/p>\n

\u00a0 \u00a01\/ Akcie AAPL za\u010dnou dramaticky klesat a p\u0159i expiraci budou pod 140<\/strong> – pod strike m\u00e9 Long Call 140 opce. Long Call 140 opce vypr\u0161\u00ed jako bezcenn\u00e1, ale m\u00e1 Long Put 160 bude m\u00edt hodnotu nejm\u00e9n\u011b 2.000 USD a to takovou, jak daleko bude pod strike 140. Nap\u0159\u00edklad p\u0159i cen\u011b AAPL 138 bude m\u00edt hodnotu 2.200 USD. P\u016fvodn\u00ed investice -1.500 USD tak vytvo\u0159\u00ed profit ve v\u00fd\u0161i +700 USD<\/strong>. \u010c\u00edm v\u00edce ale cena AAPL klesne, t\u00edm v\u00edce na cel\u00e9 pozici vyd\u011bl\u00e1me.<\/span><\/p>\n

\u00a0 \u00a0 2\/ Akcie AAPL netrenduje a p\u0159i expiraci bude\u00a0 mezi 140 USD \u2013 160 USD<\/strong>, tedy mezi m\u00fdmi strike Long Strangle. Ob\u011b opce budou automaticky exercised (uplatn\u011bny), Long Call 140 vygeneruje na m\u016fj \u00fa\u010det 100 x Long akci\u00ed AAPL za -14.000 USD, Long Put 160 vygeneruje na m\u016fj \u00fa\u010det 100 x Short akci\u00ed za +16.000 USD. Celkov\u00e9 n\u00e1klady na Long Strangle byly -1.500 USD, tak\u017ee -1.500 USD \u201314.000 USD (exercise Long Call) + 16.000 USD (exercise Long Put) = profit<\/strong>\u00a0+500 USD<\/strong>, z\u016fst\u00e1v\u00e1 mi m\u016fj \u201euzam\u010den\u00fd profit\u201c.<\/span><\/p>\n

\u00a0 \u00a03\/ Akcie AAPL budou v dramatick\u00e9m r\u016fstu pokra\u010dovat a p\u0159i expiraci budou nad 160<\/strong> – nad strike m\u00e9 Long Put 160 opce. Long Put 160 opce vypr\u0161\u00ed jako bezcenn\u00e1, ale m\u00e1 Long Call 140 bude m\u00edt hodnotu nejm\u00e9n\u011b 2.000 USD a to takovou, jak daleko bude nad strike 160. Nap\u0159\u00edklad p\u0159i cen\u011b AAPL 162 bude m\u00edt hodnotu 2.200 USD. P\u016fvodn\u00ed investice -1.500 USD tak vytvo\u0159\u00ed profit<\/strong> ve v\u00fd\u0161i +700 USD<\/strong>. \u010c\u00edm ale v\u00edce cena AAPL stoupne, t\u00edm v\u00edce na cel\u00e9 pozici vyd\u011bl\u00e1me.<\/span><\/p>\n

\u00a0 \u00a0C\/ Po\u0159\u00edd\u00edm Short akcie AAPL<\/strong><\/span><\/span><\/h3>\n

\u00a0 \u00a0Op\u011bt pou\u017eiji v\u00fdchoz\u00ed situaci, kdy m\u00e1me za -200 USD koupenou AAPL Long Call 140 a doch\u00e1z\u00ed k\u00a0uptrendu na 148,50. Za t\u00e9to situace prod\u00e1v\u00e1m 100 Short akci\u00ed AAPL. V\u00a0t\u00e9to situaci jsem ke sv\u00fdm n\u00e1klad\u016fm na po\u0159\u00edzen\u00ed opce ve v\u00fd\u0161i -200 USD p\u0159idal +14.850 USD za prodej akci\u00ed, za celou pozici jsem z\u00edskal na \u00fa\u010det +14.650 USD. Proto\u017ee m\u00e1 Long Call m\u00e1 strike 140, \u201euzamkl\u201c jsem si sv\u016fj profit<\/strong> ve v\u00fd\u0161i +650 USD<\/strong>, ale mohu o\u010dek\u00e1vat je\u0161t\u011b n\u011bco nav\u00edc. Jak je to mo\u017en\u00e9? Mohu pak nastat tyto situace.<\/span><\/p>\n

\u00a0 \u00a01\/ Do expirace cena AAPL z\u016fstala nad strike m\u00e9 Long Call 140 opce<\/strong>, nap\u0159\u00edklad na cen\u011b 142 USD. V\u00a0t\u011bchto p\u0159\u00edpadech je m\u00e1 Long Call je automaticky exercised a jsou mi dod\u00e1ny 100 x akcie AAPL za 140 USD, na tuto operaci vynakl\u00e1d\u00e1m -14.000 USD. Opce miz\u00ed a tak\u00e9 miz\u00ed m\u00e1 akciov\u00e1 pozice (Long akcie kompenzovaly d\u0159\u00edve po\u0159\u00edzen\u00e9 Short akcie). Celkov\u011b tedy p\u016fvodn\u00ed n\u00e1klady +14.650 USD \u2013 14.000 USD (za exercise Long Call) = profit<\/strong>\u00a0+650 USD<\/strong>.<\/span><\/p>\n

\u00a0 \u00a02\/ Do expirace a po po\u0159\u00edzen\u00ed short akci\u00ed AAPL cena za\u010dala prudce klesat, a to tak, \u017ee skon\u010dila pod strike m\u00e9 Long Call 140 opce<\/strong>, nap\u0159\u00edklad na cen\u011b 136 USD. M\u00e1 Long Call 140 vypr\u0161ela jako bezcenn\u00e1. Za po\u0159izovac\u00ed cenu 136 USD\/ks likviduji Short 100 x akci\u00ed jejich n\u00e1kupem 100 x Long akcie AAPL\u00a0 a za tuto transakci a tuto cenu utr\u00e1c\u00edm -13.600 USD. N\u00e1klady na celou pozici byly +14.650 USD -13.600 USD za likvidovan\u00e9 akcie vedou k\u00a0celkov\u00e9mu profitu +1050 USD<\/strong>. \u010c\u00edm v\u00edce akcie klesnou pod strike m\u00e9 Long call 140 opce, t\u00edm v\u011bt\u0161\u00ed dodate\u010dn\u00fd profit mi bude nad\u011blen.<\/span><\/p>\n

\n

\u00a0 Prod\u011bl\u00e1v\u00e1m, co d\u011blat?<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Ne v\u017edy se pozice vyv\u00edj\u00ed tak, jak bych si p\u0159\u00e1l. Po\u0159\u00edzen\u00e1 Long Call AAPL 140 nevyd\u011bl\u00e1v\u00e1, proto\u017ee o\u010dek\u00e1van\u00fd pohyb se nedostavuje, proti mou pozici pracuje nepohyb nebo pokles na akcii. V m\u00e9m konkr\u00e9tn\u00edm p\u0159\u00edpad\u011b klesla cena AAPL na 137 USD. Pr\u00e9mium se rozpad\u00e1 p\u016fsoben\u00edm \u010dasu nebo pohybem akcie sm\u011brem dol\u016f. Co d\u011blat v\u00a0takov\u00e9m p\u0159\u00edpad\u011b?<\/span><\/p>\n

\u00a0\u00a0 A\/ Ned\u011bl\u00e1m nic<\/strong><\/span>. P\u0159i expiraci se cena AAPL pohybuje na cen\u011b 137 USD a m\u00e1 Long Call 140, po\u0159\u00edzen\u00e1 za -200 USD vypr\u0161\u00ed jako bezcenn\u00e1, p\u0159ich\u00e1z\u00edm o celou vstupn\u00ed investici a p\u0159ij\u00edm\u00e1m ztr\u00e1tu ve v\u00fd\u0161i -200 USD<\/strong>.<\/span><\/p>\n

\u00a0 B\/ Prod\u00e1v\u00e1m opci p\u0159ed expirac\u00ed na voln\u00e9m trhu<\/span><\/strong>. Nejjednodu\u0161\u0161\u00ed a nejsrozumiteln\u011bj\u0161\u00ed pravidlo. Likviduji pozici jej\u00edm prodejem na voln\u00e9m trhu. Pou\u017eiji v\u00fdchoz\u00ed situaci, kdy m\u00e1m za -200 USD koupenou AAPL Long Call 140 a doch\u00e1z\u00ed k\u00a0poklesu ceny na 137 USD a opce se nach\u00e1z\u00ed nap\u0159\u00edklad t\u0159i dny p\u0159ed expirac\u00ed. Pohledem do m\u00e9 obchodn\u00ed platformy zji\u0161\u0165uji, \u017ee m\u00e1 opce se d\u00e1 prodat za +30 USD. Takovou operaci provedu a p\u016fvodn\u00ed investici -200 USD sni\u017euji na \u010d\u00e1stku -170 USD<\/strong> a tato se pak st\u00e1v\u00e1 skute\u010dnou ztr\u00e1tou z\u00a0dr\u017een\u00ed m\u00e9 Long Call 140 opce.<\/span><\/p>\n

\u00a0\u00a0 C\/ Vytvo\u0159\u00edm Call Bull Spread<\/strong><\/span>. Ve v\u00fdchoz\u00ed situaci, kdy m\u00e1m za -200 USD koupenou AAPL Long Call 140 a doch\u00e1z\u00ed k\u00a0poklesu ceny akcii AAPL na 137 USD a opce maj\u00ed je\u0161t\u011b dostatek \u010dasu do expirace, zji\u0161\u0165uji, \u017ee mnou dr\u017een\u00e1 Long Call 140 se prod\u00e1v\u00e1 ji\u017e jen za pouh\u00fdch +110 USD a Long Call opce na ni\u017e\u0161\u00edm strike, nap\u0159\u00edklad na strike 137 (ATM strike – sou\u010dasn\u00e1 cena akcie AAPL) se d\u00e1 koupit za -190 USD. V\u00a0t\u00e9to situaci, kdy jsou m\u00e9 prozat\u00edmn\u00ed n\u00e1klady na Long Call opci ve v\u00fd\u0161i -200 USD, prod\u00e1v\u00e1m svou dr\u017eenou Long Call 140 za moment\u00e1ln\u011b nab\u00edzen\u00fdch +110 USD a vypisuji je\u0161t\u011b jednou stejnou opci na tomto strike 140 za tuto cenu +110 USD. K t\u00e9to transakci po\u0159\u00edd\u00edm novou Long Call 137 na ni\u017e\u0161\u00edm strike za sou\u010dasnou cenu -190 USD. Vytvo\u0159il jsem Call Bull Spread +137\/-140<\/strong>, spread o rozsahu t\u0159\u00ed bod\u016f p\u0159i sou\u010dasn\u00e9 cen\u011b AAPL 137 USD. Jak\u00e9 jsou m\u00e9 n\u00e1klady na pozici. P\u016fvodn\u00ed investici ve v\u00fd\u0161i -200 USD jsem kompenzoval likvidac\u00ed t\u00e9to pozice za +110 USD a prodejem je\u0161t\u011b jedn\u00e9 pozice Short Call na strike 140 za +110 USD, n\u00e1sledn\u011b jsem utratil -190 USD za Long Call 137, se\u010dteno -200 USD +110 USD +110 USD \u2013 190 USD = -170 USD. Oproti p\u016fvodn\u00ed investici -200 USD jsem vytvo\u0159en\u00edm takov\u00e9ho spreadu posunul celou svoji pozici o t\u0159i body n\u00ed\u017ee a je\u0161t\u011b jsem sta\u010dil eliminovat sv\u00e9 n\u00e1klady o +30 USD na sou\u010dasn\u00e9 n\u00e1klady na investici ve v\u00fd\u0161i -170 USD. V\u017edy je ale n\u011bco za n\u011bco. Mohu samoz\u0159ejm\u011b op\u011bt p\u0159ij\u00edt o celou investici, a to v\u00a0p\u0159\u00edpad\u011b, kdy\u017e cena AAPL p\u0159i expiraci skon\u010d\u00ed pod 137, moje investice je ale men\u0161\u00ed, ne\u017e byla p\u016fvodn\u011b a hranici pro takovou ztr\u00e1tu jsem posunul n\u00ed\u017ee o t\u0159i body. Potenci\u00e1l profitu se mi tak\u00e9 sn\u00ed\u017eil na +130 USD nam\u00edsto neomezen\u00e9ho profitu p\u0159i dr\u017een\u00ed pouh\u00e9 Long Call 140 opce, takov\u00fd omezen\u00fd profit bych utr\u017eil, kdyby cena AAPL zotavila a \u0161la nahoru a byla p\u0159i expiraci op\u011bt nad cenou strike m\u00e9 Short Call 140. Pokud cena AAPL p\u0159i expirac\u00ed skon\u010d\u00ed mezi strike m\u00fdch opc\u00ed, tak Short Call 140 vypr\u0161\u00ed jako bezcenn\u00e1 a Long Call 137 bude vykazovat takov\u00fd profit, jak bude cena AAPL nad strike t\u00e9to Long Call 137.<\/span><\/p>\n

\u00a0 D\/ Vytvo\u0159\u00edm Kalend\u00e1\u0159n\u00ed Spread<\/strong><\/span>. Op\u011bt vyu\u017eiji praktickou uk\u00e1zku v\u00fdchoz\u00ed situace, kdy m\u00e1m za -200 USD koupenou AAPL Long Call 140 a doch\u00e1z\u00ed k\u00a0poklesu ceny akcii AAPL na 137 USD a opce maj\u00ed je\u0161t\u011b dostatek \u010dasu do expirace. V\u00a0takov\u00e9 nep\u0159\u00edzniv\u00e9 konstelaci zji\u0161\u0165uji, \u017ee mezi expirac\u00ed m\u00e9 dr\u017een\u00e1 Long Call 140, kter\u00e1 je za t\u0159i t\u00fddny, se daj\u00ed vypsat opce s\u00a0bli\u017e\u0161\u00ed expirac\u00ed na opc\u00edch s\u00a0t\u00fddenn\u00ed expirac\u00ed. Rozhoduji se podle moment\u00e1ln\u00ed situace a vypisuji opci Short Call na strike 140 za 40 USD s\u00a0expirac\u00ed tento p\u00e1tek. Vytvo\u0159il jsem Kalend\u00e1\u0159n\u00ed spread -140\/+140<\/strong>. Proto\u017ee downtrend do p\u00e1tku nepolevil a cena AAPL z\u016fstala p\u0159i p\u00e1te\u010dn\u00edm Close na cen\u011b 137,80 tato mnou vypsan\u00e1 t\u00fddenn\u00ed Short Call 140 opce vypr\u0161\u00ed jako bezcenn\u00e1 a j\u00ed si vylep\u0161il po\u0159izovac\u00ed n\u00e1klady o +40 USD za utr\u017een\u00e9 pr\u00e9mium, tak\u017ee nyn\u00ed ji\u017e prod\u011bl\u00e1v\u00e1m pouze -200 USD \u2013 40 USD = -160 USD. V\u00a0nadch\u00e1zej\u00edc\u00ed pond\u011bl\u00ed operaci opakuji a za dal\u0161\u00ed vypsanou opci Short Call 140 s\u00a0expirac\u00ed v\u00a0p\u00e1tek stejn\u00e9ho t\u00fddne z\u00edsk\u00e1v\u00e1m +50 USD. Proto\u017ee pr\u00e9mium mi op\u011bt ji\u017e nikdo nevezme, tak m\u00e9 sou\u010dasn\u00e9 n\u00e1klady jsou ji\u017e nyn\u00ed -160 USD \u2013 50 USD = -110 USD. Sc\u00e9n\u00e1\u0159e s\u00a0kalend\u00e1\u0159n\u00edmi spready se mohou r\u016fzn\u00fdmi zp\u016fsoby v\u011btvit do r\u016fzn\u00fdch variant. Uvedu dal\u0161\u00ed mo\u017enost, kdy za t\u00e9to konstelace se cena AAPL vzpamatuje a za\u010dne stoupat, a to nad cenu 140, co\u017e je strike m\u00e9 bli\u017e\u0161\u00ed Short Call opce a m\u00e9 vzd\u00e1len\u011bj\u0161\u00ed Long Call opce, nap\u0159\u00edklad na cenu 140,60 USD. Co ud\u011bl\u00e1m? Nebudu d\u011blat celkem nic, p\u0159i expiraci v\u00a0p\u00e1tek je m\u00e1 t\u00fddenn\u00ed Short Call 140 z\u00a0kalend\u00e1\u0159n\u00edho spreadu p\u0159i\u0159azena a j\u00e1 m\u00e1m na \u00fa\u010dtu akcie 100 x Short Call za cenu 140 USD. V\u00a0pond\u011bl\u00ed po Open okam\u017eit\u011b provedu exercise m\u00e9 Long Call 140 z\u00a0kalend\u00e1\u0159n\u00edho spreadu (m\u00e1 p\u016fvodn\u00ed pozice), na \u00fa\u010det mi p\u0159istane 100 x Long akci\u00ed AAPL. V\u0161e mi zmiz\u00ed, opce i akcie, z\u016fst\u00e1v\u00e1 ztr\u00e1ta -110 USD<\/strong>, tedy p\u016fvodn\u00ed ztr\u00e1ta vylep\u0161en\u00e1 o pr\u00e9mia ze dvou kr\u00e1tkodob\u00fdch Short Call opc\u00ed vypsan\u00fdch do kr\u00e1tkodob\u00fdch kalend\u00e1\u0159n\u00edch spread\u016f.<\/span><\/p>\n

\u00a0\u00a0 Br\u00e1n\u011bn\u00ed ztr\u00e1ty na Long Call opci mohou vylep\u0161it i jin\u00e9 varianty postup\u016f, mohu nap\u0159\u00edklad vytv\u00e1\u0159et Reverzn\u00ed Kalend\u00e1\u0159n\u00ed Spready, kdy budu vypisovat Short opce se vzd\u00e1len\u011bj\u0161\u00ed expirac\u00ed, mohu vyu\u017e\u00edt Ratio Call Spready, to ji\u017e z\u00e1le\u017e\u00ed na n\u00e1tu\u0159e a obchodn\u00edm p\u0159\u00edstupu ka\u017ed\u00e9ho jednotliv\u00e9ho obchodn\u00edka.<\/span><\/p>\n

\u00a0 \u00a0Zcela obdobn\u011b, samoz\u0159ejm\u011b v p\u0159im\u011b\u0159en\u00e9 \u00faprav\u011b, plat\u00ed tak\u00e9 pro po\u0159\u00edzen\u00ed a dr\u017een\u00ed Long Put op\u010dn\u00edho kontraktu. Pokud si uv\u011bdom\u00edte, \u017ee exercise Long Put opce z\u00edsk\u00e1te na sv\u016fj obchodn\u00ed \u00fa\u010det Short podkladovou akcii, v\u0161e plat\u00ed obdobn\u011b a v pln\u00e9m rozsahu tak\u00e9.<\/span><\/p>\n

\u00a0\u00a0 Po\u0159\u00eddit Long Call opci je jednoduch\u00e1 operace, to ano. Um\u011bt ale takovou jednoduchou pozici \u0159\u00eddit a b\u00fdt p\u0159itom dostate\u010dn\u011b efektivn\u00ed ji\u017e p\u0159edstavuje jistou m\u00edru zku\u0161enost\u00ed. Je zapot\u0159eb\u00ed se v\u017edy v\u00a0prav\u00fd \u010das zamyslet, co mohu a jsem schopen pro dan\u00fd obchod ud\u011blat. Pokud profituji \u2013 jak profit z\u00edskat co nejefektivn\u011bji a v\u00a0co nejvy\u0161\u0161\u00ed mo\u017en\u00e9 v\u00fd\u0161i. Pokud ztr\u00e1c\u00edm \u2013 vyu\u017e\u00edt v\u0161ech dostupn\u00fdch a rozumn\u00fdch prost\u0159edk\u016f k\u00a0tomu, abych ztr\u00e1tu co nejv\u00edce minimalizoval nebo ji dokonce za p\u0159\u00edzniv\u00fdch tr\u017en\u00edch okolnost\u00ed mohl nakonec zvr\u00e1tit v\u00a0p\u0159\u00edpadn\u00fd profit :c)<\/span><\/p>\n

\u00a0 Koment\u00e1\u0159e a p\u0159\u00edsp\u011bvky k tomuto \u010dl\u00e1nku pros\u00edm sm\u011brujte do Diskuzn\u00edho f\u00f3ra do tohoto vl\u00e1kna<\/a><\/strong><\/span> :c)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 \u00a0Jsem Long Call, jsem Long AAPL APR 07\u201917\u00a0140 CALL. Ne, nem\u00e1m dlouh\u00fd telefon\u00e1t z\u00a0m\u00e9ho ajf\u00f3nu, ale m\u00e1m koupen\u00fd \u201edlouh\u00fd\u201c op\u010dn\u00ed kontrakt na podkladov\u00e9 aktivum, kter\u00fdm je 100 akci\u00ed spole\u010dnosti AAPL se strikem 140 a s\u00a0expirac\u00ed tohoto op\u010dn\u00edho kontraktu dne 7. dubna 2017. M\u00e1m tedy na sv\u00e9m \u00fa\u010dtu otev\u0159enou nejtrivi\u00e1ln\u011bj\u0161\u00ed Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":37,"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":[11],"class_list":["post-36","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opcni-zaklady","tag-long-call"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-A","jetpack-related-posts":[{"id":1686,"url":"https:\/\/dobretrejdy.com\/?p=1686","url_meta":{"origin":36,"position":0},"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":1055,"url":"https:\/\/dobretrejdy.com\/?p=1055","url_meta":{"origin":36,"position":1},"title":"VIX Index se obchoduje?","author":"dobretrejdy :c)","date":"19.11.2017","format":false,"excerpt":"\u00a0 \u00a0VIX Index se ned\u00e1 obchodovat. Tato jednoduch\u00e1 v\u011bta je p\u0159\u00ed\u010dinou \u00fadivu mnoha op\u010dn\u00edch (i jin\u00fdch) obchodn\u00edk\u016f a v\u011bt\u0161inou bezpe\u010dn\u011b vyvol\u00e1 obs\u00e1hlou polemiku. V\u00a0t\u00e9to jednoduch\u00e9 v\u011bt\u011b se tak\u00e9 skr\u00fdv\u00e1 mnoho obchodn\u00edch ne\u00fasp\u011bch\u016f pramen\u00edc\u00edch z\u00a0neznalosti fungov\u00e1n\u00ed tohoto n\u00e1stroje. V\u00a0\u010dl\u00e1nku VIX Index \u00a0jsem popsal, jak se jeho hodnota vypo\u010d\u00edt\u00e1, abych v\u00a0dal\u0161\u00edch dvou\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\/11\/main-4.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-4.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-4.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/11\/main-4.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":30,"url":"https:\/\/dobretrejdy.com\/?p=30","url_meta":{"origin":36,"position":2},"title":"Exercise (uplatn\u011bn\u00ed) opc\u00ed","author":"dobretrejdy :c)","date":"29.3.2017","format":false,"excerpt":"\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\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-2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/main-2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/main-2.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":1922,"url":"https:\/\/dobretrejdy.com\/?p=1922","url_meta":{"origin":36,"position":3},"title":"Short Call","author":"dobretrejdy :c)","date":"24.5.2018","format":false,"excerpt":"\u00a0 \u00a0Op\u010dn\u00ed obchodov\u00e1n\u00ed vych\u00e1z\u00ed ze \u010dty\u0159ech z\u00e1kladn\u00edch mo\u017enost\u00ed. Ka\u017ed\u00fd op\u010dn\u00ed kontrakt Call nebo Put m\u016f\u017eu koupit nebo prodat. Za cel\u00fdm op\u010dn\u00edm tradingem a teoriemi stoj\u00ed tyto \u010dty\u0159i z\u00e1kladn\u00ed obchodn\u00ed mo\u017enosti. Nic dal\u0161\u00edho, \u017e\u00e1dn\u00e9 dal\u0161\u00ed varianty neexistuj\u00ed, existuj\u00ed jenom kombinace t\u011bchto \u010dty\u0159ech mo\u017enost\u00ed. Proto\u017ee jsem se ji\u017e zab\u00fdval podstatou Long op\u010dn\u00edch\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\/05\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/05\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/05\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/05\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":27,"url":"https:\/\/dobretrejdy.com\/?p=27","url_meta":{"origin":36,"position":4},"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":1790,"url":"https:\/\/dobretrejdy.com\/?p=1790","url_meta":{"origin":36,"position":5},"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":[]}],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/Long-Call.jpg","_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/36","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=36"}],"version-history":[{"count":12,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/36\/revisions"}],"predecessor-version":[{"id":6075,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/36\/revisions\/6075"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/37"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}