{"id":378,"date":"2017-05-17T04:01:37","date_gmt":"2017-05-17T04:01:37","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=378"},"modified":"2021-09-18T07:12:34","modified_gmt":"2021-09-18T05:12:34","slug":"dividendy-ii","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=378","title":{"rendered":"Dividendy – II."},"content":{"rendered":"

\u00a0 \u00a0Oops!… I Did It Again, zazp\u00edvala by si na\u0161tvan\u011b Britney Spears svou hitovku, kdyby vid\u011bla na sv\u00e9m obchodn\u00edm \u00fa\u010dtu, jak byla op\u011bt p\u0159i\u0159azena na ITM Short Call opci a od brokera se ji do\u010dkalo op\u011btovn\u00e9ho such\u00e9ho vysv\u011btlen\u00ed, \u017ee to bylo proto, \u017ee \u201e\u2026se p\u0159ece v\u010dera vypl\u00e1cely dividendy\u2026\u201c.\u00a0 V\u00e1gn\u00ed odpov\u011b\u010f, kter\u00e9 by m\u011bl op\u010dn\u00edch obchodn\u00edk rozum\u011bt.<\/span><\/p>\n

\u00a0\u00a0 O tom, \u017ee mohu b\u00fdt na sv\u00e9 ITM Short Call opci p\u0159i\u0159azen, nen\u00ed pochyb. Je pr\u00e1vem dr\u017eitele Long Call opce prov\u00e9st jej\u00ed uplatn\u011bn\u00ed, jej\u00edm\u017e v\u00fdsledkem je v\u00fdb\u011br vypisovatele odpov\u00eddaj\u00edc\u00edho Short Call op\u010dn\u00edho kontraktu, kter\u00fd bude muset svou povinnost dodat podkladov\u00e9 aktivum nakonec splnit. Principy jsem popisoval v\u00a0\u010dl\u00e1nku Assignment (p\u0159i\u0159azen\u00ed) opc\u00ed<\/strong><\/a><\/span>. Pro\u010d ale stoup\u00e1 pravd\u011bpodobnost p\u0159i\u0159azen\u00ed pr\u00e1v\u011b v\u00a0souvislosti s\u00a0v\u00fdplatou dividendy? Kde se najednou berou obchodn\u00edci, kte\u0159\u00ed zad\u00e1vaj\u00ed pokyny exercise, aby doch\u00e1zelo k\u00a0tak masivn\u00edmu efektu p\u0159i\u0159azen\u00ed?<\/span><\/p>\n

\u00a0 Ve sv\u011btle minul\u00fdch \u010dl\u00e1nk\u016f, kde jsem alespo\u0148 v\u00a0n\u00e1znac\u00edch ukazoval, jak funguje tvorba trh\u016f (market making) by mohla le\u017eet jedna z\u00a0odpov\u011bd\u00ed. Pokus\u00edm se ale specifikovat dal\u0161\u00ed jednotliv\u00e9 kategorie obchodn\u00edk\u016f, kte\u0159\u00ed by mohli st\u00e1t za t\u011bmito \u00fakony<\/span><\/p>\n

\u00a0\u00a0 1\/<\/strong> V\u0161ichni Market Makers<\/strong> a v\u0161ichni trade\u0159i<\/strong>, kte\u0159\u00ed maj\u00ed sv\u00e9 ITM Long Call<\/strong> pozice zaji\u0161t\u011bny Short akciemi<\/strong>. Nap\u0159\u00edklad ka\u017ed\u00e1 pozice Reversal, jak jsem ji popisoval v\u00a0minul\u00fdch \u010dl\u00e1nc\u00edch, je sestavena s\u00a0Long Call + 100 x Short akcie + Short Put. Proto\u017ee dr\u017eitel\u00e9 Short akci\u00ed maj\u00ed povinnost Dividendu platit v\u00a0pln\u00e9 v\u00fd\u0161i, zbavuj\u00ed se masivn\u011b p\u0159ed Ex-Dividend Day sv\u00fdch kr\u00e1tk\u00fdch akciov\u00fdch pozic tak, \u017ee prov\u00e1d\u011bj\u00ed exercise sv\u00fdch Long Call opc\u00ed, aby se zbavili sv\u00fdch Short akci\u00ed. Exercise Long Call znamen\u00e1 p\u0159ivol\u00e1n\u00ed Long akci\u00ed na jejich \u00fa\u010dty, kde zp\u016fsob\u00ed vyru\u0161en\u00ed jej\u00edch Short akciov\u00fdch pozic. Toto v\u0161echno p\u0159es noc na Ex-Dividend Day.<\/span><\/p>\n

\u00a0 \u00a02\/<\/strong> Dr\u017eitel\u00e9 ITM Long Call opc\u00ed<\/strong>, kte\u0159\u00ed na tomto dr\u017een\u00ed prozat\u00edm nevyd\u011blali<\/strong> tolik<\/strong>, jako je hodnota<\/strong> vypl\u00e1cen\u00e9<\/strong> dividendy<\/strong>. Nav\u00edc v\u011bd\u00ed, \u017ee bezprost\u0159edn\u011b po v\u00fdplat\u011b Dividendy cena akcie kles\u00e1 pr\u00e1v\u011b o hodnotu t\u00e9to Dividendy, co\u017e m\u00e1 samoz\u0159ejm\u011b vliv na cenu jejich ITM Long Call. Akcie se obchoduje p\u0159ed Ex-Dividend Day za 160 USD a vypl\u00e1c\u00ed Dividendu ve v\u00fd\u0161i 80 USD\/100 akci\u00ed. Pokud jsem p\u0159ed t\u00fddnem koupil ITM Long Call opci na strike 155 za 550 USD a tato se dnes obchoduje za 570 USD (cena podkladu pouze nepatrn\u011b stoupla), tak na t\u00e9to opci vyd\u011bl\u00e1v\u00e1m pouze +20 USD. S\u00a0t\u00edmto v\u00fdsledkem nejsem spokojen. Na Close p\u0159ed Ex-Dividend Day zad\u00e1v\u00e1m pokyn k\u00a0exercise a na \u00fa\u010det jsou mi po procedu\u0159e v\u00a0clearingov\u00e9 instituci dod\u00e1ny 100 x Long akcie za cenu strike. Tyto vid\u00edm na sv\u00e9m \u00fa\u010dtu p\u0159ed Open na Ex-Dividend Day. Jsem opr\u00e1vn\u011bn z\u00edskat Dividendu ve v\u00fd\u0161i +80 USD. \u201eVym\u011b\u0148uji\u201c profit na opci za profit na Dividend\u011b. Po Open se sna\u017e\u00edm akcie prodat nebo si je nech\u00e1v\u00e1m pro dal\u0161\u00ed dr\u017een\u00ed.<\/span><\/p>\n

\u00a0 \u00a03\/<\/strong> Dr\u017eitel\u00e9 ITM Long Call opc\u00ed<\/strong>, kte\u0159\u00ed na tomto dr\u017een\u00ed ji\u017e vyd\u011blali<\/strong>, tak\u017ee hodnota vypl\u00e1cen\u00e9 dividendy jim pom\u016f\u017ee l\u00e9pe vystoupit z pozice. Op\u011bt nav\u00edc v\u011bd\u00ed, \u017ee bezprost\u0159edn\u011b po v\u00fdplat\u011b Dividendy cena akcie kles\u00e1 pr\u00e1v\u011b o hodnotu t\u00e9to Dividendy, co\u017e m\u00e1 samoz\u0159ejm\u011b vliv na cenu jejich Long Call. Akcie se obchoduje p\u0159ed Ex-Dividend Day za 160 USD a vypl\u00e1c\u00ed Dividendu ve v\u00fd\u0161i 80 USD\/100 akci\u00ed. Pokud jsem p\u0159ed t\u00fddnem koupil ITM Long Call opci na strike 155 za 350 USD a tato se dnes obchoduje za 570 USD (cena podkladu v\u00fdrazn\u011b stoupla), tak na t\u00e9to opci vyd\u011bl\u00e1v\u00e1m ji\u017e +220 USD. S\u00a0t\u00edmto v\u00fdsledkem jsem spokojen a chci z\u00a0pozice vystoupit. P\u0159i Close p\u0159ed Ex-Dividend Day zad\u00e1v\u00e1m pokyn k\u00a0exercise a na \u00fa\u010det jsou mi po procedu\u0159e v\u00a0clearingov\u00e9 instituci dod\u00e1ny 100 x Long akcie za cenu strike. Tyto vid\u00edm na sv\u00e9m \u00fa\u010dtu p\u0159ed Open na Ex-Dividend Day. Jsem opr\u00e1vn\u011bn z\u00edskat Dividendu ve v\u00fd\u0161i +80 USD. Po Open se sna\u017e\u00edm akcie prodat. Pokud cena akci\u00ed klesne po Open o cenu Dividendy, tak tento je kompenzov\u00e1n p\u0159ijatou Dividendou. Pokud akcie po Open neklesne o hodnotu Dividendy, tak jsem splnil sv\u016fj z\u00e1m\u011br likvidovat opci, a je\u0161t\u011b k\u00a0n\u011bmu p\u0159idal Dividendu (nebo jej\u00ed \u010d\u00e1st, z\u00e1le\u017e\u00ed pak, jak\u00e1 bude moment\u00e1ln\u00ed cena akci\u00ed)<\/span><\/p>\n

\u00a0 \u00a04\/ Dr\u017eitel\u00e9 ITM Long Call opc\u00ed<\/strong>, jejich\u017e strike jsou \u201ehluboce v\u00a0pen\u011bz\u00edch\u201c a opce maj\u00ed pouze vnit\u0159n\u00ed hodnotu<\/strong>. Jejich Delta je 100 a obchoduj\u00ed se za tzv. \u201eparitu\u201c \u2013 nemaj\u00ed v\u00a0sob\u011b obsa\u017eeno \u017e\u00e1dn\u00e9 pr\u00e9mium. Tak\u00e9 v\u011bd\u00ed, \u017ee bezprost\u0159edn\u011b po v\u00fdplat\u011b Dividendy cena akcie kles\u00e1 pr\u00e1v\u011b o hodnotu t\u00e9to Dividendy, co\u017e m\u00e1 samoz\u0159ejm\u011b vliv na cenu jejich Long Call. Akcie se obchoduje p\u0159ed Ex-Dividend Day za 160 USD a vypl\u00e1c\u00ed Dividendu ve v\u00fd\u0161i 80 USD\/100 akci\u00ed. Jsem dr\u017eitel ITM Long Call opce na strike 150 a tato se dnes obchoduje za 1.000 USD, jej\u00ed Delta je 100 a jej\u00ed cena je v\u00a0dolarov\u00e9m vyj\u00e1d\u0159en\u00ed rovna hodnot\u011b rozd\u00edlu strike a moment\u00e1ln\u00ed ceny podkladu. Pokud se cena akcie vypl\u00e1cej\u00edc\u00ed Dividendu pohne nahoru o jeden dolar na 161 USD, bude hodnota m\u00e9 opce 1.100 USD, pokud hodnota akcie klesne o jeden dolar na hodnotu 159 USD bude hodnota m\u00e9 opce 900 USD. Chci z\u00a0pozice vystoupit. Po Close p\u0159ed Ex-Dividend Day zad\u00e1v\u00e1m pokyn k\u00a0exercise a na \u00fa\u010det jsou mi po procedu\u0159e v\u00a0clearingov\u00e9 instituci dod\u00e1ny 100 x Long akcie za cenu strike. Tyto vid\u00edm na sv\u00e9m \u00fa\u010dtu p\u0159ed Open na Ex-Dividend Day. Jsem opr\u00e1vn\u011bn z\u00edskat Dividendu ve v\u00fd\u0161i +80 USD. Po Open se sna\u017e\u00edm akcie prodat. Pokud cena akci\u00ed klesne po Open o cenu Dividendy, tak tento je kompenzov\u00e1n p\u0159ijatou Dividendou. Pokud akcie po Open neklesne o hodnotu Dividendy, tak jsem splnil sv\u016fj z\u00e1m\u011br likvidovat opci a je\u0161t\u011b k\u00a0n\u011bmu p\u0159idal Dividendu (nebo jej\u00ed \u010d\u00e1st, z\u00e1le\u017e\u00ed jak\u00e1 bude moment\u00e1ln\u00ed cena akci\u00ed)<\/span><\/p>\n

\u00a0 \u00a05\/<\/strong>\u00a0Dr\u017eitel\u00e9 ITM Long Call opc\u00ed<\/strong>, kte\u0159\u00ed usoudili, \u017ee moment\u00e1ln\u00ed cena Long Put +<\/strong> po\u0159\u00edzen\u00ed 100 x Long akci\u00ed + Dividenda<\/strong> je vy\u0161\u0161\u00ed<\/strong> ne\u017e moment\u00e1ln\u00ed profit<\/strong> z\u00a0t\u00e9to ITM Long Call<\/strong>. Toto bude p\u0159edm\u011btem cel\u00e9ho budouc\u00edho \u010dl\u00e1nku.<\/span><\/p>\n

\u00a0 \u00a06\/<\/strong> Dr\u017eitel\u00e9 ITM Long Call opc\u00ed<\/strong>, kte\u0159\u00ed se rozhodli vyu\u017e\u00edt statistickou v\u00fdhodu<\/strong>, \u017ee ne v\u0161echny ITM Short Call<\/strong> opce budou p\u0159i\u0159azeny<\/strong>. Principem je spol\u00e9h\u00e1n\u00ed se, \u017ee n\u011bkter\u00e1 z\u00a0popisovan\u00fdch skupin na svou pozici ITM Long Call zapomene nebo se ji v\u00a0danou chv\u00edli takov\u00e1 transakce s exercise nevyplat\u00ed anebo ji prost\u011b nem\u016f\u017ee prov\u00e9st. Toto bude tak\u00e9 p\u0159edm\u011btem cel\u00e9ho budouc\u00edho \u010dl\u00e1nku. \u00a0<\/span><\/p>\n

\u00a0 \u00a07\/<\/strong>\u00a0Dr\u017eitel\u00e9 ITM Long Call opc\u00ed<\/strong>, kte\u0159\u00ed se sna\u017e\u00ed vyu\u017eit takovou ud\u00e1lost spojenou s\u00a0vypl\u00e1cen\u00edm Dividend pro sv\u016fj prosp\u011bch<\/strong>. Z\u00e1m\u011brn\u011b po\u0159izuj\u00ed takov\u00e9 opce, aby z\u00edskali n\u011bjak\u00fd profit, to mohu b\u00fdt nap\u0159\u00edklad j\u00e1, drobn\u00fd trader.<\/span><\/p>\n

\u00a0\u00a0<\/span>\u00a0\u00a0 Z\u00a0v\u00fd\u010dtu plyne, \u017ee takov\u00e1 skupina obchodn\u00edk\u016f bude opravdu \u0161irok\u00e1. Sv\u00e9 ITM Long opce pak nech\u00e1vaj\u00ed bez exercise takov\u00ed obchodn\u00edci, kter\u00fdm se v\u00a0danou chv\u00edli do exercise nechce. D\u016fvod\u016f, pro\u010d by tak ne\u010dinili je mnoho. Pokud odhl\u00e9dnu od skute\u010dnosti, \u017ee n\u011bkdo takovou opce zapomene uplatnit<\/strong>, tak mohu m\u00edt t\u0159eba takovou opci sou\u010d\u00e1st\u00ed n\u011bjak\u00e9 komplexn\u011bj\u0161\u00ed pozice<\/strong> nebo touto ITM Long opc\u00ed zaji\u0161\u0165uji jin\u00e9 op\u010dn\u00ed pozice<\/strong> (nap\u0159\u00edklad r\u016fzn\u00e9 spready). Takov\u00e9 exercise by pak mohlo v\u00e9st nap\u0159\u00edklad ke zv\u00fd\u0161en\u00ed po\u017eadavku na margin<\/strong>, na kter\u00fd nemus\u00ed m\u00edt obchodn\u00edk dostatek prost\u0159edk\u016f. Dal\u0161\u00edm d\u016fvodem m\u016f\u017ee b\u00fdt nedostatek voln\u00fdch prost\u0159edk\u016f<\/strong> na po\u0159\u00edzen\u00ed samotn\u00fdch p\u0159ivolan\u00fdch akci\u00ed<\/strong>. Skute\u010dnost\u00ed ov\u0161em z\u016fst\u00e1v\u00e1, \u017ee pravd\u011bpodobnost p\u0159i\u0159azen\u00ed je obrovsk\u00e1 a tato se zvy\u0161uje u titul\u016f s\u00a0velkou likviditou a titul\u016f s vy\u0161\u0161\u00ed Dividendou. a to v\u0161e nejpravd\u011bpodobn\u011bji na jejich nejbli\u017e\u0161\u00edch expirac\u00edch.<\/span><\/p>\n

\u00a0\u00a0 Co si z\u00a0vykreslen\u00fdch skute\u010dnost\u00ed vz\u00edt pro vlastn\u00ed trading. P\u0159edn\u011b je jasn\u00e9, \u017ee v\u00fdplata Dividendy (term\u00edn Ex-Dividend Day) se mus\u00ed sledovat v\u00a0p\u0159\u00edpad\u011b, \u017ee m\u00e1m na sv\u00e9m \u00fa\u010dtu vypsanou Short Call opci, a tam je v\u00a0tento term\u00edn \u201ev pen\u011bz\u00edch\u201c, je asi dobr\u00e9 neb\u00fdt Britney Spears. Nezb\u00fdv\u00e1 pak ne\u017e vyhodnotit, jak\u00fd efekt m\u016f\u017ee m\u00edt dividendov\u00e9 p\u0159i\u0159azen\u00ed na na\u0161e portfolio, celkov\u00fd risk a objem disponibiln\u00edch prost\u0159edk\u016f. V\u00a0p\u0159\u00edpad\u011b ohro\u017een\u00ed je pak dobr\u00e9 takovou opci nap\u0159\u00edklad rolovat \u201emimo pen\u00edze\u201c.<\/span><\/p>\n

\u00a0\u00a0 M\u016f\u017eu v\u0161ak ud\u011blat p\u0159esn\u011b opa\u010dnou v\u011bc<\/strong> a pokusit se vyu\u017e\u00edt popisovan\u00e9 efekty ve sv\u016fj prosp\u011bch. Dne\u0161n\u00ed uk\u00e1zka a strategie v\u00a0dal\u0161\u00edch \u010dl\u00e1nc\u00edch budou s\u00a0takov\u00fdmi efekty po\u010d\u00edtat a budou sna\u017eit z\u00a0nich n\u011bjak\u00fdm zp\u016fsobem profitovat.<\/span><\/p>\n

\u00a0 Uk\u00e1zat \u017eiv\u00fd obchod znamen\u00e1 b\u00fdt v\u00a0sou\u010dasnosti \u201ein\u201c. Uk\u00e1zka, kterou budu popisovat je re\u00e1ln\u00fdm demonstrativn\u00edm obchodem na akcii AAPL<\/strong><\/span>, kter\u00e1 vypl\u00e1cela Dividendu ve v\u00fd\u0161i 0,63 USD\/akcii<\/strong><\/span> s Ex-Dividend Day 11.5.2017<\/strong><\/span>. Obchod se uskute\u010dnil na m\u00e9m \u017eiv\u00e9m \u00fa\u010dtu a uk\u00e1\u017eu v\u00e1m postupn\u011b v\u0161echny okolnosti v\u00a0\u010dasov\u00e9m sledu tak, jak se tento obchod vyv\u00edjel chronologicky v\u00a0re\u00e1ln\u00e9m \u010dase.<\/span><\/p>\n

\u00a0\u00a0 S\u00a0odkazem na v\u0161e v\u00fd\u0161e uveden\u00e9 jsem se rozhodl, \u017ee vyu\u017eiji tohoto term\u00ednu Ex-Dividend Day ke kr\u00e1tkodob\u00e9mu op\u010dn\u00edmu obchodu.<\/span><\/p>\n

\n

ITM Covered Call<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Podstatou tohoto obchodu bude, \u017ee v\u00a0den, kter\u00fd p\u0159edch\u00e1z\u00ed Ex-Dividend Day, po\u0159\u00edd\u00edm ITM Short Call<\/strong> a Long akcie AAPL<\/strong>, moje pozice pak bude Covered Call<\/a><\/strong><\/span>. Pozici budu cht\u00edt po\u0159\u00eddit na n\u011bkter\u00e9m strike opce v\u00a0nejbli\u017e\u0161\u00edch dvou weekly expirac\u00edch<\/strong>, nejbli\u017e\u0161\u00ed opce expiruj\u00ed za dva dny<\/strong> a vzd\u00e1len\u011bj\u0161\u00ed opce expiruj\u00ed za dev\u011bt dn\u016f<\/strong>. Pro\u010d bych to vlastn\u011b d\u011blal?<\/span><\/p>\n

\u00a0\u00a0 1\/ Chci Dividendu<\/strong><\/span>. Pokud z\u016fstane m\u00e1 Short Call opce v\u00a0noci na Ex-Dividend Day nep\u0159i\u0159azena<\/strong>, budu na Ex-Dividend Day inkasovat Dividendy<\/strong> ve v\u00fd\u0161i 63 USD<\/strong>, ze kter\u00fdch mi bude str\u017eena 15% da\u0148, tedy inkaso Dividendy bude ve v\u00fd\u0161i +53,55 USD<\/strong><\/span>. Po Ex-Dividend Day se v\u00a0takov\u00e9m p\u0159\u00edpad\u011b budu cht\u00edt cel\u00e9ho Covered Call okam\u017eit\u011b zbavit<\/strong>. Budu spol\u00e9hat, \u017ee pokud cena akcie AAPL klesne, klesne tak\u00e9 cena t\u00e9to Short Call opce, kterou budu moci zlikvidovat za lep\u0161\u00ed cenu ne\u017e jsem po\u0159\u00eddil. To, co ztrat\u00edm na poklesu akcie bude \u010d\u00e1ste\u010dn\u011b kompenzov\u00e1nu levn\u011bj\u0161\u00ed Short Call opc\u00ed k likvidaci a tak\u00e9 p\u0159ijatou dividendou.<\/span><\/p>\n

\u00a0 \u00a02\/ Nechci Dividendu \u2013 chci pr\u00e9mium<\/strong><\/span>. Pokud budu<\/strong>\u00a0noci na Ex-Dividend Day p\u0159i\u0159azen<\/strong>, budou mi na \u00fa\u010det dod\u00e1ny 100 x Short akcie, kter\u00e9 vyru\u0161\u00ed mou 100 x Long akciovou pozici. Zmiz\u00ed opce a zmiz\u00ed akcie. Na Open na Ex-Dividend Day nebudu m\u00edt na sv\u00e9m \u00fa\u010dtu \u017e\u00e1dnou pozici. Z\u00e1kladem cel\u00e9 obchodn\u00edm operace pak bude po\u0159\u00eddit cel\u00fd ITM Covered Call tak, aby tato velmi pravd\u011bpodobn\u00e1 ud\u00e1lost vygenerovala pen\u00edze, tedy aby mi z\u016fstala \u010d\u00e1st pr\u00e9mia z v\u00fdpisu Short Call opce<\/strong>, kter\u00e1 nebude p\u0159edstavovat moment\u00e1ln\u00ed hodnotu vnit\u0159n\u00ed hodnoty opce.<\/span><\/p>\n

\u00a0Open p\u0159ed Ex-Dividend Day<\/span><\/strong><\/h2>\n

\u00a0 Na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku je vid\u011bt situace z\u00a010.5.2017 po Open<\/strong> na opc\u00edch na akcii AAPL. Jedn\u00e1 se o den p\u0159ed Ex-Dividend Day<\/strong>. Jsou zobrazeny ob\u011b expirace s\u00a0vyzna\u010den\u00fdmi mo\u017en\u00fdmi ITM strike a s\u00a0jejich cenami. (Ceny akcie AAPL se m\u00edrn\u011b li\u0161\u00ed, je to zp\u016fsobeno n\u011bkolikavte\u0159inov\u00fdm zpo\u017ed\u011bn\u00edm p\u0159i po\u0159izov\u00e1n\u00ed obr\u00e1zk\u016f jednotliv\u00fdch expirac\u00ed)<\/span><\/p>\n

\"\"\u00a0 \u00a0<\/span>Budu tedy sledovat dva nejbli\u017e\u0161\u00ed ITM strike k mo\u017en\u00e9mu obchodu. Na horn\u00edm obr\u00e1zku je vid\u011bt opce s expirac\u00ed za dva dny<\/strong>, kde p\u0159i cen\u011b akcie APPL 152.82 USD<\/strong> bylo mo\u017en\u00e9 po\u0159\u00eddit Short Call do pl\u00e1novan\u00e9ho ITM Covered Call na strike 150 za +286 USD a Short Call na strike 152,50 za +83 USD. Z\u00a0toho vypl\u00fdv\u00e1, \u017ee ITM Covered Call na strike 150<\/strong> obsahuje +4 USD pr\u00e9mia<\/strong> (150 strike + 2.86 USD cena opce \u2013 152.82 USD cena akcie = +4 USD) a ITM Covered Call na strike 152.50<\/strong> obsahuje +51 USD<\/strong> pr\u00e9mia (152.50 strike + 0.83 USD cena opce \u2013 152.82 USD cena akcie = +51 USD)<\/span><\/p>\n

\u00a0 Na spodn\u00edm obr\u00e1zku je vid\u011bt opce s expirac\u00ed za dev\u011bt dn\u016f, kde p\u0159i cen\u011b akcie AAPL 152.88 USD bylo mo\u017en\u00e9 po\u0159\u00eddit Short Call do pl\u00e1novan\u00e9ho ITM Covered Call na strike 150 za +310 USD a Short Call do pl\u00e1novan\u00e9ho ITM Covered Call na strike 152,50 za +152 USD. Z\u00a0toho vypl\u00fdv\u00e1, \u017ee ITM Covered Call na strike 150<\/strong> obsahuje +22 USD pr\u00e9mia<\/strong> (150 strike + 3.10 USD cena opce \u2013 152.88 USD cena akcie = +22 USD) a ITM Covered Call na strike 152.50 obsahuje +114 USD pr\u00e9mia<\/strong> (152.50 strike + 1.52 USD cena opce \u2013 152.88 USD cena akcie = +114 USD)<\/span><\/p>\n

\u00a0 Pro zaj\u00edmavost se pod\u00edv\u00e1m do sloupce Volume\u00a0<\/strong>(ozna\u010deno b\u00edl\u00fdm krou\u017ekem), kde je vid\u011bt po\u010det zobchodovan\u00fdch op\u010dn\u00edch kontrakt\u016f na jednotliv\u00fdch strikes. U opc\u00ed s\u00a0expirac\u00ed za dva dny na strike 150 je po\u010det kontrakt\u016f 5.100<\/strong> a u strike 152.50 je po\u010det zobchodovan\u00fdch kontrakt\u016f 14.600<\/strong><\/span><\/p>\n

\u00a0 M\u00e1m p\u0159ed sebou cel\u00fd obchodn\u00ed den na to, abych se rozhodl, jak\u00fdm zp\u016fsobem do pozice vstoup\u00edm. Strike 152.50 je nav\u00edc velmi bl\u00edzko obchodovan\u00e9 cen\u011b a mohlo by se tak\u00e9 st\u00e1t, \u017ee tato opce nebude na Close ITM, co\u017e se mi nehod\u00ed pro m\u00e9 z\u00e1m\u011bry.<\/span><\/p>\n

Hodina po Open p\u0159ed Ex-Dividend Day<\/span><\/strong><\/h2>\n

\u00a0Z\u00a0odstupem jedn\u00e9 hodiny po situaci z\u00a0v\u00fd\u0161e uveden\u00e9ho obr\u00e1zku mohu pozorovat n\u00e1sleduj\u00edc\u00ed v\u00fdvoj. Cena akcie m\u00edrn\u011b vzrostla.<\/span><\/p>\n

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\u00a0 M\u016f\u017eu si porovnat, jak se zm\u011bnila cena jednotliv\u00fdch opc\u00ed. Nebudu ji\u017e popisovat zp\u016fsoby v\u00fdpo\u010dtu jednotliv\u00fdch pr\u00e9mi\u00ed pro jednotliv\u00e9 opce. Covered Call<\/strong> s\u00a0dvoudenn\u00ed expirac\u00ed m\u00e1 na strike 150<\/strong> pr\u00e9mium -2 USD<\/strong> a Covered Call<\/strong> na strike 152.50<\/strong> pr\u00e9mium +27 USD<\/strong>. Covered Call na strike 150 bych tak po\u0159\u00eddil se ztr\u00e1tou. Covered Call<\/strong>\u00a0s\u00a0dev\u00edtidenn\u00ed expirac\u00ed m\u00e1 na strike 150<\/strong> pr\u00e9mium +17 USD<\/strong> a Covered Call\u00a0<\/strong>na strike 152.50<\/strong> pr\u00e9mium +104 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Op\u011bt se pro zaj\u00edmavost se pod\u00edv\u00e1m do sloupce Volume<\/strong>, kde je vid\u011bt po\u010det zobchodovan\u00fdch op\u010dn\u00edch kontrakt\u016f na jednotliv\u00fdch strikes. U opc\u00ed s\u00a0expirac\u00ed za dva dny na strike 150 je po\u010det kontrakt\u016f 6.480<\/strong> a u strike 152.50 je po\u010det zobchodovan\u00fdch kontrakt\u016f 23.400<\/strong>. Na strike 150, kter\u00fd je v\u00edce v\u00a0pen\u011bz\u00edch do\u0161lo k\u00a0n\u00e1r\u016fstu o v\u00edce ne\u017e jeden tis\u00edc zobchodovan\u00fdch opc\u00ed, kde\u017eto u vy\u0161\u0161\u00edho strike 152.50 do\u0161lo k\u00a0n\u00e1r\u016fstu o neuv\u011b\u0159iteln\u00fdch 8.800 kontrakt\u016f, to je obrovsk\u00fd r\u016fst obchodovan\u00e9ho objemu s\u00a0odstupem pouh\u00e9 hodiny.<\/span><\/p>\n

\u00a0\u00a0 Do obchodu prozat\u00edm nevstupuji, nech\u00e1m si sv\u00e9 rozhodnut\u00ed na dobu p\u0159ed Close trh\u016f<\/span><\/p>\n

Close p\u0159ed Ex-Dividend Day<\/span><\/strong><\/h2>\n

\u00a0 P\u0159ed zav\u0159en\u00edm trh\u016f<\/strong> v\u00a0den p\u0159ed Ex-Dividend Day p\u0159in\u00e1\u0161\u00ed akcie AAPL n\u00e1sleduj\u00edc\u00ed v\u00fdvoj. Cena akcie stagnuje oproti p\u0159edchoz\u00ed sledovan\u00e9 situaci a m\u016f\u017eu pozorovat n\u00ed\u017ee uveden\u00e9<\/span><\/p>\n

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\u00a0\u00a0 M\u016f\u017eu si op\u011bt porovnat, jak se zm\u011bnila cena jednotliv\u00fdch opc\u00ed. Op\u011bt ji\u017e nebudu popisovat zp\u016fsoby v\u00fdpo\u010dtu jednotliv\u00fdch pr\u00e9mi\u00ed pro jednotliv\u00e9 strike. Covered Call<\/strong>\u00a0s\u00a0dvoudenn\u00ed expirac\u00ed m\u00e1 na strike 150<\/strong> pr\u00e9mium -3 USD<\/strong> a Covered Call\u00a0<\/strong>na strike 152.50 pr\u00e9mium +10 USD<\/strong>. Covered Call na strike 150 bych tak po\u0159\u00eddil op\u011bt se ztr\u00e1tou. Covered Call<\/strong>\u00a0s\u00a0dev\u00edtidenn\u00ed expirac\u00ed maj\u00ed na strike 150 pr\u00e9mium +2 USD<\/strong> a Covered Call\u00a0<\/strong>na strike 152.50 pr\u00e9mium +89 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Za zaznamen\u00e1n\u00ed stoj\u00ed op\u011bt pohled na sloupce Volume u jednotliv\u00fdch strikes. U opc\u00ed s\u00a0expirac\u00ed za dva dny na strike 150 je po\u010det kontrakt\u016f 47.300<\/strong> a u strike 152.50 je po\u010det zobchodovan\u00fdch kontrakt\u016f 36.800<\/strong>. To jsou neuv\u011b\u0159iteln\u00e1 \u010d\u00edsla v\u00a0rozmez\u00ed n\u011bkolika hodin.<\/span><\/p>\n

\u00a0 Ne\u017e padne m\u00e9 rozhodnut\u00ed, na jak\u00e9m strike a a jak\u00e9 expiraci vstoup\u00edm do sv\u00e9ho \u201edividendov\u00e9ho obchodu“, pokus\u00edm se o malou rekapitulaci, kterou lze zachytit v\u00a0n\u00ed\u017ee uveden\u00e9 tabulce. Zobrazuje v\u00fd\u0161e pr\u00e9mi\u00ed<\/strong>, kter\u00e9 n\u00e1m p\u0159in\u00e1\u0161ej\u00ed jednotliv\u00e9 strike v\u00a0jednotliv\u00fdch expirac\u00edch sou\u010dasn\u011b s\u00a0pohybem Volume<\/strong>.<\/span><\/p>\n

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\u00a0 Je z\u0159eteln\u011b vid\u011bt, \u017ee v\u00a0posledn\u00ed den p\u0159ed Ex-Dividend Day, sm\u011brem ke Close<\/strong> obchodn\u00edho dne, ztr\u00e1cej\u00ed v\u0161echny sledovan\u00e9 opce pr\u00e9mia<\/strong><\/span>. Je to zp\u016fsobeno obrovsk\u00fdm tlakem zp\u016fsoben\u00e9m zna\u010dn\u00fdm a neobvykl\u00fdm Volume t\u011bchto opc\u00ed, popt\u00e1vka a nab\u00eddka tla\u010d\u00ed na ceny t\u011bchto tyto opc\u00ed tak siln\u011b, \u017ee se obchoduj\u00ed t\u00e9m\u011b\u0159 pouze za svou vnit\u0159n\u00ed hodnotu, jejich cena neobsahuje t\u00e9m\u011b\u0159 \u017e\u00e1dn\u00e9 pr\u00e9mium. To plat\u00ed zejm\u00e9na u opc\u00ed, kter\u00e9 jsou hloub\u011bji v\u00a0pen\u011bz\u00edch na ni\u017e\u0161\u00edch strikes a maj\u00ed tak vy\u0161\u0161\u00ed vnit\u0159n\u00ed hodnotu a m\u00e9n\u011b pr\u00e9mia. U takov\u00e9 v\u00edce ITM opce na strike 150 v\u00a0bli\u017e\u0161\u00ed expiraci je dokonce pr\u00e9mium z\u00e1porn\u00e9. Pokud vyhodnot\u00edm objem obchodovan\u00fdch kontrakt\u016f, tak je na bli\u017e\u0161\u00ed expiraci opravdu z\u00e1vratn\u00fd a bude sv\u011bd\u010dit o aktivit\u011b \u201edividendov\u00fdch hr\u00e1\u010d\u016f\u201c, kterou budu popisovat v\u00a0n\u011bkter\u00e9m z\u00a0dal\u0161\u00edch \u010dl\u00e1nk\u016f. Za zaznamen\u00e1n\u00ed stoj\u00ed pom\u011br takov\u00e9ho Volume u opc\u00ed s\u00a0bli\u017e\u0161\u00ed expirac\u00ed na strike 152.50 a 150 (hn\u011bd\u00e9 obd\u00e9ln\u00edky) \u2013 je obrovsk\u00e9 a je \u201et\u00e9m\u011b\u0159\u201c stejn\u00e9ho objemu oproti nepom\u011br\u016fm t\u011bchto objem\u016f na jin\u00fdch strikes. Jako by na t\u011bchto strikes n\u011bkdo vytv\u00e1\u0159el Vertik\u00e1ln\u00ed Spready, to je t\u0159eba vn\u00edmat a souvis\u00ed to pr\u00e1v\u011b se zmi\u0148ovanou\u00a0dividendovou aktivitou v\u011bt\u0161\u00edch hr\u00e1\u010d\u016f nebo s\u00a0tvorbou jin\u00fdch pozice ne\u017e je ta moje.<\/span><\/p>\n

\u00a0\u00a0\u00a0 Proto je m\u00e9 rozhodnut\u00ed nezab\u00fdvat<\/strong> se ITM Covered Call s\u00a0opc\u00ed v\u00a0bli\u017e\u0161\u00ed expirac\u00ed<\/strong>. M\u00e1 volba je tedy vyu\u017e\u00edt opci se vzd\u00e1len\u011bj\u0161\u00ed expirac\u00ed, t\u00edm p\u00e1dem je m\u00fdm z\u00e1kladn\u00edm obchodn\u00edm \u00famyslem z\u00edskat Dividendu<\/strong>. Proto\u017ee je pravd\u011bpodobnost p\u0159i\u0159azen\u00ed opce vy\u0161\u0161\u00ed u bli\u017e\u0161\u00edch expirac\u00edch a u strike, kde je nejvy\u0161\u0161\u00ed obchodovan\u00fd pohyb, m\u00e1 pozornost je up\u0159ena na ni\u017e\u0161\u00ed strike 150 u opce se vzd\u00e1len\u011bj\u0161\u00ed\u00a0expirac\u00ed za dev\u011bt dn\u016f. Proto\u017ee je st\u00e1le mo\u017enost p\u0159i\u0159azen\u00ed obrovsk\u00e1, mus\u00edm takov\u00fd Covered Call po\u0159\u00eddit alespo\u0148 tak, abych na t\u00e9to transakci neprod\u011blal, pokud by k\u00a0n\u011bmu opravdu do\u0161lo. Na obr\u00e1zku n\u00ed\u017ee je vid\u011bt TradeLog m\u00e9ho demonstrativn\u00edho obchodu.\u00a0<\/span><\/p>\n

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\u00a0 Dv\u011b minuty p\u0159ed uzav\u0159en\u00edm trh\u016f<\/strong> jsem vypsal Short Call<\/strong> opci na strike 150<\/strong> s\u00a0expirac\u00ed 19. kv\u011btna 2017 a utr\u017eil za tuto opci +328 USD<\/strong>. Sou\u010dasn\u011b jsem koupil 100 Long akci\u00ed AAPL<\/strong> za cenu 153.24 USD<\/strong>. M\u00e9 poplatky \u010dinily 1 USD na n\u00e1kup akci\u00ed a 1.10 USD za v\u00fdpis opce, celkov\u011b -2.10 USD<\/strong>. M\u00e9 celkov\u00e9 n\u00e1klady pak jsou +328 USD (v\u00fdpis opce) \u2013 15.324 USD (akcie) -2.10 USD (komise) = -14.998,10 USD.<\/strong><\/span><\/p>\n

\u00a0 S\u00a0touto pozic\u00ed po necel\u00fdch dvou minut\u00e1ch kon\u010d\u00ed denn\u00ed obchodov\u00e1n\u00ed. Kr\u00e1tce po osm\u00e9 hodin\u011b rann\u00ed (na\u0161eho \u010dasu) n\u00e1sleduj\u00edc\u00edho dne, na Ex-Dividend Day 11.5.2017, dost\u00e1v\u00e1m ze sv\u00e9 obchodn\u00ed platformy sign\u00e1l, \u017ee jsem byl<\/strong> na m\u00e9 Short Call 150 opci p\u0159i\u0159azen<\/strong>. Obdr\u017eel jsem \u201eNotification Of Option Assignment<\/strong>\u201c.<\/span><\/p>\n

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\u00a0\u00a0 Krom\u011b samotn\u00e9ho sd\u011blen\u00ed a identifikace p\u0159i\u0159azen\u00e9ho op\u010dn\u00edho kontraktu stoj\u00ed za pov\u0161imnut\u00ed sd\u011blen\u00ed, \u017ee proveden\u00fdm p\u0159i\u0159azen\u00edm byla z\u00a0m\u00e9ho \u00fa\u010dtu odebr\u00e1na opce a byly na m\u016fj \u00fa\u010det dod\u00e1ny\/odebr\u00e1ny p\u0159\u00edslu\u0161n\u00e9 podkladov\u00e9 akcie, a to s\u00a0term\u00ednem takov\u00e9 transakce ke dni 10.5.2017<\/span><\/strong> (tedy den p\u0159ed Ex-Dividend Day). Znamen\u00e1 to, \u017ee mi na \u00fa\u010det byly dod\u00e1ny 100 x Short akcie za cenu strike 150 USD, a tato transakce prob\u011bhla p\u0159ed Open na Ex-Dividend Day. Proto\u017ee jsem ji\u017e m\u011bl na \u00fa\u010dtu 100 x Long akcie, tak se akciov\u00e1 pozice vyru\u0161ila. Pokud bych na \u00fa\u010dtu \u017e\u00e1dn\u00e9 Long akcie nem\u011bl, z\u016fstaly by mi tyto Short akcie i na Open na Ex-Dividend Day a j\u00e1 bych musel platit celou Dividendu ve v\u00fd\u0161i 63 USD.<\/span><\/p>\n

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\u00a0\u00a0 M\u00e9 p\u0159edpoklady s\u00a0inkasov\u00e1n\u00edm Dividendy nevy\u0161ly<\/strong>. Nevad\u00ed. Na \u00fa\u010det jsem obdr\u017eel +15.000 USD za prodej 100 x Short akcie za cenu strike 150 USD. M\u00e9 n\u00e1klady byly -14.998,10 USD. M\u016fj celkov\u00fd profit je<\/strong><\/span> +15.000 USD -14.998,10 USD = +1.90 USD.<\/strong><\/span><\/span><\/p>\n

\u00a0 Vyd\u011blal jsem necel\u00e9 2 USD<\/strong> za m\u00e9n\u011b ne\u017e dvouminutovou expozici na trhu<\/strong>. Mohu nyn\u00ed spekulovat, jestli je to dobr\u00fd v\u00fdsledek. U m\u011b ano, cokoliv, co je v\u011bt\u0161\u00ed ne\u017e nula, je v\u017edy v\u00edce ne\u017e nula. Mohu nyn\u00ed nam\u00edtnout, \u017ee by mo\u017en\u00e1 bylo lep\u0161\u00ed po\u0159\u00eddit Covered Call na opci se stejnou vzd\u00e1len\u011bj\u0161\u00ed expirac\u00ed, ale na vy\u0161\u0161\u00edm strike, proto\u017ee tam bylo vy\u0161\u0161\u00ed moment\u00e1ln\u00ed pr\u00e9mium. Ka\u017ed\u00fd trader by takovou situaci zobchodoval jinak, proto\u017ee ka\u017ed\u00fd by m\u011bl jin\u00e1 obchodn\u00ed o\u010dek\u00e1v\u00e1n\u00ed. Jedno m\u00e1me ale v\u0161ichni stejn\u00e9 \u2013 stejnou m\u00edru nejistoty, jestli budeme nebo nebudeme na t\u011bchto v\u0161emo\u017en\u00fdch opc\u00edch p\u0159i\u0159azeni. V\u00fdb\u011br Short opc\u00ed k\u00a0p\u0159i\u0159azen\u00ed prob\u00edh\u00e1 na z\u00e1klad\u011b n\u00e1hodn\u00e9ho algoritmu jak v\u00a0OCC, tak u brokera, tak\u017ee nikdo dop\u0159edu nev\u00ed, jak to dopadne. Tak\u00e9 z\u00a0t\u00e9to skute\u010dnosti vypl\u00fdv\u00e1, \u017ee takov\u00e9 obchody nejdou testovat na historick\u00fdch datech, nev\u00edte, jestli budete nebo nebudete p\u0159i\u0159azeni nebo zda se v\u00e1m poda\u0159\u00ed z\u00edskat dividendu. \u00a0<\/span><\/p>\n

\u00a0\u00a0 What If…<\/strong><\/span><\/h2>\n

\u00a0\u00a0 P\u0159ipust\u00edm si nyn\u00ed mo\u017enost<\/strong>, \u017ee bych na sv\u00e9 Short Call 150 opci nebyl p\u0159i\u0159azen<\/strong> a vy\u0161el by mi m\u016fj sc\u00e9n\u00e1\u0159 s\u00a0inkasov\u00e1n\u00edm Dividendy. Tato by \u010dinila +53,55 USD<\/strong>. Budu tedy sledovat, jak bych v\u00a0takov\u00e9m p\u0159\u00edpad\u011b s\u00a0pozic\u00ed nalo\u017eil.<\/span><\/p>\n

\u00a0\u00a0 Pokud jsem tvrdil, \u017ee na Open na Ex-Dividend Da<\/strong>y drtiv\u00e1 v\u011bt\u0161ina akci\u00ed otev\u0159e n\u00ed\u017ee nejm\u00e9n\u011b o hodnotu Dividendy<\/strong>, pak p\u0159i Close p\u0159edch\u00e1zej\u00edc\u00edho dne ve v\u00fd\u0161i 153.26 USD<\/strong> se v\u00a0prvn\u00edch t\u0159ech minut\u00e1ch na Open na Ex-Dividend Day pohybovala kolem hodnoty 152.60 USD<\/strong>. To v\u00edce ne\u017e odpov\u00edd\u00e1 m\u00e9mu tvrzen\u00ed.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 Avizovan\u00e9 vystoupen\u00ed z cel\u00e9 pozice jej\u00ed likvidac\u00ed ale\u00a0nen\u00ed tak zcela jednoduch\u00e9<\/strong>, jak by se na prvn\u00ed pohled mohlo zd\u00e1t. Po otev\u0159en\u00ed trh\u016f sice akcie otev\u0159e t\u00e9m\u011b\u0159 s\u00a0jistotou n\u00ed\u017ee nejm\u00e9n\u011b o hodnotu dividendy, ale m\u016f\u017eeme pozorovat dva souvisej\u00edc\u00ed jevy<\/strong><\/span><\/p>\n

\u00a0\u00a0 1\/ Siln\u011b se po Open na Ex-Dividend Day rozev\u0159e Ask\/Bid spread<\/strong><\/span> na op\u010dn\u00edch kontraktech. Takto reaguje trh na \u201echytr\u00e1ky\u201c, kte\u0159\u00ed se cht\u011bj\u00ed zbavit sv\u00fdch op\u010dn\u00edch pozic ihned po otev\u0159en\u00ed trh\u016f a kte\u0159\u00ed pravd\u011bpodobn\u011b maj\u00ed podobn\u00e9 pozice jako m\u00e1m j\u00e1. Proto\u017ee je t\u00e9m\u011b\u0159 jist\u00e9, \u017ee se b\u011bhem dne situace uklidn\u00ed, nen\u00ed proto dobr\u00e9 z\u00a0t\u00e9to pozice vystupovat ihned po Open, ale vy\u010dkat na uklidn\u011bn\u00ed situace. Pokles ceny akci\u00ed po Open zase p\u0159itahuje p\u0159\u00edznivce akciov\u00fdch strategi\u00ed, kter\u00e9 vych\u00e1zej\u00ed z\u00a0p\u0159edpokladu takov\u00e9ho bezprost\u0159edn\u00edho poklesu ceny p\u0159i otev\u0159en\u00ed na Ex-Dividend Day a s\u00e1zky na op\u011btovn\u00e9 zotaven\u00ed ceny. Na ceny akci\u00ed je tak po Open tak\u00e9 zna\u010dn\u00fd tlak, jednak se jich obchodn\u00edci zbavuj\u00ed, proto\u017ee maj\u00ed podobn\u00e9 pozice jako m\u00e1m j\u00e1 nebo pr\u00e1v\u011b pro kr\u00e1tkodob\u00e9 spekulativn\u00ed \u00fa\u010dely se samotn\u00fdmi akciemi.<\/span><\/p>\n

\u00a0\u00a0 2\/ Opc\u00edm se vrac\u00ed pr\u00e9mium<\/strong><\/span>. V\u00a0d\u016fsledku obrovsk\u00e9ho tlaku na nab\u00eddku a popt\u00e1vku p\u0159ed Ex-Dividend Day doch\u00e1zelo ke ztr\u00e1t\u011b pr\u00e9mia, jak bylo patrn\u00e9 z\u00a0p\u0159edch\u00e1zej\u00edc\u00ed tabulky v\u00a0\u010dl\u00e1nku v\u00fd\u0161e. Opce se obchodovaly t\u00e9m\u011b\u0159 za paritu, n\u011bkter\u00e9 dokonce za z\u00e1porn\u00e9 pr\u00e9mium. Uvoln\u011bn\u00edm tohoto tlaku trhu v\u0161ak doch\u00e1z\u00ed k n\u00e1vratu pr\u00e9mia<\/strong> k\u00a0cen\u00e1m op\u010dn\u00edch kontrakt\u016f. V\u00a0tabulce n\u00ed\u017ee je vid\u011bt, jak\u00e9 by bylo pr\u00e9mium, kdybych do takov\u00e9 pozice Covered Call vstoupil a\u017e na Close na Ex-Dividend Day, tedy po uklidn\u011bn\u00ed situace po Open tohoto dne, samoz\u0159ejm\u011b ji\u017e nejde o Dividendov\u00fd obchod<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Je pochopiteln\u00e9, \u017ee Covered Call<\/strong>, kter\u00e9 v\u00a0danou chv\u00edli maj\u00ed ji\u017e jen 1 den do expirace a Short Call opce jsou \u201ev pen\u011bz\u00edch\u201c, t\u00e9m\u011b\u0159 \u017e\u00e1dn\u00e9 pr\u00e9mium nemaj\u00ed, Covered Call<\/strong>\u00a0se Short Call s osmidenn\u00ed dobou do expirace v\u0161ak nabraly zp\u011bt sv\u00e1 pr\u00e9mia ve v\u00fd\u0161i +30 USD<\/strong> resp. +85 USD<\/strong><\/span><\/p>\n

\u00a0 Co z\u00a0toho vypl\u00fdv\u00e1. Zbavit se pozice ihned po Open na Ex-Dividend Day nen\u00ed proz\u00edrav\u00e9<\/strong>. Je zapot\u0159eb\u00ed nechat pominout v\u00fd\u0161e uveden\u00e9 efekty. Budu pak vych\u00e1zet z\u00a0jednoduch\u00e9 logiky, \u017ee kdy\u017e bude cena akcie<\/strong> po Open na Ex-Dividend Day klesat<\/strong>, bude rovn\u011b\u017e klesat m\u00e1 v\u00fdkupn\u00ed cena Short Call a k\u00a0tomu v\u0161emu budu vyu\u017e\u00edvat \u201epol\u0161t\u00e1\u0159e\u201c inkasovan\u00e9 Dividendy. K\u00a0tomuto by pak tak\u00e9 mohlo p\u0159isp\u011bt ub\u00fdv\u00e1n\u00ed pr\u00e9mia plynut\u00edm \u010dasu, kdy nap\u0159\u00edklad na bli\u017e\u0161\u00ed expiraci, kter\u00e1 je za pouh\u00fd jeden den, bude takov\u00fd \u00fabytek pr\u00e9mia vydatn\u011bj\u0161\u00ed ne\u017e u vzd\u00e1len\u011bj\u0161\u00edch opc\u00ed, kter\u00e9 si budou takov\u00e9 pr\u00e9mium \u201edr\u017eet\u201c. Pokud cena akcie<\/strong> poroste<\/strong>, tak sice poroste tak\u00e9 m\u00e1 v\u00fdkupn\u00ed cena Short Call, ale d\u00edky r\u016fstu ceny akcie budu realizovat profit z tohoto n\u00e1r\u016fstu ceny a k\u00a0tomu op\u011bt budu moci p\u0159i\u010d\u00edtat inkaso z\u00a0Dividendy. Nech\u00e1m proto svou v\u00fdstupn\u00ed akci a\u017e na Close na Ex-Dividend Day. Jak\u00e1 byla situace na tomto Close je patrn\u00e9 z\u00a0obr\u00e1zku n\u00ed\u017ee. Proto\u017ee jsem p\u016fvodn\u011b nep\u0159edpokl\u00e1dal, \u017ee budu ps\u00e1t o \u201eWhat If\u201c sc\u00e9n\u00e1\u0159i, musel jsem obr\u00e1zek s\u00a0cenami Close na Ex-Dividend Day po\u0159\u00eddit z\u00a0analytick\u00e9 platformy Thinkorswim.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 V\u00a0obr\u00e1zku jsou \u00fadaje k m\u00e9 potenci\u00e1ln\u00ed dividendov\u00e9 pozici<\/strong>\u00a0(kdybych nebyl p\u0159i\u0159azen) ozna\u010deny \u010derven\u00fdmi r\u00e1me\u010dky<\/strong>. P\u0159i Close na Ex-Dividend Day 11.5.2017<\/strong> akcie AAP<\/strong>L uzav\u00edrala na cen\u011b 153,95 USD<\/strong> a m\u00e1 opce s\u00a0expirac\u00ed za 8 dn\u016f<\/strong> na strike 150<\/strong> by se dala prodat za cenu -440 USD<\/strong>. Pokud bych takto pozici uzav\u0159el tak bych ke sv\u00fdm p\u016fvodn\u00edm n\u00e1klad\u016fm ve v\u00fd\u0161i -14.998,10 USD p\u0159i\u010detl \u010distou Dividendu ve v\u00fd\u0161i +53.55 USD\u00a0+ n\u00e1klady na likvidaci Short Call opce ve v\u00fd\u0161i -440 USD a tr\u017ebu za prodan\u00e9 akcie ve v\u00fd\u0161i +15.395 USD = profit +10.45 USD<\/strong><\/span>.<\/span><\/p>\n

\u00a0\u00a0 Na jednodenn\u00ed dr\u017een\u00ed pozice to nen\u00ed \u0161patn\u00e9. Zaj\u00edmav\u00fd by pak byl pohled a vyhodnocen\u00ed, jak by si b\u00fdvaly vedly ostatn\u00ed strike, kter\u00e9 jsem sledoval, kdyby na nich vstoupil do stejn\u00e9 kr\u00e1tkodob\u00e9 Covered Call a z\u016fstal nep\u0159i\u0159azen a na Close na Ex-Dividend Day pozice uzav\u0159el stejn\u00fdm zp\u016fsobem.<\/span>\u00a0\"\"<\/span><\/p>\n

\u00a0 Z\u00a0obr\u00e1zku je patrn\u00e9, \u017ee jsem si vybral tu nejhor\u0161\u00ed mo\u017enou variantu<\/strong>. Dividendov\u00fd Covered Call na strike 150<\/strong> se vzd\u00e1len\u011bj\u0161\u00ed expirac\u00ed vyd\u011blal nejm\u00e9n\u011b (+10,45 USD). V\u00fdd\u011blky na jin\u00fdch strikes by byly minim\u00e1ln\u011b trojn\u00e1sobn\u00e9. Takov\u00fd je ale \u017eivot op\u010dn\u00edho obchodn\u00edka, dop\u0159edu nem\u00e1te nikdy nic jist\u00e9, zb\u00fdv\u00e1 jen takovou pozici analyzovat a v\u00a0p\u0159\u00ed\u0161t\u00edch obchodech z\u00a0takov\u00e9 vlastn\u00ed anal\u00fdzy vych\u00e1zet.<\/span><\/p>\n

\u00a0\u00a0 Mohl jsem ale tak\u00e9 z\u00a0pozice vystoupit jinak a efektivn\u011bji. Na obr\u00e1zku z\u00a0Close cenami na Ex-Dividend Day v\u00fd\u0161e je vid\u011bt v\u00a0b\u00edl\u00e9m krou\u017eku cena Long Put 150<\/strong>, kter\u00e1 je na stejn\u00e9m strike<\/strong>, jako je m\u00e1 Short Call 150 opce z\u00a0Covered Call<\/strong>. Pokud bych si ji na takov\u00e9m Close po\u0159\u00eddil za nab\u00edzenou cenu -35 USD<\/strong> mohl bych vytvo\u0159it Conversion<\/strong><\/span>, nic nelikvidovat a nechat takovou Conversion doj\u00edt do sv\u00e9 expirace. M\u011bl bych toti\u017e tuto pozici: Short Call 150<\/strong> (+328 USD) + 100 x Long akcie<\/strong> (-15.324,00 USD) + Long Put 150<\/strong> (-35 USD) + Dividenda<\/strong> (+53,55 USD). N\u00e1klady na tuto Conversion by pak byly -14.977,45 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 P\u0159i expiraci by pak byla Short Call 150 p\u0159i\u0159azena nebo Long Put 150 uplatn\u011bna a v\u017edy mi budou dod\u00e1ny 100 x Short akcie za cenu strike 150 USD a obdr\u017e\u00edm tr\u017ebu +15.000 USD. M\u016fj profit je pak nikoliv p\u016fvodn\u00ed +10,45 USD, ale nyn\u00ed ji\u017e -14.977,45 USD n\u00e1klady + 15.000 USD tr\u017eba za akcie = profit +22,55 USD<\/strong>. M\u011bly bych o t\u00e9m\u011b\u0159 100% v\u011bt\u0161\u00ed profit<\/strong>.<\/span><\/p>\n

\u00a0 V\u00a0tabulce n\u00ed\u017ee je rekapitulace v\u00fdstupn\u00edch mo\u017enost\u00ed u v\u0161ech sledovan\u00fdch strike, kdybych tento v\u00fdstup \u0159e\u0161il po\u0159\u00edzen\u00edm odpov\u00eddaj\u00edc\u00ed Long Put do kone\u010dn\u00e9 pozice Conversion na jednotliv\u00fdch strikes.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 V\u0161echny v\u00fdstupy<\/strong> by byly lep\u0161\u00ed<\/strong> ne\u017e likvidace cel\u00e9ho Covered Call na voln\u00e9m trhu<\/strong> a sv\u011bte div se, nejv\u011bt\u0161\u00ed v\u00fdhodu by p\u0159inesl m\u00e9 pozici, vystoupil bych o +12,1 USD l\u00e9pe. Podstatou tvorby t\u00e9to Conversion ov\u0161em byla skute\u010dnost, \u017ee akcie do Close na Ex-Dividend Day nakonec rostla<\/strong> a umo\u017enila, \u017ee Long Put opce byly p\u0159i takov\u00fdch Close cen\u00e1ch za takov\u00e9 ceny, jak\u00e9 byly vid\u011bt na obr\u00e1zku. V\u00a0p\u0159\u00edpad\u011b, kdyby akcie vytrvale klesala by to samoz\u0159ejm\u011b nebylo mo\u017en\u00e9, proto\u017ee Long Put opce by m\u011bly vy\u0161\u0161\u00ed hodnoty, zejm\u00e9na na vzd\u00e1len\u011bj\u0161\u00ed expiraci. Na bli\u017e\u0161\u00ed expiraci (ta je za jeden den) by v\u0161ak mohly b\u00fdt tyto ceny Long Put zaj\u00edmav\u00e9 i p\u0159i poklesu, pokud by nap\u0159\u00edklad pokles nebyl a\u017e ke strike Short Call opc\u00ed a Long Put opce by st\u00e1le byly \u201emimo pen\u00edze\u201c, pak by mohly b\u00fdt opravdu velmi levn\u00e9 a mohly by skv\u011ble poslou\u017eit k\u00a0p\u0159\u00edpadn\u00e9mu \u201euzam\u010den\u00ed profitu\u201c. Je tedy nezbytn\u011b nutn\u00e9 tyto ceny Long Put sledovat. \u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 Z\u00e1v\u011brem bych cht\u011bl upozornit, \u017ee po\u0159\u00e1d mus\u00edm vn\u00edmat, \u017ee m\u00e1 pozice, kterou dr\u017e\u00edm, je Covered Call, kter\u00fd m\u00e1 neomezenou mo\u017enost ztr\u00e1ty, tak jak jsem ji popisoval v\u00a0\u010dl\u00e1nku Covered Call<\/strong><\/a><\/span>\u00a0nebo v\u00a0\u010dl\u00e1nku Covered Call nebo Naked Put?<\/strong><\/a><\/span>. Proto je v\u00fdhodou kr\u00e1tkodob\u00e9 dr\u017een\u00ed cel\u00e9 pozice, kdy p\u0159edpoklad prudk\u00e9ho pohybu je \u201e\u010dasov\u011b omezen\u201c. Cel\u00fd uk\u00e1zkov\u00fd obchod byl vystaven trhu necel\u00e9 dv\u011b minuty, ale mohl se rozvinout do obchodu s\u00a0trv\u00e1n\u00edm n\u011bkolika hodin. V takov\u00e9mu velmi kr\u00e1tkodob\u00e9mu obchodu nem\u016f\u017eeme pravd\u011bpodobn\u011b o\u010dek\u00e1vat profity v\u00a0\u0159\u00e1dech stovek dolar\u016f, m\u016f\u017eeme v\u0161ak velmi efektivn\u011b nasb\u00edrat odpov\u00eddaj\u00edc\u00ed profity za rozumn\u00fdch podm\u00ednek a s\u00a0p\u0159ijateln\u00fdm rizikem, vypl\u00fdvaj\u00edc\u00edm z\u00a0podstaty strategie Covered Call a tak\u00e9 z\u00a0kr\u00e1tkodob\u00e9 \u010dasov\u00e9 expozice v\u00a0trhu :c)<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 \u00a0Oops!… I Did It Again, zazp\u00edvala by si na\u0161tvan\u011b Britney Spears svou hitovku, kdyby vid\u011bla na sv\u00e9m obchodn\u00edm \u00fa\u010dtu, jak byla op\u011bt p\u0159i\u0159azena na ITM Short Call opci a od brokera se ji do\u010dkalo op\u011btovn\u00e9ho such\u00e9ho vysv\u011btlen\u00ed, \u017ee to bylo proto, \u017ee \u201e\u2026se p\u0159ece v\u010dera vypl\u00e1cely dividendy\u2026\u201c.\u00a0 V\u00e1gn\u00ed odpov\u011b\u010f, Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":406,"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_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":[28],"tags":[6,29],"class_list":["post-378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dividendy","tag-covered-call","tag-dividendy"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/Div2.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-66","jetpack-related-posts":[{"id":475,"url":"https:\/\/dobretrejdy.com\/?p=475","url_meta":{"origin":378,"position":0},"title":"Dividendy – VI.","author":"dobretrejdy :c)","date":"2.6.2017","format":false,"excerpt":"\u00a0 \u00a0V\u00a0minul\u00e9m \u010dl\u00e1nku Dividendy \u2013 V.\u00a0jsem popisoval, jak se cena Dividendy v\u00a0obdob\u00ed t\u011bsn\u011b p\u0159ed Ex-Dividend Day ve sv\u00e9 pln\u00e9 v\u00fd\u0161i prom\u00edt\u00e1 do ceny ITM Long Put opc\u00ed a nikoliv do ceny Call opc\u00ed. Na p\u0159\u00edkladu akcie GS (Goldman Sachs Inc.) jsem v\u00a0jednoduch\u00e9 tabulce ukazoval, jak\u00e9 jsou konkr\u00e9tn\u00ed ceny pr\u00e9mi\u00ed takov\u00fdch\u2026","rel":"","context":"V \u201eDividendy\u201c","block_context":{"text":"Dividendy","link":"https:\/\/dobretrejdy.com\/?cat=28"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/div6.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/div6.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/div6.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":501,"url":"https:\/\/dobretrejdy.com\/?p=501","url_meta":{"origin":378,"position":1},"title":"Dividendy – VII.","author":"dobretrejdy :c)","date":"10.6.2017","format":false,"excerpt":"\u00a0\u00a0\u00a0 V\u00a0dne\u0161n\u00edm \u010dl\u00e1nku uzav\u00edraj\u00edc\u00edm minis\u00e9rii o opc\u00edch a v\u00fdplat\u00e1ch Dividendy bych se cht\u011bl vr\u00e1tit na za\u010d\u00e1tek t\u00e9to \u0159ady \u010dl\u00e1nk\u016f. V\u00a0\u00fapln\u011b prvn\u00edm \u010dl\u00e1nku t\u00e9to minis\u00e9rie o obchodov\u00e1n\u00ed dividendov\u00e9ho obdob\u00ed pomoc\u00ed opc\u00ed jsem p\u0159i vysloven\u00e9m p\u0159edpokladu, \u017ee v\u00fdplata Dividendy je spojena s\u00a0vlastnictv\u00edm Long akci\u00ed, poznamenal, \u017ee to nemus\u00ed b\u00fdt tak \u00fapln\u011b pravda.\u2026","rel":"","context":"V \u201eDividendy\u201c","block_context":{"text":"Dividendy","link":"https:\/\/dobretrejdy.com\/?cat=28"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/DIV-7-2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/DIV-7-2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/DIV-7-2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/DIV-7-2.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/DIV-7-2.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":2329,"url":"https:\/\/dobretrejdy.com\/?p=2329","url_meta":{"origin":378,"position":2},"title":"Syntetick\u00e9 pozice – II.","author":"dobretrejdy :c)","date":"19.8.2018","format":false,"excerpt":"\u00a0\u00a0 V\u00a0minul\u00e9m \u010dl\u00e1nku \u00a0jsem se pokou\u0161el zobrazit vztah mezi cenami opc\u00ed na stejn\u00e9m strike a z\u00a0t\u011bchto vztah\u016f pak vydolovat jejich praktick\u00e9 vyu\u017eit\u00ed s\u00a0n\u00e1znaky obchodovatelnosti mo\u017en\u00fdch diferenc\u00ed a nesoulad\u016f v\u00a0definovan\u00fdch vztaz\u00edch. V\u0161e jsem pot\u00e9 demonstroval na op\u010dn\u00edm \u0159et\u011bzci akcie AAPL, kdy\u017e z poznan\u00e9ho vztahu mezi cenami opc\u00ed na stejn\u00e9m strike a\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed kombinace\u201c","block_context":{"text":"Op\u010dn\u00ed kombinace","link":"https:\/\/dobretrejdy.com\/?cat=4"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/08\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/08\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/08\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/08\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":447,"url":"https:\/\/dobretrejdy.com\/?p=447","url_meta":{"origin":378,"position":3},"title":"Dividendy – IV.","author":"dobretrejdy :c)","date":"26.5.2017","format":false,"excerpt":"\u00a0 \u00a0V\u00a0jednom z p\u0159edchoz\u00edch \u010dl\u00e1nk\u016f Dividendy \u2013 II.\u00a0jsem na n\u011bkolika m\u00edstech upozor\u0148oval na zv\u00fd\u0161enou aktivitu v\u00a0den p\u0159ed Ex-Dividend Day doprov\u00e1zenou masivn\u00edm navy\u0161ov\u00e1n\u00edm po\u010dtu zobchodovan\u00fdch op\u010dn\u00edch kontrakt\u016f. Popisoval jsem konstrukci ITM Covered Call na akcii AAPL a sou\u010dasn\u011b p\u0159edpokl\u00e1dal, \u017ee cel\u00fd obchod bude p\u0159ed\u010dasn\u011b ukon\u010den, proto\u017ee v\u00a0noci na Ex-Dividend Day prob\u00edh\u00e1\u2026","rel":"","context":"V \u201eDividendy\u201c","block_context":{"text":"Dividendy","link":"https:\/\/dobretrejdy.com\/?cat=28"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/div.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/div.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/div.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/div.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":454,"url":"https:\/\/dobretrejdy.com\/?p=454","url_meta":{"origin":378,"position":4},"title":"Dividendy \u2013 V.","author":"dobretrejdy :c)","date":"28.5.2017","format":false,"excerpt":"\u00a0 \u00a0V\u00a0p\u0159edchoz\u00edch \u010dl\u00e1nc\u00edch o v\u00fdplat\u011b Dividendy a mo\u017en\u00fdch op\u010dn\u00edch obchodech jsem se pohyboval pouze na Call stran\u011b op\u010dn\u00edho \u0159et\u011bzce. Covered Call nebo Call Bull Spread po\u0159izovan\u00fd p\u0159ed Ex-Dividend Day byl kombinacemi, jak se sna\u017eit pomoc\u00ed kr\u00e1tkodob\u00e9ho op\u010dn\u00edho obchodu vyzr\u00e1t nad dlouhodob\u00fdm dr\u017een\u00edm akci\u00ed a m\u00edt z\u00a0takov\u00e9 vypl\u00e1cen\u00e9 Dividendy n\u011bjak\u00fd profit.\u2026","rel":"","context":"V \u201eDividendy\u201c","block_context":{"text":"Dividendy","link":"https:\/\/dobretrejdy.com\/?cat=28"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/div-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/div-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/div-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/div-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":362,"url":"https:\/\/dobretrejdy.com\/?p=362","url_meta":{"origin":378,"position":5},"title":"Dividendy – I.","author":"dobretrejdy :c)","date":"13.5.2017","format":false,"excerpt":"\u00a0 \u00a0B\u00fdt akcion\u00e1\u0159 a m\u00edt dividendu je skv\u011bl\u00e1 v\u011bc. Vlastnit akcie a jednou za n\u011bjak\u00fd \u010das sklidit plody tohoto dr\u017een\u00ed je tak fascinuj\u00edc\u00ed z\u00e1le\u017eitost, \u017ee nesnese odkladu se takovou v\u011bc\u00ed zab\u00fdvat. Zd\u00e1lo by se, \u017ee bez dr\u017een\u00ed akci\u00ed by \u017e\u00e1dn\u00e9 dividendy nebyly a naopak, dividendu nemohu z\u00edskat, pokud nem\u00e1m akcie.\u2026","rel":"","context":"V \u201eDividendy\u201c","block_context":{"text":"Dividendy","link":"https:\/\/dobretrejdy.com\/?cat=28"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/dividend-profil-obr1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/dividend-profil-obr1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/dividend-profil-obr1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/dividend-profil-obr1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/378","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=378"}],"version-history":[{"count":13,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/378\/revisions"}],"predecessor-version":[{"id":1400,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/378\/revisions\/1400"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/406"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}