{"id":447,"date":"2017-05-26T11:59:05","date_gmt":"2017-05-26T09:59:05","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=447"},"modified":"2021-08-16T14:20:06","modified_gmt":"2021-08-16T12:20:06","slug":"dividendy-iv","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=447","title":{"rendered":"Dividendy – IV."},"content":{"rendered":"

\u00a0 \u00a0V\u00a0jednom z p\u0159edchoz\u00edch \u010dl\u00e1nk\u016f Dividendy \u2013 II.<\/strong><\/a><\/span>\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 masov\u00e9 zpracov\u00e1n\u00ed pokyn\u016f k\u00a0exercise u Call opc\u00ed, kter\u00e9 se v\u00a0danou chv\u00edli nach\u00e1zely ITM. V\u00a0\u010dl\u00e1nku byly patrn\u00e9 n\u00e1r\u016fsty po\u010dtu kontrakt\u016f<\/strong> v\u00a0posledn\u00ed den p\u0159ed vypl\u00e1cen\u00edm dividendy v\u00a0\u0159\u00e1dech desetitis\u00edc\u016f kontrakt\u016f<\/strong>. Kde se takov\u00e9 \u010d\u00edsla vlastn\u011b berou a co by mohlo st\u00e1t za takovou neobvyklou aktivitou by mohlo vyplynout z\u00a0dne\u0161n\u00edho \u010dl\u00e1nku.<\/span><\/p>\n

\u00a0\u00a0 Neobvykl\u00e1 aktivita na ITM Call strikes u dividendov\u00fdch titul\u016f je patrn\u00e1\u00a0 pohledem na t\u00e9m\u011b\u0159 ka\u017ed\u00fd v\u00fdznamn\u011bji obchodovan\u00fd titul. Stoj\u00ed za n\u00ed samoz\u0159ejm\u011b obchodn\u00ed aktivity obchodn\u00edk\u016f, kte\u0159\u00ed se sna\u017e\u00ed na kr\u00e1tkodob\u00fdch dividendov\u00fdch obchiodech vyd\u011blat, ale jsou jich opravdu desetitis\u00edcov\u00e9 z\u00e1stupy, jako u akcie AAPL v\u00a0\u010dl\u00e1nku Dividendy \u2013 II.<\/strong><\/a><\/span>? Pravdou je, \u017ee kde je likvidita, tak tam jsou takov\u00e9 pohyby pravd\u011bpodobn\u011bj\u0161\u00ed, a op\u010dn\u00ed likvidita na opc\u00edch AAPL je opravdu skv\u011bl\u00e1. Na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku je vid\u011bt den p\u0159ed Ex-Dividend Day<\/strong> na akcii CVX (Chevron Corp.)<\/strong>, kter\u00e1 vypl\u00e1cela Dividendu<\/strong> ve v\u00fd\u0161i 1.08 USD\/akcii<\/strong> s Ex-Dividend Day 17.5.2017<\/strong>. Obr\u00e1zek je z\u00a016.5.2017<\/strong>, tedy ze dne p\u0159edch\u00e1zej\u00edc\u00edho\u00a0Ex-Dividend Day.<\/span><\/p>\n

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\u00a0\u00a0 Z obr\u00e1zku je opatrn\u00e9, \u017ee na ATM strike 107<\/strong> je otev\u0159eno t\u00e9m\u011b\u0159 \u010dty\u0159itis\u00edce op\u010dn\u00edch kontrakt\u016f<\/strong> (3.940). Zaj\u00edmav\u011bj\u0161\u00ed pohled je na ni\u017e\u0161\u00ed ITM strike 106<\/strong> a 105<\/strong>. Na obou strikes vid\u00edme zna\u010dn\u011b vysok\u00e1 \u010d\u00edsla 2.054<\/strong> a 2.620<\/strong>, kter\u00e9 jsou \u201et\u00e9m\u011b\u0159 stejn\u011b\u201c vysok\u00e1. Na dal\u0161\u00edch ni\u017e\u0161\u00edch strikes jsou pak \u010d\u00edsla \u00fapln\u011b zanedbateln\u00e1, jednotky des\u00edtek otev\u0159en\u00fdch pozic. Opce maj\u00ed t\u0159i dny do expirace<\/strong>.<\/span><\/p>\n

\u00a0 Na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku je vid\u011bt stejn\u00e1 situace z\u00a0dne\u0161n\u00edho dne, kdy p\u00ed\u0161u tento \u010dl\u00e1nek. Op\u011bt se jedn\u00e1 o opce s\u00a0nejbli\u017e\u0161\u00ed expirac\u00ed – opce maj\u00ed 2 dny do expirace<\/strong>, pouze pominuly \u201edividendov\u00e9 d\u016fvody\u201c<\/strong><\/span>.<\/span><\/p>\n

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\u00a0\u00a0 Z\u0159eteln\u011b je vid\u011bt, \u017ee \u010dty\u0159tis\u00edcov\u00e1 kv\u00f3ta<\/strong> pro op\u010dn\u00ed kontrakty na ATM strike<\/strong> 106 je t\u00e9m\u011b\u0159 stejn\u00e1<\/strong>, jako byla minul\u00fd t\u00fdden na tehdej\u0161\u00edm ATM strike p\u0159ed vypl\u00e1cen\u00edm dividendy, ov\u0161em na ni\u017e\u0161\u00edch ITM strike 105<\/strong> a 104<\/strong> jsou \u010d\u00edsla zcela zanedbateln\u00e1 oproti v\u00edce ne\u017e dv\u011bma tis\u00edc\u016fm z\u00a0p\u0159edchoz\u00edho obr\u00e1zku. Takto asi vypad\u00e1 b\u011b\u017en\u00e9 rozlo\u017een\u00ed pozornosti a z\u00e1jmu o op\u010dn\u00ed kontrakty na tento titul, v p\u0159\u00edpadech, kdy se nebl\u00ed\u017e\u00ed \u017e\u00e1dn\u00e1 v\u00fdznamn\u011bj\u0161\u00ed ud\u00e1lost spojen\u00e1 s obchodovanou spole\u010dnost\u00ed.<\/span><\/p>\n

\u00a0\u00a0 P\u0159i pokusu vysv\u011btlit takov\u00e9 obrovsk\u00e9 a t\u00e9m\u011b\u0159\u00a0symetrick\u00e9 Open Interest<\/strong> na ni\u017e\u0161\u00edch ITM strikes<\/strong> u Call opc\u00ed<\/strong> p\u0159ed Ex-Dividend Day<\/strong> mus\u00edm vyslovit n\u011bkolik p\u0159edpoklad\u016f, ze kter\u00fdch \u00favah bude vych\u00e1zet.<\/span><\/p>\n

\u00a0 \u00a01\/ Proces Assignment (p\u0159i\u0159azen\u00ed) je n\u00e1hodn\u00fd<\/strong><\/span>. Toto je prvn\u00ed<\/strong> d\u016fle\u017eit\u00fd p\u0159edpoklad<\/strong>. V\u00a0minul\u00e9m \u010dl\u00e1nku Dividendy \u2013 III.<\/strong><\/a><\/span>\u00a0jsem prakticky uk\u00e1zal, jak po uzav\u0159en\u00ed trh\u016f p\u0159ed Ex-Dividend Day m\u00e1m n\u011bjak\u00fd kr\u00e1tk\u00fd \u010das na to, abych se rozmyslel, jestli m\u00e1m nebo nem\u00e1m prov\u00e9st Exercise m\u00fdch ITM Long Call opc\u00ed. Pokud se rozhodnu, \u017ee takov\u00e9 Exercise provedu, zad\u00e1m prost\u0159ednictv\u00edm obchodn\u00ed platformy takov\u00fd pokyn a okam\u017eit\u011b obdr\u017e\u00edm na sv\u016fj \u00fa\u010det Long akcie. Takov\u00fd pokyn mus\u00edm brokerovi doru\u010dit do 22:40 na\u0161eho \u010dasu, a proto\u017ee je to \u201eunrevocable\u201c z\u00e1le\u017eitost (ned\u00e1 se ji\u017e odvolat), tak broker mi akcie p\u0159ip\u00ed\u0161e na m\u016fj \u00fa\u010det okam\u017eit\u011b.<\/span><\/p>\n

\u00a0\u00a0 Co se ale d\u011bje s\u00a0m\u00fdm pokynem Exercise d\u00e1le<\/strong>. Interactive Brokers (m\u016fj broker) doru\u010d\u00ed cel\u00fd bal\u00edk pokyn\u016f k Exercise, kter\u00e9 od v\u0161ech sv\u00fdch klient\u016f nahromadil za cel\u00fd den, po tomto Dead Time (22:40 na\u0161eho \u010dasu), do clearingov\u00e9 instituce The Options Clearing Corporation („OCC“)<\/a><\/strong><\/span>, jej\u00edm\u017e je \u010dlenem, kde jsou jednotliv\u00e9 pokyny vypo\u0159\u00e1d\u00e1v\u00e1ny podle ur\u010dit\u00e9ho po\u0159ad\u00ed, toto jsem popisoval v\u00a0\u010dl\u00e1nku Assignment (p\u0159i\u0159azen\u00ed) opc\u00ed<\/a><\/strong>.<\/span> Pokud tedy dojde na proceduru Assignment, tak clearingov\u00e1 instituce m\u00e1 pov\u011bdom\u00ed, kolik opc\u00ed bylo Exercised (uplatn\u011bno) a kte\u0159\u00ed \u010dlenov\u00e9 (members) maj\u00ed na sv\u00fdch \u00fa\u010dtech odpov\u00eddaj\u00edc\u00ed Short op\u010dn\u00ed kontrakty, kter\u00e9 by m\u011bly byly n\u00e1sledn\u011b t\u011bmito \u010dleny Assigned (p\u0159i\u0159azeno). V\u00a0jednoduch\u00e9m p\u0159\u00edkladu s\u00a0opcemi na CVX bylo do OCC nap\u0159\u00edklad doru\u010deno v\u0161emi \u010dleny OCC (jednotliv\u00fdmi brokery) 1.800 po\u017eadavk\u016f<\/span> na exercise CVX Long Call opce na strike 106<\/strong>\u00a0pro op\u010dn\u00ed s\u00e9rii s expirac\u00ed za t\u0159i dny<\/strong>. OCC eviduje, kter\u00fd jeho \u010dlen m\u00e1 na sv\u00e9m \u00fa\u010dtu CVX Short Call kontrakty se strike 106 pro op\u010dn\u00ed s\u00e9rii s expirac\u00ed za t\u0159i dny. Nap\u0159\u00edklad Interactive Brokers m\u00e1 700 takov\u00fdch kontrakt\u016f, TD Ameritrade 350 kontrakt\u016f, OptionsXpress 300 kontrakt\u016f, eOptions 300 kontrakt\u016f a Charles Schwab 350 kontrakt\u016f, celkem tak na \u00fa\u010dtech klient\u016f t\u011bchto broker\u016f le\u017e\u00ed 2.000 otev\u0159en\u00fdch CVX Short Call 106<\/strong><\/span> op\u010dn\u00edch kontrakt\u016f pro op\u010dn\u00ed s\u00e9rii s expirac\u00ed za t\u0159i dny<\/strong>. Pokud je po\u010det takov\u00fdch Exercise po\u017eadavk\u016f stejn\u011b, jako je existuj\u00edc\u00edch evidovan\u00fdch Short opc\u00ed, jsou v\u0161ichni \u010dlenov\u00e9 ozna\u010deni, aby na sv\u00fdch \u00fa\u010dtech vypo\u0159\u00e1daly po\u017eadovan\u00e9 Exercise. Ve skute\u010dnosti je v\u0161ak p\u0159ed Ex-Dividend Day takov\u00fd po\u010det po\u017eadavk\u016f men\u0161\u00ed, ne\u017e je po\u010det v\u0161ech otev\u0159en\u00fdch odpov\u00eddaj\u00edc\u00edch CVX Short Call 106. (Pro\u010d tomu tak je, vyplyne z\u00a0dal\u0161\u00edho p\u0159edpokladu m\u00e9 \u00favahy). V\u00a0takov\u00e9m p\u0159\u00edpad\u011b je v\u00a0OCC spu\u0161t\u011bn\u00e1 \u201en\u00e1hodn\u00e1 procedura\u201c<\/strong>, kter\u00e1 za pou\u017eit\u00ed ur\u010dit\u00e9ho algoritmu ur\u010d\u00ed, kter\u00e9 ze v\u0161ech dvou tis\u00edc otev\u0159en\u00fdch Short Call<\/strong> u v\u0161ech sv\u00fdch \u010dlen\u016f bude nutno vypo\u0159\u00e1dat<\/strong>, aby bylo spln\u011bno v\u0161ech 1.800 po\u017eadavk\u016f na Exercise<\/strong>. Ve v\u00fdsledku tohoto n\u00e1hodn\u00e9ho algoritmu je pak doru\u010deno z OCC do Interactive Brokers, aby uspokojilo 640 po\u017eadavk\u016f Exercise, TD Ameritrade 320 po\u017eadavk\u016f Exercise, OptionsXpress 260 po\u017eadavk\u016f Exercise, eOptions 260 po\u017eadavk\u016f Exercise a Charles Schwab 330 po\u017eadavk\u016f Exercise. Detailist\u00e9, kte\u0159\u00ed cht\u011bj\u00ed v\u011bd\u011bt, jak spu\u0161t\u011bn\u00ed a fungov\u00e1n\u00ed takov\u00e9ho algoritmu u OCC prob\u00edh\u00e1, je tato informace ke sta\u017een\u00ed zde<\/a>.<\/strong><\/span><\/span><\/p>\n

\u00a0\u00a0 M\u016fj broker (Interactive Brokers) obdr\u017e\u00ed v\u00a0noci pokyn z\u00a0OCC, \u017ee m\u00e1 vypo\u0159\u00e1dat 640 po\u017eadavk\u016f<\/strong> na Exercise CVX Long Call 106 kontrakt\u016f. Celkem ale eviduje na r\u016fzn\u00fdch \u00fa\u010dtech jednotliv\u00fdch obchodn\u00edk\u016f 700 CVX Short Call 106<\/strong> kontrakt\u016f. Mus\u00ed se tedy tak\u00e9 rozhodnout, jak\u00fdm zp\u016fsobem takov\u00fd v\u00fdb\u011br provede, aby uspokojil men\u0161\u00ed po\u010det po\u017eadavk\u016f ne\u017e je skute\u010dn\u011b dr\u017een\u00fdch ITM Short Call op\u010dn\u00edch pozic jeho klient\u016f na jeho \u00fa\u010dtech. Je jasn\u00e9, \u017ee n\u011bkter\u00e9 ITM Short Call 106 z\u016fstanou takovou procedurou nedot\u010deny a nebudou vybr\u00e1ny k Assigned. Tak\u00e9 on ponech\u00e1 takov\u00fd v\u00fdb\u011br na n\u00e1hod\u011b vygenerovan\u00e9 vlastn\u00edm algoritmem<\/strong>, na z\u00e1klad\u011b kter\u00e9ho ur\u010d\u00ed, kter\u00e9 \u00fa\u010dty a kter\u00e9 kontrakty budou k\u00a0vypo\u0159\u00e1d\u00e1n\u00ed pou\u017eity. Po n\u00e1hodn\u00e9m v\u00fdb\u011bru u OCC se tedy jedn\u00e1 o druh\u00fd n\u00e1hodn\u00fd v\u00fdb\u011br. Jak takov\u00fd n\u00e1hodn\u00fd v\u00fdb\u011br prob\u00edh\u00e1 a jak\u00fd je jeho mechanismus se zv\u00eddav\u00fd obchodn\u00edk m\u016f\u017ee do\u010d\u00edst v tomto dokumentu<\/a><\/strong><\/span>. Takto vybran\u00e9 \u00fa\u010dty a pozice jsou pak p\u0159edm\u011btem Assignment, jeho\u017e v\u00fdsledkem je doru\u010den\u00ed p\u0159\u00edslu\u0161n\u00e9ho podkladu (100 x Short Call na jeden op\u010dn\u00ed kontrakt). Klient takovou transakci zaznamen\u00e1 zaslanou zpr\u00e1vou \u201eNotification Of Option Assignment\u201c.<\/span><\/p>\n

\u00a0 \u00a02\/ Ne v\u0161echny ITM Call opce jsou na Ex-Dividend Day Exercised (uplatn\u011bny)<\/strong><\/span>\u00a0<\/strong>a z\u00a0toho vypl\u00fdvaj\u00edc\u00ed skute\u010dnost, \u017ee ne v\u0161echny ITM Short Call budou Assigned (p\u0159i\u0159azeny). Toto je druh\u00fd<\/strong> v\u00fdznamn\u00fd p\u0159edpoklad<\/strong> pro \u00favahu o masivn\u00edm n\u00e1r\u016fstu po\u010dtu obchodovan\u00fdch kontrakt\u016f t\u011bsn\u011b p\u0159ed Ex-Dividend Day. Zdaleka ne v\u0161ichni dr\u017eitel\u00e9 ITM Long Call opc\u00ed jsou ochotni sv\u00e9 opce Exercised pro z\u00edsk\u00e1n\u00ed Dividendy. Mohou pro to m\u00edt mnoho d\u016fvod\u016f. Nejjednodu\u0161\u0161\u00edm d\u016fvodem m\u016f\u017ee b\u00fdt skute\u010dnost, \u017ee na takov\u00e9 uplatn\u011bn\u00ed prost\u011b zapomenou nebo si nev\u0161imnou, \u017ee je vypl\u00e1cena na podkladov\u00e9 akcii Dividenda. Dal\u0161\u00edm praktick\u00fdm d\u016fvodem m\u016f\u017ee b\u00fdt fakt, \u017ee ITM Long Call opce jsou sou\u010d\u00e1st\u00ed komplexn\u00edch op\u010dn\u00edch pozic, kdy se obchodn\u00edkovi nevyplat\u00ed z\u00a0takov\u00e9 pozice vystupovat proveden\u00edm Exercise. Nevyplat\u00ed se to zejm\u00e9na v\u00a0okam\u017eiku, kdy takov\u00e9 Exercise zv\u00fd\u0161\u00ed po\u017eadavek na margin, zm\u011bn\u00ed se risk cel\u00e9 slo\u017eit\u011bj\u0161\u00ed op\u010dn\u00ed pozice nebo obchodn\u00edk nem\u00e1 na sv\u00e9m \u00fa\u010dtu dostatek voln\u00fdch prost\u0159edk\u016f na n\u00e1kup akci\u00ed, kter\u00e9 se mu po Exercise objev\u00ed na \u00fa\u010dtu. D\u016fvod mohou b\u00fdt r\u016fznorod\u00e9. Neexistuje p\u0159esn\u00e9 \u010d\u00edslo, kter\u00e9 by vyjad\u0159ovalo nap\u0159\u00edklad procentn\u00ed pod\u00edl cel\u00e9ho objemu existuj\u00edc\u00edch ITM Short Call opc\u00ed, kter\u00e9 z\u016fstanou nep\u0159i\u0159azeny v\u00a0noci na Ex-Dividend Day, ale za \u201enorm\u00e1l\u201c je pova\u017eov\u00e1na hodnota mezi 10% -15% v\u0161ech kontrakt\u016f. Pokud bych cht\u011bl takovou skute\u010dnost demonstrovat na konkr\u00e9tn\u00edm p\u0159\u00edklad\u011b, tak na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku je vid\u011bt Open Interest na opc\u00edch s\u00a0nejbli\u017e\u0161\u00ed expirac\u00ed akcie CVX na Close na Ex-Dividend Day, <\/strong>tedy za situace, kdy o v\u00fdplatu Dividendy ji\u017e nejde. Na prvn\u00edm obr\u00e1zku v\u00a0\u010dl\u00e1nku byly vid\u011bt situace v\u00a0den p\u0159edch\u00e1zej\u00edc\u00ed Ex-Dividend Day (16.5.2017), kdy na ATM strike 107 bylo otev\u0159eno 3.940 kontrakt\u016f a na ITM strike 105 a 106 byl Open Interest na hodnot\u00e1ch 2.620 kontrakt\u016f resp.2.054 kontrakt\u016f.\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

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\u00a0 Z\u00a0obr\u00e1zku vypl\u00fdv\u00e1, \u017ee Open Interest na p\u016fvodn\u00edm ATM strike 107<\/strong>\u00a0z\u016fstal t\u00e9m\u011b\u0159 nezm\u011bn\u011bn a je 3.427 kontrakt\u016f<\/strong>, ubylo pouze zhruba 500 kontrakt\u016f. Na ITM strike 105<\/strong>\u00a0a 106<\/strong>\u00a0je v\u0161ak situace diametr\u00e1ln\u011b jin\u00e1<\/strong><\/span>. Z\u00a0p\u016fvodn\u00edch v\u00edce ne\u017e dvoutis\u00edcov\u00fdch objem\u016f na Open Interest p\u0159ed Ex-Dividend Day jsou na druh\u00fd den na ka\u017ed\u00e9m sledovan\u00e9m strike pouh\u00e9 dv\u011b stovky<\/strong>. Open Interest 209<\/strong> kontrakt\u016f na strike 105 a Open Interest 211<\/strong> kontrakt\u016f na strike 106. To je zhruba 10 % p\u016fvodn\u00edho objemu<\/strong>, tyto kontrakty z\u016fstaly otev\u0159eny i p\u0159es Ex-Dividend Day a nebyly Exercised a tedy i n\u00e1sledn\u011b Assignment.<\/span><\/p>\n

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Vertical Spread Play<\/span><\/strong><\/h1>\n

\u00a0\u00a0 Jsem Market Maker na op\u010dn\u00edm pitu CVX a m\u00e9 jm\u00e9no je Viktor. Nejsem tady s\u00e1m, proto\u017ee op\u010dn\u00ed trhy tvo\u0159\u00ed je\u0161t\u011b n\u011bkolik dal\u0161\u00edch Maket Maker\u016f. Jsme \u010distokrevn\u00ed konkurenti, ka\u017ed\u00fd si hraje na sv\u00e9m vlastn\u00edm \u201ep\u00edse\u010dku\u201c a v\u0161ichni se sna\u017e\u00edme vyd\u011blat. M\u00fdm kamar\u00e1dem je Tom, Market Maker nejmenovan\u00e9 velk\u00e9 investi\u010dn\u00ed banky, kter\u00fd tak\u00e9 obsluhuje CVX. Je 16.7.2017<\/strong> a p\u0159em\u00fd\u0161l\u00edme, jak vyd\u011blat<\/strong> na jinak poklidn\u00e9m \u201etvo\u0159en\u00ed op\u010dn\u00edho trhu\u201c na podkladu CVX, kter\u00fd m\u00e1 z\u00edtra Ex-Dividend Day<\/strong> a vypl\u00e1cen\u00e1 Dividenda je 1.08 USD\/akcii<\/strong>. Open Interest na ITM strikes je \u017ealostn\u00fd a je n\u011bco kolem dvou stovek na strike 105 a strike 106. B\u011bhem obchodn\u00edho dne dost\u00e1v\u00e1m od Toma ne\u010dekanou nab\u00eddku na n\u00e1sleduj\u00edc\u00ed obchodn\u00ed transakci \u2013 nab\u00edz\u00ed mi, \u017ee chce otev\u0159\u00edt 1.700 ITM Call Bull Spread\u016f<\/strong> na CVX s\u00a0Long Call na strike 105<\/strong> a Short Call na strike 106<\/strong>. Souhlas\u00edm a prod\u00e1v\u00e1m mu 1.700 x Short Call 105 a kupuji od n\u011bj 1.700 x Long Call 106. Neplat\u00edme t\u00e9m\u011b\u0159 \u017e\u00e1dn\u00e9 poplatky, n\u00e1klady jsou zanedbateln\u00e9.\u00a0 \u00a0\u00a0<\/span><\/p>\n

\u00a0J\u00e1 m\u00e1m na sv\u00e9m \u00fa\u010dtu 1700<\/strong> x Credit Call Bear Vertical Spread -105\/+106<\/strong>. Tom m\u00e1 na sv\u00e9m \u00fa\u010dtu 1700<\/strong> x Debit Call Bull Vertical Spread +105\/-106<\/strong>. Otev\u0159eli jsme obrovsk\u00e9 mno\u017estv\u00ed vz\u00e1jemn\u00fdch pozic \u2013 Vertik\u00e1ln\u00edch Spread\u016f a otev\u0159eli jsme je mezi sebou, proto\u017ee na trhu nebyly \u017e\u00e1dn\u00e9 po\u017eadavky na vypln\u011bn\u00ed podobn\u00fdch p\u0159\u00edkaz\u016f od jin\u00fdch obchodn\u00edk\u016f. Pro\u010d jsme to takto ud\u011blali?<\/span><\/p>\n

\u00a0\u00a0 Z\u00e1kladn\u00edm motivem takov\u00e9 transakce je z\u00edskat Dividendu<\/strong> a vyu\u017e\u00edt k\u00a0tomu nahodil\u00e9 algoritmy<\/strong> v\u00fdb\u011bru Assignment Short Call pozice prov\u00e1d\u011bn\u00e9 u OCC tak, jak jsem tento princip popisoval v\u00fd\u0161e. Dal\u0161\u00edm z\u00e1kladn\u00edm p\u0159edpokladem je historick\u00e9 zji\u0161t\u011bn\u00ed, \u017ee ne v\u0161echny<\/strong> ITM Long Call opce jsou v\u017edy na Ex-Dividend Day Exercised<\/strong>, a to z\u00a0d\u016fvod\u016f tak\u00e9 ji\u017e v\u00fd\u0161e uveden\u00fdch. Na\u0161e pozice jsou tedy obrovsk\u00e9 a do Close na Ex-Dividend Day se ji\u017e nic dramatick\u00e9ho nestalo.<\/span><\/p>\n

\u00a0 \u00a0Po Close na Ex-Dividend Day prov\u00e1d\u00edme oba – \u00fa\u010dastn\u00edci dohodnut\u00e9ho obchodu –\u00a0Exercise v\u0161ech na\u0161ich ITM Long Call opc\u00ed<\/strong>. J\u00e1 prov\u00e1d\u00edm Exercise 1.700 Long Call 106 opc\u00ed a Tom prov\u00e1d\u00ed Exercise 1.700 Long Call 105 opc\u00ed. Okam\u017eit\u011b z\u00edsk\u00e1v\u00e1me Long akcie na na\u0161e obchodn\u00ed \u00fa\u010dty a na\u0161e pozice jsou ji\u017e d\u0159\u00edve popisovan\u00e9 ITM Covered Calls. Konkr\u00e9tn\u011b m\u00e1me tyto pozice<\/span><\/p>\n

Viktor\u00a0\u00a0\u00a0\u00a0 1.700 Short Call 105 a 170.000 Long akci\u00ed CVX<\/span><\/strong><\/h4>\n

Tom\u00a0\u00a0\u00a0\u00a0 1.700 Short Call 106 a 170.000 Long akci\u00ed CVX<\/span><\/strong><\/h4>\n

\u00a0\u00a0 Na\u0161e Long Call 105 a Long Call 106 jsme odeslali ke \u201ezpracov\u00e1n\u00ed\u201c do OCC, tak\u017ee \u010dek\u00e1me, jak cel\u00e1 transakce dopadne.<\/span><\/p>\n

\u00a0 V\u00a0OCC zji\u0161\u0165uj\u00ed<\/strong>, \u017ee u sv\u00fdch \u010dlen\u016f eviduj\u00ed celkem 2.000 otev\u0159en\u00fdch Short Call<\/strong> na strike 105<\/strong> a 2.000 otev\u0159en\u00fdch Short Call<\/strong> na strike 106<\/strong>. V\u00a0OCC tak\u00e9 sou\u010dasn\u011b zji\u0161\u0165uj\u00ed, \u017ee eviduj\u00ed na\u0161ich 1.700 Exercise<\/strong> na strike 105<\/strong> a 1.700 Exercise<\/strong> na strike 106<\/strong>. Krom\u011b na\u0161ich po\u017eadavk\u016f eviduj\u00ed je\u0161t\u011b 100 dal\u0161\u00edch<\/strong> po\u017eadavk\u016f na Exercise na strike 105<\/strong> a 100 dal\u0161\u00edch<\/strong> po\u017eadavk\u016f Exercise<\/strong> na strike 106<\/strong>, toto jsou po\u017eadavky jin\u00fdch obchodn\u00edk\u016f, kte\u0159\u00ed se sna\u017e\u00ed pravd\u011bpodobn\u011b obchodovat n\u011bjakou z\u00a0Dividendov\u00fdch strategi\u00ed. Z\u00a0tohoto vypl\u00fdv\u00e1, \u017ee existuje 1.800 po\u017eadavk\u016f na Exercise<\/strong> a existuje 2.000 celkov\u011b otev\u0159en\u00fdch Short Call<\/strong> odpov\u00eddaj\u00edc\u00edch op\u010dn\u00edch kontrakt\u016f na ka\u017ed\u00e9m z\u00a0pozorovan\u00fdch strike. V\u00a0OCC se spou\u0161t\u00ed n\u00e1hodn\u00fd algoritmus, kter\u00fd vyb\u00edr\u00e1 op\u010dn\u00ed pozice Short Call na odpov\u00eddaj\u00edc\u00edch strike k\u00a0p\u0159i\u0159azen\u00ed. V\u00fdb\u011br je ale prov\u00e1d\u011bn ze v\u0161ech Short Call pozic<\/strong>, kter\u00e9 jsou v\u00a0danou dobu otev\u0159eny<\/strong><\/span> a na trhu existuj\u00ed, tedy ze 2.000 otev\u0159en\u00fdch Short Call pozic na strike 105 a ze Short Call 2.000 otev\u0159en\u00fdch pozic na strike. V\u00a0\u201epomysln\u00e9m osud\u00ed\u201c OCC jsou tak v\u0161echny Short Call na odpov\u00eddaj\u00edc\u00edch strike, tedy i ty pozice, kter\u00e9 n\u011bkdo \u201ezapomn\u011bl\u201c Exercised nebo na n\u011b nem\u011bl pen\u00edze nebo se mu takovou proceduru necht\u011blo jednodu\u0161e prov\u00e9st z\u00a0d\u016fvod\u016f ji\u017e v\u00a0\u010dl\u00e1nku uveden\u00fdch. Pom\u011br takov\u00fdch Exercised\/Existuj\u00edc\u00edch kontrakt\u016f je pak 1.800\/2.000 = 90%<\/strong>. V\u00fdsledkem n\u00e1hodn\u00e9 procedury u OCC je tak ozna\u010den\u00ed 90% n\u00e1hodn\u011b vybran\u00fdch existuj\u00edc\u00edch otev\u0159en\u00fdch pozic Short Call na strike 105 resp. Short Call 106 k\u00a0vypo\u0159\u00e1d\u00e1n\u00ed Exercise transakc\u00ed.<\/span><\/p>\n

\u00a0 Pro m\u00e9 1.700 x ITM Covered Calls na strike 105 a Tomovy 1.700 x ITM Covered Calls na strike 106 to znamen\u00e1 jedin\u00e9, na 90 % pozic<\/strong> bude na\u0161e Short Call p\u0159i\u0159azena<\/strong> a tyto Covered Calls zmiz\u00ed<\/strong>. Zmiz\u00ed akcie a zmiz\u00ed Short Call opce, zmiz\u00ed v\u0161e. 10% ITM Covered Calls<\/strong> ale na na\u0161ich strikes 105 a 106 z\u016fstane<\/strong> na na\u0161ich \u00fa\u010dtech a inkasuje Dividendu 108 USD<\/strong> (-15% da\u0148). Je to celkem 170<\/strong> Covered Calls na ka\u017ed\u00e9m z na\u0161ich strikes. T\u011bchto 170 nep\u0159i\u0159azen\u00fdch ITM Covered Calls na na\u0161ich strikes 105 a 106 je pak sou\u010d\u00e1st\u00ed zbyl\u00e9ho Open Interest, kter\u00fd byl vid\u011bt posledn\u00edm obr\u00e1zku, kdy z\u016fstalo 209 otev\u0159en\u00fdch kontrakt\u016f na strike 105 a 211 otev\u0159en\u00fdch kontrakt\u016f na strike 106 na Ex-Dividend Day. Tyto Covered Call pak nezbyde ne\u017e likvidovat, nap\u0159\u00edklad podle \u010dl\u00e1nku Dividendy \u2013 II.<\/strong><\/a><\/span>\u00a0nebo nech\u00e1me doj\u00edt do expirace.<\/span><\/p>\n

\u00a0 \u00a0Takov\u00e9 obrovsk\u00e9 obchody lze opravdu re\u00e1ln\u011b pozorovat. Pokud jsem v\u00a0jednom z\u00a0minul\u00fdch \u010dl\u00e1nk\u016f popisoval p\u0159edividendovou aktivitu na akci\u00edch AAPL, kde se b\u011bhem jednoho dne zvy\u0161ovaly takov\u00e9 objemy obchod\u016f o desetitis\u00edce kontrakt\u016f, mus\u00edm je p\u0159ipsat pr\u00e1v\u011b takov\u00fdm nebo v\u00fdrazn\u011b podobn\u00fdm typ\u016fm kr\u00e1tkodob\u00fdch obchod\u016f. Nemohu p\u0159edpokl\u00e1dat, \u017ee za takov\u00fdmi n\u00e1r\u016fsty v\u00a0\u0159\u00e1dech jednotek hodin stoj\u00ed arm\u00e1dy drobn\u00fdch obchodn\u00edk\u016f, kte\u0159\u00ed si cht\u011bj\u00ed \u201ep\u0159ih\u0159\u00e1t svou Dividendovou pol\u00edv\u010di\u010dku\u201c.<\/span><\/p>\n

\u00a0\u00a0 Co si z\u00a0toho vz\u00edt pro vlastn\u00ed trading? Pozorov\u00e1n\u00ed pohyb\u016f Volume a Open Interest na ITM Call strikes t\u011bsn\u011b p\u0159ed Ex-Dividend Day by mohlo napov\u011bd\u011bt, kam um\u00edstit sv\u00e9 dividendov\u00e9 obchody u nich\u017e se sna\u017e\u00edme p\u0159edpokl\u00e1dat n\u011bjak\u00fd budouc\u00ed sc\u00e9n\u00e1\u0159. Pokud chci b\u00fdt p\u0159i\u0159azen a \u201evyrobit\u201c si tak p\u0159ed\u010dasn\u00fd expira\u010dn\u00ed p\u00e1tek, tak bych takov\u00e9 pozice umis\u0165oval na strike, kde je zna\u010dn\u00fd Open Interest. U obchod\u016f, kde takov\u00e9 p\u0159ed\u010dasn\u00e9 p\u0159i\u0159azen\u00ed ne\u010dek\u00e1m nebo se m\u011b nehod\u00ed a m\u00e1m s\u00a0op\u010dn\u00edmi kontrakty jin\u00e9 \u00famysly \u2013 v\u00a0t\u011bchto p\u0159\u00edpadech bych volil ITM Call strike takov\u00e9, kde je Open Interest nev\u00fdznamn\u00fd nebo alespo\u0148 vybo\u010duje s\u00a0moment\u00e1ln\u011b pozorovateln\u00fdch vysok\u00fdch hodnot :c) \u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\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 Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":445,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[28],"tags":[9,6,29,7],"class_list":["post-447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dividendy","tag-assignment","tag-covered-call","tag-dividendy","tag-exercise"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-7d","jetpack-related-posts":[{"id":378,"url":"https:\/\/dobretrejdy.com\/?p=378","url_meta":{"origin":447,"position":0},"title":"Dividendy – II.","author":"dobretrejdy :c)","date":"17.5.2017","format":false,"excerpt":"\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,\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\/Div2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/Div2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/Div2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/Div2.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":475,"url":"https:\/\/dobretrejdy.com\/?p=475","url_meta":{"origin":447,"position":1},"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":447,"position":2},"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":447,"position":3},"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":411,"url":"https:\/\/dobretrejdy.com\/?p=411","url_meta":{"origin":447,"position":4},"title":"Dividendy \u2013 III.","author":"dobretrejdy :c)","date":"20.5.2017","format":false,"excerpt":"\u00a0\u00a0 V\u00a0minul\u00e9m \u010dl\u00e1nku Dividendy \u2013 II.\u00a0jsem ukazoval re\u00e1ln\u00fd obchod, kter\u00fdm jsem se sna\u017eil vyu\u017e\u00edt fenom\u00e9n vypl\u00e1cen\u00ed Dividendy a dr\u017een\u00ed op\u010dn\u00edho kontraktu sou\u010dasn\u011b s\u00a0dr\u017een\u00edm Long akci\u00ed v obdob\u00ed Ex-Dividend Day. Jednalo se konkr\u00e9tn\u011b o Covered Call s\u00a0c\u00edlem z\u00edskat na takov\u00e9m ultrakr\u00e1tkodob\u00e9m obchodu n\u011bjak\u00fd profit vypl\u00fdvaj\u00edc\u00ed bu\u010f ze zisku Dividendy nebo ze\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\/obr-2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/obr-2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/obr-2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/obr-2.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":454,"url":"https:\/\/dobretrejdy.com\/?p=454","url_meta":{"origin":447,"position":5},"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":[]}],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/div.jpg","_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/447","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=447"}],"version-history":[{"count":6,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/447\/revisions"}],"predecessor-version":[{"id":1402,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/447\/revisions\/1402"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/445"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}