{"id":454,"date":"2017-05-28T16:07:51","date_gmt":"2017-05-28T14:07:51","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=454"},"modified":"2022-01-18T16:03:18","modified_gmt":"2022-01-18T14:03:18","slug":"dividendy-v","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=454","title":{"rendered":"Dividendy \u2013 V."},"content":{"rendered":"

\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<\/strong>. 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. Velmi zaj\u00edmav\u00e9 pak je analyzovat, jestli by se podobn\u00e9 obchody nemohly vyskytovat tak\u00e9 na Put stran\u011b op\u010dn\u00edho \u0159et\u011bzce, vyu\u017e\u00edt tedy k\u00a0takov\u00fdm kr\u00e1tkodob\u00fdm obchod\u016fm tak\u00e9 Put op\u010dn\u00ed kontrakty.<\/span><\/p>\n

\u00a0\u00a0 V\u00a0\u010dl\u00e1nku Cena opce<\/strong><\/a><\/span>\u00a0jsem popisoval, jak\u00fdm zp\u016fsobem se do v\u00fdpo\u010dtu ceny<\/strong> op\u010dn\u00edho kontraktu prom\u00edt\u00e1 cena Dividendy<\/strong>, pokud je vypl\u00e1cena za \u017eivota op\u010dn\u00edho kontraktu a upozor\u0148oval jsem, \u017ee v\u00a0t\u00e9to \u010d\u00e1sti v\u00fdpo\u010dtu je Black-Scholes\u016fv matematick\u00fd model pon\u011bkud nep\u0159esn\u00fd, tak\u00e9 jsem odkazoval, \u017ee se k\u00a0t\u00e9to nep\u0159esnosti vr\u00e1t\u00edm v\u00a0n\u011bkter\u00e9m z\u00a0budouc\u00edch \u010dl\u00e1nk\u016f, a to je pr\u00e1v\u011b tato chv\u00edle. Tento matematick\u00fd model toti\u017e k\u00a0aktu\u00e1ln\u00edm cen\u00e1m opc\u00ed p\u0159id\u00e1v\u00e1 hodnotu Dividendy v\u00a0procentn\u00edm v\u00fdplatn\u00edm pom\u011bru k cen\u011b<\/strong>\u00a0<\/strong>podkladov\u00e9ho aktiva a v jej\u00edm\u00a0<\/strong>anualizovan\u00e9m tvaru<\/strong>\u00a0<\/strong>\u2013 nap\u0159. XYZ vypl\u00e1c\u00ed 4 x ro\u010dn\u011b 0,50 USD dividendu, tedy celkem 2 USD\/rok. Cena XYZ je 50 USD, v\u00fdsledkem je 2\/50 = 0,04 = 4%. Do v\u00fdpo\u010dtu ceny opce pak vstupuje tak, jakoby se ka\u017ed\u00fd den zbyl\u00e9ho \u017eivota op\u010dn\u00edho kontraktu do ceny prom\u00edtala postupn\u011b ur\u010dit\u00e1 pom\u011brn\u00e1 \u010d\u00e1st t\u00e9to vypl\u00e1cen\u00e9 Dividendy. Ve skute\u010dnosti tomu tak nen\u00ed. Kdyby to toti\u017e platilo, tak by obchodov\u00e1n\u00ed Dividendy bylo bezrizikovou z\u00e1le\u017eitost\u00ed. Byl bych schopen v\u017edy zachytit Dividendu nebo jej\u00ed \u010d\u00e1st pomoc\u00ed Long Put opc\u00ed.<\/span><\/p>\n

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\u00a0\u00a0 ITM Long Put + Long akcie<\/strong><\/span><\/h1>\n

\u00a0 Pokud by platilo v\u00fd\u0161e uveden\u00e9, sta\u010dilo by toti\u017e t\u011bsn\u011b p\u0159ed Dividendou na Ex-Dividend Day po\u0159\u00eddit ITM Long Put<\/strong><\/span> a Long akcie<\/strong><\/span>. Tato pozice se naz\u00fdv\u00e1 Synthetic Call<\/strong>, proto\u017ee se chov\u00e1 p\u0159esn\u011b tak, jako bych po\u0159\u00eddil Long Call op\u010dn\u00ed kontrakt, toto v\u0161ak nen\u00ed pro tuto chv\u00edli v\u016fbec podstatn\u00e9. ITM Long Put bych koupil zna\u010dn\u011b hluboko \u201ev pen\u011bz\u00edch\u201c, aby obsahovala co nejm\u00e9n\u011b pr\u00e9mia a m\u011bla pouze vnit\u0159n\u00ed hodnotu. V\u00a0noci na Ex-Dividend Day by se nemohlo st\u00e1t nic z uv\u00e1d\u011bn\u00e9ho v\u00a0p\u0159edchoz\u00edch \u010dl\u00e1nc\u00edch, naopak, ihned po Open<\/strong> na Ex-Dividend Day bych provedl Exercise<\/strong> m\u00e9 Long Put<\/strong>, kter\u00e9 by na m\u016fj \u00fa\u010det dodalo Short akcie, kter\u00e9 by kompenzovaly m\u00e9 Long akcie a v\u0161echny pozice mi zmizely. Proto\u017ee jsem byl vlastn\u00edkem Long akci\u00ed p\u0159i Open na Ex-Dividend Day inkasoval bych plnou Dividendu<\/strong>. Pokud bych si ke sv\u00e9mu obchodu vybral weeklys Long Put opce, kter\u00e9 maj\u00ed do expirace velmi kr\u00e1tk\u00fd \u010das v\u00a0horizontu n\u011bkolika dn\u016f, pak by podle Black-Scholesova modelu m\u011bla b\u00fdt \u201ed\u00e1vka Dividendy\u201c, kter\u00e1 z\u016fst\u00e1v\u00e1 v\u00a0cen\u011b opce obsa\u017eena ji\u017e velmi mal\u00e1 a n\u011bjak\u00e1 jej\u00ed \u010d\u00e1st by m\u011bla le\u017eet \u201evoln\u011b k\u00a0dispozici\u201c na trhu. Takov\u00e9 voln\u00e9 pen\u00edze ale samoz\u0159ejm\u011b na trhu neexistuj\u00ed. Praktick\u00e1 uk\u00e1zka tuto skute\u010dnost potvrd\u00ed.<\/span><\/p>\n

\u00a0\u00a0 Akcie GS (Goldman Sachs)<\/strong> vypl\u00e1c\u00ed p\u0159\u00ed\u0161t\u00ed t\u00fdden Dividendu – Ex-Dividend Day<\/strong> je 30.5.2017<\/strong> a v\u00fd\u0161e vypl\u00e1cen\u00e9 Dividendy<\/strong> je 0,75 USD\/akcii<\/strong>.<\/span><\/p>\n

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\u00a0\u00a0\u00a0 Z\u00a0analytick\u00e9 platformy vypl\u00fdv\u00e1, \u017ee p\u0159i p\u00e1te\u010dn\u00edm Close<\/strong> p\u0159ed \u00fatern\u00edm Ex-Dividend Day<\/strong> bylo mo\u017en\u00e9 pozorovat na weeklys opc\u00edch, tedy opc\u00edch, kter\u00e9 maj\u00ed nejbl\u00ed\u017ee expiraci, n\u00e1sleduj\u00edc\u00ed ceny ITM opc\u00ed. Akcie GS<\/strong> uzav\u0159ely na 223.53 USD<\/strong> a vyzna\u010den\u00e9 opce maj\u00ed 6 dn\u016f do expirace.<\/span><\/p>\n

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\u00a0\u00a0 Na prvn\u00ed pohled to nen\u00ed moc p\u0159ehledn\u00e9 a nen\u00ed to tak jasn\u011b patrn\u00e9 pouh\u00fdm okem. Pokou\u0161\u00edm se toti\u017e zjistit, jak\u00e9 pr\u00e9mium bych musel vynalo\u017eit<\/strong> na po\u0159\u00edzen\u00ed takov\u00fdch ITM Long opc\u00ed<\/strong>, abych mohl \u00fasp\u011b\u0161n\u011b realizovat zam\u00fd\u0161len\u00fd obchod Long Put opcemi a Long akciemi. M\u00fdm z\u00e1m\u011brem je pak utratit za ITM opce co nejm\u00e9n\u011b pr\u00e9mia. Vych\u00e1z\u00edm z\u00a0p\u0159edpokladu, \u017ee \u010d\u00edm v\u00edce je opce \u201ev pen\u011bz\u00edch\u201c<\/strong>, t\u00edm v\u00edce m\u00e1 vnit\u0159n\u00ed hodnoty<\/strong> na \u00fakor pr\u00e9mia<\/strong>, tak\u00e9 p\u0159edpokl\u00e1d\u00e1m, \u017ee Call i Put opce na stejn\u011b vzd\u00e1len\u00fdch strike od sou\u010dasn\u00e9 ceny GS by m\u011bly m\u00edt p\u0159ibli\u017en\u011b stejnou cenu<\/strong>. Abych takov\u00e9 p\u0159edpoklady l\u00e9pe vizualizoval, p\u0159evedl jsem si ceny opc\u00ed na jednotliv\u00fdch strikes do jednoduch\u00e9 tabulky, abych zjistil, zda to bude alespo\u0148 p\u0159ibli\u017en\u011b platit.<\/span><\/p>\n

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

\u00a0\u00a0 Neplat\u00ed to v\u00a0\u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b<\/strong>. Pokud si vyhodnot\u00edm, kolik mus\u00edm za Long Put opce zaplatit pr\u00e9mia mimo jejich vnit\u0159n\u00ed hodnotu, zji\u0161\u0165uji, \u017ee se mi tato transakce v\u016fbec nevyplat\u00ed.<\/span><\/p>\n

\u00a0 \u00a0Pokud bych nap\u0159\u00edklad koupil ITM Long Put 230<\/strong> za -755 USD<\/strong> a 100 x Long akcie GS<\/strong> za -22.353 USD<\/strong>, utratil bych -23.108 USD. Inkasoval bych sice Dividendu ve v\u00fd\u0161i +63.75 USD (75 USD – 15% da\u0148), kter\u00e1 by redukovala m\u00e9 n\u00e1klady na -23.044,25 USD, ale Exercise Long Put 230 by prodala m\u00e9 akcie za cenu 230 USD, ale toto by na m\u016fj \u00fa\u010det p\u0159ineslo tr\u017ebu pouze +23.000 USD. Rozd\u00edlem je pak ztr\u00e1ta -44.25 USD<\/span><\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Dividenda je toti\u017e v\u00a0cen\u011b Long Put zapo\u010d\u00edt\u00e1na v\u00a0cel\u00e9 v\u00fd\u0161i<\/strong><\/span>. Nevznik\u00e1 zde \u017e\u00e1dn\u00fd prostor pro snadno vyd\u011blan\u00e9 pen\u00edze. Pokud se pod\u00edv\u00e1m na ceny ITM Long Call a jejich velmi mal\u00e1 pr\u00e9mia, tak za p\u0159edpokladu, \u017ee by tato pr\u00e9mia byla tak\u00e9 na stejn\u011b vzd\u00e1len\u00fdch ITM Long Put opc\u00edch, byly by tady opravdu skv\u011bl\u00e9 p\u0159\u00edle\u017eitosti, jak takov\u00e9 Dividendy nebo jejich podstatn\u00e9 \u010d\u00e1sti bezpracn\u011b z\u00edsk\u00e1vat. Nap\u0159\u00edklad cena ITM Long Call opce na strike 215 m\u00e1 pouze 17 USD pr\u00e9mia, kde\u017eto cena ITM Long Put na strike 230, kter\u00fd je t\u00e9m\u011b\u0159 stejn\u011b vzd\u00e1len\u00fd od sou\u010dasn\u00e9 ceny jako strike Long Call, obsahuje 108 USD pr\u00e9mia.<\/span><\/p>\n

\u00a0 Tento jednoduch\u00fd zp\u016fsob, sou\u010dasn\u00fd n\u00e1kup ITM Long Put a sou\u010dasn\u00fd n\u00e1kup akci\u00ed, jednodu\u0161e nefunguje, m\u016f\u017ee ale poslou\u017eit jako v\u00fdchoz\u00ed bod \u00favahy, jak do takov\u00e9ho obchodu vstoupit, aby mohl p\u0159in\u00e9st n\u011bjak\u00fd profit, vypl\u00fdvaj\u00edc\u00ed z\u00a0princip\u016f a mechanism\u016f spojen\u00fdch s vypl\u00e1cen\u00edm Dividendy.<\/span><\/p>\n

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\u010casov\u00e1n\u00ed vstup\u016f<\/span><\/strong><\/h1>\n

\u00a0 Nejjednodu\u0161\u0161\u00edm p\u0159\u00edstupem, jak\u00fd bychom mohli zvolit, by bylo \u010dasov\u00e1n\u00ed vstup\u016f<\/strong> do pozice ITM Long Put<\/strong> + Long akcie<\/strong>. Jednodu\u0161e bychom nekupovali jednotliv\u00e9 \u010d\u00e1sti najednou, ale vstupovali bychom do nich odd\u011blen\u011b v\u00a0jin\u00fd \u010das za p\u0159edpokladu, \u017ee se ceny t\u011bchto jednotliv\u00fdch komponent pohnou v\u00a0n\u00e1\u0161 prosp\u011bch. Z\u00e1kladem takov\u00e9ho \u010dasov\u00e1n\u00ed pak je v\u00fdchoz\u00ed p\u0159edpoklad, \u017ee 100 akci\u00ed GS dr\u017een\u00fdch na Open p\u0159i Ex-Dividend Day n\u00e1m p\u0159inese \u010distou Dividendu<\/strong> ve v\u00fd\u0161i +63.75 USD<\/strong> (75 USD – 15% da\u0148).<\/span><\/p>\n

1\/ Nejd\u0159\u00edve ITM Long Put a pot\u00e9 Long akcie<\/span><\/strong><\/h4>\n

\u00a0\u00a0\u00a0 V\u00a0konkr\u00e9tn\u00edm p\u0159\u00edpad\u011b z\u00a0obr\u00e1zku se sou\u010dasn\u00fdmi cenami ITM Long Put opc\u00ed p\u0159i cen\u011b akci\u00ed GS na hodnot\u011b 223.53 USD bych si vybral k\u00a0po\u0159\u00edzen\u00ed ITM Long Put opci<\/strong> se strike 230<\/strong>. Tato opce se d\u00e1 koupit za Ask ve v\u00fd\u0161i -755 USD<\/strong>. K\u00a0tomuto n\u00e1kladu si p\u0159ipo\u010dtu hodnotu budouc\u00ed Dividendy<\/strong> ve v\u00fd\u0161i +63.75 USD<\/strong>, celkov\u011b jsou tak m\u00e9 n\u00e1klady -691.25 USD<\/span><\/strong>. Rozd\u00edl hodnoty strike (230) a sou\u010dasn\u00e9 obchodovan\u00e9 ceny GS (223,53 USD) je -647 USD, je to vlastn\u011b vnit\u0159n\u00ed hodnota t\u00e9to ITM opce. Pokud bych koupil akcie nyn\u00ed, tak bych prod\u011blal pr\u00e1v\u011b rozd\u00edl mezi m\u00fdmi n\u00e1klady (-691.25 USD) a rozd\u00edlem strike a sou\u010dasn\u00e9 obchodovan\u00e9 ceny (-647 USD) = -44.25 USD<\/strong>. \u00a0T\u011bchto -44.25 USD mi mus\u00ed \u201evynahradit\u201c levn\u011bj\u0161\u00ed n\u00e1kup akci\u00ed, pr\u00e1v\u011b o tuto cenu mus\u00edme koupit akcie levn\u011bji, abychom pokryli ve\u0161ker\u00e9 n\u00e1klady. Toto se stane pouze v\u00a0p\u0159\u00edpad\u011b, kdy\u017e se n\u00e1m poda\u0159\u00ed koupit akcie GS za cenu 223.53 \u2013 0.4425 USD = 223.0875 USD<\/strong>. Po\u0159\u00edzen\u00ed za tuto cenu je na\u0161e pozice bez profitu, ale ani ztr\u00e1ty, je to Break Even <\/strong>t\u00e9to\u00a0<\/strong>jednoduch\u00e9 strategie. Kdekoliv pod touto cenou le\u017e\u00ed n\u00e1\u0161 budouc\u00ed profit. Podot\u00fdk\u00e1m, \u017ee takov\u00fd \u201ep\u016fldolarov\u00fd\u201c pohyb je zcela b\u011b\u017en\u00fdm intradenn\u00edm pohybem. Abychom mohli na takov\u00e9 transakci profitovat, mus\u00ed akcie po po\u0159\u00edzen\u00ed ITM Long Put klesnout<\/strong>.<\/span><\/p>\n

2\/ Nejd\u0159\u00edve Long akcie a pot\u00e9 ITM Long Put<\/strong><\/span><\/h4>\n

\u00a0\u00a0 Op\u011bt vyjdu z\u00a0obr\u00e1zku s\u00a0cenami ITM Long Put opc\u00ed a sou\u010dasn\u00e9 obchodovan\u00e9 cen\u011b akci\u00ed GS. M\u00e9 rozhodnut\u00ed je nakoupit nejd\u0159\u00edve akcie a pot\u00e9 po\u0159\u00eddit ITM Long Put na strike 230. P\u0159i cen\u011b akci\u00ed 223.53 USD, sou\u010dasn\u00e9 cen\u011b ITM Long Put 130 -755 USD a \u010dist\u00e9 Dividend\u011b ve v\u00fd\u0161i +63.75 USD plat\u00ed obdobn\u00e1 matematika jako u p\u0159edch\u00e1zej\u00edc\u00edho p\u0159\u00edstupu. Mus\u00edm kompenzovat -44.25 USD<\/strong> ztr\u00e1tu, kterou bych utrp\u011bl, kdybych do pozice vstoupil najednou. Proto\u017ee jsem ji\u017e za cenu 223.53 nakoupil akcie, mus\u00edm koupit ITM Long Put 230 o 44.25 USD levn\u011bji ne\u017e stoj\u00ed nyn\u00ed, a toto se stane pouze v\u00a0p\u0159\u00edpad\u011b, \u017ee akcie mus\u00ed stoupat nad svou po\u0159izovac\u00ed cenu<\/strong>. Proto\u017ee Long Put 230 je dosti v\u00a0pen\u011bz\u00edch (Delta je cca 80), bude sta\u010dit k\u00a0dosa\u017een\u00ed takov\u00e9 ceny pohyb akci\u00ed GS sm\u011brem nahoru o 0,55 USD. Op\u011bt podot\u00fdk\u00e1m, \u017ee toto je zcela b\u011b\u017en\u00fd intradenn\u00ed pohyb na t\u00e9to akci. \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 Tento velmi jednoduch\u00fd p\u0159\u00edstup m\u00e1 samoz\u0159ejm\u011b sv\u00e9 neoddiskutovateln\u00e9 \u00faskal\u00ed<\/strong>, mus\u00edte toti\u017e odhadnout pohyb podkladov\u00e9 akcie<\/strong><\/span>, aby bylo mo\u017en\u00e9 do takov\u00e9ho obchodu \u00fasp\u011b\u0161n\u011b vstoupit, i kdy\u017e tento pohyb nemus\u00ed b\u00fdt zna\u010dn\u00fd. To je dosti obt\u00ed\u017en\u00e9, proto\u017ee odhadnout pohyb nen\u00ed v\u016fbec jednoduch\u00e9, ne-li nemo\u017en\u00e9, j\u00e1 to alespo\u0148 neum\u00edm. Nejsem nav\u00edc velk\u00fd p\u0159\u00edznivec technick\u00e9 anal\u00fdzy, tak\u017ee mi mo\u017en\u00e1 unikaj\u00ed sign\u00e1ly vys\u00edlan\u00e9 jej\u00edmi r\u016fzn\u00fdmi n\u00e1stroji, kter\u00fdch by mohli takto specializovan\u00ed obchodn\u00edci vyu\u017e\u00edt. P\u0159esto\u017ee jsem v\u00a0\u00favodu seri\u00e1lu o opc\u00edch ukazoval ne\u0161\u0165astnou strategii obchodov\u00e1n\u00ed Dividend zp\u016fsobem, kdy p\u0159ed Ex-Dividend Day akcie koup\u00edte a na Ex-Dividend Day je prod\u00e1te, tak je mo\u017en\u00e9 na takov\u00fdch Dividendov\u00fdch akci\u00edch pozorovat \u201ecenov\u00fd pattern\u201c, kdy ceny akci\u00ed t\u011bsn\u011b p\u0159ed Ex-Dividend Day m\u00edrn\u011b stoupaj\u00ed (patrn\u011b z t\u011bchto „n\u00e1kupn\u00edch d\u016fvod\u016f“, aby na Ex-Dividend Day op\u011bt klesly (tomuto fenom\u00e9nu se budu v\u011bnovat v dal\u0161\u00edm \u010dl\u00e1nku). Takov\u00e1 pozorovateln\u00e1 z\u00e1vislost tady je a bylo by mo\u017en\u00e9 ji aplikovat v\u00fd\u0161e uveden\u00fdm zp\u016fsobem. Pokud bychom vyu\u017e\u00edvali n\u00e1r\u016fst\u016f zcela t\u011bsn\u011b p\u0159ed Ex-Dividend Day (nap\u0159\u00edklad v\u00a0posledn\u00ed den) a poda\u0159ilo se n\u00e1m do takov\u00fdch obchod\u016f takto vstupovat, potom by n\u00e1s druh\u00e1 \u010d\u00e1st chov\u00e1n\u00ed akcie (na Ex-Dividend Day ceny klesaj\u00ed) nemusela v\u016fbec zaj\u00edmat. Exercise ITM Long Put n\u00e1m toti\u017e zaji\u0161\u0165uje jejich jist\u00fd prodej za cenu strike, pokles – nepokles.<\/span>\u00a0 \u00a0 \u00a0<\/span><\/p>\n

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Rychl\u00fd Time Spread<\/span><\/strong><\/h1>\n

\u00a0\u00a0 Uk\u00e1zka p\u0159edchoz\u00edho p\u0159\u00edstupu byla p\u0159edvedena na sou\u010dasn\u00fdch cen\u00e1ch opc\u00ed, tedy v\u00a0okam\u017eiku, kdy p\u00ed\u0161u tento \u010dl\u00e1nek. K\u00a0demonstraci tohoto typu obchodu pou\u017eiji obdob\u00ed minul\u00e9ho vypl\u00e1cen\u00ed Dividendy<\/strong> na akcii GS<\/strong>, kter\u00e9 bylo 28. \u00fanora 2017<\/strong> (Ex-Dividend Day) a byla vypl\u00e1cena Dividenda<\/strong> ve v\u00fd\u0161i 0.65 USD\/akcii<\/strong> (55,25 USD po 15% zdan\u011bn\u00ed).\u00a0<\/span><\/p>\n

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

\u00a0\u00a0 M\u00e1m r\u00e1d velmi kr\u00e1tkodob\u00e9 obchody, a toto je jeden z\u00a0nich. Podot\u00fdk\u00e1m, \u017ee tento obchod by se mohl d\u00e1t \u00fasp\u011b\u0161n\u011b pou\u017e\u00edt i v\u00a0obdob\u00ed, kter\u00e9 \u017e\u00e1dnou Dividendu nep\u0159in\u00e1\u0161\u00ed. Je st\u0159eda 22. \u00fanora 2017 <\/strong>(t\u00fdden p\u0159ed Ex-Dividend Day) a j\u00e1 zji\u0161\u0165uji, \u017ee GS vypl\u00e1c\u00ed Dividendu v\u00a0\u00fater\u00fd p\u0159\u00ed\u0161t\u00ed t\u00fdden<\/strong>. Pohledem do obchodn\u00ed platformy m\u00e1m mo\u017enost vid\u011bt n\u00e1sleduj\u00edc\u00ed ceny opc\u00ed v\u00a0tomto t\u00fddnu s\u00a0expirac\u00ed poz\u00edt\u0159\u00ed<\/strong>\u00a0(v p\u00e1tek) a<\/strong> s\u00a0expirac\u00ed p\u0159\u00ed\u0161t\u00ed p\u00e1tek<\/strong>. Pozoruji tak nejbli\u017e\u0161\u00ed weeklys op\u010dn\u00ed kontrakty.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Na obr\u00e1zku je vid\u011bt po\u0159\u00edzen\u00fd kr\u00e1tkodob\u00fd Time Spread<\/strong>. Vypsal jsem opci Short Put<\/strong> na strike 252,50<\/strong> s\u00a0expirac\u00ed za dva dny<\/strong> za kterou jsem utr\u017eil +190 USD<\/strong> a koupil ITM Long Put<\/strong> na strike 260<\/strong>\u00a0s expirac\u00ed p\u0159\u00ed\u0161t\u00ed p\u00e1tek<\/strong>, za kterou jsem zaplatil -936 USD<\/strong>. Z\u00e1m\u011brn\u011b jsem v\u00a0obr\u00e1zku ozna\u010dil ceny Mark, proto\u017ee navzdory vyzna\u010den\u00fdm cen\u00e1m za Ask a Bid bych zcela jist\u011b koupil levn\u011bji ne\u017e za vyzna\u010den\u00e9 Ask a prodal za v\u00edce ne\u017e je vyzna\u010den\u00fd Bid, realita by asi v\u011brn\u011bji odpov\u00eddal cen\u00e1m Mark. Celkem jsem tak za tento Time Spread utratil -746 USD. Jedin\u00e9, co m\u011b nyn\u00ed zaj\u00edm\u00e1, je skute\u010dnost, jak\u00e1 bude cena p\u0159i bli\u017e\u0161\u00ed p\u00e1te\u010dn\u00ed expiraci m\u00e9 Short Put 252,50. Pov\u0161imn\u011bte si b\u00edl\u00e9ho krou\u017eku na Call opci ve vzd\u00e1len\u011bj\u0161\u00ed expiraci, bude hr\u00e1t roli v\u00a0dal\u0161\u00edm koment\u00e1\u0159i<\/span><\/p>\n

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

\u00a0\u00a0 Ze situace na p\u00e1te\u010dn\u00edm Close<\/strong>, kdy bude n\u00e1sledovat expirace bli\u017e\u0161\u00ed Short Put 252,50<\/strong> z\u00a0m\u00e9ho Time Spreadu<\/strong> je patrn\u00e9, \u017ee cena akcie GS klesala<\/strong> a cel\u00fd Time Spread z\u016fstal hluboce \u201ev pen\u011bz\u00edch\u201c<\/strong>. Takov\u00e1 situace m\u00e1 za n\u00e1sledek Assignment m\u00e9 Short Put 252,50 jej\u00edm\u017e v\u00fdsledkem je obdr\u017een\u00ed 100 x Long akci\u00ed na m\u016fj \u00fa\u010det za cenu strike, tedy za 252,50 USD\/kus. Na tuto transakci vynakl\u00e1d\u00e1m -25.250 USD. M\u00e9 celkov\u00e9 n\u00e1klady jsou -746 USD (po\u0159\u00edzen\u00ed Time Spreadu) -25.250 USD (po\u0159\u00edzen\u00ed akci\u00ed) = -25.996 USD<\/strong>. Akcie se mi po procedu\u0159e p\u0159i\u0159azen\u00ed v\u00a0OCC objevuj\u00ed na m\u00e9m \u00fa\u010dtu v\u00a0pond\u011bl\u00ed p\u0159i Open. V\u00a0\u00fater\u00fd je Ex-Dividend Day. M\u00e1m Long akcie, m\u00e1m ITM Long Put 260 a m\u00e1m utraceno -25.996 USD. Jak to dopadlo je vid\u011bt n\u00ed\u017ee na obr\u00e1zku, kter\u00fd zachycuje Ex-Dividend Day.<\/span><\/p>\n

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

\u00a0 Je \u00fater\u00fd a proto\u017ee je Ex-Dividend Day z\u00edsk\u00e1v\u00e1m<\/strong> \u010distou Dividendu ve v\u00fd\u0161i +55,25 USD<\/strong>. M\u00e9 n\u00e1klady<\/strong> -25.996 USD jsou zredukov\u00e1ny na -25.940,75 USD<\/strong>. Cena akcie GS nevykazovala n\u011bjak\u00e9 mimo\u0159\u00e1dn\u00e9 pohyby. Na \u00fatern\u00ed (Ex-Dividend Day) otev\u00edrac\u00ed cen\u011b 248 USD jsem okam\u017eit\u011b provedl Exercise m\u00e9 ITM Long Put 260 a na sv\u016fj \u00fa\u010det jsem obdr\u017eel 100 x Short akcie za 260 USD\/kus a z\u00edskal za tuto transakci +26.000 USD. Akciov\u00e9 pozice Long a Short se kompenzuj\u00ed a z\u016fst\u00e1vaj\u00ed pouze pen\u00edze. N\u00e1klady -25.940,75 USD + 26.000 USD = +59,25 USD profit<\/strong><\/span>.<\/span><\/p>\n

\u00a0 \u00a0Z\u00edsk\u00e1v\u00e1m tak celou \u010distou Dividendu a dokonce n\u011bjak\u00e9 mal\u00e9 pen\u00edze nav\u00edc (ty by pravd\u011bpodobn\u011b padly na poplatky).<\/span><\/p>\n

\u00a0\u00a0 Podstatou t\u00e9to strategie tak bylo, aby \u201ev pen\u011bz\u00edch\u201c po\u0159\u00edzen\u00fd Time Spread tak\u00e9 \u201ev\u00a0pen\u011bz\u00edch\u201c z\u016fstal, pak vedl k\u00a0procedu\u0159e p\u0159i\u0159azen\u00ed, kter\u00e1 vygenerovala na \u00fa\u010det Long akcie, d\u00edky kter\u00fdm jsem opr\u00e1vn\u011bn inkasovat Dividendu.\u00a0<\/span><\/p>\n

\n

What If<\/span><\/strong><\/h1>\n

\u00a0 \u00a0Rozbor mo\u017en\u00fdch sc\u00e9n\u00e1\u0159\u016f spo\u010d\u00edv\u00e1 v anal\u00fdze situace, kdy se nepoda\u0159\u00ed udr\u017eet po\u0159\u00edzen\u00fd Time Spread „v pen\u011bz\u00edch“ nebo tak\u00e9 v situac\u00edch, kdy sice v pen\u011bz\u00edch z\u016fstane. ale k Long Put 260 z\u00edskan\u00e1 akcie GS se za\u010dne siln\u011b pohybovat.<\/span><\/p>\n

1\/ Time Spread se po po\u0159\u00edzen\u00ed \u201evyno\u0159uje z\u00a0pen\u011bz\u201c<\/span><\/h3>\n

\u00a0 V\u00a0obr\u00e1zku s\u00a0p\u00e1te\u010dn\u00ed situac\u00ed, tedy p\u0159ed expirac\u00ed opce s bli\u017e\u0161\u00ed expirac\u00ed m\u00e9ho Time Spreadu, jsem upozor\u0148oval na b\u00edl\u00fd krou\u017eek, kter\u00fd ozna\u010doval cenu Short Call opce<\/strong> na strike 260<\/strong>, tedy stejn\u00e9m strike opce se stejnou expirac\u00ed, jako je m\u00e1 vzd\u00e1len\u011bj\u0161\u00ed Long Put 260 s\u00a0Time Spreadu. Jej\u00ed p\u00e1te\u010dn\u00ed cena je +17 USD. Je to velmi m\u00e1lo, ale proto\u017ee je jasn\u00e9, \u017ee situace na obr\u00e1zku vyzna\u010duje rozlo\u017een\u00ed cen p\u0159i p\u00e1te\u010dn\u00edm Close, mohu takovou Short Call 260 vypsat a p\u0159ipsat si tak na \u00fa\u010det dal\u0161\u00edch +17 USD. Po p\u0159i\u0159azen\u00ed Long akci\u00ed m\u00e1m vytvo\u0159enou dokonalou Conversion<\/strong>\u00a0slo\u017eenou z Short Call 260<\/strong> + 100 x Long akcie<\/strong> + Long Put 260<\/strong>. Proto\u017ee Short Call je siln\u011b \u201emimo pen\u00edze\u201c, tak projde p\u0159es Ex-Dividend Day bez p\u0159i\u0159azen\u00ed. Ke sv\u00fdm n\u00e1klad\u016fm tak nejen\u017ee p\u0159id\u00e1m celou \u010distou Dividendu, ale tak\u00e9 toto pr\u00e9mium +17 USD a +26.000 USD tr\u017ebu za realizaci Conversion u sv\u00e9 p\u00e1te\u010dn\u00ed expirace (Short Call 260 bude p\u0159i\u0159azena nebo Long Call 260 uplatn\u011bna).<\/span><\/p>\n

\u00a0 \u00a0Toto nen\u00ed na t\u00e9to Short Call 260 opci, ozna\u010den\u00e9 b\u00edl\u00fdm krou\u017ekem, tak zaj\u00edmav\u00e9, jako skute\u010dnost, \u017ee pokud se od st\u0159ede\u010dn\u00edho vstupu<\/strong> do pozice Time Spread<\/strong> bude cena akcie GS zvy\u0161ovat a m\u00e1 Short Put 252,50 v\u00a0bli\u017e\u0161\u00ed expiraci vystupovat \u201ez pen\u011bz\u201c bude tato Short Call 260<\/strong> v\u00a0n\u00e1sleduj\u00edc\u00ed expiraci nab\u00edrat na hodnot\u011b<\/strong>. Pokud p\u0159i p\u00e1te\u010dn\u00ed expiraci bude m\u00e1 bli\u017e\u0161\u00ed Short Put 252,50 z Time Spreadu \u201emimo pen\u00edze\u201c a nebude p\u0159i\u0159azena – vypr\u0161\u00ed jako bezcenn\u00e1. Pr\u00e9mium, kter\u00e9 jsem z\u00edskal jej\u00edm v\u00fdpisem mi samoz\u0159ejm\u011b z\u016fst\u00e1v\u00e1. P\u0159i p\u00e1te\u010dn\u00edm Close t\u00e9to bli\u017e\u0161\u00ed Short Put 252,50 opce (nebo d\u0159\u00edve podle okolnost\u00ed) kupuji na voln\u00e9m trhu akcie, kter\u00e9 nedostanu p\u0159i\u0159azen\u00edm moment\u00e1ln\u011b bezcenn\u00e9 Short Put opce 252,50 a celou situaci kompletuji v\u00fdpisem Short Call 260 ozna\u010den\u00e9 b\u00edl\u00fdm krou\u017ekem. Proto\u017ee akcie jsou v\u00a0uptrendu jej\u00ed cena bude samoz\u0159ejm\u011b daleko vy\u0161\u0161\u00ed ne\u017e na uveden\u00e9m obr\u00e1zku. Op\u011bt vytv\u00e1\u0159\u00edm Conversion, nyn\u00ed v\u0161ak se Short Call, z jej\u00edho\u017e vyps\u00e1n\u00ed jsem obdr\u017eel daleko v\u00edce pen\u011bz n\u011b\u017e +17 USD.<\/span><\/p>\n

\u00a0 2\/ Chov\u00e1n\u00ed Synthetic Call<\/span><\/h3>\n

\u00a0 \u00a0Pokud nenastane sc\u00e9n\u00e1\u0159 s\u00a0v\u00fd\u0161e uveden\u00fdmi Conversion<\/strong> a potvrd\u00ed se uk\u00e1zkov\u00fd obchod s\u00a0Time Spreadem, kdy tento z\u016fstal p\u0159i expiraci bli\u017e\u0161\u00ed Short Put 252,50 \u201ev pen\u011bz\u00edch\u201c, tak jeho v\u00fdsledkem je Synthetic Call<\/strong> \u2013 tedy ITM Long Put 260<\/strong> opce a 100 x Long akcie<\/strong>. Je pak zapot\u0159eb\u00ed, aby Long Put opce z\u016fstala v\u00a0pen\u011bz\u00edch i na Ex-Dividend Day? Nikoliv, \u010d\u00edm v\u011bt\u0161\u00ed pohyb, t\u00edm l\u00e9pe, jenom mus\u00ed b\u00fdt ve spr\u00e1vn\u00e9m sm\u011bru a t\u00edm je \u201esever\u201c. Moje n\u00e1klady<\/strong> p\u0159i Open na Ex-Dividend Day jsou -25.940,75 USD<\/strong> (n\u00e1klady na Time Spread + n\u00e1klady na akcie + p\u0159ijat\u00e1 Dividenda).<\/span><\/p>\n

\u00a0\u00a0 A\/ Pokud cena akci\u00ed GS bude klesat a bude pod strike dr\u017een\u00e9 Long Put 260, <\/strong>tak p\u0159i Open na Ex-Dividend Day provedu avizovan\u00e9 Exercise a \u010dist\u00fd profit je +59.25 USD, to jsem ji\u017e popisoval v\u00fd\u0161e, proveden\u00fdm Exercise dod\u00e1m na sv\u016fj \u00fa\u010det +26.000 USD a v\u0161e mi zmiz\u00ed.<\/span><\/p>\n

\u00a0 B\/ Pokud cena akci\u00ed GS poroste a bude nad strike dr\u017een\u00e9 Long Put 260. <\/strong>V takov\u00e9m p\u0159\u00edpad\u011b inkasuji dal\u0161\u00ed porci profitu. Exercise Long Put 260 podle p\u0159edchoz\u00edho odstavce dostanu toti\u017e v\u017edy na sv\u016fj \u00fa\u010det p\u0159esn\u011b +26.000 USD a v\u0161e mi zmiz\u00ed. Pokud ale cena akci\u00ed bude vy\u0161\u0161\u00ed ne\u017e 260, tak jej\u00edm prodejem z\u00edsk\u00e1m v\u00edce ne\u017e 26.000 USD a tak\u00e9 mi je\u0161t\u011b zbyde n\u011bco m\u00e1lo za prodej Long Put 260, kter\u00e1 bude nyn\u00ed mimo pen\u00edze, ale st\u00e1le m\u016f\u017ee m\u00edt n\u011bjakou hodnotu, za kterou ji lze prodat. \u010c\u00edm v\u00edce bude cena GS nad 260 USD, t\u00edm vy\u0161\u0161\u00ed bude dodate\u010dn\u00fd profit.<\/span><\/p>\n

\u00a0\u00a0 Obchodov\u00e1n\u00edm Dividendy je mo\u017en\u00e9 na obou stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce, je mo\u017en\u00e9 pouze s\u00a0Call opcemi a je mo\u017en\u00e9 tak\u00e9 pouze s\u00a0Put opcemi. Je tak\u00e9 mo\u017en\u00e9 kombinovat oba typy opc\u00ed dohromady. Na z\u00e1klad\u011b poznan\u00fdch vlastnost\u00ed chov\u00e1n\u00ed op\u010dn\u00edch kontrakt\u016f tak vznikaj\u00ed pozoruhodn\u00e9 skl\u00e1danky, kter\u00fdch je mo\u017en\u00e9 vyu\u017e\u00edt p\u0159i t\u011bchto dividendov\u00fdch kr\u00e1tkodob\u00fdch obchodech s\u00a0mo\u017en\u00fdm rozumn\u00fdm potenci\u00e1lem. Je docela mo\u017en\u00e9 si tak\u00e9 p\u0159edstavit, \u017ee podobn\u00fdch kr\u00e1tkodob\u00fdch obchod\u016f se d\u00e1 vyu\u017e\u00edt tak\u00e9 v\u00a0jin\u00fdch situac\u00edch ne\u017e je v\u00a0souvislosti s\u00a0vypl\u00e1cenou Dividendou a p\u0159i racion\u00e1ln\u00edm p\u0159\u00edstupu a modifikac\u00edch pak funguj\u00ed t\u00e9m\u011b\u0159 v\u00a0jak\u00fdchkoli tr\u017en\u00edch podm\u00ednk\u00e1ch :c)<\/span><\/p>\n

 <\/p>\n

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

\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. Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":469,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_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}},"categories":[28],"tags":[9,14,29,7,21],"class_list":["post-454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dividendy","tag-assignment","tag-conversion","tag-dividendy","tag-exercise","tag-time-spread"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/div-1.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-7k","jetpack-related-posts":[{"id":2329,"url":"https:\/\/dobretrejdy.com\/?p=2329","url_meta":{"origin":454,"position":0},"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":551,"url":"https:\/\/dobretrejdy.com\/?p=551","url_meta":{"origin":454,"position":1},"title":"Th\u00e9ta","author":"dobretrejdy :c)","date":"25.6.2017","format":false,"excerpt":"\u00a0 Nev\u00edm, jestli Th\u00e9ta Kaz\u00ed Libu\u0161i, proto\u017ee nejsem vojvoda Krok, ale proto\u017ee jsem op\u010dn\u00ed obchodn\u00edk, tak v\u00edm, jak\u00a0Th\u00e9ta m\u016f\u017ee zkazit i velmi dobrou op\u010dn\u00ed pozici. V\u00a0p\u0159edch\u00e1zej\u00edc\u00edch \u010dl\u00e1nc\u00edch jsem ji\u017e popisoval, jak se m\u011bn\u00ed cena op\u010dn\u00edho kontraktu v\u00a0souvislost\u00ed s\u00a0pohybem podkladov\u00e9ho aktiva a jak tuto z\u00e1vislost zachycujeme pomoc\u00ed \u0159eck\u00e9ho p\u00edsmene Delta. 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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":30,"url":"https:\/\/dobretrejdy.com\/?p=30","url_meta":{"origin":454,"position":3},"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":501,"url":"https:\/\/dobretrejdy.com\/?p=501","url_meta":{"origin":454,"position":4},"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. 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