{"id":475,"date":"2017-06-02T16:34:01","date_gmt":"2017-06-02T14:34:01","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=475"},"modified":"2023-02-05T09:10:23","modified_gmt":"2023-02-05T07:10:23","slug":"dividendy-vi","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=475","title":{"rendered":"Dividendy – VI."},"content":{"rendered":"

\u00a0 \u00a0V\u00a0minul\u00e9m \u010dl\u00e1nku Dividendy \u2013 V.<\/a><\/strong><\/span>\u00a0jsem popisoval, jak se cena Dividendy<\/strong> 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<\/strong> 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 ITM Long Put opc\u00ed v\u00a0den p\u0159edch\u00e1zej\u00edc\u00ed Ex-Dividend Day. Proto\u017ee jsem demonstroval uk\u00e1zkou v\u00fdplaty Dividendy na tomto titulu, kter\u00fd vypl\u00e1cel Dividendu v\u00a0budoucnosti (aby m\u011bl \u010dl\u00e1nek punc autenti\u010dnosti), tak bych cht\u011bl uk\u00e1zat, jak se takov\u00e1 skute\u010dnost, tedy prom\u00edt\u00e1n\u00ed cel\u00e9 hodnoty Dividendy do ceny t\u011bchto opc\u00ed, projevuje na Ex-Dividend Day<\/strong>, kdy u\u017e pominuly d\u016fvody<\/strong> spojen\u00e9 s\u00a0v\u00fdplatou t\u00e9to Dividendy<\/strong>. Akcie je nutno m\u00edt na sv\u00e9m \u00fa\u010dtu p\u0159i Open na Ex-Dividend Day, tak\u017ee jejich po\u0159\u00edzen\u00ed v\u00a0pr\u016fb\u011bhu tohoto Ex-Dividend Day n\u00e1s ji\u017e neoprav\u0148uje k\u00a0jej\u00edmu inkasu. Ceny Dividendy by se tak ji\u017e nem\u011bly v\u00a0cen\u00e1ch opc\u00ed objevovat. Na obr\u00e1zku n\u00ed\u017ee je vid\u011bt situace pr\u00e1v\u011b na Ex-Dividend Day na akcii GS s\u00a0vyzna\u010den\u00fdmi ITM strikes s\u00a0weeklys opcemi s\u00a0nejbli\u017e\u0161\u00ed expirac\u00ed, jsou to tyt\u00e9\u017e opce jako v\u00a0p\u0159edch\u00e1zej\u00edc\u00edm \u010dl\u00e1nku.<\/span><\/p>\n

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\u00a0 Proto\u017ee je takov\u00fd pohled op\u011bt nep\u0159ehledn\u00fd na zkoum\u00e1n\u00ed t\u011bchto vlastnost\u00ed pouh\u00fdm okem, p\u0159evedl jsem ceny opc\u00ed do n\u00ed\u017ee uveden\u00e9 tabulky, kter\u00e1 ukazuje, kolik pr\u00e9mia<\/strong> je obsa\u017eeno v\u00a0ITM opc\u00edch<\/strong> na obou stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce, tedy kolik pen\u011bz nav\u00edc bychom za opci zaplatili mimo jej\u00ed vnit\u0159n\u00ed hodnotu<\/span><\/p>\n

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\u00a0 \u00a0Z\u0159eteln\u011b je vid\u011bt, \u017ee nejvy\u0161\u0161\u00ed pr\u00e9mium maj\u00ed prvn\u00ed ITM opce Call i Put nejbl\u00ed\u017ee k\u00a0obchodovan\u00e9 cen\u011b. To zcela b\u011b\u017en\u00fd jev. V\u00a0souladu s \u201enorm\u00e1lnost\u00ed\u201c je tak\u00e9 patrn\u00e9, \u017ee jak se opce vzdaluj\u00ed od t\u011bchto ATM opc\u00ed a pono\u0159uj\u00ed se \u201edo pen\u011bz\u201c, tak se pr\u00e9mium sni\u017euje a je t\u00e9m\u011b\u0159 stejn\u00e9 na obou stran\u00e1ch op\u010dn\u00edho \u0159et\u011bzce, tedy jak pro opce Call i Put. Pr\u00e9mia jsou v\u0161ak n\u00edzk\u00e1 a v\u00a0\u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b tak neobsahuj\u00ed<\/strong> n\u011bjak\u00e9 \u201estopy\u201c po cen\u011b vypl\u00e1cen\u00e9 Dividendy<\/strong>, tak jako ve stejn\u00e9 tabulce v\u00a0minul\u00e9m \u010dl\u00e1nku zobrazuj\u00edc\u00ed ceny ITM Long Put se zapo\u010d\u00edtanou Dividendou ve sv\u00fdch cen\u00e1ch.\u00a0\u00a0<\/span><\/p>\n

\u00a0 N\u00e1hl\u00e1 ztr\u00e1ta hodnoty pr\u00e9mia Long Put opc\u00ed v\u00a0rozmez\u00ed jednoho dne je zaj\u00edmav\u00fd fenom\u00e9n, kter\u00fd souvis\u00ed s\u00a0jinou vlastnost\u00ed a chov\u00e1n\u00edm podkladov\u00e9ho aktiva v\u00a0souvislost\u00ed vypl\u00e1cen\u00edm Dividendy, u kter\u00e9ho bych se cht\u011bl pozastavit a upozornit na n\u011bkter\u00e9 obchodn\u00ed detaily a mo\u017en\u00e9 n\u00e1strahy<\/strong>, kter\u00e9 by mohly nep\u0159\u00edjemn\u011b zasko\u010dit obchodn\u00edka spekuluj\u00edc\u00edho nap\u0159\u00edklad na kr\u00e1tkodob\u00fd dividendov\u00fd obchod.<\/span><\/p>\n

\u00a0\u00a0 To, \u017ee se s\u00a0Long Put opce \u201evypa\u0159\u00ed\u201c \u010d\u00e1st pr\u00e9mia na Ex-Dividend Day (ta \u010d\u00e1st, kter\u00e1 p\u0159edstavuje cenu vypl\u00e1cen\u00e9 Dividendy) by m\u011blo m\u00edt stejn\u011b jasn\u00e9 opodstatn\u011bn\u00ed jako tvrzen\u00ed, \u017ee na Ex-Dividend Day<\/strong> podkladov\u00e1 akcie otev\u0159e n\u00ed\u017ee pr\u00e1v\u011b o hodnotu Dividendy<\/strong>. Pro\u010d tomu tak je?<\/span><\/p>\n

\u00a0 Otev\u0159en\u00ed n\u00ed\u017ee o hodnotu Dividendy bych si mohl jednodu\u0161e vysv\u011btlit jako reakci trh\u016f na sn\u00ed\u017een\u00ed hodnoty obchodovan\u00e9 spole\u010dnosti. Pokud bych p\u0159edpokl\u00e1dal, \u017ee akcie p\u0159edstavuje pod\u00edl na kapit\u00e1lu spole\u010dnosti a jej\u00ed cena pak p\u0159edstavuje cenu spole\u010dnosti p\u0159epo\u010dtenou na tento pod\u00edl, pak takov\u00e9 Open, sn\u00ed\u017een\u00e9 o hodnotu Dividendy nazna\u010duje, \u017ee hodnota obchodovan\u00e9 spole\u010dnosti opravdu klesla. V\u00a0jednoduch\u00e9m p\u0159\u00edkladu bych mohl nap\u0159\u00edklad uk\u00e1zat, \u017ee vlastn\u00edm mal\u00fd podnik, kter\u00fd sest\u00e1v\u00e1 z\u00a0v\u00fdrobn\u00ed haly, kterou mi znalec v\u010dera ohodnotil na 5 milion\u016f, ze stroj\u016f a materi\u00e1lu ve sklad\u011b za cenu 3 miliony a pen\u011bz na \u00fa\u010dtu, kde m\u00e1m 2 miliony korun. Hodnota firmy je 10 milion\u016f a j\u00e1 m\u00e1m kupce, kter\u00fd je mi ochoten t\u011bchto 10 milion\u016f za mou firmi\u010dku d\u00e1t. Transakce se uskute\u010dn\u00ed z\u00edtra dopoledne u not\u00e1\u0159e. Dohoda plat\u00ed, ale j\u00e1 se odpoledne p\u0159ed podpisem smlouvy rozhodnu, \u017ee vyberu z\u00a0\u00fa\u010dtu 500.000,- K\u010d, abych mohl koupit man\u017eelce ko\u017eich. Proto\u017ee je\u0161t\u011b m\u00e1m pr\u00e1vo k\u00a0firemn\u00edmu \u00fa\u010dtu, tak tuto transakci provedu. Nabyvateli m\u00e9 firmy tuto skute\u010dnost sd\u011bluji a dost\u00e1v\u00e1m racion\u00e1ln\u00ed odpov\u011b\u010f, \u017ee pokud jsem toto takto provedl, tak se dohodnut\u00e1 z\u00edt\u0159ej\u0161\u00ed kupn\u00ed cena m\u00e9 firmy sni\u017euje na 9.5 milionu korun. Souhlas\u00edm, proto\u017ee to je hol\u00fd fakt.\u00a0\u00a0\u00a0<\/span><\/p>\n

\u00a0 P\u0159esn\u011b takto m\u00e1 vliv v\u00fdplata Dividendy na cenu ve\u0159ejn\u011b obchodovateln\u00fdch akci\u00ed. Jej\u00ed kapit\u00e1l<\/strong> se v\u00a0rozhodn\u00fd den pro v\u00fdplatu Dividendy sni\u017euje pr\u00e1v\u011b o hodnotu t\u00e9to Dividendy<\/strong>. N\u011bkdo mus\u00ed firemn\u00ed pen\u00edze vz\u00edt a rozeslat mimo spole\u010dnost na \u00fa\u010dty akcion\u00e1\u0159\u016f, takov\u00e9 pen\u00edze z\u00a0\u00fa\u010dtu akciov\u00e9 spole\u010dnosti zmiz\u00ed. Projev\u00ed se to skokov\u00fdm sn\u00ed\u017een\u00edm ceny akcie p\u0159i Open na Ex-Dividend Day. Je samoz\u0159ejm\u011b jasn\u00e9, \u017ee cena po tomto otev\u0159en\u00ed trh\u016f nez\u016fstane na t\u00e9to sn\u00ed\u017een\u00e9 cen\u011b, ale za\u010dne se pohybovat vlivem v\u0161emo\u017en\u00fdch tr\u017en\u00edch vliv\u016f.\u00a0\u00a0 \u00a0\u00a0<\/span><\/p>\n

\u00a0Pro\u010d se v\u016fbec takov\u00fdm fenom\u00e9nem poklesu p\u0159i Open na Ex-Dividend Day vlastn\u011b zab\u00fdv\u00e1m? Proto\u017ee takov\u00e9 poklesy maj\u00ed sv\u00e9 v\u00fd\u0161e uveden\u00e9 p\u0159\u00ed\u010diny a trhy a zejm\u00e9na obchodn\u00edci se s\u00a0nimi mus\u00ed vypo\u0159\u00e1dat po sv\u00e9m. Pokud koup\u00edm p\u0159ed Ex-Dividend Day ITM Long Put tak, jako v\u00a0p\u0159edchoz\u00edm \u010dl\u00e1nku, tak je v\u00a0jej\u00ed cen\u011b zapo\u010d\u00edt\u00e1na cel\u00e1 v\u00fd\u0161e Dividendy, a proto\u017ee cena podkladu na Ex-Dividend Day p\u0159i Open klesne pr\u00e1v\u011b o nejm\u00e9n\u011b hodnotu Dividendy, tak bychom m\u011bli na poklesu u t\u00e9to Long Put vyd\u011blat \u2013 toto se v\u0161ak nestane, proto\u017ee cena Dividendy se ji\u017e do\u00a0ceny Long Put neprom\u00edt\u00e1. Pokles podkladu o hodnotu Dividendy je u ceny ITM Long Put kompenzov\u00e1n ztr\u00e1tou jej\u00ed hodnoty pr\u00e1v\u011b o hodnotu t\u00e9to Dividendy. Je to ostatn\u011b vid\u011bt z\u00a0v\u00fd\u0161e uveden\u00e9 tabulky, je to tedy takov\u00e1 \u201enalej – vylej\u201c transakce. Zab\u00fdv\u00e1m se v\u0161ak nyn\u00ed v tomto \u010dl\u00e1nku t\u00edmto fenom\u00e9nem automatick\u00e9ho poklesu a ztr\u00e1ty hodnoty Long Put proto, \u017ee ne v\u017edy se takto opce p\u0159irozen\u011b chovaj\u00ed.<\/span><\/p>\n

\u00a0\u00a0 Doposud jsem toti\u017e popisoval v\u00fdplatu Dividendy a mo\u017enosti, a jak toto zobchodovat u tzv. Regular Dividend<\/strong>. To jsou Dividendy, kter\u00e9 jsou spole\u010dnostmi deklarov\u00e1ny dop\u0159edu v\u00a0dostate\u010dn\u00e9m p\u0159edstihu a vypl\u00e1cej\u00ed se v\u00a0pravideln\u00fdch period\u00e1ch<\/strong> v\u00a0p\u0159ibli\u017en\u011b stejn\u00fdch v\u00fdplatn\u00edch term\u00ednech a v\u00a0p\u0159ibli\u017en\u011b podobn\u00fdch Ex-Dividend Day. Mnoho titul\u016f m\u00e1 tuto Dividendovou politiku nastavenou velmi spolehliv\u011b a u mnoha titul\u016f takov\u00e1 v\u00fd\u0161e Dividendy p\u0159im\u011b\u0159en\u011b v\u00a0\u010dase po l\u00e9ta m\u00edrn\u011b roste, tak\u017ee se takov\u00fdch titul\u016f vyu\u017e\u00edv\u00e1 ke stavb\u011b r\u016fzn\u00fdch portfoli\u00ed, kter\u00e9 pr\u00e1v\u011b z\u00a0t\u011bchto inkasovan\u00fdch Dividend t\u011b\u017e\u00ed a jsou z\u00e1kladem jejich v\u00fdkonnosti. V\u00fdplaty takov\u00fdch Regular Dividend jsou pak doprov\u00e1zeny v\u0161emo\u017en\u00fdmi jevy, kter\u00e9 jsem popisoval v\u00a0p\u0159edchoz\u00edch \u010dl\u00e1nc\u00edch.<\/span><\/p>\n

\u00a0\u00a0 Existuj\u00ed ale situace, kdy takov\u00e1 akciov\u00e1 spole\u010dnost usoud\u00ed, \u017ee se j\u00ed nap\u0159\u00edklad da\u0159\u00ed l\u00e9pe ne\u017e kdy jindy a rozhodne se odm\u011bnit sv\u00e9 akcion\u00e1\u0159e mimo\u0159\u00e1dn\u00fdm d\u00e1rkem \u2013 v\u00fdplatou mimo\u0159\u00e1dn\u00e9 dividendy. Tato tzv.\u00a0Special Dividend<\/strong> b\u00fdv\u00e1 v\u011bt\u0161inou ve vy\u0161\u0161\u00ed \u010d\u00e1stce ne\u017e Regular Dividend a spole\u010dnost jej\u00ed v\u00fdplatu avizuje se v\u0161emi atributy<\/strong> jako to prov\u00e1d\u00ed u Regular Dividend. Sd\u011bluje dop\u0159edu jak\u00e1 bude jej\u00ed v\u00fd\u0161e, kter\u00fd den p\u0159ipad\u00e1 na Ex-Dividend Day a kter\u00fd den budu skute\u010dn\u011b v\u00fdplata provedena na \u00fa\u010dty akcion\u00e1\u0159\u016f. Pozor na v\u00fdplatu takov\u00e9 Special Dividend.<\/strong>\u00a0N\u00e1strahy mo\u017en\u00e9ho dividendov\u00e9ho obchodu uvedu na konkr\u00e9tn\u00edm p\u0159\u00edpadu.<\/span><\/p>\n

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Special Dividend<\/span><\/strong><\/h1>\n

\u00a0 Ze str\u00e1nek Marketchameleon<\/span>\u00a0<\/a><\/strong><\/span>zji\u0161\u0165uji, \u017ee spole\u010dnost COST (Costco Wholesale Corporation)<\/strong> vyhl\u00e1sila v\u00fdplatu Speci\u00e1ln\u00ed Dividendy<\/strong> ve v\u00fd\u0161i 7 USD\/akcii<\/strong>, kdy\u017e Ex-Dividend Day<\/strong> p\u0159ipad\u00e1 na 8.5.2017<\/strong><\/span><\/p>\n

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\u00a0\u00a0 To je opravdu mimo\u0159\u00e1dn\u00e1 Dividenda<\/strong>, proto\u017ee spole\u010dnost jinak vypl\u00e1c\u00ed Regular Dividendu ve v\u00fd\u0161i 0.45 USD\/akcii pravideln\u011b ka\u017ed\u00e9ho \u010dtvrt roku. Pokud bych cht\u011bl takovou Dividendu zobchodovat, pod\u00edv\u00e1m se, jak\u00e9 byly ceny opc\u00ed v\u00a0den p\u0159edch\u00e1zej\u00edc\u00ed Ex-Dividend Day, abych se mohl rozhodnout, kterou z\u00a0uveden\u00fdch strategi\u00ed bych mohl pou\u017e\u00edt. Proto\u017ee Ex-Dividend Day p\u0159ipad\u00e1 na pond\u011bl\u00ed, na obr\u00e1zku jsou zachyceny p\u00e1te\u010dn\u00ed Close ceny opc\u00ed, tedy v\u00a0den p\u0159edch\u00e1zej\u00edc\u00ed Ex-Dividend Day<\/strong>.<\/span><\/p>\n

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\u00a0\u00a0 To je velmi zaj\u00edmav\u00e1 pod\u00edvan\u00e1. Pokud bych aplikoval jednoduchou strategii z\u00a0minul\u00e9ho \u010dl\u00e1nku, tedy po\u0159\u00edzen\u00ed Synthetic Call<\/strong>, sou\u010dasn\u00e9 po\u0159\u00edzen\u00ed ITM Long Put<\/strong> nap\u0159\u00edklad na strike 185<\/strong> a 100 x Long akci\u00ed COST<\/strong>, tak vyd\u011bl\u00e1m slu\u0161n\u00e9 pen\u00edze. Podle obr\u00e1zku toti\u017e tato ITM Long Put 185 stoj\u00ed -550 USD a akcie by se daly po\u0159\u00eddit za 180.20 USD\/kus. Celkov\u011b bych tak m\u011bl n\u00e1klady -18.570 USD<\/strong>. Na Ex-Dividend Day bych pak inkasoval celou Dividendu ve v\u00fd\u0161i +595 USD<\/strong> (700 USD \u2013 15% da\u0148), kterou bych sv\u00e9 celkov\u00e9 n\u00e1klady zredukoval na -17.975 USD<\/strong>. Proveden\u00edm Exercise Long Put 185<\/strong> okam\u017eit\u011b po Open na Ex-Dividend Day bych na sv\u016fj \u00fa\u010det obdr\u017eel 100 x Short akcie COST za cenu strike opce, celkov\u011b bych m\u011bl tr\u017ebu za tyto Short akcie ve v\u00fd\u0161i +18.500 USD<\/strong>. Long a Short akcie by se kompenzovaly a z\u016fstaly by pouze pen\u00edze. P\u016fvodn\u00ed n\u00e1klady ve v\u00fd\u0161i -17.975 USD + 18.500 USD = +525 USD<\/strong>. To by byl mimo\u0159\u00e1dn\u011b zda\u0159il\u00fd obchod.<\/span><\/p>\n

\u00a0\u00a0 Takov\u00e9 pen\u00edze samoz\u0159ejm\u011b nikde na trhu takto voln\u011b nele\u017e\u00ed<\/strong><\/span>. Vypad\u00e1 to toti\u017e, jako by \u201en\u011bkdo\u201c zapomn\u011bl do ceny t\u00e9to ITM Long Put opce zapo\u010d\u00edtat cenu Speci\u00e1ln\u00ed Dividendy, tak jak je to b\u011b\u017en\u00e9 u Regular Dividendy. Pokud by tomu tak bylo a nestalo se nic jin\u00e9ho, tak opravdu by takov\u00e1 p\u0159\u00edle\u017eitost z\u00edskat jednodu\u0161e Speci\u00e1ln\u00ed Dividendu existovala.<\/span><\/p>\n

\u00a0\u00a0 Speci\u00e1ln\u00ed Dividenda je v\u011bt\u0161inou ch\u00e1p\u00e1na jako mimo\u0159\u00e1dn\u00e1 odm\u011bna ur\u010den\u00e1 pro loaj\u00e1ln\u00ed a dlouhodob\u00e9 akcion\u00e1\u0159e. Spole\u010dnost, kter\u00e1 ji vypl\u00e1c\u00ed, v\u011bt\u0161inou nechce, aby se stala p\u0159edm\u011btem spekulac\u00ed na kr\u00e1tkodob\u00fdch dividendov\u00fdch obchodech a nedostala se do rukou vychytral\u00fdch obchodn\u00edk\u016f. Aby se takov\u00fdm spekulac\u00edm zabr\u00e1nilo, spoj\u00ed spole\u010dnost takovou v\u00fdplatu s\u00a0neoby\u010dejn\u00fdm krokem, a t\u00edm je zm\u011bna hodnoty strike op\u010dn\u00edch kontrakt\u016f. Spole\u010dnost jednodu\u0161e ozn\u00e1m\u00ed, \u017ee na Ex-Dividend Day<\/strong> se sn\u00ed\u017e\u00ed hodnota strike v\u0161ech op\u010dn\u00edch kontrakt\u016f o 7 bod\u016f<\/strong><\/span>, tedy v\u00a0dolarov\u00e9m vyj\u00e1d\u0159en\u00ed pr\u00e1v\u011b o hodnotu vypl\u00e1cen\u00e9 Speci\u00e1ln\u00ed Dividendy. O takov\u00e9m kroku jsou op\u010dn\u00ed obchodn\u00edci v\u00a0dostate\u010dn\u00e9m p\u0159edstihu informov\u00e1ni v\u00a0prohl\u00e1\u0161en\u00ed vydan\u00e9m clearingovou instituc\u00ed The Options Clearing Corporation (\u201eOCC\u201c)<\/a><\/strong><\/span>. Takov\u00e9 prohl\u00e1\u0161en\u00ed m\u00e1 podobu jako na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku<\/span><\/p>\n

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\u00a0\u00a0 Z\u00a0obr\u00e1zku jsou patrn\u00e9 prov\u00e1d\u011bn\u00e9 kroky. Na Ex-Dividend Day (8.5.2017) budou v\u0161echny strike opc\u00ed na COST sn\u00ed\u017eeny o sedm bod\u016f. Cel\u00fd dokument, prohl\u00e1\u0161en\u00ed o \u00faprav\u011b strikes, je pak ke\u00a0sta\u017een\u00ed zde<\/a><\/strong><\/span>.<\/span>\u00a0<\/span><\/p>\n

\u00a0 Jak\u00fd to m\u00e1 praktick\u00fd dopad na mou p\u0159\u00edpadnou pozici ITM Long Put 185 s\u00a0100 x Long po\u0159\u00edzen\u00fdmi akciemi. Na Ex-Dividend Day otev\u0159u obchodn\u00ed platformu se svou domn\u011blou pozic\u00ed ITM Long Put 185, kterou samoz\u0159ejm\u011b neuvid\u00edm, proto\u017ee strike t\u00e9to p\u016fvodn\u00ed opce byl sn\u00ed\u017een o sedm bod\u016f<\/strong> na nov\u011b vytvo\u0159en\u00fd strike 178<\/strong>. Celou situaci lze pozorovat na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku\u00a0<\/span><\/p>\n

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

\u00a0\u00a0 Zejm\u00e9na je patrn\u00e9<\/strong>, \u017ee pokud se akcie COST p\u0159ed Ex-Dividend Day obchodovaly za cenu 180.20 USD<\/strong>, tak na Ex-Dividend Day je jejich cena 172.64 USD<\/strong>. Rozd\u00edl je -7.56 USD<\/strong>, cena tedy klesla v\u00edce ne\u017e je vypl\u00e1cen\u00e1 hrub\u00e1 dividenda ve v\u00fd\u0161i 7 USD a podstatn\u011b v\u00edce ne\u017e je jej\u00ed \u010dist\u00e1 hodnota 5.95 USD. Spekulativn\u00ed pouh\u00fd n\u00e1kup\/prodej akci\u00ed by tak byl zcela ztr\u00e1tov\u00fdm podnikem. Proto\u017ee bych mohl prov\u00e9st Exercise m\u00e9 Long Put 178<\/strong>, tak bych obdr\u017eel 100 x Short akci\u00ed za cenu strike 178 a utr\u017eil bych tak +17.800 USD<\/strong>. Proto\u017ee m\u00e9 n\u00e1klady na po\u0159\u00edzen\u00ed opce na p\u016fvodn\u00edm strike 185 a 100 x Long akci\u00ed byly -17.975 USD<\/strong>, tak bych ukon\u010den\u00ed obchodu proveden\u00edm takov\u00e9 Exercise ke sv\u00fdm prod\u011blal -17.975 USD +17.800 USD = -175 USD<\/strong><\/span>.<\/span><\/p>\n

\u00a0\u00a0 V\u00fdplatu Speci\u00e1ln\u00ed Dividendy je pot\u0159eba sledovat a odd\u011blovat<\/strong> ji od v\u00fdplaty b\u011b\u017en\u00e9 Regular Dividendy<\/strong>. Jej\u00ed v\u00fdplata toti\u017e od po\u010d\u00e1tku po\u010d\u00edt\u00e1 s\u00a0okolnost\u00ed, \u017ee po jej\u00ed v\u00fdplat\u011b se sn\u00ed\u017e\u00ed cena obchodovan\u00e9 akcie nejm\u00e9n\u011b o ceny t\u00e9to vypl\u00e1cen\u00e9 Speci\u00e1ln\u00ed Dividendy. Proto\u017ee doch\u00e1z\u00ed ke sni\u017eov\u00e1n\u00ed strike opc\u00ed pr\u00e1v\u011b o tuto hodnotu, nelze se proti takov\u00e9mu poklesu efektivn\u011b zajistit a je t\u0159eba jej strp\u011bt. Op\u010dn\u00ed obchodn\u00edk spekuluj\u00edc\u00ed na dividendov\u00fd obchod pak mus\u00ed obez\u0159etn\u011b zji\u0161\u0165ovat, jestli p\u0159edm\u011btem jeho obchodu nebude pr\u00e1v\u011b takov\u00e9 sni\u017eov\u00e1n\u00ed hodnoty strike. P\u0159\u00edklad s\u00a0titulem COST a jeho sedmidolarovou Speci\u00e1ln\u00ed Dividendou je p\u0159\u00edkladem, kde v\u00fd\u0161e takov\u00e9 dividendy je zna\u010dn\u00e1. Ve zna\u010dn\u00e9 \u010d\u00e1sti p\u0159\u00edpad\u016f v\u00fdplaty Speci\u00e1ln\u00ed Dividendy m\u016f\u017ee tato b\u00fdt jej\u00ed hodnota men\u0161\u00ed a m\u016f\u017ee svou velkost\u00ed \u201espl\u00fdvat\u201c s\u00a0Regular Dividendou. Je proto v\u017edy dobr\u00e9 na str\u00e1nk\u00e1ch OCC vyhodnotit (zad\u00e1n\u00edm tickeru do vyhled\u00e1vac\u00edho pole), jestli se s\u00a0bl\u00ed\u017e\u00edc\u00ed v\u00fdplatou Dividendy nebudou upravovat pro dan\u00fd titul jeho op\u010dn\u00ed strikes a nebude se tak jednat o v\u00fdplatu Speci\u00e1ln\u00ed Dividendy :c) \u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\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 Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":487,"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":[29,7,10],"class_list":["post-475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dividendy","tag-dividendy","tag-exercise","tag-occ"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/div6.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-7F","jetpack-related-posts":[{"id":501,"url":"https:\/\/dobretrejdy.com\/?p=501","url_meta":{"origin":475,"position":0},"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":475,"position":1},"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":454,"url":"https:\/\/dobretrejdy.com\/?p=454","url_meta":{"origin":475,"position":2},"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":378,"url":"https:\/\/dobretrejdy.com\/?p=378","url_meta":{"origin":475,"position":3},"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":362,"url":"https:\/\/dobretrejdy.com\/?p=362","url_meta":{"origin":475,"position":4},"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":[]},{"id":411,"url":"https:\/\/dobretrejdy.com\/?p=411","url_meta":{"origin":475,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/475","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=475"}],"version-history":[{"count":10,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/475\/revisions"}],"predecessor-version":[{"id":1404,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/475\/revisions\/1404"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/487"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}