{"id":501,"date":"2017-06-10T11:04:18","date_gmt":"2017-06-10T09:04:18","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=501"},"modified":"2022-01-18T16:06:41","modified_gmt":"2022-01-18T14:06:41","slug":"dividendy-vii","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=501","title":{"rendered":"Dividendy – VII."},"content":{"rendered":"

\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<\/strong>, poznamenal, \u017ee to nemus\u00ed b\u00fdt tak \u00fapln\u011b pravda<\/strong>. K t\u00e9to pozn\u00e1mce bych tak\u00e9 mohl p\u0159ipojit dal\u0161\u00ed pochybnost<\/strong> nad tvrzen\u00edm, \u017ee s\u00a0dr\u017een\u00fdm op\u010dn\u00edm kontraktem nen\u00ed spojeno<\/strong> \u017e\u00e1dn\u00e9 pr\u00e1vo na v\u00fdplatu Dividendy<\/strong> t\u00fdkaj\u00edc\u00ed se podkladov\u00e9ho aktiva. Jak se m\u016f\u017eu opov\u00e1\u017eit vyslovit takov\u00e9 tvrzen\u00ed? Je nad slunce jasn\u00e9, \u017ee obecn\u011b tato tvrzen\u00ed, jejich\u017e platnost zpochyb\u0148uji, plat\u00ed. Pouze se budu sna\u017eit roz\u0161\u00ed\u0159it jejich „p\u016fsobnost“. V\u00a0minul\u00fdch \u010dl\u00e1nc\u00edch jsem popisoval, jak se do ceny op\u010dn\u00edho kontraktu prom\u00edt\u00e1 vypl\u00e1cen\u00e1 Dividenda, a to v\u00a0obecn\u00e9m a rychl\u00e9m souhrnu tak, \u017ee v\u00fd\u0161e vypl\u00e1cen\u00e9 Dividendy se v\u00a0den p\u0159edch\u00e1zej\u00edc\u00ed Ex-Dividend Day nijak neprom\u00edt\u00e1 do ceny Call opc\u00ed, ale zcela se prom\u00edt\u00e1 do ceny ITM Put opc\u00ed. Proto nemohly b\u00fdt prov\u00e1d\u011bny dividendov\u00e9 transakce typu Synthetic Call popisovan\u00e9 v\u00a0\u010dl\u00e1nku Dividendy \u2013 V.<\/strong><\/a>,<\/span> tedy n\u00e1kup Long akci\u00ed a n\u00e1kup ITM Long Put t\u011bsn\u011b p\u0159ed Ex-Dividend Day s\u00a0n\u00e1sledn\u00fdm Exercise Put opc\u00ed na Ex-Dividend Day. Po\u0159izovan\u00e9 ITM Long Put opce toti\u017e obsahovaly pr\u00e1v\u011b celou Dividendu (plus n\u011bjak\u00e9 pr\u00e9mium), kterou jsme museli v\u00a0cen\u011b opce koupit, abychom Dividendu z\u00edskali na Ex-Dividend Day z\u00a0dr\u017een\u00e9 Long akcie op\u011bt zp\u011bt. Tento jednoduch\u00fd koncept takto nefunguje a je t\u0159eba ho vylep\u0161it postupy uv\u00e1d\u011bn\u00fdmi v\u00a0tomto \u010dl\u00e1nku.<\/span><\/p>\n

\u00a0\u00a0 Pro\u010d se ale zab\u00fdvat Dividendou, kterou n\u00e1m p\u0159inese dr\u017een\u00ed Long akcie<\/strong> na Open na Ex-Dividend Day, kdy\u017e celou jej\u00ed hodnotu m\u00e1me obsa\u017eenou v\u00a0cen\u011b ITM Put opc\u00ed. Abych tedy takovou Dividendu z\u00edskal, nebudu se s\u00a0akciemi \u201ev\u016fbec mazat\u201c a prod\u00e1m<\/strong><\/span> p\u0159ed v\u00fdplatou Dividendy pr\u00e1v\u011b takovou ITM Put opci<\/span>.\u00a0<\/strong>V\u00fdpisem takov\u00e9 ITM Short Put opce<\/strong> p\u0159ece z\u00edsk\u00e1m celou hodnotu Dividendy<\/strong> a nav\u00edc je\u0161t\u011b n\u011bjak\u00e9 pr\u00e9mium<\/strong>. Prodejem ITM Short Put opce p\u0159ed Ex-Dividend Day se pak v\u016fbec nemus\u00edm zab\u00fdvat ot\u00e1zkami, kdy je Dividenda ve skute\u010dnosti vypl\u00e1cena, jestli spole\u010dnost do v\u00fdplaty Dividendy nezkrachuje nebo jak\u00e1 je v\u00fd\u0161e dan\u011b, m\u00e1m ji prost\u011b v\u00a0moment\u011b v\u00fdpisu ihned na sv\u00e9m \u00fa\u010dtu a nav\u00edc v\u00a0pln\u00e9 a nezdan\u011bn\u00e9 v\u00fd\u0161i. Mohu tak odv\u00e1\u017en\u011b tvrdit, \u017ee dr\u017een\u00ed op\u010dn\u00edho kontraktu m\u011b tak\u00e9 \u201eopr\u00e1vnilo\u201c k\u00a0z\u00edsk\u00e1n\u00ed Dividendy a tuto Dividendu jsem z\u00edskal, ani\u017e bych po\u0159\u00eddil jedinou akcii.\u00a0<\/span><\/p>\n

\u00a0\u00a0 Pokud vyjdu z\u00a0p\u0159edpokladu, \u017ee akcie p\u0159i Open na Ex-Dividend Day otev\u0159e n\u00ed\u017ee pr\u00e1v\u011b o Dividendu a j\u00e1 p\u0159i dr\u017een\u00ed akciov\u00e9 pozice sice z\u00edsk\u00e1m Dividendu, ale zase ztrat\u00edm na hodnot\u011b akci\u00ed, tak mohu takov\u00e9 tvrzen\u00ed lehce aplikovat na dr\u017een\u00ed ITM Short Put opce, tato mi p\u0159i takov\u00e9m poklesu na Open na Ex-Dividend Day tak\u00e9 p\u0159id\u00e1 na sv\u00e9 hodnot\u011b (prod\u011bl\u00e1) podle poklesu podkladov\u00e9ho aktiva, ale cena Dividendy se z\u00a0ceny takov\u00e9 opce \u201evypa\u0159\u00ed\u201c, proto\u017ee se ji\u017e do ceny takov\u00e9 opce nezapo\u010d\u00edt\u00e1v\u00e1 a o hodnotu t\u00e9to Dividendy jej\u00ed cena klesne. Vypad\u00e1 to tedy, \u017ee zde nen\u00ed v\u00fdrazn\u00fd rozd\u00edl mezi dr\u017een\u00edm akci\u00ed nebo v\u00fdpisem ITM Short Put opce.<\/span><\/p>\n

\u00a0 \u00a0Takov\u00e9 pozoruhodn\u00e9 zji\u0161t\u011bn\u00ed se d\u00e1 samoz\u0159ejm\u011b obchodovat. Na jednoduch\u00e9m p\u0159\u00edkladu bych cht\u011bl uk\u00e1zat jednoduch\u00fd koncept takov\u00e9ho obchodu, kter\u00fd bude vyu\u017e\u00edvat v\u0161ech doposud napsan\u00fdch poznatk\u016f z\u00a0minul\u00fdch \u010dl\u00e1nk\u016f.<\/span><\/p>\n

\n

ITM Short Strangle<\/span><\/strong><\/h1>\n

\u00a0 Na za\u010d\u00e1tku tohoto t\u00fddne pozoruji, kter\u00fd akciov\u00fd titul vypl\u00e1c\u00ed v\u00a0tomto t\u00fddnu Dividendu, a kter\u00fd obchoduje opce s\u00a0weekly periodou. Na str\u00e1nk\u00e1ch Marketchameleon<\/strong><\/a><\/span>\u00a0zji\u0161\u0165uji, \u017ee ve \u010dtvrtek 8.6.2017 vypl\u00e1c\u00ed Dividendu ve v\u00fd\u0161i 0,33 USD\/akcii<\/strong> spole\u010dnost KSU (Kansas City Southern)<\/strong>.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Pohledem do obchodn\u00ed platformy jsem mohl zjistit, \u017ee v\u00a0\u00fater\u00fd (dva dny p\u0159ed Ex-Dividend Day) se obchoduj\u00ed t\u00fddenn\u00ed opce za n\u00ed\u017ee uveden\u00e9 ceny.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 P\u0159i cen\u011b KSU 96,56 USD jsem mohl vypsat ITM Short Put na strike 98<\/strong> za cenu +193 USD<\/strong>. Tato siln\u011b ITM Put opce m\u00e1 ve sv\u00e9 cen\u011b zapo\u010d\u00edt\u00e1nu Dividendu ve v\u00fd\u0161i 33 USD a je\u0161t\u011b 16 USD pr\u00e9mia (96,56+1,93-98 = 49 USD = 33 USD + 16 USD). Tato naked opce m\u011b v\u0161ak vystavuje zna\u010dn\u00e9mu riziku<\/strong>, cena m\u016f\u017ee za\u010d\u00edt strm\u011b klesat a takov\u00fd jednoduch\u00fd obchod by pak mohl skon\u010dit naprost\u00fdm fiaskem. Pot\u0159ebuji tuto ITM Short Put 98 opci n\u011bjak \u201eukotvit v \u010dase\u201c, abych se vyhnul alespo\u0148 \u010d\u00e1ste\u010dn\u011b nep\u0159edpokl\u00e1dan\u00fdm cenov\u00fdm v\u00fdkyv\u016fm. V\u00a0obr\u00e1zku jsem vyzna\u010dil \u010derven\u00fdm obd\u00e9ln\u00edkem na Call stran\u011b op\u010dn\u00edho \u0159et\u011bzce stejnou ITM Short Call opci<\/strong> na strike 95<\/strong>. Takovou opci bych byl schopen v\u00a0\u00fater\u00fd po\u0159\u00eddit za +187 USD<\/strong>. Pro sv\u016fj obchod tedy po\u0159izuji ob\u011b tyto ITM Short opce, vytvo\u0159il jsem ITM Short Strangle -95\/-98<\/strong> a za jeho po\u0159\u00edzen\u00ed jsem inkasoval +380 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Z\u00e1kladn\u00ed obecn\u011b po\u017eadovanou vlastnost\u00ed takov\u00e9ho ITM Short Strangle je, aby do expirace z\u016fstal \u201ev pen\u011bz\u00edch\u201c<\/strong> a aby cena jeho po\u0159\u00edzen\u00ed byla v\u00a0dolarov\u00e9m vyj\u00e1d\u0159en\u00ed vy\u0161\u0161\u00ed, ne\u017e je rozsah strike tohoto ITM Short Strangle. M\u016fj ITM Short Strangle -95\/-98 m\u00e1 rozsah strike 3 body = 300 USD a cena po\u0159\u00edzen\u00ed je +380 USD. V\u00a0p\u0159\u00edpad\u011b, \u017ee bude v\u00a0pen\u011bz\u00edch i p\u0159i expiraci, bude +80 USD, tedy \u010d\u00e1stka p\u0159eb\u00fdvaj\u00edc\u00ed nad dolarov\u00e9 vyj\u00e1d\u0159en\u00ed rozsahu strike m\u00fdm profitem. Ob\u011b opce ITM Short Strangle -95\/-98 budou toti\u017e automaticky p\u0159i\u0159azeny a potom Short Put 98 dod\u00e1 na m\u016fj \u00fa\u010det 100 x Long akci\u00ed za cenu strike 98 USD a j\u00e1 vynalo\u017e\u00edm -9.800 USD aby n\u00e1sledn\u011b byla p\u0159i\u0159azena m\u00e1 Short Call 95, kter\u00e1 na m\u016fj \u00fa\u010det dod\u00e1 100 x Short akci\u00ed za cenu strike 95 USD a j\u00e1 budu m\u00edt za tuto transakci tr\u017ebu +9.500 USD. Akciov\u00e9 pozice Long x Short se vyru\u0161\u00ed a zbyde pouze rozd\u00edl z\u00a0tohoto p\u0159i\u0159azen\u00ed -9.800 USD + 9.500 USD = -300 USD. Cel\u00fd Short Strangle jsem ale po\u0159\u00eddil za +380 USD, tak\u017ee ve v\u00fdsledku m\u00e1m +80 USD profit<\/strong>. Budu tedy jednodu\u0161e p\u0159edpokl\u00e1dat, \u017ee hodnota, jakou jsou ob\u011b opce v pen\u011bz\u00edch bude dostate\u010dn\u00e1, aby m\u011b alespo\u0148 velmi kr\u00e1tkodob\u011b ochr\u00e1nila p\u0159ed cenov\u00fdmi pohyby, v m\u00e9m p\u0159\u00edpad\u011b se bude jednat pouze o jednodenn\u00ed (st\u0159ede\u010dn\u00ed) pohyb.<\/span><\/p>\n

\u00a0\u00a0 To by byl samoz\u0159ejm\u011b velmi ide\u00e1ln\u00ed sc\u00e9n\u00e1\u0159 p\u0159i p\u00e1te\u010dn\u00ed expiraci obou Short opc\u00ed tvo\u0159\u00edc\u00ed ITM Short Strangle, kter\u00fd se pravd\u011bpodobn\u011b nenapln\u00ed. Cena samoz\u0159ejm\u011b m\u016f\u017ee z\u016fstat p\u0159i expiraci na takov\u00e9 hodnot\u011b, \u017ee ITM Short Strangle -95\/-98 bude \u201ev pen\u011bz\u00edch\u201c (proto jsem si vybral relativn\u011b klidn\u00fd akciov\u00fd titul), ale m\u00e1m jin\u00fd probl\u00e9m, a t\u00edm je nabyt\u00e1 zku\u0161enost, \u017ee pokud je vypl\u00e1cena Dividenda<\/strong> za \u017eivota op\u010dn\u00edho kontraktu a j\u00e1 dr\u017e\u00edm ITM Short Call opci<\/strong>, tak existuje zna\u010dn\u00e1 pravd\u011bpodobnost<\/strong>, \u017ee budu na t\u00e9to opci p\u0159i\u0159azen (Assigned)<\/strong>. Proto\u017ee m\u016fj \u00fatern\u00ed ITM Short Strangle -95\/-98 obsahuje takovou ITM Short Call 95 opci, mus\u00edm s\u00a0takovou eventualitou v\u00edce ne\u017e po\u010d\u00edtat. Proto\u017ee jsem ITM Short Strangle -95\/-98 po\u0159\u00eddil p\u0159i \u00fatern\u00edm Close a ve \u010dtvrtek je Ex-Dividend Day, tak m\u00e1m celou st\u0159edu na to, abych podle v\u00fdvoje situace ceny KSU prom\u00fd\u0161lel, jak budu celou pozici d\u00e1le \u0159\u00eddit. Z\u00e1kladn\u00edm bodem m\u00e9 \u00favahy o budouc\u00edm postupu pak bude situace p\u0159ed st\u0159ede\u010dn\u00edm Close, tedy dnem p\u0159edch\u00e1zej\u00edc\u00edm Ex-Dividend Day. Jak vypadala situace na st\u0159ede\u010dn\u00edm Close je patrn\u00e9 z\u00a0n\u00ed\u017ee uveden\u00e9ho obr\u00e1zku.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 Cena akcie KSU<\/strong> se zv\u00fd\u0161ila na 97.46 USD<\/strong>. Co to vlastn\u011b znamen\u00e1 pro m\u016fj dal\u0161\u00ed p\u0159\u00edstup? Proto\u017ee mus\u00edm br\u00e1t opravdu siln\u011b v\u00a0\u00favahu skute\u010dnost, \u017ee ITM Short Call 95 bude p\u0159i\u0159azena, tak se pozorov\u00e1n\u00ed m\u00e9ho ITM Short Strangle \u201esmrskne\u201c pouze na sledov\u00e1n\u00ed t\u00e9to skute\u010dnosti, tedy jestli je Short Call 95<\/strong> v p\u0159edve\u010der Ex-Dividend Day \u201ev pen\u011bz\u00edch\u201c<\/strong> \u010di nikoliv a tomu p\u0159izp\u016fsob\u00edm dal\u0161\u00ed \u0159\u00edzen\u00ed pozice. Budu jednodu\u0161e br\u00e1nit pozici proti velk\u00e9 pravd\u011bpodobnosti, \u017ee budu p\u0159i\u0159azen. Proto jsem vyzna\u010dil na obr\u00e1zku pozici Long Call 98<\/strong>, kterou bych pro takov\u00e9 \u00fa\u010dely po\u0159\u00eddil. Tato Long Call 98 by m\u011b st\u00e1la -32 USD. Pro\u010d bych ji m\u011bl kupovat?<\/span><\/p>\n

\u00a0\u00a0 V\u00a0p\u0159\u00edpad\u011b, \u017ee budu p\u0159i\u0159azen, zmiz\u00ed m\u00e1 ITM Short Call 95 opce a na \u00fa\u010dtu se mi objev\u00ed 100 x Short akcie KSU<\/strong> za cenu strike 95 USD. Budu tak m\u00edt \u010derstv\u011b po\u0159\u00edzenou st\u0159ede\u010dn\u00ed Long Call 98 + 100 x Short akcie KSU + zbylou p\u016fvodn\u00ed Short Put 98<\/strong>. vytvo\u0159il jsem klasick\u00fd Reversal<\/strong><\/span>, popisovan\u00fd v\u00a0minul\u00fdch \u010dl\u00e1nc\u00edch. Znamen\u00e1 to tak\u00e9, \u017ee mohu na celou pozici zapomenout, proto\u017ee mi cel\u00e1 zmiz\u00ed p\u0159i p\u00e1te\u010dn\u00ed expiraci. Bu\u010f bude Long Call 98 Exercised nebo Short Put 98 Assigned, co\u017e v\u017edy dod\u00e1 na m\u016fj \u00fa\u010det 100 x Long akcie za +98 USD\/kus. Tyto Long akcie vyru\u0161\u00ed m\u00e9 100 x Short akcie, cel\u00e1 pozice tak zmiz\u00ed. Z\u00e1kladn\u00ed podm\u00ednkou pak je, aby byl cel\u00fd Reversal \u201edob\u0159e\u201c po\u0159\u00edzen a vygeneroval n\u011bjak\u00fd profit<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 P\u016fvodn\u00ed ITM Short Strangle -95\/-98<\/strong> jsem v\u00a0\u00fater\u00fd vypsal za +380 USD<\/strong>. K\u00a0n\u011bmu jsem ve st\u0159edu koupil Long Call 98<\/strong> za -32 USD<\/strong>. Proto\u017ee jsem byl p\u0159i\u0159azen na Short Call 95, objevily se mi na \u00fa\u010dtu 100 x Short akcie za cenu 95 USD\/kus. S\u00a0p\u016fvodn\u00ed tr\u017eby +380 USD tak vynakl\u00e1d\u00e1m -32 USD za Long Call 98 a z\u00edsk\u00e1v\u00e1m +9.500 USD<\/strong> za Short akcie = +.9.848 USD<\/strong>. Proto\u017ee dr\u017e\u00edm na Open na Ex-Dividend Day Short akcie, mus\u00edm zaplatit Dividendy v\u00a0pln\u00e9 v\u00fd\u0161i, m\u00e1m tedy dal\u0161\u00ed n\u00e1klady -33 USD<\/strong> p\u0159edstavuj\u00edc\u00ed hodnotu Dividendy<\/strong>, tr\u017ebu +9.848 USD sni\u017euji o Dividendu -33 USD na celkov\u00fdch +9.815 USD<\/strong><\/span>. Toto je hodnota m\u00e9ho Reversal p\u0159ed p\u00e1te\u010dn\u00ed expirac\u00ed. P\u0159i n\u00ed v\u017edy vynalo\u017e\u00edm -9.800 USD na p\u0159i\u0159azenou nebo uplatn\u011bnou opci a v\u017edy mi zbyde +15 USD profit<\/strong>, nic jin\u00e9ho se ji\u017e st\u00e1t nem\u016f\u017ee.<\/span><\/p>\n

\n

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

\u00a0\u00a0 Cel\u00fd popisovan\u00fd sc\u00e9n\u00e1\u0159 po\u010d\u00edtal se silnou pravd\u011bpodobnost\u00ed, \u017ee se p\u0159ihod\u00ed \u201edividendov\u00e1 z\u00e1le\u017eitost\u201c s\u00a0p\u0159i\u0159azen\u00edm ITM Short Call opc\u00ed. Toto je opravdu velmi pravd\u011bpodobn\u00e9, rozeb\u00edral jsem to v\u00a0minul\u00fdch \u010dl\u00e1nc\u00edch a pozorov\u00e1n\u00edm trh\u016f lze usoudit \u017ee je toto pravd\u011bpodobn\u00e9 zhruba z\u00a080%. Tak\u00e9 jsem ale poukazoval na skute\u010dnost, \u017ee toto nelze n\u011bjak p\u0159esn\u011b m\u011b\u0159it a u\u017e v\u016fbec ne n\u011bjak\u00fdm zp\u016fsobem v\u011brohodn\u011b testovat na historick\u00fdch datech. Proto\u017ee jsem tento titul tak\u00e9 obchodoval jinou technikou a tak\u00e9 jsem m\u011bl po\u0159\u00edzeny ITM Short Call 95 opce, tak na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku je v\u00fdsledek takov\u00e9ho dr\u017een\u00ed v\u00a0noci na Ex-Dividend Day.<\/span><\/p>\n

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\u00a0\u00a0 Dr\u017eel jsem 5 op\u010dn\u00edch Short Call 95 kontrakt\u016f a v\u0161echny byly p\u0159i\u0159azeny, proto\u017ee jsem m\u011bl po\u0159\u00edzen ultrakr\u00e1tkodob\u00fd dividendov\u00fd Covered Call<\/strong> popisovan\u00fd v\u00a0\u010dl\u00e1nku Dividendy \u2013 II.<\/strong><\/a><\/span>, tak jsem se na p\u0159i\u0159azen\u00ed spol\u00e9hal. Obchod tak prob\u011bhl p\u0159esn\u011b podle p\u0159edpoklad\u016f a m\u00fdch p\u0159edstav.<\/span><\/p>\n

\u00a0\u00a0 Co by se ale mohlo s\u00a0m\u00fdm ITM Short Strangle -95\/-98 a nakoupenou Long Call 98 st\u00e1t, kdyby k\u00a0\u017e\u00e1dn\u00e9mu p\u0159i\u0159azen\u00ed v\u00a0noci na Ex-Dividend Day v\u016fbec nedo\u0161lo?<\/strong><\/span> Je to sice m\u00e1lo pravd\u011bpodobn\u00e9, ale re\u00e1ln\u011b by takov\u00e1 situace mohla nastat. V\u00a0p\u0159\u00edpad\u011b uk\u00e1zky na titulu KSU by to nebyla v\u016fbec \u0161patn\u00e1 ud\u00e1lost. To je toti\u017e p\u0159esn\u011b ta chv\u00edle a obchodn\u00ed situace, kdy k<\/strong> z\u00edsk\u00e1n\u00ed Dividendy nepot\u0159ebujete vlastnit Long akcie<\/strong> a sta\u010d\u00ed k tomu pouze „dob\u0159e zobchodovan\u00e1“ ITM Short Put, kter\u00e1 v\u00e1m na \u00fa\u010det tuto Dividendu p\u0159inesla. Na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku je vid\u011bt situace ve \u010dtvrtek na Close, tedy na Ex-Dividend Day. Opc\u00edm zb\u00fdv\u00e1 ji\u017e jen jeden den do expirace a pr\u00e9mia OTM opc\u00ed jsou ji\u017e velmi mal\u00e1.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Na obr\u00e1zku je vid\u011bt op\u010dn\u00ed pozice p\u016fvodn\u00ed ITM Short Strangle -95\/-98<\/strong> a nakoupen\u00e1 Long Call +98<\/strong>, takto bych vid\u011bl svou pozici, pokud by nebyla ITM Short Call 95 p\u0159i\u0159azena. Moje pozornost by se pak soust\u0159edila na Long Put na strike 95<\/strong>, tuto opci jsem ozna\u010dil b\u00edl\u00fdm obd\u00e9ln\u00edkem<\/strong>. Mohl bych ji po\u0159\u00eddit pravd\u011bpodobn\u011b za -3 USD. Co by to znamenalo pro m\u00e9 n\u00e1klady na celou op\u010dn\u00ed pozici, k\u00a0p\u016fvodn\u00ed tr\u017eb\u011b za ITM Short Strangle -95\/-98 a nakoupen\u00e9 Long Call +98 za +348 USD bych po\u0159\u00eddil za -3 USD tuto Long Put 95 opci, celkov\u011b jsem utr\u017eil +345 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Po\u0159\u00edzen\u00edm Long Put 95 opce bych mohl op\u011bt na celou op\u010dn\u00ed pozici zapomenout<\/strong>. Vytvo\u0159il jsem toti\u017e Box<\/strong> na strike 95 a 98<\/strong>. Celou konstrukci Boxu jsem popisoval v\u00a0\u010dl\u00e1nku Conversion + Reversal = Box<\/span>.\u00a0<\/strong><\/a>Z\u00e1kladem pro profitabiln\u00ed konstrukci Boxu, kdy je na ni\u017e\u0161\u00edm strike Short Call a Long Put a na vy\u0161\u0161\u00edm strike je Long Call a Short Put, je po\u0159\u00eddit tyto pozice za v\u00edce pr\u00e9mia<\/strong>, ne\u017e je rozsah strike Boxu<\/strong> v\u00a0jeho dolarov\u00e9m vyj\u00e1d\u0159en\u00ed. M\u016fj Box na strikes 95 a 98 m\u00e1 rozsah 3 body, tedy 300 USD, j\u00e1 jsem v\u0161ak utr\u017eil +345 USD, proto bude m\u016fj profit v\u017edy +45 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 P\u0159esto\u017ee jsem toto vysv\u011btlen\u00ed v\u00a0\u010dl\u00e1nku o Boxu p\u0159edlo\u017eil, zopakuji jej je\u0161t\u011b jednou. P\u0159i expiraci m\u00fdch KSU opc\u00ed m\u016f\u017eou toti\u017e nastat tyto situace<\/span><\/p>\n

\u00a0\u00a0<\/span>\u00a0\u00a0 1\/ Cena akci\u00ed KSU je pod 95 USD<\/strong>. Ob\u011b Call opce vypr\u0161\u00ed jako bezcenn\u00e9. Ob\u011b Put opce budou v\u00a0pen\u011bz\u00edch. Long Put 95 bude exercised (uplatn\u011bna) a na \u00fa\u010det mi budou dod\u00e1ny 100 x Short akcie AAPL za cenu 95 USD a za tyto prodan\u00e9 akcie obdr\u017e\u00edm na \u00fa\u010det +9.500 USD. Short Put 98 bude vz\u00e1p\u011bt\u00ed p\u0159i\u0159azena (assigned) a na m\u016fj \u00fa\u010det budou dod\u00e1ny 100 x Long akcie KSU za cenu 98 USD, za tuto transakci zaplat\u00edm -9.800 USD. Ob\u011b akciov\u00e9 pozice se vyru\u0161\u00ed (100 x Short x 100 x Long) a vznikne mi tak pouze ztr\u00e1ta +9.500 USD -9.800 USD = -300 USD. P\u0159i celkov\u00fdch n\u00e1kladech na Box ve v\u00fd\u0161i +348 USD m\u00e1m tak celkov\u00fd profit -300 USD + 348 USD = +48 USD<\/strong>.<\/span><\/p>\n

\u00a0 2\/ Cena akci\u00ed KSU je nad 95 USD, ale pod 98 USD<\/strong>. Long Call 98 opce a Long Put 95 opce vypr\u0161\u00ed jako bezcenn\u00e9. Short Call 95 opce a Short Put 98 opce budou v\u00a0pen\u011bz\u00edch (je to vlastn\u011b m\u016fj p\u016fvodn\u00ed ITM Short Strangle -95\/-98). Short Call 95 bude p\u0159i\u0159azena (assigned) a na \u00fa\u010det mi budou dod\u00e1ny 100 x Short akcie KSU za cenu 95 USD a za tyto prodan\u00e9 akcie obdr\u017e\u00edm na \u00fa\u010det +9.500 USD. Short Put 98 bude tak\u00e9 p\u0159i\u0159azena (assigned) a na m\u016fj \u00fa\u010det budou dod\u00e1ny 100 x Long akcie KSU za cenu 98 USD, za tuto transakci zaplat\u00edm -9.800 USD. Ob\u011b akciov\u00e9 pozice se vyru\u0161\u00ed (100 x Short x 100 x Long) a vznikne mi tak pouze ztr\u00e1ta +9.500 USD \u2013 9.800 USD = -300 USD. P\u0159i celkov\u00fdch n\u00e1kladech na Box ve v\u00fd\u0161i +348 USD m\u00e1m tak celkov\u00fd profit -300 USD + 348 USD = +48 USD<\/strong>.<\/span><\/p>\n

\u00a0 3\/ Cena akci\u00ed KSU je nad 98 USD<\/strong>. Ob\u011b Put opce vypr\u0161\u00ed jako bezcenn\u00e9. Ob\u011b Call opce budou v\u00a0pen\u011bz\u00edch. Long Call 98 bude exercised (uplatn\u011bna) a na \u00fa\u010det mi budou dod\u00e1ny 100 x Long akcie KSU za cenu 98 USD a za tyto po\u0159\u00edzen\u00e9 akcie zaplat\u00edm n\u00e1klady -9.800 USD. Short Call 95 bude vz\u00e1p\u011bt\u00ed p\u0159i\u0159azena (assigned) a na m\u016fj \u00fa\u010det budou dod\u00e1ny 100 x Short akcie KSU za cenu 95 USD, za tuto obdr\u017e\u00edm tr\u017ebu ve v\u00fd\u0161i +9.500 USD. Ob\u011b akciov\u00e9 pozice se vyru\u0161\u00ed (100 x Short x 100 x Long) a vznikne mi tak pouze ztr\u00e1ta -9.800 USD + 9.500 USD = -300 USD. P\u0159i celkov\u00fdch n\u00e1kladech na Box ve v\u00fd\u0161i +348 USD m\u00e1m tak celkov\u00fd profit -300 USD + 348 USD = +48 USD<\/strong>.<\/span><\/p>\n

\n

\u00a0\u00a0 Obchodov\u00e1n\u00ed Dividendy pomoc\u00ed opc\u00ed v\u00a0kombinaci se samotn\u00fdmi akciemi nebo jenom se samotn\u00fdmi opcemi m\u016f\u017ee b\u00fdt pro obchodn\u00edka celkem slu\u0161n\u00e1 v\u00fdzva. Popsal jsem v\u00a0p\u0159edch\u00e1zej\u00edc\u00edch \u010dl\u00e1nc\u00edch n\u011bkolik mo\u017en\u00fdch obchodn\u00edch p\u0159\u00edstup\u016f, jak takov\u00e9 zvl\u00e1\u0161tn\u00ed obdob\u00ed obchodovat a zejm\u00e9na jak\u00e9 efekty jej mohou doprov\u00e1zet. Nem\u00e1m v\u016fbec \u017e\u00e1dnou ambici n\u011bkomu jakkoliv radit nebo zde doporu\u010dovat n\u011bjak\u00fd obchodn\u00ed styl, mou jedinou ambic\u00ed je odhalit skryt\u00e9 a na prvn\u00ed pohled mo\u017en\u00e1 neviditeln\u00e9 souvislosti, kter\u00e9 takov\u00e9 \u201edividendov\u00e9 obdob\u00ed\u201c doprov\u00e1zej\u00ed. Z\u00e1kladn\u00edm smyslem je pak pochopen\u00ed cel\u00e9 problematiky s\u00a0n\u00e1znaky mo\u017en\u00fdch obchodn\u00edch p\u0159\u00edstup\u016f. Mo\u017en\u00e1 objev\u00edte n\u011bjak\u00e9 jin\u00e9 mo\u017enosti a strategie, kter\u00e9 by mohly v\u0161echny uk\u00e1zky je\u0161t\u011b vylep\u0161ovat a zdokonalovat, m\u016f\u017eete tak\u00e9 p\u0159ij\u00edt na n\u011bco \u00fapln\u011b nov\u00e9ho, a to by bylo opravdu skv\u011bl\u00e9 :c)<\/span><\/p>\n

 <\/p>\n

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

\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. Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":520,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[28],"tags":[9,16,29,7,15,31],"class_list":["post-501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dividendy","tag-assignment","tag-box","tag-dividendy","tag-exercise","tag-reversal","tag-short-strangle"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/DIV-7-2.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-85","jetpack-related-posts":[{"id":475,"url":"https:\/\/dobretrejdy.com\/?p=475","url_meta":{"origin":501,"position":0},"title":"Dividendy – VI.","author":"dobretrejdy :c)","date":"2.6.2017","format":false,"excerpt":"\u00a0 \u00a0V\u00a0minul\u00e9m \u010dl\u00e1nku Dividendy \u2013 V.\u00a0jsem popisoval, jak se cena Dividendy v\u00a0obdob\u00ed t\u011bsn\u011b p\u0159ed Ex-Dividend Day ve sv\u00e9 pln\u00e9 v\u00fd\u0161i prom\u00edt\u00e1 do ceny ITM Long Put opc\u00ed a nikoliv do ceny Call opc\u00ed. Na p\u0159\u00edkladu akcie GS (Goldman Sachs Inc.) jsem v\u00a0jednoduch\u00e9 tabulce ukazoval, jak\u00e9 jsou konkr\u00e9tn\u00ed ceny pr\u00e9mi\u00ed takov\u00fdch\u2026","rel":"","context":"V \u201eDividendy\u201c","block_context":{"text":"Dividendy","link":"https:\/\/dobretrejdy.com\/?cat=28"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/div6.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/div6.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/div6.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":362,"url":"https:\/\/dobretrejdy.com\/?p=362","url_meta":{"origin":501,"position":1},"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":2329,"url":"https:\/\/dobretrejdy.com\/?p=2329","url_meta":{"origin":501,"position":2},"title":"Syntetick\u00e9 pozice – II.","author":"dobretrejdy :c)","date":"19.8.2018","format":false,"excerpt":"\u00a0\u00a0 V\u00a0minul\u00e9m \u010dl\u00e1nku \u00a0jsem se pokou\u0161el zobrazit vztah mezi cenami opc\u00ed na stejn\u00e9m strike a z\u00a0t\u011bchto vztah\u016f pak vydolovat jejich praktick\u00e9 vyu\u017eit\u00ed s\u00a0n\u00e1znaky obchodovatelnosti mo\u017en\u00fdch diferenc\u00ed a nesoulad\u016f v\u00a0definovan\u00fdch vztaz\u00edch. V\u0161e jsem pot\u00e9 demonstroval na op\u010dn\u00edm \u0159et\u011bzci akcie AAPL, kdy\u017e z poznan\u00e9ho vztahu mezi cenami opc\u00ed na stejn\u00e9m strike a\u2026","rel":"","context":"V \u201eOp\u010dn\u00ed kombinace\u201c","block_context":{"text":"Op\u010dn\u00ed kombinace","link":"https:\/\/dobretrejdy.com\/?cat=4"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/08\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/08\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/08\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/08\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":411,"url":"https:\/\/dobretrejdy.com\/?p=411","url_meta":{"origin":501,"position":3},"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":501,"position":4},"title":"Dividendy \u2013 V.","author":"dobretrejdy :c)","date":"28.5.2017","format":false,"excerpt":"\u00a0 \u00a0V\u00a0p\u0159edchoz\u00edch \u010dl\u00e1nc\u00edch o v\u00fdplat\u011b Dividendy a mo\u017en\u00fdch op\u010dn\u00edch obchodech jsem se pohyboval pouze na Call stran\u011b op\u010dn\u00edho \u0159et\u011bzce. Covered Call nebo Call Bull Spread po\u0159izovan\u00fd p\u0159ed Ex-Dividend Day byl kombinacemi, jak se sna\u017eit pomoc\u00ed kr\u00e1tkodob\u00e9ho op\u010dn\u00edho obchodu vyzr\u00e1t nad dlouhodob\u00fdm dr\u017een\u00edm akci\u00ed a m\u00edt z\u00a0takov\u00e9 vypl\u00e1cen\u00e9 Dividendy n\u011bjak\u00fd profit.\u2026","rel":"","context":"V \u201eDividendy\u201c","block_context":{"text":"Dividendy","link":"https:\/\/dobretrejdy.com\/?cat=28"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/div-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/div-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/div-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/div-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":378,"url":"https:\/\/dobretrejdy.com\/?p=378","url_meta":{"origin":501,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/501","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=501"}],"version-history":[{"count":10,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/501\/revisions"}],"predecessor-version":[{"id":1405,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/501\/revisions\/1405"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/520"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}