{"id":595,"date":"2017-07-12T16:04:30","date_gmt":"2017-07-12T14:04:30","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=595"},"modified":"2022-08-14T07:55:03","modified_gmt":"2022-08-14T05:55:03","slug":"volatilita-a-opcni-obchodovani","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=595","title":{"rendered":"Volatilita a op\u010dn\u00ed obchodov\u00e1n\u00ed"},"content":{"rendered":"

\u00a0 \u00a0Obchodov\u00e1n\u00ed opc\u00ed je p\u0159edev\u0161\u00edm o obchodov\u00e1n\u00ed volatility<\/strong><\/span>. V po\u010d\u00e1tc\u00edch sv\u00e9 \u201eobchodn\u00ed kari\u00e9ry\u201c jsem si to v\u016fbec neuv\u011bdomoval. P\u0159i pohledu do zp\u011btn\u00e9ho zrc\u00e1tka m\u00e9ho obchodov\u00e1n\u00ed opc\u00ed bych tak mohl pozorovat, p\u0159i n\u011bjak\u00e9m historicky chronologick\u00e9m zobecn\u011bn\u00ed, jednotliv\u00e9 f\u00e1ze m\u00e9ho tradersk\u00e9ho v\u00fdvoje, kter\u00e9 byly charakterizov\u00e1ny t\u00edm, \u010demu jsem p\u0159ikl\u00e1dal v\u00a0tu danou dobu p\u0159i sv\u00e9m obchodov\u00e1n\u00ed nejv\u011bt\u0161\u00ed v\u00fdznam. U\u017e jsem ve sv\u00fdch \u010dl\u00e1nc\u00edch uv\u00e1d\u011bl, \u017ee na cenu opc\u00ed m\u00e1 vliv n\u011bkolik vstupn\u00edch faktor\u016f (Cena podkladu, Hodnota strike, D\u00e9lka \u017eivota op\u010dn\u00edho kontraktu, Implied Volatilita, \u00darokov\u00e1 m\u00edra a hodnota p\u0159\u00edpadn\u011b vypl\u00e1cen\u00e9 Dividendy). Z\u00a0t\u011bchto \u0161esti parametr\u016f je pak \u00faplnou podstatou pochopen\u00ed op\u010dn\u00ed cenotvorby nutn\u00e9 pochopit vliv Ceny podkladu<\/strong> (zm\u011bna ceny opce v\u00a0z\u00e1vislosti na pohybu podkladu), D\u00e9lky \u017eivota op\u010dn\u00edho kontraktu<\/strong> (zm\u011bna ceny opce v\u00a0z\u00e1vislosti na b\u011bhu \u010dasu) a Implied Volatility<\/strong> (zm\u011bna ceny opce v\u00a0z\u00e1vislosti na zm\u011bn\u011b volatility). V\u00a0\u00fapln\u00fdch za\u010d\u00e1tc\u00edch m\u011b zaj\u00edmaly jenom kvalitativn\u00ed vlastnosti podkladu, na kter\u00fd jsem obchodoval p\u0159\u00edslu\u0161n\u00e9 op\u010dn\u00ed kontrakty. Pohyb podkladu byl pro m\u011b alfou a omegou obchodov\u00e1n\u00ed. V\u0161emo\u017en\u00e9 backtesty v\u0161emo\u017en\u00fdch pohyb\u016f, distribuce t\u011bchto pohyb\u016f, v\u00fdpo\u010dty odchylek, medi\u00e1ny a j\u00e1 nev\u00edm co je\u0161t\u011b dal\u0161\u00edho, to byly m\u00e9 pr\u00e1ce za\u010d\u00e1te\u010dn\u00edka op\u010dn\u00edho obchodov\u00e1n\u00ed. Proto\u017ee se v\u00a0dob\u011b m\u00fdch za\u010d\u00e1tk\u016f neobchodovaly weekly’s opce v\u00a0takov\u00e9m masov\u00e9m proveden\u00ed jako nyn\u00ed (existovaly pouze na vybran\u00e9 akciov\u00e9 indexy), bylo posuzov\u00e1n\u00ed vlivu b\u011bhu \u010dasu na hodnotu opce z\u00fa\u017eeno pouze na opce s\u00a0klasickou m\u011bs\u00ed\u010dn\u00ed expirac\u00ed, tak\u017ee nezb\u00fdvalo k\u00a0vyhodnocov\u00e1n\u00ed mnoho \u010dasov\u00fdch variant, s\u00a0t\u00edmto jsem si moc hlavu nel\u00e1mal. Implied Volatilitu jsem t\u00e9m\u011b\u0159 v\u016fbec nesledoval. Trvalo mi opravdu mnoho obchodn\u00edch let, ne\u017e jsem pochopil, \u017ee je tomu p\u0159esn\u011b naopak. Z\u00e1kladn\u00ed v\u011bc\u00ed, kterou je t\u0159eba se zab\u00fdvat a sna\u017eit se ji pochopit je problematika volatility, sekund\u00e1rn\u00ed v\u011bc\u00ed je zkoumat a vyhodnocovat vliv \u010dasu na hodnotu op\u010dn\u00edho kontraktu sou\u010dasn\u011b s\u00a0vlivem pohybu podkladu. Toto pozn\u00e1n\u00ed jsem nena\u010derpal \u010detbou \u201edobrodru\u017en\u00fdch\u201c knih o op\u010dn\u00ed problematice, ale cesta k\u00a0n\u011bmu byla vydl\u00e1\u017ed\u011bna mnoha ne\u00fasp\u011bchy, omyly a ztr\u00e1tami, kter\u00e9 formovaly m\u016fj p\u0159\u00edstup k\u00a0op\u010dn\u00edmu tradingu. Ka\u017ed\u00e9 takov\u00e9 \u201ekrvav\u00e9 ponau\u010den\u00ed\u201c m\u011b stimulovalo k\u00a0sebereflexi a pitv\u00e1n\u00ed se v\u00a0p\u016fvodech takto vyroben\u00fdch probl\u00e9m\u016f, kdy\u017e ka\u017ed\u00fd takov\u00fd probl\u00e9m samoz\u0159ejm\u011b p\u0159edstavoval zcela konkr\u00e9tn\u00ed podobu ztr\u00e1ty konkr\u00e9tn\u00ed sumy pen\u011bz. Poznal jsem ale, \u017ee m\u00e1m nakonec takovou spravedlivost r\u00e1d, ka\u017ed\u00e1 chyba je po z\u00e1sluze potrest\u00e1na a t\u00e9m\u011b\u0159 poka\u017ed\u00e9 vygenerovala pot\u0159ebu n\u011bjak\u00e9 zm\u011bny p\u0159\u00edstupu k obchodov\u00e1n\u00ed, kter\u00e1 m\u011b d\u00e1le formovala do dne\u0161n\u00ed podoby a tento proces nad\u00e1le pokra\u010duje, proto\u017ee chyby a ztr\u00e1ty d\u011bl\u00e1m st\u00e1le i nyn\u00ed. Jsou ale jin\u00e9 ne\u017e v minulosti, proto\u017ee se objevuj\u00ed za jin\u00fdch okolnost\u00ed ne\u017e byly za m\u00fdch pion\u00fdrsk\u00fdch za\u010d\u00e1tk\u016f, kdy jsem sb\u00edral prvn\u00ed obchodn\u00ed zku\u0161enosti. Chybami se \u010dlov\u011bk u\u010d\u00ed tak u m\u011b plat\u00ed jednozna\u010dn\u011b, je to nejlep\u0161\u00ed forma samostudia jakou zn\u00e1m. Mo\u017en\u00e1 jsem p\u0159ehnan\u011b sebekritick\u00fd, ale dokonce dnes pozoruji, \u017ee i kdy\u017e obchod dopadne dob\u0159e, ale jeho v\u00fdvoj nen\u00ed podle m\u00fdch p\u0159edstav, jsem velmi nespokojen a m\u00e1m m\u00edrnou frustraci, t\u00e9m\u011b\u0159 podobnou, jako bych utrp\u011bl n\u011bjakou malou ztr\u00e1tu. Nic toti\u017e nen\u00ed zadarmo a ka\u017ed\u00e9 takov\u00e9 zav\u00e1h\u00e1n\u00ed nebo \u0161patn\u00e9 rozhodnut\u00ed, kter\u00e9 nakonec skon\u010d\u00ed dob\u0159e, nem\u016f\u017eu pokl\u00e1dat za d\u016fsledek sv\u00e9 vlastn\u00ed geniality, ale mus\u00edm jej p\u0159i\u010d\u00edtat \u010dist\u00e9mu a hol\u00e9mu \u0161t\u011bst\u00ed. Toto je jedno ze z\u00e1kladn\u00edch nastaven\u00ed hlavy, kter\u00e9 mi pomohlo stabilizovat mou obchodn\u00ed v\u00fdkonnost. Postupnou anal\u00fdzou chyb jsem jednodu\u0161e zjistil, \u017ee jsem se zam\u011b\u0159oval na v\u011bci, na kter\u00e9 nemohu m\u00edt \u017e\u00e1dn\u00fd vliv a kter\u00e9 se pohybuj\u00ed nez\u00e1visle na m\u00fdch p\u0159edstav\u00e1ch a pot\u0159eb\u00e1ch.<\/span><\/p>\n

\u00a0 M\u00e1m r\u00e1d, kdy\u017e se mohu spolehnout na ur\u010dit\u00e9 v\u011bci nebo skute\u010dnosti, kter\u00e9 mohou se zna\u010dnou pravd\u011bpodobnost\u00ed nastat. Z\u00a0t\u011bchto \u201enajisto o\u010dek\u00e1van\u00fdch\u201c skute\u010dnost\u00ed pak vych\u00e1z\u00ed m\u016fj konzervativn\u00ed p\u0159\u00edstup k obchodov\u00e1n\u00ed. V\u00a0obchodov\u00e1n\u00ed je takov\u00fdch v\u011bc\u00ed a situac\u00ed m\u00e1lo, existuje dokonce roz\u0161\u00ed\u0159en\u00fd n\u00e1zor, \u017ee v\u00a0tradingu nen\u00ed jist\u00e9ho nic. Nemysl\u00edm si, \u017ee to takto pau\u0161\u00e1ln\u011b plat\u00ed. Jako op\u010dn\u00ed obchodn\u00edk jsem p\u0159i sv\u00e9m historick\u00e9m tradersk\u00e9m v\u00fdvoji vlastn\u011b skl\u00e1dal jednotliv\u00e9 poznatky a zku\u0161enosti ve smyslu metafyzick\u00e9ho \u201e\u2026abych zjistil o \u010dem to je, tak jsem musel poznat o \u010dem to nen\u00ed\u2026\u201c Ve sv\u011btle t\u011bchto historick\u00fdch zku\u0161enost\u00ed jsem usoudil, \u017ee nem\u00e1m absolutn\u011b \u017e\u00e1dnou \u0161anci a pramal\u00e9 dovednosti odhadnout sm\u011br pohybu podkladov\u00e9ho aktiva a nejsem schopen zastavit b\u011bh \u010dasu. Absence ambice m\u00edt tyto schopnosti se projevily v\u00a0postupn\u00e9m odstran\u011bn\u00ed v\u0161ech indik\u00e1tor\u016f, oscil\u00e1tor\u016f, trendov\u00fdch \u010dar, spojnic, cenov\u00fdch pattern\u016f a dal\u0161\u00edch podobn\u00fdch pom\u016fcek z\u00a0cenov\u00fdch graf\u016f, proto\u017ee mi k\u00a0dnes v\u00a0ni\u010dem nepom\u00e1haj\u00ed. \u010cas zastavit neum\u00edm, jestli\u017ee je \u00fater\u00fd a expirace je v\u00a0p\u00e1tek, tak to jsou konstantn\u00ed t\u0159i dny do expirace, nic v\u00edce, nic m\u00e9n\u011b. \u010cas pracuje nez\u00e1visle na m\u00fdch p\u0159edstav\u00e1ch a pohyb podkladov\u00e9ho se nepohybuje tak, jak bych si p\u0159\u00e1l, p\u0159edpokl\u00e1dal nebo m\u011bl vysn\u011bno, tyto entity tak mus\u00edm do sv\u00e9ho op\u010dn\u00edho obchodov\u00e1n\u00ed takto zapojit. Zb\u00fdv\u00e1 Volatilita<\/strong>. Jej\u00ed pozorov\u00e1n\u00ed mi p\u0159ineslo nejv\u011bt\u0161\u00ed \u010d\u00e1st m\u00fdch obchodn\u00edch \u00fasp\u011bch\u016f. Nab\u00edz\u00ed obchodn\u00edkovi ur\u010dit\u00e9 mo\u017enosti, kter\u00e9 stoj\u00ed za to poznat a kter\u00fdch je mo\u017en\u00e9 vyu\u017e\u00edt.<\/span><\/p>\n

\u00a0 Obchodovat Volatilitu lze mnoha zp\u016fsoby. Jedn\u00edm z\u00a0nich je obchodov\u00e1n\u00ed volatility obsa\u017een\u00e9 v\u00a0cen\u00e1ch jednotliv\u00fdch op\u010dn\u00edch kontrakt\u016f jednotliv\u00fdch podkladov\u00fdch aktiv ve snaze vyu\u017e\u00edt zm\u011bny jej\u00ed hodnoty vyvolan\u00e9 tr\u017en\u00edmi vlivy v\u00a0m\u016fj prosp\u011bch. To bude tak\u00e9 p\u0159edm\u011btem m\u00fdch bezprost\u0159edn\u011b n\u00e1sleduj\u00edc\u00edch \u010dl\u00e1nk\u016f. Dal\u0161\u00edm zp\u016fsobem je pak obchodov\u00e1n\u00ed investi\u010dn\u00edch n\u00e1stroj\u016f, kter\u00e9 replikuj\u00ed volatilitu na v\u0161emo\u017en\u00fdch \u00farovn\u00edch a ve v\u0161emo\u017en\u00fdch tvarech. M\u00e1m t\u00edm zejm\u00e9na na mysli porozum\u011bn\u00ed a obchodov\u00e1n\u00ed index\u016f volatility, opc\u00ed a futures na volatilitu a tak\u00e9 pochopen\u00ed a obchodov\u00e1n\u00ed ETF a ETN na r\u016fzn\u00e9 volatility r\u016fzn\u00fdch podklad\u016f nebo t\u0159\u00edd aktiv, toto bude p\u0159edm\u011btem dal\u0161\u00edho budouc\u00edho bloku \u010dl\u00e1nk\u016f.<\/span><\/p>\n

\n

\u00a0Neum\u00edm odhadnout, jak\u00fdm sm\u011brem se bude obchodovat akcie MCD (McDonalds Corp.) z\u00edtra, proto\u017ee se klidn\u011b m\u016f\u017ee st\u00e1t, \u017ee v\u00a0hamb\u00e1\u010di v\u00a0Idaho dnes najdou zape\u010den\u00e9ho \u0161v\u00e1ba a akcie z\u00edtra ztrat\u00ed 15% hodnoty za jedin\u00fd den. To nem\u016f\u017eu p\u0159edpokl\u00e1dat. Akcie BA (Boeing Co.) mohou z\u00edtra vyst\u0159elit o 20%, proto\u017ee saudskoarabsk\u00fd kr\u00e1l se r\u00e1no vzbudil a objednal pro sv\u00e9 aerolinky pades\u00e1t letadel, to p\u0159ece nem\u016f\u017eu v\u016fbec tu\u0161it. Co je ale jist\u00e9, je skute\u010dnost, \u017ee nalezen\u00ed brouka v\u00a0hamburgeru povede k n\u00e1r\u016fstu volatility a r\u016fstu ceny opc\u00ed na MCD a naopak objedn\u00e1vka letadel zp\u016fsob\u00ed r\u016fst ceny akci\u00ed BA a pokles volatility a s t\u00edm spojen\u00fd pokles ceny opc\u00ed na tento titul. Z\u00e1sadn\u00ed fundament\u00e1ln\u00ed ud\u00e1lost zp\u016fsobuje z\u00e1sadn\u00ed zm\u011bny v\u00a0Implied Volatilit\u011b<\/strong>. Proto\u017ee nejsem schopen takov\u00e9 modelov\u011b popisovan\u00e9 z\u00e1sadn\u00ed fundament\u00e1ln\u00ed ud\u00e1losti p\u0159edv\u00eddat, mohu se zam\u011b\u0159it a soust\u0159edit na pl\u00e1novan\u00e9 fundament\u00e1ln\u00ed ud\u00e1losti<\/strong>, o kter\u00fdch v\u00edm, \u017ee ur\u010dit\u011b nastanou a kter\u00e9 by mohly sebou p\u0159in\u00e9st o\u010dek\u00e1van\u00e9 obchodn\u00ed p\u0159\u00edle\u017eitosti. Takov\u00fdch \u201epl\u00e1novan\u00fdch\u201c fundament\u00e1ln\u00edch ud\u00e1lost\u00ed je cel\u00e1 \u0159ada. Existuj\u00ed takov\u00e9, kter\u00e9 maj\u00ed vliv na celou ekonomiku a kter\u00e9 zp\u016fsobuj\u00ed glob\u00e1ln\u00ed pohyby podkladov\u00fdch aktiv nap\u0159\u00ed\u010d v\u0161emi sektory, volba americk\u00e9ho prezidenta, zased\u00e1n\u00ed m\u011bnov\u00e9ho v\u00fdboru FEDu, zve\u0159ej\u0148ov\u00e1n\u00ed pravideln\u00fdch ekonomick\u00fdch report\u016f o zam\u011bstnanosti, stavech z\u00e1sob, pr\u016fmyslov\u00fdch objedn\u00e1vek, reporty ze stavebnictv\u00ed, realitn\u00edho sektoru, pr\u016fmyslu nebo slu\u017eeb, tr\u017en\u00ed sentimenty apod. P\u0159ibli\u017eov\u00e1n\u00ed pevn\u00fdch term\u00edn\u016f takov\u00fdch pl\u00e1novan\u00fdch ud\u00e1lost\u00ed m\u00e1 za n\u00e1sledek zvy\u0161ov\u00e1n\u00ed Implied Volatility na p\u0159\u00edslu\u0161n\u00fdch podkladov\u00fdch aktivech (indexech, ETF apod.), aby po jejich vyhl\u00e1\u0161en\u00ed bezprost\u0159edn\u011b tato Implied Volatilita klesla v\u00a0jak\u00e9msi \u00falevn\u00e9m v\u00fddechu, \u017ee o\u010dek\u00e1van\u00e1 informace je kone\u010dn\u011b venku. Nev\u00edm, jak se cena p\u0159\u00edslu\u0161n\u00e9ho podkladu pohne, ale jedno v\u00edm jist\u011b, Implied Volatilita p\u0159ed reportem nejd\u0159\u00edve roste a po jeho zve\u0159ejn\u011bn\u00ed klesne.\u00a0 \u00a0<\/span><\/p>\n

\u00a0\u00a0 Stejn\u011b p\u016fsob\u00ed \u201eo\u010dek\u00e1van\u00e9 a pl\u00e1novan\u00e9\u201c fundament\u00e1ln\u00ed zpr\u00e1vy tak\u00e9 v\u00a0mikroekonomick\u00e9 sf\u00e9\u0159e<\/strong>. Pokud ve\u0159ejn\u011b obchodovan\u00e1 spole\u010dnost na burze \u010dek\u00e1 na ur\u010dit\u00fd z\u00e1sadn\u00ed verdikt, nap\u0159\u00edklad soudn\u00ed rozhodnut\u00ed \u017ealovan\u00e9 tab\u00e1kov\u00e9 firmy spojen\u00e9 s\u00a0dramatick\u00fdm finan\u010dn\u00edm dopadem nebo schv\u00e1len\u00ed\/neschv\u00e1len\u00ed v\u00fdroby n\u011bjak\u00e9ho l\u00e9ku farmaceutick\u00e9 spole\u010dnosti instituc\u00ed FDA, pak jsou takov\u00e9 efekty s\u00a0n\u00e1r\u016fstem a poklesem Implied Volatility pozorovateln\u00e9 tak\u00e9. Je ale obt\u00ed\u017en\u00e9 se v\u00a0t\u00e9to problematice n\u011bjak systematicky orientovat, informace jsou v\u011bt\u0161inou rozt\u0159\u00ed\u0161t\u011bn\u00e9 a jejich sb\u011br je n\u00e1ro\u010dn\u011bj\u0161\u00ed.<\/span><\/p>\n

Vyhla\u0161ov\u00e1n\u00ed hospod\u00e1\u0159sk\u00fdch v\u00fdsledk\u016f<\/span><\/strong><\/h2>\n

\u00a0\u00a0 Nam\u00edsto v\u00fd\u0161e uveden\u00e9ho, nejb\u011b\u017en\u011bj\u0161\u00edmi a nejl\u00e9pe sledovateln\u00fdmi fundament\u00e1ln\u00edmi zpr\u00e1vami, kter\u00e9 lze \u201epl\u00e1novit\u011b\u201c pozorovat na takov\u00e9 podnikov\u00e9 \u00farovni jsou ale ud\u00e1losti vyhla\u0161ov\u00e1n\u00ed hospod\u00e1\u0159sk\u00fdch v\u00fdsledk\u016f<\/strong> firem za uplynul\u00e1 \u00fa\u010detn\u00ed obdob\u00ed, tzv. Earnings<\/strong><\/span>. O efektu takov\u00fdch zpr\u00e1v jsou pops\u00e1ny hory pap\u00edr\u016f, je vytvo\u0159eno bezpo\u010det specializovan\u00fdch web\u016f a existuje bezpo\u010det obchodn\u00edch strategi\u00ed, kter\u00e9 se takov\u00e9 \u201efiremn\u00ed fundament\u00e1ln\u00ed zpr\u00e1vy\u201c pokou\u0161ej\u00ed zobchodovat. Proto\u017ee se o vlivu vyhla\u0161ov\u00e1n\u00ed Earnings do\u010dtete ve spoust\u011b knih, publikac\u00ed, \u010dl\u00e1nk\u016f, stoj\u00ed ur\u010dit\u011b za pozornost se takovou tradingovou ud\u00e1lost\u00ed zab\u00fdvat podrobn\u011bji a uk\u00e1zat n\u011bkolik obchodn\u00edch mo\u017enost\u00ed, jak takov\u00e9 zpr\u00e1vy obchodovat nebo alespo\u0148 uk\u00e1zat, co by fungovat mohlo a co z\u0159ejm\u011b pou\u017e\u00edt nep\u016fjde.<\/span><\/p>\n

\u00a0\u00a0 Vyhl\u00e1\u0161en\u00ed firemn\u00edch v\u00fdsledk\u016f za minul\u00e9 obdob\u00ed pak, z\u00a0m\u00e9ho pohledu op\u010dn\u00edho obchodn\u00edka, p\u0159in\u00e1\u0161\u00ed dv\u011b z\u00e1kladn\u00ed jistoty<\/strong>. Zve\u0159ej\u0148ov\u00e1n\u00ed pohne s\u00a0cenou akcie spole\u010dnosti<\/strong>, to je jist\u00e9. Proto\u017ee se cena pohybuje neust\u00e1le, tak mohu sm\u011ble doufat, \u017ee se pohne v\u00edce ne\u017e je obvykl\u00e9, jenom nev\u00edm, jak\u00fdm sm\u011brem a o kolik to bude. Druhou jistotou je n\u00e1r\u016fst Implied Volatility<\/strong> p\u0159ed zve\u0159ej\u0148ov\u00e1n\u00edm a jej\u00ed bezprost\u0159edn\u00ed kolaps<\/strong> po jej\u00edm sd\u011blen\u00ed. Tyto dv\u011b skute\u010dnosti tvo\u0159\u00ed praz\u00e1klad cel\u00e9ho p\u0159\u00edstupu k\u00a0obchodov\u00e1n\u00ed Earnings.<\/span><\/p>\n

\u00a0\u00a0 Na obr\u00e1zku je vid\u011bt ro\u010dn\u00ed graf titulu NFLX (Netflix Com), ve kter\u00e9m jsou vyzna\u010deny okam\u017eiky zve\u0159ejn\u011bn\u00ed Earnings sou\u010dasn\u011b s\u00a0grafem Implied Volatility.<\/span><\/p>\n

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\u00a0\u00a0 Z\u00a0obr\u00e1zku je patrn\u00e9, \u017ee okam\u017eik zve\u0159ejn\u011bn\u00ed takov\u00e9 fundament\u00e1ln\u00ed zpr\u00e1vy znamen\u00e1 skokov\u00fd pohyb ceny akcie v\u00a0nevypo\u010ditateln\u00e9 velikosti a sm\u011bru. Nejsem schopen takov\u00fd pohyb odhadnout. M\u016f\u017ee se st\u00e1t, \u017ee p\u0159esto\u017ee je zisk na akcii za reportovan\u00e9 obdob\u00ed dobr\u00fd, tak nen\u00ed tak dobr\u00fd, jak\u00e9 bylo tr\u017en\u00ed o\u010dek\u00e1v\u00e1n\u00ed a akcie m\u016f\u017ee siln\u011b poklesnout, naopak spole\u010dnost m\u016f\u017ee vyk\u00e1zat ztr\u00e1tu, ale ztr\u00e1ta nebude tak vysok\u00e1, jak ji analytici nap\u0159\u00edklad v\u0161eobecn\u011b p\u0159edpokl\u00e1dali, tak\u017ee akcie m\u016f\u017ee i p\u0159es ztr\u00e1tov\u00fd v\u00fdsledek hospoda\u0159en\u00ed prudce pos\u00edlit. Pod\u00edvejte se na obr\u00e1zek a zjist\u00edte, \u017ee zisk 12 cent\u016f na akcii znamenal daleko v\u011bt\u0161\u00ed cenov\u00fd skok ne\u017e o t\u0159i m\u011bs\u00edce pozd\u011bji 15-ti centov\u00fd zisk, na kter\u00fd cena akcie reagovala daleko vla\u017en\u011bji. V\u00a0n\u00e1sledn\u00e9m \u010dtvrtlet\u00ed byl zisk na akcii dokonce ve v\u00fd\u0161i 40 cent\u016f na akcii a cena se po vyhl\u00e1\u0161en\u00ed v\u00fdsledk\u016f dokonce kr\u00e1tkodob\u011b propadla. M\u00e1 ambice vytv\u00e1\u0159et \u00fasudky o budouc\u00edm pohybu<\/strong> akciov\u00e9ho titulu po vyhl\u00e1\u0161en\u00ed v\u00fdsledk\u016f hospoda\u0159en\u00ed je na bod\u011b nula<\/strong>, nejsem v\u016fbec schopen toto n\u011bjak smyslupln\u011b predikovat, nem\u00e1 to pro m\u011b \u017e\u00e1dn\u00fd smysl, kdy\u017e mo\u017enost omylu a chybn\u00e9 p\u0159edpov\u011bdi je zna\u010dn\u00e1.<\/span><\/p>\n

\u00a0 Co mohu ale bezpe\u010dn\u011b pozorovat je v\u00fdvoj hodnoty Implied Volatility<\/strong>, jako jednoho ze t\u0159\u00ed z\u00e1sadn\u00edch cenotvorn\u00fdch prvk\u016f ceny op\u010dn\u00edch kontrakt\u016f. Ze spodn\u00ed \u010d\u00e1sti grafu s k\u0159ivkou Implied Volatility vypl\u00fdv\u00e1, \u017ee p\u0159ed vyhl\u00e1\u0161en\u00edm pozvolna, ale jist\u011b roste, aby po vyhl\u00e1\u0161en\u00ed zpr\u00e1vy dramaticky a skokov\u011b klesla, a to i o \u0159\u00e1dy des\u00edtek procent. Toto je jistota, na kterou se mohu spolehnout a tuto situaci se budu pokou\u0161et zobchodovat a tak\u00e9 bude podstatou pou\u017eit\u00fdch op\u010dn\u00edch strategi\u00ed.\u00a0 \u00a0<\/span><\/p>\n

\u00a0 Z\u00e1kladem pro efektivn\u00ed obchodov\u00e1n\u00ed t\u011bchto fundament\u00e1ln\u00edch zpr\u00e1v jsou samoz\u0159ejm\u011b informace<\/strong>. Dobr\u00fdch zdroj\u016f s\u00a0kvalitn\u00edmi informacemi o t\u00e9to v\u00fdznamn\u00e9 mikroekonomick\u00e9 fundament\u00e1ln\u00ed zpr\u00e1v\u011b je mnoho. Mnoho z\u00a0nich je ve sv\u00e9 z\u00e1kladn\u00ed podob\u011b zadarmo a nab\u00edz\u00ed velmi mnoho kvalitn\u00edch z\u00e1kladn\u00edch dat vyu\u017eiteln\u00fdch ke zobchodov\u00e1n\u00ed t\u011bchto zpr\u00e1v. Za jednu z\u00a0nich mohu pova\u017eovat str\u00e1nku MarketChameleon<\/a><\/strong><\/span>, na kterou jsem upozor\u0148oval ji\u017e v\u00a0\u010dl\u00e1nc\u00edch o obchodov\u00e1n\u00ed Dividendy. Podobn\u011b jako u Dividend, i tato str\u00e1nka nab\u00edz\u00ed kalend\u00e1\u0159 s\u00a0budouc\u00edmi term\u00edny vyhla\u0161ov\u00e1n\u00ed v\u00fdsledk\u016f spolu se souvisej\u00edc\u00edmi informacemi. Z\u00e1kladn\u00ed pohled do kalend\u00e1\u0159e p\u0159i kliknut\u00ed na budouc\u00ed term\u00edn 17.7.2017 m\u016f\u017eu vid\u011bt \u00fadaje jako na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku.<\/span><\/p>\n

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\u00a0 Mohu tak zjistit, \u017ee 17.7.2017<\/strong> bude spole\u010dnost NFLX (Netflix Com)<\/strong> vyhla\u0161ovat hospod\u00e1\u0159sk\u00e9 v\u00fdsledky, a to v\u00a0term\u00ednu ozna\u010den\u00e9m AMC<\/u>.<\/strong> Znamen\u00e1 to \u201eAfter Market Close<\/strong>\u201c, tedy, \u017ee zpr\u00e1va o v\u00fdsledku hospoda\u0159en\u00ed bude v\u00a0tento den zve\u0159ejn\u011bna po uzav\u0159en\u00ed trh\u016f na americk\u00fdch burz\u00e1ch. Je\u0161t\u011b tedy cel\u00fd obchodn\u00ed den 17.7.2017 bude vl\u00e1dnout na trhu NFLX nejistota ohledn\u011b budouc\u00edho cenov\u00e9ho v\u00fdvoje a bude tak\u00e9 znamenat, \u017ee s\u00a0velkou pravd\u011bpodobnost\u00ed Implied Volatilita bude po cel\u00fd den na sv\u00fdch nejvy\u0161\u0161\u00edch mo\u017en\u00fdch \u00farovn\u00edch a\u017e do uzav\u0159en\u00ed trh\u016f. Kolaps Implied Volatility pak bude mo\u017en\u00fd pozorovat 18.7.2017 ihned po Open trh\u016f. V\u00a0obr\u00e1zku m\u016f\u017eete vid\u011bt (ozna\u010deno zelen\u00fdm krou\u017ekem), \u017ee jin\u00fd titul BLK (Blackrock)<\/strong> tak\u00e9 v\u00a0tento den reportuje hospod\u00e1\u0159sk\u00e9 v\u00fdsledky, pouze m\u00e1 u term\u00ednu vyzna\u010denou zkratku BMO<\/u><\/strong>. Znamen\u00e1 \u201eBefore Market Open<\/strong>\u201c a upozor\u0148uje na skute\u010dnost, \u017ee tato fundament\u00e1ln\u00ed zpr\u00e1va spat\u0159\u00ed sv\u011btlo \u00a0sv\u011bta p\u0159ed otev\u0159en\u00edm trh\u016f dne 17.7.2017 s\u00a0praktick\u00fdmi d\u016fsledky, \u017ee Implied Volatilita bude na sv\u00fdch nejvy\u0161\u0161\u00edch \u00farovn\u00edch z\u016fst\u00e1vat cel\u00fd p\u0159edch\u00e1zej\u00edc\u00ed den 16.7.2017 a\u017e do jeho Close, aby hodnota Implied Volatility poklesla ihned po Open dne 17.7.2017, kdy ji\u017e report bude zve\u0159ejn\u011bn.<\/span><\/p>\n

\u00a0\u00a0 Na str\u00e1nk\u00e1ch MarketChameleon pak mohu d\u00e1le nap\u0159\u00edklad \u010derpat poznatky o historii vyhla\u0161ov\u00e1n\u00ed Earnings s dal\u0161\u00edmi daty a \u00fadaji nebo vid\u011bt projekci budouc\u00edch term\u00ednu vyhla\u0161ov\u00e1n\u00ed.<\/span><\/p>\n

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\u00a0 Dal\u0161\u00edm vhodn\u00fdm zdrojem k\u00a0anal\u00fdze budouc\u00edch obchod\u016f t\u00fdkaj\u00edc\u00edch se vyhla\u0161ov\u00e1n\u00ed hospod\u00e1\u0159sk\u00fdch v\u00fdsledk\u016f by tak\u00e9 mohl b\u00fdt blog na str\u00e1nk\u00e1ch CBOE<\/strong><\/a><\/span>, kde jsou v\u00a0t\u00fddenn\u00edch cyklech rozebr\u00e1ny minul\u00e9 pohyby na nejzaj\u00edmav\u011bj\u0161\u00edch titulech, kter\u00e9 by mohly p\u0159ij\u00edt v\u00a0\u00favahu. Jedn\u00e1 se zejm\u00e9na o tituly, na kter\u00e9 jsou listov\u00e1ny weekly opce.<\/span><\/p>\n

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\u00a0\u00a0 V\u00a0p\u0159ehledu podle v\u00fd\u0161e uveden\u00e9ho obr\u00e1zku jsou zobrazena ve sloupc\u00edch Max\/Min<\/strong> data cenov\u00fdch pohyb\u016f bezprost\u0159edn\u011b po vyhl\u00e1\u0161en\u00ed v\u00fdsledk\u016f\u00a0za posledn\u00ed t\u0159i roky (tedy dvan\u00e1ct posledn\u00edch report\u016f). Ve sloupci Abs Avg<\/strong> je zobrazena absolutn\u00ed hodnota pr\u016fm\u011bru t\u011bchto pohyb\u016f a ve sloupci Last Q<\/strong> je zn\u00e1zorn\u011bn pohyb p\u0159i posledn\u00edm reportu. \u00a0<\/span><\/p>\n

\u00a0 Zdrojem dat o vyhla\u0161ov\u00e1n\u00ed hospod\u00e1\u0159sk\u00fdch v\u00fdsledk\u016f jsou samoz\u0159ejm\u011b tak\u00e9 jednotliv\u00e9 obchodn\u00ed platformy, na obr\u00e1zku n\u00ed\u017ee je vid\u011bt obr\u00e1zek z\u00a0platformy thinkorswim s\u00a0kalend\u00e1\u0159em pl\u00e1novan\u00fdch akc\u00ed, ze kter\u00e9ho m\u016f\u017eeme nap\u0159\u00edklad vy\u010d\u00edst, \u017ee 19.7.2017 po uzav\u0159en\u00ed trh\u016f bude sv\u00e9 v\u00fdsledky reportovat spole\u010dnost QCOM (Qualcom Inc.)<\/span><\/p>\n

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\u00a0 \u00a0Obchodn\u00ed a analytick\u00e1 platforma thinkorswim je pak tak\u00e9 velmi vhodn\u00e1 pro prov\u00e1d\u011bn\u00ed r\u016fzn\u00fdch backtest\u016f op\u010dn\u00edch strategi\u00ed v\u00a0obdob\u00edch vyhla\u0161ov\u00e1n\u00ed hospod\u00e1\u0159sk\u00fdch v\u00fdsledk\u016f, jej\u00ed pomoc\u00ed prov\u00e1d\u00edm t\u00e9m\u011b\u0159 ve\u0161ker\u00e9 historick\u00e9 experimenty.<\/span><\/p>\n

\u00a0\u00a0 Zdroj\u016f s\u00a0informacemi tohoto druhu je mnoho a z\u00e1le\u017e\u00ed, nakolik n\u00e1m tyto informace vyhovuj\u00ed, jak\u00e1 je jejich pou\u017eitelnost nebo vypov\u00eddac\u00ed schopnost nebo tak\u00e9 nakolik jsem ochoten za dal\u0161\u00ed informace zaplatit pro hlub\u0161\u00ed ponory do t\u00e9to problematiky. Ozna\u010dil jsem zde jen n\u011bkter\u00e9 z\u00a0nich. Z\u00a0m\u00e9 zku\u0161enosti pak mohu konstatovat, \u017ee dostate\u010dn\u011b kvalitn\u00ed a vyu\u017eiteln\u00e1 data lze po\u0159\u00eddit zdarma.<\/span><\/p>\n

\n

\u00a0\u00a0 Z\u00a0vypozorovan\u00e9ho chov\u00e1n\u00ed titul\u016f spojen\u00e9ho se zve\u0159ejn\u011bn\u00edm hospod\u00e1\u0159sk\u00fdch v\u00fdsledk\u016f bych si pak mohl vytvo\u0159it pl\u00e1n strategi\u00ed, kter\u00e9 by se pokou\u0161ely takovou fundament\u00e1ln\u00ed zpr\u00e1vu zobchodovat. Jejich hrub\u00e9 \u010dlen\u011bn\u00ed by mohlo b\u00fdt nap\u0159\u00edklad takov\u00e9, \u017ee budu cht\u00edt<\/span><\/p>\n

\u00a0\u00a0 A\/ Profitovat z p\u0159esn\u00e9ho sm\u011bru<\/span> budouc\u00edho pohybu akcie a p\u0159i nespr\u00e1vn\u00e9 predikci neutrp\u011bt v\u00fdznamnou ztr\u00e1tu<\/span><\/p>\n

\u00a0\u00a0 B\/ Profitovat z\u00a0jak\u00e9hokoliv pohybu v jak\u00e9mkoliv sm\u011bru<\/span> a p\u0159i nedostate\u010dn\u00e9m pohybu neutrp\u011bt v\u00fdznamnou ztr\u00e1tu<\/span><\/p>\n

\u00a0\u00a0 C\/ Profitovat z\u00a0n\u00e1r\u016fstu Implied Volatility<\/span> v\u00a0obdob\u00ed spadaj\u00edc\u00edm p\u0159ed vyhl\u00e1\u0161en\u00edm hospod\u00e1\u0159sk\u00fdch v\u00fdsledk\u016f\u00a0<\/span><\/p>\n

\u00a0\u00a0 D\/ Profitovat z\u00a0kolapsu Implied Volatility<\/span> v\u00a0obdob\u00ed spadaj\u00edc\u00edm bezprost\u0159edn\u011b po vyhl\u00e1\u0161en\u00ed hospod\u00e1\u0159sk\u00fdch v\u00fdsledk\u016f\u00a0<\/span><\/p>\n

\u00a0\u00a0 E\/ Profitovat z\u00a0obou efekt\u016f Implied Volatility<\/span> – n\u00e1r\u016fstu Implied Volatility v\u00a0obdob\u00ed p\u0159ed vyhl\u00e1\u0161en\u00edm hospod\u00e1\u0159sk\u00fdch v\u00fdsledk\u016f a z\u00a0kolapsu Implied Volatility v\u00a0obdob\u00ed bezprost\u0159edn\u011b po vyhl\u00e1\u0161en\u00edm hospod\u00e1\u0159sk\u00fdch v\u00fdsledk\u016f<\/span><\/p>\n

\u00a0\u00a0 Toto by mohly b\u00fdt n\u00e1m\u011bty budouc\u00edch \u010dl\u00e1nk\u016f, ve kter\u00fdch se pokus\u00edm uk\u00e1zat, jak\u00e9 p\u0159\u00edstupy by mohly b\u00fdt u\u017eite\u010dn\u00e9 a funk\u010dn\u00ed a daly se prakticky (douf\u00e1m, \u017ee snad i jednodu\u0161e) vyu\u017e\u00edt pro vlastn\u00ed op\u010dn\u00ed obchodov\u00e1n\u00ed :c)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 \u00a0Obchodov\u00e1n\u00ed opc\u00ed je p\u0159edev\u0161\u00edm o obchodov\u00e1n\u00ed volatility. V po\u010d\u00e1tc\u00edch sv\u00e9 \u201eobchodn\u00ed kari\u00e9ry\u201c jsem si to v\u016fbec neuv\u011bdomoval. P\u0159i pohledu do zp\u011btn\u00e9ho zrc\u00e1tka m\u00e9ho obchodov\u00e1n\u00ed opc\u00ed bych tak mohl pozorovat, p\u0159i n\u011bjak\u00e9m historicky chronologick\u00e9m zobecn\u011bn\u00ed, jednotliv\u00e9 f\u00e1ze m\u00e9ho tradersk\u00e9ho v\u00fdvoje, kter\u00e9 byly charakterizov\u00e1ny t\u00edm, \u010demu jsem p\u0159ikl\u00e1dal v\u00a0tu danou dobu Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":602,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[35],"tags":[36,18],"class_list":["post-595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-volatilita","tag-earnings","tag-implied-volatility"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-9B","jetpack-related-posts":[{"id":574,"url":"https:\/\/dobretrejdy.com\/?p=574","url_meta":{"origin":595,"position":0},"title":"Vega","author":"dobretrejdy :c)","date":"2.7.2017","format":false,"excerpt":"\u00a0\u201e\u2026 p\u0159esto\u017ee se v\u017eilo, \u017ee popis faktor\u016f p\u016fsob\u00edc\u00edch na tvorbu op\u010dn\u00ed ceny jsme zvykl\u00ed ozna\u010dovat \u0159eck\u00fdmi p\u00edsmeny Delta, Gamma, Th\u00e9ta, Rho, Vega, tak mus\u00edm podotknout, \u017ee Vega nen\u00ed p\u00edsmenem \u0159eck\u00e9 abecedy\u2026\u201c, v\u00a0tomto smyslu v\u011bt\u0161inou b\u00fdvaj\u00ed uv\u00e1d\u011bny \u010dl\u00e1nky o \"Vega\" zab\u00fdvaj\u00edc\u00ed se vlivem zm\u011bny Implied Volatility na cenu op\u010dn\u00edho kontraktu, z\u0159ejm\u011b\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\/07\/30.06.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/07\/30.06.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/07\/30.06.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/07\/30.06.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":551,"url":"https:\/\/dobretrejdy.com\/?p=551","url_meta":{"origin":595,"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. V\u00a0n\u00e1vaznosti\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\/06\/theta.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/theta.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/theta.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/06\/theta.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":245,"url":"https:\/\/dobretrejdy.com\/?p=245","url_meta":{"origin":595,"position":2},"title":"Cena opce","author":"dobretrejdy :c)","date":"26.4.2017","format":false,"excerpt":"\u00a0 \u00a0Obchodovat opce lze tak, \u017ee na p\u0159\u00edslu\u0161n\u00fd po\u017eadovan\u00fd op\u010dn\u00ed kontrakt jednodu\u0161e kliknu do sv\u00e9 obchodn\u00ed platformy a zad\u00e1m p\u0159\u00edkaz k\u00a0jeho n\u00e1kupu. To dnes ch\u00e1pe ka\u017ed\u00fd. Kde se ale berou v\u0161echna ta \u010d\u00edsla s\u00a0cenami jednotliv\u00fdch kontrakt\u016f na jednotliv\u00fdch strikes\u00a0a v\u00a0jednotliv\u00fdch expirac\u00edch a jak jsou vlastn\u011b stanovov\u00e1na? Generuj\u00ed je burzovn\u00ed servery,\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\/04\/numbers.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/numbers.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/numbers.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/numbers.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":4354,"url":"https:\/\/dobretrejdy.com\/?p=4354","url_meta":{"origin":595,"position":3},"title":"Volatilita a cenov\u00fd pohyb \u2013 IV.","author":"dobretrejdy :c)","date":"26.5.2020","format":false,"excerpt":"Aktualizace (ukon\u010den\u00ed) pozice CVX Butterfly k 19.6.2020 (klikni pro p\u0159esun v \u010dl\u00e1nku) \u201eSmoking Gun\u201c v tradingu neexistuje. Tento v\u00fdraz pou\u017eije mazan\u00fd vy\u0161et\u0159ovatel v americk\u00e9 krimin\u00e1lce v p\u0159\u00edpad\u011b, \u017ee kone\u010dn\u011b objevil nezvratn\u00fd a usv\u011bd\u010duj\u00edc\u00ed d\u016fkaz viny p\u0159i sp\u00e1chan\u00ed n\u011bjak\u00e9ho ohavn\u00e9ho trestn\u00e9ho \u010dinu. Trader ale hled\u00e1n\u00edm podobn\u00e9ho p\u0159edm\u011btu jistoty m\u016f\u017ee ztratit velmi\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\/2020\/05\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/05\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/05\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2020\/05\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":308,"url":"https:\/\/dobretrejdy.com\/?p=308","url_meta":{"origin":595,"position":4},"title":"Delta","author":"dobretrejdy :c)","date":"4.5.2017","format":false,"excerpt":"\u00a0 \u00a0Delta je rozd\u00edl. Delta Praha \u2013 Brno je 200 (kilometr\u016f), o tom ale \u010dl\u00e1nek nebude. Bude to o Delta op\u010dn\u00edch kontrakt\u016f. Porozum\u011bn\u00ed Delta je jednou ze z\u00e1kladn\u00edch dovednost\u00ed, kterou by m\u011bl disponovat ka\u017ed\u00fd op\u010dn\u00ed trader. Toto jednoduch\u00e9 \u0159eck\u00e9 p\u00edsmeno ozna\u010duje m\u00edru z\u00e1vislosti ceny opce na pohybu podkladov\u00e9ho aktiva. Vyjdu\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\/05\/Delta.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/Delta.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/Delta.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/05\/Delta.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":733,"url":"https:\/\/dobretrejdy.com\/?p=733","url_meta":{"origin":595,"position":5},"title":"Earnings – V. (prvn\u00ed \u010d\u00e1st)","author":"dobretrejdy :c)","date":"8.9.2017","format":false,"excerpt":"\u00a0 \u00a0Pozor, bude i video!!!...a bude to tak\u00e9 hodn\u011b o Facebooku. Ud\u011blal jsem to tak schv\u00e1ln\u011b, proto\u017ee po t\u0159ech nudn\u00fdch \u010dl\u00e1nc\u00edch poset\u00fdch \u010d\u00edsly, popisy strategi\u00ed a obr\u00e1zky s\u00a0grafy, ze kter\u00fdch nakonec vyplynulo, \u017ee to je t\u00e9m\u011b\u0159 k\u00a0ni\u010demu, by se mohla vytvo\u0159it ur\u010dit\u00e1 frustrace z\u00a0pokusu zobchodovat fundament\u00e1ln\u00ed ud\u00e1lost, jako je vyhl\u00e1\u0161en\u00ed\u2026","rel":"","context":"V \u201eVolatilita\u201c","block_context":{"text":"Volatilita","link":"https:\/\/dobretrejdy.com\/?cat=35"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/09\/E5-uvodni-obraz.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/09\/E5-uvodni-obraz.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/09\/E5-uvodni-obraz.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2017\/07\/Baloon.jpg","_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/595","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=595"}],"version-history":[{"count":10,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/595\/revisions"}],"predecessor-version":[{"id":1422,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/595\/revisions\/1422"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/602"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}