{"id":7474,"date":"2025-02-02T12:38:40","date_gmt":"2025-02-02T10:38:40","guid":{"rendered":"https:\/\/dobretrejdy.com\/?p=7474"},"modified":"2025-02-02T23:37:31","modified_gmt":"2025-02-02T21:37:31","slug":"dluhopisy-xxiii","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=7474","title":{"rendered":"Dluhopisy \u2013 XXIII."},"content":{"rendered":"

\u00a0 V minul\u00e9m \u010dl\u00e1nku Dluhopisy \u2013 XXII.<\/a><\/strong><\/span> jsem nakousnul t\u00e9ma op\u010dn\u00edch kontrakt\u016f nav\u00e1zan\u00fdch na dluhopisov\u00e1 podkladov\u00e1 aktiva. Po prvotn\u00edm prozkoum\u00e1n\u00ed ter\u00e9nu jsem konstatoval, \u017ee dluhopisov\u00e9 opce nejsou v tomto smyslu op\u010dn\u00ed kontrakty listovan\u00e9 na jednotliv\u00e9 dluhopisov\u00e9 emise nap\u0159\u00edklad vl\u00e1dn\u00edch nebo korpor\u00e1tn\u00edch dluhopis\u016f, ale \u017ee burzovn\u011b obchodovan\u00e9 opce p\u0159edstavuj\u00ed op\u010dn\u00ed kontrakty, kter\u00e9 maj\u00ed podkladov\u00e1 aktiva ve form\u011b dluhopisov\u00fdch deriv\u00e1t\u016f, tedy dluhopisov\u00fdch futures a futures na tr\u017en\u00ed \u00farokov\u00e9 sazby. V tomto minul\u00e9m \u010dl\u00e1nku jsem setrval u op\u010dn\u00edch kontrakt\u016f s podkladov\u00fdm aktivem v podob\u011b dluhopisov\u00fdch futures, kde jsem pak popsal podstatu opc\u00ed na \u201evelk\u00e1\u201c Treasury futures, toto setrv\u00e1n\u00ed pr\u00e1v\u011b u t\u011bchto Treasury futures m\u011blo jedin\u00fd d\u016fvod \u2013 \u017e\u00e1dn\u00e9 dal\u0161\u00ed dluhopisov\u00e9 futures aktu\u00e1ln\u011b burzovn\u011b obchodovan\u00e9 op\u010dn\u00ed kontrakty nem\u00e1. P\u0159esto jsem mohl vypozorovat nep\u0159ebern\u00e9 mno\u017estv\u00ed op\u010dn\u00edch kontrakt\u016f pro zapojen\u00ed do obchodov\u00e1n\u00ed, kdy\u017e tyto se daj\u00ed obchodovat na dluhopisov\u00e1 futures s podkladov\u00fdmi dluhopisy se splatnost\u00ed dva, p\u011bt, deset a t\u0159icet let, kdy\u017e ka\u017ed\u00e1 ze s\u00e9ri\u00ed op\u010dn\u00edch kontrakt\u016f na tato jednotliv\u00e1 futures nab\u00edzej\u00ed op\u010dn\u00ed kontrakty nejen s m\u011bs\u00ed\u010dn\u00ed expirac\u00ed, ale tak\u00e9 s expiracemi v \u0159\u00e1dech t\u00fddn\u016f \u010di dn\u016f, je tak opravdu z \u010deho vyb\u00edrat. V tomto minul\u00e9m \u010dl\u00e1nku jsem pak konstatoval, \u017ee druhou skupinou op\u010dn\u00edch kontrakt\u016f pak budou op\u010dn\u00ed kontrakty<\/strong> nav\u00e1zan\u00e9 na tr\u017en\u00ed \u00farokov\u00e9 sazby<\/strong>, respektive futures kontrakty, pro kter\u00e9 jsou tyto tr\u017en\u00ed \u00farokov\u00e9 sazby podkladem \u2013 SOFR futures<\/strong> a 30-ti denn\u00ed Fed futures<\/strong>. Pr\u00e1v\u011b o t\u011bchto op\u010dn\u00edch kontraktech obchodovan\u00fdch na tyto deriv\u00e1ty \u00farokov\u00fdch sazeb pak budou n\u00e1sleduj\u00edc\u00ed \u0159\u00e1dky.<\/span><\/p>\n

\n

Op\u010dn\u00ed kontrakty na SOFR futures<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Pochopen\u00ed princip\u016f obchodov\u00e1n\u00ed op\u010dn\u00edch kontrakt\u016f by m\u011bla p\u0159edch\u00e1zet dokonal\u00e1 znalost konstrukce a princip\u016f podkladov\u00e9ho aktiva, to ostatn\u011b tak\u00e9 vyplynulo z textu minul\u00e9ho \u010dl\u00e1nku o opc\u00edch na Treasury futures. Je patrn\u011b jednodu\u0161\u0161\u00ed obchodovat opce na akciov\u00e9 tituly, tyto jsou \u201ev\u011b\u010dn\u00e9\u201c a nemaj\u00ed \u017e\u00e1dnou komplikovanou podstatu expirac\u00ed a vypo\u0159\u00e1d\u00e1v\u00e1n\u00ed, u op\u010dn\u00edch kontrakt\u016f listovan\u00fdch na term\u00ednovan\u00e9 futures kontrakty to ale tak jednoduch\u00e9 nen\u00ed. Mus\u00edm v\u011bd\u011bt nejen kdy expiruje mnou dr\u017een\u00fd op\u010dn\u00ed kontrakt, ale tak\u00e9 jak\u00fdm zp\u016fsobem bude vypo\u0159\u00e1d\u00e1n (cash nebo fyzick\u00fdm dod\u00e1n\u00edm podkladu), kdy toto vypo\u0159\u00e1d\u00e1n\u00ed prob\u011bhne a jak dlouho budu moci pot\u00e9 nakl\u00e1dat s p\u0159\u00edpadn\u011b dodan\u00fdm podkladov\u00fdm aktivem na m\u00e9m obchodn\u00edm \u00fa\u010dtu. Pokud se tedy chci pustit do prozkoum\u00e1n\u00ed mo\u017enost\u00ed obchodovat op\u010dn\u00ed kontrakty na SOFR futures, mus\u00edm m\u00edt za\u017eit\u00e9 z\u00e1kladn\u00ed poznatky pr\u00e1v\u011b o t\u011bchto podkladech. P\u0159esto\u017ee jsem se jejich popisu velmi podrobn\u011b v\u011bnoval v \u010dl\u00e1nku Dluhopisy \u2013 XX.<\/a><\/strong><\/span>, p\u0159ipomenu nyn\u00ed p\u00e1r z\u00e1kladn\u00edch v\u011bc\u00ed pro polo\u017een\u00ed z\u00e1kladu pro dal\u0161\u00ed zkoum\u00e1n\u00ed. Secured Overnight Financing Rate (SOFR)<\/strong> je \u00farokov\u00e1 sazba, kter\u00e9 je vygenerovan\u00e1 na mezibankovn\u00edm trhu finan\u010dn\u00edch instituc\u00ed, kde si tyto finan\u010dn\u00ed instituce p\u016fj\u010duj\u00ed pen\u00edze v\u00fdm\u011bnou za dr\u017een\u00e9 cenn\u00e9 pap\u00edry (p\u0159ev\u00e1\u017en\u011b americk\u00e9 vl\u00e1dn\u00ed dluhopisy). Tento obrovsk\u00fd trh mezibankovn\u00edch transakc\u00ed je kontrolov\u00e1n jednou z pobo\u010dek FEDu, kter\u00e1 ur\u010dit\u00fdm zp\u016fsobem, popsan\u00fdm ve v\u00fd\u0161e uveden\u00e9m \u010dl\u00e1nku, identifikuje medi\u00e1n \u00farokov\u00fdch sazeb, za kterou tyto transakce prob\u011bhly ve dni, kter\u00fd pr\u00e1v\u011b ub\u011bhl. Mohu tak na str\u00e1nk\u00e1ch t\u00e9to sleduj\u00edc\u00ed instituce (New York FED) pozorovat seznam jednodenn\u00edch sazeb t\u011bchto mezibankovn\u00edch p\u016fj\u010dek zp\u011btn\u011b do minulosti, pr\u00e1ce s t\u00edmto seznamem sazeb je pak z\u00e1kladem pro stanoven\u00ed vypo\u0159\u00e1d\u00e1n\u00ed SOFR futures kontrakt\u016f. SOFR futures kontrakty nav\u00e1zan\u00e9 na sazby SOFR jsou dvoj\u00edho typu. Three-Months SOFR futures (SR3)<\/strong> a One-Month SOFR futures (SR1)<\/strong>, podkladem pro vypo\u0159\u00e1d\u00e1n\u00ed t\u0159\u00edm\u011bs\u00ed\u010dn\u00edho SOFR futures je pak aritmetick\u00fd pr\u016fm\u011br sazeb SOFR za referen\u010dn\u00ed \u010dtvrtlet\u00ed odpov\u00eddaj\u00edc\u00ed konkr\u00e9tn\u00edmu futures, podkladem pro vypo\u0159\u00e1d\u00e1n\u00ed jednom\u011bs\u00ed\u010dn\u00edho SOFR futures je pak aritmetick\u00fd pr\u016fm\u011br sazeb SOFR za referen\u010dn\u00ed m\u011bs\u00edc odpov\u00eddaj\u00edc\u00ed konkr\u00e9tn\u00edmu futures. Prvn\u00edm z\u00e1kladn\u00edm poznatkem pro pot\u0159eby prozkoum\u00e1n\u00ed op\u010dn\u00edch kontrakt\u016f souvisej\u00edc\u00ed s t\u011bmito futures je zji\u0161t\u011bn\u00ed, \u017ee One-Month SOFR futures (SR1) \u017e\u00e1dn\u00e9 opce zalistov\u00e1ny aktu\u00e1ln\u011b nem\u00e1, v\u0161e, co bude d\u00e1le pops\u00e1no se tak bude t\u00fdkat op\u010dn\u00edch kontrakt\u016f, kde podkladov\u00fdm aktivem je Three-Months SOFR futures (SR3). Ve sv\u00fdch \u010dl\u00e1nc\u00edch se pak zab\u00fdv\u00e1m tak\u00e9 pouze jen t\u00edm, co mohu obchodovat u m\u00e9ho brokera Interactive Brokers, proto mohu v tomto smyslu konstatovat, \u017ee ve\u0161ker\u00e9 op\u010dn\u00ed kontrakty na podkladov\u00e9 aktivum SR3 jsou u tohoto brokera k dispozici pro b\u011b\u017en\u00e9 obchodov\u00e1n\u00ed.<\/span><\/p>\n

Opce na Three-Months SOFR futures (SR3)\u00a0 \u00a0<\/strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0<\/span><\/h2>\n

\u00a0\u00a0 Ot\u0159epan\u00e9 tvrzen\u00ed, \u017ee kde je likvidita na podkladech, tam funguje trh s\u00a0op\u010dn\u00edmi kontrakty, mohu demonstrovat na obr\u00e1zku n\u00ed\u017ee:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Mohutn\u00fd objem denn\u00edch obchod\u016f na podkladov\u00fdch SR3 futures (tmavomodr\u00e9 \u010d\u00e1sti denn\u00edch sloupc\u016f) za sou\u010dasn\u00e9ho nemen\u0161\u00edho objemu op\u010dn\u00edch kontrakt\u016f (sv\u011btlemodr\u00e9 \u010d\u00e1sti sloupc\u016f) d\u00e1vaj\u00ed tu\u0161it, \u017ee tento trh rozhodn\u011b nen\u00ed nic exotick\u00e9ho, m\u00e1 proto ur\u010dit\u011b v\u00fdznam se t\u011bmito trhy zab\u00fdvat.<\/span><\/p>\n

\u00a0\u00a0 T\u0159\u00edm\u011bs\u00ed\u010dn\u00ed SOFR futures (SR3) jsou listov\u00e1ny s\u00a0\u010dtvrtletn\u00ed frekvenc\u00ed<\/strong>, mohu tak pozorovat, \u017ee existuje b\u0159eznov\u00e9 (SR3H), \u010dervnov\u00e9 (SR3M), z\u00e1\u0159ijov\u00e9 (SR3U) a prosincov\u00e9 (SR3Z) futures, kter\u00e9 jsou k\u00a0m\u00e1n\u00ed pro 39 n\u00e1sleduj\u00edc\u00edch \u010dtvrtlet\u00ed, krom\u011b t\u011bchto t\u0159\u00edm\u011bs\u00ed\u010dn\u00edch futures jsou k\u00a0dispozici SR3 m\u011bs\u00ed\u010dn\u00ed futures<\/strong> pro nejbli\u017e\u0161\u00edch 6 m\u011bs\u00edc\u016f,<\/strong> kter\u00e9 vypl\u0148uj\u00ed m\u011bs\u00edce mezi \u010dtvrtletn\u00edmi SR3 futures, prakticky n\u00ed\u017ee na obr\u00e1zku:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 \u010cerven\u00fdmi \u010d\u00edsly jsou ozna\u010deny \u010dtvrtletn\u00ed SR3 futures tak, jak jsou moment\u00e1ln\u011b k\u00a0dispozici pro okam\u017eik, kdy p\u00ed\u0161u tento \u010dl\u00e1nek, tedy na konci ledna 2025. Mohu tak vypozorovat, \u017ee aktu\u00e1ln\u011b mohu obchodovat nejbli\u017e\u0161\u00ed<\/strong> \u010dtvrtletn\u00ed prosincov\u00e9 SR3Z4 futures (1)<\/span><\/strong>, p\u0159ipom\u00edn\u00e1m, \u017ee p\u0159esto\u017ee je leden 2025, tak obchodovat prosincov\u00e9 futures z\u00a0minul\u00e9ho roku lze proto, \u017ee je to d\u00edky ozna\u010den\u00ed doby, kdy za\u010d\u00edn\u00e1 b\u011b\u017eet t\u0159\u00edm\u011bs\u00ed\u010dn\u00ed v\u00fdpo\u010det SOFR sazeb, kter\u00fd skon\u010d\u00ed v\u00a0b\u0159eznu 2025, kdy toto futures expiruje, tedy z\u00a0nyn\u011bj\u0161\u00edho pohledu opravdu expiruje v\u00a0budoucnosti. N\u00e1sleduj\u00edc\u00edm \u010dtvrtletn\u00edm futures je b\u0159eznov\u00e9 SR3H5 futures (2)<\/span><\/strong>, kter\u00e9 se stejnou logikou bude expirovat v\u00a0\u010dervnu 2025, ale po\u010d\u00edt\u00e1n\u00ed sazeb za\u010dne opravdu v\u00a0b\u0159eznu 2025, n\u00e1sleduj\u00edc\u00edm \u010dtvrtletn\u00edm SR3 futures je \u010dervnov\u00e9 SR3M5 futures (3)<\/span><\/strong> s obdobn\u011b aplikovateln\u00fdmi parametry, n\u00e1sledn\u011b pak dal\u0161\u00ed \u010dtvrtlet\u00ed ozna\u010den\u00e1 \u010derven\u00fdmi \u010d\u00edsly do budoucnosti, kter\u00e1 se mi ani na obr\u00e1zek neve\u0161la, nicm\u00e9n\u011b bych napo\u010d\u00edtal opravdu 39 takov\u00fdch n\u00e1sledn\u00fdch \u010dtvrtlet\u00ed. Z obr\u00e1zku tak\u00e9 mohu vy\u010d\u00edst, \u017ee k dispozici jsou m\u011bs\u00ed\u010dn\u00ed SR3 futures, kter\u00e9 vypl\u0148uj\u00ed m\u011bs\u00edce p\u0159edstavuj\u00edc\u00ed \u010dtvrtlet\u00ed, ve kter\u00fdch jsou k dispozici ji\u017e popisovan\u00e9 \u010dtvrtletn\u00ed SR3 futures. M\u00e1m tak aktu\u00e1ln\u011b k dispozici nejbli\u017e\u0161\u00ed m\u011bs\u00ed\u010dn\u00ed listopadov\u00e9 SR3X4 futures\u00a0(1)<\/span><\/span><\/strong>, pro kter\u00e9 zapo\u010dalo t\u0159\u00edm\u011bs\u00ed\u010dn\u00ed po\u010d\u00edt\u00e1n\u00ed \u00farokov\u00fdch sazeb SOFR v\u00a0listopadu 2024 s\u00a0koncem v\u00fdpo\u010dtu v\u00a0\u00fanoru 2025, kdy toto futures expiruje. Dal\u0161\u00ed m\u011bs\u00ed\u010dn\u00ed SR3 futures po tomto listopadov\u00e9m SR3 futures nen\u00ed prosincov\u00e9 SR3 futures, proto\u017ee toto m\u00e1 ji\u017e \u201ezabr\u00e1no\u201c \u010dtvrtletn\u00ed SR3Z4 futures popisovan\u00e9 v\u00fd\u0161e (1)<\/span><\/strong>, tak\u017ee n\u00e1sleduj\u00edc\u00edm m\u011bs\u00ed\u010dn\u00edm SR3 futures kontraktem je lednov\u00e9 SR3F5 futures (2)<\/span><\/strong>, s\u00a0po\u010d\u00edt\u00e1n\u00edm podkladov\u00e9 hodnoty pr\u016fm\u011brn\u00e9 SOFR \u00farokov\u00e9 sazby v\u00a0tomto m\u011bs\u00edci a koncem v\u00fdpo\u010dtu v\u00a0dubnu 2025. Dal\u0161\u00edm \u201evoln\u00fdm\u201c m\u011bs\u00edcem, kdy nen\u00ed listov\u00e1no \u010dtvrtletn\u00ed SR3 futures je \u00fanor 2025, proto existuje pro vypln\u011bn\u00ed \u010dasu \u00fanorov\u00e9 SR3G5 futures (3)<\/span><\/strong> s\u00a0adekv\u00e1tn\u011b zah\u00e1jen\u00edm startu jeho v\u00fdpo\u010dtu a n\u00e1slednou expirac\u00ed. Mohu pak opravdu vypozorovat \u0161est t\u011bchto m\u011bs\u00ed\u010dn\u00edch SR3 futures kontrakt\u016f (modr\u00e1 \u010d\u00edsla v obr\u00e1zku), kter\u00e9 m\u00e1m aktu\u00e1ln\u011b k\u00a0dispozici. Shrnuto, t\u0159icet dev\u011bt \u010dtvrtletn\u00edch SR3 kontrakt\u016f, prolo\u017een\u00fdch \u0161esti m\u011bs\u00ed\u010dn\u00edmi SR3 kontrakty je dostatek podkladov\u00fdch aktiv, kter\u00e1 jsou k\u00a0dispozici a kter\u00e9 m\u016f\u017ee jejich tv\u016frce obda\u0159it nab\u00eddkou op\u010dn\u00edch kontrakt\u016f.<\/span><\/p>\n

\u00a0\u00a0 Zb\u00fdv\u00e1 nyn\u00ed podotknout, \u017ee hodnota pohybu jednoho bodu SR3 futures je +\/-2.500 USD<\/strong>, pohyb z\u00a0hodnoty 95.65 bodu na hodnotu 95.40 bodu bude p\u0159edstavovat pokles o -0.25 bodu, tento pokles pak bude ohodnocen (-0.25*2.500 USD) \u010d\u00e1stkou -625 USD. Stejn\u00fd multiplik\u00e1tor je samoz\u0159ejm\u011b aplikov\u00e1n tak\u00e9 na op\u010dn\u00ed kontrakty, kter\u00e9 jsou na tyto podkladov\u00e1 SR3 futures nav\u00e1z\u00e1ny. Tak\u00e9 plat\u00ed, \u017ee v\u0161echny op\u010dn\u00ed kontrakty na SR3 futures jsou americk\u00e9ho typu<\/strong>, mohu tedy kdykoliv za \u017eivota op\u010dn\u00edho kontraktu, jako dr\u017eitel Long op\u010dn\u00edho kontraktu, prov\u00e9st Exercise (uplatn\u011bn\u00ed) t\u00e9to opce a p\u0159etavit jej v prodej\/p\u0159ijet\u00ed fyzick\u00e9ho SR3 futures<\/strong> na m\u016fj \u00fa\u010det nebo mohu jako vypisovatel op\u010dn\u00edho kontraktu o\u010dek\u00e1vat jeho Assignment (p\u0159i\u0159azen\u00ed) s\u00a0obdobn\u00fdmi d\u016fsledky. V\u00fdsledkem uplatn\u011bn\u00ed\/p\u0159i\u0159azen\u00ed je pak dod\u00e1n\u00ed\/p\u0159\u00edjem jednoho SR3 futures kontraktu, tedy jeden op\u010dn\u00ed kontrakt = jeden futures kontrakt.<\/span><\/p>\n

\u00a0\u00a0 Op\u010dn\u00ed \u0159et\u011bzce a expirace SR3 op\u010dn\u00edch kontrakt\u016f<\/strong><\/span><\/h2>\n

\u00a0\u00a0 Pro pot\u0159ebu tohoto \u010dl\u00e1nku se omez\u00edm pouze na op\u010dn\u00ed kontrakty a jejich listovan\u00e9 op\u010dn\u00ed \u0159et\u011bzce pouze v\u00a0rozmez\u00ed, v\u00a0jak\u00e9m jsou k\u00a0dispozici u m\u00e9ho brokera Interactive Brokers. Z\u00a0tohoto omezen\u00ed vypl\u00fdv\u00e1, \u017ee existuj\u00ed je\u0161t\u011b dal\u0161\u00ed op\u010dn\u00ed \u0159et\u011bzce (nap\u0159\u00edklad weekly SR3 op\u010dn\u00ed kontrakty), tyto ale m\u016fj broker obchodovat neumo\u017e\u0148uje, pokud m\u00e1te obchodn\u00ed platformu brokera, kter\u00fd touto funkcionalitou disponuje, bude ji\u017e na v\u00e1s, abyste princip op\u010dn\u00edch kontrakt\u016f s\u00a0\u010detn\u011bj\u0161\u00ed expirac\u00ed pochopili.<\/span><\/p>\n

\u00a0 \u00a0<\/span>Nab\u00eddka op\u010dn\u00edch kontrakt\u016f<\/strong> s\u00a0m\u011bs\u00ed\u010dn\u00ed expirac\u00ed<\/strong> aktu\u00e1ln\u011b plat\u00ed pro \u0161est n\u00e1sleduj\u00edc\u00edch m\u011bs\u00edc\u016f<\/strong>, kde podkladov\u00fdm aktivem jsou \u010dtvrtletn\u00ed SR3 futures <\/strong>(m\u011bs\u00ed\u010dn\u00edch futures, kter\u00e9 prokl\u00e1daj\u00ed m\u011bs\u00edce expirac\u00ed mezi \u010dtvrtletn\u00edmi futures, se pak tyto op\u010dn\u00ed kontrakty net\u00fdkaj\u00ed). Mohu tak nyn\u00ed ve sv\u00e9 platform\u011b vypozorovat tyto op\u010dn\u00ed kontrakty pod ozna\u010den\u00edm SR3<\/strong>. Zobrazen\u00ed pouze t\u011bchto op\u010dn\u00edch kontrakt\u016f m\u016f\u017eu nastavit v aplikaci OptionTrader platformy TWS podle obr\u00e1zku:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Mohu pak vypozorovat n\u00e1sleduj\u00edc\u00ed op\u010dn\u00ed \u0159et\u011bzce, kter\u00e9 maj\u00ed ozna\u010den\u00ed SR3:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 V\u00a0situaci ke konci ledna 2025<\/strong> mohu obchodovat op\u010dn\u00ed kontrakty s\u00a0m\u011bs\u00ed\u010dn\u00ed expirac\u00ed pro \u0161est n\u00e1sleduj\u00edc\u00edch m\u011bs\u00edc\u016f, kde podkladov\u00fdmi futures budou p\u0159\u00edslu\u0161n\u00e9 \u010dtvrtletn\u00ed SR3 futures, konkr\u00e9tn\u011b opce s\u00a0expirac\u00ed v\u00a0\u00fanoru<\/strong> (14.2.2025) s\u00a0podkladov\u00fdm aktivem b\u0159eznov\u00e9<\/strong> SR3H5 futures (1)<\/span><\/strong>, v\u00a0b\u0159eznu<\/strong> (14.3.2025) s podkladov\u00fdm aktivem op\u011bt b\u0159eznov\u00e9 SR3H5 futures (2<\/span>)<\/strong>, v dubnu<\/strong> (11.4.2025) s podkladov\u00fdm aktivem ale ji\u017e \u010dervnov\u00e9 SR3M5 futures (3)<\/span><\/strong>, v kv\u011btnu<\/strong> (16.5.2025) s podkladov\u00fdm aktivem op\u011bt \u010dervnov\u00e9 SR3M5 futures (4)<\/span><\/strong>, v \u010dervnu<\/strong> (13.6.2025) s podkladov\u00fdm aktivem op\u011bt \u010dervnov\u00e9 SR3M5 futures (5)<\/span><\/strong> a v \u010dervenci<\/strong> (11.7.2025) s podkladov\u00fdm aktivem ji\u017e z\u00e1\u0159ijov\u00e9 SR3U5 futures (6)<\/span><\/strong>. Po t\u011bchto \u0161esti m\u011bs\u00edc\u00edch frekvence m\u011bs\u00ed\u010dn\u00edch opc\u00ed kon\u010d\u00ed a jsou listov\u00e1ny pouze opce s expirac\u00ed podle \u010dtvrtletn\u00edch SR3 futures. Mohu tak vypozorovat, \u017ee m\u00e1m k dispozici op\u010dn\u00ed kontrakty s expirac\u00ed v z\u00e1\u0159\u00ed<\/strong> (12.9.2025) s podkladov\u00fdm aktivem z\u00e1\u0159ijov\u00e9 SR3U5 futures (7)<\/span><\/strong> a pot\u00e9 a\u017e op\u010dn\u00ed kontrakty s expirac\u00ed v prosinci<\/strong> (12.12.2025) s podkladov\u00fdm aktivem prosincov\u00e9 SR3Z5 futures (8)<\/span><\/strong>, n\u00e1sleduj\u00ed opce s expirac\u00ed op\u011bt a\u017e v dal\u0161\u00edm \u010dtvrtlet\u00ed v b\u0159eznu<\/strong> 2026<\/strong> (13.3.2026) s podkladov\u00fdm aktivem b\u0159eznov\u00e9 SR3H6 futures (9)<\/span><\/strong> a takto jsou k dispozici \u010dtvrtletn\u00ed op\u010dn\u00ed \u0159et\u011bzce a\u017e do prosince roku 2028, tedy na t\u0159i roky dop\u0159edu. Pokusil jsem se toto uspo\u0159\u00e1d\u00e1n\u00ed expirac\u00ed zachytit do tabulky, aby bylo patrn\u00e9, co je nyn\u00ed k dispozici a co teprve k dispozici bude:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 M\u011bs\u00ed\u010dn\u00ed op\u010dn\u00ed kontrakty s\u00a0ozna\u010den\u00edm SR3 jsou tedy k dispozici pro n\u00e1sleduj\u00edc\u00edch \u0161est m\u011bs\u00edc\u016f (\u017elut\u00e1 pol\u00ed\u010dka s\u00a0ozna\u010den\u00edm SR3 v\u00a0\u010derven\u00e9m r\u00e1me\u010dku), pot\u00e9 pouze ve \u010dtvrtletn\u00edch period\u00e1ch v\u00a0horizontu t\u0159\u00ed let a\u017e do prosince 2028 (do tabulky se pro p\u0159ehlednost neve\u0161lo \u2013 zobrazeno pouze do prosince 2027). Je jasn\u00e9, \u017ee jak pob\u011b\u017e\u00ed \u010das, bude k\u00a0dispozici v\u017edy \u0161est nejbli\u017e\u0161\u00edch expira\u010dn\u00edch m\u011bs\u00edc\u016f, tak\u017ee zbyl\u00e1 pol\u00ed\u010dka s\u00a0ozna\u010den\u00edm SR3 budou p\u0159edstavovat dal\u0161\u00ed nab\u00edhaj\u00edc\u00ed op\u010dn\u00ed \u0159et\u011bzce k\u00a0obchodov\u00e1n\u00ed tak, jak budou nejbli\u017e\u0161\u00ed m\u011bs\u00ed\u010dn\u00ed op\u010dn\u00ed kontrakty expirovat (pol\u00ed\u010dka s\u00a0ozna\u010den\u00edm SR3 aktu\u00e1ln\u011b bez barvy).<\/span><\/p>\n

V\u00edcelet\u00e9 \u201eMid-Curve\u201c op\u010dn\u00ed kontrakty \u00a0\u00a0\u00a0\u00a0<\/strong>\u00a0\u00a0\u00a0\u00a0<\/span><\/h2>\n

\u00a0\u00a0 Pokud by se obchodovaly pouze op\u010dn\u00ed kontrakty na \u010dtvrtletn\u00ed kontrakty s expiracemi podle p\u0159edch\u00e1zej\u00edc\u00edch \u0159\u00e1dk\u016f, bylo by to s ohledem na likviditu trhu podkladov\u00fdch SR3 futures kontrakt\u016f patrn\u011b m\u00e1lo. Expirace pro \u0161est nejbli\u017e\u0161\u00edch jednotliv\u00fdch m\u011bs\u00edc\u016f a pot\u00e9 pouze \u010dtvrtletn\u00ed expirace s horizontem t\u0159\u00ed let se zd\u00e1 jako slab\u00e1 nab\u00eddka organiz\u00e1tora trhu s t\u011bmito SR3 op\u010dn\u00edmi kontrakty, proto p\u0159ikro\u010dil k vytvo\u0159en\u00ed dal\u0161\u00edch op\u010dn\u00edch \u0159et\u011bzc\u016f se stejn\u00fdmi expiracemi, ale nav\u00e1zan\u00fdmi na vzd\u00e1len\u011bj\u0161\u00ed SR3 futures kontrakty. M\u016f\u017eu tak pozorovat p\u011bt dal\u0161\u00edch typ\u016f op\u010dn\u00edch kontrakt\u016f, kter\u00e9 maj\u00ed ozna\u010den\u00ed S0, S2, S3, S4<\/strong> a S5<\/strong> a tyto op\u010dn\u00ed kontrakty p\u0159edstavuj\u00ed jednolet\u00e9 (S0)<\/strong>, dvoulet\u00e9 (S2<\/strong>), t\u0159\u00edlet\u00e9 (S3)<\/strong>, \u010dty\u0159let\u00e9 (S4)<\/strong> a p\u011btilet\u00e9 (S5)<\/strong> op\u010dn\u00ed kontrakty s\u00a0expiracemi odvozen\u00fdmi podle jejich n\u00e1zvu. Podkladov\u00fdmi aktivy jsou op\u011bt \u010dtvrtletn\u00ed SR3 futures kontrakty, v\u0161echny vlastnosti jsou pak obdobn\u00e9, jako u v\u00fd\u0161e popisovan\u00fdch SR3 op\u010dn\u00edch kontrakt\u016f. \u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

\u00a0Jednolet\u00e9 S0 „Mid-Curve“ op\u010dn\u00ed kontrakty<\/strong><\/span><\/h3>\n

\u00a0\u00a0 Autor a organiz\u00e1tor trhu s\u00a0t\u011bmito opcemi obda\u0159il jejich pojmenov\u00e1n\u00ed p\u0159\u00edvlastkem \u201eMid-Curve\u201c, kter\u00e9 je odvozeno ze zac\u00edlen\u00ed t\u011bchto op\u010dn\u00edch kontrakt\u016f na podkladov\u00e1 aktiva s\u00a0expirac\u00ed ve vzd\u00e1len\u011bj\u0161\u00ed budoucnosti a t\u00edm je jejich po\u0159izovatel\u016fm umo\u017en\u011bno p\u0159ij\u00edmat expozice, zaji\u0161t\u011bn\u00ed nebo simulaci na ur\u010dit\u00fdch \u010d\u00e1stech v\u00fdnosov\u00e9 k\u0159ivky, kter\u00e9 se nenach\u00e1zej\u00ed v\u00a0bezprost\u0159edn\u00ed budoucnosti. Mohu si tak op\u010dn\u00ed kontrakty<\/strong> odpov\u00eddaj\u00edc\u00ed ozna\u010den\u00ed S0<\/strong> pokusit zobrazit v\u00a0m\u00e9 obchodn\u00ed platform\u011b a pokusit se identifikovat, jak\u00e9 maj\u00ed vlastnosti:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 Je aktu\u00e1ln\u011b leden 2025 a po zobrazen\u00ed op\u010dn\u00edch \u0159et\u011bzc\u016f s\u00a0ozna\u010den\u00edm S0 pro podkladov\u00e1 SR3 futures mohu vypozorovat n\u00e1sleduj\u00edc\u00ed listov\u00e1n\u00ed op\u010dn\u00edch kontrakt\u016f:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Z obr\u00e1zku mohu vypozorovat, \u017ee tak, jak jsem mohl podle p\u0159edch\u00e1zej\u00edc\u00edho textu v\u00fd\u0161e obchodovat op\u010dn\u00ed kontrakty ozna\u010den\u00e9 SR3 nav\u00e1zan\u00e9 na podkladov\u00e1 aktiva SR3 futures s expirac\u00ed pro \u0161est nejbli\u017e\u0161\u00edch aktu\u00e1ln\u00edch m\u011bs\u00edc\u016f tohoto roku 2025 (a pot\u00e9 se \u010dtvrtletn\u00edmi expiracemi), umo\u017e\u0148uj\u00ed mi tot\u00e9\u017e op\u010dn\u00ed kontrakty S0<\/strong>, ale podkladov\u00fdmi aktivy jsou SR3 futures<\/strong> s expirac\u00ed za jeden rok<\/strong>. Mohu tak vypozorovat, \u017ee podkladov\u00fdm aktivem pro S0<\/strong> op\u010dn\u00ed kontrakt s expirac\u00ed 14.2.2025 (1)<\/span><\/strong> nen\u00ed leto\u0161n\u00ed b\u0159eznov\u00e9 SR3 futures (SR3H5), ale jeden rok vzd\u00e1len\u00e9 b\u0159eznov\u00e9 SR3<\/strong> futures<\/strong> s expirac\u00ed v \u010dervnu 2026 (SR3H6)<\/strong>. Z obr\u00e1zku mohu tak\u00e9 vypozorovat, \u017ee m\u00e1m k dispozici m\u011bs\u00ed\u010dn\u00ed expirace pro \u0161est n\u00e1sleduj\u00edc\u00edch m\u011bs\u00edc\u016f<\/strong> (1)<\/strong><\/span> a\u017e (2)<\/strong><\/span>, pot\u00e9 jsou k dispozici op\u011bt \u010dtvrtletn\u00ed<\/strong> expirace (2)<\/span><\/strong> a\u017e (3)<\/strong><\/span>. Mohu pak ov\u011b\u0159it tyto vlastnosti ov\u011b\u0159it ve specifikaci nap\u0159\u00edklad Long Call na strike 96 s nejbli\u017e\u0161\u00ed expirac\u00ed za dva t\u00fddny dne 14.2.2025:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 Po\u0159\u00edzen\u00ed S0 Long Call 96 by opravdu znamenalo m\u00edt expozici na podkladov\u00e9 aktivum SR3H6<\/strong>, tedy b\u0159eznov\u00e9 SR3 futures, kter\u00e9 expiruje v roce 2026 (1)<\/span><\/strong>, tento op\u010dn\u00ed kontrakt by pak expiroval <\/strong>dne 14.2.2025 (2)<\/span><\/strong>. Hodnota pohybu jednoho bodu<\/strong> je opravdu ocen\u011bna \u010d\u00e1stkou +\/- 2500 USD (3)<\/span><\/strong> a opce p\u0159i uplatn\u011bn\u00ed nebo p\u0159i\u0159azen\u00ed zp\u016fsob\u00ed fyzick\u00fd n\u00e1kup nebo prodej<\/strong> podkladov\u00e9ho SR3 futures na m\u016fj \u00fa\u010det (4)<\/span><\/strong>, tato opce je americk\u00e9ho typu (5)<\/span><\/strong>, tak\u017ee mohu pr\u00e1vo z dr\u017een\u00ed op\u010dn\u00edho kontraktu uplatnit kdykoliv za \u017eivota tohoto op\u010dn\u00edho kontraktu.\u00a0 Pokud bych tyto aktu\u00e1ln\u00ed op\u010dn\u00ed \u0159et\u011bzce cht\u011bl p\u0159idat do existuj\u00edc\u00ed tabulky expirac\u00ed opc\u00ed SR3, vypadala by takto:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 P\u0159id\u00e1n\u00ed aktu\u00e1ln\u00edch op\u010dn\u00edch expirac\u00ed op\u010dn\u00edch \u0159et\u011bzc\u016f One-Year Mid-Curve op\u010dn\u00edch kontrakt\u016f S0<\/strong> je zachyceno bled\u011bmodr\u00fdmi bu\u0148kami<\/strong> s\u00a0ozna\u010den\u00edm S0<\/strong>, ke ka\u017ed\u00e9 aktu\u00e1ln\u00ed expiraci pak mohu tak\u00e9 p\u0159i\u0159adit podkladov\u00e9 aktivum, nepodbarven\u00e9 bu\u0148ky s ozna\u010den\u00edm S0 pak ozna\u010duj\u00ed expirace op\u010dn\u00edch \u0159et\u011bzc\u016f, kter\u00e9 je\u0161t\u011b nebyly listov\u00e1ny, stane se tak postupn\u00fdm plynut\u00edm \u010dasu a expirov\u00e1n\u00edm st\u00e1vaj\u00edc\u00edch op\u010dn\u00edch kontrakt\u016f. Pokud by teoreticky nyn\u00ed nic jin\u00e9ho v op\u010dn\u00edm sv\u011bt\u011b v souvislosti se SR3 futures neexistovalo, mohl bych v ka\u017ed\u00e9 op\u010dn\u00ed expiraci, kterou bych m\u011bl dispozici, vyb\u00edrat s opc\u00ed, kde podkladem by bylo bu\u010f nejbli\u017e\u0161\u00ed SR3 futures (SR3 opce) nebo SR3 futures expiruj\u00edc\u00ed za jeden rok (S0 opce).\u00a0\u00a0<\/span><\/p>\n

\u00a0 \u00a0V\u00edcelet\u00e9 S2, S3, S4 a S5 „Mid-Curve“ op\u010dn\u00ed kontrakty<\/strong><\/span><\/h3>\n

\u00a0\u00a0 Se stejnou logikou jsou aktu\u00e1ln\u011b listov\u00e1ny tak\u00e9 \u201eMid-Curve\u201c op\u010dn\u00ed kontrakty pro v\u00edcelet\u00e9 obdob\u00ed v\u00a0rozmez\u00ed dvou a\u017e p\u011bti let. Mohu tak nyn\u00ed zobrazit dal\u0161\u00ed typ op\u010dn\u00edch kontrakt\u016f s\u00a0ozna\u010den\u00edm S2<\/strong>, kter\u00fd reprezentuje Two-Year Mid-Curve op\u010dn\u00ed kontrakty<\/strong>, tedy op\u010dn\u00ed kontrakty s\u00a0podkladov\u00fdmi aktivy SR3 futures obchoduj\u00edc\u00edmi se s\u00a0expiracemi za dva roky:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Tak\u00e9 takto vybran\u00e9 op\u010dn\u00ed kontrakty S2 ukazuj\u00ed, \u017ee mohu vyb\u00edrat ze \u0161esti m\u011bs\u00ed\u010dn\u00edch nejbli\u017e\u0161\u00edch expirac\u00ed, n\u00e1sledn\u011b s\u00a0expirac\u00ed \u010dtvrtletn\u00edch, ozna\u010dil jsem nap\u0159\u00edklad (1)<\/strong><\/span> op\u010dn\u00ed kontrakty s\u00a0expirac\u00ed v\u00a0\u010dervenci 2025<\/strong>, kde podkladov\u00fdm futures kontraktem je SR3U7<\/strong>, tedy z\u00e1\u0159ijov\u00e9 futures<\/strong> s\u00a0expirac\u00ed v\u00a0roce 2027<\/strong>. Pokud bych tuto skute\u010dnost vyplnil do tabulky jednotliv\u00fdch \u0159et\u011bzc\u016f podle expirac\u00ed a podkladov\u00fdch futures, m\u011bla by tuto podobu:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Op\u010dn\u00edm kontrakt\u016fm S2 s\u00a0expirac\u00ed v\u00a0\u010dervenci 2025 (1)<\/span><\/strong> pak opravdu odpov\u00edd\u00e1 SR3U7 futures<\/strong> kontrakt.<\/span><\/p>\n

\u00a0\u00a0 Mohu si pak takto odvodit tak\u00e9 aktu\u00e1ln\u00ed existenci zbyl\u00fdch S3<\/strong>, S4<\/strong> a S5<\/strong> \u201eMid-Curve\u201c op\u010dn\u00edch kontrakt\u016f, kter\u00e9 se nyn\u00ed obchoduj\u00ed a jejich\u017e podkladov\u00fdmi aktivy jsou SR3 futures kontrakty, kter\u00e9 expiruj\u00ed za t\u0159i<\/strong>, \u010dty\u0159i<\/strong> nebo p\u011bt let<\/strong>. Mohu si pak doplnit existuj\u00edc\u00ed tabulku o v\u0161echny op\u010dn\u00ed expirace, kter\u00e9 m\u00e1m aktu\u00e1ln\u011b k dispozici, bude tak obsahovat op\u010dn\u00ed kontrakty SR3, S0, S2, S3, S4 a S5, tedy v\u0161echny, kter\u00e9 jsou dostupn\u00e9 pomoc\u00ed obchodn\u00ed platformy m\u00e9ho brokera Interactive Brokers:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Co mohu z\u00a0tabulky vy\u010d\u00edst nap\u0159\u00edklad pro mo\u017enost obchodovat op\u010dn\u00ed kontrakty na SR3 futures<\/strong> s\u00a0nejbli\u017e\u0161\u00ed expirac\u00ed v\u00a0\u00fanoru 2025<\/strong> nach\u00e1zej\u00edc\u00ed se v\u00a0prvn\u00edm \u0159\u00e1dku tabulky (\u010derven\u00e1 \u0161ipka)? Takto zobrazen\u00e1 mo\u017enost po\u0159izov\u00e1n\u00ed opc\u00ed s\u00a0nejkrat\u0161\u00ed expirac\u00ed mi d\u00e1v\u00e1 p\u0159\u00edle\u017eitost investovat do op\u010dn\u00edch kontrakt\u016f nav\u00e1zan\u00fdch na nejbli\u017e\u0161\u00ed \u010dtvrtletn\u00ed b\u0159eznov\u00e9 SR3 futures<\/strong> (SR3H5), kter\u00e9 nesou ozna\u010den\u00ed SR3 (1)<\/span><\/strong>, mohu ale tak\u00e9 ve stejn\u00e9 expiraci vybrat opce z\u00a0op\u010dn\u00edho \u0159et\u011bzce s\u00a0podkladov\u00fdm aktivem kter\u00fdm je SR3 b\u0159eznov\u00e9 futures<\/strong> (SR3H6) expiruj\u00edc\u00ed a\u017e p\u0159\u00ed\u0161t\u00ed rok<\/strong>, tyto op\u010dn\u00ed kontrakty maj\u00ed ozna\u010den\u00ed S0 (2)<\/span><\/strong>. Se stejnou logikou mohu v\u00a0nejkrat\u0161\u00ed expiraci vybrat op\u010dn\u00ed kontrakty s\u00a0ozna\u010den\u00edm S2 (3)<\/span><\/strong> s\u00a0podkladov\u00fdm aktivem SR3 b\u0159eznov\u00e9 futures (SR3H7) expiruj\u00edc\u00ed za dva roky<\/strong> nebo vyb\u00edrat z op\u010dn\u00edch kontrakt\u016f s\u00a0ozna\u010den\u00edm S3 (4)<\/span><\/strong> s\u00a0podkladov\u00fdm aktivem SR3 b\u0159eznov\u00e9 futures (SR3H8) expiruj\u00edc\u00ed za t\u0159i roky<\/strong> \u010di se rozhodnout pro op\u010dn\u00ed kontrakty s\u00a0ozna\u010den\u00edm S4 (5)<\/span><\/strong> s\u00a0podkladov\u00fdm aktivem SR3 b\u0159eznov\u00e9 futures (SR3H9) expiruj\u00edc\u00ed za \u010dty\u0159i roky<\/strong> nebo nakonec zvolit op\u010dn\u00ed kontrakty s\u00a0ozna\u010den\u00edm S5 (6)<\/span><\/strong> s\u00a0podkladov\u00fdm aktivem SR3 b\u0159eznov\u00e9 futures (SR3H0) expiruj\u00edc\u00ed za p\u011bt let<\/strong>. Takto strukturovanou mo\u017enost volby op\u010dn\u00edch kontrakt\u016f s\u00a0nejbli\u017e\u0161\u00ed expirac\u00ed zhruba za dva t\u00fddny od chv\u00edle kdy p\u00ed\u0161u tento \u010dl\u00e1nek mohu identifikovat tak\u00e9 ve sv\u00e9 obchodn\u00ed platform\u011b:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Vzhledem k\u00a0mo\u017en\u00e9mu neobratn\u00e9mu zobrazov\u00e1n\u00ed z\u00e1lo\u017eek s\u00a0jednotliv\u00fdmi \u0159et\u011bzci v\u00a0platform\u011b TWS jsem jednotliv\u00fdm zobrazen\u00fdm z\u00e1lo\u017ek\u00e1m a nab\u00eddce s\u00a0rozbalovac\u00edho menu p\u0159i\u0159adil stejn\u00e9 \u010d\u00edseln\u00e9 ozna\u010den\u00ed pro jednotliv\u00e9 op\u010dn\u00ed expirace jako v\u00a0tabulce v\u00a0obr\u00e1zku v\u00fd\u0161e pro mo\u017enost vyb\u00edrat s\u00a0nejkrat\u0161\u00ed mo\u017enou expirac\u00ed v\u00a0\u00fanoru 2025, je patrn\u00e9, \u017ee v\u0161echny op\u010dn\u00ed \u0159et\u011bzce jsou k\u00a0dispozici. Stejn\u00e1 volba pak plat\u00ed tak\u00e9 pro ka\u017edou vzd\u00e1len\u011bj\u0161\u00ed exipraci op\u010dn\u00edch kontrakt\u016f, v\u017edy mohu vyb\u00edrat z\u00a0op\u010dn\u00edch s\u00e9ri\u00ed SR3, S0, S2, S3, S4 a S5 ozna\u010duj\u00edc\u00ed vzd\u00e1lenost do expirace podkladov\u00fdch SR3 futures. \u00a0<\/span><\/p>\n

\n

\u00a0Op\u010dn\u00ed kontrakty na 30-Day Federal Fed Futures<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Popis op\u010dn\u00edch kontrakt\u016f na futures kontrakt nav\u00e1zan\u00fdch na dal\u0161\u00ed \u00farokov\u00fd deriv\u00e1t, tedy 30-Day Federal Fed Futures<\/strong>, nebude tak slo\u017eit\u00e9, jako v p\u0159\u00edpad\u011b SOFR futures. Op\u011bt odk\u00e1\u017eu nejd\u0159\u00edve na popis podkladov\u00e9ho futures, kter\u00e9ho jsem se zhostil v \u010dl\u00e1nku Dluhopisy \u2013 XXI.<\/a><\/strong><\/span> a ze kter\u00e9ho vypl\u00fdv\u00e1, \u017ee tyto m\u011bs\u00ed\u010dn\u00ed futures kontrakty vych\u00e1zej\u00ed z podkladov\u00e9 medi\u00e1nov\u00e9 \u00farokov\u00e9 sazby Effective Federal Funds Rate (EFFR), kter\u00e1 je evidov\u00e1na pobo\u010dkou americk\u00e9 centr\u00e1ln\u00ed banky New York, ze kter\u00e9 se aritmetick\u00fdm pr\u016fm\u011brem sazeb z uskute\u010dn\u011bn\u00fdch transakc\u00ed v kalend\u00e1\u0159n\u00edm m\u011bs\u00edci, kdy aktu\u00e1ln\u00ed futures expiruje, vypo\u010d\u00edt\u00e1v\u00e1 vypo\u0159\u00e1d\u00e1vac\u00ed cena pro toto aktu\u00e1ln\u00ed futures, v\u0161echna n\u00e1sledn\u00e1 futures jsou pak extrapolac\u00ed o\u010dek\u00e1v\u00e1n\u00ed t\u011bchto vypo\u010d\u00edtan\u00fdch aritmetick\u00fdch pr\u016fm\u011br\u016f skute\u010dn\u011b realizovan\u00fdch sazeb. Toto futures mohu obchodovat ve sv\u00e9 obchodn\u00ed platform\u011b brokera Interactive Brokers, kde mohu m\u00edt k dispozici v\u0161ech 60 m\u011bs\u00ed\u010dn\u00edch kontrakt\u016f, kter\u00e9 jsou aktu\u00e1ln\u011b listov\u00e1ny na burze CME, mohu tak pomoc\u00ed t\u011bchto 30-Day Federal Fed Futures prov\u00e1d\u011bt obchody v horizontu n\u00e1sleduj\u00edc\u00edch p\u011bti let. Z\u00e1kladn\u00ed obchodn\u00ed odli\u0161nost\u00ed od SOFR futures kontrakt\u016f je hodnota pohybu jednoho bodu<\/strong>, kter\u00e1 \u010din\u00ed +\/-4.167 USD<\/strong>. Na obr\u00e1zku n\u00ed\u017ee v\u00fd\u0159ez z platformy TWS, kde mohu pozorovat jednotliv\u00e1 m\u011bs\u00ed\u010dn\u00ed ZQ futures (ticker pro 30-Day Federal Fed Futures):<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Struktura podkladov\u00fdch ZQ futures s\u00a0jednom\u011bs\u00ed\u010dn\u00ed frekvenc\u00ed je patrn\u011b p\u0159ehledn\u011bj\u0161\u00ed, ne\u017e je struktura SR3 futures v\u00a0textu v\u00fd\u0161e. Ozna\u010den\u00ed m\u011bs\u00edce je shodn\u00e9 s\u00a0m\u011bs\u00edcem, kdy toto ZQ futures expiruje, odpad\u00e1 tak dal\u0161\u00ed komplikace s\u00a0pochopen\u00edm ozna\u010dov\u00e1n\u00ed jednotliv\u00fdch podkladov\u00fdch futures kontrakt\u016f. Jednodu\u0161\u0161\u00ed struktu\u0159e ZQ futures odpov\u00edd\u00e1 tak\u00e9 struktura op\u010dn\u00edch kontrakt\u016f na n\u011b nav\u00e1zan\u00fdch, mohu pak tuto strukturu pozorovat p\u0159\u00edmo v\u00a0m\u00e9 obchodn\u00ed platform\u011b v\u00a0aplikaci OptionTrader takto:<\/span><\/p>\n

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

\u00a0\u00a0 Existence ka\u017ed\u00e9ho m\u011bs\u00ed\u010dn\u00edho ZQ futures<\/strong> je doprov\u00e1zena m\u011bs\u00ed\u010dn\u00edm op\u010dn\u00edm \u0159et\u011bzcem<\/strong> op\u010dn\u00edch kontrakt\u016f, m\u00e1m tak nap\u0159\u00edklad pro \u00fanorov\u00e9<\/strong> ZQG5 futures<\/strong> k\u00a0dispozici \u00fanorov\u00e9 op\u010dn\u00ed kontrakty (1)<\/span><\/strong>, obdobn\u011b tak\u00e9 pro n\u00e1sleduj\u00edc\u00ed b\u0159eznov\u00e9 ZQH5 futures<\/strong> jsou zalistov\u00e1ny b\u0159eznov\u00e9 op\u010dn\u00ed kontrakty (2)<\/span><\/strong>. Celkov\u011b m\u00e1m k dispozici op\u010dn\u00ed \u0159et\u011bzce na dva roky dop\u0159edu, mohu tak nyn\u00ed vybrat nap\u0159\u00edklad op\u010dn\u00ed kontrakty s expirac\u00ed v lednu 2027 s podkladov\u00fdm lednov\u00fdm ZQF7 futures, kter\u00e9 expiruj\u00ed (vzhledem k momentu kdy p\u00ed\u0161u tento \u010dl\u00e1nek) za 726 dn\u016f. Mohu pak na specifikaci libovoln\u00e9 zvolen\u00e9 opce pozorovat jej\u00ed z\u00e1kladn\u00ed vlastnosti d\u016fle\u017eit\u00e9 pro p\u0159\u00edpadn\u00e9 obchody:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Vybral jsem si k zobrazen\u00ed dubnovou<\/strong> opci Long Call<\/strong> na strike 96<\/strong>. Ze specifikace pak mohu odvodit, \u017ee podkladov\u00fdm futures kontraktem (jedna opce je jeden ZQ futures kontrakt) je opravdu dubnov\u00e9 ZQJ5 futures (1)<\/span><\/strong>, stanoven\u00fdm posledn\u00edm obchodn\u00edm dnem<\/strong> pro tuto opci je pak 30.4.2025 (2)<\/span><\/strong> a opce n\u00e1sleduj\u00edc\u00ed den po ukon\u010den\u00ed obchodov\u00e1n\u00ed tak\u00e9 expiruje (3)<\/span><\/strong>. Hodnota pohybu jednoho bodu<\/strong> op\u010dn\u00edho kontraktu je pak +\/-4.167 USD (4)<\/span><\/strong>, v\u00a0p\u0159\u00edpad\u011b, \u017ee je opce uplatn\u011bna nebo p\u0159i\u0159azena doch\u00e1z\u00ed k\u00a0fyzick\u00e9mu dod\u00e1n\u00ed\/prodeji<\/strong> jednoho dubnov\u00e9ho ZQ futures kontraktu na m\u016fj obchodn\u00ed \u00fa\u010det (5)<\/strong><\/span>. Op\u010dn\u00ed kontrakty jsou americk\u00e9ho typu (6)<\/span><\/strong>, mohu proto prov\u00e9st uplatn\u011bn\u00ed (Exercise) m\u00e9 Long opce prov\u00e9st kdykoliv za \u017eivota op\u010dn\u00edho kontraktu, mohu ale sou\u010dasn\u011b za \u017eivota dr\u017een\u00ed Short op\u010dn\u00edho kontraktu o\u010dek\u00e1vat jeho p\u0159i\u0159azen\u00ed (Assignment). Pokud opce kon\u010d\u00ed sv\u00e9 obchodov\u00e1n\u00ed posledn\u00ed obchodn\u00ed den v dan\u00e9m m\u011bs\u00edci (30.4.2025) a n\u00e1sleduj\u00edc\u00ed den op\u010dn\u00ed kontrakt expiruje (1.5.2025), je tak\u00e9 v tento den vypo\u0159\u00e1d\u00e1n, v\u0161e podle kalend\u00e1\u0159e akc\u00ed<\/a><\/strong><\/span> pro ZQ op\u010dn\u00ed kontrakty, ze kter\u00e9ho mohu vypozorovat pro mou dubnovou Long Call 96 n\u00e1sleduj\u00edc\u00ed:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Ukon\u010den\u00ed obchodov\u00e1n\u00ed dubnov\u00e9 opce nast\u00e1v\u00e1 opravdu 30.4.2025 a vypo\u0159\u00e1d\u00e1n\u00ed (Settlement) je proveden n\u00e1sleduj\u00edc\u00edho dne 1.5.2025.<\/span><\/p>\n

\u00a0\u00a0 Obchodov\u00e1n\u00ed op\u010dn\u00edch kontrakt\u016f doprov\u00e1z\u00ed ze strany Interactive Brokers m\u00edrn\u00e1 komplikace, kterou jednodu\u0161e mohu zobrazit na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku p\u0159i pokusu dubnov\u00fd op\u010dn\u00ed kontrakt na strike 96 vypsat (Short Call 96):<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Aktu\u00e1ln\u011b u m\u00e9ho brokera Interactive Brokers nelze vypisovat<\/strong> op\u010dn\u00ed kontrakty na 30-Day Federal Fed Futures a mohu se tak pokou\u0161et pouze o Long obchody s t\u011bmito opcemi. Dotaz u\u010din\u011bn\u00fd m\u00e9mu brokerovi, pro\u010d tomu tak je, m\u011bl pak tento v\u00fdsledek:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 \u00a0Obecn\u011b mohu aktu\u00e1ln\u011b konstatovat, \u017ee burza CME nezobrazuje \u017e\u00e1dn\u00e9 obchody s t\u011bmito op\u010dn\u00edmi kontrakty, jejich Volume \u010di Open Interest, tak\u00e9 v platform\u011b Interactive Brokers nedoch\u00e1z\u00ed k na\u010d\u00edt\u00e1n\u00ed t\u011bchto vlastnost\u00ed, byl bych pak p\u0159i volb\u011b obchod\u016f s t\u011bmito op\u010dn\u00edmi kontrakty velmi opatrn\u00fd, zejm\u00e9na z pohledu jejich mo\u017en\u00e9 likvidity.<\/span><\/p>\n

\n

\u00a0\u00a0 Encyklopedick\u00fd \u010dl\u00e1nek o mo\u017enostech obchodovat op\u010dn\u00ed kontrakty tak\u00e9 na futures sleduj\u00edc\u00ed tr\u017en\u00ed \u00farokov\u00e9 sazby m\u011bl za \u00fakol nahl\u00e9dnou do t\u00e9to velmi zaj\u00edmav\u00e9 \u010d\u00e1sti deriv\u00e1tov\u00fdch trh\u016f. Mysl\u00edm si, \u017ee ka\u017ed\u00fd obchodn\u00edk, kter\u00fd uva\u017euje o pozic\u00edch v jak\u00e9mkoliv futures kontraktu by m\u011bl m\u00edt alespo\u0148 z\u00e1kladn\u00ed pov\u011bdom\u00ed o existenci na n\u011b nav\u00e1zan\u00fdch op\u010dn\u00edch kontrakt\u016f, kter\u00e9 mohou poskytnou zaj\u00edmav\u00e1 \u0159e\u0161en\u00ed p\u0159i ochran\u011b t\u011bchto futures pozic nebo je mohou odpov\u00eddaj\u00edc\u00edm zp\u016fsobem nap\u0159\u00edklad replikovat. Z\u00e1kladn\u00ed viz\u00ed p\u0159i psan\u00ed t\u011bchto \u0159\u00e1dk\u016f bylo krom\u011b popisu jejich samotn\u00e9 existence nast\u00ednit z\u00e1kladn\u00ed strukturu a vlastnosti t\u011bchto op\u010dn\u00edch kontrakt\u016f\u2026:c) \u00a0\u00a0<\/span><\/p>\n

\u00a0 \u00a0Koment\u00e1\u0159e a p\u0159\u00edsp\u011bvky k tomuto \u010dl\u00e1nku pros\u00edm sm\u011brujte do Diskuzn\u00edho f\u00f3ra do tohoto vl\u00e1kna<\/a><\/strong><\/span> :c)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 V minul\u00e9m \u010dl\u00e1nku Dluhopisy \u2013 XXII. jsem nakousnul t\u00e9ma op\u010dn\u00edch kontrakt\u016f nav\u00e1zan\u00fdch na dluhopisov\u00e1 podkladov\u00e1 aktiva. Po prvotn\u00edm prozkoum\u00e1n\u00ed ter\u00e9nu jsem konstatoval, \u017ee dluhopisov\u00e9 opce nejsou v tomto smyslu op\u010dn\u00ed kontrakty listovan\u00e9 na jednotliv\u00e9 dluhopisov\u00e9 emise nap\u0159\u00edklad vl\u00e1dn\u00edch nebo korpor\u00e1tn\u00edch dluhopis\u016f, ale \u017ee burzovn\u011b obchodovan\u00e9 opce p\u0159edstavuj\u00ed op\u010dn\u00ed kontrakty, Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":7495,"comment_status":"closed","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":[60],"tags":[61],"class_list":["post-7474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dluhopisy","tag-dluhopisy"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2025\/02\/main.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-1Wy","jetpack-related-posts":[{"id":7416,"url":"https:\/\/dobretrejdy.com\/?p=7416","url_meta":{"origin":7474,"position":0},"title":"Dluhopisy \u2013 XXII.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0","author":"dobretrejdy :c)","date":"2.1.2025","format":false,"excerpt":"\u00a0\u00a0 Trvale vysok\u00e1 likvidita na americk\u00fdch vl\u00e1dn\u00edch dluhopisech s nejr\u016fzn\u011bj\u0161\u00edmi splatnostmi vytvo\u0159ila p\u0159\u00edle\u017eitost vytvo\u0159it na n\u011b nav\u00e1zan\u00e9 deriv\u00e1ty \u2013 dluhopisov\u00e9 futures kontrakty. V minul\u00fdch \u010dl\u00e1nc\u00edch tak byly pops\u00e1ny \u201evelk\u00e9\u201c dluhopisov\u00e9 Treasury futures a n\u00e1sledn\u011b jejich desetinov\u00e9 klony - Treasury Micro futures. Oba tyto futures kontrakty replikuj\u00ed zm\u011bnu ceny podkladov\u00fdch aktiv\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/01\/Opt1.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/01\/Opt1.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/01\/Opt1.jpg?resize=525%2C300 1.5x"},"classes":[]},{"id":7650,"url":"https:\/\/dobretrejdy.com\/?p=7650","url_meta":{"origin":7474,"position":1},"title":"Dluhopisy \u2013 XXIV.","author":"dobretrejdy :c)","date":"27.11.2025","format":false,"excerpt":"\u00a0 \u00a0Neuv\u011b\u0159iteln\u00fdch osm m\u011bs\u00edc\u016f od naps\u00e1n\u00ed posledn\u00edho \u010dl\u00e1nku nic neubralo na v\u00fdznamu zji\u0161t\u011bn\u00ed, \u017ee \u201edluhopisov\u00e9 opce\u201c opravdu nejsou \u201eopce na dluhopisy\u201c, tedy jejich podkladov\u00fdm aktivem nen\u00ed jak\u00e1koliv konkr\u00e9tn\u00ed emise dluhopis\u016f, ale tyto dluhopisov\u00e9 opce jsou nav\u00e1z\u00e1ny na futures kontrakty, kter\u00e9 ale ji\u017e souvisej\u00ed s konkr\u00e9tn\u00edmi dluhopisov\u00fdmi emisemi nebo \u00farokov\u00fdmi sazbami.\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/11\/ZB1.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/11\/ZB1.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/11\/ZB1.jpg?resize=525%2C300 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/11\/ZB1.jpg?resize=700%2C400 2x"},"classes":[]},{"id":7097,"url":"https:\/\/dobretrejdy.com\/?p=7097","url_meta":{"origin":7474,"position":2},"title":"Dluhopisy \u2013 XVIII.","author":"dobretrejdy :c)","date":"20.5.2024","format":false,"excerpt":"\u00a0\u00a0 Sv\u011bt dluhopisov\u00fdch deriv\u00e1t\u016f je v\u00edce ne\u017e flexibiln\u00ed. V minul\u00fdch \u010dl\u00e1nc\u00edch jsem popisoval existenci a z\u00e1kladn\u00ed mo\u017enosti nakl\u00e1d\u00e1n\u00ed s \u201evelk\u00fdm\u201c dluhopisov\u00fdm US Treasury futures kontraktem, jeho\u017e podkladov\u00fdm aktivem p\u0159i vypo\u0159\u00e1d\u00e1n\u00ed je p\u0159\u00edslu\u0161n\u00fd americk\u00fd vl\u00e1dn\u00ed dluhopis s Face Value 100.000 USD vybran\u00fd z ko\u0161e odpov\u00eddaj\u00edc\u00edch emis\u00ed (Delivery Basket) upraven\u00fd o koeficient\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/05\/MF1.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/05\/MF1.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/05\/MF1.jpg?resize=525%2C300 1.5x"},"classes":[]},{"id":6833,"url":"https:\/\/dobretrejdy.com\/?p=6833","url_meta":{"origin":7474,"position":3},"title":"Dluhopisy \u2013 XIV. \u00a0\u00a0\u00a0\u00a0","author":"dobretrejdy :c)","date":"7.12.2023","format":false,"excerpt":"\u00a0 \u00a0Pravd\u011bpodobn\u011b nejv\u00fdznamn\u011bj\u0161\u00edmi dluhopisov\u00fdmi deriv\u00e1ty jsou dluhopisov\u00e9 futures. Napodobit dr\u017een\u00ed dluhopis\u016f (v tomto \u010dl\u00e1nku americk\u00fdch vl\u00e1dn\u00edch dluhopis\u016f), ani\u017e bych se jich jen dotknul, mi pom\u016f\u017ee existence tzv. \u201eTreasury Futures\u201c kontrakt\u016f. Nebudu se nyn\u00ed nijak v\u00fdznamn\u011b zdr\u017eovat n\u011bjak\u00fdm kv\u011btnat\u00fdm \u00favodem \u010dl\u00e1nku a bez ot\u00e1len\u00ed se pono\u0159\u00edm p\u0159\u00edmo do pozoruhodn\u00e9ho t\u00e9matu, kter\u00fd\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/12\/OI5.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/12\/OI5.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/12\/OI5.jpg?resize=525%2C300 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/12\/OI5.jpg?resize=700%2C400 2x"},"classes":[]},{"id":7042,"url":"https:\/\/dobretrejdy.com\/?p=7042","url_meta":{"origin":7474,"position":4},"title":"Dluhopisy \u2013 XVII.","author":"dobretrejdy :c)","date":"21.3.2024","format":false,"excerpt":"\u00a0\u00a0 Pocit \u00fanavy ze slo\u017eitosti p\u0159edch\u00e1zej\u00edc\u00edho \u010dl\u00e1nku s popisem derivac\u00ed cenov\u00e9 funkce kup\u00f3nov\u00e9ho dluhopisu a mo\u017en\u00e9 frustrace z nemo\u017enosti aplikovat zji\u0161t\u011bnou dolarovou hodnotu jednoho bazick\u00e9ho bodu na stotis\u00edcov\u00e9 dluhopisov\u00e9 portfolio s hed\u017eov\u00e1n\u00edm pomoc\u00ed stotis\u00edcov\u00e9ho dluhopisov\u00e9ho futures, proto\u017ee t\u011bchto sto tis\u00edc dolar\u016f prost\u011b nem\u00e1m, by mohly vykompenzovat n\u00e1sleduj\u00edc\u00ed \u0159\u00e1dky \u010dl\u00e1nku, kter\u00e9\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/03\/Y1.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/03\/Y1.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/03\/Y1.jpg?resize=525%2C300 1.5x"},"classes":[]},{"id":6900,"url":"https:\/\/dobretrejdy.com\/?p=6900","url_meta":{"origin":7474,"position":5},"title":"Dluhopisy \u2013 XV.\u00a0","author":"dobretrejdy :c)","date":"31.1.2024","format":false,"excerpt":"\u00a0 \u00a0Popisem a principem ur\u010den\u00ed ceny dluhopisov\u00fdch futures kontrakt\u016f jsem se zab\u00fdval v minul\u00e9m \u010dl\u00e1nku, poskytuje se mi tak z\u00e1kladn\u00ed n\u00e1hled na z\u00e1kladn\u00ed dluhopisov\u00fd deriv\u00e1t, kter\u00fd se vyzna\u010duje v\u00fdznamn\u00fdmi objemy obchod\u016f a z toho odvozenou zna\u010dnou likviditou. Jak mohu ale toto dluhopisov\u00e9 futures vyu\u017e\u00edt prakticky by mohlo b\u00fdt n\u00e1pln\u00ed n\u00e1sleduj\u00edc\u00edch\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/01\/F2.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/01\/F2.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/01\/F2.jpg?resize=525%2C300 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/01\/F2.jpg?resize=700%2C400 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/7474","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=7474"}],"version-history":[{"count":7,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/7474\/revisions"}],"predecessor-version":[{"id":7504,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/7474\/revisions\/7504"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/7495"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}