{"id":81,"date":"2017-03-31T15:16:17","date_gmt":"2017-03-31T15:16:17","guid":{"rendered":"http:\/\/dobretrejdy.com\/?p=81"},"modified":"2022-02-18T08:28:09","modified_gmt":"2022-02-18T06:28:09","slug":"call-bull-spread","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=81","title":{"rendered":"Call Bull Spread"},"content":{"rendered":"

\u00a0\u00a0 Z\u00e1kladn\u00ed op\u010dn\u00ed kombinace<\/strong>. Pokud bych \u010derpal z\u00a0ve\u0159ejn\u00fdch diskuz\u00ed trader\u016f nebo odvozoval ze sv\u00fdch tradingov\u00fdch zku\u0161enost\u00ed s\u00a0jin\u00fdmi obchodn\u00edky, je opravdu s\u00a0podivem, jak je takov\u00e1 oby\u010dejn\u00e1 a nejjednodu\u0161\u0161\u00ed op\u010dn\u00ed kombinace p\u0159ehl\u00ed\u017eena. Podstatou takov\u00e9 z\u00e1kladn\u00ed strategie je po\u0159\u00edzen\u00ed opc\u00ed<\/span><\/p>\n

Long Call na ni\u017e\u0161\u00edm strike a Short Call na vy\u0161\u0161\u00edm strike<\/strong><\/span><\/h3>\n

\u00a0\u00a0 Na takov\u00fd Call Bull Spread se pak m\u016f\u017eu d\u00edvat z\u00a0n\u011bkolika z\u00e1kladn\u00edch perspektiv, kter\u00e9 ov\u0161em vych\u00e1zej\u00ed z\u00a0v\u00fd\u0161e uveden\u00e9 z\u00e1sady. Nejjednodu\u0161\u0161\u00edm p\u0159\u00edkladem tak m\u016f\u017ee b\u00fdt Long Call na ni\u017e\u0161\u00edm strike a Short Call na vy\u0161\u0161\u00edm strike s\u00a0opcemi ve stejn\u00e9 expiraci<\/strong>, takov\u00fd Call Bull Spread je pak \u00a0ozna\u010dov\u00e1n jako Vertik\u00e1ln\u00ed<\/strong>. M\u016f\u017eu ale tak\u00e9 po\u0159\u00eddit Long Call v\u00a0bli\u017e\u0161\u00ed expiraci<\/strong> a Short Call ve vzd\u00e1len\u011bj\u0161\u00ed expiraci<\/strong> se stejn\u00fdmi strike, potom se o takov\u00e9m spreadu m\u016f\u017ee hovo\u0159it jako o Horizont\u00e1ln\u00edm<\/strong> spreadu a nakonec m\u016f\u017eu po\u0159\u00eddit takov\u00e9 Long Call v\u00a0bli\u017e\u0161\u00ed expiraci<\/strong> a Short Call ve vzd\u00e1len\u011bj\u0161\u00ed expiraci<\/strong>, ale s\u00a0rozd\u00edln\u00fdmi strikes<\/strong>, pak bych mohl takov\u00fd spread nazvat spreadem Diagon\u00e1ln\u00edm<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Nebudu se zab\u00fdvat nyn\u00ed takov\u00fdmi spready, kter\u00e9 maj\u00ed opce s\u00a0odli\u0161nou expirac\u00ed, ale z\u016fstanu u \u201eklasiky\u201c, Call Bull Spreadu s\u00a0opcemi s\u00a0expirac\u00ed stejnou, kompletn\u011b bych takovou pozici mohl nazvat Vertical Call Bull Spread (d\u00e1le jen \u201eCBS\u201c).<\/span><\/p>\n

\u00a0 Pro\u010d bych m\u011bl do takov\u00e9ho spreadu vstupovat?<\/strong><\/span><\/h2>\n

\u00a0\u00a0 Dobr\u00e1 ot\u00e1zka, kter\u00e1 m\u016f\u017ee m\u00edt dv\u011b odpov\u011bdi. Pozici CBS mohu vytvo\u0159it p\u0159\u00edm\u00fdm po\u0159\u00edzen\u00edm<\/strong>, ke kter\u00e9mu m\u011b mohou v\u00e9st mnoho d\u016fvod\u016f nebo jako v\u00fdsledek jin\u00fdch operac\u00ed s\u00a0jin\u00fdmi opcemi<\/strong> (nap\u0159\u00edklad v\u00a0\u010dl\u00e1nku o Long Call opci jsem ukazoval z\u00e1chranu takov\u00e9 Long Call opce vytvo\u0159en\u00ed CBS p\u0159i poklesu ceny). Zam\u011b\u0159\u00edm se na prvn\u00ed oblast, tedy po\u0159\u00edzen\u00ed takov\u00e9ho CBS na z\u00e1klad\u011b n\u011bjak\u00e9ho vlastn\u00edho obchodn\u00edho rozhodnut\u00ed, kter\u00e9 m\u016f\u017ee vych\u00e1zet tak\u00e9 z\u00a0n\u00e1sleduj\u00edc\u00edch d\u016fsledk\u016f, kter\u00e9 jsou spojeny s\u00a0po\u0159\u00edzen\u00edm CBS.<\/span><\/p>\n

\u00a0 \u00a01\/<\/strong> Po\u0159\u00edzen\u00edm Vertik\u00e1ln\u00edho Call Bull Spreadu nevznik\u00e1 \u017e\u00e1dn\u00fd po\u017eadavek na margin<\/strong>, maxim\u00e1ln\u00ed mo\u017enou ztr\u00e1tou je hodnota jeho po\u0159\u00edzen\u00ed<\/span><\/p>\n

\u00a0 \u00a02\/<\/strong> Vertik\u00e1ln\u00ed Call Bull Spread po\u0159izuji v\u017edy za debet<\/strong>, mus\u00edm tedy na jeho konstrukci na m\u00e9m \u00fa\u010dtu v\u017edy vynalo\u017eit pen\u00edze<\/span><\/p>\n

\u00a0 \u00a03\/<\/strong> Vertik\u00e1ln\u00ed Call Bull Spread vyk\u00e1\u017ee v\u017edy maxim\u00e1ln\u00ed profit<\/strong> pouze v\u00a0p\u0159\u00edpad\u011b, \u017ee je cel\u00fd pono\u0159en \u201edo pen\u011bz\u201c<\/strong> (ITM), tedy v\u00a0p\u0159\u00edpad\u011b, \u017ee jsou u expirace ob\u011b opce spreadu pod sou\u010dasnou cenou podkladov\u00e9ho aktiva. V\u00a0tomto p\u0159\u00edpad\u011b je pak Long Call automaticky exercised (uplatn\u011bna) a Short Call automaticky assigned (p\u0159i\u0159azena). Co se stane? M\u016fj CBS +135\/-140 na akcie AAPL po\u0159\u00edzen\u00fd za -280 USD je p\u0159i expiraci cel\u00fd v\u00a0pen\u011bz\u00edch, proto\u017ee se akcie AAPL moment\u00e1ln\u011b obchoduj\u00ed za 143 USD. M\u00e1 Long Call 135 je automaticky exercised<\/strong> a j\u00e1 obdr\u017e\u00edm na sv\u016fj \u00fa\u010det 100 x Long akcie AAPL za cenu strike 135 USD a vynalo\u017e\u00edm na jej\u00edch po\u0159\u00edzen\u00ed -13.500 USD, vz\u00e1p\u011bt\u00ed je v\u0161ak automaticky assigned<\/strong> m\u00e1 Short Call 140 a j\u00e1 obdr\u017e\u00edm na \u00fa\u010det 100 x Short akcie AAPL za cenu strike (140 USD) a za tuto operaci kas\u00edruji +14.000 USD. Ob\u011b akciov\u00e9 pozice se vyru\u0161\u00ed (Long x Short) a zmiz\u00ed, miz\u00ed m\u00e9 op\u010dn\u00ed pozice a z\u016fst\u00e1v\u00e1 mi pouze t\u011bchto +500 USD. Na CBS jsem vynalo\u017eil -280 USD, tak\u017ee \u010dist\u00fd profit je +220 USD<\/strong>. \u00a0Nikdy bych nemohl za \u017eivota CBS tento l\u00e9pe zhodnotit, ne\u017e je touto situac\u00ed, kdykoliv bych jej toti\u017e cht\u011bl prodat na voln\u00e9m trhu p\u0159ed expirac\u00ed, v\u017edy bych musel prod\u00e1vat Long Call opci a likvidovat Short Call opci s\u00a0n\u011bjakou \u010dasovou slo\u017ekou a zejm\u00e9na s\u00a0n\u011bjak\u00fdm Ask\/Bid spreadem, takto \u201e\u010dist\u011b jako u expirace\u201c za cenu jejich strike bych je nikdy nezobchodoval.<\/span><\/p>\n

\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0Co z\u00a0toho vypl\u00fdv\u00e1? Jednoduch\u00e9 porozum\u011bn\u00ed Exercise a Assignment ITM opc\u00ed CBS p\u0159i expiraci je d\u016fkazem, \u017ee maxim\u00e1ln\u00edm profitem<\/strong> CBS je dolarov\u00e9 vyj\u00e1d\u0159en\u00ed rozd\u00edlu strike opc\u00ed tvo\u0159\u00edc\u00ed CBS<\/strong>. Z\u00a0m\u00e9ho p\u0159\u00edkladu pak vypl\u00fdv\u00e1, \u017ee CBS na akcie AAPL +135\/-140 m\u00e1 rozd\u00edl strikes 5 bod\u016f, co\u017e reprezentuje pr\u00e1v\u011b +500 USD maxim\u00e1ln\u00edho profitu, v\u00edce mi tento CBS nad\u011blit nem\u016f\u017ee. Od tohoto maxim\u00e1ln\u00edho profitu mus\u00edme v\u0161ak v\u017edy ode\u010d\u00edst jeho po\u0159izovac\u00ed n\u00e1klady, abychom zjistili maxim\u00e1ln\u00ed mo\u017en\u00fd profit z\u00a0pozice CBS, kterou jsme vytvo\u0159ili. Proto\u017ee jsme na po\u0159\u00edzen\u00ed CBS AAPL vynalo\u017eili -280 USD, pak profitabilita CBS mus\u00ed v\u017edy respektovat skute\u010dnost, \u017ee na tyto n\u00e1klady mus\u00ed CBS vyd\u011blat, toto se ale stane jenom v\u00a0p\u0159\u00edpad\u011b, \u017ee cena AAPL se obchoduje (v dolarov\u00e9m vyj\u00e1d\u0159en\u00ed) o 280 USD v\u00fd\u0161e, ne\u017e je hodnota strike Long Call opce spreadu, v\u00a0na\u0161em p\u0159\u00edpad\u011b je tento strike 135 + 2,80 = 137,80 USD \u2013 toto je Break-Even cel\u00e9ho CBS,<\/strong> nad touto cenou bude CBS profitabiln\u00ed a pod touto cenou bude ztr\u00e1tov\u00fd. Ztr\u00e1ta cel\u00e9 investice pak nast\u00e1v\u00e1 v p\u0159\u00edpad\u011b, \u017ee ob\u011b opce CBS vypr\u0161\u00ed jako bezcenn\u00e9 a vynalo\u017een\u00e9 n\u00e1klady pak nejsou nijak uspokojeny a st\u00e1vaj\u00ed se p\u0159\u00edmou a maxim\u00e1ln\u00ed ztr\u00e1tou CBS. To se p\u0159ihod\u00ed pokud se budou p\u0159i expiraci akcie AAPL obchodovat za m\u00e9n\u011b ne\u017e 135 USD.<\/span><\/p>\n

\u00a0\u00a0 Shrnut\u00ed v\u00fd\u0161e uveden\u00e9ho pak m\u016f\u017ee b\u00fdt takov\u00e9:<\/strong><\/span><\/p>\n

\u00a0 1\/<\/strong> Maxim\u00e1ln\u00ed profit<\/strong> Vertik\u00e1ln\u00edho CBS je rozd\u00edlem strike opc\u00ed vyj\u00e1d\u0159eno v\u00a0dolarech<\/strong> (5 bod\u016f = 500 USD)<\/span><\/p>\n

\u00a0\u00a0 2\/<\/strong> Vertik\u00e1ln\u00ed CBS<\/strong> po\u0159izujeme za debet<\/strong>, kter\u00fd nesm\u00ed b\u00fdt v\u011bt\u0161\u00ed, ne\u017e je rozsah strike opc\u00ed CBS<\/strong>. V\u00a0takov\u00e9m p\u0159\u00edpad\u011b le\u017e\u00ed Break-Even bod CBS mezi strike opc\u00ed a jeho hodnota je strike Call opce + debet (135 + 2,80 USD = 137,80 USD).<\/span><\/p>\n

\u00a0\u00a0 3\/<\/strong> Pokud jsou n\u00e1klady vy\u0161\u0161\u00ed, ne\u017e je rozsah strike<\/strong> opc\u00ed Vertik\u00e1ln\u00edho CBS je tento CBS ztr\u00e1tov\u00fd<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 4\/<\/strong> Pokud jsme Vertik\u00e1ln\u00ed CBS schopni po\u0159\u00eddit za kredit<\/strong>, tak nic hor\u0161\u00edho, ne\u017e \u017ee n\u00e1m tento kredit z\u016fstane se n\u00e1m ji\u017e nem\u016f\u017ee st\u00e1t.<\/strong><\/span><\/p>\n

\u00a0\u00a0 Formulac\u00ed v\u00fd\u0161e uveden\u00fdch bod\u016f by m\u011blo tvo\u0159it z\u00e1klad ka\u017ed\u00e9 obchodn\u00ed taktiky, kterou p\u0159i obchodov\u00e1n\u00ed CBS mohu pou\u017e\u00edt. Pochopen\u00ed t\u00e9to logiky je tak\u00e9 b\u011b\u017en\u011b vyu\u017e\u00edv\u00e1no Market Makery k\u00a0\u0159\u00edzen\u00ed jejich pozic tzv. \u201espreadov\u00e1n\u00ed\u201c ji\u017e po\u0159\u00edzen\u00fdch obchodn\u00edch pozic a je tak b\u011b\u017enou sou\u010d\u00e1st\u00ed jejich arzen\u00e1lu k\u00a0eliminaci mo\u017en\u00fdch obchodn\u00edch ztr\u00e1t. V p\u0159\u00edsp\u011bvku Vypisov\u00e1n\u00ed opc\u00ed – kdo je kr\u00e1l?<\/strong><\/a><\/span> jsem popisoval techniku tv\u016frc\u016f trhu p\u0159i na\u0161em vypisov\u00e1n\u00ed Call opc\u00ed pomoc\u00ed Short akci\u00ed a Long Put opce. Nyn\u00ed se nab\u00edz\u00ed jin\u00e1 technika zaji\u0161\u0165ov\u00e1n\u00ed pozic, a to vstupov\u00e1n\u00ed do zde popisovan\u00fdch Vertik\u00e1ln\u00edch Call Bull Spread\u016f.<\/span><\/p>\n

\u00a0\u00a0 Pochopen\u00ed fungov\u00e1n\u00ed by pak mohlo b\u00fdt dobr\u00e9 i pro m\u016fj vlastn\u00ed trading. Logika takov\u00e9ho postupu je jednoduch\u00e1 a ji\u017e jsem ji nazna\u010dil ve \u010dl\u00e1nku o Long Call a Short Call.<\/span><\/p>\n

\u00a0\u00a0 1\/<\/strong> Pokud budu m\u00edt Long Call 135 koupenou za -150 USD<\/strong> a trh ud\u011bl\u00e1 pohyb (nebo se pouze zv\u00fd\u0161\u00ed volatilita) a j\u00e1 budu schopen vypsat Short Call 136 za +160 USD<\/strong> vytvo\u0159\u00edm tak ze sv\u00e9 p\u016fvodn\u00ed Long Call 135 a nov\u011b vypsan\u00e9 Short Call 136 Vertik\u00e1ln\u00ed CBS +135\/-136 za kter\u00fd jsem utr\u017eil kredit +10 USD. Na pozici m\u016f\u017eu zapomenout. Kredit mi ji\u017e nikdo nevezme a nav\u00edc mohu p\u0159i p\u0159\u00edzniv\u00e9 konstelaci vyd\u011blat dal\u0161\u00edch 100 USD na cel\u00e9m CBS, pokud by skon\u010dil p\u0159i expiraci \u201ev pen\u011bz\u00edch\u201c. Sv\u016fj profit<\/strong> jsem ale ji\u017e uzamknul na +10 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 2\/<\/strong> Pokud budu m\u00edt Short Call 140 vypsanou za +150 USD<\/strong> a trh vytvo\u0159\u00ed situaci (ned\u011bl\u00e1 pohyb nahoru, bude stagnovat, bude klesat nebo se pouze sn\u00ed\u017e\u00ed volatilita) a j\u00e1 budu schopen koupit Long Call 138 za -135 USD<\/strong> vytvo\u0159\u00edm tak ze sv\u00e9 p\u016fvodn\u00ed Short Call 140 a nov\u011b po\u0159\u00edzen\u00e9 Long Call 138 Vertik\u00e1ln\u00ed CBS +138\/-140 za kter\u00fd jsem utr\u017eil kredit +15 USD. Na pozici m\u016f\u017eu zapomenout. Kredit mi ji\u017e nikdo nevezme a nav\u00edc mohu p\u0159i p\u0159\u00edzniv\u00e9 konstelaci vyd\u011blat dal\u0161\u00edch 200 USD na cel\u00e9m CBS, pokud by skon\u010dil p\u0159i expiraci \u201ev pen\u011bz\u00edch\u201c. Sv\u016fj profit<\/strong> jsem ale ji\u017e uzamknul na +15 USD<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Zamyk\u00e1n\u00edm takov\u00fdch profit\u016f na ji\u017e dr\u017een\u00fdch Long Call opc\u00edch nebo vypsan\u00fdch Short Call opc\u00ed je jednoduchou taktikou \u0159\u00edzen\u00ed profitu\/ztr\u00e1ty dr\u017een\u00e9ho op\u010dn\u00edho portfolia.<\/span><\/p>\n

Jak do Vertical Bull Spreadu vstoupit?<\/span><\/strong><\/h2>\n

\u00a0\u00a0\u00a0 Odpov\u011bd\u00ed na tuto ot\u00e1zku je m\u00edra o\u010dek\u00e1v\u00e1n\u00ed, co trh v\u00a0n\u00e1sleduj\u00edc\u00edm obdob\u00ed m\u016f\u017ee p\u0159in\u00e9st, jak\u00e9 je tedy m\u00e9 p\u0159esv\u011bd\u010den\u00ed, kam se trh v budoucnosti pohne. Je velmi \u010dast\u00fdm omylem n\u00e1zor, \u017ee CBS je spread, kter\u00fd nevyd\u011bl\u00e1, pokud po jeho po\u0159\u00edzen\u00ed neza\u010dne trh bezprost\u0159edn\u011b stoupat. Za takov\u00e9 myln\u00e9 p\u0159esv\u011bd\u010den\u00ed m\u016f\u017ee mo\u017en\u00e1 i ozna\u010den\u00ed \u201eBull Spread\u201c, kter\u00e9 by m\u011blo takov\u00e9 tvrzen\u00ed podporovat. Nen\u00ed tomu tak. Podle m\u00edry m\u00e9ho o\u010dek\u00e1v\u00e1n\u00ed mohu toti\u017e takov\u00fd Vertik\u00e1ln\u00ed CBS po\u0159\u00eddit tak, aby spl\u0148oval t\u00e9m\u011b\u0159 jak\u00e9koliv mnou o\u010dek\u00e1van\u00e9 budouc\u00ed pohyby, tedy r\u016fst, stagnaci i pokles. Na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku jsou t\u0159i z\u00e1kladn\u00ed mo\u017enosti<\/strong> po\u0159\u00edzen\u00ed Vertical CBS, kdy\u017e ka\u017ed\u00e1 z\u00a0nich odr\u00e1\u017e\u00ed jin\u00fd pohled na budouc\u00ed tr\u017en\u00ed v\u00fdvoj akcie AAPL<\/span><\/p>\n

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

\u00a0 \u00a01\/<\/strong> Akcie AAPL<\/strong> se obchoduje za 143,50 USD<\/strong>. Jsem p\u0159esv\u011bd\u010den o siln\u00e9m uptrendu<\/u><\/strong>. Po\u0159izuji Vertik\u00e1ln\u00ed CBS +144\/-146<\/span><\/strong>. Ob\u011b opce CBS jsou moment\u00e1ln\u011b \u201emimo pen\u00edze\u201c (OTM). Spread po\u0159izuji za -207 +119 = -88 USD. Toto je m\u00e1 investice, toto je celkov\u00e1 mo\u017en\u00e1 ztr\u00e1ta, kterou mohu utrp\u011bt. Maxim\u00e1ln\u00ed profit je rozd\u00edl strike CBS, tedy 2 body = 200 USD. Celkov\u011b tak mohu na sv\u00e9m CBS vyd\u011blat +200 USD \u2013 88 USD = +112 USD,<\/strong> a to v\u00a0p\u0159\u00edpad\u011b, \u017ee p\u0159i expiraci bude cena nad strike Short Call opce, tedy nad 146 USD. Break Even (BE) je na hodnot\u011b 144,88 USD (Strike Long Call 144 + 0,88 USD = 144,88 USD). Od t\u00e9to hodnoty ji\u017e bude m\u016fj CBS v\u00a0profitu. Podle toho, jak daleko nad t\u00edmto BE bude, takov\u00fd bude m\u016fj profit, ov\u0161em ohrani\u010den\u00fd shora \u010d\u00e1stkou +112 USD.<\/span><\/p>\n

\u00a0 \u00a02\/<\/strong> Akcie AAPL<\/strong> se obchoduje za 143,50 USD<\/strong>. Jsem p\u0159esv\u011bd\u010den o velmi m\u00edrn\u00e9m nebo nepatrn\u00e9m ugptrendu.<\/u><\/strong>\u00a0Po\u0159izuji Vertik\u00e1ln\u00ed CBS +141\/-148<\/span><\/strong>. Long Call 141 opce je \u201ev pen\u011bz\u00edch\u201c (ITM) a Short Call 148 je moment\u00e1ln\u011b \u201emimo pen\u00edze\u201c (OTM). Spread po\u0159izuji za -400 +65 = -335 USD. Toto je m\u00e1 investice, toto je celkov\u00e1 mo\u017en\u00e1 ztr\u00e1ta, kterou mohu utrp\u011bt. Maxim\u00e1ln\u00ed profit je rozd\u00edl strike CBS, tedy 7 body = +700 USD. Celkov\u011b tak mohu na sv\u00e9m CBS vyd\u011blat +700 USD \u2013 335 USD = +365 USD<\/strong>, a to v\u00a0p\u0159\u00edpad\u011b, \u017ee p\u0159i expiraci bude cena nad strike Short Call opce, tedy nad 148 USD. Break Even (BE) je na hodnot\u011b 144,35 USD (Strike Long Call 141 + 3,35 USD = 144,35 USD). To znamen\u00e1, \u017ee sta\u010d\u00ed, aby AAPL pouze velmi m\u00edrn\u011b vystoupal (+0,6%)\u00a0<\/span>a budu v\u00a0pozici, \u017ee na CBS neprod\u011bl\u00e1m. Od hodnoty BE ji\u017e bude m\u016fj CBS v\u00a0profitu, tento BE je ale velmi m\u00edrn\u011b nad sou\u010dasnou cenou, za kterou se AAPL obchoduje. Podle toho, jak daleko nad t\u00edmto BE bude, takov\u00fd bude m\u016fj profit, ov\u0161em ohrani\u010den\u00fd shora \u010d\u00e1stkou +365 USD.<\/p>\n

\u00a0 \u00a03\/<\/strong> Akcie AAPL<\/strong> se obchoduje za 143,50 USD<\/strong>. Jsem p\u0159esv\u011bd\u010den o stagnaci nebo p\u0159ipou\u0161t\u00edm m\u00edrn\u00fd pokles<\/u><\/strong>. Po\u0159izuji Vertik\u00e1ln\u00ed CBS +135\/-139<\/span><\/strong>. Long Call 135 opce je \u201ev pen\u011bz\u00edch\u201c (ITM) a Short Call 139 je moment\u00e1ln\u011b \u201ev pen\u011bz\u00edch\u201c (ITM), cel\u00fd spread je pono\u0159en \u201edo pen\u011bz\u201c. Spread po\u0159izuji za -940 +555 = -385 USD. Toto je m\u00e1 investice, toto je celkov\u00e1 mo\u017en\u00e1 ztr\u00e1ta, kterou mohu utrp\u011bt. Maxim\u00e1ln\u00ed profit je rozd\u00edl strike CBS, tedy 4 body = +400 USD. Celkov\u011b tak mohu na sv\u00e9m CBS vyd\u011blat +400 USD \u2013 385 USD = +15 USD<\/strong>, a to v\u00a0p\u0159\u00edpad\u011b, \u017ee p\u0159i expiraci bude cena nad strike Short Call opce, tedy nad 139 USD. Break Even (BE) je na hodnot\u011b 138,85 USD (Strike Long Call 135 + 3,85 USD = 138,85 USD). To znamen\u00e1, \u017ee AAPL m\u016f\u017ee stagnovat nebo dokonce siln\u011b klesnout a budu st\u00e1le v\u00a0pozici, \u017ee na CBS neprod\u011bl\u00e1m, takov\u00fd pokles m\u016f\u017ee b\u00fdt a\u017e o 3,20%. Od hodnoty BE ji\u017e bude m\u016fj CBS v\u00a0profitu, tento BE je ale siln\u011b pod sou\u010dasnou cenou, za kterou se AAPL obchoduje. Podle toho, jak daleko nad t\u00edmto BE bude, takov\u00fd bude m\u016fj profit, ov\u0161em ohrani\u010den\u00fd shora \u010d\u00e1stkou +15 USD. Zjednodu\u0161en\u011b \u0159e\u010deno, takov\u00fd CBS mus\u00ed z\u016fstat \u201ev pen\u011bz\u00edch\u201c aby neprod\u011blal, tato mo\u017enost v\u0161ak m\u016f\u017ee nastat i p\u0159i siln\u00e9m poklesu ceny AAPL. (Pro \u201emilovn\u00edky kreditn\u00edch vertik\u00e1ln\u00edch spread\u016f\u201c je to vlastn\u011b opa\u010dn\u00e1 situace. Pokud vyp\u00ed\u0161ete OTM kreditn\u00ed spread, tak se modl\u00edte, aby OTM z\u016fstal. Pokud koup\u00edte ITM CBS, tak se modl\u00edte, aby ITM z\u016fstal).<\/span><\/p>\n

\u00a0\u00a0 Vertical Call Bull Spread je velmi zaj\u00edmav\u00e1 \u201eobchodn\u00ed discipl\u00edna\u201c a d\u00e1 se obchodovat mnoha zp\u016fsoby. D\u016fle\u017eit\u00e9 je ale pochopen\u00ed v\u0161ech souvislost\u00ed s\u00a0o\u010dek\u00e1van\u00fdmi pohyby trhu a se samotnou konstrukc\u00ed takov\u00e9 jednoduch\u00e9 op\u010dn\u00ed kombinace. Bylo by velmi velkou chybou takov\u00e9 spreadov\u00e9 kombinace p\u0159ehl\u00ed\u017eet a nev\u011bnovat jim pozornost, kterou si v\u00a0ka\u017ed\u00e9m p\u0159\u00edpad\u011b zaslou\u017e\u00ed :c)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0\u00a0 Z\u00e1kladn\u00ed op\u010dn\u00ed kombinace. Pokud bych \u010derpal z\u00a0ve\u0159ejn\u00fdch diskuz\u00ed trader\u016f nebo odvozoval ze sv\u00fdch tradingov\u00fdch zku\u0161enost\u00ed s\u00a0jin\u00fdmi obchodn\u00edky, je opravdu s\u00a0podivem, jak je takov\u00e1 oby\u010dejn\u00e1 a nejjednodu\u0161\u0161\u00ed op\u010dn\u00ed kombinace p\u0159ehl\u00ed\u017eena. Podstatou takov\u00e9 z\u00e1kladn\u00ed strategie je po\u0159\u00edzen\u00ed opc\u00ed Long Call na ni\u017e\u0161\u00edm strike a Short Call na vy\u0161\u0161\u00edm strike \u00a0\u00a0 Na Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":87,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":true,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[4],"tags":[13],"class_list":["post-81","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opcni-kombinace","tag-call-bull-spread"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2017\/03\/Bull-WP-1.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-1j","jetpack-related-posts":[{"id":218,"url":"https:\/\/dobretrejdy.com\/?p=218","url_meta":{"origin":81,"position":0},"title":"Conversion + Reversal = Box","author":"dobretrejdy :c)","date":"23.4.2017","format":false,"excerpt":"\u00a0 \u00a0Rovnice s\u00a0t\u0159emi nezn\u00e1m\u00fdmi a jakoby nesouvisej\u00edc\u00edmi v\u00fdrazy. Mo\u017en\u00e1 pro chovatele andulek, nikoliv v\u0161ak pro op\u010dn\u00edho obchodn\u00edka. V\u00a0\u010dl\u00e1nku o technice Collar\u00a0jsem uvedl, \u017ee jeho speci\u00e1ln\u00ed formou, kdy je k\u00a0dr\u017een\u00fdm akci\u00edm vyps\u00e1na Short Call a koupena Long Put na stejn\u00e9m strike, se budu zab\u00fdvat v\u00a0n\u011bkter\u00e9m dal\u0161\u00edm \u010dl\u00e1nku. Cht\u011bl bych se zhostit\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\/2017\/04\/Box-uvod.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/Box-uvod.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/Box-uvod.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/Box-uvod.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":2515,"url":"https:\/\/dobretrejdy.com\/?p=2515","url_meta":{"origin":81,"position":1},"title":"Butterfly – I.","author":"dobretrejdy :c)","date":"17.10.2018","format":false,"excerpt":"\u00a0\u00a0 Pochopen\u00ed principu Call Bull Spreadu, kde maxim\u00e1ln\u00ed ztr\u00e1tou je vlo\u017een\u00e1 investice s\u00a0maxim\u00e1ln\u00edm potenci\u00e1lem profitu ve v\u00fd\u0161i dolarov\u00e9ho vyj\u00e1d\u0159en\u00ed rozsahu strike a sou\u010dasn\u011b porozum\u011bn\u00ed logice Call Bear Spreadu, kde maxim\u00e1ln\u00ed ztr\u00e1tou je dolarov\u00e9 vyj\u00e1d\u0159en\u00ed rozsahu strike a maxim\u00e1ln\u00edm profitem v\u00fdsledek vstupn\u00ed investice \u2013 p\u0159ijat\u00fd kredit, je z\u00e1kladem k\u00a0pochopen\u00ed slo\u017eit\u011bj\u0161\u00ed op\u010dn\u00ed\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\/10\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/10\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/10\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/10\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":2654,"url":"https:\/\/dobretrejdy.com\/?p=2654","url_meta":{"origin":81,"position":2},"title":"Ratio Spread \u2013 III.","author":"dobretrejdy :c)","date":"4.12.2018","format":false,"excerpt":"\u00a0\u00a0 V\u00a0minul\u00fdch dvou \u010dl\u00e1nc\u00edch jsem se zab\u00fdval existenc\u00ed Ratio Spread\u016f s\u00a0po\u0159\u00edzenou Long opc\u00ed za sou\u010dasn\u00e9ho po\u0159\u00edzen\u00ed dvou Short op\u010dn\u00edch kontrakt\u016f. Tento nestejn\u00fd po\u010det sou\u010dasn\u011b po\u0159\u00edzen\u00fdch opc\u00ed se stejnou expirac\u00ed pak generoval ur\u010dit\u00e9 vlastnosti takov\u00e9 op\u010dn\u00ed kombinace a z\u00a0n\u00ed vypl\u00fdvaj\u00edc\u00ed nutnost jej\u00edmu dokonal\u00e9mu porozum\u011bn\u00ed a ostra\u017eitosti p\u0159i p\u0159\u00edpadn\u00e9m obchodov\u00e1n\u00ed. Tyto n\u00e1strahy\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\/12\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2018\/12\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":411,"url":"https:\/\/dobretrejdy.com\/?p=411","url_meta":{"origin":81,"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":5223,"url":"https:\/\/dobretrejdy.com\/?p=5223","url_meta":{"origin":81,"position":4},"title":"Kreditn\u00ed strategie \u2013 IV.","author":"dobretrejdy :c)","date":"24.1.2021","format":false,"excerpt":"\u00a0 \u00a0V p\u0159edch\u00e1zej\u00edc\u00edm \u010dl\u00e1nku Kreditn\u00ed strategie \u2013 III. jsem pouk\u00e1zal na vztah pom\u011bru rizika a ztr\u00e1ty (RRR) k pot\u0159eb\u011b vysok\u00e9ho n\u00e1roku na po\u010det v\u00edt\u011bzn\u00fdch obchod\u016f (%Win), aby m\u011blo obchodov\u00e1n\u00ed popisovan\u00fdch kreditn\u00edch op\u010dn\u00edch kombinac\u00ed n\u011bjak\u00fd z\u00e1kladn\u00ed smysl. Nosnou my\u0161lenkou bylo uk\u00e1zat, \u017ee obchody s nep\u0159\u00edzniv\u00fdm RRR vy\u017eaduj\u00ed velmi vysok\u00fd po\u010det profitabiln\u00edch\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\/2021\/01\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/01\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/01\/main.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2021\/01\/main.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":174,"url":"https:\/\/dobretrejdy.com\/?p=174","url_meta":{"origin":81,"position":5},"title":"Akcie padaj\u00ed \u2013 kupuji \u00fato\u010dn\u00edka","author":"dobretrejdy :c)","date":"17.4.2017","format":false,"excerpt":"\u00a0\u00a0\u00a0 \u00a0P\u0159i studium obchodov\u00e1n\u00ed opc\u00ed jste ur\u010dit\u011b narazili na r\u016fzn\u00e1 prohl\u00e1\u0161en\u00ed, jak prot\u0159el\u00fd op\u010dn\u00ed obchodn\u00edk um\u00ed b\u00fdt s\u00a0opcemi v\u017edycky \u201esmart a cool\u201c v\u00a0jak\u00e9koliv tr\u017en\u00ed situaci, jak pomoc\u00ed opc\u00ed \u201ezachra\u0148ovat\u201c zka\u017een\u00e9 obchody, korigovat ztr\u00e1ty, z\u00edsk\u00e1vat tr\u017en\u00ed v\u00fdhody, spasit cel\u00e1 portfolia\u2026jako by se takov\u00fdm \u201evype\u010den\u00fdm\u201c op\u010dn\u00edm trader\u016fm snad ani nemohlo nikdy nic\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\/2017\/04\/messi-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/messi-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/messi-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/messi-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2017\/04\/messi-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/81","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=81"}],"version-history":[{"count":17,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/81\/revisions"}],"predecessor-version":[{"id":5699,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/81\/revisions\/5699"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/87"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=81"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=81"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=81"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}