2010 Aneta Čílová B A K A L Á Ř S K Á P R Á C E Ekonomická fakulta Technická univerzita v Liberci

Technická univerzita v Liberci Ekonomická fakulta

B A K A L Á Ř S K Á P R Á C E

2010 Aneta Čílová

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Option Contracts and Their Position on The Global Financial Markets

BP-EF-.)Ò-2010-02

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V Liberci

Anotace

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America

Annotation

Capital markets have become a standardized industry, which offers individuals, municipalities and others access to valorise their free financial assets (cash). Current economical situation often depreciates financial assets saved in standard current bank accounts. They lose value due to inflation and low interest generated. Therefore, saving into long-term investments on financial market is becoming increasingly popular.

This thesis describes and tries to explain that depositing free financial assets into long-term investments can be considered as safe, if hedging is utilized through options.

Key words: financial market, capital market, option, option contract, options strategies, Bank of America

Obsah

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1. +LVWRULHILQDQþQtKRWUKX ... 11

1.1. 2EGREtY letech 1600 - 1900 ... 11

1.2. 2EGREtY letech 1900 ± 1960 ... 13

1.3. 2EGREtY letech 1971 ± dosud ... 15

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Seznam zkratek DV\PEROĤ

AMEX ± The American Stock Exchange BAC ± Bank of America Corporation BOX ± Boston Option Exchange

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CBOE ± Chicago Board Option Exchange CBOT ± The Chicago Board Of Trade DJIA - Dow Jones Industrial Average ETF ± EXU]RYQČREFKRGRYDWHOQpIRQG\

ISE ± International Securities Exchange IV ± LPSOLNRYDQiYRODWLOLWD

LEAPS - Long Term Equity AnticiPation Security OCC - Options Clearing Corporation

OTC ± Over The Counter PCE - Pacific Exchange

PHLX - Philadelphia Stock Exchange SEC - Security Exchange Commission SV ± VWDWLVWLFNiYRODWLOLWD

USA ± United States of America

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obchodoviQt RSþQtFK NRQWUDNWĤ QHXVWiOH URVWH 3RURYQiQt RSþQtKR REFKRGRYiQt DNFLt

vzrostl objem v URFHRSURWLURNXRDXRSFtQD(7)R

͵ǤʹǤŠƒ”ƒ–‡”‹•–‹ƒ‘’«À…Š‘–”ƒ–õ

2SFHGiYiVYpPXGUåLWHOLSUiYRQDQiNXSQHERSURGHMSRGNODGRYpho aktiva ]DIL[QtFHQX

GRXUþLWpKRGDWD2SþQtREFKRG\VH]DĜD]XMtPH]LW]YSRGPtQČQpWHUPtQRYDQpREFKRG\ na UR]GtO RG QHSRGPtQČQêFK WHUPtQRYDQêFK REFKRGĤ VSRþtYi Y WRP åH SRX]H MHGHQ

z SDUWQHUĤPiSRYLQQRVW QDSRåiGiQtVMHGQDQêREFKRGVSOQLW]DWtPFRGUXKêPi PRåQRVW

YROE\WR]QDPHQiSRåDGRYDWSOQČQtREFKRGXQHERRGQČMRGVWRXSLW

2SFHPĤåHPHUR]GČOLWQDHYURSVNpDDPHULFNpRSFH (YURSVNpRSFHMHPRåQpUHDOL]RYDW

SRX]HSĜLVSODWQRVWL1DUR]GtORSFHDPHULFNpKRW\SXXPRåĖXMHSURYpVWSURGHMQHERNRXSL

v FHOpPþDVRYpPLQWHUYDOXRGY\SViQtRSFHDåGRREGREtMHMtH[SLUDFH3RMP\DPHULFNiD

HYURSVNiRSFHMVRX KLVWRULFNp DY VRXþDVQpGREČ VHREFKRGXMtQDRERXNRQWLQHQWHFKRED

W\S\RSFtDYãDNYČWãLQDRSFtVHNWHUêPLVHREFKRGXMHY 86$MVRXDPHULFNp'DOãtPRåQp

GČOHQt MH QD RSFH EXU]RYQt D PLPREXU]RYQt 27& 1D RUJDQL]RYDQêFK EXU]iFK VH

obchoduje pouze s XUþLWêPL VWDQGDUGQtPL RSFHPL SRNXG MGH R SRGNODGRYp DNWLYXP GDWD

Y\SUãHQtQHERUHDOL]DþQtFHQ\27&RSFHPtYDMtSDUDPHWU\UHDOL]DþQtFHQDþDVH[SLUDFH

velikost NRQWUDNWX SĜL]SĤVREHQ\ SĜiQt ]iND]QtND 1HPDMt YHONRX OLNYLGLWX GRED åLYRWD

EêYiQČNROLNOHWDUL]LNRQHVSOQČQt]iYD]NĤMHSRGVWDWQČY\ããtQHåXEXU]RYQtFKRSFt

Z KOHGLVNDUHDOL]DFHREFKRGXPĤåHPHKRYRĜLWRRSFtFK call a put. 1iNXSQtRSFH]QDPHQi

åHNXSXMtFtWRKRWRRSþQtKRNRQWDNWXPĤåHDOHQHPXVtSRåDGRYDWRGSURGiYDMtFtKRWRKRWR

opþQtKR NRQWUDNWX GRGiQt SRGNODGRYpKR DNWLYD. 3URGiYDMtFt Y\SLVRYDWHO RSþQtKR

NRQWUDNWX LQNDVXMH RG NXSXMtFtKR SRSODWHN ]D RSFH NWHUê VH QD]êYi opþQt SUpPLH. Tato SUpPLH OLPLWXMHPD[LPiOQtPRåQRX]WUiWXGUåLWHOH3URGiYDMtFtNWHUêWXWRRSFL Y\VWDYtPi

SRYLQQRVWSRGNODGRYpDNWLYXPQDNWHUpFDOORSFH]QtGRGDW]DSĜedem stanovenou cenu.

Tato povinnost mu, samozĜejmČ Y]QLNQH WHKG\ NG\ NXSXMtFt WXWR RSFL XSODWQt 'UåLWHl RSFHXSODWQtRSFL]DSRGPtQN\åHWRWRXSODWQČQtEXGHPtW]DQiVOHGHNEXć FHONRYê]LVN

z pozice, nebo alespoĖ QLåãt ]WUiWX QHå MH SUpPLH RSFH Put RSFH GiYi VYpPX PDMLWHOL

NXSXMtFtPX RSFH SUiYR DOH QH SRYLQQRVW SĜedat k urþLWpPX EXGRXFtPX GDWX GRKRGQXWp

PQRåVWYt SRGNODGRYpKR DNWLYD 3RGREQČ jako u call opce inkasuje pĜHGiYDMtFt

(vypisovatel) opþQtKR NRQWUDNWX RG NXSXMtFtKR SRSODWHN ]D SXW RSFH-SUpPLL 3URWRåH RSFL

QHPXVt GUåLWHO XSODWQLW NG\å MH WR SUR QČM QHYêKRGQp OLPLWXMH SUpPLH MHKR PD[LPiOQČ PRåQRX ]WUiWX 1DSURWL WRPX PD[LPiOQt ]LVN MH QHRPH]HQ SURWRåH þtP QLåãt EXGH FHQD

SRGNODGRYpKRLQVWUXPHQWXWtPYČWãtEXGH]LVNGUåLWHOHRSFH[3]

3RGOH SRGNODGRYpKR LQVWUXPHQWX PĤåHPH UR]GČOLW RSFH QD DNFLRYp NWHUp MVRX YêKUDGQČ

DPHULFNpKR W\SX 'iOH SDN PČQRYp RSFH FRå MVRX RSFH QD ]DKUDQLþQt PČQX %êYDMt MDN

DPHULFNpKR þLHYURSVNpKRW\SX3URREFKRGMVRXQHMDWUDNWLYQČMãtYãHFKQ\KODYQtVYČWRYp

PČQ\ 8 PČQRYêFK RSFt MH UHDOL]DþQt FHQRX GRKRGQXWê PČQRYê NXU] ,QGH[RYp RSFH VH

]DþDO\ SRXåtYDW Y URFH  3UYQtP REFKRGRYDQêP LQGH[HP E\O LQGH[ 2(; FHOêP

Qi]YHP 2SWLRQV ([FKDQJH ,QGH[ NWHUê ]DKUQXMH  DNFLt 'QHV SRĜiG SDWĜt PH]L GHVHW

QHMDNWLYQČMãtFKSRGNODGRYêFKDNWLYSURRSFH0H]LQHMGĤOHåLWČMãtLQGH[\SDWĜtDow Jones Industrial Average (DJX), S&P 500 (SPX), NASDAQ 100 (NDX). 8 RSFt QD LQGH[

QHPĤåHPH NRXSLW QHER SURGDW åiGQp VSHFLILFNp DNFLH WDNåH N Y\SRĜiGiQt GRFKi]t

Opce na futures v VRXþDVQp GREČ H[LVWXMt QD YČWãLQX IXWXUHV NRQWUDNWĤ .XSQt RSFH QD

IXWXUHV GiYi GUåLWHOL SUiYR YVWRXSLW GR IXWXUHV NRQWUDNWX Y GORXKp SR]LFL -H XSODWQČQD

tehdy, je±OLUHDOL]DþQtFHQDQLåãtQHåVRXþDVQiIXWXUHVFHQD3RGREQČXSXWRSFHGiYiSUiYR

vstoupit do futures kontraktu v NUiWNp SR]LFL D MH WHG\ XSODWQČQD MHVWOLåH MH IXWXUHV FHQD

QLåãt QHåUHDOL]DþQtFHQD3RNXGGUåLWHORSFHFKFHRNDPåLWČSRXSODWQČQt]UXãLW]tVNDQRX

SR]LFL YH IXWXUHV REGUåt UR]GtO UHDOL]DþQt D IXWXUHV FHQ\ ýDV H[SLUDFH RSFt MH YČWãLQRX

NUiWFH SĜHG H[SLUDFt IXWXUHV 1HMSRSXOiUQČMãtPL IXWXUHV SUR RSFH MVRX IXWXUHV QD NRY\

]DKUDQLþQtPČQ\]HPČGČOVNpSURGXNW\DSRG3RVOHGQtRSFHMVRX~URNRYpFRåMVRXRSFHQD

YOiGQt GOXKRSLV\ 7DNRYi RSFH GiYi SUiYR NRXSLW GOXKRSLV Y GRKRGQXWpP þDVH ]D

GRKRGQXWRXFHQX9HVYpPGĤVOHGNXWRYHGHN ]DMLãWČQt~URNRYpPtU\ÒURNRYpRSFHMVRX

YãDNPQRKHPPpQČOLNYLGQtQHåRSFHQD~URNRYpIXWXUHV

3.3. ”‘³±‘˜Ž‹˜Ò—ŒÀ…À…‡—‘’…À

([LVWXMHãHVW]iNODGQtFKSDUDPHWUĤNWHUpRYOLYĖXMtFHQXRSFH

Jsou to:

a) UHDOL]DþQtFHQD

b) þDVGRexpirace,

c) EH]UL]LNRYi~URNRYiPtUD

d) YRODWLOLWDSRGNODGRYpKRLQVWUXPHQWX

e) GLYLGHQG\þLMLQpSODWE\SRGNODGRYpKRLQVWUXPHQWX.

a) 5HDOL]DþQt FHQD (neboli strike cena) MH FHQRX ]D NWHURX PĤåH GUåLWHO RSFH

instrument prodat nebo koupit. Tato cena se VWDQRYXMHSĜLSRþiWHþQtP]DGiYiQtSDUDPHWUĤ

RSFHDRGWpWRFHQ\VHRGYtMtYČWãLQDVWUDWHJLt5HDOL]DþQtFHQDMHWDNRYiNWHUiXUþXMHERG

RGQČMåVHEXGHRGYtMHWSĜtSDGQpSOQČQtRSFH9 SĜtSDGČ/RQJ&DOOSR]LFHRSFHMH-li strike 50, budeme realizovat opci YH FKYtOL NG\ EXGH WUåQt FHQD Y\ããt QHå  QDSĜtNODG 

SURWRåHP\PiPHSUiYRMLNRXSLWROHYQČML

b) V þDVH H[SLUDFH NRQþt åLYRWQRVW RSFH 3UR HYURSVNRX RSFL MH WR MHGLQi PRåQRVW

XSODWQČQt SUR DPHULFNRX RSFL NRQþt PRåQRVW XSODWQČQt 1D EXU]iFK MVRX GDta expirace VWDQGDUGL]RYiQ\3RNXGYODVWQtFLRSFHQHSURGDMtQHERQHXSODWQtEČKHPY\SUãHQtVWiYDMtVH

RSFHEH]FHQQêPL

c) 6RXþDVQiEH]UL]LNRYiFHQDSHQČ]RYOLYĖXMHþDVRYRXKRGQRWXRSFHÒURNRYpVD]E\

MVRX GĤOHåLWêP IDNWRUHPNDåGpKRYODVWQtNDLQYHVWLþQtKRPDMHWNXDĢ VL SHQt]HSĤMþXMHQD

RWHYĜHQt SR]LFH QHER VH SRX]H Y]GiYi SĜtMPX NWHUê E\ PRKO MLQDN ]tVNDW WDNp SRXåLWtP

WČFKWRSHQČ]N MLQpPXLQYHVWRYiQt-HVWOLåH~URNRYpVD]E\VWRXSDMtFHQ\SUpPLtFDOORSFt

MGRXQDKRUXDQDRSDNFHQ\SUpPLtSXWRSFtNOHVDMt

d) 9RODWLOLWD RSFH MH þHWQRVW D YHOLNRVW FHQRYêFK ]PČQ ]D VOHGRYDQp REGREt 9\ããt

YRODWLOLWD]Y\ãXMHþDVRYRXKRGQRWXDWtPLFHQXRSFHDQLåãtQDRSDNVQLåXMH9RODWLOLWDVH

GČOt na implikovanou (historickou) a statistickou GOHYODVWQtKR~VXGNX .DåGpSRGNODGRYp

DNWLYXP Pi REGREt NG\ MHKR RSFH MVRX ODFLQp D YRODWLOQt REGREt NG\ MVRX RSFH GUDKp

,QYHVWRĜLNWHĜtVHREFKRGRYiQtPV RSFHPLåLYtXåSR]QDMtNGHVHVRXþDVQiRSþQtYRODWLOLWD

QDFKi]t YH Y]WDKX N KLVWRULFNp 1D REUi]NX  VL XNiåHPH co E\ VH PČOR QD YRODWLOLWČ

sledovat.

Obr. 1*UDIYRODWLOLW\VSROHþQRVWL,%0 (od roku 2003)

Zdroj: www.yahoo.com/finance

ýHUYHQi NĜLYND XND]XMH VRXþDVQRX YRODWLOLWX SUR DNFLL D PRGUi NĜLYND ]Qi]RUĖXMH MDNi

YRODWLOLWDE\ODRþHNiYDQiSURFHQ\RSFtXYHGHQpDNFLH.ĜLYN\E\PČO\EêWYČWãLQRXEOt]NR

XVHEH3RNXGQHMVRX]QDPHQiWRåHRSþQtFHQ\QHQiVOHGXMtDNWXiOQtSRK\ESRGNODGRYpKR

aktiva. V WDEXOFH YOHYR SRG JUDIHP PĤåHPH VOHGRYDW ]GD LPSOLNRYDQi YRODWLOLWD VH SR

YČWãLQX REGREt SRK\EXMH QDG VWDWLVWLFNRX YRODWLOLWRX QHER QDRSDN 9ãHREHFQČ SODWt åH

LPSOLNRYDQi YRODWLOLWD Pi WHQGHQFL UĤVW NG\å FHQD DNFLH NOHVi .G\å FHQD DNFLH NOHVi

SURWL]WUiWČ3RNXGFHQDDNFLe vzroste, to ]QDPHQiåHQiNXSSXWRSFtVHVQtåtFRåYHGHNH

NOHViQtYRODWLOLW\

e) 9êSODWDGLYLGHQGRYOLYĖXMHRSþQtSUpPLLSURVWĜHGQLFWYtPYOLYXQDUHOHYDQWQtDNFLL

MHOLNRå VH SĜHGSRNOiGi åH FHQD DNFLH VSDGQH R þiVWNX GLYLGHQG\ 9\ããt GLYLGHQG\

]QDPHQDMtQLåãtSUpPLLFDOORSFtDY\ããtXSXWRSFt3RNXGYãH]ĤVWDQHQHPČQQpSRWRPþtP

YČWãt MVRX GLYLGHQG\ WtP YČWãt MH MHMLFK GRSDG 1D UR]GtO RG FHQ\ DNFLH NWHUi NOHVQH QD

KRGQRWČDåY GHQYêSODW\GLYLGHQGRSþQtSUpPLHMVRXRYOLYQČQ\RþHNiYDQêPLGLYLGHQGDPL

YtFH QHå PČVtFH D WêGQ\ SĜHGWtP -HOLNRå SĜHVQp QDþDVRYiQt D YHOLNRVW GLYLGHQG QHMVRX

GRSĜHGX ]DUXþHQp MDNiNROLY RGFK\OND RG WUåQtFK RþHNiYiQt EXGH PtW SRGVWDWQê YOLY QD

WUåQtFHQXRSFH

3.4. Cena opce

3ĜLREFKRGRYiQtV RSFHPLMHGĤOHåLWpYČGČWMDNY]QLNiDFRY\MDGĜXMHMHMLFKFHQDýiVWND

NWHURX]DSODWtWHSĜLQiNXSXRSFHVHMPHQXMHRSþQtSUpPLH7DWRSUpPLHVHVNOiGi]HGYRX

þiVWt] YQLWĜQtKRGQRW\D] þDVRYpKRGQRW\RSFH

+RGQRWDRSFHPĤåHEêWFKDUDNWHUL]RYiQDMDNR:

a) In-the-money, b) At-the-money, c) Out-of-the-money,

zNUiFHQČVHR]QDþXMtMDNR,70$70D270

a) In-the-money ,70 Y SHQČ]tFK - FDOO RSFH MH Y SHQČ]tFK NG\å VH UHDOL]DþQt FHQD

QDFKi]tSRGVSRWRYRXFHQRX.DåGiRSFHNWHUiMH,70 Pi vysokou YQLWĜQtKRGQRWXNWHUi

MHUR]GtOHPPH]LFHQRXDNFLHDVWULNHP8SURGHMQtRSFHMHWRVWHMQpDOHY RSDþQpPVPČUX

b) At-the-money $70 SĜL SHQČ]tFK - SXW QHER FDOO RSFH MH SĜL SHQČ]tFK NG\å VH

PRPHQWiOQtWUåQtFHQDVSRWURYQiUHDOL]DþQtFHQČVWULNH 9WRPKOHSĜtSDGČQHPiRSFH

åiGQRXYQLWĜQtKRGQRWXQêEUåMHQRPþDVRYRXKRGQRWX

c) Out-of-the-money 270 PLPR SHQČ] - FDOO RSFH MH PLPR SHQČ] NG\å VH VSRW

QDFKi]t SRG VWULNHP 3XW RSFH MH PLPR SHQČ] NG\å VH VSRW QDFKi]t QDG VWULNHP 270

RSFH QHPDMt åiGQRX YQLWĜQt KRGQRWX D H[LVWXMH WDN Y\ããt SUDYGČSRGREQRVW åH H[SLUXMt

EH]FHQQp Out-of-the-PRQH\]QDPHQiåHMHUHDOL]DþQtFHQDY\ããtQHåWUåQt,70RSFHMVRX

WRWLå PQRKHP GUDåãt QHå 270 RSFH MHOLNRå MH X QLFK Y\ããt SUDYGČSRGREQRVW åH GRMGH

k XSODWQČQtRSFe.

5R]GtO PH]L RSþQt SUpPLt D YQLWĜQt KRGQRWRX RSFH VH QD]êYi þDVRYi KRGQRWD RSFH 7D

Y\MDGĜXMH PQRåVWYt þDVX NROLN Pi RSFH GR GDWD H[SLUDFH ýDVRYi KRGQRWD VH V EOtåtFt

H[SLUDFtVQLåXMHDY GREČY\SUãHQtNRQWUDNWXPiQXORYRXKRGQRtu (Obr. 2). 3ODWtåH þtP

YtFH EXGH RSFH LQ-the-PRQH\ QLåãt VWULNH SUR FDOO RSFH Y\ããt SUR SXW RSFH, WtP EXGH

þDVRYiKRGQRWDQLåãt-HVWOLåHDNFLHVWRMtQDEXU]HGRODUĤFDOORSFHQDVWULNXGRODUĤ

EXGHPtWQLåãtþDVRYRXKRGQRWXQHåFDOORSFHQDVWULNXGRODUĤ&DOl opce na striku 90 GRODUĤEXGHPtWQLåãtþDVRYRXKRGQRWXQHåQDVWULNXGRODUĤ

Obr. 2ýDVRYiKRGQRWDRSFH

Zdroj: http://www.penize.cz/18379-jak-na-opce-co-ovlivnuje-cenu

4. „…Š‘†À•–”ƒ–‡‰‹‡• ˜›—ā‹–À‘’«À…Š‘–”ƒ–õ

V PLQXOp NDSLWROH E\O\ FKDUDNWHUL]RYiQ\ RSþQt NRQWUDNW\ QD FDOO D SXW RSFH K WČPWR

GYČPDW\SĤPRSFtVHY]WDKXMtGYD]iNODGQtSRN\Q\ORQJDVKRUWWHG\QiNXSDSURGHM/RQJ

SR]LFHVWDYt investora do pozice kuSXMtFtKRRSþQtKRSUiYDWHG\SOiWFHRSþQtSUpPLHV WtP

åHRSþQtSUpPLHSĜHGVWDYXMHRPH]HQRX]WUiWXDWDQLNG\QHPĤåHEêWSĜHNURþHQDYSRGVWDWČ

Y\WYiĜtMDNêVLSĜLUR]HQêVWRS±ORVV6KRUWSR]LFtVHinvestor SURGHMFHPRSþQtKRSUiYDPi tedy povinnost kontrakt vyplnit a za tuto povinQRVW QD ]DþiWNX REFKRGX REGUåt RSþQt

SUpPLL 7RPXWR SURFHVX VH ĜtNi Y\SLVRYiQt RSFt D MH N QČPX SRWĜHED VORåHQt XUþLWp YêãH

PDUåH9êãH]PLĖRYDQp SR]LFHVHSDNGDMtNRPELQRYDWWHG\PĤåHY]QLNQRXW /RQJFDOO

Long put, Short call a 6KRUWSXW.DåGi] GDQêFKRSFtSDNPiMLQpY\XåLWt7ab. 2).

Tab. 2: Call a put opce

CALL PUT

LONG Na vzestup ceny

SRGNODGRYpKRDNWLYD

=LVNRYiSRSĜHNRQiQt

SUpPLH

2PH]HQi]WUiWD

Na pokles ceny SRGNODGRYpKRDNWLYD

=LVNRYiSRSĜHNRQiQt

SUpPLH

2PH]HQi]WUiWD

SHORT Na pokles ceny

SRGNODGRYpKRDNWLYD

=LVNGRYêãHREGUåHQp

SUpPLH

1HRPH]HQi]WUiWD

Na vzestup ceny SRGNODGRYpKRDNWLYD

=LVNGRYêãHREGUåHQp

SUpPLH

1HRPH]HQi]WUiWD

=GURM(GXNDþQtPDWHULiO\VSROHþQRVWL;-Trade Brokers Dom Maklerski S.A.

Long FDOO RSFH Y\MDGĜXMH GORXKRX NXSQt SR]LFL QD NXSQt RSFL 7R WHG\ ]QDPHQi åH VL

NXSXMHPH RSþQt SUiYR NWHUp QiP XPRåĖXMH VL Y budoucnu zvolit, zda chceme nebo QHFKFHPH NRXSLW SRGNODGRYp DNWLYXP ]D FHQX GRKRGQXWRX SĜL RWHYĜHQt NRQWUDNWX /RQJ

]GH]QDþtåH RSFLNXSXMHPH&DOO]QDPHQiåHVHMHGQiRNXSQtSUiYR8ORQJFDOOSR]LFH

SĜHGSRNOiGiPH åH FHQD SRGNODGRYpKR DNWLYD Y]URVWH 2EUi]HN 3 vykresluje Long Call opci.

Obr. 3: Long Call pozice

Zdroj:EdukaþQtPDWHULiO\VSROHþQRVWL;-Trade Brokers Dom Maklerski S.A.

1D KRUL]RQWiOQt RVH MH FHQD SRGNODGRYpKR DNWLYD URVWRXFt VPČUHP ]OHYD GRSUDYD 1D

YHUWLNiOQt RVH MH ]LVN QHER ]WUiWD RSFH =LVN MH YåG\ QDG  ERGHP JUDIX D ]WUiWD SRG 

ERGHP 7PDYČ þHUYHQi EDUYD ]REUD]XMH SUĤEČK VDPRWQp RSFH 2SFH ]DþtQi Y ]iSRUX

MHOLNRåSUYRWQtQiNODGWYRĜt]DSODFHQiRSþQtSUpPLHNWHUi]iURYHĖURYQDPD[LPiOQt]WUiWČ

&HOi RSþQt SR]LFH MH Y ]iSRUX GR Wp GRE\ GRNXG VH FHQD DNWLYD QHGRVWDQH QD KRGQRWX

kterou zobrazuje v grDIXERG]YUDWX7XGtåVHFHOiRSþQtSR]LFHEXGHURYQDWQXOH3RNXGVH

FHQD SRGNODGRYpKR DNWLYD ]Yêãt GRVWiYi VH SR]LFH GR SOXVX Abychom v REFKRGRYiQt

~VSČãQt PXVtPH VL DQDO\]RYDW ERG ]YUDWX 3UR XUþHQt ERGX ]YUDWX MVRX GĤOHåLWp GYČ

hodnoty, a to strike DRSþQtSUpPLH%= VWULNHFHQDRSþQtSUpPLH8SXWRSFtVHRSþQt

SUpPLHRGHþtWi

Short call pozice (Obr. 4) MHRSDNHPYêãHXYHGHQpVWUDWHJLHORQJFDOODVSRþtYiYSURGHML

NXSQt RSFH 3URGHMFH Y\SLVRYDWHO ]tVNiYi RG NXSXMtFtKR RSþQt SUpPLL þtPå VH YãDN

]DYD]XMH N WRPX åH MHSRYLQHQ SURGDW NXSXMtFtPX XUþLWp PQRåVWYt SRGNODGRYpKR DNWLYD

SRNXGRWRSRåiGi3URSURGiYDMtFtKRWHG\LGHiOQtVLWXDFHQDVWiYiYSĜtSDGČåHSRGNODGRYp

DNWLYXPVNRQþtYGREČH[SLUDFHSRGVMHGQDQRXUHDOL]DþQtFHQRX9WDNRYpPSĜtSDGČRSFH

Y\SUãt MDNREH]FHQQi D SURGiYDMtFtVL SRQHFKiSUpPLXPYSOQpYêãL 3RNXGMHYãDNFHQD

2SþQt

SUpPLH

2SþQtSUpPLH

= PD[]WUiWD

Y\SVDQpRSFHDERGHP]YUDWXQHERY\NiåH]WpWRSR]LFH]WUiWX1HJDWLYHPWpWRVWUDWHJLHMH

IDNW åH Y SĜtSDGČ YêUD]QpKR SRVtOHQt FHQ\ SRGNODGRYpKR DNWLYD EXGH SURGiYDMtFt

UHDOL]RYDWYHOPLY\VRNRX]WUiWX

Obr. 4: Short call pozice

Zdroj: (GXNDþQtPDWHULiO\VSROHþQRVWL;-Trade Brokers Dom Maklerski S.A.

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