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Slovník pojmů a strategií
pro obchodování opcí
Kompletní slovník opcí: strategie, pojmy, řecká písmena a postupy pro výpis opcí. Přehledně, srozumitelně, pro začátečníky i pokročilé. Naučte se obchodovat opce efektivně.
Basic concepts
Beginner
Assignment
Assigning the obligation to fulfill an obligation under an option, such as delivering shares (call) or purchasing them (put).
Detail
Assignment is the process by which the writer of the option (seller) is assigned the mandatory exercise of the option. This means that if I write a call option and am assigned, I must sell the stock at the strike price. With a put option, on the other hand, I must buy the stock at the strike price. Assignment can occur at any time for American options (early assignment) or on the expiration date.
Assignment means that the option buyer exercises his right, which automatically creates an obligation for the option writer. In the case of a call option, the writer sells shares at the strike, in the case of a put option, he must buy shares at the strike. Assignment is a risk when writing naked options. American options can be assigned at any time until expiration. The writer receives a notification from the broker. In the case of covered options (Covered Call, Cash Secured Put), assignment is an expected part of the strategy.
Optimal conditions
Assignment is particularly likely when the option is ITM (In The Money), on the ex-dividend day (call option), or when the underlying price changes direction sharply. The writer must be prepared to fulfill the obligation. It can be limited by an appropriate strike and expiration.
Max profit
For the writer: the premium received if the option expires OTM and is not assigned. If assigned, the return depends on the combination of strike, premium and underlying movement.
Max loss
For the writer: for an uncovered call, unlimited loss (if the price of the underlying increases indefinitely). For a put option, limited by the strike price (minus premium).
Risks
Early assignment before expiration. Loss higher than premium, especially for naked calls. Obligation to deliver/buy shares without preparation. Assignment upon dividend payment for covered calls. Possibility of assignment at night.
Greeks
Delta – higher delta = higher probability of assignment (ITM).
Variations
Assignment of call options, put options, American vs. European options (American options can be exercised at any time, European options only at expiration). Assignment of covered call, cash secured put, naked options.
Usage example
I write a put option on AAPL with a strike price of 150 and collect a premium of $3.00 (=$300 per contract). If the price of AAPL drops to $140, I can be assigned and the broker will assign me the obligation to buy 100 shares of AAPL at $150/share, or $15,000. I keep the $300 premium.
DTE
A short DTE increases the risk of assignment, especially if the option is ITM. Assignment can occur at any time with American options.
IV (implied volatility)
IV affects the option premium, but does not in itself guarantee or reduce the probability of assignment. Higher IV means more expensive options, which is important when listing, but assignment depends primarily on whether the option is ITM and close to expiration.
Premium
The writer collects a premium as compensation for the assignment risk. The premium is the maximum profit if the option expires OTM.
Margin
Yes, for options listings, the broker requires margin to cover any assignment. Margin calculations depend on the type of underlying, strike, ITM/OTM.
Poznámky
Assignment is a key concept in writing options. You should always consider the possibility of assignment and have a plan in place (e.g., take over the shares, use it for a Covered Call, or close early).
Tags
assignment, option writer, sale of shares, purchase of shares, call option, put option, American option, expiration, right, obligation
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