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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
Call option
An option giving the right to buy the underlying asset at the strike price until the expiration date. The buyer of the call speculates on growth, the seller (writer) has the obligation to sell the shares if the option is exercised.
Detail
A Call Option is a contract that gives the buyer the right (but not the obligation) to buy an underlying asset (e.g. 100 shares) at a pre-agreed price (strike price) by a certain date (expiration). The buyer of a call option pays a premium and expects the share price to rise above the strike price so that he can buy it cheaper. The writer (seller) of the call option has an obligation to sell the shares at the strike price if the buyer of the option exercises it (assignment). Call options are used to speculate on growth, to hedge (e.g. against a short position) or to make a profit (call write — e.g. Covered Call).
A call option gives the holder the right to buy shares at the strike price if the share price rises above this value. The call buyer expects the share to rise and wants to exercise the option to buy at a lower price (strike). The writer (seller) of the call option bets that the share will remain below the strike and the option will expire worthless — for which he receives a premium. Call options can thus be used for speculation, hedging and income (a Covered Call). If the call expires worthless, the buyer loses the premium, the writer gains it.
Optimal conditions
Call buyer: expects the stock to rise above the strike (speculation), or is hedging against a short position. Call writer: expects the stock price to stagnate or slightly decline, if he owns the stock, it is a Covered Call for income (covered call). If he does not own the stock, it is a Naked Call (high-risk strategy).
Max profit
Buyer: unlimited if the stock rises above the strike - premium. Writer (seller): premium received (fixed).
Max loss
Buyer: premium paid (if the stock stays below the strike). Writer: unlimited loss if the stock rises above the strike (must sell at the strike and buy in the market at a higher price).
Risks
Buyer: risk of losing the entire premium if the stock does not rise. Writer: unlimited loss if the stock rises (needs to deliver shares at strike), risk of uncovered (naked call) listing, need for margin.
Greeks
Delta: positive for call options, increases with the stock price (potential for large profits). Theta: time decay (Theta) against the buyer (option loses value over time), beneficial for the writer. Vega: increasing volatility (IV) increases the value of the call option (beneficial for the buyer).
Variations
Long Call (buying a call for speculation or hedging), Short Call (writing a call for income or coverage), Covered Call (writing covered by holding shares), Naked Call (writing without shares — high risk). Call Spreads (Bull Call Spread, Bear Call Spread).
Usage example
Call buyer: Expects TSLA to rise from $700 to $800. Buys a call with a strike of $750, expiration in 30 days, premium of $10 (=$1,000). If TSLA rises to $800, he can buy for $750 and immediately sell for $800 = profit of $5,000 - premium of $1,000 = $4,000. Call seller (writer): Owns 100 shares of TSLA, sells a call with a strike of $750 for a premium of $10 (Covered Call). If TSLA remains below $750, he keeps the premium and the shares. If TSLA rises above $750, he sells the shares at the strike and earns the strike + premium.
DTE
Buyer: typically 15–90 days (more time for the stock to grow). Seller: 7–45 days for faster time decay (Theta).
IV (implied volatility)
Higher IV = higher premium (good for listing, expensive for buying). Low IV = cheap option (good for buying, less for listing).
Premium
Buyer: price paid for the right to buy. Writer: premium received as income for the obligation to sell.
Margin
Buyer: No (pays premium, no margin). Writer: Yes, unless it is a Covered Call (must be backed by shares, otherwise it is a Naked Call).
Poznámky
Call options are a basic tool for speculation on growth, for hedging against short positions and for generating income (Covered Call). Uncovered (Naked Call) is very risky and requires high margin. Call spreads can limit risk and capital requirements.
Tags
call option, call, call option, call selling, growth speculation, covered call, right to buy, assignment, strike, premium, hedging, long call, short call.
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