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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
Expiration
The date on which the option expires and the option right expires.
Detail
Expiration is the last day of the option's validity. If the Option Buyer does not exercise his right by that time, the option expires worthless or is settled automatically (ITM). Expiration is fixed when the trade is opened and directly affects the option price. The closer it is to expiration, the faster the option loses its time value (Theta decay). Expiration can be monthly (standard) or weekly (weekly), but the number of titles with daily expiration is also growing. In the USA, they expire on the third Friday of the month as standard, weekly usually on Friday.
Expiration fundamentally affects the price of an option. As expiration approaches, an option quickly loses value if it is OTM. If it is ITM, it can be automatically exercised or assigned at expiration. It is necessary to monitor whether I want the option to expire at expiration or close it earlier (sell/buy back). Essential for strategies that take time into account (option selling, spread, cash-secured put).
Optimal conditions
Expiration tracking is important for listings where the option is expected to expire without being exercised. Short expiration (weeklys) for quick trades, long expiration (LEAPS) for speculation on market developments.
Max profit
For the Buyer of the option — unlimited (call), strike - premium (put) if the underlying moves correctly. For the Writer — premium received if the option expires OTM.
Max loss
For the Buyer: premium paid. For the Writer: difference between strike and underlying (minus premium), for calls unlimited, for puts (strike up to 0).
Risks
Approaching expiration can lead to early assignment of the option (in the case of ITM). Theta decay - the option loses value near expiration.
Greeks
Theta (time decay), Delta (approaching expiration changes delta, especially for OTM options it decreases faster), Gamma (acceleration of delta closer to expiration).
Variations
Weekly expirations, monthly expirations, LEAPS (annual and longer expirations). Triple expiration - a more significant expiration, when weekly, monthly and quarterly options expire.
Usage example
I write a call option on MSFT expiring next Friday. If MSFT remains below the strike, the option expires worthless and we keep the premium. If it remains above the strike, a short assignment may occur.
DTE
DTE (Days to Expiration) — number of days until expiration. Short DTE = faster time decay, long DTE = more expensive option, more time for market movement.
IV (implied volatility)
Approaching expiration usually = decrease in IV. IV rises before the event (earnings), then falls (volatility crush).
Premium
The shorter the time to expiration, the lower the premium (lower time value). Longer expiration = higher premium.
Margin
Yes, when listing an option, the margin depends on how close the expiration and strike are. Short options (close to expiration) with a lower chance of being assigned have a lower margin.
Poznámky
Monitoring expiration is essential for statements to avoid unwanted assignment. Must be closed or rolled over in a timely manner.
Tags
expiration, expiration date, end of validity, option, option right, statement, trading, time to expiration, theta
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