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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
Options
A derivative that gives the right, but not the obligation, to buy (call) or sell (put) an underlying asset at a predetermined price and time.
Detail
An option is a contract between two parties: the buyer (the option holder) and the seller (the option writer). The buyer acquires the right (but not the obligation) to buy or sell the underlying asset at a predetermined strike price (strike) by a certain date (expiration). There are two basic types of options: call (the right to buy) and put (the right to sell). The buyer pays a premium for the option. The seller (the writer) collects the premium and is obligated to perform if the buyer exercises his right.
Options are a universal trading tool used for speculation, hedging and income generation. They are used both to protect a portfolio against a decline (buying put options) and to profit from the directional movement of a stock (buying call options) when the underlying price increases, or to buy a put option when the underlying price decreases. They are derivatives whose price (premium) is influenced by a number of factors (underlying price, time to expiration, volatility, rates, dividends). Leverage allows for high returns, but also a higher risk of loss. There are American (can be exercised at any time) and European options (can only be exercised at expiration).
Optimal conditions
Expected movement of the underlying price or even stagnation, the need to insure the stock (hedging), speculation on growth/decline, generation of passive income (option listings).
Max profit
For the option buyer: unlimited (call), limited by the underlying price falling to zero (put). For the option writer: premium received when selling the option.
Max loss
For the option buyer: premium paid. For the option writer: unlimited loss (call), strike minus premium (put) when assigned to the underlying.
Risks
Rapid loss of the entire premium when moving against the position, high volatility, gaps, assignment, need to monitor the underlying. Margin call for statements.
Greeks
Delta: sensitivity to the movement of the underlying price. Theta: time decay. Vega: sensitivity to the change in volatility. Gamma: change in delta. Rho: change in rates.
Variations
Call and put options, American and European options, LEAPS (long-term), weekly (short-term), cash-secured put, covered call, synthetic options, combinations (spreads).
Usage example
DTE
Depending on the strategy. Short-term rather for speculation, long-term for hedging or income from statements.
IV (implied volatility)
High IV increases the premium (beneficial for selling options)), low IV makes buying options cheaper. Options are very sensitive to changes in IV.
Premium
The buyer pays a premium, the writer collects the premium. The premium is the price of the option, it depends on the IV, DTE, strike and underlying.
Margin
Yes, for the statement (hedged options may have a lower margin, naked options a higher margin). The option buyer pays a premium, not for the option purchase itself, but the broker may require a cash reserve in case of exercise, especially for put options.
Poznámky
Options are not for beginners without a thorough understanding of them. Risk control is essential, knowledge of assignment rules and solutions, tracking expiration dates, basic understanding of Greeks. Recommended to test on paper trading.
Tags
option, derivative, call, put, right to buy, right to sell, strike, expiration, premium, writer, holder
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