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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.
Strategy
Beginner, Advanced
Protective Put
Buying a put option as protection (insurance) against a decline in the price of a stock we own. It reduces loss if the stock falls below the strike price.
Detail
Protective Put is a strategy where we own shares and at the same time buy a put option, which serves as protection (insurance) against a decline in the share price. If the share price falls below the strike of the put option, the value of the put option increases and compensates for the loss on the share. This limits the maximum loss at the strike level (minus the premium).
If the share price increases, we earn like a classic stock investor, but we lose the premium paid for the put option (the price for insurance).
Protective Put is suitable, for example, when holding a share before an expected event (earnings, FED), when we want to limit the risk of a sharp decline.
Protective Put is a hedging strategy where we buy a put option for long stocks. This gives us the right to sell the stocks at the strike price, even if their market price falls below. It works like insurance: if the stock falls, the loss on the stock is offset by the profit on the put option.
If the stock does not fall, the premium on the put option is the cost of this protection. In this way, we limit the maximum loss.
Ideal for investors who want to hold stocks but at the same time protect themselves against a large decline.
Optimal conditions
Suitable if we own shares and are concerned about a price drop (e.g. before earnings, during increased volatility, during market uncertainty).
Suitable for conservative investors as portfolio protection.
Max profit
Unlimited if the stock goes up (minus the premium paid for the put option).
Max loss
Limited to the difference between the purchase price of the stock and the strike price of the put option + the premium for the put option.
Risks
The main risk is the premium paid if the stock does not fall (no-event insurance).
If the stock rises, the put premium is a net expense.
Greeks
Delta: combination of long stock (delta +1) and long put (negative delta), resulting in a delta less than 1 (protected position).
If we do not hold 100 shares, then a delta equal to the number of shares compensates for a decrease in the price of the stock.
Vega: an increase in volatility increases the price of the put option as a hedge.
Variations
Protective Put + Covered Call = Collar (protection + income). Protective Put can be used as a short-term hedge (e.g. around earnings) or as a long-term hedge.
Usage example
We own 100 shares of AAPL purchased for $150. We buy a put option with a strike price of $140 for a premium of $3. If AAPL falls to $130, we can sell the shares for $140 thanks to the put option.
The maximum loss is $13 per share (the difference between $150 and $140 + the $3 premium).
If AAPL rises above $150, the $3 premium is the cost of insurance, and we can continue to hold the shares.
DTE
Usually 30–90 days (for short-term protection), LEAPS (1–2 years) is also possible for long-term portfolio protection.
IV (implied volatility)
Higher IV = more expensive put (higher insurance cost).
Premium
The premium paid for a put option, the price of insurance.
Margin
No, when it comes to buying a put (it does not require margin, only payment of a premium).
Poznámky
Protective Put is an alternative to stop-loss — it allows you to hold shares even if they fall, with the certainty of selling them at the strike. Suitable for conservative investors who want protection against black swans (sudden crashes). Can be combined with Covered Call (Collar) to reduce the cost of the put option.
Tags
protective put, protective put, stock insurance, hedge, downside protection, portfolio hedging, purchase of put option, long put, long stock, put, risk management
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