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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
Strike price
The price at which the buyer of an option has the right to buy (call) or sell (put) the underlying asset.
Detail
The strike price is a predetermined price at which the holder of an option has the right to buy (call) or sell (put) the underlying asset. The strike is a key parameter of an option because it defines the value of the option at expiration. If the price of the underlying is above the strike for a call option, the option is in the money (ITM). If it is below the strike, it is worthless (OTM). Analogously for a put option. The strike is the basis for deciding which option to trade.
The Strike Price is the fixed price at which an option contract is executed. For a call option, it determines how much the buyer can buy the stock. For a put option, it determines how much the buyer can sell the stock. The strike is key to determining whether an option is in the money (ITM), at the money (ATM), or out of the money (OTM). For example: AAPL stock is currently priced at $150. A call option with a strike of $140 is ITM (because I can buy it cheaper). A put option with a strike of $160 is ITM (because I can sell it more expensive). The strike also determines the amount of the premium — a close strike (ATM) has a higher premium than a far strike (OTM). Choosing the right strike is key to setting the risk/reward in an options strategy.
Optimal conditions
The strike must be chosen according to the trader's goal: speculation on growth (call option, near the current price or OTM), speculation on decline (put option), hedging (strike according to the target coverage), statement for income (strike considering the willingness to buy/sell shares). The right strike determines the potential profit, risk and probability of success.
Max profit
N/A — Strike is not a strategy, but a parameter. The maximum profit depends on the combination of strike, underlying price, and option position (call/put, buy/sell).
Max loss
N/A — Strike is not a strategy. Maximum loss depends on option choice (e.g. call/put buyer loses premium, seller bears risk according to strike).
Risks
N/A — Strike is not a stand-alone strategy, but a poorly chosen strike can mean little chance of profit (too far OTM strike) or great risk (close to strike at expiration). Choosing the right strike is key to a successful options strategy.
Greeks
Strike affects all Greeks: Delta (ITM probability), Theta (time decay of the option around the ATM strike), Vega (sensitivity to IV). The closer the strike is to the underlying price (ATM), the higher the sensitivity to market changes.
Variations
Strike selection for different scenarios: ITM (higher probability of profit, expensive options), ATM (balanced, highest premium), OTM (cheap options, lower probability of hit, suitable for listing). Combination of multiple strikes in complex strategies (spreads, condors).
Usage example
TSLA shares are worth $250. The buyer of the call option chooses a strike of $240 (ITM, more expensive, higher probability of profit) or $260 (OTM, cheaper, lower probability of profit). The buyer of the put chooses a strike of $260 (ITM) to protect against a decline. The writer of the put chooses a strike of $230 if he wants to buy the shares cheaper (Cash Secured Put). The writer of the call chooses a strike of $270 if he wants to deliver the shares at that price (Covered Call). The correct choice of strike determines the chance of success and the size of the premium.
DTE
We always choose strikes in combination with expiration (DTE) — near strikes ATM are more sensitive to time decay, distant strikes OTM have a low price and smaller Theta.
IV (implied volatility)
Strike affects the premium according to IV. OTM strikes are cheaper but less sensitive to IV. ITM strikes have a higher premium and higher sensitivity to IV.
Premium
The closer the strike to the current price, the higher the premium. OTM strike = cheaper, ITM strike = more expensive.
Margin
The strike chosen will affect the margin when listing options. For example, listing a put with a strike of $100 will have a higher margin than a put with a strike of $50.
Poznámky
The choice of strike is a key element of any options strategy. It affects the premium, probability of success, maximum profit and loss. The strike chosen determines how conservative or aggressive the strategy is.
Tags
strike price, exercise price, option, right to buy, right to sell, call, put, ITM, OTM
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