{"id":36411,"date":"2026-05-25T20:00:21","date_gmt":"2026-05-25T18:00:21","guid":{"rendered":"https:\/\/volbeast.com\/?p=36411"},"modified":"2026-08-04T14:40:53","modified_gmt":"2026-08-04T12:40:53","slug":"put-opce","status":"publish","type":"post","link":"https:\/\/volbeast.com\/cs\/blog\/put-opce\/","title":{"rendered":"Put opce"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"36411\" class=\"elementor elementor-36411\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d8a3668 e-con-full vb-article e-flex e-con e-parent\" data-id=\"d8a3668\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d282f7b vb-answer-first elementor-widget elementor-widget-text-editor\" data-id=\"d282f7b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Put opce je op\u010dn\u00ed kontrakt, kter\u00fd d\u00e1v\u00e1 kupuj\u00edc\u00edmu pr\u00e1vo, ne povinnost, prodat podkladov\u00e9 aktivum za p\u0159edem danou cenu do ur\u010dit\u00e9ho data. Trade\u0159i ji pou\u017e\u00edvaj\u00ed ke spekulaci na pokles, k zaji\u0161t\u011bn\u00ed portfolia proti propadu nebo jako sou\u010d\u00e1st op\u010dn\u00edch strategi\u00ed, kde se pracuje s pr\u00e9mi\u00ed, \u010dasem, volatilitou a pravd\u011bpodobnost\u00ed.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cc118bb elementor-toc--minimized-on-mobile vb-toc elementor-widget elementor-widget-table-of-contents\" data-id=\"cc118bb\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;headings_by_tags&quot;:[&quot;h2&quot;],&quot;container&quot;:&quot;.vb-article&quot;,&quot;exclude_headings_by_selector&quot;:&quot;.vb-toc-exclude&quot;,&quot;minimized_on&quot;:&quot;mobile&quot;,&quot;no_headings_message&quot;:&quot;No headings were found on this page.&quot;,&quot;marker_view&quot;:&quot;numbers&quot;,&quot;minimize_box&quot;:&quot;yes&quot;,&quot;min_height&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"table-of-contents.default\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-toc__header\">\n\t\t\t\t\t\t<div class=\"elementor-toc__header-title\">\n\t\t\t\tObsah \u010dl\u00e1nku\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--expand\" role=\"button\" tabindex=\"0\" aria-controls=\"elementor-toc__cc118bb\" aria-expanded=\"true\" aria-label=\"Open table of contents\"><i aria-hidden=\"true\" class=\"fas fa-chevron-down\"><\/i><\/div>\n\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--collapse\" role=\"button\" tabindex=\"0\" aria-controls=\"elementor-toc__cc118bb\" aria-expanded=\"true\" aria-label=\"Close table of contents\"><i aria-hidden=\"true\" class=\"fas fa-chevron-up\"><\/i><\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<div id=\"elementor-toc__cc118bb\" class=\"elementor-toc__body\">\n\t\t\t<div class=\"elementor-toc__spinner-container\">\n\t\t\t\t<i class=\"elementor-toc__spinner eicon-animation-spin eicon-loading\" aria-hidden=\"true\"><\/i>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-26eaca6 elementor-widget elementor-widget-text-editor\" data-id=\"26eaca6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Nej\u010dast\u011bj\u0161\u00ed zkratka zn\u00ed: put opce = jak vsadit na p\u00e1d trhu (odtud se j\u00ed n\u011bkdy \u0159\u00edk\u00e1 i opce na pokles). \u010c\u00e1st pravdy v tom je. Jen\u017ee t\u00edm jej\u00ed vyu\u017eit\u00ed zdaleka nekon\u010d\u00ed.<\/p><p>Stejnou put opc\u00ed si m\u016f\u017ee\u0161 pojistit portfolio proti propadu \u2014 pak funguje jako pojistka. M\u016f\u017ee\u0161 si p\u0159es ni p\u0159ipravit n\u00e1kup akcie za ni\u017e\u0161\u00ed cenu, ne\u017e za jakou se obchoduje dnes. A m\u016f\u017ee\u0161 s n\u00ed pracovat i tam, kde v\u016fbec nejde o sm\u011br, ale o pr\u00e9mii, \u010das a volatilitu. Ve v\u0161ech t\u011bch p\u0159\u00edpadech ne\u0159e\u0161\u00ed\u0161 jen ot\u00e1zku \u201espadne to?&quot;, ale cel\u00fd sc\u00e9n\u00e1\u0159.<\/p><p>I kdy\u017e ji pou\u017eije\u0161 \u010dist\u011b sm\u011brov\u011b a vsad\u00ed\u0161 na pokles, po\u0159\u00e1d nejde jen o \u201ep\u016fjde to dol\u016f&quot;. Rozhoduje, jak hluboko se trh mus\u00ed dostat, do kdy, a kdy z obchodu vystoup\u00ed\u0161. U jednoduch\u00e9ho n\u00e1kupu nav\u00edc p\u0159edem v\u00ed\u0161, kolik riskuje\u0161: zaplacenou pr\u00e9mii.<\/p><p>Pro n\u00e1s je put opce p\u0159esn\u011b tohle: ne tla\u010d\u00edtko \u00bbshort\u00ab, ale n\u00e1stroj, kter\u00fd d\u00e1v\u00e1 smysl jen uvnit\u0159 jasn\u00e9ho sc\u00e9n\u00e1\u0159e, pravidel a \u0159\u00edzen\u00ed rizika.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-afdf9ee e-con-full vb-definition e-flex e-con e-child\" data-id=\"afdf9ee\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4fceff7 vb-definition-text elementor-widget elementor-widget-text-editor\" data-id=\"4fceff7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Pokud je\u0161t\u011b nem\u00e1\u0161 jasno v \u00fapln\u00fdch z\u00e1kladech, za\u010dni \u010dl\u00e1nkem <a href=\"\/cs\/blog\/co-jsou-opce\">Co jsou opce a jak funguj\u00ed?<\/a>. Tenhle text na n\u011bj navazuje.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2133be5 elementor-widget elementor-widget-text-editor\" data-id=\"2133be5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Projdeme to popo\u0159\u00e1dku: co put opce je, jak funguje v praxi, jak spo\u010d\u00edtat break-even, jak\u00fd je rozd\u00edl mezi n\u00e1kupem a vypisov\u00e1n\u00edm put opce, k \u010demu ji trade\u0159i pou\u017e\u00edvaj\u00ed a kde za\u010d\u00e1te\u010dn\u00edci nej\u010dast\u011bji chybuj\u00ed.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e311014 elementor-widget elementor-widget-heading\" data-id=\"e311014\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Co je put opce?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fa58e24 elementor-widget elementor-widget-text-editor\" data-id=\"fa58e24\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Put opce (anglicky <em>put option<\/em>, \u010desky n\u011bkdy <strong>prodejn\u00ed opce<\/strong>) je kontrakt nav\u00e1zan\u00fd na podkladov\u00e9 aktivum \u2014 typicky akcii nebo ETF, ale opce existuj\u00ed i na indexy, komodity nebo futures kontrakty. D\u00e1v\u00e1 sv\u00e9mu kupuj\u00edc\u00edmu <strong>pr\u00e1vo prodat<\/strong> tento podklad za p\u0159edem stanovenou cenu, takzvanou strike cenu, a to do data expirace.<\/p><p>Mal\u00e9, ale d\u016fle\u017eit\u00e9 up\u0159esn\u011bn\u00ed hned na za\u010d\u00e1tku: zp\u016fsob vypo\u0159\u00e1d\u00e1n\u00ed se u r\u016fzn\u00fdch podklad\u016f li\u0161\u00ed. U akciov\u00fdch a ETF opc\u00ed znamen\u00e1 uplatn\u011bn\u00ed re\u00e1ln\u00e9 dod\u00e1n\u00ed podkladu \u2014 tedy skute\u010dn\u00e9 akcie. Indexov\u00e9 opce se naopak vypo\u0159\u00e1d\u00e1vaj\u00ed <strong>v pen\u011bz\u00edch<\/strong> (cash settlement): \u017e\u00e1dn\u00fd \u201eindex&quot; se fyzicky neprod\u00e1v\u00e1 ani nedod\u00e1v\u00e1, jen se vyrovn\u00e1 pen\u011b\u017en\u00ed rozd\u00edl. U dal\u0161\u00edch deriv\u00e1t\u016f (futures, komodity) z\u00e1le\u017e\u00ed na specifikaci konkr\u00e9tn\u00edho kontraktu. V tomhle \u010dl\u00e1nku pracujeme s akciov\u00fdmi opcemi, kde uplatn\u011bn\u00ed znamen\u00e1 dod\u00e1n\u00ed akci\u00ed.<\/p><p>Nejd\u016fle\u017eit\u011bj\u0161\u00ed rozd\u00edl, kter\u00fd dr\u017e\u00ed cel\u00fd zbytek:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ab406aa elementor-align-start elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"ab406aa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>kupuj\u00edc\u00ed<\/strong> put opce m\u00e1 pr\u00e1vo prodat,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>vypisovatel<\/strong> put opce m\u00e1 povinnost koupit, pokud dojde k p\u0159i\u0159azen\u00ed.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fa89029 elementor-widget elementor-widget-text-editor\" data-id=\"fa89029\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Kupuj\u00edc\u00ed za to pr\u00e1vo plat\u00ed pr\u00e9mii. Vypisovatel pr\u00e9mii inkasuje, ale bere na sebe z\u00e1vazek. Ka\u017ed\u00e1 strana obchodu m\u00e1 jin\u00e9 riziko a jin\u00fd c\u00edl. Kdy\u017e tohle nerozli\u0161\u00ed\u0161, spl\u00fdv\u00e1 ti dohromady \u201ekoupit put&quot; a \u201evypsat put&quot; \u2014 a to jsou dv\u011b \u00fapln\u011b jin\u00e9 pozice.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c9d0b9b elementor-widget elementor-widget-heading\" data-id=\"c9d0b9b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Put opce jako pr\u00e1vo prodat<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-48e2f17 elementor-widget elementor-widget-text-editor\" data-id=\"48e2f17\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Kdy\u017e koup\u00ed\u0161 put opci, kupuje\u0161 si mo\u017enost prodat podklad za strike cenu. Nemus\u00ed\u0161 ji vyu\u017e\u00edt, pokud se ti to nevyplat\u00ed. Za tuhle mo\u017enost plat\u00ed\u0161 op\u010dn\u00ed pr\u00e9mii.<\/p><p>P\u0159edstav si akcii za 100 USD. Koup\u00ed\u0161 put opci se strike cenou 95 USD a expirac\u00ed za 30 dn\u00ed. Pokud akcie v\u00fdrazn\u011b klesne pod 95 USD, put opce m\u016f\u017ee z\u00edskat hodnotu. Pokud z\u016fstane nad 95 USD, opce m\u016f\u017ee expirovat bezcenn\u00e1 a ty p\u0159ijde\u0161 o zaplacenou pr\u00e9mii.<\/p><p>U jednoduch\u00e9ho n\u00e1kupu put opce je maxim\u00e1ln\u00ed ztr\u00e1ta omezen\u00e1 na zaplacenou pr\u00e9mii. To neznamen\u00e1, \u017ee je put opce bezpe\u010dn\u00e1 \u2014 znamen\u00e1 to, \u017ee u tohoto konkr\u00e9tn\u00edho typu pozice v\u00ed\u0161 p\u0159edem, kolik m\u016f\u017ee\u0161 maxim\u00e1ln\u011b ztratit.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d7c8b70 elementor-widget elementor-widget-heading\" data-id=\"d7c8b70\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Put opce nen\u00ed povinnost prodat<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7a91382 elementor-widget elementor-widget-text-editor\" data-id=\"7a91382\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Kupuj\u00edc\u00ed m\u00e1 pr\u00e1vo, ne povinnost. To je z\u00e1sadn\u00ed. Kdy\u017e se trh nepohne podle o\u010dek\u00e1v\u00e1n\u00ed, prost\u011b opci nevyu\u017eije\u0161 a tvoje ztr\u00e1ta z\u016fst\u00e1v\u00e1 na \u00farovni pr\u00e9mie.<\/p><p>D\u016fle\u017eit\u00e9 je ale ch\u00e1pat je\u0161t\u011b jednu v\u011bc: opci nemus\u00ed\u0161 dr\u017eet do expirace. M\u016f\u017ee\u0161 ji prodat d\u0159\u00edv, proto\u017ee jej\u00ed hodnota se m\u011bn\u00ed v \u010dase. A pr\u00e1v\u011b tady za\u010d\u00e1te\u010dn\u00edci nej\u010dast\u011bji naraz\u00ed \u2014 sleduj\u00ed jen cenu podkladu a zapom\u00ednaj\u00ed, \u017ee na hodnotu opce tla\u010d\u00ed i ub\u00edhaj\u00edc\u00ed \u010das a volatilita.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bbbb760 elementor-widget elementor-widget-heading\" data-id=\"bbbb760\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Jak put opce funguje v praxi?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-db74d6f elementor-widget elementor-widget-text-editor\" data-id=\"db74d6f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Vezm\u011bme to krok za krokem. Akcie se obchoduje za 100 USD. Trader koup\u00ed jednu put opci se strike cenou 95 USD a expirac\u00ed za 30 dn\u00ed a zaplat\u00ed pr\u00e9mii 2 USD za akcii.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c31e267 elementor-alert-info elementor-widget elementor-widget-alert\" data-id=\"c31e267\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"alert.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-alert\" role=\"alert\">\n\n\t\t\t\n\t\t\t\t\t\t<span class=\"elementor-alert-description\"><p>Tady je v\u011bc, kterou je pot\u0159eba m\u00edt jasno hned: <strong>u akciov\u00fdch opc\u00ed se jedna opce obvykle v\u00e1\u017ee na 100 akci\u00ed podkladu.<\/strong> Pr\u00e9mie i p\u0159\u00edpadn\u00fd zisk nebo ztr\u00e1ta se proto v\u017edy po\u010d\u00edtaj\u00ed na t\u011bch 100 akci\u00ed. Kdy\u017e je pr\u00e9mie 2 USD za akcii, za jednu put opci tedy zaplat\u00ed\u0161 2 \u00d7 100 = 200 USD (bez poplatk\u016f). Tohle \u010d\u00edslo \u2014 100 akci\u00ed na jednu opci \u2014 dr\u017e v hlav\u011b, vr\u00e1t\u00ed se u ka\u017ed\u00e9ho v\u00fdpo\u010dtu n\u00ed\u017e.<\/p><\/span>\n\t\t\t\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4aa8055 elementor-widget elementor-widget-text-editor\" data-id=\"4aa8055\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Pokud cena akcie klesne t\u0159eba na 85 USD, put opce z\u00edsk\u00e1v\u00e1 vnit\u0159n\u00ed hodnotu. Pokud z\u016fstane nad 95 USD, m\u016f\u017ee vypr\u0161et bez hodnoty. Jen\u017ee aby byl obchod p\u0159i expiraci ziskov\u00fd, nesta\u010d\u00ed, aby akcie klesla pod strike cenu. Mus\u00ed klesnout dost na to, aby pokryla i zaplacenou pr\u00e9mii.<\/p><p>Proto je d\u016fle\u017eit\u00fd break-even.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1cffd8b elementor-widget elementor-widget-heading\" data-id=\"1cffd8b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Break-even u put opce<\/h3>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-bf1344b e-con-full vb-definition e-flex e-con e-child\" data-id=\"bf1344b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7d9f7b1 vb-definition-text elementor-widget elementor-widget-text-editor\" data-id=\"7d9f7b1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Break-even u koupen\u00e9 put opce je <strong>strike cena m\u00ednus zaplacen\u00e1 pr\u00e9mie<\/strong>.<\/p><p>Po\u010d\u00edt\u00e1 se takto:<\/p><p>strike cena 95 USD \u2212 pr\u00e9mie 2 USD = break-even 93 USD<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ad9ee38 elementor-widget elementor-widget-text-editor\" data-id=\"ad9ee38\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>To znamen\u00e1, \u017ee p\u0159i expiraci mus\u00ed b\u00fdt podklad pod 93 USD, aby byl obchod ziskov\u00fd p\u0159ed zapo\u010dten\u00edm poplatk\u016f. Break-even ti p\u0159esn\u011b \u0159\u00edk\u00e1, jak velk\u00fd pohyb ve skute\u010dnosti pot\u0159ebuje\u0161 \u2014 ne\u0159e\u0161\u00ed\u0161 jen sm\u011br, ale i velikost a na\u010dasov\u00e1n\u00ed pohybu.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5ed0544 elementor-widget elementor-widget-heading\" data-id=\"5ed0544\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Pro\u010d nesta\u010d\u00ed jen spr\u00e1vn\u011b odhadnout pokles<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0360104 elementor-widget elementor-widget-text-editor\" data-id=\"0360104\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>M\u016f\u017ee\u0161 m\u00edt pravdu, \u017ee trh klesne, a p\u0159esto na put opci prod\u011blat. Zn\u00ed to nelogicky, dokud nezapo\u010d\u00edt\u00e1\u0161 \u010das.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3baeb48 elementor-align-start elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"3baeb48\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Opce m\u00e1 <strong>expiraci<\/strong> \u2014 pokud pokles p\u0159ijde a\u017e po n\u00ed, je ti k ni\u010demu.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Hodnota opce <strong>ub\u00fdv\u00e1 s \u010dasem<\/strong> (\u010dasov\u00fd rozpad, anglicky theta decay), i kdy\u017e se podklad neh\u00fdbe proti tob\u011b.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Roli hraje <strong>volatilita<\/strong> \u2014 kdy\u017e o\u010dek\u00e1van\u00fd pohyb trhu klesne, m\u016f\u017ee klesnout i cena opce.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Pokles m\u016f\u017ee p\u0159ij\u00edt <strong>p\u0159\u00edli\u0161 pozd\u011b<\/strong> nebo b\u00fdt <strong>p\u0159\u00edli\u0161 m\u011blk\u00fd<\/strong>, ne\u017e aby p\u0159ekonal break-even.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1dbc3f7 elementor-blockquote--skin-border elementor-widget elementor-widget-blockquote\" data-id=\"1dbc3f7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"blockquote.default\">\n\t\t\t\t\t\t\t<blockquote class=\"elementor-blockquote\">\n\t\t\t<p class=\"elementor-blockquote__content\">\n\t\t\t\tU opc\u00ed nejde jen o sm\u011br. Jde o sc\u00e9n\u00e1\u0159, \u010das, volatilitu, riziko a pravidla v\u00fdstupu.\t\t\t<\/p>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-942dc93 elementor-widget elementor-widget-heading\" data-id=\"942dc93\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Kdy put opce vyd\u011bl\u00e1v\u00e1 a kdy prod\u011bl\u00e1v\u00e1?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-522c6fc elementor-widget elementor-widget-text-editor\" data-id=\"522c6fc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Koupen\u00e1 put opce vyd\u011bl\u00e1v\u00e1, kdy\u017e podklad do expirace dostate\u010dn\u011b klesne pod break-even. Prod\u011bl\u00e1v\u00e1, kdy\u017e z\u016fstane nad strike, klesne p\u0159\u00edli\u0161 m\u00e1lo, nebo pokles p\u0159ijde pozd\u011b \u2014 rozhoduje tedy sm\u011br i velikost a na\u010dasov\u00e1n\u00ed pohybu.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8327f75 vb-table elementor-widget elementor-widget-text-editor\" data-id=\"8327f75\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<table><thead><tr><th>Sc\u00e9n\u00e1\u0159<\/th><th>Co se d\u011bje s podkladem<\/th><th>Dopad na koupenou put opci<\/th><\/tr><\/thead><tbody><tr><td>Podklad v\u00fdrazn\u011b kles\u00e1<\/td><td>Cena jde pod strike cenu<\/td><td>Put opce obvykle z\u00edsk\u00e1v\u00e1 na hodnot\u011b<\/td><\/tr><tr><td>Podklad stagnuje<\/td><td>Cena se dr\u017e\u00ed pobl\u00ed\u017e p\u016fvodn\u00ed \u00farovn\u011b<\/td><td>Opce m\u016f\u017ee ztr\u00e1cet hodnotu kv\u016fli \u010dasu<\/td><\/tr><tr><td>Podklad roste<\/td><td>Cena jde proti o\u010dek\u00e1v\u00e1n\u00ed<\/td><td>Put opce obvykle ztr\u00e1c\u00ed hodnotu<\/td><\/tr><tr><td>Pokles p\u0159ijde pozd\u011b<\/td><td>Trh klesne a\u017e bl\u00edzko expirace<\/td><td>V\u00fdsledek m\u016f\u017ee b\u00fdt hor\u0161\u00ed kv\u016fli \u010dasov\u00e9mu rozpadu<\/td><\/tr><tr><td>Volatilita kles\u00e1<\/td><td>O\u010dek\u00e1van\u00fd pohyb trhu se sni\u017euje<\/td><td>Hodnota opce m\u016f\u017ee klesat i bez r\u016fstu podkladu<\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-240e7ba elementor-widget elementor-widget-text-editor\" data-id=\"240e7ba\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Koupen\u00e1 put opce m\u00e1 omezen\u00e9 riziko ve v\u00fd\u0161i zaplacen\u00e9 pr\u00e9mie. To ale neznamen\u00e1, \u017ee je automaticky bezpe\u010dn\u00e1. Pokud trader opakovan\u011b kupuje opce bez syst\u00e9mu, dok\u00e1\u017ee poskl\u00e1dat \u0159adu mal\u00fdch ztr\u00e1t velmi rychle za sebou. Definovan\u00e9 riziko je po\u0159\u00e1d riziko.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0ba0d40 elementor-widget elementor-widget-heading\" data-id=\"0ba0d40\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">N\u00e1kup put opce vs. vypisov\u00e1n\u00ed put opce<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-41006e3 elementor-widget elementor-widget-text-editor\" data-id=\"41006e3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>P\u0159i n\u00e1kupu put opce plat\u00ed\u0161 pr\u00e9mii a z\u00edsk\u00e1v\u00e1\u0161 pr\u00e1vo prodat podklad. P\u0159i vypisov\u00e1n\u00ed put opce pr\u00e9mii inkasuje\u0161, ale p\u0159ij\u00edm\u00e1\u0161 povinnost koupit podklad, pokud dojde k p\u0159i\u0159azen\u00ed. Jsou to dv\u011b protilehl\u00e9 pozice s \u00fapln\u011b jin\u00fdm rizikov\u00fdm profilem.<\/p><p>Zjednodu\u0161en\u011b jde o opa\u010dn\u00e9 s\u00e1zky na to, kde bude cena <strong>p\u0159i expiraci<\/strong>:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d16f050 elementor-align-start elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"d16f050\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>Nakupuj\u00edc\u00ed<\/strong> put opce s\u00e1z\u00ed, \u017ee cena do expirace klesne pod break-even \u2014 vyd\u011bl\u00e1v\u00e1 na poklesu, nebo se proti n\u011bmu jist\u00ed.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>Vypisovatel<\/strong> put opce s\u00e1z\u00ed na prav\u00fd opak: \u017ee cena p\u0159i expiraci z\u016fstane nad strike, opce vypr\u0161\u00ed bezcenn\u00e1 a on si nech\u00e1 pr\u00e9mii. P\u0159\u00edpadn\u011b je sm\u00ed\u0159en\u00fd s t\u00edm, \u017ee p\u0159i p\u0159i\u0159azen\u00ed koup\u00ed <strong>100 akci\u00ed za strike cenu<\/strong> (jedna opce = 100 akci\u00ed) \u2014 p\u0159esn\u011b na to slou\u017e\u00ed p\u0159ipraven\u00e1 hotovost u p\u0159\u00edstupu cash secured put.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d77bd9c vb-table elementor-widget elementor-widget-text-editor\" data-id=\"d77bd9c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<table><thead><tr><th>P\u0159\u00edstup<\/th><th>Co trader d\u011bl\u00e1<\/th><th>S\u00e1z\u00ed na \/ o\u010dek\u00e1v\u00e1<\/th><th>Hlavn\u00ed riziko<\/th><\/tr><\/thead><tbody><tr><td>N\u00e1kup put opce<\/td><td>Plat\u00ed pr\u00e9mii<\/td><td>\u017de cena do expirace klesne pod break-even<\/td><td>Ztr\u00e1ta zaplacen\u00e9 pr\u00e9mie<\/td><\/tr><tr><td>Vypisov\u00e1n\u00ed put opce<\/td><td>Inkasuje pr\u00e9mii<\/td><td>\u017de cena p\u0159i expiraci z\u016fstane nad strike (opce vypr\u0161\u00ed bezcenn\u00e1)<\/td><td>P\u0159i p\u0159i\u0159azen\u00ed koupit 100 akci\u00ed za strike; ztr\u00e1ta nen\u00ed kryt\u00e1 a m\u016f\u017ee p\u0159es\u00e1hnout \u00fa\u010det<\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bdfb0ef elementor-widget elementor-widget-heading\" data-id=\"bdfb0ef\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">N\u00e1kup put opce<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d4ac80c elementor-widget elementor-widget-text-editor\" data-id=\"d4ac80c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>N\u00e1kup put opce se hod\u00ed pro spekulaci na pokles nebo jako ochrana portfolia. Maxim\u00e1ln\u00ed ztr\u00e1ta je zaplacen\u00e1 pr\u00e9mie a ziskov\u00fd potenci\u00e1l roste, \u010d\u00edm v\u00edc podklad klesne pod break-even. Slabinou je \u010das: \u010dasov\u00fd rozpad a \u0161patn\u00e9 na\u010dasov\u00e1n\u00ed dok\u00e1\u017eou obchod potopit i tehdy, kdy\u017e je sm\u011br v z\u00e1sad\u011b spr\u00e1vn\u00fd.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4c0a55a elementor-widget elementor-widget-heading\" data-id=\"4c0a55a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Vypisov\u00e1n\u00ed put opce<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-07034a3 elementor-widget elementor-widget-text-editor\" data-id=\"07034a3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>U vypisov\u00e1n\u00ed je pot\u0159eba b\u00fdt opatrn\u011bj\u0161\u00ed. Trader inkasuje pr\u00e9mii, ale zavazuje se koupit podklad za strike cenu, pokud dojde k p\u0159i\u0159azen\u00ed. \u010casto se pou\u017e\u00edv\u00e1 u p\u0159\u00edstupu cash secured put, kde m\u00e1 trader p\u0159ipravenou hotovost na p\u0159\u00edpadn\u00fd n\u00e1kup akci\u00ed.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2503c96 elementor-alert-warning elementor-widget elementor-widget-alert\" data-id=\"2503c96\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"alert.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-alert\" role=\"alert\">\n\n\t\t\t\n\t\t\t\t\t\t<span class=\"elementor-alert-description\"><p>Vypisov\u00e1n\u00ed put opc\u00ed m\u016f\u017ee na prvn\u00ed pohled p\u016fsobit klidn\u011b, proto\u017ee inkasuje\u0161 pr\u00e9mii. Riziko ale nezmiz\u00ed. P\u0159esouv\u00e1 se do z\u00e1vazku koupit podkladov\u00e9 aktivum, pokud se trh pohne proti pozici. P\u0159ijat\u00e1 pr\u00e9mie nen\u00ed zisk zdarma.<\/p><\/span>\n\t\t\t\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e79ddc0 elementor-widget elementor-widget-heading\" data-id=\"e79ddc0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Co mus\u00ed trh ud\u011blat, aby do\u0161lo k p\u0159i\u0159azen\u00ed?<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0fbb314 elementor-widget elementor-widget-text-editor\" data-id=\"0fbb314\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Put opce se dostane \u201edo pen\u011bz&quot; (anglicky <em>in the money<\/em>, zkratka ITM), kdy\u017e cena podkladu klesne pod strike cenu. V na\u0161em p\u0159\u00edkladu (strike 95 USD) to nastane, jakmile akcie spadne pod 95 USD. Pak m\u016f\u017ee dr\u017eitel put opce uplatnit pr\u00e1vo prodat za 95 USD \u2014 a ty jako vypisovatel mus\u00ed\u0161 podklad koupit.<\/p><p>Jeden op\u010dn\u00ed kontrakt p\u0159itom obvykle odpov\u00edd\u00e1 100 akci\u00edm. P\u0159i p\u0159i\u0159azen\u00ed tedy nekupuje\u0161 \u201ekousek&quot;, ale <strong>100 akci\u00ed za strike cenu<\/strong> \u2014 v na\u0161em p\u0159\u00edkladu 100 \u00d7 95 USD = 9 500 USD, bez ohledu na to, kde se akcie zrovna obchoduje. (U call opce je to zrcadlov\u011b: vypisovatel p\u0159i p\u0159i\u0159azen\u00ed 100 akci\u00ed prod\u00e1.) Na tohle mus\u00ed\u0161 b\u00fdt finan\u010dn\u011b p\u0159ipraven\u00fd p\u0159edem.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f5d862 elementor-widget elementor-widget-text-editor\" data-id=\"5f5d862\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Naopak kdy\u017e cena p\u0159i expiraci z\u016fstane nad strike (95 USD), opce nem\u00e1 vnit\u0159n\u00ed hodnotu, nikdo ji neuplatn\u00ed, vypr\u0161\u00ed bezcenn\u00e1 a ty si nech\u00e1\u0161 celou pr\u00e9mii. (U americk\u00fdch opc\u00ed m\u016f\u017ee p\u0159i\u0159azen\u00ed p\u0159ij\u00edt i p\u0159ed expirac\u00ed, ale typicky a\u017e kdy\u017e je opce v pen\u011bz\u00edch.)<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f7e304a elementor-alert-warning elementor-widget elementor-widget-alert\" data-id=\"f7e304a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"alert.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-alert\" role=\"alert\">\n\n\t\t\t\n\t\t\t\t\t\t<span class=\"elementor-alert-description\"><p>A te\u010f to nejd\u016fle\u017eit\u011bj\u0161\u00ed: na rozd\u00edl od kupuj\u00edc\u00edho, jeho\u017e ztr\u00e1ta je omezen\u00e1 na pr\u00e9mii, <strong>vypisovatel takov\u00fd strop nem\u00e1<\/strong>. Kdy\u017e podklad v\u00fdrazn\u011b propadne, kupuje\u0161 za strike n\u011bco, co m\u00e1 na trhu mnohem ni\u017e\u0161\u00ed cenu. V krajn\u00edm p\u0159\u00edpad\u011b \u2014 kdyby akcie spadla a\u017e k nule \u2014 je tvoje ztr\u00e1ta (strike \u2212 pr\u00e9mie) \u00d7 100, v na\u0161em p\u0159\u00edkladu (95 \u2212 2) \u00d7 100 = 9 300 USD na jedin\u00fd kontrakt. Takov\u00e1 ztr\u00e1ta m\u016f\u017ee klidn\u011b p\u0159es\u00e1hnout velikost tv\u00e9ho obchodn\u00edho \u00fa\u010dtu, zvl\u00e1\u0161\u0165 pokud put vypisuje\u0161 bez p\u0159ipraven\u00e9 hotovosti (na p\u00e1ku). Pr\u00e1v\u011b proto \u201ecash secured&quot; znamen\u00e1 m\u00edt tu hotovost stranou p\u0159edem.<\/p><\/span>\n\t\t\t\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6380823 elementor-widget elementor-widget-text-editor\" data-id=\"6380823\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Vypisov\u00e1n\u00ed proto vy\u017eaduje kapit\u00e1l, pl\u00e1n a discipl\u00ednu \u2014 nen\u00ed to prvn\u00ed krok pro za\u010d\u00e1te\u010dn\u00edka. Tomuhle op\u010dn\u00edmu p\u0159\u00edstupu se podrobn\u011b v\u011bnuje samostatn\u00fd \u010dl\u00e1nek o <strong>cash secured put<\/strong>.<\/p><p>A plat\u00ed tu stejn\u00e9 pravidlo jako u ostatn\u00edch op\u010dn\u00edch kombinac\u00ed: samotn\u00e9 vyps\u00e1n\u00ed put opce (ani cash secured put) je\u0161t\u011b nen\u00ed strategie. Tou se st\u00e1v\u00e1 a\u017e s obchodn\u00edm pl\u00e1nem, \u0159\u00edzen\u00edm rizika a money managementem \u2014 kdy\u017e v\u00ed\u0161, pro\u010d pozici otev\u00edr\u00e1\u0161, kolik riskuje\u0161 a co ud\u011bl\u00e1\u0161, kdy\u017e se sc\u00e9n\u00e1\u0159 nenapln\u00ed.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a124899 elementor-widget elementor-widget-heading\" data-id=\"a124899\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Put opce vs. call opce<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9732831 elementor-widget elementor-widget-text-editor\" data-id=\"9732831\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Put opce d\u00e1v\u00e1 pr\u00e1vo prodat podkladov\u00e9 aktivum. Call opce d\u00e1v\u00e1 pr\u00e1vo podklad koupit. Zjednodu\u0161en\u011b se put opce pou\u017e\u00edv\u00e1 p\u0159i o\u010dek\u00e1v\u00e1n\u00ed poklesu a call opce p\u0159i o\u010dek\u00e1v\u00e1n\u00ed r\u016fstu.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-051027e vb-table elementor-widget elementor-widget-text-editor\" data-id=\"051027e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<table><thead><tr><th>Typ opce<\/th><th>Pr\u00e1vo<\/th><th>Typick\u00e9 pou\u017eit\u00ed<\/th><th>Zjednodu\u0161en\u00fd sc\u00e9n\u00e1\u0159<\/th><\/tr><\/thead><tbody><tr><td>Put opce<\/td><td>Prodat podklad<\/td><td>Spekulace na pokles, zaji\u0161t\u011bn\u00ed<\/td><td>Trader o\u010dek\u00e1v\u00e1 pokles ceny<\/td><\/tr><tr><td>Call opce<\/td><td>Koupit podklad<\/td><td>Spekulace na r\u016fst<\/td><td>Trader o\u010dek\u00e1v\u00e1 r\u016fst ceny<\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ac43e9c elementor-widget elementor-widget-text-editor\" data-id=\"ac43e9c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Tohle d\u011blen\u00ed je dobr\u00e9 pro prvn\u00ed orientaci, ale je hrub\u00e9. V kombinovan\u00fdch strategi\u00edch mohou put i call opce slou\u017eit \u00fapln\u011b jin\u00fdm \u00fa\u010del\u016fm ne\u017e \u201es\u00e1zce na sm\u011br&#8220; \u2014 t\u0159eba pr\u00e1ci s volatilitou nebo s p\u0159edem ohrani\u010den\u00fdm rizikem. Detailn\u00ed prot\u011bj\u0161ek najde\u0161 v \u010dl\u00e1nku <a href=\"\/cs\/blog\/call-opce\">Call opce: co znamen\u00e1 a jak funguje<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-902929e elementor-widget elementor-widget-heading\" data-id=\"902929e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">K \u010demu trade\u0159i put opce pou\u017e\u00edvaj\u00ed?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b261af elementor-widget elementor-widget-text-editor\" data-id=\"8b261af\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Put opce nen\u00ed jedno\u00fa\u010delov\u00fd n\u00e1stroj. Trade\u0159i ji nasazuj\u00ed z r\u016fzn\u00fdch d\u016fvod\u016f \u2014 a pr\u00e1v\u011b v t\u00e9 flexibilit\u011b je jej\u00ed s\u00edla.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-503b649 elementor-widget elementor-widget-heading\" data-id=\"503b649\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Spekulace na pokles<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7da6141 elementor-widget elementor-widget-text-editor\" data-id=\"7da6141\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Trader o\u010dek\u00e1v\u00e1 pokles podkladu, koup\u00ed put opci a riskuje zaplacenou pr\u00e9mii. K \u00fasp\u011bchu pot\u0159ebuje troj\u00ed: spr\u00e1vn\u00fd sm\u011br, dostate\u010dnou velikost pohybu a spr\u00e1vn\u00e9 na\u010dasov\u00e1n\u00ed v r\u00e1mci expirace. Chyb\u011bt nesm\u00ed ani jedno.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5c889e9 elementor-widget elementor-widget-heading\" data-id=\"5c889e9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Zaji\u0161t\u011bn\u00ed portfolia<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-584e660 elementor-widget elementor-widget-text-editor\" data-id=\"584e660\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Investor dr\u017e\u00ed akcie a boj\u00ed se kr\u00e1tkodob\u00e9ho poklesu. Koup\u00ed put opci jako ochranu \u2014 kdy\u017e podklad spadne, opce m\u016f\u017ee \u010d\u00e1st ztr\u00e1ty na akci\u00edch kompenzovat.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8c71dec elementor-alert-info elementor-widget elementor-widget-alert\" data-id=\"8c71dec\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"alert.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-alert\" role=\"alert\">\n\n\t\t\t\n\t\t\t\t\t\t<span class=\"elementor-alert-description\"><p>Put opce se v tomhle kontextu p\u0159irovn\u00e1v\u00e1 k poji\u0161t\u011bn\u00ed. Plat\u00ed\u0161 pr\u00e9mii za ochranu p\u0159ed ur\u010dit\u00fdm sc\u00e9n\u00e1\u0159em. Stejn\u011b jako u poji\u0161t\u011bn\u00ed ale pot\u0159ebuje\u0161 v\u011bd\u011bt, co p\u0159esn\u011b chr\u00e1n\u00ed\u0161, na jak dlouho a za jakou cenu \u2014 a po\u010d\u00edtat s t\u00edm, \u017ee pr\u00e9mie je n\u00e1klad a opce nemus\u00ed pokr\u00fdt celou ztr\u00e1tu.<\/p><\/span>\n\t\t\t\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dd7bf91 elementor-widget elementor-widget-heading\" data-id=\"dd7bf91\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Vypisov\u00e1n\u00ed put opc\u00ed pro inkaso pr\u00e9mie<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d6d0ae2 elementor-widget elementor-widget-text-editor\" data-id=\"d6d0ae2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>N\u011bkte\u0159\u00ed trade\u0159i necht\u011bj\u00ed spekulovat na prudk\u00fd pohyb. Sta\u010d\u00ed jim, aby podklad neklesl pod ur\u010ditou \u00farove\u0148. Vyp\u00ed\u0161ou put opci, inkasuj\u00ed pr\u00e9mii \u2014 ale mus\u00ed b\u00fdt p\u0159ipraven\u00ed na p\u0159i\u0159azen\u00ed a na to, \u017ee 100 akci\u00ed za strike skute\u010dn\u011b koup\u00ed. Detaily \u0159e\u0161\u00ed op\u010dn\u00ed p\u0159\u00edstup <strong>cash secured put<\/strong>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d1b633b elementor-widget elementor-widget-heading\" data-id=\"d1b633b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">V\u00fdhody put opc\u00ed<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-826683f elementor-widget elementor-widget-text-editor\" data-id=\"826683f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Put opce ti d\u00e1v\u00e1 n\u011bco, co u prost\u00e9ho dr\u017een\u00ed akci\u00ed nem\u00e1\u0161: mo\u017enost <strong>p\u0159edem definovat, co se stane p\u0159i poklesu<\/strong> \u2014 a kolik t\u011b ta jistota bude st\u00e1t. Nemus\u00ed\u0161 odhadovat dno trhu ani prod\u00e1vat akcie ve strachu. M\u016f\u017ee\u0161 se proti poklesu pojistit a nechat p\u0159itom prostor pro r\u016fst.<\/p><p>Konkr\u00e9tn\u00ed p\u0159\u00edklad: dr\u017e\u00ed\u0161 akcie p\u0159ed nejist\u00fdm ozn\u00e1men\u00edm v\u00fdsledk\u016f. M\u00edsto abys je ze strachu prodal, koup\u00ed\u0161 put opci. Kdy\u017e trh spadne, put \u010d\u00e1st ztr\u00e1ty vykryje. Kdy\u017e poroste, m\u00e1\u0161 d\u00e1l svoje akcie \u2014 zaplatil jsi jen pr\u00e9mii, jako pojistku.<\/p><p>Mezi konkr\u00e9tn\u00ed v\u00fdhody pat\u0159\u00ed:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0d07c78 elementor-align-start elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"0d07c78\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">mo\u017enost profitovat z poklesu podkladu,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">mo\u017enost zajistit akciov\u00e9 portfolio proti propadu,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">u n\u00e1kupu put opce <strong>p\u0159edem zn\u00e1m\u00e9 maxim\u00e1ln\u00ed riziko<\/strong> (zaplacen\u00e1 pr\u00e9mie) \u2014 to u dr\u017een\u00ed akcie nem\u00e1\u0161,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">flexibilita a vyu\u017eit\u00ed v kombinovan\u00fdch strategi\u00edch,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">pr\u00e1ce se sc\u00e9n\u00e1\u0159i a s p\u0159edem definovan\u00fdm rizikem m\u00edsto pouh\u00e9ho tipov\u00e1n\u00ed sm\u011bru.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ac5fd6a elementor-widget elementor-widget-text-editor\" data-id=\"ac5fd6a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>To, \u017ee riziko dok\u00e1\u017ee\u0161 ohrani\u010dit dop\u0159edu, je samo o sob\u011b v\u00fdhoda \u2014 d\u00e1v\u00e1 ti kontrolu, kterou prost\u00e9 \u201ekoup\u00edm a uvid\u00edm&quot; nenab\u00edz\u00ed. Po\u0159\u00e1d ale plat\u00ed jedno: tu kontrolu m\u00e1\u0161 jen tehdy, kdy\u017e v\u00ed\u0161, pro\u010d pozici otev\u00edr\u00e1\u0161, kolik riskuje\u0161 a kdy z n\u00ed vystoup\u00ed\u0161. N\u00e1stroj ti d\u00e1v\u00e1 mo\u017enosti, proces z nich d\u011bl\u00e1 v\u00fdhodu.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d43ddd elementor-widget elementor-widget-heading\" data-id=\"3d43ddd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Rizika put opc\u00ed<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fb226bc elementor-widget elementor-widget-text-editor\" data-id=\"fb226bc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Nejv\u011bt\u0161\u00ed probl\u00e9m u put opc\u00ed \u010dasto nevznik\u00e1 proto, \u017ee by trader netrefil sm\u011br. Vznik\u00e1 ve chv\u00edli, kdy nepo\u010d\u00edt\u00e1 s \u010dasem, volatilitou, pr\u00e9mi\u00ed a konkr\u00e9tn\u00edm pl\u00e1nem v\u00fdstupu.<\/p><p>Ka\u017ed\u00e9 riziko, kter\u00e9 put opce p\u0159in\u00e1\u0161\u00ed, m\u00e1 sv\u016fj prot\u011bj\u0161ek v procesu:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4230505 elementor-align-start elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"4230505\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">M\u016f\u017ee\u0161 p\u0159ij\u00edt o celou zaplacenou pr\u00e9mii \u2014 proto funguje pravidlo velikosti pozice a riskuje\u0161 jen to, co jsi p\u0159ipraven\u00fd ztratit.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">\u010casov\u00fd rozpad ukrajuje hodnotu opce \u2014 proto pot\u0159ebuje\u0161 pl\u00e1n v\u00fdstupu p\u0159edem, ne jen n\u00e1pad na vstup.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Pokles volatility m\u016f\u017ee srazit cenu opce i bez r\u016fstu podkladu \u2014 proto jsou podm\u00ednky vstupu sou\u010d\u00e1st\u00ed rozhodnut\u00ed, ne jen n\u00e1zor na sm\u011br.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">\u0160patn\u00e9 na\u010dasov\u00e1n\u00ed potop\u00ed i spr\u00e1vn\u00fd sm\u011br \u2014 proto po\u010d\u00edt\u00e1\u0161 s break-even bodem a velikost\u00ed pohybu, ne jen s t\u00edm \u201ekam to p\u016fjde&quot;.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Vypsan\u00e1 put opce nese z\u00e1vazek koupit podklad \u2014 proto to nen\u00ed prvn\u00ed krok a vy\u017eaduje to kapit\u00e1l i pravidla.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Opakovan\u00e9 mal\u00e9 ztr\u00e1ty bez syst\u00e9mu se rychle s\u010d\u00edtaj\u00ed \u2014 proto existuje obchodn\u00ed den\u00edk a zp\u011btn\u00e9 vyhodnocen\u00ed ka\u017ed\u00e9ho obchodu.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1af4ef1 elementor-widget elementor-widget-heading\" data-id=\"1af4ef1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Riziko u koupen\u00e9 put opce<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f1cde3b elementor-widget elementor-widget-text-editor\" data-id=\"f1cde3b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Maxim\u00e1ln\u00ed ztr\u00e1ta je pr\u00e9mie \u2014 to zn\u00ed krotce. H\u00e1\u010dek je v pravd\u011bpodobnosti: koupen\u00e9 opce kon\u010d\u00ed bezcenn\u00e9 \u010dast\u011bji, ne\u017e si za\u010d\u00e1te\u010dn\u00edk mysl\u00ed. Trader tak m\u016f\u017ee m\u00edt s\u00e9rii mal\u00fdch ztr\u00e1t, kter\u00e1 bez syst\u00e9mu nen\u00ed nic jin\u00e9ho ne\u017e drah\u00e9 tipov\u00e1n\u00ed sm\u011bru.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2236603 elementor-widget elementor-widget-heading\" data-id=\"2236603\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Riziko u vypsan\u00e9 put opce<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b2031b7 elementor-widget elementor-widget-text-editor\" data-id=\"b2031b7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Tady je profil obr\u00e1cen\u00fd. Trader m\u00e1 povinnost koupit podklad a riziko roste s t\u00edm, jak hluboko podklad pad\u00e1. Cash secured put nen\u00ed bezrizikov\u00fd p\u0159\u00edstup \u2014 je to z\u00e1vazek, kter\u00fd mus\u00ed\u0161 ch\u00e1pat a m\u00edt na n\u011bj p\u0159ipraven\u00fd kapit\u00e1l.<\/p><p>Tohle riziko ale nemus\u00ed z\u016fstat neohrani\u010den\u00e9. Kdy\u017e si k vypsan\u00e9 put opci z\u00e1rove\u0148 koup\u00ed\u0161 dal\u0161\u00ed put s ni\u017e\u0161\u00ed strike cenou (d\u00e1l od trhu), tvoje maxim\u00e1ln\u00ed ztr\u00e1ta je p\u0159edem dan\u00e1 \u2014 ur\u010duje ji rozp\u011bt\u00ed mezi striky sn\u00ed\u017een\u00e9 o \u010distou p\u0159ijatou pr\u00e9mii. Z hol\u00e9ho v\u00fdpisu se t\u00edm st\u00e1v\u00e1 pozice s <strong>definovan\u00fdm rizikem (kreditn\u00ed spread)<\/strong>. To u\u017e je ale op\u010dn\u00ed kombinace, ne samostatn\u00e1 put opce \u2014 pat\u0159\u00ed k t\u00e9matu op\u010dn\u00edch strategi\u00ed, ne k prvn\u00edm krok\u016fm.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a179ea3 elementor-widget elementor-widget-heading\" data-id=\"a179ea3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Jsou put opce vhodn\u00e9 pro za\u010d\u00e1te\u010dn\u00edky?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f16014b elementor-widget elementor-widget-text-editor\" data-id=\"f16014b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Put opce jsou pro za\u010d\u00e1te\u010dn\u00edka u\u017eite\u010dn\u00e9 jako t\u00e9ma ke studiu \u2014 pom\u00e1haj\u00ed pochopit, jak opce pracuj\u00ed s poklesem, rizikem a \u010dasem. Pro re\u00e1ln\u00e9 obchodov\u00e1n\u00ed ale vy\u017eaduj\u00ed p\u0159\u00edpravu, pochopen\u00ed z\u00e1kladn\u00edch pojm\u016f a jasn\u00fd pl\u00e1n. Bez toho se z put opc\u00ed snadno stane jen drah\u00e9 h\u00e1d\u00e1n\u00ed, kam se trh pohne.<\/p><p>Ne\u017e vsad\u00ed\u0161 re\u00e1ln\u00e9 pen\u00edze, m\u011bl bys ch\u00e1pat:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7180edd elementor-align-start elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"7180edd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">rozd\u00edl mezi put a call opc\u00ed,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">co znamen\u00e1 strike, expirace, pr\u00e9mie a break-even,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">rozd\u00edl mezi n\u00e1kupem a vypisov\u00e1n\u00edm put opce,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">co se stane p\u0159i r\u016fzn\u00fdch sc\u00e9n\u00e1\u0159\u00edch trhu,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">pro\u010d neza\u010d\u00ednat vypisov\u00e1n\u00edm opc\u00ed bez pravidel.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-02f874b elementor-widget elementor-widget-text-editor\" data-id=\"02f874b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>A d\u00e1v\u00e1 smysl si to nejd\u0159\u00edv vyzkou\u0161et nane\u010disto. K tomu pom\u016f\u017ee <a href=\"\/cs\/blog\/paper-trading\">paper trading<\/a>, kde si proces projde\u0161 bez finan\u010dn\u00edho dopadu.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2c6a8af vb-cta elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"2c6a8af\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tFree Ride\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__description elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tChce\u0161 si nejd\u0159\u00edv ud\u011blat p\u0159edstavu, jak ve Volbeast p\u0159em\u00fd\u0161l\u00edme o opc\u00edch? Free Ride jsou 3 lekce zdarma \u2014 uk\u00e1\u017eou ti n\u00e1\u0161 p\u0159\u00edstup ke sc\u00e9n\u00e1\u0159\u016fm a riziku, abys zjistil, jestli ti tenhle styl obchodov\u00e1n\u00ed d\u00e1v\u00e1 smysl.\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<a class=\"elementor-cta__button elementor-button elementor-size-\" href=\"https:\/\/volbeast.com\/cs\/free-ride\">\n\t\t\t\t\t\tChci Free Ride\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-181c25e elementor-widget elementor-widget-heading\" data-id=\"181c25e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Jednoduch\u00fd p\u0159\u00edklad put opce krok za krokem<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9338c00 elementor-widget elementor-widget-text-editor\" data-id=\"9338c00\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Poj\u010fme jeden obchod proj\u00edt cel\u00fd.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5082354 elementor-align-start elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"5082354\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>1.<\/strong> Akcie stoj\u00ed 100 USD.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>2.<\/strong> Trader o\u010dek\u00e1v\u00e1 pokles.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>3.<\/strong> Koup\u00ed put opci se strike cenou 95 USD.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>4.<\/strong> Zaplat\u00ed pr\u00e9mii 2 USD za akcii (200 USD za kontrakt).<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>5.<\/strong> Expirace je za 30 dn\u00ed.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>6.<\/strong> Break-even je 93 USD (95 \u2212 2).<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0e4ef9a elementor-widget elementor-widget-text-editor\" data-id=\"0e4ef9a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>A te\u010f t\u0159i sc\u00e9n\u00e1\u0159e p\u0159i expiraci:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f70e901 elementor-align-start elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"f70e901\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>Akcie klesne na 88 USD.<\/strong> Put opce m\u00e1 vnit\u0159n\u00ed hodnotu 7 USD (95 \u2212 88). Po ode\u010dten\u00ed pr\u00e9mie 2 USD je orienta\u010dn\u00ed zisk 5 USD na akcii, tedy zhruba 500 USD na kontrakt p\u0159ed poplatky.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>Akcie z\u016fstane na 95 USD nebo v\u00fd\u0161.<\/strong> Opce je mimo pen\u00edze a m\u016f\u017ee expirovat bezcenn\u00e1. Ztr\u00e1c\u00ed\u0161 celou pr\u00e9mii \u2014 2 USD na akcii, tedy ~200 USD za kontrakt.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>Akcie klesne jen na 94 USD.<\/strong> Trefil jsi sm\u011br, a p\u0159esto jsi ve ztr\u00e1t\u011b. Opce m\u00e1 hodnotu 1 USD, ale zaplatil jsi 2 USD \u2014 v\u00fdsledek je m\u00ednus 1 USD na akcii, tedy ztr\u00e1ta 100 USD bez poplatk\u016f. Jsi nad break-even bodem 93 USD.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fddab88 elementor-alert-info elementor-widget elementor-widget-alert\" data-id=\"fddab88\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"alert.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-alert\" role=\"alert\">\n\n\t\t\t\n\t\t\t\t\t\t<span class=\"elementor-alert-description\"><p>Tento p\u0159\u00edklad ukazuje, pro\u010d u opc\u00ed nesta\u010d\u00ed \u0159\u00edct \u201emysl\u00edm, \u017ee trh klesne&quot;. Mus\u00ed\u0161 v\u011bd\u011bt, kam p\u0159ibli\u017en\u011b m\u016f\u017ee klesnout, za jak dlouho, kolik za opci plat\u00ed\u0161 a kdy z obchodu vystoup\u00ed\u0161.<\/p><\/span>\n\t\t\t\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d18ef64 elementor-widget elementor-widget-heading\" data-id=\"d18ef64\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Jak nad put opcemi p\u0159em\u00fd\u0161l\u00ed Volbeast<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b0cd5c elementor-widget elementor-widget-text-editor\" data-id=\"5b0cd5c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Pro n\u00e1s put opce nen\u00ed tla\u010d\u00edtko \u00bbshort\u00ab. D\u00e1v\u00e1 smysl jen tehdy, kdy\u017e je sou\u010d\u00e1st\u00ed jasn\u00e9ho sc\u00e9n\u00e1\u0159e, pravidel, \u0159\u00edzen\u00ed rizika a vyhodnocov\u00e1n\u00ed. A nejde jen o pokles \u2014 put um\u00ed pracovat i jako ochrana portfolia nebo jako stavebn\u00ed prvek strategi\u00ed, kde hraje roli pr\u00e9mie, \u010das, volatilita a pravd\u011bpodobnost.<\/p><p>Nejde o p\u0159edpov\u00edd\u00e1n\u00ed katastrof ani o impulzivn\u00ed shortov\u00e1n\u00ed p\u0159i prvn\u00ed \u010derven\u00e9 sv\u00ed\u010dce. Jde o pr\u00e1ci se sc\u00e9n\u00e1\u0159em, pochopen\u00ed rizika a o proces, kter\u00fd um\u00ed\u0161 zopakovat a vyhodnotit.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eb33fd0 elementor-blockquote--skin-border elementor-widget elementor-widget-blockquote\" data-id=\"eb33fd0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"blockquote.default\">\n\t\t\t\t\t\t\t<blockquote class=\"elementor-blockquote\">\n\t\t\t<p class=\"elementor-blockquote__content\">\n\t\t\t\tPut opce nen\u00ed pl\u00e1n. Put opce je n\u00e1stroj. Pl\u00e1n vznik\u00e1 a\u017e ve chv\u00edli, kdy v\u00ed\u0161, pro\u010d ji pou\u017e\u00edv\u00e1\u0161, kolik riskuje\u0161 a podle \u010deho obchod vyhodnot\u00ed\u0161.\t\t\t<\/p>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ad7750c elementor-widget elementor-widget-text-editor\" data-id=\"ad7750c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>V tom je cel\u00fd rozd\u00edl \u2014 s\u00e1zka\u0159 h\u00e1d\u00e1, kam to spadne; trader v\u00ed, jak\u00fd sc\u00e9n\u00e1\u0159 obchoduje a co ud\u011bl\u00e1, kdy\u017e nevyjde. A pr\u00e1v\u011b proto se daj\u00ed opce obchodovat klidn\u011b: data, pravidla a checklist rozhodnut\u00ed ud\u011blaj\u00ed velkou \u010d\u00e1st pr\u00e1ce za tebe.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-84474f9 elementor-widget elementor-widget-heading\" data-id=\"84474f9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Jak za\u010d\u00edt s put opcemi bez chaosu?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-68b4f56 elementor-widget elementor-widget-text-editor\" data-id=\"68b4f56\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Pokud s put opcemi za\u010d\u00edn\u00e1\u0161, nesna\u017e se p\u0159esko\u010dit z\u00e1klady. U put opc\u00ed neprohr\u00e1v\u00e1 pomal\u00fd \u2014 prohr\u00e1v\u00e1 ukvapen\u00fd, kdo koup\u00ed put v panice a bez pl\u00e1nu v\u00fdstupu.<\/p><p>Po\u0159ad\u00ed, kter\u00e9 d\u00e1v\u00e1 smysl:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-574c5e3 elementor-align-start elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"574c5e3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>1.<\/strong> Nejd\u0159\u00edv pochop, co jsou opce obecn\u011b.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>2.<\/strong> Nau\u010d se rozd\u00edl mezi call a put opc\u00ed.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>3.<\/strong> Pochop pojmy strike, expirace, pr\u00e9mie a break-even.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>4.<\/strong> Rozli\u0161uj n\u00e1kup put opce a vypisov\u00e1n\u00ed put opce.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>5.<\/strong> Neza\u010d\u00ednej re\u00e1ln\u00fdmi pen\u011bzi bez testov\u00e1n\u00ed.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>6.<\/strong> Sleduj, jak se opce chov\u00e1 p\u0159i pohybu podkladu, zm\u011bn\u011b volatility a bl\u00ed\u017e\u00edc\u00ed se expiraci.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>7.<\/strong> Ve\u010f si obchodn\u00ed den\u00edk jako sou\u010d\u00e1st procesu.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>8.<\/strong> Nepou\u017e\u00edvej put opce jen jako impulzivn\u00ed s\u00e1zku na pokles.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ada2e1a elementor-widget elementor-widget-text-editor\" data-id=\"ada2e1a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>K systematick\u00e9mu vstupu do t\u00e9matu vede \u010dl\u00e1nek <a href=\"\/cs\/blog\/obchodovani-opci\">Obchodov\u00e1n\u00ed opc\u00ed: jak za\u010d\u00edt bez chaosu<\/a> a \u0161ir\u0161\u00ed z\u00e1klad d\u00e1v\u00e1 <a href=\"\/cs\/blog\/trading-pro-zacatecniky\">Trading pro za\u010d\u00e1te\u010dn\u00edky<\/a>. Riziko a velikost pozice rozeb\u00edr\u00e1me v \u010dl\u00e1nc\u00edch <a href=\"\/cs\/blog\/risk-management-v-tradingu\">Risk management v tradingu<\/a> a <a href=\"\/cs\/blog\/money-management\">Money management v tradingu<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7fdd440 vb-cta elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"7fdd440\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tFounders (Full Ride)\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__description elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tPokud jsi rozhodnut\u00fd za\u010d\u00edt s tradingem systematicky, Founders (Full Ride) je hlavn\u00ed cesta, jak vstoupit do Volbeast p\u0159\u00edstupu naplno \u2014 strategie, \u0159\u00edzen\u00ed rizika, testov\u00e1n\u00ed a vyhodnocov\u00e1n\u00ed pohromad\u011b.\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<a class=\"elementor-cta__button elementor-button elementor-size-\" href=\"https:\/\/volbeast.com\/cs\/founders\">\n\t\t\t\t\t\tChci pln\u00fd p\u0159\u00edstup\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f4dc11e elementor-widget elementor-widget-heading\" data-id=\"f4dc11e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Nej\u010dast\u011bj\u0161\u00ed chyby za\u010d\u00e1te\u010dn\u00edk\u016f u put opc\u00ed<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-127f1e5 elementor-widget elementor-widget-text-editor\" data-id=\"127f1e5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Za\u010d\u00e1te\u010dn\u00edci u put opc\u00ed v\u011bt\u0161inou neselh\u00e1vaj\u00ed proto, \u017ee by je nepochopili. Selh\u00e1vaj\u00ed proto, \u017ee p\u0159eskakuj\u00ed proces.<\/p><p>Mezi \u010dast\u00e9 chyby pat\u0159\u00ed:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ea5cc22 elementor-align-start elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"ea5cc22\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-exclamation-triangle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">berou put opci jako jednoduchou s\u00e1zku na pokles,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-exclamation-triangle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">ne\u0159e\u0161\u00ed expiraci,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-exclamation-triangle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">podce\u0148uj\u00ed \u010dasov\u00fd rozpad,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-exclamation-triangle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">nepo\u010d\u00edtaj\u00ed break-even,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-exclamation-triangle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">zaplat\u00ed p\u0159\u00edli\u0161 vysokou pr\u00e9mii,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-exclamation-triangle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">obchoduj\u00ed bez pl\u00e1nu v\u00fdstupu,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-exclamation-triangle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">kupuj\u00ed put opce impulzivn\u011b p\u0159i panice na trhu,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-exclamation-triangle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">zam\u011b\u0148uj\u00ed n\u00e1kup a vypisov\u00e1n\u00ed put opce,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-exclamation-triangle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">vypisuj\u00ed put opce bez dostate\u010dn\u00e9ho kapit\u00e1lu nebo ochrany rizika,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-exclamation-triangle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">nevedou si den\u00edk,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-exclamation-triangle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">kop\u00edruj\u00ed pozice z internetu,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-exclamation-triangle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">soust\u0159ed\u00ed se jen na mo\u017en\u00fd zisk a podce\u0148uj\u00ed riziko p\u0159i\u0159azen\u00ed.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-71655bf elementor-blockquote--skin-border elementor-widget elementor-widget-blockquote\" data-id=\"71655bf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"blockquote.default\">\n\t\t\t\t\t\t\t<blockquote class=\"elementor-blockquote\">\n\t\t\t<p class=\"elementor-blockquote__content\">\n\t\t\t\tZa\u010d\u00e1te\u010dn\u00edk u put opc\u00ed v\u011bt\u0161inou nepot\u0159ebuje dal\u0161\u00ed predikci trhu. Pot\u0159ebuje pochopit sc\u00e9n\u00e1\u0159, riziko a proces.\t\t\t<\/p>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9f1815a elementor-widget elementor-widget-text-editor\" data-id=\"9f1815a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>V\u011bt\u0161ina t\u011bch chyb je nav\u00edc psychologick\u00e1 \u2014 koupit nebo vypsat opci v afektu, dr\u017eet ztr\u00e1tov\u00fd obchod ze vzdoru. Pro\u010d se to d\u011bje a jak s t\u00edm pracovat, rozeb\u00edr\u00e1 <a href=\"\/cs\/blog\/psychologie-tradingu\">Psychologie tradingu<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ef09228 elementor-widget elementor-widget-heading\" data-id=\"ef09228\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Shrnut\u00ed<\/h2>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3f264a1 e-con-full vb-summary e-flex e-con e-child\" data-id=\"3f264a1\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-580ad74 elementor-widget elementor-widget-text-editor\" data-id=\"580ad74\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Put opce je pr\u00e1vo prodat podkladov\u00e9 aktivum za p\u0159edem danou cenu do ur\u010dit\u00e9ho data. Nen\u00ed to s\u00e1zka, je to n\u00e1stroj.<\/p><p>Co si odnes p\u0159edev\u0161\u00edm:<\/p><ul><li>Put opce d\u00e1v\u00e1 kupuj\u00edc\u00edmu pr\u00e1vo prodat, ne povinnost.<\/li><li>\u010casto se pou\u017e\u00edv\u00e1 p\u0159i o\u010dek\u00e1v\u00e1n\u00ed poklesu nebo k zaji\u0161t\u011bn\u00ed portfolia.<\/li><li>U koupen\u00e9 put opce je maxim\u00e1ln\u00ed ztr\u00e1ta zaplacen\u00e1 pr\u00e9mie.<\/li><li>U vypsan\u00e9 put opce inkasuje\u0161 pr\u00e9mii, ale p\u0159ij\u00edm\u00e1\u0161 povinnost koupit podklad.<\/li><li>Break-even je strike cena m\u00ednus pr\u00e9mie \u2014 \u0159\u00edk\u00e1 ti, jak velk\u00fd pohyb opravdu pot\u0159ebuje\u0161.<\/li><li>Roli hraje strike, expirace, pr\u00e9mie, volatilita i \u010das \u2014 ne jen sm\u011br.<\/li><li>Put opce nen\u00ed pl\u00e1n sama o sob\u011b. Je to n\u00e1stroj, kter\u00fd pot\u0159ebuje pravidla.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-728c409 vb-cta elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"728c409\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tFree Ride\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__description elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tChce\u0161 vid\u011bt Volbeast p\u0159\u00edstup k opc\u00edm v praxi? Free Ride jsou 3 lekce zdarma \u2014 uk\u00e1\u017eou ti, jak p\u0159em\u00fd\u0161l\u00edme o sc\u00e9n\u00e1\u0159\u00edch, riziku a rozhodov\u00e1n\u00ed, bez z\u00e1vazku. A a\u017e bude\u0161 cht\u00edt j\u00edt naplno, Founders (Full Ride) je hlavn\u00ed cesta do cel\u00e9ho syst\u00e9mu.\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<a class=\"elementor-cta__button elementor-button elementor-size-\" href=\"https:\/\/volbeast.com\/cs\/free-ride\">\n\t\t\t\t\t\tSpustit Free Ride\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-40a6355 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"40a6355\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3807c50 elementor-widget elementor-widget-heading\" data-id=\"3807c50\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">FAQ<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d9ff68f vb-faq elementor-widget elementor-widget-n-accordion\" data-id=\"d9ff68f\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;all_collapsed&quot;,&quot;max_items_expended&quot;:&quot;one&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:400,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2280\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2280\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> Co je put opce? <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2280\" class=\"elementor-element elementor-element-b907ac0 e-con-full e-flex e-con e-child\" data-id=\"b907ac0\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-91e7ba0 vb-faq-answer elementor-widget elementor-widget-text-editor\" data-id=\"91e7ba0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Put opce je op\u010dn\u00ed kontrakt, kter\u00fd d\u00e1v\u00e1 kupuj\u00edc\u00edmu pr\u00e1vo prodat podkladov\u00e9 aktivum za p\u0159edem stanovenou cenu do ur\u010dit\u00e9ho data. Kupuj\u00edc\u00ed za toto pr\u00e1vo plat\u00ed pr\u00e9mii a nem\u00e1 povinnost ho vyu\u017e\u00edt. Vypisovatel put opce naopak p\u0159ij\u00edm\u00e1 povinnost koupit podklad, pokud dojde k p\u0159i\u0159azen\u00ed.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2281\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"2\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2281\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> Jak funguje put opce? <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2281\" class=\"elementor-element elementor-element-1388ea8 e-con-full e-flex e-con e-child\" data-id=\"1388ea8\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4710702 vb-faq-answer elementor-widget elementor-widget-text-editor\" data-id=\"4710702\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Put opce z\u00edsk\u00e1v\u00e1 hodnotu hlavn\u011b tehdy, kdy\u017e cena podkladov\u00e9ho aktiva kles\u00e1 pod strike cenu. V\u00fdsledek obchodu ale ovliv\u0148uje i zaplacen\u00e1 pr\u00e9mie, expirace, \u010dasov\u00fd rozpad a volatilita. Proto nesta\u010d\u00ed jen odhadnout sm\u011br \u2014 d\u016fle\u017eit\u00e1 je i velikost a na\u010dasov\u00e1n\u00ed pohybu v\u016f\u010di break-even bodu.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2282\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"3\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2282\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> Kdy put opce vyd\u011bl\u00e1v\u00e1? <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2282\" class=\"elementor-element elementor-element-2d9636d e-con-full e-flex e-con e-child\" data-id=\"2d9636d\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3d08f70 vb-faq-answer elementor-widget elementor-widget-text-editor\" data-id=\"3d08f70\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Koupen\u00e1 put opce m\u016f\u017ee vyd\u011bl\u00e1vat, pokud podkladov\u00e9 aktivum dostate\u010dn\u011b klesne. P\u0159i expiraci je kl\u00ed\u010dov\u00e9, aby se cena dostala pod break-even bod, tedy strike cenu m\u00ednus zaplacenou pr\u00e9mii. Pokud podklad klesne jen m\u00edrn\u011b nebo p\u0159\u00edli\u0161 pozd\u011b, obchod m\u016f\u017ee skon\u010dit ve ztr\u00e1t\u011b i p\u0159es spr\u00e1vn\u011b odhadnut\u00fd sm\u011br.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2283\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"4\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2283\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> Jak\u00fd je rozd\u00edl mezi put a call opc\u00ed? <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2283\" class=\"elementor-element elementor-element-01aa3af e-con-full e-flex e-con e-child\" data-id=\"01aa3af\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9677df5 vb-faq-answer elementor-widget elementor-widget-text-editor\" data-id=\"9677df5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Put opce d\u00e1v\u00e1 kupuj\u00edc\u00edmu pr\u00e1vo prodat podkladov\u00e9 aktivum za strike cenu. Call opce d\u00e1v\u00e1 pr\u00e1vo podkladov\u00e9 aktivum koupit. Zjednodu\u0161en\u011b se put opce pou\u017e\u00edv\u00e1 p\u0159i o\u010dek\u00e1v\u00e1n\u00ed poklesu a call opce p\u0159i o\u010dek\u00e1v\u00e1n\u00ed r\u016fstu, ale v\u017edy z\u00e1le\u017e\u00ed tak\u00e9 na pr\u00e9mii, expiraci, volatilit\u011b a break-even bodu.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2284\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"5\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2284\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> Co znamen\u00e1 n\u00e1kup put opce? <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2284\" class=\"elementor-element elementor-element-09e5ba5 e-con-full e-flex e-con e-child\" data-id=\"09e5ba5\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-49ca4c5 vb-faq-answer elementor-widget elementor-widget-text-editor\" data-id=\"49ca4c5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>N\u00e1kup put opce znamen\u00e1, \u017ee trader plat\u00ed pr\u00e9mii a z\u00edsk\u00e1v\u00e1 pr\u00e1vo prodat podklad za p\u0159edem danou cenu. Pou\u017e\u00edv\u00e1 se hlavn\u011b p\u0159i o\u010dek\u00e1v\u00e1n\u00ed poklesu nebo jako ochrana portfolia. Maxim\u00e1ln\u00ed ztr\u00e1ta u jednoduch\u00e9ho n\u00e1kupu je zaplacen\u00e1 pr\u00e9mie.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2285\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"6\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2285\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> Co znamen\u00e1 vypisov\u00e1n\u00ed put opce? <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2285\" class=\"elementor-element elementor-element-c73c699 e-con-full e-flex e-con e-child\" data-id=\"c73c699\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5446369 vb-faq-answer elementor-widget elementor-widget-text-editor\" data-id=\"5446369\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Vypisov\u00e1n\u00ed put opce znamen\u00e1, \u017ee trader inkasuje pr\u00e9mii, ale p\u0159ij\u00edm\u00e1 povinnost koupit podkladov\u00e9 aktivum za strike cenu, pokud dojde k p\u0159i\u0159azen\u00ed. \u010casto se pou\u017e\u00edv\u00e1 u p\u0159\u00edstupu cash secured put a vy\u017eaduje p\u0159ipraven\u00fd kapit\u00e1l, pravidla a discipl\u00ednu.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2286\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"7\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2286\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> Je put opce vhodn\u00e1 pro za\u010d\u00e1te\u010dn\u00edky? <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2286\" class=\"elementor-element elementor-element-3eb0535 e-con-full e-flex e-con e-child\" data-id=\"3eb0535\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-18519ae vb-faq-answer elementor-widget elementor-widget-text-editor\" data-id=\"18519ae\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Put opce je vhodn\u00e1 ke studiu z\u00e1kladn\u00edch princip\u016f opc\u00ed, ale pro re\u00e1ln\u00e9 obchodov\u00e1n\u00ed vy\u017eaduje pochopen\u00ed rizik, expirace, pr\u00e9mie, volatility a jasn\u00fd obchodn\u00ed pl\u00e1n. Za\u010d\u00e1te\u010dn\u00edk by m\u011bl nejd\u0159\u00edv rozum\u011bt rozd\u00edlu mezi put a call opc\u00ed a obchodov\u00e1n\u00ed si vyzkou\u0161et nane\u010disto.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2287\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"8\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2287\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> M\u016f\u017eu u put opce p\u0159ij\u00edt o pen\u00edze? <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2287\" class=\"elementor-element elementor-element-27d2b6d e-con-full e-flex e-con e-child\" data-id=\"27d2b6d\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b6407d1 vb-faq-answer elementor-widget elementor-widget-text-editor\" data-id=\"b6407d1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Ano. U koupen\u00e9 put opce m\u016f\u017ee\u0161 p\u0159ij\u00edt o celou zaplacenou pr\u00e9mii, pokud se obchod nevyvine podle o\u010dek\u00e1v\u00e1n\u00ed nebo opce expiruje bezcenn\u00e1. U vypsan\u00e9 put opce je riziko v\u00fdrazn\u011b vy\u0161\u0161\u00ed: m\u016f\u017ee\u0161 b\u00fdt povinen koupit podkladov\u00e9 aktivum, i kdy\u017e v\u00fdrazn\u011b kleslo. Ztr\u00e1ta je sice omezen\u00e1 (podklad spadne nejv\u00fd\u0161 na nulu), ale i tak m\u016f\u017ee p\u0159es\u00e1hnout tv\u016fj kapit\u00e1l.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2288\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"9\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2288\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> Co je break-even u put opce? <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2288\" class=\"elementor-element elementor-element-6c28682 e-con-full e-flex e-con e-child\" data-id=\"6c28682\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9f017cb vb-faq-answer elementor-widget elementor-widget-text-editor\" data-id=\"9f017cb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Break-even u koupen\u00e9 put opce je strike cena m\u00ednus zaplacen\u00e1 pr\u00e9mie. Pokud je strike cena 95 USD a pr\u00e9mie 2 USD, break-even je 93 USD. To znamen\u00e1, \u017ee p\u0159i expiraci mus\u00ed b\u00fdt podklad pod 93 USD, aby byl obchod ziskov\u00fd p\u0159ed zapo\u010dten\u00edm poplatk\u016f.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2289\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"10\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2289\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> Pou\u017e\u00edv\u00e1 se put opce k zaji\u0161t\u011bn\u00ed portfolia? <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-plus\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2289\" class=\"elementor-element elementor-element-d3d1287 e-con-full e-flex e-con e-child\" data-id=\"d3d1287\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d546ab9 vb-faq-answer elementor-widget elementor-widget-text-editor\" data-id=\"d546ab9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Ano. Put opce se m\u016f\u017ee pou\u017e\u00edvat jako forma ochrany portfolia p\u0159ed poklesem. Funguje podobn\u011b jako poji\u0161t\u011bn\u00ed, za kter\u00e9 trader plat\u00ed pr\u00e9mii. Je ale pot\u0159eba po\u010d\u00edtat s t\u00edm, \u017ee pr\u00e9mie je n\u00e1klad a opce nemus\u00ed pokr\u00fdt celou ztr\u00e1tu na podkladu.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Co je put opce?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Put opce je op\\u010dn\\u00ed kontrakt, kter\\u00fd d\\u00e1v\\u00e1 kupuj\\u00edc\\u00edmu pr\\u00e1vo prodat podkladov\\u00e9 aktivum za p\\u0159edem stanovenou cenu do ur\\u010dit\\u00e9ho data. Kupuj\\u00edc\\u00ed za toto pr\\u00e1vo plat\\u00ed pr\\u00e9mii a nem\\u00e1 povinnost ho vyu\\u017e\\u00edt. Vypisovatel put opce naopak p\\u0159ij\\u00edm\\u00e1 povinnost koupit podklad, pokud dojde k p\\u0159i\\u0159azen\\u00ed.\"}},{\"@type\":\"Question\",\"name\":\"Jak funguje put opce?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Put opce z\\u00edsk\\u00e1v\\u00e1 hodnotu hlavn\\u011b tehdy, kdy\\u017e cena podkladov\\u00e9ho aktiva kles\\u00e1 pod strike cenu. V\\u00fdsledek obchodu ale ovliv\\u0148uje i zaplacen\\u00e1 pr\\u00e9mie, expirace, \\u010dasov\\u00fd rozpad a volatilita. Proto nesta\\u010d\\u00ed jen odhadnout sm\\u011br \\u2014 d\\u016fle\\u017eit\\u00e1 je i velikost a na\\u010dasov\\u00e1n\\u00ed pohybu v\\u016f\\u010di break-even bodu.\"}},{\"@type\":\"Question\",\"name\":\"Kdy put opce vyd\\u011bl\\u00e1v\\u00e1?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Koupen\\u00e1 put opce m\\u016f\\u017ee vyd\\u011bl\\u00e1vat, pokud podkladov\\u00e9 aktivum dostate\\u010dn\\u011b klesne. P\\u0159i expiraci je kl\\u00ed\\u010dov\\u00e9, aby se cena dostala pod break-even bod, tedy strike cenu m\\u00ednus zaplacenou pr\\u00e9mii. Pokud podklad klesne jen m\\u00edrn\\u011b nebo p\\u0159\\u00edli\\u0161 pozd\\u011b, obchod m\\u016f\\u017ee skon\\u010dit ve ztr\\u00e1t\\u011b i p\\u0159es spr\\u00e1vn\\u011b odhadnut\\u00fd sm\\u011br.\"}},{\"@type\":\"Question\",\"name\":\"Jak\\u00fd je rozd\\u00edl mezi put a call opc\\u00ed?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Put opce d\\u00e1v\\u00e1 kupuj\\u00edc\\u00edmu pr\\u00e1vo prodat podkladov\\u00e9 aktivum za strike cenu. Call opce d\\u00e1v\\u00e1 pr\\u00e1vo podkladov\\u00e9 aktivum koupit. Zjednodu\\u0161en\\u011b se put opce pou\\u017e\\u00edv\\u00e1 p\\u0159i o\\u010dek\\u00e1v\\u00e1n\\u00ed poklesu a call opce p\\u0159i o\\u010dek\\u00e1v\\u00e1n\\u00ed r\\u016fstu, ale v\\u017edy z\\u00e1le\\u017e\\u00ed tak\\u00e9 na pr\\u00e9mii, expiraci, volatilit\\u011b a break-even bodu.\"}},{\"@type\":\"Question\",\"name\":\"Co znamen\\u00e1 n\\u00e1kup put opce?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"N\\u00e1kup put opce znamen\\u00e1, \\u017ee trader plat\\u00ed pr\\u00e9mii a z\\u00edsk\\u00e1v\\u00e1 pr\\u00e1vo prodat podklad za p\\u0159edem danou cenu. Pou\\u017e\\u00edv\\u00e1 se hlavn\\u011b p\\u0159i o\\u010dek\\u00e1v\\u00e1n\\u00ed poklesu nebo jako ochrana portfolia. Maxim\\u00e1ln\\u00ed ztr\\u00e1ta u jednoduch\\u00e9ho n\\u00e1kupu je zaplacen\\u00e1 pr\\u00e9mie.\"}},{\"@type\":\"Question\",\"name\":\"Co znamen\\u00e1 vypisov\\u00e1n\\u00ed put opce?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Vypisov\\u00e1n\\u00ed put opce znamen\\u00e1, \\u017ee trader inkasuje pr\\u00e9mii, ale p\\u0159ij\\u00edm\\u00e1 povinnost koupit podkladov\\u00e9 aktivum za strike cenu, pokud dojde k p\\u0159i\\u0159azen\\u00ed. \\u010casto se pou\\u017e\\u00edv\\u00e1 u p\\u0159\\u00edstupu cash secured put a vy\\u017eaduje p\\u0159ipraven\\u00fd kapit\\u00e1l, pravidla a discipl\\u00ednu.\"}},{\"@type\":\"Question\",\"name\":\"Je put opce vhodn\\u00e1 pro za\\u010d\\u00e1te\\u010dn\\u00edky?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Put opce je vhodn\\u00e1 ke studiu z\\u00e1kladn\\u00edch princip\\u016f opc\\u00ed, ale pro re\\u00e1ln\\u00e9 obchodov\\u00e1n\\u00ed vy\\u017eaduje pochopen\\u00ed rizik, expirace, pr\\u00e9mie, volatility a jasn\\u00fd obchodn\\u00ed pl\\u00e1n. Za\\u010d\\u00e1te\\u010dn\\u00edk by m\\u011bl nejd\\u0159\\u00edv rozum\\u011bt rozd\\u00edlu mezi put a call opc\\u00ed a obchodov\\u00e1n\\u00ed si vyzkou\\u0161et nane\\u010disto.\"}},{\"@type\":\"Question\",\"name\":\"M\\u016f\\u017eu u put opce p\\u0159ij\\u00edt o pen\\u00edze?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Ano. U koupen\\u00e9 put opce m\\u016f\\u017ee\\u0161 p\\u0159ij\\u00edt o celou zaplacenou pr\\u00e9mii, pokud se obchod nevyvine podle o\\u010dek\\u00e1v\\u00e1n\\u00ed nebo opce expiruje bezcenn\\u00e1. U vypsan\\u00e9 put opce je riziko v\\u00fdrazn\\u011b vy\\u0161\\u0161\\u00ed: m\\u016f\\u017ee\\u0161 b\\u00fdt povinen koupit podkladov\\u00e9 aktivum, i kdy\\u017e v\\u00fdrazn\\u011b kleslo. Ztr\\u00e1ta je sice omezen\\u00e1 (podklad spadne nejv\\u00fd\\u0161 na nulu), ale i tak m\\u016f\\u017ee p\\u0159es\\u00e1hnout tv\\u016fj kapit\\u00e1l.\"}},{\"@type\":\"Question\",\"name\":\"Co je break-even u put opce?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Break-even u koupen\\u00e9 put opce je strike cena m\\u00ednus zaplacen\\u00e1 pr\\u00e9mie. Pokud je strike cena 95 USD a pr\\u00e9mie 2 USD, break-even je 93 USD. To znamen\\u00e1, \\u017ee p\\u0159i expiraci mus\\u00ed b\\u00fdt podklad pod 93 USD, aby byl obchod ziskov\\u00fd p\\u0159ed zapo\\u010dten\\u00edm poplatk\\u016f.\"}},{\"@type\":\"Question\",\"name\":\"Pou\\u017e\\u00edv\\u00e1 se put opce k zaji\\u0161t\\u011bn\\u00ed portfolia?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Ano. Put opce se m\\u016f\\u017ee pou\\u017e\\u00edvat jako forma ochrany portfolia p\\u0159ed poklesem. Funguje podobn\\u011b jako poji\\u0161t\\u011bn\\u00ed, za kter\\u00e9 trader plat\\u00ed pr\\u00e9mii. Je ale pot\\u0159eba po\\u010d\\u00edtat s t\\u00edm, \\u017ee pr\\u00e9mie je n\\u00e1klad a opce nemus\\u00ed pokr\\u00fdt celou ztr\\u00e1tu na podkladu.\"}}]}<\/script>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3ecbe30 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"3ecbe30\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b13ebd1 vb-toc-exclude elementor-widget elementor-widget-heading\" data-id=\"b13ebd1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Disclaimer<\/h2>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-50c7b78 e-con-full vb-disclaimer e-flex e-con e-child\" data-id=\"50c7b78\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8399fe3 elementor-widget elementor-widget-text-editor\" data-id=\"8399fe3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Tento obsah slou\u017e\u00ed pouze pro vzd\u011bl\u00e1vac\u00ed \u00fa\u010dely a nep\u0159edstavuje investi\u010dn\u00ed doporu\u010den\u00ed. Trading a obchodov\u00e1n\u00ed opc\u00ed jsou rizikov\u00e9 a mohou v\u00e9st ke ztr\u00e1t\u011b kapit\u00e1lu. Ne\u017e za\u010dne\u0161 obchodovat s re\u00e1ln\u00fdmi pen\u011bzi, ujisti se, \u017ee rozum\u00ed\u0161 rizik\u016fm konkr\u00e9tn\u00ed op\u010dn\u00ed pozice, pravidl\u016fm vstupu a v\u00fdstupu, \u0159\u00edzen\u00ed rizika a cel\u00e9mu obchodn\u00edmu procesu.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Zjisti, co je put opce, jak funguje n\u00e1kup a vypisov\u00e1n\u00ed put opce, kdy ji trade\u0159i pou\u017e\u00edvaj\u00ed a jak\u00e1 rizika mus\u00ed\u0161 zn\u00e1t p\u0159ed 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