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Slovník pojmů a strategií
pro obchodování opcí
Kompletní slovník opcí: strategie, pojmy, řecká písmena a postupy pro výpis opcí. Přehledně, srozumitelně, pro začátečníky i pokročilé. Naučte se obchodovat opce efektivně.
Strategy
Advanced, Income, Speculation
Call Ratio Spread
A strategy combining varying amounts of bought and written call options on the same underlying to profit from market movements or income.
Detail
The Call Ratio Spread is an option strategy where one call option is bought and two call options with a higher strike and the same expiration are sold. It is typically used to speculate on moderate upward movement in the underlying asset. The position can be entered for a credit or debit depending on the difference in premiums. Maximum profit is realized if the underlying expires near the short call strike. If the price rises significantly beyond this level, one of the short calls becomes uncovered, leading to unlimited risk.
The Call Ratio Spread is used when the trader expects moderate bullish movement. The strategy involves buying one call option (e.g. strike 100) and selling two call options with a higher strike (e.g. strike 110), all with the same expiration. The position may be opened for a credit or debit depending on the pricing.
Maximum profit is achieved if the underlying reaches the short strike at expiration. In this scenario, the long call is fully in-the-money and both short calls expire worthless. However, if the underlying rallies strongly above the short strike, one call becomes uncovered, leading to unlimited risk.
The strategy is best suited for experienced traders who want to take advantage of a well-defined price target. High implied volatility at higher strikes increases the attractiveness of the setup.
Optimal conditions
Best used in moderately bullish markets when the trader expects the underlying to rise but not significantly beyond a certain target price.
Ideal when:
– The short call strike is set at the expected top of the move
– The long call is closer to the money
– Implied volatility is elevated on OTM options
– The trader wants to reduce the entry cost compared to a standard call spread
Max profit
The maximum profit occurs when the underlying price expires just below the short call strike. The long call is deep in-the-money while both short calls expire worthless.
The profit equals the difference between strikes minus the net premium paid (or plus net credit received).
Max loss
The potential loss is unlimited if the underlying rises significantly beyond the short call strike. One short call remains uncovered and the loss increases with every point the underlying moves higher.
Risks
The biggest risk is a strong rally in the underlying asset. If the price moves far above the short strike, one short call is left uncovered, resulting in unlimited losses.
The trade also requires accurate timing – if the underlying remains below the long call strike, the strategy may result in a small loss or no profit.
It is not suitable for beginners or during earnings or high-volatility events unless actively managed.
Greeks
Delta: Can start near zero, but becomes negative as the price rises above the short strike due to the two short calls.
Theta: Can be positive if the position was entered for a credit, as short calls decay faster.
Vega: Sensitive to IV – rising volatility may benefit the long call but hurt the short calls.
Gamma: Highest between the long and short strikes, and becomes extreme if the price rapidly exceeds the short strike.
Variations
Ratio Call Spread, Ratio Put Spread, back spread (opposite ratio: more long than short), ratio spread with different expirations (diagonal ratio spread).
Usage example
We expect a slight increase in XYZ stock, which is currently trading at $100. We buy 1x call at strike 100 and sell 2x calls at strike 110. The goal is to profit if the stock rises toward 110, but not beyond that level.
• If the stock ends up just below 110 at expiration, we achieve the maximum profit (strike difference + net premium).
• If the stock rises above 110, the position starts generating losses due to the additional uncovered short call.
Therefore, it is important to actively monitor the strategy and manage risk if the stock moves above the short strike (e.g., rolling the position).
DTE
Short-term (30-60 days), depending on expected movement.
IV (implied volatility)
Higher IV is advantageous for option listing, but also increases the value of long options. High IV increases premium, but also possible risks.
Suitable in stagnant or slow-moving market conditions.
Premium
Credit ratio spread: We receive a premium. Debit ratio spread: We pay a premium (small, often cheap speculation).
Margin
Margin is required due to one uncovered short call in the position.
Brokers may require collateral based on the potential risk above the short strike. Credit spreads require less margin than uncovered calls, but this strategy includes partial naked exposure.
Poznámky
The strategy must be monitored closely if the underlying nears or exceeds the short strike.
It can be used to reduce the entry cost of a long call position.
Can also be adjusted (rolled) if the price moves too far, converting to a call spread or other defined-risk setup.
Best used when the trader has a strong directional opinion and defined target.
Tags
ratio spread, call spread, option, call option, credit spread, debit spread, delta, theta
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