{"id":64132,"date":"2015-07-06T10:51:04","date_gmt":"2015-07-06T08:51:04","guid":{"rendered":"http:\/\/gazdasagportal.hu\/?p=64132"},"modified":"2015-07-06T09:08:03","modified_gmt":"2015-07-06T07:08:03","slug":"miert-hataridos-opcio","status":"publish","type":"post","link":"https:\/\/gazdasagportal.hu\/index.php\/miert-hataridos-opcio\/","title":{"rendered":"Mi\u00e9rt Hat\u00e1rid\u0151s Opci\u00f3?"},"content":{"rendered":"<p><strong><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">P\u00e1r \u00e9ve szinte teljesen \u00e1tt\u00e9rtem a hat\u00e1rid\u0151s opci\u00f3s keresked\u00e9s piac\u00e1ra. Kezdetben sokat foglalkoztam r\u00e9szv\u00e9nyekkel \u00e9s ETF opci\u00f3kkal, de ma m\u00e1r csak elsz\u00f3rva k\u00f6t\u00f6k ilyeneket. N\u00e9zz\u00fck mi\u00e9rt.<\/span><\/span><\/span><\/strong><!--more--><br \/>\n<div class=\"ads-in-post1\"><div id=\"gazdasagportal.hu_fullbanner_wideboard\"><\/div>\r\n<\/div>\n<p><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">Miel\u0151tt azonban r\u00e1t\u00e9rn\u00e9nk arra, hogy mi\u00e9rt hat\u00e1rid\u0151s opci\u00f3, tiszt\u00e1zni \u00e9rdemes mit jelent maga a hat\u00e1rid\u0151s keresked\u00e9s, mert m\u00e9g sok halad\u00f3 keresked\u0151nek is tot\u00e1l hom\u00e1ly.<\/span><\/span><\/span><\/p>\n<p><span style=\"color: #61ae2a;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: large;\"><b>Mi a hat\u00e1rid\u0151s piac?<\/b><\/span><\/span><\/span><\/p>\n<p><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">A hat\u00e1rid\u0151s \u00fcgylet egy olyan \u00fcgylet, aminek a\u00a0<\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\"><b>teljes\u00edt\u00e9se nem azonnal, hanem a j\u00f6v\u0151beni hat\u00e1rid\u0151n t\u00f6rt\u00e9nik meg<\/b><\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">. C\u00e9gek sokas\u00e1ga k\u00f6t hat\u00e1rid\u0151s \u00fcgyleteket nap mint nap, amikor egy el\u0151re meghat\u00e1rozott \u00e1ron \u00e9s id\u0151pontra adj\u00e1k el a term\u00e9keiket vagy \u00e9ppens\u00e9ggel v\u00e1s\u00e1rolnak valamit. Legh\u00e9tk\u00f6znapibb p\u00e9lda, amikor pl. egy aut\u00f3gy\u00e1rt\u00f3 c\u00e9g v\u00e1llalja, hogy 1 h\u00f3nap alatt lesz\u00e1ll\u00edt 100db p\u00e9ld\u00e1nyt, adott \u00e1ron. Ez is egy hat\u00e1rid\u0151s \u00fcgylet. A t\u0151zsdei hat\u00e1rid\u0151s \u00fcgyletek sem m\u00e1sok, csak p\u00e9nz\u00fcgyi term\u00e9kekr\u0151l sz\u00f3lnak. Alapvet\u0151en megk\u00fcl\u00f6nb\u00f6ztet\u00fcnk t\u0151zsdei \u00e9s OTC hat\u00e1rid\u0151s piacot. A t\u0151zsdei hat\u00e1rid\u0151s \u00fcgyleteket\u00a0<\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\"><b>futures<\/b><\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">-nek h\u00edvj\u00e1k, m\u00edg a t\u0151zsd\u00e9n k\u00edv\u00fcli OTC \u00fcgyleteket\u00a0<\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\"><b>forward<\/b><\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">-nak. A tov\u00e1bbiakban a futures-r\u0151l fogok besz\u00e9lni, mert annak opci\u00f3ival kereskedek.<\/span><\/span><\/span><\/p><div id=\"gazda-2102152791\" class=\"gazda-tartalomban gazda-entity-placement\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-6t+ed+2i-1n-4w\"\r\n     data-ad-client=\"ca-pub-1959107119989764\"\r\n     data-ad-slot=\"4008251320\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">A futures\u00a0<\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\"><b>alapegys\u00e9ge a kontraktus<\/b><\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">, ami lehet ak\u00e1r 1000 hord\u00f3 olaj vagy 1 tonna b\u00faza. Mivel a teljes\u00edt\u00e9s csak a j\u00f6v\u0151ben t\u00f6rt\u00e9nik meg, \u00edgy nem kell azonnal letenni a teljes v\u00e9tel\u00e1rat, el\u00e9g annak egy t\u00f6red\u00e9k\u00e9vel rendelkezni, amit<\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\"><b>\u00a0alaplet\u00e9t<\/b><\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">nek h\u00edvnak. Ha id\u0151k\u00f6zben ellenem mozdul az \u00e1rfolyam, akkor az alaplet\u00e9ten fel\u00fcl v\u00e1ltoz\u00f3 let\u00e9t is terheli az \u00fcgyletet. Ellenir\u00e1ny\u00fa mozg\u00e1s eset\u00e9n folyamatosan n\u00f6vekszik a let\u00e9ti ig\u00e9ny, ami rosszul megv\u00e1lasztott poz\u00edci\u00f3 m\u00e9ret eset\u00e9n k\u00e9nyszer likvid\u00e1l\u00e1shoz is vezethet. Ez\u00e9rt fontos alaposan ismerni az adott term\u00e9ket, a let\u00e9ti k\u00f6vetelm\u00e9ny\u00e9t, egy\u00e9b jellemz\u0151it \u00e9s term\u00e9szetesen j\u00f3l megv\u00e1lasztani a pozi m\u00e9ret\u00e9t a sz\u00e1ml\u00e1hoz k\u00e9pest.<\/span><\/span><\/span><\/p>\n<p><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\"><b>A t\u0151ke\u00e1tt\u00e9t miatt magas potenci\u00e1llal, de egyben magas hozammal is j\u00e1rnak ezek az \u00fcgyletek.<\/b><\/span><\/span><\/span><\/p>\n<p><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">N\u00e9zz\u00fcnk egy p\u00e9ld\u00e1t a jelenlegi \u00e1tt\u00e9tre az olaj eset\u00e9n (egyik kedvenc term\u00e9kem). Jelenleg a 2015 augusztusi crude oil (\/CLQ5) \u00e1ra 60.28, let\u00e9ti k\u00f6vetelm\u00e9nye kb. $5000 az Interactive Brokersn\u00e9l. Mivel 1 kontraktus 1000 hord\u00f3t jelent, \u00edgy a t\u00e9nyleges fizikai term\u00e9k nomin\u00e1lis \u00e9rt\u00e9ke $60.280. Viszont a let\u00e9ti ig\u00e9nye csak $5000.\u00a0<\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\"><b>Azaz a jelenlegi \u00e1rszint mellett egy k\u00f6zel 12x-es \u00e1tt\u00e9t van benne.<\/b><\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">\u00a0Ilyen \u00e1tt\u00e9tet nem lehet el\u00e9rni se ETF se sima r\u00e9szv\u00e9nykeresked\u00e9s mellett.<\/span><\/span><\/span><\/p>\n<p><span style=\"color: #61ae2a;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: large;\"><b>Teh\u00e1t mi\u00e9rt is szeretem?<\/b><\/span><\/span><\/span><\/p>\n<p><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\"><b>Az egyik ok a magas t\u0151ke\u00e1tt\u00e9t<\/b><\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">, amivel a t\u0151k\u00e9re vet\u00edtett hozam jelent\u0151sen n\u00f6velhet\u0151. Nyilv\u00e1n ez magasabb kock\u00e1zattal is j\u00e1r, \u00edgy tot\u00e1l kezd\u0151knek csak komoly gyakorl\u00e1s \u00e9s tesztel\u00e9s ut\u00e1n javasolt ezekkel a term\u00e9kekkel kereskedni. Mivel maga az opci\u00f3 is t\u0151ke\u00e1tt\u00e9tes term\u00e9k, \u00edgy a kett\u0151 kombin\u00e1ci\u00f3j\u00e1val nagyon sz\u00e9p t\u0151k\u00e9re vet\u00edtett hozam \u00e9rhet\u0151 el adott piaci k\u00f6r\u00fclm\u00e9nyek k\u00f6z\u00f6tt.<\/span><\/span><\/span><\/p>\n<p><a name=\"_GoBack\"><\/a> <span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\"><b>A m\u00e1sik ok az, hogy nonstop nyitva van<\/b><\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">\u00a0(kev\u00e9s kiv\u00e9tellel), mint a forex piac, \u00edgy b\u00e1rmikor \u00e1talak\u00edthat\u00f3 egy opci\u00f3s poz\u00edci\u00f3. Nyilv\u00e1n legjobb akkor amikor USA nyitva van, mert z\u00e1rt id\u0151szakban el\u00e9gg\u00e9 illikvidd\u00e9 tud v\u00e1lni a piac (sz\u00e9les Bid\/Ask spread).<\/span><\/span><\/span><\/p>\n<p><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">A harmadik ok a\u00a0<\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\"><b>magas credit \/ margin ar\u00e1ny<\/b><\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">, azaz ki\u00edr\u00e1sok eset\u00e9n sokkal magasabb a let\u00e9tre vet\u00edtett hozam, mint ETF vagy index term\u00e9kek eset\u00e9n. \u00d6sszehasonl\u00edt\u00e1sk\u00e9ppen \u00e1lljon itt egy s\u00e1vkeresked\u00e9s p\u00e9lda S&amp;P500 ETF (SPY) \u00e9s hat\u00e1rid\u0151 (\/ES) eset\u00e9n.<\/span><\/span><\/span><\/p>\n<p><span style=\"color: #61ae2a;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: large;\"><b>Ir\u00e1nymentes SPY vs. \/ES<\/b><\/span><\/span><\/span><\/p>\n<p><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">Mindk\u00e9t term\u00e9kre megn\u00e9zek egy\u00a0<\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\"><b>30 napos 90%-os val\u00f3sz\u00edn\u0171s\u00e9ggel rendelkez\u0151 csatorna<\/b><\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">ki\u00edr\u00e1s\u00e1t.\u00a0<\/span><\/span><\/span><\/p>\n<p><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">SPY: 1 kontraktus eset\u00e9n $80-t fizet lej\u00e1ratkor ha k\u00f6zte marad, $3500 alaplet\u00e9t fej\u00e9ben (nem portfolio margin eset\u00e9n)<\/span><\/span><\/span><\/p>\n<p><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">\/ESU5: 1 kontraktus eset\u00e9n $360-t fizet lej\u00e1ratkor ha k\u00f6zte marad, $4200 alaplet\u00e9t fej\u00e9ben.<\/span><\/span><\/span><\/p>\n<p><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">Gondolom els\u0151 r\u00e1n\u00e9z\u00e9sre is \u00e9rezni a k\u00e9t lehet\u0151s\u00e9g k\u00f6zti k\u00fcl\u00f6nbs\u00e9get. Ezt h\u00edvtam fent\u00a0<\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\"><b>credit \/ margin<\/b><\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">\u00a0ar\u00e1nynak. A kapott\u00a0<\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\"><b>pr\u00e9mium ar\u00e1nya az alaplet\u00e9thez<\/b><\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">\u00a0k\u00e9pest. Nyilv\u00e1n az \/ESU5 sokkal kock\u00e1zatosabb, mert gyorsabban mozog ellenem a magas t\u0151ke\u00e1tt\u00e9t miatt. De az is l\u00e1tszik egy\u00e9rtelm\u0171en, hogy melyikkel lehet jobban &#8222;dolgoztatni&#8221; a t\u0151k\u00e9t.<\/span><\/span><\/span><\/p>\n<p><span style=\"color: #000000;\"><span style=\"font-family: Helvetica,serif;\"><span style=\"font-size: small;\">H\u00e1t ez\u00e9rt szeretem jobban&#8230;<\/span><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>P\u00e1r \u00e9ve szinte teljesen \u00e1tt\u00e9rtem a hat\u00e1rid\u0151s opci\u00f3s keresked\u00e9s piac\u00e1ra. Kezdetben sokat foglalkoztam r\u00e9szv\u00e9nyekkel \u00e9s ETF opci\u00f3kkal, de ma m\u00e1r csak elsz\u00f3rva k\u00f6t\u00f6k ilyeneket. N\u00e9zz\u00fck mi\u00e9rt.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[136,137,134],"tags":[],"_links":{"self":[{"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/posts\/64132"}],"collection":[{"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/comments?post=64132"}],"version-history":[{"count":1,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/posts\/64132\/revisions"}],"predecessor-version":[{"id":64133,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/posts\/64132\/revisions\/64133"}],"wp:attachment":[{"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/media?parent=64132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/categories?post=64132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/tags?post=64132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}