Opční strategie

What it is

Advanced options strategies combine multiple call or put options with different strike prices or expiration dates. Each strategy has a different profit/loss profile.

Spread (price spread): Buying one option and selling another option of the same type (both calls or both puts) but with different strike prices. Limits both maximum profit and loss.

• →Bull Call Spread: Buy call at lower strike, sell call at higher → profit from moderate rise, limited risk.
• →Bear Put Spread: Buy put at higher strike, sell put at lower → profit from moderate decline.
• →Credit Spread: Sell the more expensive option, buy the cheaper → collect premium upfront. Maximum gain = premium received.

Straddle: Buy a call and a put with the same strike and expiration. Profit from a large move in either direction. Expensive, because you pay premium on both sides. Suitable before an earnings report.

Strangle: Similar to a straddle, but the call and put have different strike prices (both out-of-the-money). Cheaper than a straddle, but requires a larger move in the underlying.

Collar: Own the stock + buy a put (protection against decline) + sell a call (finances the put). Limits both downside and upside.

Butterfly: Three strike prices — buy call/put at the lower and upper, sell two in the middle. Profit if price stays near the middle strike. Low-cost strategy for low volatility.

Iron Condor: A combination of a bull put spread and a bear call spread. Profit if price stays within a defined range. Collect premium; maximum gain if the stock makes no big move.

Assignment: If you are the option seller and the buyer exercises it, you receive assignment — you are obligated to buy or sell shares at the strike price. Assignment can happen at any time before expiration for American-style options.

Exercise: The option buyer decides to use their right and buy (call) or sell (put) the underlying asset at the strike price.

Extrinsic Value (time value): The portion of the option premium above intrinsic value. Declines as expiration approaches (Theta decay). After expiration = 0.

Why track it

Options strategies allow you to precisely control the risk/reward profile of a position. Unlike buying stock outright:

• →You define maximum loss upfront
• →You can profit from volatility, not just directional movement
• →Hedge existing positions at low cost

Key variable: Implied Volatility (IV). When IV is high, options are expensive — advantageous to sell (credit spread, iron condor). When IV is low, options are cheap — advantageous to buy (straddle before earnings).

Real-world example

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