GAMMA SQUEEZE - tlačenie ceny opciami
Napísané: Št 28 01, 2021 10:39 pm
Okrem dopytu a ponuky sme v roku 2020 zaznamenali umelé tlačenie cien veľkých akcií cez tzv. Gamma Squeeze.
Dávam tu, lebo je to pre mňa nový výraz. O celej technike som sa prvykrát dočítal z článku od Daniela Gladiša:
https://warengo.com/stories/104124-proc ... lik-rostly
Tento článok bol podrobený kritike Finhackerom: https://www.financialhacker.cz/zahada-t ... a-opravdu/
Nakoniec som k tomu našiel výraz Gamma Squeeze. Ked si to dáte do Googla získate vysvetlenie z viacerých zdrojov.
Tu je jeden z nich:
___________________________________________________________________________________________
Definition of Gamma Squeeze
What does the term "Gamma squeeze" mean in the world of the stock market? What is meant by a "gamma squeeze"?
Over the past few weeks, you may have heard the term "gamma squeeze" being used, especially in regards to the big upwards moves seen in stocks such as Gamestop and Tesla.
Now, this topic can get very complicated, so I'm going to keep it simple so that you get the basic idea of a "gamma squeeze".
When you buy a stock option, there is a very good chance that a market maker is the entity that is selling it to you.
Market makers do exactly that - they make markets. They are selling options to people that want to buy them, and they are buying options from people that want to sell them.
Market makers make their money from pocketing the difference between the bid and ask - also known as the "spread".
Now, if a stock like Gamestop has a bunch of traders buying call options because they believe that the stock is going to go up, the market makers will want to hedge their risk - after all, they don't want to sell a bunch of naked options, as that leaves them exposed to a potentially massive loss.
So what do they often do? They'll buy shares of the stock in order to hedge.
Now, the market makers calculate how many shares that they need to buy based on the "Delta" of the option that they have sold. The higher the Delta, the more shares that the market maker will need to buy to hedge their positions. The closer an option is to being "in the money", the higher the Delta.
Now, "Gamma" is the rate of change of the Delta. In simple terms, the closer to the money that the option is, the higher the Gamma.
So, let's say that a market maker sells a bunch of far out-of-the-money calls to a retail trader. They buy some shares, based on the Delta of the option, to offset their risk. A stock option that is right at the money might have a Delta of 0.50, while the far out-of-the-money options might have a delta of 0.25.
The stock begins to rise.
In order to hedge their position properly, the market maker needs to buy more shares, as the Delta and Gamma rise. Gamma is at its highest level when the option is right at the money.
This creates a loop - as the stock gets closer to the money, the market maker needs to buy more shares to offset their risk, and the stock continues to rise.
In recent years, retail traders have discovered options trading en masse, and this has created some big headaches for market makers.
With retail traders hammering call buys on stocks like Tesla and Gamestop, this has created situations where market makers are scrambling to buy shares in order to hedge their positions.
Combine this with stocks that have very large short positions (such as Gamestop), and you have some very explosive situations.
-
As the Gamma of the stock option increases, this means that the option is getting closer to being at-the-money.
So, if a market maker sells far OTM (out of the money) options, they will be forced to buy more and more shares as the Gamma of the option increases.
This is why it is called a "Gamma Squeeze".
https://www.davemanuel.com/investor-dic ... a-squeeze/
________________________________________________________________________________
P.S. V súvislosti z obrovským SHORT SQUEEZOM na akciách BME a AMC, ktoré isto vojdu do trejderských dejín sa spojilo viac faktorov, ktoré mali spolu veľký efekt:
Extrémny short interest ( short float )
Nákupy lacných OTM call opcií ( vyplatia sa len pri velkých pohyboch )
Zgrupovanie sa trejderov na sociálnych sietiach a u brokerov ..tzv 3R: Reditt (vlákno Wall Street Bets ), Robin Hood a Revolut
Podpora širokej verejnosti v nákupoch
Frontrunning pri exekúciách ( metóda, ked ten čo predáva vidí prichádzajúce ordery a zvyšuje cenu )
Každý s týchto faktorov môže tlačiť cenu sám o sebe...čím väčšia akcia, tým viac peňazí a faktorov sa musí spojiť.
_____________________________________________________________________________________
Front-Running
Front-running is trading stock or any other financial asset by a broker who has inside knowledge of a future transaction that is about to affect its price substantially. A broker may also front-run based on insider knowledge that his or her firm is about to issue a buy or sell recommendation to clients that will almost certainly affect the price of an asset.
This exploitation of information that is not yet public is illegal and unethical in almost all cases.
Front-running is also called tailgating.
How Front-Running Works
Here's a straightforward example of front-running: Say a broker gets an order from a major client to buy 500,000 shares of XYZ Co. Such a huge purchase is bound to drive up the price of the stock immediately, at least in the short-term. The broker sets aside the request for a minute and first buys some XYZ stock for his or her own personal portfolio. Then the client's order is put through. The broker immediately sells the XYZ shares and pockets a profit.
Dávam tu, lebo je to pre mňa nový výraz. O celej technike som sa prvykrát dočítal z článku od Daniela Gladiša:
https://warengo.com/stories/104124-proc ... lik-rostly
Tento článok bol podrobený kritike Finhackerom: https://www.financialhacker.cz/zahada-t ... a-opravdu/
Nakoniec som k tomu našiel výraz Gamma Squeeze. Ked si to dáte do Googla získate vysvetlenie z viacerých zdrojov.
Tu je jeden z nich:
___________________________________________________________________________________________
Definition of Gamma Squeeze
What does the term "Gamma squeeze" mean in the world of the stock market? What is meant by a "gamma squeeze"?
Over the past few weeks, you may have heard the term "gamma squeeze" being used, especially in regards to the big upwards moves seen in stocks such as Gamestop and Tesla.
Now, this topic can get very complicated, so I'm going to keep it simple so that you get the basic idea of a "gamma squeeze".
When you buy a stock option, there is a very good chance that a market maker is the entity that is selling it to you.
Market makers do exactly that - they make markets. They are selling options to people that want to buy them, and they are buying options from people that want to sell them.
Market makers make their money from pocketing the difference between the bid and ask - also known as the "spread".
Now, if a stock like Gamestop has a bunch of traders buying call options because they believe that the stock is going to go up, the market makers will want to hedge their risk - after all, they don't want to sell a bunch of naked options, as that leaves them exposed to a potentially massive loss.
So what do they often do? They'll buy shares of the stock in order to hedge.
Now, the market makers calculate how many shares that they need to buy based on the "Delta" of the option that they have sold. The higher the Delta, the more shares that the market maker will need to buy to hedge their positions. The closer an option is to being "in the money", the higher the Delta.
Now, "Gamma" is the rate of change of the Delta. In simple terms, the closer to the money that the option is, the higher the Gamma.
So, let's say that a market maker sells a bunch of far out-of-the-money calls to a retail trader. They buy some shares, based on the Delta of the option, to offset their risk. A stock option that is right at the money might have a Delta of 0.50, while the far out-of-the-money options might have a delta of 0.25.
The stock begins to rise.
In order to hedge their position properly, the market maker needs to buy more shares, as the Delta and Gamma rise. Gamma is at its highest level when the option is right at the money.
This creates a loop - as the stock gets closer to the money, the market maker needs to buy more shares to offset their risk, and the stock continues to rise.
In recent years, retail traders have discovered options trading en masse, and this has created some big headaches for market makers.
With retail traders hammering call buys on stocks like Tesla and Gamestop, this has created situations where market makers are scrambling to buy shares in order to hedge their positions.
Combine this with stocks that have very large short positions (such as Gamestop), and you have some very explosive situations.
-
As the Gamma of the stock option increases, this means that the option is getting closer to being at-the-money.
So, if a market maker sells far OTM (out of the money) options, they will be forced to buy more and more shares as the Gamma of the option increases.
This is why it is called a "Gamma Squeeze".
https://www.davemanuel.com/investor-dic ... a-squeeze/
________________________________________________________________________________
P.S. V súvislosti z obrovským SHORT SQUEEZOM na akciách BME a AMC, ktoré isto vojdu do trejderských dejín sa spojilo viac faktorov, ktoré mali spolu veľký efekt:
Extrémny short interest ( short float )
Nákupy lacných OTM call opcií ( vyplatia sa len pri velkých pohyboch )
Zgrupovanie sa trejderov na sociálnych sietiach a u brokerov ..tzv 3R: Reditt (vlákno Wall Street Bets ), Robin Hood a Revolut
Podpora širokej verejnosti v nákupoch
Frontrunning pri exekúciách ( metóda, ked ten čo predáva vidí prichádzajúce ordery a zvyšuje cenu )
Každý s týchto faktorov môže tlačiť cenu sám o sebe...čím väčšia akcia, tým viac peňazí a faktorov sa musí spojiť.
_____________________________________________________________________________________
Front-Running
Front-running is trading stock or any other financial asset by a broker who has inside knowledge of a future transaction that is about to affect its price substantially. A broker may also front-run based on insider knowledge that his or her firm is about to issue a buy or sell recommendation to clients that will almost certainly affect the price of an asset.
This exploitation of information that is not yet public is illegal and unethical in almost all cases.
Front-running is also called tailgating.
How Front-Running Works
Here's a straightforward example of front-running: Say a broker gets an order from a major client to buy 500,000 shares of XYZ Co. Such a huge purchase is bound to drive up the price of the stock immediately, at least in the short-term. The broker sets aside the request for a minute and first buys some XYZ stock for his or her own personal portfolio. Then the client's order is put through. The broker immediately sells the XYZ shares and pockets a profit.