CURSO BÁSICO DE OPÇÕES
Autor: O Lambari da Bolsa | Publicado: 2016-10-23T12:06:00-02:00


MÓDULO 2 - ESTRATÉGIAS COM OPÇÕES




Antes de mais nada, se você perdeu o MÓDULO 1, não se preocupe: é só acessar:



&nbsp;http://acionistainiciante.blogspot.com.br/2016/10/curso-basico-de-opcoes-modulo-1.html

&nbsp; &nbsp;&nbsp;






2.1) ESTRATÉGIAS COM CALL



2.1.1) COMPRA
SIMPLES

&nbsp; &nbsp;&nbsp;


&nbsp;A primeira e mais elementar estratégia para se operar opções é a COMPRA SIMPLES, por meio da qual o investidor simplesmente COMPRA uma opção de compra (CALL), colocando em risco apenas o capital investido no pagamento do prêmio.

&nbsp; &nbsp; Todavia, para otimizar o resultado, é importante saber que, levando-se em conta a relação entre o preço de exercício e o preço atual da ação, há três possibilidades distintas, que propiciarão três estratégias diferentes quando da compra de uma CALL (ou de uma PUT, o conceito também se aplica), que pode ser ATM, OTM ou ITM:





a) dizemos que uma opção é ATM (At The Money) quando o&nbsp;preço de exercício é IGUAL ao valor ATUAL da ação.

Ex.: PETRK18

Preço de exercício: $18,00

Preço atual da ação:$18,00



b) dizemos que uma opção é OTM (Out The Money): quando o&nbsp;preço de exercício é SUPERIOR ao valor ATUAL

Ex.: PETRF19

Preço de exercício: $19,00

Preço atual da ação:$18,00



c) dizemos que uma opção é ITM (In The Money) quando o&nbsp;preço de exercício é INFERIOR ao valor ATUAL

Ex.: PETRF16

Preço de exercício: $18,00

Preço atual da ação:$16,00



A escolha pela compra de uma CALL ATM, OTM ou ITM dependerá da DISPONIBILIDADE de recursos do investidor (opções ITM são mais caras que as ATM, que por sua vez são mais caras que as OTM), e da convicção acerca da TENDÊNCIA de alta daquele ativo.

Assim, se estou convicto de que as ações do Banco do Brasil (BBAS3) subirão até dezembro, compro uma CALL ITM, ATM ou OTM, de acordo com o valor que estou disposto a arriscar, e aguardo a variação positiva.





A compra simples de
CALL é a estratégia mais comum, e só é vencedora em caso de ALTA da ação
correspondente.

Particularmente, eu
prefiro comprar opções ATM (preço de exercício igual ao preço atual da ação) ou
ITM (preço de exercício inferior ao preço atual da ação), pois, embora sejam um
pouco mais caras em relação às OTM, a probabilidade de lucro é maior, pois cada
centavo que a ação subir é acrescido ao valor da opção.

Como toda estratégia, possui vantagens e desvantagens:



Vantagens:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
- risco limitado ao capital investido. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - lucro ilimitado.



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Desvantagens: - só ganha na ALTA.<!--EndFragment-->





&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; - possibilidade de perda de 100% do valor

&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;investido.



No próximo módulo, veremos a estratégia da VENDA COBERTA de opções. Quem quiser se adiantar, fizemos uma postagem específica sobre esse assunto aqui:

&nbsp;http://acionistainiciante.blogspot.com.br/2015/10/venda-coberta-de-opcoes-o-basico.html



Até lá!