Opcions

Opcions, also known as options, are financial derivatives that confer on the holder the right, but not the obligation, to buy or sell a specified quantity of an underlying asset at a predetermined price (the strike price) within a defined period. The asset can be stocks, indices, commodities, currencies, or other instruments. The buyer pays a premium to the seller for this right.

There are two main types: call options, which give the right to buy, and put options, which give the right to sell. The terms strike price, expiration date, and premium are key. Options can be American-style, exercisable any time before expiration, or European-style, exercisable only at expiration. Settlement can be physical delivery or cash settlement.

Options are used for hedging risk or for speculation. Prices depend on underlying price, strike, time to expiration, volatility, interest rates, and dividends. Valuation relies on models such as Black-Scholes for European options and binomial models; American options require consideration of possible early exercise. Risks include leverage and the potential loss of the premium; liquidity and market conditions also affect pricing.

In markets, options are traded on exchanges and over-the-counter; standardization applies to listed options, which helps ensure consistent contract terms and transparent pricing.