avete sentito parlare della strategia..
Covered Call Writing. ? mi piacerebbe approfondire l'argomento..!
e parliamone....
Covered Call Writing - Income Generation
Options offer great flexibility in the number of strategies that various combinations of calls, puts, long and short positions provide. In addition, options may also be combined to form strategies with a position in the underlying shares. One such strategy is "covered call writing", which involves a call option sold (or "written") against a holding of the underlying shares. If you hold a number of shares and feel that the short term price outlook of the share price is weak, but do not wish to sell the shares as you feel that in the long term there may be the opportunity to profit on these holdings, you could gain additional income on your share holdings by writing a covered call. In selling a call you are giving the option holder the right, but not the obligation, to buy your shares at the exercise price prior to the expiry of the option. This short call option position is "covered" because you actually do hold the underlying shares that you would have to deliver were the option exercised and you were assigned.
For example:
On 3 January 2002, Tesco plc ("TSC") shares were trading at around 251p per share. If you felt that the price of TSC shares would remain static or fall slightly in the near future and you wished to profit from these market conditions and protect your underlying share holding of 1,000 TSC shares, you could have sold one TSC February 2002 240p call option, priced at a premium of 17p. In return for selling the right to buy 1,000 TSC shares at the exercise price of 240p per share, you would take in £170 (premium of 17p multiplied by the option contract size of 1,000 shares per lot).
On 23 January 2002, TSC shares had fallen to 232p. Due to the decline in share price and to the erosion of the option's time value, the premium for the TSC January 240p calls had fallen to 3.5p. If you were to close out your option position at this time, ie by buying one TSC February 240p call, you would have realised a profit of £135 (the difference between the opening and closing premiums of 17p and 3.5p respectively, multiplied by the contract size of 1,000 shares). This profit on your option position would have partially offset the decline in value of your TSC underlying share holding, which would have fallen from £2,510 to £2,320 from 3 January to 23 January. The short call option would therefore have allowed you to profit on a fall in the value in your share holding without actually having to sell your holdings, allowing you to retain your shares and to benefit from any price rises in the future.
This example excludes dealing costs, including the 0.5% Stamp Duty levied on share purchases (option trades are free of Stamp Duty).
The value of an option is derived from a number of factors including the relationship between the exercise price and the share price, market volatility and time to expiry.