03
Feb
10

Opciones: mirar los detalles

Eso es lo que recomienda Mark Wolfinger en un postde su blog Options for Rookies– cuando responde las inquietudes de un lector.

I am always surprised when someone comes to me with this (or similar) question.  No one in his/her right mind would EVER – under ANY REASONABLE CIRCUMSTANCES – exercise an option when it ‘reaches it’s strike price. I just cannot comprehend from whence that idea originates.  I would be extremely appreciative if you can provide a clue. Just look at any stock and the options on that stock.  Notice that there are in-the-money calls and puts. Notice that the open interest of these options is not anywhere near zero.  Zero would be the open interest if everyone exercised those options.

(…) Do you see that the slightly ITM calls and puts carry a time premium in addition to intrinsic value?  Anyone who owns that option and no longer wants to own it – would SELL and collect the full option premium.  Exercising allows the capture of only the intrinsic value and the time value is tossed into the trash.  No one would do that.

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