{"id":11224,"date":"2021-07-28T16:50:00","date_gmt":"2021-07-28T19:50:00","guid":{"rendered":"https:\/\/warren.com.br\/magazine\/?p=11224"},"modified":"2023-08-02T22:14:01","modified_gmt":"2023-08-03T01:14:01","slug":"o-que-e-out-of-the-money","status":"publish","type":"post","link":"https:\/\/warren.com.br\/magazine\/o-que-e-out-of-the-money\/","title":{"rendered":"O que \u00e9 out of the money (OTM)"},"content":{"rendered":"<div id=\"playht-iframe-wrapper\" style=\"max-height: 210px !important;\">\n\t<iframe\n\tscrolling=\"no\"\n\tclass=\"playht-iframe-player\"\n\tid=\"playht-iframe-player\"\n\theight=\"90px\"\n\twidth=\"100%\"\n\tframeborder=\"0\"\n\tstyle=\"max-height: 90px; height: 90px !important;\"\n\tsrc=\"https:\/\/play.ht\/embed\/?article_url=https:\/\/warren.com.br\/magazine\/?p=11224&voice=pt-BR-FranciscaNeural&appId=l7OQ6uC_zK&trans_id=-N7QsXIxVj-WL0bmDaEU\"\n\tdata-voice=\"pt-BR-FranciscaNeural\"\n\tarticle-url=\"https:\/\/warren.com.br\/magazine\/?p=11224\"\n\tdata-appId=\"l7OQ6uC_zK\"\n\tallowfullscreen=\"\">\n\t<\/iframe>\n<\/div>\n\n<p><strong><em>Out of the money (OTM)<\/em><\/strong>, que pode ser traduzido como \u201cfora do dinheiro\u201d, \u00e9 um termo usado no mercado financeiro quando uma <a href=\"https:\/\/warren.com.br\/magazine\/opcoes-de-acoes\/\">op\u00e7\u00e3o<\/a> ainda n\u00e3o atingiu seu <strong>pre\u00e7o de exerc\u00edcio<\/strong> (<em>strike price<\/em>).<\/p>\n\n\n\n<p>Em outras palavras, significa que ela n\u00e3o possui valor intr\u00ednseco.&nbsp;<\/p>\n\n\n\n<p>Se for uma op\u00e7\u00e3o de compra, \u201cestar<em> <strong>out of the money<\/strong>\u201d <\/em>quer dizer que o pre\u00e7o do ativo ainda est\u00e1 <strong>abaixo <\/strong>de seu pre\u00e7o de exerc\u00edcio.<\/p>\n\n\n\n<p>Se for uma op\u00e7\u00e3o de venda, ela estar\u00e1 <em><strong>out of the money<\/strong><\/em> quando o pre\u00e7o do ativo estiver <strong>acima <\/strong>do pre\u00e7o de exerc\u00edcio.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Indice<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a0341e434860\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a0341e434860\"  aria-label=\"Alternar\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/warren.com.br\/magazine\/o-que-e-out-of-the-money\/#Como_funciona_o_out_of_the_money\" >Como funciona o out of the money<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/warren.com.br\/magazine\/o-que-e-out-of-the-money\/#Exemplo_de_out_of_the_money\" >Exemplo de out of the money<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"como-funciona-o-out-of-the-money\"><span class=\"ez-toc-section\" id=\"Como_funciona_o_out_of_the_money\"><\/span>Como funciona o out of the money<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Para entender como funciona o <strong>out of the money<\/strong>, devemos compreender quais s\u00e3o as circunst\u00e2ncias em que ele ocorre. S\u00e3o elas:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong><em>Call <\/em>(op\u00e7\u00e3o de compra):<\/strong> uma op\u00e7\u00e3o que d\u00e1 lucro ao detentor quando o pre\u00e7o do ativo subjacente <strong>aumenta <\/strong>em rela\u00e7\u00e3o ao n\u00edvel de compra. Quando a op\u00e7\u00e3o vence exatamente com o mesmo pre\u00e7o, todo o investimento \u00e9 devolvido ao investidor.&nbsp;<\/li><li><em><strong>Put<\/strong> <\/em><strong>(op\u00e7\u00e3o de venda):<\/strong> uma op\u00e7\u00e3o que fornece lucro ao detentor quando o pre\u00e7o do ativo subjacente <strong>deprecia <\/strong>em rela\u00e7\u00e3o ao n\u00edvel de compra.<\/li><\/ul>\n\n\n\n<p>Assim, \u00e9 poss\u00edvel dizer que o <em><strong>out of the money<\/strong> <\/em>pode acontecer nas seguintes situa\u00e7\u00f5es:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Se o <strong>pre\u00e7o de exerc\u00edcio<\/strong> da op\u00e7\u00e3o de compra (call) \u00e9 <strong>maior<\/strong> que o pre\u00e7o de mercado do ativo.<\/li><li>Se o<strong> pre\u00e7o de exerc\u00edcio<\/strong> da op\u00e7\u00e3o de venda (put) \u00e9 <strong>inferior<\/strong> ao pre\u00e7o de mercado do ativo.<\/li><\/ul>\n\n\n\n<p>Portanto, o <em><strong>out of the money<\/strong> <\/em>\u00e9 uma op\u00e7\u00e3o de compra que possui pre\u00e7o maior que o valor do ativo, ou uma op\u00e7\u00e3o de venda que tem pre\u00e7o menor do que o valor do ativo.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"exemplo-de-out-of-the-money\"><span class=\"ez-toc-section\" id=\"Exemplo_de_out_of_the_money\"><\/span>Exemplo de out of the money<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Para facilitar a compreens\u00e3o, vamos exemplificar uma situa\u00e7\u00e3o de <em><strong>out of the money<\/strong><\/em>.<\/p>\n\n\n\n<p>Imagine que as <a href=\"https:\/\/warren.com.br\/magazine\/o-que-e-uma-acao\/\"><strong>a\u00e7\u00f5es<\/strong><\/a> de uma companhia est\u00e3o sendo negociadas por R$100. Por\u00e9m, um investidor adquire uma op\u00e7\u00e3o de compra dessa companhia ao pre\u00e7o de exerc\u00edcio de R$105.<\/p>\n\n\n\n<p>Se a a\u00e7\u00e3o da companhia fechar abaixo de R$105 na data de vencimento, a op\u00e7\u00e3o ser\u00e1 <em><strong>out of the money<\/strong><\/em>. Ou seja, o comprador ter\u00e1 <strong>preju\u00edzo <\/strong>exercendo a op\u00e7\u00e3o.<\/p>\n\n\n\n<p>Agora, imagine que as a\u00e7\u00f5es da empresa continuam sendo negociadas a R$100, e um investidor adquire um contrato de op\u00e7\u00e3o de venda da empresa ao pre\u00e7o de exerc\u00edcio de R$95.<\/p>\n\n\n\n<p>No caso de as a\u00e7\u00f5es da companhia fecharem acima de R$95 na data de vencimento, a op\u00e7\u00e3o ficar\u00e1 <em><strong>out of the money<\/strong><\/em>. Ou seja, n\u00e3o valeria a pena exercer a op\u00e7\u00e3o.<\/p>\n\n\n\n<p><strong>Quer investir com transpar\u00eancia? <\/strong><a href=\"https:\/\/lp.warren.com.br\/o-que-e-a-warren?gclid=CjwKCAjwlID8BRAFEiwAnUoK1TsImsqLD7-9LD2o80d_pagov9xz85fH1poh5RvFp9knNLdQuRYe8hoCY-wQAvD_BwE\"><strong>Conhe\u00e7a a Warren e comece agora<\/strong><\/a><strong>.<\/strong><\/p>\n\n\n\n<p>Gostou da leitura? Continue aprendendo sobre os termos do mercado financeiro aqui no Mercado de A a Z:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/warren.com.br\/magazine\/o-que-e-operar-comprado\/\">Operar comprado<\/a><\/li><li><a href=\"https:\/\/warren.com.br\/magazine\/o-que-e-operar-vendido\/\">Operar vendido<\/a><\/li><li><a href=\"https:\/\/warren.com.br\/magazine\/o-que-e-portfolio\/\">Portf\u00f3lio<\/a><\/li><li><a href=\"https:\/\/warren.com.br\/magazine\/o-que-e-pgbl\/\">PGBL<\/a><\/li><li><a href=\"https:\/\/warren.com.br\/magazine\/o-que-e-quantitative-trading\/\">Quantitative trading<\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Out of the money (OTM), que pode ser traduzido como \u201cfora do dinheiro\u201d, \u00e9 um termo usado no mercado financeiro quando uma op\u00e7\u00e3o ainda n\u00e3o atingiu seu pre\u00e7o de exerc\u00edcio (strike price).<\/p>\n","protected":false},"author":8,"featured_media":11225,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1016],"tags":[],"class_list":["post-11224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-por-dentro-do-mercado","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Out of the money: entenda o que \u00e9 e como funciona<\/title>\n<meta name=\"description\" content=\"Out of the money \u00e9 um termo do mercado financeiro utilizado quando uma op\u00e7\u00e3o ainda n\u00e3o atingiu seu pre\u00e7o de exerc\u00edcio. 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