Strategie in opzioni: Collar su Stmicroelectronics

Analisi a cura di Eugenio Sartorelli, www.investimentivincenti.it

 

 Il titolo Stm ha una chiara tendenza rialzista da inizio gennaio, come mostra il grafico giornaliero dal dicembre 2018:

 

Questo titolo ha avuto una serie di massimi e minimi crescenti che hanno ben strutturato il trend al rialzo. La linea in basso color verde rappresenta la forza relativa del titolo rispetto all’indice; come si vede è in crescita, che è aumentata negli ultimi mesi,

L’idea di fondo è che questo titolo possa proseguire nella sua forza, anche trainato sia dal recupero dell’Indice Ftse Mib sia dal mercato dei titoli tecnologici Usa. Pertanto una strategia rialzista, che comunque ci possa coprire parzialmente da eventuali sorprese, è il classico Collar:

– si acquistano 500 azioni Stm (al prezzo di circa 18,015 euro)

– si acquista Put scadenza ottobre strike 16 – prezzo intorno a 0,147

– si vende Call scadenza ottobre strike 19,5 – prezzo intorno a 0,187.

Questa operazione fa incassare circa 0,040 che per 500 azioni sottostanti il contratto di Opzione fanno 20 euro.

Come spiegato in altri report, la Put strike 16 scadenza ottobre pone un limite (floor) alla perdita che non può superare il differenziale tra prezzo di acquisto del titolo di 18,015 euro e lo strike della Put (16), ovvero 2,015 euro per azione. In realtà dal grafico si vede che il supporto è più verso 15 euro, ma meglio essere conservativi per limitare le eventuali perdite.

Per finanziare la Put acquistata si vende la Call strike 19,5 euro scadenza sempre ottobre, che è un livello alla portata del rialzo di Stm. Ciò pone un limite all’utile massimo (cap) che sarebbe (a scadenza) di 1,485 euro per azione, a cui andrebbe sommato 0,04 per azione incassato all’apertura della posizione.

Questa è una strategia che si porta fino a scadenza, ma su rialzi ben oltre lo strike della Call ci potrebbe essere un esercizio anticipato e quindi devo consegnare le 500 azioni Stm (che possiedo). In tal senso questa strategia non richiede alcuna marginazione. Visto l’andamento del titolo, valori verso 20 euro suggerirebbero di chiudere anticipatamente l’operazione in utile.

Si potrebbe fare anche su scadenza novembre, per dare più tempo al titolo di proseguire la via del rialzo oltre 19,5 euro.

Eugenio Sartorelli terrà il corso “Analisi e Trading con i Cicli” il prossimo 29 e 30 settembre. Per informazioni https://www.investimentivincenti.it/default.asp?pag=Corso_Cicli_Trading

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