Options ITM on average have the same extrinsic value of the OTM, being the same distance of option ATM, however it will have to be added it intrinsic value, in our study, distant options ITM one strike of ATM two 6.76% and distant ITM strikes of option ATM 10.40% of the action object. Who opted to making covered sales it made and it to one month of the expiration, in option OTM, distant two strikes of the ATM, received 22.41% from prize accumulated in the period, but it left to receive part from valuation of the wallet, limited profits, exactly thus, the general valuation of its assets, if reinvested it was of 63,30%, therefore above of the valuation of the wallet without using itself of the sales covered and with the advantage of the protection of the wallet, hedge, that it is made of course, when of the covered sales. In the case of the sales of distant options OTM to one strike of the ATM, in the same conditions above, we observe that the collection with the prize of the sales of the options was of 49,53%, however the sacrifice on the valuation of the action was well bigger. In the studied period the valuation of the wallet, added the collection of the prizes with the sales of the options was of only 38.63%, therefore, well lesser of what if it did not have the sales of the options, however, we cannot forget the protection the wallet, in case of fall in the value them action. When we vendemos options ATM, we open hand of any rise in the price of the asset, in exchange for bigger prize of the option. In the case in study the value of this prize in the period was of 109,15%, great part consumed for the periods where the active object lost value.