The risk management can propitiate the value creation, therefore it makes possible one better management of investment, as well as preventing that adverse conditions compromise a financial planning all. 1.3 Objectives of the Research the objective of this work is to evaluate the importance of the options, as instrument of financial application, as much in regards to leverage how much in regards to protection? hedge, passing for the quarrel of the involved risks in a strategy of this type. To demonstrate that they can have profits, as much for who is in the bought side, how much for who it is in the vendido side. To show that to gain money operating options are not a luck question and yes of strategy. To demonstrate the importance of a market that movement, monthly, about five billion Reals and that comes growing the raised taxes, wants considers the operated value, wants let us consider the number of people operating. 1.4Justificativa of the Subject In the 2009 So Paulo Stock Exchange put into motion 57,7 billion Reals in purchase options and 2,6 billion in options of sales, growth of 39% in relation to the year of 2008. These values if relate only the action options derived, object of our study, but we need to remember that also they are negotiated, in the BM& F, options for farming products, as financial maize and coffee, and products, as dollar. The farming options are used many times for producers or exporters to protect of variations of price between the plantation and the delivery of the product. The financial market presents, literally, the most diverse options of investment and so that the investor can usufruct of this gamma of alternatives she is necessary that it is capable to assimilate these knowledge, wants either the investor with profile more conservative, that can use the instrument as protection, wants either the investor with bolder profile, that can use the instrument as leverage form.