When very next to the expiration and being the option much ITM the VE tends to be null and the valuation or depreciation of the option folloies very of close the one it active object, says thus yes, that the option has high delta. Option of purchase at-the-money, ATM, in this type of option the price of the active object is equal at the cost of exercise or very next, being thus the value of the option, derived from an action ATM he is composed almost that for VE, having only VI when the exercise price will be a little below of the price of the active object. It is the type of option with bigger VE and the more distant of the expiration biggest it will be this value. To the measure that the option goes if approaching to its expiration the VE consequently goes diminishing and its value, except when it becomes ITM, for the valuation of the active object, where she loses VE and she gains VI, leaving of to be ATM, starting to be ITM and consequently gaining delta. It is the type of more interesting option for who it wants to make covered sales and it has interest in remunerating a wallet with tax. Option of purchase out-of-the-money, OTM, is that one where the price of the active object is inferior at the cost of exercise of the option. In this type of option, its price is formed exclusively by VE and its value is well inferior at the cost of option ITM, since possibility of it to reach breakeven is lesser of what of option ITM. The risk of if buying option OTM are great, therefore the possibilities of profits if restrict the markets in high fort or strong volatileness, since that the operator is intent to leave in the certain time. Who purchase this type of option loses in the low one, in the side market and in small the high one, consequently who spear earns in these scenes.