{"id":39709,"date":"2026-05-07T21:58:33","date_gmt":"2026-05-07T21:58:33","guid":{"rendered":"https:\/\/volity.io\/blog\/options-trading-crypto-guide-fr\/"},"modified":"2026-06-01T14:23:42","modified_gmt":"2026-06-01T14:23:42","slug":"options-trading-crypto-guide-fr","status":"publish","type":"post","link":"https:\/\/volity.io\/fr\/crypto\/options-trading-crypto-guide-fr\/","title":{"rendered":"Trading d&rsquo;options crypto"},"content":{"rendered":"\n    <style>\n    .vd-wrap {\n        display: flex;\n        align-items: flex-start;\n        gap: 20px;\n        background: #ffffff;\n        border: 1px solid #f2f4f7;\n        border-left: 4px solid #c0392b;\n        border-radius: 12px;\n        padding: 24px;\n        margin: 30px 0;\n        box-sizing: border-box;\n        width: 100%;\n        box-shadow: 0 4px 20px rgba(0,0,0,0.04);\n        position: relative;\n        overflow: hidden;\n    }\n    .vd-wrap::after {\n        content: \"\";\n        position: absolute;\n        right: -20px;\n        bottom: -20px;\n        width: 100px;\n        height: 100px;\n        background: radial-gradient(circle, rgba(192, 57, 43, 0.03) 0%, transparent 70%);\n        pointer-events: none;\n    }\n    .vd-icon {\n        flex-shrink: 0;\n        background: #fff5f4;\n        border: 1px solid #fee2e1;\n        border-radius: 8px;\n        width: 40px;\n        height: 40px;\n        display: flex;\n        align-items: center;\n        justify-content: center;\n    }\n    .vd-icon svg { width: 22px; height: 22px; }\n    .vd-content { flex: 1; min-width: 0; }\n    .vd-label {\n        display: block;\n        font-size: 11px;\n        font-weight: 800;\n        letter-spacing: 0.1em;\n        text-transform: uppercase;\n        color: #c0392b;\n        margin-bottom: 8px;\n        font-family: \"Inter\", sans-serif;\n    }\n    .vd-text {\n        font-size: 14px;\n        line-height: 1.6;\n        color: #475467;\n        margin: 0;\n        font-family: \"Inter\", sans-serif;\n    }\n    .vd-text p { margin: 0 0 10px 0; }\n    .vd-text p:last-child { margin-bottom: 0; }\n    .vd-text strong { color: #101828; font-weight: 600; }\n    .vd-text a { color: #c0392b; text-decoration: underline; }\n    @media (max-width: 600px) {\n        .vd-wrap { flex-direction: column; gap: 12px; padding: 20px; }\n        .vd-icon { width: 32px; height: 32px; }\n    }\n    <\/style>\n\n    <div class=\"vd-wrap\" role=\"alert\" aria-label=\"Divulgation des risques\">\n        <div class=\"vd-icon\">\n            <svg viewBox=\"0 0 24 24\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n                <path d=\"M12 9V14M12 17.01L12.01 16.998M12 21C16.9706 21 21 16.9706 21 12C21 7.02944 16.9706 3 12 3C7.02944 3 3 7.02944 3 12C3 16.9706 7.02944 21 12 21Z\" stroke=\"#c0392b\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\n            <\/svg>\n        <\/div>\n        <div class=\"vd-content\">\n            <span class=\"vd-label\">Avertissement R\u00e9glementaire sur les Risques<\/span>\n            <div class=\"vd-text\"><p>Investir dans des produits financiers comporte des risques. Les pertes peuvent d\u00e9passer la valeur de votre investissement initial.<\/p><\/div>\n        <\/div>\n    <\/div>\n\n\n\n\n\n<div class=\"wp-block-group volity-quick-answer\" data-volity-quick-answer=\"2026-05-08\" style=\"border-color:#0066cc;border-width:4px;border-radius:8px;padding:20px;background:#f7f9fc;border-left:4px solid #0066cc\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n\n<h2 class=\"wp-block-heading volity-qa-heading\">R\u00e9ponse rapide<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le trading d&rsquo;options crypto consiste \u00e0 acheter ou vendre des droits (et non des obligations) sur des futures ou du spot de cryptomonnaies \u00e0 un prix d&rsquo;exercice avant une \u00e9ch\u00e9ance. Les lieux majeurs sont le CME, Deribit et certaines plateformes d&rsquo;\u00e9change. Quatre strat\u00e9gies particuli\u00e8res courantes : call long (haussier, risque plafonn\u00e9), put long (baissier, risque plafonn\u00e9), covered call (revenu sur les pi\u00e8ces d\u00e9tenues) et put de protection (couverture baissi\u00e8re). La volatilit\u00e9 implicite d\u00e9cide si les options sont ch\u00e8res.<\/p>\n\n<\/div><\/div>\n\n\n<p>Un contrat d&rsquo;options sur un actif crypto donne \u00e0 l&rsquo;acheteur le droit, mais non l&rsquo;obligation, d&rsquo;acheter (call) ou de vendre (put) le sous-jacent \u00e0 un prix d&rsquo;exercice sp\u00e9cifi\u00e9 avant une \u00e9ch\u00e9ance sp\u00e9cifi\u00e9e. L&rsquo;acheteur paie une prime pour cette optionalit\u00e9 ; le vendeur encaisse la prime et accepte l&rsquo;obligation. Les march\u00e9s d&rsquo;options crypto sont plus petits que les march\u00e9s de futures crypto mais ils ont beaucoup m\u00fbri depuis 2020. L&rsquo;open interest des options Bitcoin se situait dans les dizaines de milliards de dollars \u00e0 travers les lieux majeurs d&rsquo;ici 2024. Les math\u00e9matiques sont identiques \u00e0 celles des options sur actions. La structure de march\u00e9 ne l&rsquo;est pas.<\/p>\n\n<h2>Comment les options crypto sont-elles valoris\u00e9es ?<\/h2>\n<p>Cinq intrants font le prix d&rsquo;une option (Black-Scholes-Merton ou un cousin binomial) :<\/p>\n<ol>\n<li>Prix spot du sous-jacent.<\/li>\n<li>Prix d&rsquo;exercice.<\/li>\n<li>Temps jusqu&rsquo;\u00e0 l&rsquo;\u00e9ch\u00e9ance.<\/li>\n<li>Taux sans risque (proxy : bon du Tr\u00e9sor \u00e0 court terme).<\/li>\n<li>Volatilit\u00e9 implicite.<\/li>\n<\/ol>\n<p>Les quatre premiers sont observables. La volatilit\u00e9 implicite est le pari du march\u00e9 sur l&rsquo;ampleur du mouvement du sous-jacent. La VI de la crypto s&rsquo;affiche g\u00e9n\u00e9ralement plus haut que la VI des actions (la VI \u00e0 30 jours \u00e0 la monnaie du BTC se trade r\u00e9guli\u00e8rement de 50 \u00e0 80 %, contre ~15 \u00e0 25 % pour le S&#038;P 500). C&rsquo;est la source \u00e0 la fois de l&rsquo;opportunit\u00e9 et de la saign\u00e9e.<\/p>\n\n<h2>Que sont les grecques ?<\/h2>\n<ul>\n<li><strong>Delta<\/strong> : de combien le prix de l&rsquo;option bouge pour un changement de 1 $ du spot. Call \u00e0 la monnaie ~0,5, put \u00e0 la monnaie ~-0,5.<\/li>\n<li><strong>Gamma<\/strong> : \u00e0 quelle vitesse le delta lui-m\u00eame change. Le plus grand pr\u00e8s de la monnaie et pr\u00e8s de l&rsquo;\u00e9ch\u00e9ance.<\/li>\n<li><strong>Th\u00eata<\/strong> : la d\u00e9croissance temporelle. N\u00e9gatif pour les acheteurs d&rsquo;options (vous saignez quotidiennement), positif pour les vendeurs.<\/li>\n<li><strong>V\u00e9ga<\/strong> : sensibilit\u00e9 \u00e0 un changement de 1 point de la volatilit\u00e9 implicite. De gros chiffres sur les options \u00e0 longue \u00e9ch\u00e9ance.<\/li>\n<\/ul>\n<p>Vous n&rsquo;avez pas \u00e0 m\u00e9moriser les formules. Vous devez savoir quelle grecque est votre amie et laquelle est votre ennemie sur chaque transaction que vous mettez en place.<\/p>\n\n<h2>Quatre transactions d&rsquo;options particuli\u00e8res de base<\/h2>\n<ol>\n<li><strong>Call long<\/strong>. Achetez un call. Payez la prime. Profit si le spot monte assez pour couvrir la prime plus la distance jusqu&rsquo;au strike. Risque d\u00e9fini (prime), hausse illimit\u00e9e. Le th\u00eata est votre ennemi.<\/li>\n<li><strong>Put long<\/strong>. Achetez un put. Couverture ou short directionnel. Risque d\u00e9fini, baisse \u00e0 effet de levier.<\/li>\n<li><strong>Covered call<\/strong>. D\u00e9tenez du spot, vendez un call contre. G\u00e9n\u00e8re un revenu de prime. Plafonne la hausse au-dessus du strike. Le th\u00eata est votre ami.<\/li>\n<li><strong>Put garanti en esp\u00e8ces<\/strong>. D\u00e9tenez des liquidit\u00e9s, vendez un put. G\u00e9n\u00e8re une prime. En cas d&rsquo;assignation, vous achetez le sous-jacent au strike avec des liquidit\u00e9s que vous aviez d\u00e9j\u00e0.<\/li>\n<\/ol>\n\n<h2>Et la volatilit\u00e9 implicite ?<\/h2>\n<p>La VI est le levier. Un straddle \u00e0 la monnaie \u00e0 30 jours sur le BTC co\u00fbte plus cher que son \u00e9quivalent en actions parce que le march\u00e9 attend des mouvements plus grands. Deux implications. Premi\u00e8rement, acheter des options purement est cher en crypto ; le th\u00eata saigne vite. Deuxi\u00e8mement, les vendeurs d&rsquo;options crypto sont mieux pay\u00e9s pour le m\u00eame profil de risque, mais le risque de queue est aussi plus grand. Un exploit de plateforme d&rsquo;\u00e9change le week-end ou une rumeur d&rsquo;ETF peut faire bouger le BTC de 10 % en 30 minutes, d\u00e9passant le strike d&rsquo;un call short \u00e0 la monnaie.<\/p>\n\n<h2>Quelles sont les r\u00e8gles de levier autour des options crypto ?<\/h2>\n<p>Dans l&rsquo;EEE, le levier particulier sur la crypto via les CFD est plafonn\u00e9 \u00e0 1:2 sous l&rsquo;ESMA. Les options crypto pour les clients particuliers sont soumises \u00e0 la gouvernance produit de la firme et \u00e0 l&rsquo;\u00e9valuation d&rsquo;ad\u00e9quation MiFID II. L\u00e0 o\u00f9 Volity offre une exposition structur\u00e9e de type options, les conditions sont divulgu\u00e9es par produit. Les clients professionnels sur demande peuvent acc\u00e9der \u00e0 des conditions diff\u00e9rentes sous r\u00e9serve d&rsquo;une \u00e9valuation d&rsquo;ad\u00e9quation MiFID II.<\/p>\n\n<h2>Ce qui tourne mal<\/h2>\n<ul>\n<li><strong>Acheter des billets de loterie OTM \u00e0 courte \u00e9ch\u00e9ance<\/strong>. La valeur attendue est n\u00e9gative pour une raison. Beaucoup d&rsquo;expirations \u00e0 prime nulle, des jackpots occasionnels, un terrible bilan \u00e0 long terme.<\/li>\n<li><strong>Vendre des options nues sans dimensionnement<\/strong>. Le revenu de prime para\u00eet superbe jusqu&rsquo;\u00e0 ce que la queue s&rsquo;imprime. Dimensionnez toujours la perte du pire cas par rapport aux capitaux propres du compte.<\/li>\n<li><strong>Ignorer la structure par terme<\/strong>. Acheter des options \u00e0 longue \u00e9ch\u00e9ance quand le mois avant est bien moins cher, ou vendre \u00e0 courte \u00e9ch\u00e9ance quand le mois arri\u00e8re aurait collect\u00e9 une meilleure prime par unit\u00e9 de risque.<\/li>\n<li><strong>Confondre notionnel et risque<\/strong>. Un contrat d&rsquo;option de 0,1 BTC semble petit. Le swing de P&#038;L pilot\u00e9 par la VI peut \u00eatre plus grand qu&rsquo;une position spot de 1,0 BTC sur la m\u00eame semaine.<\/li>\n<\/ul>\n\n<h2>Comment commencer, sens\u00e9ment<\/h2>\n<ol>\n<li><strong>Tradez d&rsquo;abord des structures \u00e0 risque d\u00e9fini<\/strong>. Calls longs, puts longs, spreads verticaux. Vous connaissez toujours le pire cas.<\/li>\n<li><strong>Dimensionnez en prime, pas en contrats<\/strong>. \u00ab Je vais d\u00e9penser 200 $ sur ce call \u00bb est la discipline. \u00ab Je vais acheter 5 contrats \u00bb est le pi\u00e8ge.<\/li>\n<li><strong>Suivez le rang de VI, pas seulement le prix<\/strong>. Acheter quand le rang de VI est \u00e0 80+ est structurellement pire qu&rsquo;acheter quand le rang de VI est \u00e0 20.<\/li>\n<li><strong>Cl\u00f4turez \u00e0 50-70 % du profit maximal sur les transactions \u00e0 cr\u00e9dit<\/strong>. Les derniers 30 % de th\u00eata prennent trop de temps pour le risque restant dans la transaction.<\/li>\n<\/ol>\n\n<h2>Les options crypto chez Volity<\/h2>\n<p>Volity offre une exposition crypto \u00e0 effet de levier \u00e0 travers des instruments CFD sur plus de 20 pi\u00e8ces, avec un levier particulier plafonn\u00e9 \u00e0 1:2 sous l&rsquo;ESMA. L\u00e0 o\u00f9 des produits structur\u00e9s de type options sont offerts, l&rsquo;\u00e9ligibilit\u00e9, le levier et la tarification sont divulgu\u00e9s par produit sous r\u00e9serve de l&rsquo;ad\u00e9quation MiFID II. Les clients professionnels sur demande peuvent acc\u00e9der \u00e0 des conditions diff\u00e9rentes. La protection contre le solde n\u00e9gatif s&rsquo;applique sur les comptes particuliers. L&rsquo;ex\u00e9cution est assur\u00e9e par UBK Markets Ltd (CySEC 186\/12).<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div class=\"wp-block-group volity-authority-footer\" data-volity-authority=\"seo-2026-05-08-custom\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n\n<h3 class=\"wp-block-heading\">Sources v\u00e9rifi\u00e9es<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.cme.com\/markets\/cryptocurrencies\/bitcoin\/bitcoin.html\" rel=\"noopener\" target=\"_blank\">Options bitcoin du CME<\/a><\/li><li><a href=\"https:\/\/www.cboe.com\/\" rel=\"noopener\" target=\"_blank\">March\u00e9s du CBOE<\/a><\/li><li><a href=\"https:\/\/defillama.com\/\" rel=\"noopener\" target=\"_blank\">Analytique de protocoles DefiLlama<\/a><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Associ\u00e9 sur Volity<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/volity.io\/fr\/crypto\/crypto-options-trading-usa\/\">Le trading d&rsquo;options crypto aux \u00c9tats-Unis<\/a><\/li><li><a href=\"https:\/\/volity.io\/fr\/crypto\/contract-trading-crypto\/\">Trading de contrats crypto<\/a><\/li><li><a href=\"https:\/\/volity.io\/fr\/crypto\/crypto-contract-trading\/\">Trading de contrats crypto<\/a><\/li><li><a href=\"https:\/\/volity.io\/fr\/gold\/commodity-options-trading\/\">Trading d&rsquo;options sur mati\u00e8res premi\u00e8res<\/a><\/li><li><a href=\"https:\/\/volity.io\/fr\/crypto\/leveraged-crypto-trading\/\">Trading crypto avec levier<\/a><\/li><\/ul>\n\n\n\n<p class=\"volity-last-reviewed wp-block-paragraph\" style=\"font-size:13px;color:#5a6577;margin-top:18px\"><em>Derni\u00e8re r\u00e9vision : 2026-05-08 par Alexander Bennett, analyste financier en chef chez Volity. Nous mettons \u00e0 jour cet article chaque fois que les donn\u00e9es de march\u00e9 sous-jacentes, le cadre r\u00e9glementaire ou les fonctionnalit\u00e9s de la plateforme changent.<\/em><\/p>\n\n<\/div><\/div>\n\n\n\n    <style>\n    .volity-coi {\n        background: #fff;\n        border: 1px solid #c5d8ee;\n        border-radius: 8px;\n        margin: 32px 0;\n        font-family: \"Inter\", sans-serif;\n        font-size: 13.5px;\n        line-height: 1.75;\n        color: #4a4a4a;\n        box-sizing: border-box;\n        width: 100%;\n        overflow: hidden;\n    }\n    .volity-coi .coi-heading {\n        display: block;\n        background: #2c6fad;\n        color: #fff;\n        font-size: 11px;\n        font-weight: 700;\n        letter-spacing: 0.09em;\n        text-transform: uppercase;\n        padding: 9px 22px;\n        margin: 0;\n    }\n    .volity-coi .coi-body { padding: 16px 22px; }\n    .volity-coi .coi-body p { margin: 0 0 10px 0; }\n    .volity-coi .coi-body p:last-child { margin-bottom: 0; }\n    .volity-coi a { color: #2c6fad; text-decoration: underline; }\n    @media(max-width:480px) {\n        .volity-coi .coi-body { padding: 14px 16px; font-size: 13px; }\n        .volity-coi .coi-heading { padding: 8px 16px; }\n    }\n    <\/style>\n    <div class=\"volity-coi\" role=\"note\">\n        <span class=\"coi-heading\">\u24d8 Divulgation<\/span>\n        <div class=\"coi-body\"><p>Volity exploite une plateforme de trading et publie \u00e9galement du contenu \u00e9ducatif et analytique sur le trading. Le contenu de cette page est uniquement \u00e0 des fins \u00e9ducatives et ne doit pas \u00eatre consid\u00e9r\u00e9 comme un conseil financier. Volity peut b\u00e9n\u00e9ficier commercialement lorsque les lecteurs ouvrent des comptes de trading via les liens pr\u00e9sents sur ce site.<\/p><p>Notre contenu est produit et r\u00e9vis\u00e9 selon des <a href=\"https:\/\/volity.io\/fr\/editorial-standards\/\">standards \u00e9ditoriaux<\/a> document\u00e9s ; la m\u00e9thodologie de comparaison et de revue est publi\u00e9e <a href=\"https:\/\/volity.io\/fr\/editorial-standards\/review-methodology\/\">ici<\/a>.<\/p><\/div>\n    <\/div>\n","protected":false},"excerpt":{"rendered":"<p>R\u00e9ponse rapide Le trading d&rsquo;options crypto consiste \u00e0 acheter ou vendre des droits (et non des obligations) sur des futures ou du [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":28669,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"custom_schema":"","footnotes":""},"categories":[205],"tags":[],"class_list":["post-39709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Trading d&#039;options crypto : grecques, VI, 4 strat\u00e9gies | Volity<\/title>\n<meta name=\"description\" content=\"Le trading d&#039;options crypto expliqu\u00e9 : valorisation, grecques, volatilit\u00e9 implicite et 4 strat\u00e9gies particuli\u00e8res (call\/put longs, covered call, put garanti). 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Prix d'exercice. Temps jusqu'\u00e0 l'\u00e9ch\u00e9ance. Taux sans risque (proxy : bon du Tr\u00e9sor \u00e0 court terme). Volatilit\u00e9 implicite. Les quatre premiers sont observables. La volatilit\u00e9 implicite est le pari du march\u00e9 sur l'ampleur du mouvement du sous-jacent. La VI de la crypto s'affiche g\u00e9n\u00e9ralement plus haut que la VI des actions (la VI \u00e0 30 jours \u00e0 la monnaie du BTC se trade r\u00e9guli\u00e8rement de 50 \u00e0 80 %, contre ~15 \u00e0 25 % pour le S&P 500). C'est la source \u00e0 la fois de l'opportunit\u00e9 et de la saign\u00e9e.\"}},{\"@type\":\"Question\",\"name\":\"Que sont les grecques ?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Delta : de combien le prix de l'option bouge pour un changement de 1 $ du spot. Call \u00e0 la monnaie ~0,5, put \u00e0 la monnaie ~-0,5. Gamma : \u00e0 quelle vitesse le delta lui-m\u00eame change. Le plus grand pr\u00e8s de la monnaie et pr\u00e8s de l'\u00e9ch\u00e9ance. Th\u00eata : la d\u00e9croissance temporelle. N\u00e9gatif pour les acheteurs d'options (vous saignez quotidiennement), positif pour les vendeurs. V\u00e9ga : sensibilit\u00e9 \u00e0 un changement de 1 point de la volatilit\u00e9 implicite. De gros chiffres sur les options \u00e0 longue \u00e9ch\u00e9ance. Vous n'avez pas \u00e0 m\u00e9moriser les formules. Vous devez savoir quelle grecque est votre amie et laquelle est votre ennemie sur chaque transaction que vous mettez en place.\"}},{\"@type\":\"Question\",\"name\":\"Et la volatilit\u00e9 implicite ?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"La VI est le levier. Un straddle \u00e0 la monnaie \u00e0 30 jours sur le BTC co\u00fbte plus cher que son \u00e9quivalent en actions parce que le march\u00e9 attend des mouvements plus grands. Deux implications. Premi\u00e8rement, acheter des options purement est cher en crypto ; le th\u00eata saigne vite. Deuxi\u00e8mement, les vendeurs d'options crypto sont mieux pay\u00e9s pour le m\u00eame profil de risque, mais le risque de queue est aussi plus grand. Un exploit de plateforme d'\u00e9change le week-end ou une rumeur d'ETF peut faire bouger le BTC de 10 % en 30 minutes, d\u00e9passant le strike d'un call short \u00e0 la monnaie.\"}},{\"@type\":\"Question\",\"name\":\"Quelles sont les r\u00e8gles de levier autour des options crypto ?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Dans l'EEE, le levier particulier sur la crypto via les CFD est plafonn\u00e9 \u00e0 1:2 sous l'ESMA. Les options crypto pour les clients particuliers sont soumises \u00e0 la gouvernance produit de la firme et \u00e0 l'\u00e9valuation d'ad\u00e9quation MiFID II. L\u00e0 o\u00f9 Volity offre une exposition structur\u00e9e de type options, les conditions sont divulgu\u00e9es par produit. 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Certified in technical analysis through the International Federation of Technical Analysts and as a Financial Risk Manager, his work has been featured on DailyForex and TradingBeasts. His writing cuts through hype. The goal isn't moonshots; it's the disciplined edge that survives drawdowns. 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Prix d'exercice. Temps jusqu'\u00e0 l'\u00e9ch\u00e9ance. Taux sans risque (proxy : bon du Tr\u00e9sor \u00e0 court terme). Volatilit\u00e9 implicite. Les quatre premiers sont observables. La volatilit\u00e9 implicite est le pari du march\u00e9 sur l'ampleur du mouvement du sous-jacent. La VI de la crypto s'affiche g\u00e9n\u00e9ralement plus haut que la VI des actions (la VI \u00e0 30 jours \u00e0 la monnaie du BTC se trade r\u00e9guli\u00e8rement de 50 \u00e0 80 %, contre ~15 \u00e0 25 % pour le S&P 500). C'est la source \u00e0 la fois de l'opportunit\u00e9 et de la saign\u00e9e."}},{"@type":"Question","name":"Que sont les grecques ?","acceptedAnswer":{"@type":"Answer","text":"Delta : de combien le prix de l'option bouge pour un changement de 1 $ du spot. Call \u00e0 la monnaie ~0,5, put \u00e0 la monnaie ~-0,5. Gamma : \u00e0 quelle vitesse le delta lui-m\u00eame change. Le plus grand pr\u00e8s de la monnaie et pr\u00e8s de l'\u00e9ch\u00e9ance. Th\u00eata : la d\u00e9croissance temporelle. N\u00e9gatif pour les acheteurs d'options (vous saignez quotidiennement), positif pour les vendeurs. V\u00e9ga : sensibilit\u00e9 \u00e0 un changement de 1 point de la volatilit\u00e9 implicite. De gros chiffres sur les options \u00e0 longue \u00e9ch\u00e9ance. Vous n'avez pas \u00e0 m\u00e9moriser les formules. Vous devez savoir quelle grecque est votre amie et laquelle est votre ennemie sur chaque transaction que vous mettez en place."}},{"@type":"Question","name":"Et la volatilit\u00e9 implicite ?","acceptedAnswer":{"@type":"Answer","text":"La VI est le levier. Un straddle \u00e0 la monnaie \u00e0 30 jours sur le BTC co\u00fbte plus cher que son \u00e9quivalent en actions parce que le march\u00e9 attend des mouvements plus grands. Deux implications. Premi\u00e8rement, acheter des options purement est cher en crypto ; le th\u00eata saigne vite. Deuxi\u00e8mement, les vendeurs d'options crypto sont mieux pay\u00e9s pour le m\u00eame profil de risque, mais le risque de queue est aussi plus grand. Un exploit de plateforme d'\u00e9change le week-end ou une rumeur d'ETF peut faire bouger le BTC de 10 % en 30 minutes, d\u00e9passant le strike d'un call short \u00e0 la monnaie."}},{"@type":"Question","name":"Quelles sont les r\u00e8gles de levier autour des options crypto ?","acceptedAnswer":{"@type":"Answer","text":"Dans l'EEE, le levier particulier sur la crypto via les CFD est plafonn\u00e9 \u00e0 1:2 sous l'ESMA. Les options crypto pour les clients particuliers sont soumises \u00e0 la gouvernance produit de la firme et \u00e0 l'\u00e9valuation d'ad\u00e9quation MiFID II. L\u00e0 o\u00f9 Volity offre une exposition structur\u00e9e de type options, les conditions sont divulgu\u00e9es par produit. Les clients professionnels sur demande peuvent acc\u00e9der \u00e0 des conditions diff\u00e9rentes sous r\u00e9serve d'une \u00e9valuation d'ad\u00e9quation MiFID II."}}],"speakable":{"@type":"SpeakableSpecification","cssSelector":["h1",".entry-content > p:first-of-type",".entry-content h2",".faq-question","[data-volity-takeaways]"]}}]}},"yoast_meta":{"yoast_wpseo_title":"Trading d'options crypto : grecques, VI, 4 strat\u00e9gies | Volity","yoast_wpseo_metadesc":"Le trading d'options crypto expliqu\u00e9 : valorisation, grecques, volatilit\u00e9 implicite et 4 strat\u00e9gies particuli\u00e8res (call\/put longs, covered call, put garanti). 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