Options are derivative financial instruments which gained popularity in the global markets in the 1970s. The option gives holder the right, but not the obligation, to buy or sell a certain underlying asset at a specified price on a specified date or before specified date. Options offer a wide range of possibilities and come in different forms. Since option does not contain value by itself, value of the option is related to the underlying asset, for exampl: share options, options on indexes and currencies or options on furures. Options that have no standardized contractual terms and conditions are called exotics. The interaction of markets and market participants is very complex, in the background of all transactions with options are three basic reasons: speculation, hedging and arbitrage. Trading of options is based on six basic strategies, and by combining those it is possible to develop more comlex strategies, in practice are known more than forty. The investor chooses a strategy that matches his expectations regarding price movements in the market, the volatility of prices of the underlying assets and the availability of options with specific characteristics. According to the outlook of the market it is possible to define strategies suitable for the market growth or bullish market, declining market or a bearish market and those suitable for neutral market. Functionality and utility of certain strategy is best expressed through practice, and these characteristics are examined through a simulated hedging strategies on a Google shares in anticipation of market growth.