옵션 거래 용어 정의

옵션 거래 용어집
용어 해설.
1 Aug 2017 업데이트 됨.
초보자를위한 꼭 알아야 할 10 가지 옵션 조항.
알파벳 순서로 색인.
누적 - 투자자가 누적되기 시작할 때 주식이 현저히 하락한 후에 옆으로 움직이기 시작할 때.
조정 옵션 - 기본 재고의 자본 구조의 주요 변경 사항에 대해 가격을 책정하기 위해 조건을 맞춤화 한 비표준 스톡 옵션. 조정 된 옵션에 대한 전체 자습서를 읽으십시오.
All-or-None (AON) 주문 - 완전히 채워야하는 주문이거나 그렇지 않으면 주문이 실행되지 않습니다. 이것은 정확하게 채워 져야하는 복잡한 옵션 전략을 실행하는 옵션 거래자에게 유용한 순서입니다. 옵션 주문의 유형 설명.
미국식 옵션 - 구입일과 만료일 사이에 언제든지 행사할 수있는 옵션 계약입니다. 대부분의 교환 거래 옵션은 미국 스타일입니다. 미국 스타일 옵션에 관한 튜토리얼을 읽으십시오.
Arbitrage - 가격 불일치로부터 이익을 얻기위한 금융 상품의 동시 구매 및 판매. 옵션 거래자는 서로 다른 옵션 거래간에 동일한 옵션 계약의 가격 불일치를 자주 찾고 위험 자유 무역으로부터 이익을 얻습니다. 옵션 차익 거래에 대해 자세히 알아보십시오.
Ask Price - 'bid and ask'라는 문구에서 사용 된 것처럼 잠재적 인 판매자가 판매 할 의사가있는 가격입니다. 이것을 말하는 또 다른 방법은 누군가가 팔고있는 것에 대한 가격을 요구하는 것입니다. 옵션 계약 및 주식을 매수 가격으로 구매합니다. 옵션 가격에 대해 자세히 알아보십시오.
지정 - 주식 판매 (전화 옵션 작성자) 또는 주식 매입 (옵션 작성자 배치) 의무를 이행하기 위해 옵션 작가를 지명합니다. 작가는 옵션 클리어링 코퍼레이션 (Option Clearing Corporation)으로부터 배정 통지서를받습니다. 옵션 할당에 대해 자세히 알아보십시오.
At Money - 옵션의 행사 가격이 현행 주가와 같은 경우. 돈 옵션에 대해 자세히 알아보십시오.
자동 연습 - 돈 옵션에 무작위로 자동 실행됩니다. 자동 운동에 대해 자세히 알아보십시오.
자동 거래 - 옵션 브로커가 옵션 자문 서비스에서 권장하는 거래를 자동으로 실행하도록하는 3 자간 합의. 자동 거래에 대해 자세히 알아보십시오.
Backspread - Reverse Strategy를 참조하십시오. Backspreads에 대해 자세히 알아보십시오.
Barrier Options (장애물 옵션) - 특정 가격에 도달했을 때 존재하거나 사라지는 이색 옵션입니다. 배리어 옵션에 대해 자세히 알아보십시오!
약세 - 일반적인 시장이나 기초 자산 또는 둘 모두에 의한 가격 하락을 예상하는 의견.
약세 옵션 전략 - 옵션을 사용하여 기본 주식의 아래쪽 이동에서 이익을 얻는 다양한 방법. Bearish 옵션 전략에 대한 자습서를 읽어보십시오.
베어 스프레드 (Bear Spread) - 주가가 하락할 때 최대 이윤을 얻고 주가가 상승하면 최대 리스크를 갖는 옵션 전략. 전략은 풋 (puts) 또는 호출 (call) 중 하나로 구현 될 수 있습니다. 두 경우 모두 더 높은 가격의 옵션을 구매하고 낮은 가격의 옵션을 판매하며 두 옵션의 유효 기간은 일반적으로 동일합니다. 황소 퍼짐을보십시오. 옵션 전략 라이브러리.
Bear Trap (베어 트랩) - 기술적으로 확인되지 않은 하향 움직임으로 투자자의 약세를 조장합니다. 그것은 보통 강한 집회에 선행하고 종종 부주의 한 것을 잡습니다.
베타 (Beta) - 주가가 주식 시장 전체와 함께 움직이는 역사적 성향을 나타내는 수치.
입찰가 - 잠재 구매자가 귀하에게서 구매하고자하는 가격. 즉, 입찰 가격으로 판매한다는 의미입니다. 옵션 가격에 대해 자세히 알아보십시오.
Bid / Ask Spread - 입찰가와 물가의 차이. 일반적으로 유동성이 높은 옵션 계약은 입찰 / 담보 스프레드가보다 엄격한 경향이 있고 유동성이 낮고 거래가 얇은 옵션 계약은 폭 넓은 입찰 / 스프레드가있는 경향이 있습니다. 옵션 가격에 대해 자세히 알아보십시오.
이진 옵션 (Binary Options) - 만기별로 돈을 버는 경우 고정 수익을 지급하거나 전혀 지불하지 않는 옵션입니다. 이진 옵션에 대해 자세히 읽어보십시오.
Black-Scholes 모델 - 주식 가격, 파격 가격, 변동성, 만기일, 지불 할 배당금 및 현재 무위험 이자율과 같은 특정 변수의 함수로 옵션 가격을 책정하는 수학 공식입니다. Black-Scholes 모델에 대해 자세히 알아보십시오.
Box Spread - 복잡한 4 다리 옵션 거래 전략으로 무위험 차익 거래를위한 옵션 가격의 불일치를 이용했습니다.
Break-Even Point - 특정 전략이 돈을 벌지도 잃지도 않는 주가 (또는 가격). 일반적으로 전략과 관련된 옵션의 만료일에 결과와 관련이 있습니다. "동적" 손익분기 점은 시간이 지남에 따라 변하는 점입니다.
폭 - 전진하는 주식의 순수한 수는 감소하는 주식의 수입니다. 진보가 쇠퇴를 초과 할 때 시장의 폭은 경사입니다. 쇠퇴가 전진 할 때 시장은 떨어지고있다.
브레이크 아웃 - 주가 또는 평균이 이전의 높은 저항 수준 이상으로 이동하거나 이전의 낮은 지원 수준보다 낮아지면 발생합니다. 확률은 추세가 계속 될 것입니다.
완고한 - 일반 시장이나 개인 안전에 의한 가격 상승을 예상하는 의견.
낙관적 인 옵션 전략 - 기본 주식의 상향 이동으로 이익을 창출하기 위해 옵션을 사용하는 다양한 방법. 낙관적 인 옵션 전략에 대한 자습서를 읽어보십시오.
Bull Call Spread - 중도 적으로 상승 할 것으로 예상되는 주식으로 이익을 얻기 위해 콜 옵션을 구매하는 선행 비용을 줄이는 것을 목표로하는 강세 옵션 전략. Bull Call Spread에 대한 자습서를 읽으십시오.
Bull Spread - 기본 보안이 충분히 높으면 최대한의 잠재력을 발휘하는 옵션 전략으로, 보안이 충분히 떨어지면 최대 위험이 있습니다. 파업 가격이 낮은 옵션을 구입하고 파격 가격이 높은 옵션을 판매합니다. 둘 다 일반적으로 동일한 만료 날짜가 있습니다. 풋이나 콜 중 하나를 전략에 사용할 수 있습니다. 옵션 전략 라이브러리.
불의 함정 - 기술적으로 확인되지 않은 투자자가 투자자에게 낙관적 인 움직임을하도록 유도합니다. 일반적으로 중요한 쇠퇴를 앞두고 다른 지표로 확인을 기다리지 않는 사람들을 종종 속입니다.
Butterfly Spread - 버드 스프레드와 곰 스프레드를 결합하여 위험과 제한된 수익 잠재력을 모두 갖춘 중립적 인 옵션 전략입니다. 3 건의 파업 가격이 포함되며, 낮은 2 건은 황소 확산에 사용되며 2 건은 곰 확산에 사용됩니다. 전략은 풋 (puts) 또는 콜 (call) 중 하나로 설정 될 수 있습니다. 동일한 기본 위치를 구성하는 옵션을 결합하는 4 가지 다른 방법이 있습니다. 나비 확산에 관한 모든 것을 배우십시오.
Buy To Open - 장기간에 걸쳐 옵션 포지션을 설정하십시오. Buy To Open 자습서를 읽으십시오.
통화 - 통화 옵션을 참조하십시오.
브로큰 윙 (Broken Wing)이라고 부릅니다. 나비 퍼짐 - 기본 주식이 부진했을 때 손실이나 약간의 크레딧을 내지 않는 왜곡 된 위험 / 보상 프로필이있는 나비 확산입니다. 이것은 정기적 인 나비 스프레드보다 돈 통화 옵션에서 파업을 추가로 구매함으로써 성취됩니다. Call Broken Wing Butterfly Spread에서 자습서를 읽으십시오.
브로큰 윙 (Broken Wing) 콜 도르 퍼짐 (Condor Spread) - 콘도르 (Condor)는 기본 주식이 부진했을 때 손실이나 약간의 크레딧을 내지 않는 왜곡 된 위험 / 보상 프로파일로 확산됩니다. 이것은 일반 콘도르 확산보다 돈 통화 옵션에서 더 많은 파업을 구입함으로써 성취됩니다. Call Broken Wing Condor Spread의 튜토리얼을 읽어보십시오.
Call Ratio Backspread - 무제한의 이익을 가진 신용 옵션 거래 전략과 통화 제한보다 더 많은 돈을 사는 것보다 더 적은 금액의 이익을 제한하는 것은 단점입니다. Call Ratio Backspread에 대한 자습서를 읽으십시오.
통화 비율 스프레드 (Call Ratio Spread) - 통화가 주식을 매입하는 것보다 돈을 더 많이 내고, 아래로 또는 옆으로 넘어갈 때 수익을 올릴 수있는 신용 옵션 거래 전략. Call Ratio Spread에 대한 자습서를 읽으십시오.
Call Time Spread - Call Calendar Spread의 또 다른 이름입니다. 장기 콜 옵션을 매수하고 단기 콜 옵션을 사용하는 옵션 트레이딩 전략은 시간 붕괴로부터 이익을 얻기 위해 작성됩니다. Call Time Spread에 대한 자습서를 읽으십시오.
Called Away - 통화 옵션 작성자가 통화 옵션의 가격과 동일한 가격으로 옵션 구매자에게 기본 주식을 양도 할 의무가있는 프로세스입니다. Called Away의 튜토리얼을 읽으십시오.
Calendar Spread (카렌드 스프레드) - 주로 만료로부터 이익을 얻으려면 다른 만료 날짜가있는 옵션 조합을 사용하는 옵션 거래 전략 유형입니다. Calendar Spreads에 대해 모두 읽어보십시오.
Calendar Straddle 또는 Combination - 장기 중계 및 짧은 기간의 매매와 관련된 복잡한 중립 옵션 전략. Calendar Straddle에 대해 모두 읽어보십시오.
Calendar Strangle (달력 교살) - 장기 교유 구입 및 단기 목 매매와 관련된 복잡한 중립 옵션 전략. Calendar Strangle에 대해 모두 읽어보십시오.
통화 옵션 - 일정 기간 고정 가격으로 기본 보안을 구입할 수있는 권리를 부여하는 옵션입니다. 모든 통화 정보보기를 읽습니다.
자본화 - 회사가 발행 한 증권의 총 금액. 이는 채권, 사채, 우선주, 보통주 및 잉여금을 포함 할 수 있습니다.
Cash Secured Put - 임명시 필요한 현금으로 완전히 충당되는 Short Put 옵션. Cash Secured Put에 관한 모든 정보를 읽으십시오.
Cash Settlement / Cash Delivered - 행사 될 때 기본 자산 대신 현금으로 이익을 제공하는 옵션. 현금 결제 옵션에 관한 모든 것을 읽으십시오.
CBOE - 시카고 이사회 옵션 교환; 상장 스톡 옵션을 거래하는 최초의 국가 교환국.
CBOE VIX - VIX를 참조하십시오.
체인 - 여러 개의 행사 가격에 대한 옵션 견적 목록입니다. 옵션 체인에 대한 추가 정보.
Class of Options - 동일한 기본 자산을 다루는 동일한 유형 및 스타일의 옵션 계약.
마감 - 거래일 말에 최종 가격이 계산되는 기간.
Closing Order - 옵션 거래자가 반대 위치에있는 옵션의 매도 또는 매도. 콜 옵션을 작성하는 옵션 트레이더는 해당 콜 옵션을 "닫고 구매"하여 마감 주문을 실행합니다. 통화 옵션을 구입 한 옵션 거래자는 해당 통화 옵션을 "판매 종료"하여 마감 주문을 실행합니다. 옵션 주문의 종류 설명.
Condor Spread - 미리 정의 된 범위 내에서 주식 거래로 이익을 얻는 복잡한 중립 옵션 전략. Condor Spreads에 대한 모든 것을 읽어보십시오!
Contango - 석유 시장에서 유래 한 용어. 이것은 월 임 플라이드 변동성이 더 먼 임박 변동보다 높을 때입니다. 이것은 정상적인 시장 상황을 나타냅니다.
조건부 주문 - 사전 정의 된 기준 충족에 따라 조건을 유발하는 고급 맞춤형 옵션 주문입니다. 임시 주문에 대해 자세히 알아보십시오.
수정 (Correction) - 나중에 리바운드하기 전에 주식이 일시적으로 가격이 하락할 때.
Contract Size (계약 크기) - 옵션 계약이 적용되는 원 자산의 금액입니다. 이것은 일반적으로 100입니다. $ 2.50에 대한 옵션이 제시되면 한 계약에는 $ 2.50 x 100 = $ 250의 비용이 들어가고 100 개의 주식이 포함됩니다.
Contract Neutral Hedging (계약 중립적 헤징) - 1 회 풋 옵션을 사거나 1 회 공유에 대해 1 콜 옵션을 판매하는 정적 헤징 기법. Contract Neutral Hedging에 대해 자세히 알아보십시오!
반대 의견 - 일반 대중 및 / 또는 월스트리트의 반대 의견. 주요 시장 전환점에서 가장 중요합니다. 낙관적이든 곰 같은 것이 든 전반적인 의견 일치는 보통 극단적 인 것입니다. 반대 의견을 갖는 투자자는 대개 시간이 지남에 따라 이익을 얻습니다.
전환 - 긴 주식 위치를 종목의 짧은 주식 위치로 변환. 옵션을 사용하여 원래의 긴 주식 위치를 닫지 않고 합성 포지션을 사용합니다. 전환에 대해 자세히 알아보십시오.
Consolidation - 투자자들이 이익을 얻기 위해 지분의 일부를 팔기 시작함에 따라 주식이 현저히 상승한 후에 횡보하기 시작했을 때.
계약 범위 - 옵션 계약이 거래 한 가장 높은 가격과 가장 낮은 가격입니다. 계약 범위에 대해 자세히 알아보십시오.
Cover - 처음에 작성된 옵션을 마감 거래로 다시 구매합니다.
Covered Call Write (Covered Call Write) - 기본 주식의 동일한 주식수를 동시에 소유하면서 통화 옵션을 씁니다. 여기에 포함 된 모든 통화 정보를 읽으십시오!
Covered Put Write - 풋 옵션을 판매하는 동시에 동시에 기본 보안의 몫과 동일한 수의 전략. 해당 대상에 관한 모든 것을 배우십시오.
Covered Straddle Write - 투자자가 기본 보안을 소유하고 해당 보안에 걸치는 전략을 설명하는 데 사용되는 용어. 이것은 실제로 덮힌 위치가 아닙니다.
Covered Warrant - 콜 옵션 및 Put 옵션과 거의 동일하게 작동하는 구조화 워런트 (structured warrants)에 사용되는 용어. Warrants & Options의 차이점에 대해 읽어보십시오.
신용 - 계정에서받은 돈. 신용 거래는 순매매가 순매수 (비용)보다 많아서 그 돈을 계좌에 입금하는 거래입니다. 많은 신용 옵션 전략이 있습니다. 차변 및 신용 스프레드에 관한 모든 것을 여기에서 읽어보십시오!
신용 스프레드 (Credit Spread) - 신용 스프레드 (Credit Spread)는 순매도가 순매수 (비용)보다 많아서 돈을 계좌로 가져 오는 옵션 스프레드입니다. 신용 스프레드에 대해 자세히 알아보십시오.
주 주문 (Day Order) - 거래일이 끝나면 만료되는 주문. 실행되지 않을 경우 만료됩니다. 여기에서 옵션 주문에 관한 모든 것을 읽으십시오!
Day trader / Daytrader - 동일한 거래일 내에 옵션 포지션을 열거 나 닫을 수 있습니다.
Day trading / Daytrading - 동일한 거래일 내에 열리고 닫히는 여러 거래를 만드는 거래 방법입니다. 옵션 거래 스타일에 대해 자세히 알아보십시오.
차변 - 계정에서 지불 한 비용 또는 돈. 직불 거래는 순 비용이 순매매보다 많습니다.
차변 스프레드 - 입을 돈을 지불해야하는 옵션 스프레드. 직불 스프레드에 대해 자세히 알아보십시오.
붕괴 - 시간 붕괴를 참조하십시오.
산출물 - 옵션 행사시 옵션 소유자에게 전달되는 금융 자산입니다.
델타 - 기초 엔티티에 의해 가격의 상응하는 변화에 대해 옵션의 가격이 변경되는 금액. 통화 옵션에는 양수의 델타가 있고 풋 옵션에는 음의 델타가 있습니다. 기술적으로, 델타는 옵션의 가격 변경을 즉각적으로 측정하므로 델타는 기본 엔티티의 분수 변경에도 변경됩니다. 결과적으로, 용어 "상향 델타" 및 "다운 델타" 적용 가능할 수 있습니다. 기본 보안에 의해 가격이 1 포인트 변경된 후 옵션의 변경 사항을 위 또는 아래로 설명합니다. "상향 델타" "다운 델타"보다 클 수있다. 콜 옵션의 경우에는 반대로, 풋 옵션의 경우에는 반대로 적용됩니다. 델타 및 기타 옵션 greeks에 대한 자세한 내용은 델타 옵션으로 이동하십시오.
Delta Neutral - 양수 델타 옵션과 음수 델타 옵션이 서로 오프셋되어 기본 주식이 약간 위아래로 움직일 때 값이 증가하거나 감소하지 않는 위치를 생성합니다. 그러한 포지션은 이동이 중요하다면 기본 주식이 결국 이동하는 방식에 관계없이 수익을 반환합니다. Delta Neutral Trading 수행 방법 알아보기.
Delta Spread - 관련된 옵션의 델타를 활용하여 중립 위치로 설정된 비율 스프레드. 중립 비율은 구매 옵션의 델타를 서면 옵션의 델타로 나눈 값입니다.
파생 상품 - 다른 금융 상품의 가치와 특성에 부분적으로 기인 한 금융 상품. 파생 상품의 예로 옵션, 선물 및 영장이 있습니다.
Diagonal Call Time Spread - 중립적 인 옵션 거래 전략으로 주로 통화 옵션을 장기간 구매하고 단기적으로 단기 통화 옵션을 사용하여 시간을 거쳐 이익을 얻습니다. Diagonal Call Time Spread Tutorial을 읽으십시오.
대각선 확산 - 동일한 기본 유형, 동일한 유형이지만 다른 만료 월 및 파업에 대한 옵션이 보급되었습니다. Diagonal Spread Tutorial을 읽으십시오.
할인 - 옵션이 내재 가치보다 낮은 가격으로 거래하는 경우 할인 거래를합니다. 미래는 기본 지수 또는 상품의 현금 가격보다 낮은 가격으로 거래하는 경우 할인 거래를합니다. 내재 가치와 패리티 참조.
Discount Broker - 낮은 수수료율을 제공하는 중개 회사. 옵션 브로커 목록보기!
배당금 - 회사가 기존 주주에게 이익금을 지급하는 경우. 이 이익 분배는 현금 또는 옵션 일 수 있습니다. 주식 옵션에 대한 배당 효과에 대해 읽어보십시오.
하향 보호 - 일반적으로 보험 적용 통화 작성과 관련하여 사용되며, 이는 서면 통화 옵션으로 제공되는 기본 보안에 의한 가격 하락의 경우 손실에 대한 쿠션입니다. 또는 총 주가가 손실 (옵션 프리미엄과 동일한 금액)이되기 전에 주가가 하락할 수있는 거리 또는 현재 주가의 백분율로 표시 될 수 있습니다.
다이내믹 헤징 (Dynamic Hedging) - 헤지 비율을 유지하기 위해 지속적으로 재조정해야하는 헤징 기법.
Early Exercise (과제) - 만료일 전에 옵션 계약을 행사 또는 양도하는 행위.
종업원 스톡 옵션 - 종업원에게 보상 및 인센티브의 수단으로 부여 된 스톡 옵션. 종업원 주식 옵션에 대해 자세히 알아보십시오.
주식 옵션 - 보통주를 기본 증권으로하는 옵션.
ETF - 교환 트레이드 펀드. 개방형 펀드는 증권처럼 주식 교환으로 거래가 가능합니다. ETF는 투자자들이 주식에 투자하는 것처럼 금이나은과 같은 다양한 금융 상품에 투자 할 수있게했습니다.
유럽 ​​운동 (European Exercise) - 옵션 만료시에만 행사할 수있는 옵션의 기능. 따라서이 유형의 옵션에는 조기 할당이 불가능할 수 있습니다. 유럽 ​​스타일 옵션 자습서를 읽으십시오.
연습 - 나열된 옵션 계약의 조건에 따라 부여 된 권한을 호출합니다. 홀더는 운동하는 사람입니다. 통화 보유자는 기본 보안을 구입하기 위해 운동을하고, 보유자는 기본 보안을 판매하기 위해 운동을합니다. 옵션 연습 방법에 대한 자습서를 읽으십시오.
운동 한도 (Exercise Limit) - 소지자가 일정 기간 동안 운동 할 수있는 계약 수의 한도. 적절한 옵션 교환에 의해 설정 됨으로써, 투자자 또는 투자자 그룹이 "코너링 (cornering)"을 방지하도록 설계된다. 주식 시장.
행사 가격 - 옵션 보유자가 옵션 증권 계약 조건에 정의 된 바에 따라 기본 유가 증권을 매매 할 수있는 가격. 이는 소지자가 기본 보안을 구매하기 위해 행사할 수있는 가격이거나 풋내기 소지자가 근본적인 보안을 판매하기 위해 행사할 수있는 가격입니다. 나열된 옵션의 경우 행사 가격은 Strike Price와 동일합니다.
기대 수익 - 주식 가격의 통계적 분포를 포함하는 다소 복잡한 수학적 분석으로, 역사적으로 똑같은 투자를 여러 번 반복한다면 투자자가 기대할 수있는 수익률입니다.
만료일 - 옵션 계약이 무효화되는 날. 주식 옵션의 만기일은 만기 월의 세 번째 금요일 이후 토요일입니다. 이 날짜까지 모든 옵션 보유자는 운동을 원할 경우 운동을 원한다는 표시가 있어야합니다. 옵션 만료에 대한 전체 자습서를 읽으십시오.
만료 시간 - 만료일에 모든 운동 고지를 수신해야하는 시간. 기술적으로 만료일은 현재 만료일의 오후 5시이지만 옵션 계약의 공개 보유자는 만료일 이전의 영업일 오후 5시 30 분까지 운동을 원한다고 표시해야합니다. 시간은 동부 표준시입니다.
가치가없는 만료 - 돈 옵션에서 벗어나 모든 가치를 잃고 만료일에 만료됩니다. Expire Worthless에 대한 전체 자습서를 읽어보십시오.
외래 값 - "프리미엄 값"또는 "시간 값"이라고도합니다. 그것은 옵션의 가격과 본질적인 가치의 차이입니다. 외래 값에 대한 전체 자습서를 읽으십시오.
공정 가치 - 수학적 모델에 의해 결정된 옵션 또는 선물 계약의 가치를 설명하는 데 사용되는 용어.
신탁 통 (Fiduciary Call) - 동일한 옵션으로 보호용 풋이나 결혼 풋을 대신하는 콜 옵션을 구매하는 옵션 거래 전략. 신탁 인의 전화에 대해 더 자세히 읽으십시오!
금융 수단 - 본질적인 금전적 가치 또는 이전 가치가있는 실제 또는 전자 문서입니다. 예를 들어, 현금, 주식, 선물, 옵션 및 귀금속은 금융 상품입니다.
Frontspreads - 가격이 거의 변하지 않는 중립 시장 조건에서 이익을 얻도록 고안된 옵션 전략. Frontspreads에 대해 더 자세히 읽어보십시오.
Fundamental Analysis (기본 분석) - 수입, 판매, 자산 등과 같이 합당한 회계 측정을 관찰하여 보안 전망을 분석하는 방법.
감마 (Gamma) - 기본 주식 가격에서 한 단위 변경에 대한 스톡 옵션의 델타 변화율. 모든 옵션 정보 감마를 읽으십시오.
Gamma Neutral (감마 중립) - 감마값이 0 또는 거의 0 인 위치로 기본 주식 이동 방식에 관계없이 위치의 델타 값이 정체 상태를 유지합니다. 감마 중립에 관한 모든 것을 읽으십시오.
Goldilock Economy (골드 로크 경제) - 꾸준한 성장과 온건 한 인플레이션을 지닌 경제. 온열도 추위도 아니며 주식 시장 친화적 인 통화 정책이 가능합니다.
GTC (Good Until Cancelled) - 일부 주문 유형에 적용되는 지정입니다. 주문이 채워 지거나 취소 될 때까지 주문이 계속 적용됩니다. 여기에서 옵션 주문에 관한 모든 것을 읽으십시오!
진행 중 - 분석가의 전문 용어. 미래의 의미. 12 개월은 앞으로 12 개월을 의미합니다.
헬리콥스 - 스톡 옵션 가격 계산과 관련된 일련의 수학적 기준입니다. 옵션 그리스에 대해 더 읽어보십시오.
Grocession (그루 세이 세션) - 경기 침체로 느껴질 GDP의 0 ~ 2 %의 장기간 성장.
헤지 (Hedge) - 보상 적 가격 변동을 통한 손실을 방지하는 거래. 여기에 관한 모든 것을 읽으십시오!
헤지비 (Hedge Ratio) - 옵션의 델타와 같은 수학적 양입니다. 이론적으로는 위험 부담이없는 헤지 펀드가 기본 주식 및 콜 또는 풋 옵션의 포지션을 상쇄함으로써 확립 될 수 있다는 점에서 유용합니다. 헤지 비율에 관한 모든 것을 여기에서 읽어보십시오!
역사적 변동성 - 기본 자산의 과거 가격 변동의 변동성. Realized Volatility라고도합니다.
Horizontal Call Time Spread - 통화 옵션이 장기적으로 매수되고 통화량 옵션의 단기간이 기본 주식이 정체 상태에있을 때 이익을 내기 위해 쓰여지는 옵션 전략. Horizontal Call Time Spread에 대한 자습서를 읽으십시오.
Horizontal Put Time Spread (수평 적 매도 시간의 스프레드) - 돈을 풋 옵션에 장기적으로 매입하고 옵션의 단기 매매 옵션이 기본 주식이 정체 상태에있을 때 이익을 내기 위해 쓰여지는 옵션 전략. Horizontal Put Time Spread에 대한 자습서를 읽으십시오.
Horizontal Spread - 옵션이 동일한 행사 가격을 갖지만 만료일이 다른 옵션 전략.
내재 변동성 - 기본 주식의 변동성을 측정 한 것으로, 기본 주식의 가격 변동에 대한 과거 데이터를 사용하는 것이 아니라 현재 시장에 현재 존재하는 가격을 사용하여 결정됩니다. 내재 변동성에 대해 자세히 알아보십시오.
증분 수익률 (Incremental Return Concept) - 커버 된 통화 작성 전략으로, 투자자는 주식 매각을 목표로하는 옵션 포지션에서 추가 수익을 얻으려고 노력하고 있습니다.
색인 - 여러 공통 실체의 가격을 단일 숫자로 집계합니다.
인덱스 옵션 - 기본 자산이 주식과 같은 하드 자산 대신 색인이되는 옵션입니다. 대부분의 인덱스 옵션은 현금 기반입니다. 색인 옵션에 대한 전체 자습서를 읽어보십시오!
In Money - 본질적인 가치를 지닌 옵션 계약을 설명하는 용어. 기본 보안 수준이 통화의 가격보다 높으면 통화 옵션이있는 것입니다. 보안이 행사 가격보다 낮 으면 풋 옵션이 돈이됩니다. 돈 옵션에 대한 정보는 모두 여기에서 읽으십시오.
내재 가치 (Intrinsic Value) - 현재 주식 가격으로 즉시 만료되는 옵션의 가치. 옵션 금액은 금액입니다. 통화 옵션의 경우, 주가가 현가와 큰 차이가 나는 경우 그렇지 않으면 0입니다. 풋 옵션의 경우 파업 가격과 주가 차이 (양수인 경우)와 그렇지 않은 경우의 차이입니다. Intrinsic Value에 대한 전체 자습서를 읽어보십시오!
마지막 거래일 - 만료 월의 세 번째 금요일. 옵션은 마지막 거래일 동부 표준시로 오후 3시에 거래를 중지합니다.
다리 - (동사) 양면 입장을 확립하는 위험 지향적 인 방법. 위치를 확립하기 위해 동시 거래를 시작하는 대신 (예 : 스프레드), 거래자는 먼저 상대방을 나중에 더 나은 가격으로 실행하기를 원하면서 포지션의 한 쪽을 실행합니다. 위험은 더 나은 가격을 결코 사용할 수 없으며, 결국 더 나쁜 가격이 수용되어야한다는 사실로부터 구체화됩니다.
(명사) 많은 종류의 옵션을 포함하는 옵션 전략에서 각 옵션 유형은 다리라고합니다. 옵션 다리에 대한 전체 자습서를 읽어보십시오!
Legging - 복잡한 옵션 거래 포지션의 각 구간에 개별적으로 개별적으로 진입합니다. Legging에 대한 전체 자습서를 읽어보십시오!
LEAPS - 장기 투자 증권. 간단히 말해서, 향후 1 년 이상 만료되는 옵션 계약입니다. 6 개월에서 1 년 후에 만료되는 옵션 계약은 LEAPS라고도합니다. 자세한 정보는 LEAP를 참조하십시오.
Level II Quotes - NASDAQ이 제공하는 실시간 견적은 특정 시장 조사 업체가 제공 한 특정 입찰가를 요구합니다. 여기에 Level II 지수에 관한 모든 것을 읽으십시오.
레버리지 - 투자에서 수익 및 위험 잠재력이 더 높습니다. 통화 보유자는 주식 보유자에 대한 레버리지를가집니다. 주식 보유자는 기본 주식의 동일한 이동에 대해 후자보다 더 많은 이익과 손실을 보게됩니다. 옵션 활용을 계산하는 방법에 대해 읽어보십시오.
한도 - 거래 한도 참조.
제한 주문 - 지정된 가격 (한도)으로 유가 증권을 매매하기위한 주문. 주문 제한에 대해 자세히 읽어보십시오.
유동성 / 유동성 - 기존 시장 가격을 훼손하지 않고 구매 또는 판매를 할 수있는 용이성. 주식 옵션 유동성에 영향을 미치는 내용을 읽어보십시오!
Listed Option - 국가 옵션 거래소에서 거래되는 Put 또는 Call 옵션. 상장 된 옵션의 가격 및 만료일은 고정되어 있습니다.
오랫동안 - 길게는 뭔가를 소유하는 것입니다. 긴 옵션 위치에 대해 자세히 알아보십시오.
룩백 옵션 - 룩백 옵션을 행사할 최적 가격을 결정하기 위해 만료 기간 동안 기본 자산의 가격 조치를 "되돌아보고"볼 수있는 이국적인 옵션입니다. LookBack 옵션에 대해 자세히 알아보기!
Margin (stocks) - 증권사로부터 자금을 빌려 증권 매입. 증권 회사가 빌려줄 수있는 투자의 최대 비율 인 마진 요구량은 연방 준비위원회 (Federal Reserve Board)에서 정한다.
증거금 (옵션) - 옵션을 쓸 때 현금 예치금을 고려해야합니다. 옵션 여백에 대한 전체 자습서를 읽으십시오.
Marked-To-Model - 쉽게 이용할 수있는 시장이 없기 때문에 유동 자산이 적고 레벨 2 자산에 대한 재무 모델을 사용하는 평가 방법.
마켓 메이커 (Market Maker) - 공공 구매 또는 판매 주문이없는 경우 자신의 계좌에 대한 입찰 및 제안을함으로써 시장 조성을 돕는 기능을하는 교환 회원. 몇몇 시장 - 제작자는 보통 특정 보안에 할당됩니다. 마켓 메이커 시스템은 마켓 메이커와 보드 브로커를 포함합니다. 여기에 마켓 메이커에 관한 모든 것을 읽어보십시오!
시장 주문 (Market Order) - 현재 시장 가격으로 유가 증권을 매매하기위한 주문. 보안 시장이있는 한 주문은 채워질 것입니다. 모두에 관하여 선택권 시장 주문을 읽으십시오!
MOC (Market On Close) - 시장 마감 시점 또는 그 부근의 포지션을 채우는 옵션 거래 주문입니다. 여기에서 옵션 주문에 관한 모든 것을 읽으십시오!
결혼 풋과 스톡 - 풋과 스톡은 같은 날에 구매하면 결혼 한 것으로 간주되며 그 당시에는 헷지로 지명되었습니다. 여기 결혼 한 사람들에 대해 자세히 알아보십시오!
미니 색인 옵션 - 일반 색인 옵션 크기의 10 분의 1에 불과한 색인 옵션입니다. 여기에 미니 색인 옵션에 대해 자세히 알아보십시오!
미니 옵션 - 100 개의 주식 대신 10 개의 주식만을 취급하는 주식 옵션. 여기 미니 옵션에 대해 자세히 알아보십시오!
모델 (Model) - 주식 가격, 파격 가격, 변동성, 만기일, 지불 할 배당금 및 현재 위험이없는 이자율과 같은 특정 변수의 함수로 옵션 가격을 책정하는 수학 공식. Black-Scholes 모델은 널리 사용되는 모델 중 하나입니다.
돈 - 원 자산의 현물 가격과 관련된 옵션의 파업 가격. 여기 돈에 대해 자세히 알아보십시오!
다중 압축 - 거시 경제에 대한 비관론으로 인해 전반적으로 PE 비율을 줄이기 위해 일정 기간 동안 전체 시장이 매도되는 경우.
Multiple Expansion - 거시 경제에 대한 낙관론으로 인해 전반적으로 PE 비율을 증가시키기 위해 전체 시장이 일정 기간 동안 재편되는 곳.
NASDAQ - 증권 거래업자 자동 견적 시스템 협회. 증권이 전자 상장되어 거래되는 미국의 전자 시장입니다.
적나라한 옵션 - 발견 된 옵션을 참조하십시오.
Narrow Based (좁은 기준) - 일반적으로 지수를 가리키며, 지수는 특정 산업 그룹의 일부 주식으로 만 구성됩니다. 좁은 기반 색인은 적나라한 옵션 작가에게는 유리한 대우를받지 않습니다.
금전 옵션 근처 - 기본 주식 현물 가격에 가까운 가격으로 행사할 수있는 옵션. 니어 더 머니 옵션에 관한 튜토리얼을 읽으십시오.
중립 - 약세 또는 낙관적이지 않은 의견을 기술합니다. 중립 옵션 전략은 일반적으로 기본 주식 가격의 순 변동이 거의 없거나 전혀없는 경우에 가장 잘 수행되도록 설계되었습니다.
중립 옵션 전략 - 이익을 위해 옵션을 사용하는 다양한 방법으로 주식은 정체 상태 또는 좁은 거래 범위 내에 있습니다. 중립 옵션 전략에 대한 자습서를 읽으십시오.
비 주식 옵션 - 기초 엔티티가 보통주가 아닌 옵션. 일반적으로 물리적 상품에 대한 옵션을 말하지만 인덱스 옵션을 포함하도록 확장 될 수도 있습니다.
One Sided Market - 판매자보다 구매자 또는 구매자가 훨씬 많은 시장 조건. In this case, there are not enough buyers putting up offers to buy from sellers or that there are not enough sellers putting up offers to sell to buyers.
Open Interest - The net total of outstanding open contracts in a particular option series. An opening transaction increases the open interest, while any closing transaction reduces the open interest. Read More About Volume and Open Interest.
Option - The right to buy or sell specific securities at a specified price within a specified time. A put gives the holder the right to sell the stock, a call the right to buy the stock.
Options Chains - Tables presenting the various options that a stock offers over various strike price and expiration dates. Read the full tutorial on Options Chains.
Options Contracts - Contingent claims contracts that allows its holder to buy or sell a specific asset when exercised. Read the full tutorial on Options Contracts.
Options on Futures - Options that have futures contracts as their underlying asset. Read the full tutorial on Options on Futures.
Optionable Stocks - Stocks with tradable options.
Option Pain - Also known as Max Pain or Max Option Pain. It is the stock price which will result in the most number of options contracts expiring out of the money. Read More About Option Pain.
Option Pricing Curve - A graphical representation of the projected price of an option at a fixed point in time. It reflects the amount of time value premium in the option for various stock prices, as well. The curve is generated by using a mathematical model. The delta (or hedge ratio) is the slope of a tangent line to the curve at a fixed stock price.
Option Trader - Also known as Options Trader. It is anyone who buys and sells options in the capital market. Read more about Option Traders.
Option Trading - Also known as Options Trading. It is the buying and selling of stock and index options in the capital market so as to speculate for leveraged profits in every market condition or perform hedging to reduce portfolio risk. Read more about Option Trading.
Options Clearing Corporation (OCC) - The issuer of all listed option contracts that are trading on the national option exchanges.
Options Margin - See "Margin (Options)".
Options Trading - The buying and selling of stock and index options in the capital market so as to speculate for leveraged profits in every market condition or perform hedging to reduce portfolio risk. Read more about Options Trading.
Options Trader - Anyone who buys and sells options in the capital market. Read more about Option Trading.
Options Strategist - An investment professional who specializes in research, analysis and execution of options strategies.
Options Symbol - A string of alphabets that define specific options contracts. 옵션 계약의 이름이라고도합니다. Read more about Reading Options Symbols.
Out of the Money - Describing an option that has no intrinsic value. A call option is out-of-the-money if the stock is below the strike price of the call, while a put option is out-of-the-money if the stock is higher than the strike price of the put. Read More About Out Of The Money Options.
Over-the-Counter Option (OTC) - An option traded over-the-counter, as opposed to a listed stock option. OTC 옵션은 구매자와 판매자 사이에 직접적인 연결 고리를 가지고 있으며, 보조 시장이 없으며 가격과 만료 날짜를 표준화하지 않습니다.
Overvalued - Describing a security trading at a higher price than it logically should. Normally associated with the results of option price predictions by mathematical models. If an option is trading in the market for a higher price than the model indicates, the option is said to be overvalued.
Parity - Describing an in-the-money option trading for its intrinsic value: that is, an option trading at parity with the underlying stock. Also used as a point of reference-an option is sometimes said to be trading at a half-point over parity or at a quarter-point under parity, for example. An option trading under parity is a discount option.
Physical Option - An option whose underlying security is a physical commodity that is not stock or futures. The physical commodity itself typically a currency or Treasury debt issue-underlies that option contract.
Physically Settled Option - An option which the actual underlying asset exchange hands when exercised. Read more about Physically Settled Options.
Portfolio - Holdings of securities by an individual or institution. A portfolio may contain options of different stocks or a combination of shares, options and other financial instruments.
Position - Specific securities in an account or strategy. A covered call writing position might be long 1,000 XYZ and short 10 XYZ January 30 calls. It also refers to facilitate; buy or sell a block of securities, thereby establishing a position.
Position Trading - The use of options trading strategies in order to profit from the unique opportunities presented by stock options, such as time decay, volatility and even arbitrage to make safe, fixed, albeit lower profit. Read more about Options Trading Styles.
Premium - The total price of an option contract is made up of the sum of the intrinsic value and the time value premium. Even though most people refer to the price of an option contract as the "Premium", it is actually an inaccurate expression. The Premium of an option contract is the part of the price that is not intrinsic. Please read more about Options Premium.
Premium Over Parity - See Extrinsic Value.
Profit Range - The range within which a particular position makes a profit. Generally used in reference to strategies that have two break-even points-an upside break-even and a downside breakeven. The price range between the two break-even points would be the profit range.
Profit Table - A table of results of a particular strategy at some point in time. This is usually a tabular compilation of the data drawn on a profit graph.
Protected Strategy - A position that has limited risk. A protected short sale (short stock, long call) has limited risk, as does a protected straddle write (short straddle, long out-of-the-money combination). The Ride The Flow System is an example of a protected strategy.
Protective Call - An option trading hedging strategy that protects profits made in a short stock position using call options. Read More About Protective call Here!
Protective Put - An option trading hedging strategy that hedges against a drop in stock price using put options. Read More About Protective Put Here!
Public Book (of orders) - The orders to buy or sell, entered by the public, that are away from the current market. The board broker or specialist keeps the public book. Market-makers on the CBOE can see the highest bid and lowest offer at any time. The specialist’s book is closed (only he knows at what price and in what quantity the nearest public orders are).
Pull back - A temporary fall in price after a rally. 집회는 보통 Pull Back 후에 계속됩니다. This is also known as a "Correction".
Put Broken Wing Butterfly Spread - A Butterfly Spread with a skewed risk/reward profile which makes no losses or even a slight credit when the underlying stock breaks to upside. This is achieved by buying further strike out of the money put options than a regular butterfly spread. Read the tutorial on Put Broken Wing Butterfly Spread.
Put Broken Wing Condor Spread - A Put Condor Spread with a skewed risk/reward profile which makes no losses or even a slight credit when the underlying stock breaks to upside. This is achieved by buying further strike out of the money put options than a regular put condor spread. Read the tutorial on Put Broken Wing Condor Spread.
Put Call Parity - Put Call Parity is an option pricing concept that requires the extrinsic values of call and put options to be in equilibrium so as to prevent arbitrage. Put Call Parity는 일류 가격의 법칙이라고도합니다. Read About Put Call Parity Here.
Put Call Ratio - The ratio of the number of open put options against the number of open call options. The higher the resulting number, the more put options are bought or shorted on the underlying asset. For daily total equity put call ratio, please visit Option Trader's HQ. Read more about Put Call Ratio.
Put Option - An option granting the holder the right to sell the underlying security at a certain price for a specified period of time. See also Call. Read About Put Options Here.
Put Ratio Backspread - A credit options trading strategy with unlimited profit to downside and limited profit to upside through buying more out of the money puts than in the money puts are shorted. Read the tutorial on Call Ratio Backspread.
Put Ratio Spread - A credit options trading strategy with the ability to profit when a stock goes up, down or sideways through shorting more out of the money puts than in the money puts are bought. Read the tutorial on Put Ratio Spread.
Quadruple Witching - The third Friday of March, June, September and December when Index Futures, Index Options, Stock Futures and Stock Options expire. This is one of the most volatile trading days of the year, with exceptionally high trading volume. Read all about Quadruple Witching.
Quarterlies / Quarterly Options - Options with quarterly expiration cycle. Read more about Quarterly Options.
Ratio Backspread - Credit volatile options trading strategy that opens up one leg for unlimited profit through selling a smaller amount of in the money options against the purchase of at the money or out of the money options of the same type. Read the Tutorial on Ratio Backspreads.
Ratio Calendar Combination - A strategy consisting of a simultaneous position of a ratio calendar spread using calls and a similar position using puts, where the striking price of the calls is greater than the striking price of the puts.
Ratio Calendar Spread - Selling more near-term options than longer-term ones purchased, all with the same strike; either puts or calls.
Ratio Spread - Constructed with either puts or calls, the strategy consists of buying a certain amount of options and then selling a larger quantity of out-of-the-money options.
Ratio Strategy - A strategy in which one has an unequal number of long securities and short securities. Normally, it implies a preponderance of short options over either long options or long stock.
Ratio Write - Buying stock and selling a preponderance of calls against the stock that is owned.
Realize (a profit or loss) - The act of closing a position, incurring a profit or a loss. As long as a position is not closed, the profit or loss remains unrealized.
Resistance - A term in technical analysis indicating a price area higher than the current stock price where an abundance of supply exists for the stock, and therefore the stock may have trouble rising through the price.
Reward / Risk Ratio - A gauge of how risky a position can be by dividing its maximum profit potential against the maximum loss potential. A ratio of above 1 means that the potential reward is higher than the potential loss. Read the full tutorial on Calculating Reward Risk Ratio.
Return On Investment (ROI) - The percentage profit that one makes, or might make, on his investment.
Return If Exercised - The return that a covered call writer would make if the underlying stock were called away.
Return If Unchanged - The return that an investor would make on a particular position if the underlying stock were unchanged in price at the expiration of the options in the position.
Reversal - The transformation of a short stock position into a position which is long the stock using options, without closing the original short stock position, through the use of synthetic positions. Read more about reversals and synthetic positions.
Reverse Hedge - A strategy in which one sells the underlying stock short and buys calls on more shares than he has sold short. This is also called a synthetic straddle and is an outmoded strategy for stocks that have listed puts trading.
Reverse Strategy - A general name that is given to strategies which are the opposite of better known strategies. For example, a ratio spread consists of buying calls at a lower strike and selling more calls at a higher strike. A reverse ratio spread also known as a backspread consists of selling the calls at the lower strike and buying more calls at the higher strike. The results are obviously directly opposite to each other.
Risk Graph - A graphical representation of the risk/reward profile of an option position. Learn All About Risk Graphs Now!
Risk Free Return - Profit on a risk free investment instrument such as the Treasury bills. It is a common standard of measuring the opportunity cost of having your money in anything other than Treasury bills.
Roll Down - Close out options at one strike and simultaneously open other options at a lower strike. Read the tutorial about Roll Down.
Roll Forward - Close out options at a near-term expiration date and open options at a longer-term expiration date. Read the tutorial about Roll Forward.
Rolling - A follow up action in which the strategist closes options currently in the position and opens other options with different terms, on the same underlying stock.
Roll Up - Close out options at a lower strike and open options at a higher strike. Read the tutorial about Roll Up.
Rotation - A trading procedure on the option exchanges whereby bids and offers, but not necessarily trades, are made sequentially for each series of options on an underlying stock.
Russell Sage - Renowned American Politician and Financier who introduced OTC call and put options in 1872. Read about the History of Options Trading.
Security / Securities - (finance) A tradable financial instrument signifying ownership in financial assets issued by companies or governments. Such financial assets includes but are not restricted to stocks, bonds, futures and debts.
Sell To Close - Closing a position by selling an option contract you own. Learn About Sell To Close Now!
Sell To Open - Opening a position by selling an option contract to a buyer. Learn About Sell To Open Now!
Selling Climax - Exceptionally heavy volume created when panic-stricken investors dump stocks. Often this marks the end of a bear market and is a spot to buy.
Series - An option contracts on the same underlying stock having the same striking price, expiration date, and unit of trading.
Settlement - The resolution of the terms of an options contract between the holder and the writer when the options contract is exercised. Read the full tutorial on Options Settlement.
Short (to be short) - To Short means to Sell To Open. That means to write or sell an options contract to a buyer. This gives you the obligation to fulfill the exercise of the option should the buyer decides to do so. Read all about Short Options Positions.
Short Backspread - Volatile options strategies which are set up with a net credit and unlimited profit potential in one direction.
Short Calendar Spread - Volatile options strategies that profit primarily through the difference in time decay of long term and short term options, achieved through writing longer term options and buying short term options. Read the full tutorial on Short Calendar Spreads.
Short Horizontal Calendar Call Spread - Short Calendar Spread that uses only call options. Read the full tutorial on Short Horizontal Calendar Call Spreads.
Short Covering - The process of buying back stock that has already been sold short.
Spread - An options position consisting of more than one type of options on a single underlying asset. Read the full tutorial on Options Spreads.
Spread Order - An order to simultaneously transact two or more option trades. Typically, one option would be bought while another would simultaneously be sold. Spread orders may be limit orders, not held orders, or orders with discretion. They cannot be stop orders, however. The spread order may be either a debit or credit.
Spread Strategy - Any option position having both long options and short options of the same type on the same underlying security.
Static Hedging - A hedging technique where a hedging trade is established and held without needing to rebalance.
Stock Options - Options contracts with shares as the underlying asset. Read All About Stock Options.
Stock Replacement Strategy - A trading strategy that seeks to reduce risk and volatility through owning deep in the money call options instead of the stock itself and using the remaining cash for hedging. Read All About Stock Replacement Strategy.
Stock Repair Strategy - An options strategy that aims to recover lost value in a stock quickly through writing call options against it. Read All About Stock Repair Strategy.
Stop Limit Order - Similar to a stop order, the stop-limit order becomes a limit order, rather than a market order, when the security trades at the price specified on the stop. Read All About Options Stop Loss Here!
Stop Order - A traditional stop loss method which closes a position when a predetermined price is hit. Read All About Options Orders Here!
Straddle - The purchase or sale of an equal number of puts and calls having the same terms.
Strip Straddle - A Straddle with more put options than call options. Read the full tutorial on Strip Straddle.
Strap Straddle - A Straddle with more call options than put options. Read the full tutorial on Strap Straddle.
Strategy - With respect to option investments, a preconceived, logical plan of position selection and follow-up action.
Strike Arbitrage - An options arbitrage strategy that locks in discrepancies in options pricing between strike prices for a risk-free arbitrage. Read More About Strike Arbitrage.
Strike Price - The price at which the buyer of a call can purchase the stock during the life of the option or the price at which the buyer of a put can sell the stock during the life of the option. Read More About Strike Prices.
Structured Warrants - An alternative to stock options which works almost exactly like stock options and traded in markets such as the Singapore market. See how Structured Warrants Are Traded In The Singapore Market.
Support - A term in technical analysis indicating a price area lower than the current price of the stock, where demand is thought to exist. Thus a stock would stop declining when it reached a support area. See also Resistance.
Swing Trading - A trading methodology that trades short term price swings for short term profits. Read more about Options Trading Styles.
Synthetic Position - A combination of stocks and/or options that return the same payoff characteristics of another stock or option position.
Synthetic Put - A security which some brokerage firms offer to their customers. The broker sells stock short and buys a call, while the customer receives the synthetic put. This is not a listed security, but a secondary market is available as long as there is a secondary market in the calls.
Synthetic Stock - An option strategy that is equivalent to the underlying stock. A long call and a short put is synthetic long stock. A long put and a short call is synthetic short stock.
Synthetic Short Straddle - A combination of stocks and call options which produces the same payoff characteristics as a Short Straddle. 합성 짧은 걸음에 대해 자세히 알아보십시오.
Synthetic Straddle - A combination of stocks and call options which produces the same payoff characteristics as a Long Straddle. Synthetic Straddle에 대해 자세히 알아보십시오.
Systematic Risk / Systemic Risk - Overall market risk that cannot be diversified away using a diversified portfolio based in the same market.
Take Delivery - To fulfill the obligation of buying stocks when put options that you sold becomes exercised.
Technical Analysis - The method of predicting future stock price movements based on observation of historical stock price movements.
Thales of Miletus - The creator of options back in 332BC. 옵션 거래 내역에 대해 읽어보십시오.
Theoretical Value - The price of an option, or a spread, as computed by a mathematical model.
Theta - One of the 5 option greeks. Theta determines the rate of time decay of an option contract's premium. For more details on how Theta works and how it is calculated, please visit Option Greeks.
Ticker Symbol - Symbol representing the shares and options of a company's shares traded in the stock market. MSFT is the ticker symbol for Micrsoft shares while MSQFB is the ticker symbol for Microsoft's June29Call options.
Time Decay - The reduction of a stock option's extrinsic value as expiration date draws nearer. See "Theta" above. Read the full tutorial on Time Decay.
Time Spread - see Calendar Spread. Read the full tutorial on Time Spreads.
Time Value - Also known as "Premium Value" or "Extrinsic Value". It is the difference between an option's price and the intrinsic value. Read more about how Stock Options Are Priced.
Topping Out - A peak point where the sellers begin to outnumber the buyers.
Total Return Concept - A covered call writing strategy in which one views the potential profit of the strategy as the sum of capital gains, dividends, and option premium income, rather than viewing each one of the three separately.
Trading Limit - The exchange imposed maximum daily price change that a futures contract or futures option contract can undergo.
Trend - The direction of a price movement. A trend in motion is assumed to remain intact until there is a clear change.
Triple Witching - Prior to 2001. The third Friday of March, June, September, and December, when stock options, index futures and options on index futures expire. After 2001, the introduction of Single Stock Futures transformed Triple Witching into Quadruple Witching as single stock futures expire on the third Friday of every quarterly month as well.
Type - The designation to distinguish between a put or call option.
Uncovered Option - A written option is considered to be uncovered if the investor does not have a corresponding position in the underlying security.
Underlying Asset - The security which one has the right to buy or sell via the terms of a listed option contract. An underlying asset can be any financial instrument on which option contracts can be written based on. Some examples are : Stocks, ETFs, Commodities, Forex, Index.
Undervalued - Describing a security that is trading at a lower price than it logically should. Usually determined by the use of a mathematical model.
Variable Ratio Write - An option strategy in which the investor owns 100 shares of the underlying security and writes two call options against it, each option having a different striking price.
Vertical Spread - Any option spread strategy in which the options have different striking prices, but the same expiration date. Read the full tutorial on Vertical Spreads.
Vertical Ratio Spread - Vertical spreads that buy and short an unequal number of options on each leg. Read the full tutorial on Vertical Ratio Spreads.
VIX - An index measuring the level of implied volatility in US index options and is used as a measurement of volatility in the US stock market. Read More About VIX.
VIX Options - Non-equity options based on the CBOE VIX. Read More About VIX Options.
Volatile - A stock or market that is expected to move up or down unexpectedly or drastically is known as a volatile market or stock.
Volatile Strategy - An option strategy that is constructed to profit no matter if the underlying stock moves up or down quickly. Read All About Volatile Option Strategies.
Volatility - A measure of the amount by which an underlying security is expected to fluctuate in a given period of time. Generally measured by the annual standard deviation of the daily price changes in the security, volatility is not equal to the Beta of the stock. Read More About Volatility.
Volatility Crunch - A sudden, dramatic, drop in implied volatility resulting in a sharp reduction in extrinsic value and hence the price of options. Read More About Volatility Crunch.
Volatility Index - Also known as VXN, is an index by the CBOE that measures volatility in the market using implied volatility of S&P500 stock index options.
Volatility Skew - A graphical characteristic of the implied volatility of options of the same underlying asset across different strikes forming a right skewed curve. Read More About Volatiliy Skew.
Volatility Smile - A graphical characteristic of the implied volatility of options of the same underlying asset across different strikes forming the concave shape of a smile. Read More About Volatiliy Smile.
Volume - The number of transactions that took place in a trading day. Read More About Volume and Open Interest.
Write - To short an option. This is the act of creating a new options contract and selling it in the exchange using the Sell To Open order. The person who writes an option is known as the "Writer". Read the full tutorial on Options Writing.
WALK LIMIT® Order - WALK LIMIT® is a registered U. S trademark of optionsXpress Holdings Inc. covering securities and commodities trading and investment services and software. One of the services offered under the WALK LIMIT® mark is a type of automated limit order that "walks" your order from the National Best Bid or Offer (NBBO) in prescribed time and price increments up to (or down to) the asking price (bid price) in order to save you time while attempting to get the best fill prices for the orders.

Options trading terms definitions

XOM은 마침내 다년간의 캠페인에 양보했습니다.
투자 기본법을 투자하는 방법 중개인 비교 용어집 주식 뮤추얼 펀드.
투자 도구 Stock Screener Guru Screener 재무 고문.
특집 기사.
그리고 왜 그렇게 많은 주목을 받고 있습니다.
주식 평가 내 등급 스마트 포트폴리오 개요 내 보유 내 포트폴리오 분석 군중 통찰력 나의 실적 귀하의.
오늘 NASDAQ 커뮤니티에 가입하여 포트폴리오, 주식 등급, 실시간 경보 등에 무료로 즉시 액세스하십시오!
이미 회원입니까?
즐겨 찾기 편집.
아래 텍스트 상자에 최대 25 개의 기호를 쉼표 또는 공백으로 구분하여 입력하십시오. 이 기호는 해당 페이지에서 사용하기 위해 세션 중에 사용할 수 있습니다.
나스닥 경험을 커스터마이징하십시오.
선택한 배경색을 선택하십시오.
견적 검색을위한 기본 대상 페이지 선택 :
선택 사항을 확인하십시오 :
견적서 검색의 기본 설정을 변경하도록 선택했습니다. 이제 기본 타겟 페이지가됩니다. 구성을 다시 변경하거나 쿠키를 삭제하지 않는 한 설정을 변경 하시겠습니까?
광고 차단 기능을 사용 중지하거나 자바 스크립트 및 쿠키가 활성화되도록 설정을 업데이트하십시오. 그러면 우리가 기대하는 일류 시장 뉴스 및 데이터를 계속 제공 할 수 있습니다.

Options Trading Terms and Definitions.
Contracts. 전화. 놓는다. 프리미엄. 가격 인상. 본질적 가치. 시간 값. In, out of and at the money. This is the language of options traders — a jargon-riddled dialect of traditional Wall Street-speak.
Becoming conversant first requires learning a few key terms. Here are the essentials of options trading for beginning investors.
Options contract definitions.
There are four key things to know on an options contract:
1. Option type: There are two types of options you can can buy or sell:
Call: An options contract that gives you the right to buy stock at a set price within a certain time period. Put: An options contract that gives you the right to sell stock at a set price within a certain time period.
2. Expiration date: The date when the options contract becomes void. It’s the due date for you to do something with the contract, and it can be days, weeks, months or years in the future.
3. Strike price, or exercise price: The price at which you can buy or sell the stock if you choose to exercise the option.
4. Premium: The per-share price you pay for an option. The premium consists of:
Intrinsic value: The value of an option based on the difference between a stock’s current market price and the option’s strike price. Time value: The value of an option based on the amount of time before the contract expires. Time is valuable to investors because of the possibility that an option’s intrinsic value will increase during the contract’s time frame. As the expiration date approaches, time value decreases. This is known as time decay or “theta,” after the options pricing model used to calculate it.
Stock option quotes explained.
Call up a stock quote and you get the current market share price of the company — the amount you’d pay if you bought shares or the amount you’d receive if you sold them. Quotes for options contracts are a lot more complex, because multiple versions are available to trade based on type, expiration date, strike price and more.
When you call up an options quote you’ll see a table of available options contracts, called option chains:
Each row in the table contains key information about the contract:
Strike: The price you’d pay or receive if you exercised the option.
Contract name: Just like stocks have ticker symbols, options contracts have option symbols with letters and numbers that correspond to the details in a contract. In a real option chain, the company’s ticker symbol would come before the contract name.
Last: The price that was paid or received the last time the option was traded.
Bid: The price a buyer is willing to pay for the option. If you’re selling an option, this is the premium you’d receive for the contract.
Ask: The price a seller is willing to accept for the option. If you want to buy an option, this is the premium you’d pay.
Change: The price change since the previous trading day’s close, also expressed in percentage terms.
Volume: The number of contracts traded that day.
Open interest: The number of options contracts currently in play.
Volatility: A measurement of how much a stock price swings between the high and low price each day. Historic volatility, as the name implies, is calculated using past price data. It can be measured on an annual basis or during a certain time frame.
Implied volatility, or “IV” in options-quote shorthand, measures how likely it is that the market thinks a stock will experience a price swing. (You also might hear of “vega,” the option pricing model used to measure the theoretical effect that each one-point change in the stock price has on implied volatility.)
Higher implied volatility typically means higher option prices because of higher potential upside for the contract. But don’t take these calculations as certainties. Just as earnings estimates are merely an analyst’s prediction of what a company is likely to earn, volatility measures are only predictions about how much an option’s price may change.
Terms to describe what an option is worth.
When it comes to describing options performance, saying “up,” “down” or “flat” doesn’t cut it. At any given moment that an options contract is in play, it is one of three things:
In the money: This refers to an option that has intrinsic value — when the relationship between stock price in the open market and the strike price favors the options contract owner. When the stock price is higher than the strike price, that’s good news for the owner of a call option. A put option is in the money if the stock price is lower than the strike price.
Out of the money: When there’s no financial benefit to exercising the option, it’s called out of the money. Practically speaking, an out-of-the-money option makes buying or selling shares at the strike price less lucrative than buying or selling on the open market. A call option is out of the money if the stock price is lower than the strike price. A put option is out of the money when the stock price is higher than the strike price.
At the money: When the stock price is roughly equal to the strike price, an option is considered at the money. Basically, it’s a wash.
Options buyer and seller terms.
These last two cover types of options traders. This is another case where traditional terms like “buyer” and “seller” don’t quite capture the nuances of options trading.
Holder: Refers to the investor who owns an options contract. A call holder pays for the option to buy the stock based on the parameters of the contract. A put holder has the right to sell the stock.
Writer: Refers to the investor who is selling the options contract. The writer receives the premium from the holder in exchange for the promise to buy or sell the specified shares at the strike price, if the holder exercises the option.
Besides being on opposite sides of the transaction, the biggest difference between options holders and options writers is their exposure to risk.
Remember, holders are purchasing the right to buy or sell shares, but they aren’t obligated to do anything. Their contract grants them the freedom to decide when — or if — to exercise the option, or to sell the contract before it expires. If they end up with an out-of-the-money option, they can walk away and let the contract expire. They lose only the amount they paid for the option (the premium) plus the cost of trade commissions.
Writers don’t have that flexibility. For example, when a call holder decides to exercise an option, the writer is obligated to fulfill the order and sell the stock at the strike price. If the writer doesn’t already own enough shares of the stock, he’ll have to buy shares at the going market price — even if it’s higher than the strike price — and sell them at a loss to the call holder.
Because of the unlimited downside potential, we recommend that investors just getting started in options stick to the buying (holding) side before venturing into more sophisticated options trading strategies.
Dayana Yochim은 NerdWallet의 개인 작가 웹 사이트 인 : dyochimnerdwallet의 직원입니다. 트위터 : Dayana Yochim.
너도 좋아할거야.
주식 거래를위한 최고의 온라인 중개인.
전원 상인? 최상의 온라인 거래 플랫폼을 참조하십시오.
최고의 온라인 중개인을 찾으십시오.
새로운 투자자? 초보자를위한 최고의 중개인을보십시오.
최고의 온라인 중개인.
최고의 온라인 고문.
최근 브로커 리뷰.
최근 온라인 고문 리뷰.
Invest in More.
면책 조항 : NerdWallet은 파트너 중개인 - 딜러에 대한 링크를 클릭하거나 신청서를 제출하거나받을 때 특정 행동 당 정액 비용의 형태로 보상을받는 특정 중개인 - 딜러와의 소개 및 광고 계약을 체결했습니다. 중개 계정으로 승인되었습니다. 때때로, 브로커 - 딜러에 대한 링크를 클릭하는 사용자의 수에 따라 인센티브 (예 : 정액 수수료 인상)를받을 수 있으며 해당 거래를 완료 할 수 있습니다.

Options trading terms definitions

Glossary of Options Trading & Stock Market Terms.
Accumulation - That which results from a stock which shows higher volume on the upside than on the downside. Generally, this is a period of price equilibrium after a decline. The forces of demand become dominant, and the trend of the stock turns up.
Advance / Decline line - A line plotted on a cumulative basis that shows the difference between the number of stocks advancing and the number declining each day. A declining line marks the beginning of a downward trend but should be confirmed by other indicators before action is taken. A rising line is a sign that the market is moving up.
Arbitrage - the process by which professional traders simultaneously buy and sell the same or equivalent securities for a riskless profit.
Asked - As used in the phrase 'bid and asked' it is the price at which a potential seller is willing to sell. Another way of saying this is the asking price for what someone is selling.
Assign - to designate an option writer for fulfillment of his obligation to sell stock (call option writer) or buy stock (put option writer). The writer receives an assignment notice from the Options Clearing Corporation.
At the Money - An option which is selling at the strike price of the underlying index or stock.
Automatic Exercise - a protection procedure whereby the Options Clearing Corporation attempts to protect the holder of an expiring in-the-money option by automatically exercising the option on behalf of the holder.
Average Down - Buying additional shares of a stock as it declines in price.
Average Up - Buying additional shares as the price of the stock rises. A good technique with a winner.
Backspread - see Reverse Strategy.
Bearish - An opinion that expects a decline in price, either by the general market or by an underlying stock, or both.
Bear Spread - an option strategy that makes its maximum profit when the underlying stock declines and has its maximum risk if the stock rises in price. The strategy can be implemented with either puts or calls. In either case, an option with a higher striking price is purchased and one with a lower striking price is sold, both options generally having the same expiration date. See also Bull Spread.
Bear Trap - Any technically unconfirmed downward move that encourages investors to be bearish. It usually precedes strong rallies and often catches the unwary.
Beta - A figure that indicates the historical propensity of a stock price to move with the stock market as a whole. The lowest theoretical Beta is zero indicating no movement. The highest Beta is 2 indicating wild gyrations for small movements in the market.
Bid - The price at which a potential buyer is willing to buy. He is bidding the amount to purchase the security offered. As used in 'bid and asked' prices, the two prices give the current market for an option.
Box Spread - a type of option arbitrage in which both a bull spread and a bear spread are established for a riskless profit. One spread is established using put options and the other is established using calls. The spreads may both be debit spreads (call bull spread vs. put bear spread), or both credit spreads (call bear spread vs. put bull spread).
Break - Even Point-the stock price (or prices) at which a particular strategy neither makes nor loses money. It generally pertains to the result at the expiration date of the options involved in the strategy. A "dynamic" break-even point is one that changes as time passes.
Breadth - The net number of stocks advancing versus those declining. When advances exceed declines the breadth of the market is inclining. When the declines exceed advances the market is declining.
Breakout - What occurs when a stock price or average moves above a previous high resistance level or below a previous low support level. The odds are that the trend will continue.
Broad-Based - Generally referring to an index, it indicates that the index is composed of a sufficient number of stocks or of stocks in a variety of industry groups. Broad-based indices are subject to more favorable treatment for naked option writers.
Bullish - An opinion in which one expects a rise in price, either by the general market or by an individual security.
Bull Spread - an option strategy that achieves its maximum potential if the underlying security rises far enough, and has its maximum risk if the security falls far enough. An option with a lower striking price is bought and one with a higher striking price is sold, both generally having the same expiration date. Either puts or calls may be used for the strategy.
Bull Trap - Any technically unconfirmed move to the upside that encourages investors to be bullish. Usually precedes important declines and often fools those who do not wait form confirmation by other indicators.
Butterfly Spread - an option strategy that has both limited risk and limited profit potential, constructed by combining a bull spread and a bear spread. Three striking prices are involved, with the lower two being utilized in the bull spread and the higher two in the bear spread. The strategy can be established with either puts or calls; there are four different ways of combining options to construct the same basic position.
Buying Panic - A period of time when buyers will buy at ever increasing price without regard to intrinsic value or fundamentals. Buying Panics are always terminal.
Calendar Spread - an option strategy in which a short-term option is sold and a longer-term option is bought, both having the same striking price. Either puts or calls may be used. A calendar combination is a strategy that consists of a call calendar spread and a put calendar spread at the same time. The striking price of the calls would be higher than the striking price of the puts. A calendar straddle would consist of selling a near-term straddle and buying a longer-term straddle, both with the same striking price.
Calendar Straddle or Combination - see Calendar Spread.
Call - an option which gives the holder the right to buy the underlying security at a specified price for a certain, fixed period of time.
Capitalization - The total amount of securities issued by a corporation. This may include: bonds, debentures, preferred stock, common stock and surplus.
Carrying Cost - the interest expense on a debit balance created by establishing a position.
Cash Based - Referring to an option or future that is settled in cash when exercised or assigned. No physical entity, either stock or commodity, is received or delivered.
CBOE - The Chicago Board Options Exchange; the first national exchange to trade listed stock options.
Churning - Unethical trading of a customer's account by a broker to create extra commissions. Churning is also when there is high volume with very little movement in price.
Class - a term used to refer to all put and call contracts on the same underlying security.
Closing Transaction - a trade that reduced an investor’s position. Closing buy transactions reduce short positions and closing sell transactions reduce long positions.
Collateral - the loan value of marginable securities; generally used to finance the writing of uncovered options.
Combination-any position involving both put and call options that is not a straddle.
Commodities - See Futures Contract.
Contingent Order - An order to buy stock and sell a covered call option that is given as one order to the trading desk of a brokerage firm. Also called a "net order." This is a "not held" 주문.
Contrary Opinion - The belief opposite that of the general public and/or Wall Street. It is most significant at major market turning points. An overall consensus of opinion, whether bullish or bearish, usually marks an extreme. An investor taking a contrary view will usually benefit in time.
Conversion Arbitrage - a riskless transaction in which the arbitrageur buys the underlying security, buys a put, and sells a call. The options have the same terms.
Converted Put - see Synthetic Put.
Convertible Security - a security that is convertible into another security. Generally, a convertible bond or convertible preferred stock is convertible into the underlying stock of the same corporation. The rate at which the shares of the bond or preferred stock are convertible into the common is called the conversion ratio.
Cover - to buy back as a closing transaction an option that was initially written.
Covered Call Write - a strategy in which one writes call options while simultaneously owning an equal number of shares of the underlying stock.
Covered Put Write - a strategy in which one sells put options and simultaneously is short an equal number of shares of the underlying security.
Covered Straddle Write - the term used to describe the strategy in which an investor owns the underlying security and also writes a straddle on that security. This is not really a covered position.
Crash Proof Advisors - Stock Market gurus using the latest automated system for buying and selling of stocks, options and other marketable securities trackable on computer available data.
Credit - Money received in an account. A credit transaction is one in which the net sale proceeds are larger than the net buy proceeds (cost), thereby bringing money into the account.
Day Trader - Buying or selling on the same day. This requires minimal margin but is best suited for professionals who pay no commissions.
Debit - An expense, or money paid out from an account. A debit transaction is one in which the net cost is greater than the net sale proceeds.
Deliver - to take securities from an individual or firm and transfer them to another individual or firm. A call writer who is assigned must deliver stock to the call holder who exercised. A put holder who exercises must deliver stock to the put writer who is assigned.
Delivery - The process of satisfying an equity call assignment or an equity put exercise. In either case, stock is delivered. For futures, the process of transferring the physical commodity from the seller of the futures contract to the buyer. Equivalent delivery refers to a situation in which delivery may be made in any of various, similar entities that are equivalent to each other (for example, Treasury bonds with differing coupon rates).
Delta - the amount by which an option’s price will change for a corresponding change in price by the underlying entity. Call options have positive deltas, while put options have negative deltas. Technically, the delta is an instantaneous measure of the option’s price change, so that the delta will be altered for even fractional changes by the underlying entity. Consequently, the terms "up delta" and "down delta" may be applicable. They describe the option’s change after a full 1-point change in price by the underlying security-either up or down. The "up delta" may be larger than the "down delta" for a call option, while the reverse is true for put options.
Delta Spread - A ratio spread that is established as a neutral position by utilizing the deltas of the options involved. The neutral ratio is determined by dividing the delta of the purchased option by the delta of the written option.
Depository Trust Corporation (DTC) - A corporation that will hold securities for member institutions. Generally used by option writers, the DTC facilitates and guarantees delivery of underlying securities if assignment is made against securities held in DTC.
Diagonal Spread - Any spread in which the purchased options have a longer maturity than do the written options as well as having different striking prices. Typical types of diagonal spreads are diagonal bull spreads, diagonal bear spreads, and diagonal butterfly spreads.
Discount - An option is trading at a discount if it is trading for less than its intrinsic value. A future is trading at a discount if it is trading at a price less than the cash price of its underlying index or commodity. See also Intrinsic Value and Parity.
Discount Arbitrage - A riskless arbitrage in which a discount option is purchased and an opposite position is taken in the underlying security. The arbitrageur may either buy a call at a discount and simultaneously sell the underlying security (basic call arbitrage) or may buy a put at a discount and simultaneously buy the underlying security (basic put arbitrage). See also Discount.
Discretion - See Limit Order and Market Not Held Order.
Dividend Arbitrage - In the riskless sense, an arbitrage in which a put is purchased and so is the underlying stock. The put is purchased when it has time value premium less than the impending dividend payment by the underlying stock. The transaction is closed after the stock goes ex-dividend. Also used to denote a form of risk arbitrage in which a similar procedure is followed except that the amount of the impending dividend is unknown and therefore risk is involved in the transaction.
Divisor - A mathematical quantity used to compute an index. It is initially an arbitrary number that reduces the index value to a small, workable number. Thereafter the divisor is adjusted for stock splits (price-weighted index) or additional issues of stock (capitalization weighted index).
Downside Protection - Generally used in connection with covered call writing, this is the cushion against loss, in case of a price decline by the underlying security, that is afforded by the written call option. Alternatively, it may be expressed in terms of the distance the stock could fall before the total position becomes a loss (an amount equal to the option premium), or it can be expressed as percentage of the current stock price.
Early Exercise (assignment) - The exercise or assignment of an option contract before its expiration date.
Equity Option - An option that has common stock as its underlying security.
Equity Requirement - A requirement that a minimum amount of equity must be present in a margin account. Normally, this requirement is $2,000, but some brokerage firms may impose higher equity requirements for uncovered option writing.
Equivalent Positions - Positions that have similar profit potential, when measured in dollars, but are constructed with differing securities. Equivalent positions have the same profit graph. A covered call write is equivalent to an uncovered put write, for example.
Escrow Receipt - A receipt issued by a bank in order to verify that a customer (who has written a call) in fact owns the stock and therefore the call is considered covered.
European Exercise - A feature of an option that stipulates that the option may only be exercised at its expiration. Therefore, there can be no early assignment with this type of option.
Ex-Dividend - The process whereby a stock’s price is reduced when a dividend is paid. The ex-dividend date (ex-date) is the date on which the price reduction takes place. Investors who own stock on the exdate will receive the dividend, and those who are short stock must pay out the dividend.
Exercise - To invoke the right granted under the terms of a listed options contract. The holder is the one who exercises. Call holders exercise to buy the underlying security, while put holders exercise to sell the underlying security.
Exercise Limit - The limit on the number of contracts which a holder can exercise in a fixed period of time. Set by the appropriate option exchange, it is designed to prevent an investor or group of investors from "cornering" the market in a stock.
Exercise Price - The price at which the option holder may buy or sell the underlying security, as defined in the terms of his option contract. It is the price at which the call holder may exercise to buy the underlying security or the put holder may exercise to sell the underlying security. For listed options, the exercise price is the same as the Striking Price.
Expected Return - A rather complex mathematical analysis involving statistical distribution of stock prices, it is the return which an investor might expect to make on an investment if he were to make exactly the same investment many times throughout history.
Expiration Date - The day on which an option contract becomes void. The expiration date for listed stock options is the Saturday after the third Friday of the expiration month. All holders of options must indicate their desire to exercise, if they wish to do so, by this date.
Expiration Time - The time of day by which all exercise notices must be received on the expiration date. Technically, the expiration time is currently 5:00 PM on the expiration date, but public holders of option contracts must indicate their desire to exercise no later than 5:30 PM on the business day preceding the expiration date. The times are Eastern Time.
Facilitation - The process of providing a market for a security. Normally, this refers to bids and offers made for large blocks of securities, such as those traded by institutions. Listed options may be used to offset part of the risk assumed by the trader who is facilitating the large block order.
Fair Value - Normally, a term used to describe the worth of an option or futures contract as determined by a mathematical model. Also sometimes used to indicate intrinsic value.
First Notice Day - The first day upon which the buyer of a futures contract can be called upon to take delivery.
Float - The number of shares outstanding of a particular common stock.
Floor Broker - A trader on the exchange floor who executes the orders of public customers or other investors who do not have physical access to the trading area.
Follow up Action - Any trading in an option position after the position is established. Generally, to limit losses or to take profits.
Fundamental Analysis - A method of analyzing the prospects of a security by observing accepted accounting measures such as earnings, sales, assets, and so on.
Futures Contract - A standardized contract calling for the delivery of a specified quantity of a commodity at a specified date in the future.
Good Until Canceled (GTC) - A designation applied to some types of orders, meaning that the order remains in effect until it is either filled or canceled.
Hedge - A transaction consisting of two or more separate transactions with the objective of providing a greater chance of making a profit, although perhaps a smaller one than with a single transaction.
Hedge Ratio - The mathematical quantity that is equal to the delta of an option. It is useful in facilitation in that a theoretically riskless hedge can be established by taking offsetting positions in the underlying stock and its call options.
Holder - The owner of a security.
Horizontal Spread - An option strategy in which the options have the same striking price, but different expiration dates.
Implied Volatility - A measure of the volatility of the underlying stock, it is determined by using prices currently existing in the market at the time, rather than using historical data on the price changes of the underlying stock.
Index - A compilation of the prices of several common entities into a single number.
Index Option - An option whose underlying entity is an index. Most index options are cash-based.
Insider - Any person who directly of indirectly owns more that ten (10) percent of any class of stock listed on a national exchange or who is an officer or director of the company in question.
Institution - An organization, probably very large, engaged in investing in securities. Normally a bank, insurance company, or mutual fund.
In the Money - A term describing any option that has intrinsic value. A call option is in-the-money if the underlying security is higher than the striking price of the call. A put option is in-the-money if the security is below the striking price.
Intrinsic Value - The value of an option if it were to expire immediately with the underlying stock at its current price; the amount by which an option is in-the-money. For call options, this is the difference between the stock price and the striking price, if that difference is a positive number, or zero otherwise. For put options it is the difference between the striking price and the stock price, if that difference is positive, and zero otherwise.
Last Trading Day - The third Friday of the expiration month. Options cease trading at 3:00 PM Eastern Time on the last trading day.
Leg - A risk oriented method of establishing a two-sided position. Rather than entering into a simultaneous transaction to establish the position (a spread, for example), the trader first executes one side of the position, hoping to execute the other side at a later time and a better price. The risk materializes from the fact that a better price may never be available, and a worse price must eventually be accepted.
Letter of Guarantee - A letter from a bank to a brokerage firm which states that a customer (who has written a call option) does indeed own the underlying stock and the bank will guarantee delivery if the call is assigned. Thus the call can be considered covered. Not all brokerage firms accept letters of guarantee.
Leverage - In investments, the attainment of greater percentage profit and risk potential. A call holder has leverage with respect to a stock holder-the former will have greater percentage profits and losses than the latter, for the same movement in the underlying stock.
Limit - See Trading Limit.
Limit Order - An order to buy or sell securities at a specified price (the limit).
Listed Option - A put or call option that is traded on a national option exchange. Listed options have fixed striking prices and expiration dates.
Local - A trader on a futures exchange who buys and sells for his own account and may fill public orders.
Lognormal Distribution - A statistical distribution that is often applied to the movement of stock prices. It is a convenient and logical distribution because it implies that stock prices can theoretically rise forever but cannot fall below zero, a fact which is of course, true.
Long - To be long is to own something.
Major Channel - A series of high and low points, which when connected create parallel lines on a chart for a stock, market index or other derivative. Channels may move up, down or sideways.
Mania - see Buying Panic.
Margin - To buy a security by borrowing funds from a brokerage house. The margin requirement-the maximum percentage of the investment that can be loaned by the brokerage firm-is set by the Federal Reserve Board.
Market Basket - A portfolio of common stocks whose performance is intended to simulate the performance of a specific index.
Market Maker - An exchange member whose function is to aid in the making of a market, by making bids and offers for his account in the absence of public buy or sell orders. Several market-makers are normally assigned to a particular security. The market-maker system encompasses the market-makers and the board brokers.
Market Order - An order to buy or sell securities at the current market. The order will be filled as long as there is a market for the security.
Married Put and Stock - a put and stock are considered to be married if they are bought on the same day, and the position is designated at that time as a hedge.
Model - A mathematical formula designed to price an option as a function of certain variables-generally stock price, striking price, volatility, time to expiration, dividends to be paid, and the current risk-free interest rate. The Black-Scholes model is one of the more widely used models.
Naked Option - see Uncovered Option.
Narrow Based - Generally referring to an index, it indicates that the index is composed of only a few stocks, generally in a specific industry group. Narrow-based indices are NOT subject to favorable treatment for naked option writers.
Net Order - See Contingent Order.
Neutral - Describing an opinion that is neither bearish or bullish. Neutral option strategies are generally designed to perform best if there is little or no net change in the price of the underlying stock.
Non-Equity Option - An option whose underlying entity is not common stock; typically refers to options on physical commodities, but may also be extended to include index options.
Not Held - see Market Not Held Order.
Notice Period - The time during which the buyer of a futures contract can be called upon to accept delivery. Typically, the 3 to 6 weeks preceding the expiration of the contract.
Opening Transaction - A trade which adds to the net position of an investor. An opening buy transaction adds more long securities to the account. An opening sell transaction adds more short securities.
Open Interest - The net total of outstanding open contracts in a particular option series. An opening transaction increases the open interest, while any closing transaction reduces the open interest.
Option - The right to buy or sell specific securities at a specified price within a specified time. A put gives the holder the right to sell the stock, a call the right to buy the stock. In recent years options on specific stocks have been listed in several exchanges so that it is now possible to trade these instruments in the same way that the underlying stocks can be bought and sold.
Option Pricing Curve - A graphical representation of the projected price of an option at a fixed point in time. It reflects the amount of time value premium in the option for various stock prices, as well. The curve is generated by using a mathematical model. The delta (or hedge ratio) is the slope of a tangent line to the curve at a fixed stock price.
Options Clearing Corporation (OCC) - The issuer of all listed option contracts that are trading on the national option exchanges.
Out of the Money - Describing an option that has no intrinsic value. A call option is out-of-the-money if the stock is below the striking price of the call, while a put option is out-of-the-money if the stock is higher than the striking price of the put.
Over-the-Counter Option (OTC) - An option traded over-the-counter, as opposed to a listed stock option. OTC 옵션은 구매자와 판매자 사이에 직접적인 연결 고리를 가지고 있으며, 보조 시장이 없으며 가격과 만료 날짜를 표준화하지 않습니다.
Overvalued - Describing a security trading at a higher price than it logically should. Normally associated with the results of option price predictions by mathematical models. If an option is trading in the market for a higher price than the model indicates, the option is said to be overvalued.
Parity - Describing an in-the-money option trading for its intrinsic value: that is, an option trading at parity with the underlying stock. Also used as a point of reference-an option is sometimes said to be trading at a half-point over parity or at a quarter-point under parity, for example. An option trading under parity is a discount option.
Physical Option - An option whose underlying security is a physical commodity that is not stock or futures. The physical commodity itself typically a currency or Treasury debt issue-underlies that option contract.
Position - Specific securities in an account or strategy. A covered call writing position might be long 1,000 XYZ and short 10 XYZ January 30 calls. It also refers to facilitate; buy or sell a block of securities, thereby establishing a position.
Position Limit - The maximum number of put or call contracts on the same side of the market that can be held in any one account or group of related accounts. Short puts and long calls are on the same side of the market. Short calls and long puts are on the same side of the market.
Premium - For options, the total price of an option contract. The sum of the intrinsic value and the time value premium. For futures, the difference between the futures price and the cash price of the underlying index or commodity.
Present Worth - A mathematical computation that determines how much money would have to be invested today, at a specified rate, in order to produce a designated amount at some time in the future.
Price Weighted Index - A stock index which is computed by adding the prices of each stock in the index, and then dividing by the divisor.
Profit Range - The range within which a particular position makes a profit. Generally used in reference to strategies that have two break-even points-an upside break-even and a downside breakeven. The price range between the two break-even points would be the profit range.
Profit Table - A table of results of a particular strategy at some point in time. This is usually a tabular compilation of the data drawn on a profit graph.
Protected Strategy - A position that has limited risk. A protected short sale (short stock, long call) has limited risk, as does a protected straddle write (short straddle, long out-of-the-money combination).
Public Book (of orders) - The orders to buy or sell, entered by the public, that are away from the current market. The board broker or specialist keeps the public book. Market-makers on the CBOE can see the highest bid and lowest offer at any time. The specialist’s book is closed (only he knows at what price and in what quantity the nearest public orders are).
Put - An option granting the holder the right to sell the underlying security at a certain price for a specified period of time. See also Call.
Ratio Calendar Combination - A strategy consisting of a simultaneous position of a ratio calendar spread using calls and a similar position using puts, where the striking price of the calls is greater than the striking price of the puts.
Ratio Calendar Spread - Selling more near-term options than longer-term ones purchased, all with the same strike; either puts or calls.
Ratio Spread - Constructed with either puts or calls, the strategy consists of buying a certain amount of options and then selling a larger quantity of out-of-the-money options.
Ratio Strategy - A strategy in which one has an unequal number of long securities and short securities. Normally, it implies a preponderance of short options over either long options or long stock.
Ratio Write - Buying stock and selling a preponderance of calls against the stock that is owned.
Resistance - A term in technical analysis indicating a price area higher than the current stock price where an abundance of supply exists for the stock, and therefore the stock may have trouble rising through the price.
Return (on investment) - The percentage profit that one makes, or might make, on his investment.
Return If Exercised - The return that a covered call writer would make if the underlying stock were called away.
Return If Unchanged - The return that an investor would make on a particular position if the underlying stock were unchanged in price at the expiration of the options in the position.
Reversal Arbitrage - A riskless arbitrage that involves selling the stock short, writing a put, and buying a call. The options have the same terms.
Reverse Hedge - A strategy in which one sells the underlying stock short and buys calls on more shares than he has sold short. This is also called a synthetic straddle and is an outmoded strategy for stocks that have listed puts trading.
Reverse Strategy - A general name that is given to strategies which are the opposite of better known strategies. For example, a ratio spread consists of buying calls at a lower strike and selling more calls at a higher strike. A reverse ratio spread also known as a backspread consists of selling the calls at the lower strike and buying more calls at the higher strike. The results are obviously directly opposite to each other.
Risk Arbitrage - A form of arbitrage that has some risk associated with it. Commonly refers to potential takeover situations where the arbitrageur buys the stock of the company about to be taken over and sells the stock of the company that is effecting the takeover. See also Dividend Arbitrage.
Roll Down - Close out options at one strike and simultaneously open other options at a lower strike.
Roll Forward - Close out options at a near-term expiration date and open options at a longer-term expiration date.
Rolling - A follow up action in which the strategist closes options currently in the position and opens other options with different terms, on the same underlying stock.
Roll Up - Close out options at a lower strike and open options at a higher strike.
Rotation - A trading procedure on the option exchanges whereby bids and offers, but not necessarily trades, are made sequentially for each series of options on an underlying stock.
Secondary Market - Any market in which securities can be readily bought and sold after their initial issuance. The national listed option exchanges provided, for the first time, a secondary market in stock options.
Selling Climax - Exceptionally heavy volume created when panic-stricken investors dump stocks. Often this marks the end of a bear market and is a spot to buy.
Series - An option contracts on the same underlying stock having the same striking price, expiration date, and unit of trading.
Short (to be short) - Short Selling is normally a speculative operation undertaken in the belief that the prices of the shares will fall. It is accomplished by selling shares one does not own by borrowing stock from a broker. Most stock exchanges prohibit the short sales of a security below the price at which the last board lot was traded.
Short Covering - The process of buying back stock that has already been sold short.
SIPC - The Securities Investor Protection Corporation. Established by Congress to protect customers of brokerage firms.
Specialist - An exchange member whose function it is to both make markets-buy and sell for his own account in the absence of public orders-and to keep the book of public orders. Most stock exchanges and some option exchanges utilize the specialist system of trading.
Spread Order - An order to simultaneously transact two or more option trades. Typically, one option would be bought while another would simultaneously be sold. Spread orders may be limit orders, not held orders, or orders with discretion. They cannot be stop orders, however. The spread order may be either a debit or credit.
Spread Strategy - Any option position having both long options and short options of the same type on the same underlying security.
Standard Deviation - A measure of the volatility of a stock. It is a statistical quantity measuring the magnitude of the daily price changes of that stock.
Stop Limit Order - Similar to a stop order, the stop-limit order becomes a limit order, rather than a market order, when the security trades at the price specified on the stop.
Stop Order - An order, placed away from the current market, that becomes a market order if the security trades at the price specified on the stop order. Buy stop orders are placed above the market while sell stop orders are placed below.
Straddle - The purchase or sale of an equal number of puts and calls having the same terms.
Strategy - With respect to option investments, a preconceived, logical plan of position selection and follow-up action.
Strike Price - The price at which the buyer of a call can purchase the stock during the life of the option or the price at which the buyer of a put can sell the stock during the life of the option.
Subindex - see narrow-based index.
Suitable - Describing a strategy or trading philosophy in which the investor is operating in accordance with his financial means and investment objectives.
Support - A term in technical analysis indicating a price area lower than the current price of the stock, where demand is thought to exist. Thus a stock would stop declining when it reached a support area. See also Resistance.
Synthetic Put - A security which some brokerage firms offer to their customers. The broker sells stock short and buys a call, while the customer receives the synthetic put. This is not a listed security, but a secondary market is available as long as there is a secondary market in the calls.
Synthetic Stock - An option strategy that is equivalent to the underlying stock. A long call and a short put is synthetic long stock. A long put and a short call is synthetic short stock.
Technical Analysis - The method of predicting future stock price movements based on observation of historical stock price movements.
Terms - The collective name denoting the expiration date, striking price, and underlying stock of an option contract.
Theoretical Value - The price of an option, or a spread, as computed by a mathematical model.
Thin Market - A market for a stock in which there are comparatively few bids to buy or offers to sell, or both. Price fluctuations between transactions are usually larger that when the market is liquid.
Time Spread - see Calendar Spread.
Time Value Premium - The amount by which an option’s total premium exceeds its intrinsic value.
Topping Out - A peak point where the sellers begin to outnumber the buyers.
Total Return Concept - A covered call writing strategy in which one views the potential profit of the strategy as the sum of capital gains, dividends, and option premium income, rather than viewing each one of the three separately.
Tracking Error - The amount of difference between the performance of a specific portfolio of stocks and a broad-based index with which they are being compared. See market basket.
Trader - A speculative investor or professional who makes frequent purchases and sales.
Trading Limit - The exchange imposed maximum daily price change that a futures contract or futures option contract can undergo.
Treasury Bill/ Option Strategy - A method of investment in which one places approximately 90% of his funds in risk-free, interest-bearing assets such as Treasury bills, and buys options with the remainder of his assets.
Trend - The direction of a price movement. A trend in motion is assumed to remain intact until there is a clear change.
Type - The designation to distinguish between a put or call option.
Uncovered Option - A written option is considered to be uncovered if the investor does not have a corresponding position in the underlying security.
Underlying Security - The security which one has the right to buy or sell via the terms of a listed option contract.
Undervalued - Describing a security that is trading at a lower price than it logically should. Usually determined by the use of a mathematical model.
Variable Ratio Write - An option strategy in which the investor owns 100 shares of the underlying security and writes two call options against it, each option having a different striking price.
Vertical Spread - Any option spread strategy in which the options have different striking prices, but the same expiration dates.
Volatility - A measure of the amount by which an underlying security is expected to fluctuate in a given period of time. Generally measured by the annual standard deviation of the daily price changes in the security, volatility is not equal to the Beta of the stock.
Write - To sell an option. 판매하는 투자자를 작가라고합니다.