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Option Strategies Profit Making Techniques for Stock Index and Commodity Options 2nd Edition_2

Tham khảo tài liệu 'option strategies profit making techniques for stock index and commodity options 2nd edition_2', tài chính - ngân hàng, đầu tư chứng khoán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | The Fundamentals of Options 11 The name of the UI is usually shortened to something manageable for example the S P 100 Index is usually shortened to S P 100 or often to its ticker symbol OEX. Throughout this book the UI is referred to as a generic something which could be 1. A stock like 100 shares of Citibank stock. Note that options on stocks are always for 100 shares of the underlying stock. Options on futures are for the same quantity as the underlying futures contract. 2. Something tangible like 100 ounces of gold. 3. Something conceptual like a stock index. Conceptual underlying instruments call for the delivery of the cash value of the underlying instrument for example the popular S P 100 option calls for the delivery of the cash value of the index. The Strike Price An option traded on an exchange is standardized in every element except the price which is negotiated between buyers and sellers. On the other hand all aspects of over-the-counter OTC options are negotiable. The examples in this book assume exchange-traded options but the analysis also applies to OTC options. This standardization increases the liquidity of trading and makes possible the current huge volume in options. It is easier to buy or sell an option when you only negotiate price rather than every detail in the contract as in options on real estate those negotiations can take weeks or months. Exchange-traded option transactions on the other hand can be consummated in seconds. The introduction of FLEX options blurred the line between exchange-traded and OTC options. FLEX options are options that are traded on an exchange but more than the price is negotiable virtually all of the elements can be negotiated. So far the popularity of FLEX options has been limited. The predetermined price upon which the buyer and the seller of an option have agreed is the strike price also called the exercise price or striking price. OEX 250 means the strike price is 250. If you bought an OEX 250 call you would .