Glossário de opções de estoque
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145 Estabelece condições para a venda de títulos, que são o resultado da fusão ou consolidação registrada da SEC. Os não afiliados não estão sujeitos a restrições de revenda. As afiliadas da empresa de venda que não se tornam filiais da empresa adquirente estão sujeitas a restrições de volume e requisitos de informação pública para o primeiro ano, mas não precisam apresentar o Formulário 144. Durante o segundo ano, o único requisito é que a empresa esteja atualizada em todos os relatórios da SEC. As afiliadas da empresa adquirente devem cumprir todos os 144 requisitos, exceto o período de retenção mínimo.
Os valores mobiliários 144K têm essa restrição se os valores mobiliários são restritos, mas o proprietário do estoque não é um afiliado da empresa e os títulos foram adquiridos da empresa ou são afiliados da empresa há mais de 2 anos. Os clientes podem vender esse tipo de estoque sem ter que satisfazer a maioria dos requisitos da Regra 144.
701 (g) (3) Regra que permite a venda de títulos não registrados no mercado aberto, desde que as ações foram emitidas ao abrigo de um plano de benefícios da empresa ou acordo de compensação antes de uma empresa se tornar pública. O proprietário desses títulos que não é considerado afiliado do emissor pode vender ações de acordo com a Regra 701 (g) (3) sem ter que satisfazer os requisitos da Regra 144. As ações não podem ser vendidas até 90 dias após a publicação da empresa. No entanto, certas instruções da Norma 701 devem ser preenchidas pelo proprietário do estoque, a fim de remover a legenda restrita e liberar o produto da venda. As afiliadas devem satisfazer todos os requisitos da Regra 144, além do período de retenção de um ano.
Imposto mínimo alternativo (AMT) O imposto mínimo alternativo (AMT) é um sistema de impostos separado, complementar ao sistema de imposto de renda federal. O sistema AMT tenta garantir que qualquer pessoa que beneficie de certas vantagens fiscais pague pelo menos um montante mínimo de imposto.
Período de apagamento Estas são certas épocas do ano em que os privilégios para exercer suas opções de ações podem ser restritos. Consulte as regras do seu plano de opção de estoque para obter mais informações. Por exemplo, os períodos de blackout geralmente coincidem com o final do ano fiscal da empresa, horários de dividendos e final do ano civil.
Ganhos de capital Este é o lucro da venda de um título a um preço maior do que o preço de compra original. Além disso, um objetivo específico a longo prazo para muitos fundos mútuos.
Imposto sobre ganhos de capital Este é um imposto sobre lucros da venda de certos ativos, como valores mobiliários e imóveis.
Comissão Os custos de venda ou transferência de uma transação de ordem comercial.
Empréstimo de controle ou restrito Um empréstimo de margem que é garantido por títulos de controle ou restritos.
Diretores, Diretores de Insiders ou Afiliados, diretores, executivos de políticas, grandes acionistas (geralmente proprietários de 10% ou mais de ações em circulação) e outras pessoas que estão em posição de controlar direta ou indiretamente a administração da empresa. Isso inclui cônjuges, membros da família que vivem com a pessoa de controle e outras entidades afiliadas a pessoas de controle, conforme definido na Regra 144. A negociação de valores mobiliários por uma pessoa de controle do emissor está sujeita a restrições, independentemente de a segurança ser restrito. Uma pessoa de controle deve completar a documentação da Regra 144 e cumprir com a Regra 144 ao vender títulos de controle.
Plano de Compra de Estoque de Empregados Este é um plano oferecido por um empregador de acordo com o qual os funcionários têm a oportunidade de comprar ações da empresa através de deduções de folha de pagamento.
Produto de caixa estimado Esta é uma estimativa do produto de uma ordem de exercício e venda. Esta estimativa mostra todos os lucros após deduzir quaisquer estimativas de custos ou impostos. Para uma opção de exercício e venda por opção de opção de incentivo, esta é uma estimativa do produto após a dedução das estimativas do custo de exercício (por exemplo, comissões e honorários). Para uma ordem de exercício e venda de opções de ações não qualificadas, esta é uma estimativa dos resultados após as estimativas para o custo do exercício, impostos totais (por exemplo, impostos de renda federais e estaduais) e o custo de exercício (por exemplo, comissões e taxas) são deduzidas. Os recursos reais em dinheiro no momento da execução da ordem podem ser diferentes.
Custo de exercício estimado Esta é uma estimativa do custo total, preço de concessão no qual você compra as opções de ações multiplicadas pelo número de opções que você está exercendo, que seria deduzido do seu produto como resultado de uma ordem de exercício. O custo do exercício real no momento da execução da ordem pode ser diferente.
Produto de venda bruto estimado Esta é uma estimativa do produto de uma ordem de exercício e venda. Esta estimativa mostra todo o produto antes de qualquer estimativa de custos ou impostos serem deduzidos. A estimativa do custo de exercício (por exemplo, comissões e taxas) é deduzida. Para uma ordem de exercício e venda de opções de ações não qualificadas, esta é uma estimativa do produto antes das estimativas para o custo do exercício, impostos totais (por exemplo, impostos de renda federais e estaduais) e o custo de exercício (por exemplo, comissões e taxas) são deduzidas Os custos reais no momento do exercício podem ser diferentes. O produto da venda bruta real no momento da execução da ordem pode ser diferente.
Novo produto de caixa estimado Esta é uma estimativa do produto de uma ordem de exercício e venda. Esta estimativa mostra todos os lucros após deduzir quaisquer estimativas de custos ou impostos. Para uma ordem de exercício e venda de opções de ações de incentivo, esta é uma estimativa do resultado após a dedução da estimativa do custo de exercício (por exemplo, comissões e honorários). Para uma ordem de exercício e venda de opções de ações não qualificadas, esta é uma estimativa do produto após a estimativa para o custo de exercício, impostos totais (por exemplo, impostos de renda federais e estaduais) e o custo de exercício (por exemplo, comissões e taxas ) são deduzidos. Os recursos reais em dinheiro no momento da execução da ordem podem ser diferentes.
Custo de exercício estimado Esta é uma estimativa do custo total, preço de concessão no qual você compra as opções de ações multiplicadas pelo número de opções que você está exercendo, que seria deduzido do seu produto como resultado de uma ordem de exercício. O custo do exercício real no momento da execução da ordem pode ser diferente.
Provisão de ações estimada Esta é uma estimativa do produto de um exercício e uma ordem de suspensão. Esta estimativa mostra todo o produto antes de deduzir qualquer estimativa de custos ou impostos: Para uma ordem de exercício e venda de opções de ações de incentivo, esta é uma estimativa do produto antes da estimativa do custo de exercício (por exemplo, comissões e honorários) é deduzida . Para uma ordem de exercício e venda de opções de ações não qualificadas, esta é uma estimativa do produto antes das estimativas para o custo do exercício, impostos totais (por exemplo, impostos de renda federais e estaduais) e o custo de exercício (por exemplo, comissões e taxas) são deduzidas. O compartilhamento de ações reais no momento da execução da ordem pode ser diferente.
Renda tributável estimada Esta é uma estimativa do rendimento em que você pagaria o imposto de renda ordinário após um exercício e venda ou um exercício e um pedido de reserva para opções de estoque não qualificadas executadas. O lucro tributável efetivo no momento da execução da ordem pode ser diferente.
Custo total estimado Esta é uma estimativa do custo total do exercício de opções de compra de ações que seria deduzido do produto quando um exercício e a ordem de espera forem executados. Esta estimativa é o total do custo de exercício estimado mais o valor do imposto estimado.
Valor Total Excedido Valor Excedente Esta é uma estimativa do valor total do número de opções de compra de ações que não foram exercidas, incluindo opções de ações que são adquiridas e não investidas.
Imposto de imposto total estimado Esta é uma estimativa do imposto sobre o rendimento que seria retido quando um exercício e venda ou um exercício e uma ordem de retenção para opções de ações não qualificadas se executam. Os impostos reais retidos no momento da execução da ordem podem ser diferentes.
Valor estimado das opções pendentes Esta é uma estimativa do valor total do número de opções de ações que não foram exercidas, ambas são adquiridas e opções de ações não vencidas. Esse valor é calculado pela multiplicação do preço de mercado dos estoques subjacentes no dia de negociação anterior por volta do número total de opções de ações adquiridas e não vencidas em circulação.
Valor estimado das opções adquiridas / exercitável Esta é uma quantidade estimada em todas as suas concessões de opções de ações. Esse valor é calculado multiplicando o número total de opções de ações adquiridas que são exercíveis em todas as suas concessões pelo spread.
Estimativas de opções adquiridas / exercitáveis Esta é uma estimativa do número de opções conservadas em estoque daquelas originalmente concedidas que foram realizadas o tempo suficiente para você ter direito de propriedade e estar disponível para exercícios.
Exercício e retenção Uma forma de exercício de opção de compra de ações em que você exerce sua opção de adquirir ações das ações da sua empresa e manter o estoque. Quando você faz isso, você precisa ter fundos disponíveis * para pagar o custo do exercício e as retenções de impostos exigidas.
* Os fundos devem estar disponíveis através de depósito em dinheiro na sua Conta Fidelity ou, se você tiver sido aprovado para margem, margem disponível para contrair empréstimos contra outros valores mobiliários em sua Conta Fidelity.
Exercício e Venda Um exercício de opção de compra de ações em que você exerce sua opção de adquirir ações da sua empresa e vender as ações imediatamente. O produto em dinheiro da venda é usado para pagar o custo do exercício, a retenção de imposto exigida e as comissões e honorários de corretagem. Você recebe o produto líquido restante em sua Conta Fidelity. Esta forma de exercício não exige que você forneça dinheiro para o exercício.
Custo de exercício Este é o custo do exercício de suas opções de compra de ações. O custo do exercício é calculado multiplicando o preço da subvenção pelo número de opções de ações que você está exercendo. O custo do exercício não inclui retenção de impostos ou quaisquer taxas ou comissões que possam ser aplicadas.
Data de exercício Esta é a data em que você optar por exercer suas opções de compra de ações, a data em que você se exercitou & rdquo; a opção de compra de ações do estoque subjacente.
Data da ordem de exercício Esta é a data em que o seu pedido de exercício das opções de compra de ações foi colocado, e não a data de liquidação das transações associadas ao exercício da opção de compra de ações.
Preço de exercício O preço por ação que você deve pagar ao emissor para exercer a opção de compra de ações. O preço de exercício geralmente é ajustado ao valor justo de mercado das ações da empresa na data da concessão. Também chamado de Grant Price.
Data de validade A data em que expira o contrato de opção de compra de ações. Para as opções de ações que sua empresa lhe concede, esta é a data de acordo com os termos do seu contrato de subvenção com a sua empresa e o plano de opções de compra de ações da sua empresa, após o qual você não pode mais exercer suas opções de compra de ações. A data de validade é determinada pela primeira vez após a atribuição das opções de compra de ações. De acordo com certas disposições do plano de opção de compra de ações e do contrato de concessão, como uma mudança no status de emprego, esta data de validade pode ser acelerada.
Valor de Mercado Justo O valor no exercício das ações obtidas pelo exercício de suas opções de compra de ações. O Valor de Mercado Justo é especificado no plano de opção de compra de ações do empregador e é usado para determinar o valor do ganho que é tratado como compensação para fins de imposto de renda federal. Na tela Entrada de Ordem de Exercício para uma ordem de exercício e espera, uma das quatro opções é exibida. Esta opção exibida é determinada pelas regras do plano de opções de ações da sua empresa. O valor justo de mercado será um dos seguintes: Primeiro dia útil do dia Média média alta e baixa para o dia Preço em tempo real Hoje próximo.
Valor de Mercado Justo no Exercício O preço por ação do estoque subjacente no momento em que seu pedido de exercício da opção de compra de ações foi executado. O preço por ação é baseado na opção de valor justo de mercado que o plano de opções de ações de sua empresa usa. O valor justo de mercado no exercício será um dos seguintes: Primeiro dia útil do dia Média média alta e baixa para o dia Preço em tempo real O fechamento de hoje.
Grant A transação pela qual seu empregador recompensa opções de ações para você. Os termos da sua concessão são determinados pelo seu contrato de subvenção e pelo plano de opções de ações da sua empresa.
Grant Price O preço por ação que você deve pagar ao emissor para exercer a opção de compra de ações. O preço da subvenção geralmente é fixado pelo valor justo de mercado das ações da empresa na data da concessão. Também chamado de Preço do Exercício.
Tipo de Subsídio Refere-se a se uma outorga de opção de compra de ações é para opções de ações de incentivo com benefícios fiscais ou opções de ações não qualificadas.
Prazo de retenção Para concessões de opção de compra de ações, isso refere-se à quantidade de tempo que as opções de ações devem ser realizadas antes que elas possam ser exercidas. Os requisitos do período de detenção para opções de compra de ações são descritos no cronograma de aquisição de vencimento para a concessão de opção de compra de ações.
Opções de ações de incentivo (ISO) Uma opção de compra de ações é a oportunidade, concedida pelo emissor (por exemplo, sua empresa), para comprar um certo número de ações ordinárias de sua empresa a um preço de subvenção pré-estabelecido durante um período definido de Tempo. Os ISOs atendem aos requisitos do IRS para tratamento fiscal especial. Com os ISOs, você não precisa pagar impostos regulares de renda no momento em que você exerce suas opções de compra de ações se você tiver suas ações o mais tarde de um ano a partir da data do exercício ou dois anos a partir da data em que as opções de ações foram concedidas, o período de espera . Se você decidir vender suas ações de opção de compra de ações após o período de espera, você estará sujeito a um imposto sobre os ganhos de capital sobre a diferença entre o preço de venda e o preço da subvenção. Se você vender suas ações antes ou no aniversário de um ano da data em que as ações foram concedidas, as ações que você vende estão sujeitas a uma disposição desqualificante, o que significa que, em geral, você será obrigado a pagar o imposto de renda sobre a diferença entre o valor do marcador justo no momento em que você exerce as opções de ações e o preço da subvenção. Se você exercer as opções de compra de ações antes do aniversário de dois anos da data em que as opções de ações foram concedidas, segure-as e, em seguida, as venda entre o aniversário de um ano e dois anos em que as opções de ações foram concedidas, você pagar ganhos de capital de curto prazo na diferença entre o valor justo de mercado na data em que você vendeu as ações e o preço da subvenção. Se você optar por vender suas ações no mesmo dia em que você as exerce, a Fidelity irá reter o custo da opção de estoque e enviá-la à sua empresa.
O estoque do emissor é uma parcela de estoque que lhe dá propriedade em uma empresa. As ações da Emissora e a concessão de opções de ações diferem em que uma concessão de ações simplesmente lhe dá o direito de comprar ações do estoque subjacente durante um período de tempo predefinido e a um preço pré-estabelecido, o preço da subvenção.
Contratos de bloqueio Os acordos de bloqueio proíbem que os integrantes da empresa, incluindo funcionários, amigos e familiares e capitalistas de risco, vendam suas ações por um período de tempo determinado. Os bloqueios também podem limitar o número de ações que podem ser vendidas durante um período de tempo designado.
Capitalização de mercado (em milhões de dólares) Em um perfil da empresa, o último preço da ação de fechamento atinge o número mais recente de ações em circulação.
Opções de ações não qualificadas (NSO) Uma opção de compra de ações é a oportunidade, concedida a você pela Emissora (por exemplo, sua empresa), para comprar um certo número de ações das ações ordinárias da sua empresa a um preço de subvenção pré-estabelecido ao longo de uma determinada período de tempo. NSOs não atendem a certos requisitos do IRS que permitem tratamento fiscal especial. Com NSOs, você é tributado quando você exerce as opções de compra de ações. Você paga a renda ordinária e os impostos do Medicare e estão sujeitos ao imposto de segurança social se você não pagou o máximo anual na diferença entre o valor justo de mercado no exercício e o preço da subvenção.
Opção A direito de comprar ou vender ações a um preço garantido por um período específico de tempo.
Optionee Qualquer pessoa que tenha sido concedida opções de ações e ainda as tenha.
Subsídio de opção Recomendar a concessão.
Opção no valor do dinheiro Isso se refere a um ganho em um contrato de opção que você possui. Para uma opção de compra, um ganho ocorre quando o preço de mercado atual da segurança subjacente é maior do que a opção de opção de preço da opção contrato, um ganho ocorre quando o preço de mercado atual do título subjacente é inferior ao preço do contrato da opção.
Número do plano Este é o número do plano de opção de compra de ações da sua empresa. O número do plano difere da ID da subvenção na medida em que sua empresa terá um plano de opção de compra de ações e o número do plano correspondente, mas pode ter muitas IDs de subvenção, uma para cada prêmio de opções de compra de ações.
Botão de exercício de visualização Exibe os detalhes de uma ordem de exercício de opção de estoque que você acabou de inserir para que você possa verificar as informações da ordem antes de fazer a ordem com a Fidelity.
Data do primeiro dia útil anterior Esta é uma opção de valor de mercado justo que é exibida na tela Entrada de requisito de exercícios para uma ordem de exercício e de espera. Esse valor significa que seu plano de opção de compra de ações usa o preço de fechamento do dia de negociação anterior da ação para calcular o: Ganho tributável Impostos retidos na fonte para opções de ações não qualificadas Imposto mínimo alternativo (AMT) para opções de ações de incentivo.
Oferta pública refere-se à oferta de ações para o público de investimento. Isso ocorre depois que os regulamentos regulatórios da Securities and Exchange Commission foram satisfeitos. A oferta é geralmente feita por um banco de investimento ou grupo sindicado, grupo de instituições financeiras, em nome do emissor (por exemplo, a empresa que quer vender suas ações ao público).
Disposição Qualificadora Uma transação de estoque que atenda determinados requisitos do IRS para tratamento fiscal preferencial.
Preço em tempo real Esta é uma opção de valor de mercado justo que é exibida na tela Entrada de pedido de concessão de exercício para um exercício e uma ordem de suspensão. Esse valor significa que seu plano de opção de compra de ações usa o preço de mercado do estoque no momento em que sua ordem de exercício executa para calcular: Imposto de retenção de tributos para opções de ações não qualificadas. Imposto mínimo alternativo (AMT) para opções de ações de incentivo.
Venda registrada de valores mobiliários Indica que a empresa que emitiu os valores mobiliários o fez de forma a atender aos requisitos da Securities and Exchange Commission para oferecer e vender as ações para o público em geral. Os títulos oferecidos em uma oferta registrada geralmente são negociados no mercado aberto e não estão sujeitos às regras que governam títulos restritos.
Declaração de registro Esta é uma declaração exigida pela Comissão de Valores Mobiliários para quaisquer valores mobiliários que sejam vendidos ao público. A declaração fornece informações sobre a empresa que emite os valores mobiliários (por exemplo, informações financeiras, operações da empresa e administração, outras informações que devem ser divulgadas a qualquer pessoa que compraria partes da segurança, etc.).
Valores Restritos Os títulos restrito são ações, warrants ou outros valores que são adquiridos direta ou indiretamente de uma empresa pública ou privada ou de um afiliado da empresa (por exemplo, um presente), em uma transação que não está registrada pela SEC, também conhecido como oferta privada. Por exemplo, as ações restritas podem ser adquiridas através de fusões corporativas, exercício de opções de compra de ações, como ações bonificadas ou como compensação por serviços prestados, mas não por meio de oferta pública. Os valores mobiliários restritos são ações, warrants ou outros títulos adquiridos direta ou indiretamente de uma empresa pública ou privada ou de uma afiliada da empresa (por exemplo, um presente), em uma transação que não seja registrada pela SEC, também conhecida como uma oferta privada. Por exemplo, as ações restritas podem ser adquiridas através de fusões corporativas, exercício de opções de compra de ações, como ações bonificadas ou como compensação por serviços prestados, mas não por meio de oferta pública. Os títulos restritos não estão registrados na SEC e geralmente podem ser identificados por uma legenda sobre o certificado de estoque que restringe o modo de venda. A venda das ações dependerá de como e quando os títulos foram adquiridos. Às vezes, existe uma restrição contratual, como um acordo de bloqueio, que ainda restringe a revenda do estoque.
Prêmio de estoque restrito Um Prêmio de estoque restrito é uma concessão de ações de um empregador para um empregado em que os direitos do empregado para as ações são limitados até que as ações "coletem" e deixem de estar sujeitas às restrições. Normalmente, o empregado não pode vender ou transferir as ações de ações até que eles virem - freqüentemente um período de tempo definido - e perde o estoque se o emprego do empregado terminar antes do estoque.
Questões temperadas Isso se refere a ações que foram negociadas por um período de tempo e durante esse período ganharam reputação de qualidade com o público investidor e experimentam volumes comerciais constantes nos mercados de ações.
Liquidação Refere-se ao ponto em que um corretor paga os valores mobiliários comprados por um investidor ou recebe o pagamento do investidor que trouxe os valores mobiliários.
Proveitos de ações Este é o número de ações que você possui após uma ordem para exercer e manter opções de ações executadas e após o custo de exercício, comissões, taxas e quaisquer impostos devidos como resultado da ordem foram deduzidos.
Ações Esta é uma representação de propriedade em uma empresa ou fundo mútuo através de ações de um investimento comprado ou opções de ações que foram exercidas. No histórico de contas, este é o número de ações que foram trazidas ou vendidas quando uma transação foi executada.
Os títulos de estoque registrados (S-3 ou S-8) da prateleira podem ser registrados em uma declaração de registro de & ldquo; prateleira de registro & rdquo; com a SEC. O registro é limitado ao valor das ações que deverão ser vendidas dentro de um prazo razoável após a data inicial do registro. Os títulos registados da prateleira serão cobertos por um prospecto que deve ser entregue no momento da venda. A empresa deve estar atualizada em todos os registros SEC necessários para manter o registro da prateleira atual.
Opção de compra de ações Um direito contratual que uma corporação concede a um indivíduo para que ele / ela possa comprar um número específico de ações de ações a um preço especificado por um período de tempo especificado. Em geral, existem dois tipos de opções de compra de ações, opções de ações de incentivo (ISO) e opções de estoque não qualificadas (NSO).
Plano de opção de compra de ações Um documento contratual entre o empregador e o empregado que estabelece os direitos e obrigações do titular de um plano de opção de compra de ações.
Nome e símbolo completo do estoque O símbolo de troca ou troca utilizado para identificar o estoque e o nome da empresa do estoque.
Swap de ações Esta é uma forma de exercício de opção de compra de ações em que você exerce sua opção de adquirir ações de ações da sua empresa trocando ações de uma ação que você possui atualmente em vez de dinheiro para pagar o custo de exercício.
Fechar de hoje Esta é uma das opções de valor de mercado justo que é exibida na tela Entrada de pedido de exercício para um exercício e manter a ordem. Esse valor significa que seu plano de opção de compra de ações usa o preço do estoque no fechamento do mercado no dia em que a sua ordem de exercício de ações executa para calcular o: Ganho tributável Impostos retidos na fonte para opções de ações não qualificadas Imposto mínimo alternativo (AMT) para estoque de incentivo opções.
Opções de estoque total em aberto O número total de opções de compra de ações, incluindo opções de ações que são adquiridas e não realizadas, que você atualmente possui. Este é o número de opções de compra de ações que você recebeu menos o número de opções de ações anteriormente exercidas e as opções de ações que foram canceladas.
Total de opções de ações vendidas / exercitáveis Isso refere-se ao número total de opções de ações em todas as suas bolsas de opções de ações para as quais você tem o direito de propriedade e que são elegíveis para o exercício.
Under Water Uma opção de compra de ações para a qual o preço de outorga da opção de compra de ações é superior ao preço de mercado atual do estoque subjacente.
Valores de segurança subjacentes que devem ser entregues se as opções de estoque forem executadas.
Opções de estoque não exercidas Refere-se a uma opção de compra de ações que tenha sido adquirida, mas ainda não exercida.
Conta de opções de ações não exercidas Esta é uma conta de serviços de plano de opções de ações contendo informações sobre todas as concessões de opções de ações. Esses subsídios incluem aqueles que não são vendidos e que são adquiridos.
Opções de ações remanescentes Esta é uma estimativa do número de opções de ações daqueles originalmente concedidos que não foram mantidos o tempo suficiente para você ter direito de propriedade e que ainda não estão disponíveis para exercícios.
Vested Para concessões de opção de estoque, isso se refere a quando você ganhou o direito de propriedade e as opções de ações são elegíveis para exercícios.
Opções de ações adquiridas / exercitáveis Esta é uma estimativa do número de opções de ações daqueles originalmente concedidos que foram mantidos o tempo suficiente para você ter direito de propriedade e estar disponível para exercícios.
Opções de ações adquiridas Isso se refere a opções de compra de ações para as quais você ganhou o direito de propriedade e que são elegíveis para o exercício.
Vesting Para concessões de opção de estoque, este é o processo pelo qual as opções de compra de ações se tornam exercíveis, geralmente através da passagem do tempo. As opções de compra de ações são consideradas adquiridas quando você tem o direito de propriedade e você pode exercer as opções de ações em qualquer momento antes de expirar.
Data de aquisição Isto refere-se à data em que as suas opções de compra são adquiridas. A partir desta data até as opções de compra de ações expirar, você pode exercer as opções de compra de ações.
Calendário de aquisição Este é um cronograma de datas em que um número específico de opções de ações outorgadas como parte de uma outorga de opção de compra de ações é adquirida. O cronograma de aquisição de opções de ações é definido no contrato de subscrição que você assina quando aceita uma concessão de opções de compra de ações. Por exemplo, se você recebeu 1000 opções de compra de ações em 1º de fevereiro de 2000. O cronograma de aquisição pode indicar que 200 das opções sobre ações serão adquiridas em 1º de fevereiro de 2004, outras 200 opções de ações serão adquiridas em 1º de fevereiro de 2005, outra 200 em 1 de fevereiro de 2006, etc.
Opção de compra de ações.
O que é uma "opção de estoque"
Uma opção de estoque é um privilégio, vendido por uma parte para outra, que dá ao comprador o direito, mas não a obrigação, de comprar ou vender uma ação a um preço acordado dentro de um determinado período de tempo. As opções americanas, que compõem a maioria das opções de ações negociadas em bolsa, podem ser exercidas a qualquer momento entre a data de compra e a data de validade da opção. Por outro lado, as opções europeias, também conhecidas como "opções de compartilhamento" no Reino Unido, são ligeiramente menos comuns e só podem ser resgatadas no prazo de validade.
BREAKING DOWN 'Opção de compra de ações'
O contrato de opção de compra de ações é entre duas partes consentâneas, e as opções normalmente representam 100 ações de uma ação subjacente.
Opções de colocação e chamada.
Uma opção de estoque é considerada uma chamada quando um comprador entra em um contrato para comprar uma ação a um preço específico em uma data específica. Uma opção é considerada uma colocação quando a opção comprador emitir um contrato para vender uma ação a um preço acordado em ou antes de uma data específica.
A idéia é que o comprador de uma opção de compra acredita que o estoque subjacente aumentará, enquanto o vendedor da opção pensa de outra forma. O titular da opção tem o benefício de comprar o estoque com desconto de seu valor de mercado atual se o preço das ações aumentar antes do vencimento. Se, no entanto, o comprador acredita que uma ação declinará em valor, ele entrará em um contrato de opção de venda que lhe dará o direito de vender as ações em uma data futura. Se o estoque subjacente perder o valor antes do vencimento, o detentor da opção pode vendê-lo por um prêmio do valor de mercado atual.
O preço de exercício de uma opção é o que determina se é ou não valioso. O preço de exercício é o preço predeterminado no qual o estoque subjacente pode ser comprado ou vendido. Os titulares de opções de chamadas obtêm lucros quando o preço de exercício é inferior ao valor de mercado atual. Coloque o lucro dos titulares das opções quando o preço de exercício for maior do que o valor de mercado atual.
Opções de ações do empregado.
As opções de estoque de empregados são semelhantes às opções de chamada ou colocação, com algumas diferenças importantes. As opções de compra de ações do empregado normalmente são adquiridas ao invés de ter um prazo especificado até o vencimento. Isso significa que um funcionário deve permanecer empregado por um período de tempo definido antes de ganhar o direito de comprar suas opções. Existe também um preço de subvenção que substitui o preço de exercício, que representa o valor de mercado atual no momento em que o empregado recebe as opções.
Glossário de opções de estoque
Bem-vindo ao glossário do mercado de ações da Firstrade. Faça toda a pesquisa que você deseja. Utilize este glossário para procurar qualquer termo financeiro.
Para não exercer ou vender uma opção. Um investidor geralmente escolhe o abandono quando a opção está fora do dinheiro na data de validade.
O preço atual acima do valor nominal. Isso geralmente ocorre quando o cupom pago na obrigação é maior do que a taxa de juros de mercado para títulos similares. Se o investidor comprou o vínculo acima do par, ele sofrerá uma perda de capital no vencimento do vínculo, uma vez que só será resgatado pelo valor nominal.
A responsabilidade atual da empresa é de propriedade dos credores por bens e serviços obtidos no curso normal dos negócios.
Ativos circulantes devidos à empresa por serviços ou bens vendidos a crédito.
A diferença entre o valor nominal de uma garantia de cupão zero e seu preço de compra original. Também conhecido como desconto de emissão original.
Uma obrigação que é vendida com um desconto profundo ao seu valor nominal e não paga nenhum cupons. As obrigações de acumulação tendem a ser ilíquidas e muito sensíveis às mudanças nas taxas de juros. Embora não haja fluxo de caixa real, os juros imputados sobre um título de acumulação são tributáveis à medida que se acumulam de acordo com as leis tributárias dos EUA.
O montante do interesse que o comprador deve ao vendedor em transações de títulos de renda fixa, como a maioria dos títulos e notas.
Um título vendido a um preço inferior ao seu valor nominal e pode ser resgatado pelo seu valor nominal quando amadurecido. Também chamado de desconto.
O ato de adquirir o controle de outra corporação, seja por compra de ações ou troca. Isso pode ser alcançado através de meios hostis ou amigáveis.
A supervisão constante das participações de uma carteira para maximizar os ganhos. A gestão ativa por gestores de fundos é um dos benefícios de um fundo mútuo.
O endereço da sede da empresa, conforme previsto nos últimos registros da SEC.
Estratégias de opções complexas. Veja Ordem de Propagação, Straddle, Strangle, Compra / Gravação, Vender / Escrever e Desembaraçar.
A empresa principal responsável pela operação diária de um fundo.
Os títulos de compra e venda quando os principais mercados estão fechados. A negociação pós-horário já foi um privilégio de investidores institucionais, os investidores individuais podem agora participar. As ações são negociadas após horas em ECNs, que combinam compradores e vendedores com um sistema de computador para executar negócios.
Mercados em que um investidor adquire uma garantia de outros investidores e não o emissor, após a emissão original no mercado primário. Também chamado de mercado secundário.
As contas, notas e títulos emitidos pelas agências do governo federal.
Fundos mútuos que se concentram em ações de pequenas empresas, o alto nível de risco do fundo é justificado pelo potencial de ganhos acelerados.
O tipo de ordem que instrui a execução de toda a quantidade da ordem ao preço indicado (ou melhor), ou nada disso. Isso evita pedidos parcialmente preenchidos. A diferença entre All-or-None e Fill-or-Kill é que a ordem AON é deixada aberta se toda a quantidade da ordem não puder ser preenchida, enquanto a ordem FOK será cancelada.
A medida do retorno ajustado ao risco de um fundo. O Alpha é derivado comparando os retornos reais do fundo e os retornos esperados, conforme determinado pelo seu nível de risco (beta). Um alfa positivo indica que o fundo melhorou do que o esperado, enquanto um alfa negativo indica que o fundo apresentou desempenho inferior.
American Depositary Receipt (ADR)
Os certificados negociáveis detidos em um banco dos E. U.A. que representam ações de uma ação estrangeira negociada em bolsa de valores dos EUA.
American Depositary Share (ADS)
As ações emitidas ao abrigo de um acordo ADR, que é efetivamente negociado.
Bolsa de Valores da América (AMEX)
Um grande estoque e troca de opções localizado no 86 Trinity Place, Nova York.
Um contrato de opção que pode ser exercido a qualquer momento entre a data de compra e o vencimento. A maioria das opções negociadas em bolsa são de estilo americano.
A eliminação gradual de um passivo, em pagamentos regulares durante um determinado período de tempo. Esses pagamentos devem ser suficientes para cobrir principal e interesse.
O custo total de um empréstimo por ano, incluindo taxas de juros e a maioria ou todas as taxas.
Rendimento percentual anual (APY)
A renda total que um investimento ganha por ano. O APY geralmente representa o lucro total de uma conta de caixa, como um fundo do mercado monetário ou uma conta de poupança, ou faz parte dos retornos de ações e títulos, que também podem experimentar o crescimento do capital.
O relatório auditado dos resultados e operações financeiras de finanças do ano de uma empresa foi arquivado anualmente com a SEC. O relatório contém informações sobre a situação financeira da empresa, passivos legais e planos futuros. Os acionistas podem obter uma cópia gratuita do Relatório Anual da corporação.
Um relatório que fornece uma visão geral do desempenho e das operações de um fundo. A SEC exige fundos para distribuir o relatório aos acionistas pelo menos semestralmente.
O retorno de um investimento durante um determinado número de anos, calculado como o que um investidor teria recebido a cada ano se o retorno cumulativo fosse distribuído uniformemente ao longo de cada ano dentro do prazo especificado.
Tipos de fundos que investem em ações cujo valor deverá aumentar significativamente.
Lucrando com diferenças no preço de uma garantia que é negociada em vários mercados.
Índice de armas - TRIND INdex (TRIN)
A market indicator used in technical analysis, calculated as follows: Arms Index = ((# of advancing issues / # of declining issues) / (Total up volume / Total down volume)). A value of less than 1 is considered bullish, greater than 1 bearish.
The overdue interest or dividends of a bond or preferred share.
A fund that targets primarily the stocks of companies located in Asia. These funds appeal to investors who are bullish on the potential of Asian companies, and want to capitalize on that growth.
An option whose payoff depends on the average value of an underlying security over a specified period.
The lowest round lot price at which a broker will sell a security.
Also known as the offering price, the ask price is the price at which a mutual fund's shares can be bought. The ask price is calculated by adding a fund's current net asset value per share to its sales charges, if any.
O recebimento de um aviso de exercício por um escritor de opções que exige que ele venda (no caso de uma chamada) ou compre (no caso de uma venda) o título subjacente ao preço de exercício especificado.
Municipal bond used for specific projects, to be repaid using tax proceeds collected from those who benefit from the project. Also called special-purpose bond.
Funds that seek to provide an optimal mix of stocks, bonds and cash at any given time.
Uma opção é em dinheiro se o preço de exercício da opção for igual ao preço de mercado do título subjacente. For example, if a company's stock is trading at $68, then the company's $68 option is at-the-money.
The issuance of new Treasury bills, notes, and bonds at stated intervals by the Federal Reserve.
A market where buyers and sellers enter bids and offers simultaneously, such as the New York Stock Exchange.
A shareholder service that allows the periodic transfer of a preset amount from the shareholder's bank account his or her mutual fund account.
Also known as an index, it is the mathematical calculation that indicates the value of a group of securities. Some of the most famous averages include the Dow Jones Industrial Average (DJI), Standard & Poor's (S&P) 500, and the New York Stock Exchange Composite.
An estimate of the time to maturity for a pool of mortgage-backed securities.
The average time to maturity of securities held by a mutual fund. Changes in interest rates have greater impact on funds with a longer average life.
Average volume is calculated by dividing the total volume for the previous three months by the number of trading days in the period. Compare this number to the daily volume to see if interest in the security has increased or decreased.
On a limit order, a buy order which is lower than the current market price, or a sell order which is higher than the current market price. These orders are held to be executed later, unless they are of the fill-or-kill type.
Options Glossary.
Ajustamentos.
A change to contract terms due to a corporate action (e. g., a merger or stock split). Depending on the corporate action, different contract terms (including strike price, deliverable, expiration date, multiplier etc.) could be adjusted. An adjusted option may cover more or less than the usual 100 shares. For example, after a 3-for-2 stock split, the adjusted option will represent 150 shares. For such options, the premium must be multiplied by a corresponding factor. Example: buying 1 call (covering 150 shares) at 4 would cost $600.
All-or-none order (AON)
A type of option order which requires that the order be executed completely or not at all. An AON order may be either a day order or a GTC (good-‘til-cancelled) order.
American-style option.
An option that can be exercised at any time prior to its expiration date. See also European-style option.
A trading technique that involves the simultaneous purchase and sale of identical assets or equivalent assets in two different markets with the intent of profiting by the price discrepancy.
Ask / Ask price.
The price at which a seller is offering to sell an option or a stock. See also Assignment.
Assigned (an exercise)
Received notification of an assignment by OCC. See also Assignment.
Tarefa.
Notification by OCC to a clearing member that an owner of an option has exercised their rights. For equity and index options, OCC makes assignments on a random basis. See also Delivery and Exercise.
At-the-money / At-the-money option.
A term that describes an option with a strike price that is equal to the current market price of the underlying stock.
Avançando.
Buying more of a stock or an option at a lower price than the original purchase to reduce the average cost.
Backspread.
A Delta-neutral spread composed of more long options than short options on the same underlying instrument. This position generally profits from a large movement in either direction in the underlying instrument.
Cboe Bats BZX Options Exchange.
Bear (or bearish) spread.
One of a variety of strategies involving two or more options (or options combined with a position in the underlying stock) that can potentially profit from a fall in the price of the underlying stock.
Bear spread (call)
The simultaneous writing of one call option with a lower strike price and the purchase of another call option with a higher strike price. Example: writing 1 XYZ May 60 call and buying 1 XYZ May 65 call.
Bear spread (put)
The simultaneous purchase of one put option with a higher strike price and the writing of another put option with a lower strike price. Example: buying 1 XYZ May 60 put and writing 1 XYZ May 55 put.
An adjective describing the opinion that a stock, or a market in general, will decline in price; a negative or pessimistic outlook.
A measure of how closely the movement of an individual stock tracks the movement of the entire stock market.
Bid / Bid Price.
The price at which a buyer is willing to buy an option or a stock.
Black-Scholes formula.
The first widely used model for option pricing. This formula is used to calculate a theoretical value for an option using current stock prices, expected dividends, the option's strike price, expected interest rates, time to expiration and expected stock volatility. While the Black-Scholes model does not perfectly describe real-world options markets, it is often used in the valuation and trading of options.
BOX Options Exchange.
Box spread.
A four-sided option spread that involves a long call and a short put at one strike price in addition to a short call and a long put at another strike price. Example: buying 1 XYZ May 60 call and writing 1 XYZ May 65 call; simultaneously buying 1 XYZ May 65 put and writing 1 May 60 put.
Break-even point(s)
The stock price(s) at which an option strategy results in neither a profit nor a loss. While a strategy's break-even point(s) are normally stated as of the option's expiration date, a theoretical option pricing model can be used to determine the strategy's break-even point(s) for other dates as well.
A person acting as an agent for making securities transactions. An account executive or a broker at a brokerage firm who deals directly with customers. A floor broker on the trading floor of an exchange actually executes someone else's trading orders.
Bull (or bullish) spread.
One of a variety of strategies involving two or more options (or options combined with an underlying stock position) that may potentially profit from a rise in the price of the underlying stock.
Bull spread (call)
The simultaneous purchase of one call option with a lower strike price and the writing of another call option with a higher strike price. Example: buying 1 XYZ May 60 call and writing 1 XYZ May 65 call.
Bull spread (put)
The simultaneous writing of one put option with a higher strike price and the purchase of another put option with a lower strike price. Example: writing 1 XYZ May 60 put, and buying 1 XYZ May 55 put.
An adjective describing the opinion that a stock, or the market in general, will rise in price; a positive or optimistic outlook.
Butterfly spread.
A strategy involving three strike prices with both limited risk and limited profit potential. Establish a long call butterfly by buying one call at the lowest strike price, writing two calls at the middle strike price and buying one call at the highest strike price. Establish a long put butterfly by buying one put at the highest strike price, writing two puts at the middle strike price and buying one put at the lowest strike price. For example, a long call butterfly might include buying 1 XYZ May 55 call, writing 2 XYZ May 60 calls and buying 1 XYZ May 65 call.
A covered call position that includes a stock purchase and an equivalent number of calls written at the same time. This position may be a combined order with both sides (buying stock and writing calls) executed simultaneously. Example: buying 500 shares XYZ stock and writing 5 XYZ May 60 calls. See also Covered call / Covered call writing.
Cboe C2 Options Exchange.
Calendário espalhado.
An option strategy that generally involves the purchase of a longer-termed option(s) (call or put) and the writing of an equal number of nearer-termed option(s) of the same type and strike price. Example: buying 1 XYZ May 60 call (far-term portion of the spread) and writing 1 XYZ March 60 call (near-term portion of the spread). See also Horizontal spread.
Opção de chamada.
An option contract that gives the owner the right but not the obligation to buy the underlying security at a specified price (its strike price) for a certain, fixed period (until its expiration). For the writer of a call option, the contract represents an obligation to sell the underlying product if the option is assigned.
Carry / Carrying cost.
The interest expense on money borrowed to finance a securities position.
Cash settlement amount.
The difference between the exercise price of the option being exercised and the exercise settlement value of the index on the day the index option is exercised. See also Exercise settlement amount.
Cboe Board Options Exchange.
Class of options.
A term referring to all options of the same type (either calls or puts) covering the same underlying stock.
Close / Closing transaction.
A reduction or an elimination of an open position by the appropriate offsetting purchase or sale. A selling transaction closes an existing long option position. A purchase transaction closes an existing short option position. This transaction reduces the open interest for the specific option involved.
Preço final.
The final price of a security at which a transaction was made. See also Settlement price.
A protective strategy in which a written call and a long put are taken against a previously owned long stock position. The options typically have different strike prices (put strike lower than call strike). Expiration months may or may not be the same. For example, if the investor previously purchased XYZ Corporation at $46 and it rose to $62, the investor could establish a collar involving the purchase of a May 60 put and the writing of a May 65 call to protect some of the unrealized profit in the XYZ Corporation stock position. The investor may also use the reverse (a long call combined with a written put) if he has previously established a short stock position in XYZ Corporation. See also Fence.
Garantia.
Securities against which loans are made. If the value of the securities (relative to the loan) declines to an unacceptable level, this triggers a margin call. As such, the investor is asked to post additional collateral or the securities are sold to repay the loan.
Combinação.
An arrangement of options involving two long, two short, or one long and one short positions. The positions can have different strikes or expiration months. The term combination varies by investor. Example: a long combination might be buying 1 XYZ May 60 call and selling 1 XYZ May 60 put.
Condor spread.
A strategy involving four strike prices with both limited risk and limited profit potential. Establish a long call condor spread by buying one call at the lowest strike, writing one call at the second strike, writing another call at the third strike, and buying one call at the fourth (highest) strike. This spread is also referred to as a flat-top butterfly.
Contingency order.
An order to execute a transaction in one security that depends on the price of another security. An example might be to sell the XYZ May 60 call at $2.00, contingent upon XYZ stock being at or below $59.
Contract size.
The amount of the underlying asset covered by the option contract. This is 100 shares for 1 equity option unless adjusted for a special event. See also Adjustments.
Conversão.
An investment strategy in which a long put and a short call with the same strike price and expiration combine with long stock to lock in a nearly riskless profit. For example, buying 100 shares of XYZ stock, writing 1 XYZ May 60 call and buying 1 XYZ May 60 put at desirable prices. The process of executing these three-sided trades is sometimes called conversion arbitrage. See also Reversal / Reverse conversion.
To close out an open position. This term most often describes the purchase of an option or stock to close out an existing short position for either a profit or loss.
Covered call / Covered call writing.
An option strategy in which a call option is written against an equivalent amount of long stock. Example: writing 2 XYZ May 60 calls while owning 200 shares or more of XYZ stock. See also Buy-write and Overwrite.
Covered combination.
A strategy in which one call and one put with the same expiration, but different strike prices, are written against each 100 shares of the underlying stock. Example: writing 1 XYZ May 60 call and writing 1 XYZ May 55 put, and buying 100 shares of XYZ stock. In actuality, this is not a fully covered strategy because assignment on the short put requires purchase of additional stock.
Opção coberta.
An open short option position completely offset by a corresponding stock or option position. A covered call could be offset by long stock or a long call, while a covered put could be offset by a long put or a short stock position. This insures that if the owner of the option exercises, the writer of the option will not have a problem fulfilling the delivery requirements. See also Uncovered call option writing and Uncovered put option writing.
Covered put / Covered cash-secured put.
The cash-secured put is an option strategy in which a put option is written against a sufficient amount of cash (or Treasury bills) to pay for the stock purchase if the short option is assigned.
Covered straddle.
An option strategy in which one call and one put with the same strike price and expiration are written against each 100 shares of the underlying stock. Example: writing 1 XYZ May 60 call and 1 XYZ May 60 put, and buying 100 shares of XYZ stock. In actuality, this is not a fully covered strategy because assignment on the short put requires purchase of additional stock.
Money received in an account either from a deposit or from a transaction that results in increasing the account's cash balance.
Credit spread.
A spread strategy that increases the account's cash balance when established. A bull spread with puts and a bear spread with calls are examples of credit spreads.
A measure of the rate of change in an option's Delta for a one-unit change in the price of the underlying stock. See also Delta.
The expiration dates applicable to the different series of options. Traditionally, there were three cycles:
Today, most equity options expire on a hybrid cycle, which involves four option series: the two nearest-term calendar months and the next two months from the traditional cycle to which that class of options has been assigned. For example, on January 1, a stock in the January cycle will be trading options expiring in these months: January, February, April and July. After the January expiration, the months outstanding will be February, March, April and July.
A type of option order that instructs the broker to cancel any unfilled portion of the order at the close of trading on the day the order was first entered.
A position (stock or option) that is opened and closed on the same day.
Money paid out from an account from either a withdrawal or a transaction that results in decreasing the cash balance.
Distribuição de débito.
A spread strategy that decreases the account's cash balance when established. A bull spread with calls and a bear spread with puts are examples of debit spreads.
A term used to describe how the theoretical value of an option erodes or declines with the passage of time. Time decay is specifically quantified by Theta.
The process of meeting the terms of a written option contract when notification of assignment has been received. In the case of a short equity call, the writer must deliver stock and in return receives cash for the stock sold. In the case of a short equity put, the writer pays cash and in return receives the stock.
A measure of the rate of change in an option's theoretical value for a one-unit change in the price of the underlying stock.
Derivative / Derivative security.
A financial security whose value is determined in part from the value and characteristics of another security known as the underlying security.
Diagonal spread.
A strategy involving the simultaneous purchase and writing of two options of the same type that have different strike prices and different expiration dates. Example: buying 1 May 60 call and writing 1 March 65 call.
An adjective used to describe an option that is trading at a price less than its intrinsic value (i. e., trading below parity).
Discretion.
Freedom given by an investor to his or her account executive to use judgment regarding the execution of an order. Discretion can be limited, as in the case of a limit order that gives the floor broker price flexibility beyond the stated limit price to use his or her judgment in executing the order. Discretion can also be unlimited, as in the case of a market-not-held order.
Early exercise.
A feature of American-style options that allows the owner to exercise an option at any time prior to expiration.
Troca de opções CBEE EDGX.
In a margin account, equity is the difference between the securities owned and the margin loans owed. The investor keeps this amount after all positions are closed and all margin loans paid off.
Equity option.
An option on shares of an individual common stock or exchange traded fund.
Equivalent strategy.
A strategy that has the same risk-reward profile as another strategy. For example, a long May 60-65 call vertical spread is equivalent to a short May 60-65 put vertical spread. See also Synthetic position.
European-style option.
An option that can be exercised only during a specified period just prior to expiration. See also American-style option.
Ex-date / Ex-dividend date.
The day before the date that an investor must have purchased the stock in order to receive the dividend. On the ex-dividend date, the previous day's closing price is reduced by the amount of the dividend because purchasers of the stock on the ex-dividend date will not receive the dividend payment. This date is sometimes referred to simply as the ex-date, and can apply to other situations (e. g., splits and distributions). If you purchase a stock on the ex-date for a split or distribution, you are not entitled to the split stock or that distribution. However, the opening price for the stock will have been reduced by an appropriate amount, as on the ex-dividend date. Weekly financial publications, such as Barron's, often include a stock's upcoming ex-date as part of their stock tables.
Exchange traded funds (ETFs)
Exchange traded funds (ETFs) are index funds or trusts listed on an exchange and traded in a similar fashion as a single equity. The first ETF came about in 1993 with the AMEX's concept of a tradable basket of stocks — Standard & Poor's Depositary Receipt (SPDR). Today, the number of ETFs that trade options continues to grow and diversify. Investors can buy or sell shares in the collective performance of an entire stock portfolio (or a bond portfolio) as a single security. Exchange traded funds allow investors to enjoy some of the more favorable features of stock trading, such as liquidity and ease of equity style, in an environment of more traditional index investing.
To invoke the rights granted to the owner of an option contract. In the case of a call, the option owner buys the underlying stock. In the case of a put, the option owner sells the underlying stock.
Exercise by exception processing.
A procedure used by OCC as an operational convenience for clearing members. Under these proceedings, OCC assumes a clearing member tendered exercise notices for options that are in-the-money by threshold amounts, unless specifically instructed not to do so. This procedure protects the owner from losing the intrinsic value of the option because of failure to exercise. Unless instructed not to do so, all expiring equity options held in customer accounts are exercised if they are in-the-money by a specified amount.
Preço do exercício.
The price that the owner of an option can purchase (call) or sell (put) the underlying stock. Used interchangeably with strike or strike price.
Exercise settlement amount.
The difference between the exercise price of the option being exercised and the exercise settlement value of the index on the day the index option is exercised.
Expiration cycle.
The expiration dates applicable to the different series of options. Traditionally, there were three cycles:
Today, equity options expire on a hybrid cycle that involves four option series: the two nearest-term calendar months and the next two months from the traditional cycle to which that class of options has been assigned. For example, on January 1, a stock in the January cycle will be trading options expiring in these months: January, February, April and July. After the January expiration, the months outstanding will be February, March, April and July.
Data de validade.
The date that an option and the right to exercise it cease to exist.
Expiration Friday.
The last business day prior to the option's expiration date during which purchases and sales of options can be made. For equity options, this is generally the third Friday of the expiration month. If the third Friday of the month is an exchange holiday, the last trading day is the Thursday immediately preceding the third Friday.
Expiration month.
The month that the expiration date occurs.
A protective strategy in which a written call and a long put are added to a previously owned long stock position, also referred to as a collar. The options may have the same strike price or different strike prices. The expiration months may or may not be the same. For example, if the investor previously purchased XYZ Corporation at $46 and it rose to $62, an investor could establish a collar involving the purchase of a May 60 put and the writing of a May 65 call as a way of protecting some of the unrealized profit in the XYZ Corporation stock position. An investor might also use the reverse (a long call combined with a written put) if he has previously established a short stock position in XYZ Corporation.
Fill-or-kill order (FOK)
A type of option order that requires that the order be executed completely or not at all. A fill-or-kill order is similar to an all-or-none (AON) order. The difference is that if the order cannot be completely executed (i. e., filled in its entirety) as soon as it is announced in the trading crowd, it is killed (cancelled) immediately. Unlike an AON order, an FOK order cannot be used as part of a good-‘til-cancelled order.
FINRA (Financial Industry Regulatory Authority)
The largest independent regulator for all securities firms doing business in the United States.
Floor broker.
A trader on an exchange floor who executes trading orders for other people.
Floor trader.
An exchange member on the trading floor who buys and sells for their own account.
Analise fundamental.
A method of predicting stock prices based on the study of earnings, sales, dividends, and so on.
Fungibility.
Interchangeability resulting from standardization. Options listed on national exchanges are fungible, while over-the-counter options generally are not. Classes of options listed and traded on more than one national exchange are referred to as multiple-listed/multiple-traded options.
A measure of the rate of change in an option's Delta for a one-unit change in the price of the underlying stock. See also Delta.
Nasdaq GEMX, LLC.
Good-'til-cancelled (GTC) order.
A type of limit order that remains in effect until it is either executed (filled) or cancelled. This is unlike a day order, which expires if not executed by the end of the trading day. If not executed, a GTC option order is automatically cancelled at the option's expiration.
Hedge / Hedged position.
A position established with the specific intent of protecting an existing position. For example, an owner of common stock may buy a put option to hedge against a possible stock price decline.
Historic volatility.
A measure of actual stock price changes over a specific period. See also Standard deviation.
Any person who has made an opening purchase transaction, call or put, and has that position in a brokerage account.
Horizontal spread.
An option strategy that generally involves the purchase of a farther-term option (call or put) and the writing of an equal number of nearer-term options of the same type and strike price. Example: buying 1 XYZ May 60 call (far-term portion of the spread) and writing 1 XYZ March 60 call (near-term portion of the spread). See also Calendar spread.
Immediate-or-cancel order (IOC)
A type of option order that gives the trading crowd one opportunity to take the other side of the trade. After announcement, the order is either partially or totally filled with any remaining balance immediately cancelled. An IOC order, considered a type of day order, cannot be used as part of a good-‘til-cancelled order since it is cancelled shortly after being entered. The difference between fill-or-kill (FOK) orders and IOC orders is that an IOC order may be partially executed.
Implied volatility.
The volatility percentage that produces the best fit for all underlying option prices on that underlying stock. See also Individual volatility.
In-the-money / In-the-money option.
A term used to describe an option with intrinsic value. For standard options, a call option is in-the-money if the stock price is above the strike price. A put option is in-the-money if the stock price is below the strike price.
A compilation of several stock prices into a single number. Example: the S&P 100 Index.
Index option.
An option whose underlying interest is an index. Generally, index options are cash-settled.
Individual volatility.
The volatility percentage that justifies an option's price, as opposed to historic volatility or implied volatility. A theoretical pricing model can be used to generate an option's individual volatility when the five remaining quantifiable factors (stock price, time until expiration, strike price, interest rates and cash dividends) are entered along with the price of the option itself.
Instituição.
A professional investment management company. Typically, this term describes money managers such as banks, pension funds, mutual funds and insurance companies.
Valor intrínseco.
The in-the-money portion of an option's premium. See also In-the-money.
Mariposa de ferro.
An option strategy with limited risk and limited profit potential that involves both a long (or short) straddle, and a short (or long) strangle. An iron butterfly contains four options. It is equivalent to a regular butterfly spread that contains only three options. For example, a short iron butterfly might include buying 1 XYZ May 60 call and 1 May 60 put, and writing 1 XYZ May 65 call and writing 1 XYZ May 55 put.
ISE Gemini.
Nasdaq GEMX, LLC.
No J Options Glossary Items.
There are currently no glossary items for this letter.
A measure of the rate of change in an option's theoretical value for a one-unit change in the volatility assumption.
A measure of leverage. The expected percentage change in the value of an option for a 1% change in the value of the underlying product.
Último dia de negociação.
The last business day before the option's expiration date during which purchases and sales of options can be made. For equity options, this is generally the third Friday of the expiration month. If the third Friday of the month is an exchange holiday, the last trading day is the Thursday immediately preceding the third Friday.
LEAPS® (Long-term Equity AnticiPation Securities) / Long-dated options.
Calls and puts with an expiration of over nine months when listed. Currently, equity LEAPS have two series at any time with a January expiration.
A term describing one side of a position with two or more sides. When a trader legs into a spread, they establish one side first, hoping for a favorable price movement in order to execute the other side at a better price. This is a higher-risk method of establishing a spread position.
A term describing the greater percentage of profit or loss potential when a given amount of money controls a security with a much larger face value. For example, a call option enables the owner to assume the upside potential of 100 shares of stock by investing a much smaller amount than that required to buy the stock. If the stock increases by 10%, for example, the option might double in value. Conversely, a 10% stock price decline might result in the total loss of the purchase price of the option.
Ordem limite.
A trading order placed with a broker to buy or sell stock or options at a specific price.
Liquidity / Liquid market.
Trading environments characterized by high trading volume, a narrow spread between the bid and ask prices, and the ability to trade larger sized orders without significant price changes.
Listed option.
A put or call traded on a national options exchange. In contrast, over-the-counter options usually have non-standard or negotiated terms.
Long option position.
The position of an option purchaser (owner) which represents the right to either buy stock (in the case of a call) or to sell stock (in the case of a put) at a specified price (strike price) at or before some date in the future (the expiration date). This position results from an opening purchase transaction (long call or long put).
Long stock position.
A position in which an investor has purchased and owns stock.
Margin / Margin requirement.
The minimum equity required to support an investment position. To buy on margin refers to borrowing part of the purchase price of a security from a brokerage firm.
Mark-to-market.
An accounting process by which the price of securities held in an account are valued each day to reflect the closing price or closing market quotes. As a result, the equity in an account is updated daily to reflect current security prices properly.
Ordem de mercado.
A trading order placed with a broker to immediately buy or sell a stock or option at the best available price.
Market quote.
Quotations of the current best bid/ask prices for an option or stock in the marketplace (an exchange trading floor). The investor usually obtains this information from a brokerage firm. However, for listed options and stocks, these quotes are widely disseminated and available through various commercial quotation services.
Criador de mercado.
An exchange member on the trading floor who buys and sells options for their own account and who has the responsibility of making bids and offers and maintaining a fair and orderly market. See also Specialist / specialist group / specialist system.
Market maker system (competing)
A method of supplying liquidity in options markets by having market makers in competition with one another. As an alternative to a specialist system, they are also responsible for making fair and orderly markets in a given class of options.
Market-not-held order.
A type of market order that allows the investor to give discretion to the floor broker regarding the price and/or time of trade execution.
Market-on-close order (MOC)
A type of option order that requires that an order be executed at or near the close of trading on the day the order is entered.
Married put strategy.
The simultaneous purchase of stock and put options representing an equivalent number of shares. This is a limited risk strategy during the life of the puts because the stock can always be sold for at least the strike price of the purchased puts.
Miami Options Exchange.
A mathematical formula used to calculate the theoretical value of an option. See also Black-Scholes formula.
Multiple-listed / multiple-traded option.
Any option contract listed and traded on more than one national options exchange. See also Fungibility.
Naked or uncovered option.
A short option position that is not fully collateralized if notification of assignment is received. A short call position is uncovered if the writer does not have a long stock or deeper-in-the-money long call position. A short put position is uncovered if the writer is not short stock or long another deeper-in-the-money put.
A national securities exchange (Operated by Nasdaq OMX).
Net credit.
Money received in an account either from a deposit or a transaction that results in increasing the account's cash balance.
Money paid from an account either from a withdrawal or a transaction that results in decreasing the cash balance.
An adjective describing the belief that a stock or the market in general will neither rise nor decline significantly.
Neutral strategy.
An option strategy (Or stock and option position) expected to benefit from a neutral market outcome.
Ninety-ten (90/10) strategy.
A conservative option strategy in which an investor buys Treasury bills (or other liquid assets) with 90% of their funds, and buys call options (or put options or a mixture of both) with the balance. The proportions of this strategy are subject to change based on prevailing interest rates.
Non-equity option.
Any option that does not have common stock as the underlying asset. Non-equity options include options on futures, indexes, foreign currencies, Treasury security yields, etc.
Not-held order.
A type of order that releases normal obligations implied by the other terms of the order. For example, a limit order designated as not-held allows discretion to the floor broker in filling the order when the market trades at the limit price of the order. In this case, there is no obligation to provide the customer with an execution if the market trades through the limit price on the order. See also Discretion and Market-not-held order.
Nasdaq Options Market, LLC.
Nasdaq Options Market.
Nasdaq Options Market.
Nasdaq Options Market.
Nasdaq Options Market.
Please update the optionseducation site to reflect the new name changes on these pages:
From: Christine Stange.
Sent: Wednesday, March 08, 2017 3:08 PM.
Subject: RE: ISE exchanges name changes.
Obrigado pela informação! There were some emails floating around last week on ISE's name change. We'll have some development as well as content work to be done to accommodate the change.
With regards to NASDAQ vs. Nasdaq, the website uses both the exchange's legal name and trading facility names. The approved NASDAQ ones were originally provided to us by Legal back in 2018. We should reach out to Legal to have them revalidate the list. They had last reviewed and certified it in January 2017. I've attached the document that you were referring to in your email. I'm also attaching a spreadsheet where we (in conjunction with Product Development) track the exchange identifiers used on our various systems.
Trading Facility Name & Acronym.
Nasdaq GEMX, LLC.
Nasdaq BX Options.
Nasdaq PHLX LLC.
Nasdaq PHLX LLC.
The Nasdaq Stock Market LLC.
Please update the optionseducation site to reflect the new name changes on these pages:
From: Christine Stange.
Sent: Wednesday, March 08, 2017 3:08 PM.
Subject: RE: ISE exchanges name changes.
Obrigado pela informação! There were some emails floating around last week on ISE's name change. We'll have some development as well as content work to be done to accommodate the change.
With regards to NASDAQ vs. Nasdaq, the website uses both the exchange's legal name and trading facility names. The approved NASDAQ ones were originally provided to us by Legal back in 2018. We should reach out to Legal to have them revalidate the list. They had last reviewed and certified it in January 2017. I've attached the document that you were referring to in your email. I'm also attaching a spreadsheet where we (in conjunction with Product Development) track the exchange identifiers used on our various systems.
Trading Facility Name & Acronym.
Nasdaq GEMX, LLC.
Nasdaq BX Options.
Nasdaq PHLX LLC.
Nasdaq PHLX LLC.
The Nasdaq Stock Market LLC.
A national securities exchange (Operated by NYSE Euronext).
NYSE American Options.
Opções da NYSE Arca.
Offer / Offer price.
The price at which a seller is offering to sell an option or a stock. Also known as ask or ask price.
One-cancels-other order (OCO)
A type of option order that treats two or more option orders as a package, whereby the execution of any one of the orders causes all the orders to be reduced by the same amount. For example, the investor would enter an OCO order if they wished to buy 10 May 60 calls or 10 June 60 calls or any combination of the two which when summed equaled 10 contracts. An OCO order may be a day order or a good-‘til-cancel order.
Interesse aberto.
The total number of outstanding option contracts on a given series or for a given underlying stock.
Protício aberto.
The trading method by which competing market makers and floor brokers representing public orders make bids and offers on the trading floor.
Opening transaction.
An addition to, or creation of, a trading position. An opening purchase transaction adds long options to an investor's total position, and an opening sale transaction adds short options. An opening option transaction increases that option's open interest.
A contract that gives the owner the right, but not the obligation, to buy or sell a particular asset (the underlying stock) at a fixed price (the strike price) for a specific period of time (until expiration) . The contract also obligates the writer to meet the terms of delivery if the owner exercises the contract right.
Option period.
The time from when a buyer or writer of an option creates an option contract to the expiration date; sometimes referred to as an option's lifetime.
Option pricing curve.
A graphical representation of the estimated theoretical value of an option at one point in time, at various prices of the underlying stock.
Option pricing model.
The first widely used model for option pricing was the Black Scholes. This formula can be used to calculate a theoretical value for an option using current stock prices, expected dividends, the option's strike price, expected interest rates, time to expiration and expected stock volatility. While the Black-Scholes model does not perfectly describe real-world options markets, it is still often used in the valuation and trading of options.
Option writer.
The seller of an option contract who is obligated to meet the terms of delivery if the option owner exercises his or her right. This seller has made an opening sale transaction, and has not yet closed that position.
Optionable stock.
A stock on which listed options are traded.
Options Clearing Corporation (OCC)
OCC is the world's largest equity derivatives clearing organization. Founded in 1973, OCC operates under the jurisdiction of both the Securities and Exchange Commission (SEC) as a Registered Clearing Agency and the Commodity Futures Trading Commission (CFTC) as a Derivatives Clearing Organization. OCC provides central counterparty (CCP) clearing and settlement services to 16 exchanges and trading platforms for options, financial futures, security futures and securities lending transactions.
OTC option.
An over-the-counter option is traded in the over-the-counter market. OTC options are not listed on an options exchange and do not have standardized terms. These are to be distinguished from exchange-listed and traded equity options, which are standardized. See also Fungibility.
Out-of-the-money / Out-of-the-money option.
A term used to describe an option that has no intrinsic value. The option’s premium consists entirely of time value. For standard contracts, a call option is out-of-the-money if the stock price is below its strike price. A put option is out-of-the-money if the stock price is above its strike price. See also Intrinsic value and Time value.
Over-the-counter / Over-the-counter market.
A decentralized association of market participants, with many characteristics of an exchange, where trading takes place via an electronic network.
An option strategy involving the writing of call options (wholly or partially) against existing long stock positions. This is different from the buy-write strategy that involves the simultaneous purchase of stock and writing of a call. See also Ratio write.
Any person who has made an opening purchase transaction, call or put, and has that position in a brokerage account.
A term used to describe an option contract's total premium when that premium is the same amount as its intrinsic value. For example, an option is ‘worth parity’ when its theoretical value is equal to its intrinsic value. An option is said to be ‘trading for parity’ when an option is trading for only its intrinsic value. Parity may be measured against the stocks last sale, bid or offer.
Diagrama de pagamento.
A chart of the profits and losses for a particular options strategy prepared in advance of the execution of the strategy. The diagram is a plot of expected profits or losses against the price of the underlying security.
Nasdaq PHLX, LLC.
Physical delivery option.
An option whose underlying entity is a physical good or commodity, like a common stock or a foreign currency. When its owner exercises that option, there is delivery of that physical good or commodity from one brokerage or trading account to another.
The risk to an investor (option writer) that the stock price will exactly equal the strike price at expiration (that option will be exactly at-the-money). The investor will not know how many of their written(short) options will be assigned or whether a last second move in the underlying will leave any long options in - or out-of-the-money. The risk is that on the following Monday the option writer might have an unexpected long (in the case of a written put) or short (in the case of a written call) stock position, and thus be subject to the risk of an adverse price move.
The combined total of an investor's open option contracts (Calls and/or puts) and long or short stock.
Mercado de posição.
An investing strategy in which open positions are held for an extended period.
1. Total price of an option: intrinsic value plus time value.
2. Often (Erroneously) this word is used to mean the same as time value .
Primary market.
For securities traded in more than one market, the primary market is usually the exchange where trading volume in that security is highest.
Profit/loss graph.
A graphical presentation of the profit and loss possibilities of an investment strategy at one point in time (usually option expiration), at various stock prices.
Posicione a opção.
An option contract that gives the owner the right to sell the underlying stock at a specified price (its strike price) for a certain, fixed period (until its expiration). For the writer of a put option, the contract represents an obligation to buy the underlying stock from the option owner if the option is assigned.
No Q Options Glossary Items.
There are currently no glossary items for this letter.
Ratio spread.
A term most commonly used to describe the purchase of an option(s), call or put, and the writing of a greater number of the same type of options that are out-of-the-money with respect to those purchased. All options involved have the same expiration date. For example, buying 5 XYZ May 60 calls and writing 6 XYZ May 65 calls. See also Ratio write.
Ratio write.
An investment strategy in which stock is purchased and call options are written on a greater than one-for-one basis (more calls written than the equivalent number of shares purchased). For example, buying 500 shares of XYZ stock, and writing 6 XYZ May 60 calls. See also Ratio spread.
Ganhos e perdas realizados.
The net amount received or paid when a closing transaction is made and matched with an opening transaction.
Resistência.
A term used in technical analysis to describe a price area at which rising prices are expected to stop or meet increased selling activity. This analysis is based on historic price behavior of the stock.
Reversal / Reverse conversion.
An investment strategy used mostly by professional option traders in which a short put and long call with the same strike price and expiration combine with short stock to lock in a nearly riskless profit. For example, selling short 100 shares of XYZ stock, buying 1 XYZ May 60 call, and writing 1 XYZ May 60 put at favorable prices. The process of executing these three-sided trades is sometimes called reversal arbitrage. See also Conversion.
A measure of the expected change in an option's theoretical value for a 1% change in interest rates.
A trading action in which the trader simultaneously closes an open option position and creates a new option position at a different strike price, different expiration, or both. Variations of this include rolling up, rolling down, rolling out and diagonal rolling.
A Comissão de Valores Mobiliários. The SEC is an agency of the federal government that is in charge of monitoring and regulating the securities industry.
Secondary market.
A market where securities are bought and sold after their initial purchase by public investors.
Sector index.
An index that measures the performance of a narrow market segment, such as biotechnology or small capitalization stocks.
Secured put / Cash-secured put.
An option strategy in which a put option is written against a sufficient amount of cash (or Treasury bills) to pay for the stock purchase if the short option is assigned.
Series of options.
Option contracts on the same class having the same strike price and expiration month. For example, all XYZ May 60 calls constitute a series.
Assentamento.
The process by which the underlying stock is transferred from one brokerage account to another when equity option contracts are exercised by their owners and the inherent obligations assigned to option writers.
Settlement price.
The official price at the end of a trading session. OCC establishes this price and uses it to determine changes in account equity, margin requirements and for other purposes. See also Mark-to-market.
Short option position.
The position of an option writer that represents an obligation on the part of the option's writer to meet the terms of the option if its owner exercises it. The writer can terminate this obligation by buying back (cover or close) the position with a closing purchase transaction.
Short stock position.
A strategy that profits from a stock price decline. It is initiated by borrowing stock from a broker-dealer and selling it in the open market. This strategy is closed (covered) later by buying back the stock and returning it to the lending broker-dealer.
Specialist / Specialist group / Specialist system.
One or more exchange members whose function is to maintain a fair and orderly market in a given stock or a given class of options. This is accomplished by managing the limit order book and making bids and offers for their own account in the absence of opposite market side orders. See also Market maker and Market maker system (competing).
A stock dividend issued by one company in shares of another corporate entity, such as a subsidiary corporation of the company issuing the dividend.
Spread / Spread order.
A position consisting of two parts, each of which alone would profit from opposite directional price moves. As orders, these opposite parts are entered and executed simultaneously in the hope of (1) limiting risk, or (2) benefiting from a change of price relationship between the two parts.
Desvio padrão.
A statistical measure of price fluctuation. One use of the standard deviation is to measure how stock price movements are distributed about the mean. See also Volatility.
Standardization.
Interchangeability resulting from standardization. Options listed on national exchanges are fungible, while over-the-counter options generally are not. Classes of options listed and traded on more than one national exchange are referred to as multiple-listed / multiple-traded options.
Stock dividend.
A dividend paid in shares of stock rather than cash. See also Spin-off.
Stock split.
An increase in the number of outstanding shares by a corporation through the issuance of a set number of shares to a shareholder for a set number of shares that the shareholder already owns. For example, a corporation might declare a 2-for-1 stock split. This means that for every share of stock an investor owns, he/she will be given another, thus owning two shares instead of one. There will be a corresponding reduction in equity value per share. In this case, the new shares (post-split) will be worth one-half their previous value but the investor will own twice as many shares.
Parar ordem.
A type of contingency order, often erroneously known as a stop-loss order, placed with a broker. It becomes a market order when the stock trades, or is bid or offered, at or through a specified price. See also Stop-limit order.
Stop-limit order.
A type of contingency order placed with a broker that becomes a limit order when the stock trades, or is bid or offered, at or through a specific price.
A trading position involving puts and calls on a one-to-one basis in which the puts and calls have the same strike price, expiration and underlying stock. When both options are owned, the position is called a long straddle. When both options are written, it is a short straddle. Example: a long straddle might be buying 1 XYZ May 60 call and buying 1 XYZ May 60 put.
Strike / Strike price.
The price at which the owner of an option can purchase (call) or sell (put) the underlying stock. Used interchangeably with striking price or exercise price.
Strike price interval.
The normal price differential between option strike prices. Exchange rules for strike intervals have changed over the years, and many stocks are now listed in $1 increments or smaller. In general, strike intervals in equity options are listed in $2.50 increments for strikes under $50 and in $5 increments from $50 up to $200. Over $200, strikes are listed in $10 increments. As mentioned, many stocks are now exempt from standard listing procedures and strike increments will vary.
Aptidão.
A requirement that any investing strategy fall within the financial means and investment objectives of an investor or trader.
A term used in technical analysis to describe a price area at which falling prices are expected to stop or meet increased buying activity. This analysis is based on previous price behavior of the stock.
Synthetic long call.
A long stock position combined with a long put of the same series as that call.
Synthetic long put.
A short stock position combined with a long call of the same series as that put.
Synthetic long stock.
A long call position combined with a short put of the same series.
Synthetic position.
A strategy involving two or more instruments that have the same risk-reward profile as a strategy involving only one instrument.
Synthetic short call.
A short stock position combined with a short put of the same series as that call.
Synthetic short put.
A long stock position combined with a short call of the same series as that put.
Synthetic short stock.
A short call position combined with a long put of the same series.
Análise técnica.
A method of predicting future stock price movements based on the study of historical market data such as the prices themselves, trading volume, open interest, the relation of advancing issues to declining issues, short selling volume and others.
Theoretical option pricing model.
A formula that can be used to calculate a theoretical value for an option using current stock prices, expected dividends, the option's strike price, expected interest rates, time to expiration and expected stock volatility.
Theoretical value.
The estimated value of an option derived from a mathematical model. See also Model and Black-Scholes formula.
A measure of the rate of change in an option's theoretical value for a one-unit change in time to the option's expiration date. See also Time decay.
The minimum price increment for an option's bid or ask.
Decadência do tempo.
A term used to describe how the theoretical value of an option erodes or reduces with the passage of time. Time decay is specifically quantified by Theta.
Time spread.
An option strategy that generally involves the purchase of a farther-term option (call or put) and the writing of an equal number of nearer-term options of the same type and strike price. Example: buying 1 XYZ May 60 call (far-term portion of the spread) and writing 1 XYZ March 60 call (near-term portion of the spread). Also known as calendar spread or horizontal spread.
Valor do tempo.
The part of an option's total price that exceeds its intrinsic value. The premium of an out-of-the-money option consists entirely of time value.
1. Any investor who makes frequent purchases and sales.
2. A member of an exchange who conducts his or her buying and selling on the trading floor of the exchange.
Trading pit.
A specific location on the trading floor of an exchange designated for the trading of a specific option class or stock.
Custos de transação.
All of the charges associated with executing a trade and maintaining a position. These include brokerage commissions, fees for exercise and/or assignment, exchange fees, SEC fees and margin interest. In academic studies, the spread between bid and ask is taken into account as a transaction cost.
Tipo de opções.
The classification of an option contract as either a put or a call.
Uncovered call option writing.
A short call option position in which the writer does not own an equivalent position in the underlying security represented by his or her option contracts.
Uncovered put option writing.
A short put option position in which the writer does not have a corresponding short position in the underlying security or has not deposited, in a cash account, cash or cash equivalents equal to the exercise value of the put.
Segurança subjacente.
The security subject to being purchased or sold upon exercise of the option contract.
A measure of the rate of change in an option's theoretical value for a one-unit change in the volatility assumption. See also Kappa and Delta.
Vertical spread.
Most commonly used to describe the purchase of one option and writing of another where both are of the same type and of same expiration month, but have different strike prices. Example: buying 1 XYZ May 60 call and writing 1 XYZ May 65 call. See also Bull (or bullish) spread and Bear (or bearish) spread.
Volatilidade.
A measure of stock price fluctuation. Mathematically, volatility is the annualized standard deviation of a stock's daily price changes. See also Historic volatility, Individual volatility and Implied volatility.
Write / Writer.
To sell an option that is not owned through an opening sale transaction. While this position remains open, the writer is subject to fulfilling the obligations of that option contract; i. e., to sell stock (In the case of a call) or buy stock (In the case of a put) if that option is assigned. An investor who so sells an option is called the writer, regardless of whether the option is covered or uncovered.
XYZ / XYZ Corporation.
A fictitious company used as the underlying stock throughout the OIC website.
No Y Options Glossary Items.
There are currently no glossary items for this letter.
No Z Options Glossary Items.
There are currently no glossary items for this letter.
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REGISTE-SE PARA AS OPÇÕES.
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Começando.
Estratégias & amp; Conceitos avançados.
Opções de Educação.
Seminários & amp; Eventos.
Ferramentas & amp; Recursos.
Ferramentas & amp; Recursos (cont.)
Notícias & amp; Pesquisa.
Opções para conselheiros.
Este site discute opções negociadas em bolsa emitidas pela The Options Clearing Corporation. Nenhuma declaração neste site deve ser interpretada como uma recomendação para comprar ou vender uma garantia, ou para fornecer conselhos de investimento. As opções envolvem riscos e não são adequadas para todos os investidores. Antes de comprar ou vender uma opção, uma pessoa deve receber uma cópia das Características e Riscos das Opções Padronizadas. Podem ser obtidas cópias deste documento do seu corretor, de qualquer troca sobre as opções negociadas ou contatando The Options Clearing Corporation, One North Wacker Dr., Suite 500 Chicago, IL 60606 (investorservices @ theocc).
&cópia de; 1998-2017 The Options Industry Council - Todos os direitos reservados. Veja nossa Política de Privacidade e nosso Contrato de Usuário.
Bem-vindo ao glossário do mercado de ações da Firstrade. Faça toda a pesquisa que você deseja. Utilize este glossário para procurar qualquer termo financeiro.
Para não exercer ou vender uma opção. Um investidor geralmente escolhe o abandono quando a opção está fora do dinheiro na data de validade.
O preço atual acima do valor nominal. Isso geralmente ocorre quando o cupom pago na obrigação é maior do que a taxa de juros de mercado para títulos similares. Se o investidor comprou o vínculo acima do par, ele sofrerá uma perda de capital no vencimento do vínculo, uma vez que só será resgatado pelo valor nominal.
A responsabilidade atual da empresa é de propriedade dos credores por bens e serviços obtidos no curso normal dos negócios.
Ativos circulantes devidos à empresa por serviços ou bens vendidos a crédito.
A diferença entre o valor nominal de uma garantia de cupão zero e seu preço de compra original. Também conhecido como desconto de emissão original.
Uma obrigação que é vendida com um desconto profundo ao seu valor nominal e não paga nenhum cupons. As obrigações de acumulação tendem a ser ilíquidas e muito sensíveis às mudanças nas taxas de juros. Embora não haja fluxo de caixa real, os juros imputados sobre um título de acumulação são tributáveis à medida que se acumulam de acordo com as leis tributárias dos EUA.
O montante do interesse que o comprador deve ao vendedor em transações de títulos de renda fixa, como a maioria dos títulos e notas.
Um título vendido a um preço inferior ao seu valor nominal e pode ser resgatado pelo seu valor nominal quando amadurecido. Também chamado de desconto.
O ato de adquirir o controle de outra corporação, seja por compra de ações ou troca. Isso pode ser alcançado através de meios hostis ou amigáveis.
A supervisão constante das participações de uma carteira para maximizar os ganhos. A gestão ativa por gestores de fundos é um dos benefícios de um fundo mútuo.
O endereço da sede da empresa, conforme previsto nos últimos registros da SEC.
Estratégias de opções complexas. Veja Ordem de Propagação, Straddle, Strangle, Compra / Gravação, Vender / Escrever e Desembaraçar.
A empresa principal responsável pela operação diária de um fundo.
Os títulos de compra e venda quando os principais mercados estão fechados. A negociação pós-horário já foi um privilégio de investidores institucionais, os investidores individuais podem agora participar. As ações são negociadas após horas em ECNs, que combinam compradores e vendedores com um sistema de computador para executar negócios.
Mercados em que um investidor adquire uma garantia de outros investidores e não o emissor, após a emissão original no mercado primário. Também chamado de mercado secundário.
As contas, notas e títulos emitidos pelas agências do governo federal.
Fundos mútuos que se concentram em ações de pequenas empresas, o alto nível de risco do fundo é justificado pelo potencial de ganhos acelerados.
O tipo de ordem que instrui a execução de toda a quantidade da ordem ao preço indicado (ou melhor), ou nada disso. Isso evita pedidos parcialmente preenchidos. A diferença entre All-or-None e Fill-or-Kill é que a ordem AON é deixada aberta se toda a quantidade da ordem não puder ser preenchida, enquanto a ordem FOK será cancelada.
A medida do retorno ajustado ao risco de um fundo. O Alpha é derivado comparando os retornos reais do fundo e os retornos esperados, conforme determinado pelo seu nível de risco (beta). Um alfa positivo indica que o fundo melhorou do que o esperado, enquanto um alfa negativo indica que o fundo apresentou desempenho inferior.
American Depositary Receipt (ADR)
Os certificados negociáveis detidos em um banco dos E. U.A. que representam ações de uma ação estrangeira negociada em bolsa de valores dos EUA.
American Depositary Share (ADS)
As ações emitidas ao abrigo de um acordo ADR, que é efetivamente negociado.
Bolsa de Valores da América (AMEX)
Um grande estoque e troca de opções localizado no 86 Trinity Place, Nova York.
Um contrato de opção que pode ser exercido a qualquer momento entre a data de compra e o vencimento. A maioria das opções negociadas em bolsa são de estilo americano.
A eliminação gradual de um passivo, em pagamentos regulares durante um determinado período de tempo. Esses pagamentos devem ser suficientes para cobrir principal e interesse.
O custo total de um empréstimo por ano, incluindo taxas de juros e a maioria ou todas as taxas.
Rendimento percentual anual (APY)
A renda total que um investimento ganha por ano. O APY geralmente representa o lucro total de uma conta de caixa, como um fundo do mercado monetário ou uma conta de poupança, ou faz parte dos retornos de ações e títulos, que também podem experimentar o crescimento do capital.
O relatório auditado dos resultados e operações financeiras de finanças do ano de uma empresa foi arquivado anualmente com a SEC. O relatório contém informações sobre a situação financeira da empresa, passivos legais e planos futuros. Os acionistas podem obter uma cópia gratuita do Relatório Anual da corporação.
Um relatório que fornece uma visão geral do desempenho e das operações de um fundo. A SEC exige fundos para distribuir o relatório aos acionistas pelo menos semestralmente.
O retorno de um investimento durante um determinado número de anos, calculado como o que um investidor teria recebido a cada ano se o retorno cumulativo fosse distribuído uniformemente ao longo de cada ano dentro do prazo especificado.
Tipos de fundos que investem em ações cujo valor deverá aumentar significativamente.
Lucrando com diferenças no preço de uma garantia que é negociada em vários mercados.
Índice de armas - TRIND INdex (TRIN)
A market indicator used in technical analysis, calculated as follows: Arms Index = ((# of advancing issues / # of declining issues) / (Total up volume / Total down volume)). A value of less than 1 is considered bullish, greater than 1 bearish.
The overdue interest or dividends of a bond or preferred share.
A fund that targets primarily the stocks of companies located in Asia. These funds appeal to investors who are bullish on the potential of Asian companies, and want to capitalize on that growth.
An option whose payoff depends on the average value of an underlying security over a specified period.
The lowest round lot price at which a broker will sell a security.
Also known as the offering price, the ask price is the price at which a mutual fund's shares can be bought. The ask price is calculated by adding a fund's current net asset value per share to its sales charges, if any.
O recebimento de um aviso de exercício por um escritor de opções que exige que ele venda (no caso de uma chamada) ou compre (no caso de uma venda) o título subjacente ao preço de exercício especificado.
Municipal bond used for specific projects, to be repaid using tax proceeds collected from those who benefit from the project. Also called special-purpose bond.
Funds that seek to provide an optimal mix of stocks, bonds and cash at any given time.
Uma opção é em dinheiro se o preço de exercício da opção for igual ao preço de mercado do título subjacente. For example, if a company's stock is trading at $68, then the company's $68 option is at-the-money.
The issuance of new Treasury bills, notes, and bonds at stated intervals by the Federal Reserve.
A market where buyers and sellers enter bids and offers simultaneously, such as the New York Stock Exchange.
A shareholder service that allows the periodic transfer of a preset amount from the shareholder's bank account his or her mutual fund account.
Also known as an index, it is the mathematical calculation that indicates the value of a group of securities. Some of the most famous averages include the Dow Jones Industrial Average (DJI), Standard & Poor's (S&P) 500, and the New York Stock Exchange Composite.
An estimate of the time to maturity for a pool of mortgage-backed securities.
The average time to maturity of securities held by a mutual fund. Changes in interest rates have greater impact on funds with a longer average life.
Average volume is calculated by dividing the total volume for the previous three months by the number of trading days in the period. Compare this number to the daily volume to see if interest in the security has increased or decreased.
On a limit order, a buy order which is lower than the current market price, or a sell order which is higher than the current market price. These orders are held to be executed later, unless they are of the fill-or-kill type.
Options Glossary.
Ajustamentos.
A change to contract terms due to a corporate action (e. g., a merger or stock split). Depending on the corporate action, different contract terms (including strike price, deliverable, expiration date, multiplier etc.) could be adjusted. An adjusted option may cover more or less than the usual 100 shares. For example, after a 3-for-2 stock split, the adjusted option will represent 150 shares. For such options, the premium must be multiplied by a corresponding factor. Example: buying 1 call (covering 150 shares) at 4 would cost $600.
All-or-none order (AON)
A type of option order which requires that the order be executed completely or not at all. An AON order may be either a day order or a GTC (good-‘til-cancelled) order.
American-style option.
An option that can be exercised at any time prior to its expiration date. See also European-style option.
A trading technique that involves the simultaneous purchase and sale of identical assets or equivalent assets in two different markets with the intent of profiting by the price discrepancy.
Ask / Ask price.
The price at which a seller is offering to sell an option or a stock. See also Assignment.
Assigned (an exercise)
Received notification of an assignment by OCC. See also Assignment.
Tarefa.
Notification by OCC to a clearing member that an owner of an option has exercised their rights. For equity and index options, OCC makes assignments on a random basis. See also Delivery and Exercise.
At-the-money / At-the-money option.
A term that describes an option with a strike price that is equal to the current market price of the underlying stock.
Avançando.
Buying more of a stock or an option at a lower price than the original purchase to reduce the average cost.
Backspread.
A Delta-neutral spread composed of more long options than short options on the same underlying instrument. This position generally profits from a large movement in either direction in the underlying instrument.
Cboe Bats BZX Options Exchange.
Bear (or bearish) spread.
One of a variety of strategies involving two or more options (or options combined with a position in the underlying stock) that can potentially profit from a fall in the price of the underlying stock.
Bear spread (call)
The simultaneous writing of one call option with a lower strike price and the purchase of another call option with a higher strike price. Example: writing 1 XYZ May 60 call and buying 1 XYZ May 65 call.
Bear spread (put)
The simultaneous purchase of one put option with a higher strike price and the writing of another put option with a lower strike price. Example: buying 1 XYZ May 60 put and writing 1 XYZ May 55 put.
An adjective describing the opinion that a stock, or a market in general, will decline in price; a negative or pessimistic outlook.
A measure of how closely the movement of an individual stock tracks the movement of the entire stock market.
Bid / Bid Price.
The price at which a buyer is willing to buy an option or a stock.
Black-Scholes formula.
The first widely used model for option pricing. This formula is used to calculate a theoretical value for an option using current stock prices, expected dividends, the option's strike price, expected interest rates, time to expiration and expected stock volatility. While the Black-Scholes model does not perfectly describe real-world options markets, it is often used in the valuation and trading of options.
BOX Options Exchange.
Box spread.
A four-sided option spread that involves a long call and a short put at one strike price in addition to a short call and a long put at another strike price. Example: buying 1 XYZ May 60 call and writing 1 XYZ May 65 call; simultaneously buying 1 XYZ May 65 put and writing 1 May 60 put.
Break-even point(s)
The stock price(s) at which an option strategy results in neither a profit nor a loss. While a strategy's break-even point(s) are normally stated as of the option's expiration date, a theoretical option pricing model can be used to determine the strategy's break-even point(s) for other dates as well.
A person acting as an agent for making securities transactions. An account executive or a broker at a brokerage firm who deals directly with customers. A floor broker on the trading floor of an exchange actually executes someone else's trading orders.
Bull (or bullish) spread.
One of a variety of strategies involving two or more options (or options combined with an underlying stock position) that may potentially profit from a rise in the price of the underlying stock.
Bull spread (call)
The simultaneous purchase of one call option with a lower strike price and the writing of another call option with a higher strike price. Example: buying 1 XYZ May 60 call and writing 1 XYZ May 65 call.
Bull spread (put)
The simultaneous writing of one put option with a higher strike price and the purchase of another put option with a lower strike price. Example: writing 1 XYZ May 60 put, and buying 1 XYZ May 55 put.
An adjective describing the opinion that a stock, or the market in general, will rise in price; a positive or optimistic outlook.
Butterfly spread.
A strategy involving three strike prices with both limited risk and limited profit potential. Establish a long call butterfly by buying one call at the lowest strike price, writing two calls at the middle strike price and buying one call at the highest strike price. Establish a long put butterfly by buying one put at the highest strike price, writing two puts at the middle strike price and buying one put at the lowest strike price. For example, a long call butterfly might include buying 1 XYZ May 55 call, writing 2 XYZ May 60 calls and buying 1 XYZ May 65 call.
A covered call position that includes a stock purchase and an equivalent number of calls written at the same time. This position may be a combined order with both sides (buying stock and writing calls) executed simultaneously. Example: buying 500 shares XYZ stock and writing 5 XYZ May 60 calls. See also Covered call / Covered call writing.
Cboe C2 Options Exchange.
Calendário espalhado.
An option strategy that generally involves the purchase of a longer-termed option(s) (call or put) and the writing of an equal number of nearer-termed option(s) of the same type and strike price. Example: buying 1 XYZ May 60 call (far-term portion of the spread) and writing 1 XYZ March 60 call (near-term portion of the spread). See also Horizontal spread.
Opção de chamada.
An option contract that gives the owner the right but not the obligation to buy the underlying security at a specified price (its strike price) for a certain, fixed period (until its expiration). For the writer of a call option, the contract represents an obligation to sell the underlying product if the option is assigned.
Carry / Carrying cost.
The interest expense on money borrowed to finance a securities position.
Cash settlement amount.
The difference between the exercise price of the option being exercised and the exercise settlement value of the index on the day the index option is exercised. See also Exercise settlement amount.
Cboe Board Options Exchange.
Class of options.
A term referring to all options of the same type (either calls or puts) covering the same underlying stock.
Close / Closing transaction.
A reduction or an elimination of an open position by the appropriate offsetting purchase or sale. A selling transaction closes an existing long option position. A purchase transaction closes an existing short option position. This transaction reduces the open interest for the specific option involved.
Preço final.
The final price of a security at which a transaction was made. See also Settlement price.
A protective strategy in which a written call and a long put are taken against a previously owned long stock position. The options typically have different strike prices (put strike lower than call strike). Expiration months may or may not be the same. For example, if the investor previously purchased XYZ Corporation at $46 and it rose to $62, the investor could establish a collar involving the purchase of a May 60 put and the writing of a May 65 call to protect some of the unrealized profit in the XYZ Corporation stock position. The investor may also use the reverse (a long call combined with a written put) if he has previously established a short stock position in XYZ Corporation. See also Fence.
Garantia.
Securities against which loans are made. If the value of the securities (relative to the loan) declines to an unacceptable level, this triggers a margin call. As such, the investor is asked to post additional collateral or the securities are sold to repay the loan.
Combinação.
An arrangement of options involving two long, two short, or one long and one short positions. The positions can have different strikes or expiration months. The term combination varies by investor. Example: a long combination might be buying 1 XYZ May 60 call and selling 1 XYZ May 60 put.
Condor spread.
A strategy involving four strike prices with both limited risk and limited profit potential. Establish a long call condor spread by buying one call at the lowest strike, writing one call at the second strike, writing another call at the third strike, and buying one call at the fourth (highest) strike. This spread is also referred to as a flat-top butterfly.
Contingency order.
An order to execute a transaction in one security that depends on the price of another security. An example might be to sell the XYZ May 60 call at $2.00, contingent upon XYZ stock being at or below $59.
Contract size.
The amount of the underlying asset covered by the option contract. This is 100 shares for 1 equity option unless adjusted for a special event. See also Adjustments.
Conversão.
An investment strategy in which a long put and a short call with the same strike price and expiration combine with long stock to lock in a nearly riskless profit. For example, buying 100 shares of XYZ stock, writing 1 XYZ May 60 call and buying 1 XYZ May 60 put at desirable prices. The process of executing these three-sided trades is sometimes called conversion arbitrage. See also Reversal / Reverse conversion.
To close out an open position. This term most often describes the purchase of an option or stock to close out an existing short position for either a profit or loss.
Covered call / Covered call writing.
An option strategy in which a call option is written against an equivalent amount of long stock. Example: writing 2 XYZ May 60 calls while owning 200 shares or more of XYZ stock. See also Buy-write and Overwrite.
Covered combination.
A strategy in which one call and one put with the same expiration, but different strike prices, are written against each 100 shares of the underlying stock. Example: writing 1 XYZ May 60 call and writing 1 XYZ May 55 put, and buying 100 shares of XYZ stock. In actuality, this is not a fully covered strategy because assignment on the short put requires purchase of additional stock.
Opção coberta.
An open short option position completely offset by a corresponding stock or option position. A covered call could be offset by long stock or a long call, while a covered put could be offset by a long put or a short stock position. This insures that if the owner of the option exercises, the writer of the option will not have a problem fulfilling the delivery requirements. See also Uncovered call option writing and Uncovered put option writing.
Covered put / Covered cash-secured put.
The cash-secured put is an option strategy in which a put option is written against a sufficient amount of cash (or Treasury bills) to pay for the stock purchase if the short option is assigned.
Covered straddle.
An option strategy in which one call and one put with the same strike price and expiration are written against each 100 shares of the underlying stock. Example: writing 1 XYZ May 60 call and 1 XYZ May 60 put, and buying 100 shares of XYZ stock. In actuality, this is not a fully covered strategy because assignment on the short put requires purchase of additional stock.
Money received in an account either from a deposit or from a transaction that results in increasing the account's cash balance.
Credit spread.
A spread strategy that increases the account's cash balance when established. A bull spread with puts and a bear spread with calls are examples of credit spreads.
A measure of the rate of change in an option's Delta for a one-unit change in the price of the underlying stock. See also Delta.
The expiration dates applicable to the different series of options. Traditionally, there were three cycles:
Today, most equity options expire on a hybrid cycle, which involves four option series: the two nearest-term calendar months and the next two months from the traditional cycle to which that class of options has been assigned. For example, on January 1, a stock in the January cycle will be trading options expiring in these months: January, February, April and July. After the January expiration, the months outstanding will be February, March, April and July.
A type of option order that instructs the broker to cancel any unfilled portion of the order at the close of trading on the day the order was first entered.
A position (stock or option) that is opened and closed on the same day.
Money paid out from an account from either a withdrawal or a transaction that results in decreasing the cash balance.
Distribuição de débito.
A spread strategy that decreases the account's cash balance when established. A bull spread with calls and a bear spread with puts are examples of debit spreads.
A term used to describe how the theoretical value of an option erodes or declines with the passage of time. Time decay is specifically quantified by Theta.
The process of meeting the terms of a written option contract when notification of assignment has been received. In the case of a short equity call, the writer must deliver stock and in return receives cash for the stock sold. In the case of a short equity put, the writer pays cash and in return receives the stock.
A measure of the rate of change in an option's theoretical value for a one-unit change in the price of the underlying stock.
Derivative / Derivative security.
A financial security whose value is determined in part from the value and characteristics of another security known as the underlying security.
Diagonal spread.
A strategy involving the simultaneous purchase and writing of two options of the same type that have different strike prices and different expiration dates. Example: buying 1 May 60 call and writing 1 March 65 call.
An adjective used to describe an option that is trading at a price less than its intrinsic value (i. e., trading below parity).
Discretion.
Freedom given by an investor to his or her account executive to use judgment regarding the execution of an order. Discretion can be limited, as in the case of a limit order that gives the floor broker price flexibility beyond the stated limit price to use his or her judgment in executing the order. Discretion can also be unlimited, as in the case of a market-not-held order.
Early exercise.
A feature of American-style options that allows the owner to exercise an option at any time prior to expiration.
Troca de opções CBEE EDGX.
In a margin account, equity is the difference between the securities owned and the margin loans owed. The investor keeps this amount after all positions are closed and all margin loans paid off.
Equity option.
An option on shares of an individual common stock or exchange traded fund.
Equivalent strategy.
A strategy that has the same risk-reward profile as another strategy. For example, a long May 60-65 call vertical spread is equivalent to a short May 60-65 put vertical spread. See also Synthetic position.
European-style option.
An option that can be exercised only during a specified period just prior to expiration. See also American-style option.
Ex-date / Ex-dividend date.
The day before the date that an investor must have purchased the stock in order to receive the dividend. On the ex-dividend date, the previous day's closing price is reduced by the amount of the dividend because purchasers of the stock on the ex-dividend date will not receive the dividend payment. This date is sometimes referred to simply as the ex-date, and can apply to other situations (e. g., splits and distributions). If you purchase a stock on the ex-date for a split or distribution, you are not entitled to the split stock or that distribution. However, the opening price for the stock will have been reduced by an appropriate amount, as on the ex-dividend date. Weekly financial publications, such as Barron's, often include a stock's upcoming ex-date as part of their stock tables.
Exchange traded funds (ETFs)
Exchange traded funds (ETFs) are index funds or trusts listed on an exchange and traded in a similar fashion as a single equity. The first ETF came about in 1993 with the AMEX's concept of a tradable basket of stocks — Standard & Poor's Depositary Receipt (SPDR). Today, the number of ETFs that trade options continues to grow and diversify. Investors can buy or sell shares in the collective performance of an entire stock portfolio (or a bond portfolio) as a single security. Exchange traded funds allow investors to enjoy some of the more favorable features of stock trading, such as liquidity and ease of equity style, in an environment of more traditional index investing.
To invoke the rights granted to the owner of an option contract. In the case of a call, the option owner buys the underlying stock. In the case of a put, the option owner sells the underlying stock.
Exercise by exception processing.
A procedure used by OCC as an operational convenience for clearing members. Under these proceedings, OCC assumes a clearing member tendered exercise notices for options that are in-the-money by threshold amounts, unless specifically instructed not to do so. This procedure protects the owner from losing the intrinsic value of the option because of failure to exercise. Unless instructed not to do so, all expiring equity options held in customer accounts are exercised if they are in-the-money by a specified amount.
Preço do exercício.
The price that the owner of an option can purchase (call) or sell (put) the underlying stock. Used interchangeably with strike or strike price.
Exercise settlement amount.
The difference between the exercise price of the option being exercised and the exercise settlement value of the index on the day the index option is exercised.
Expiration cycle.
The expiration dates applicable to the different series of options. Traditionally, there were three cycles:
Today, equity options expire on a hybrid cycle that involves four option series: the two nearest-term calendar months and the next two months from the traditional cycle to which that class of options has been assigned. For example, on January 1, a stock in the January cycle will be trading options expiring in these months: January, February, April and July. After the January expiration, the months outstanding will be February, March, April and July.
Data de validade.
The date that an option and the right to exercise it cease to exist.
Expiration Friday.
The last business day prior to the option's expiration date during which purchases and sales of options can be made. For equity options, this is generally the third Friday of the expiration month. If the third Friday of the month is an exchange holiday, the last trading day is the Thursday immediately preceding the third Friday.
Expiration month.
The month that the expiration date occurs.
A protective strategy in which a written call and a long put are added to a previously owned long stock position, also referred to as a collar. The options may have the same strike price or different strike prices. The expiration months may or may not be the same. For example, if the investor previously purchased XYZ Corporation at $46 and it rose to $62, an investor could establish a collar involving the purchase of a May 60 put and the writing of a May 65 call as a way of protecting some of the unrealized profit in the XYZ Corporation stock position. An investor might also use the reverse (a long call combined with a written put) if he has previously established a short stock position in XYZ Corporation.
Fill-or-kill order (FOK)
A type of option order that requires that the order be executed completely or not at all. A fill-or-kill order is similar to an all-or-none (AON) order. The difference is that if the order cannot be completely executed (i. e., filled in its entirety) as soon as it is announced in the trading crowd, it is killed (cancelled) immediately. Unlike an AON order, an FOK order cannot be used as part of a good-‘til-cancelled order.
FINRA (Financial Industry Regulatory Authority)
The largest independent regulator for all securities firms doing business in the United States.
Floor broker.
A trader on an exchange floor who executes trading orders for other people.
Floor trader.
An exchange member on the trading floor who buys and sells for their own account.
Analise fundamental.
A method of predicting stock prices based on the study of earnings, sales, dividends, and so on.
Fungibility.
Interchangeability resulting from standardization. Options listed on national exchanges are fungible, while over-the-counter options generally are not. Classes of options listed and traded on more than one national exchange are referred to as multiple-listed/multiple-traded options.
A measure of the rate of change in an option's Delta for a one-unit change in the price of the underlying stock. See also Delta.
Nasdaq GEMX, LLC.
Good-'til-cancelled (GTC) order.
A type of limit order that remains in effect until it is either executed (filled) or cancelled. This is unlike a day order, which expires if not executed by the end of the trading day. If not executed, a GTC option order is automatically cancelled at the option's expiration.
Hedge / Hedged position.
A position established with the specific intent of protecting an existing position. For example, an owner of common stock may buy a put option to hedge against a possible stock price decline.
Historic volatility.
A measure of actual stock price changes over a specific period. See also Standard deviation.
Any person who has made an opening purchase transaction, call or put, and has that position in a brokerage account.
Horizontal spread.
An option strategy that generally involves the purchase of a farther-term option (call or put) and the writing of an equal number of nearer-term options of the same type and strike price. Example: buying 1 XYZ May 60 call (far-term portion of the spread) and writing 1 XYZ March 60 call (near-term portion of the spread). See also Calendar spread.
Immediate-or-cancel order (IOC)
A type of option order that gives the trading crowd one opportunity to take the other side of the trade. After announcement, the order is either partially or totally filled with any remaining balance immediately cancelled. An IOC order, considered a type of day order, cannot be used as part of a good-‘til-cancelled order since it is cancelled shortly after being entered. The difference between fill-or-kill (FOK) orders and IOC orders is that an IOC order may be partially executed.
Implied volatility.
The volatility percentage that produces the best fit for all underlying option prices on that underlying stock. See also Individual volatility.
In-the-money / In-the-money option.
A term used to describe an option with intrinsic value. For standard options, a call option is in-the-money if the stock price is above the strike price. A put option is in-the-money if the stock price is below the strike price.
A compilation of several stock prices into a single number. Example: the S&P 100 Index.
Index option.
An option whose underlying interest is an index. Generally, index options are cash-settled.
Individual volatility.
The volatility percentage that justifies an option's price, as opposed to historic volatility or implied volatility. A theoretical pricing model can be used to generate an option's individual volatility when the five remaining quantifiable factors (stock price, time until expiration, strike price, interest rates and cash dividends) are entered along with the price of the option itself.
Instituição.
A professional investment management company. Typically, this term describes money managers such as banks, pension funds, mutual funds and insurance companies.
Valor intrínseco.
The in-the-money portion of an option's premium. See also In-the-money.
Mariposa de ferro.
An option strategy with limited risk and limited profit potential that involves both a long (or short) straddle, and a short (or long) strangle. An iron butterfly contains four options. It is equivalent to a regular butterfly spread that contains only three options. For example, a short iron butterfly might include buying 1 XYZ May 60 call and 1 May 60 put, and writing 1 XYZ May 65 call and writing 1 XYZ May 55 put.
ISE Gemini.
Nasdaq GEMX, LLC.
No J Options Glossary Items.
There are currently no glossary items for this letter.
A measure of the rate of change in an option's theoretical value for a one-unit change in the volatility assumption.
A measure of leverage. The expected percentage change in the value of an option for a 1% change in the value of the underlying product.
Último dia de negociação.
The last business day before the option's expiration date during which purchases and sales of options can be made. For equity options, this is generally the third Friday of the expiration month. If the third Friday of the month is an exchange holiday, the last trading day is the Thursday immediately preceding the third Friday.
LEAPS® (Long-term Equity AnticiPation Securities) / Long-dated options.
Calls and puts with an expiration of over nine months when listed. Currently, equity LEAPS have two series at any time with a January expiration.
A term describing one side of a position with two or more sides. When a trader legs into a spread, they establish one side first, hoping for a favorable price movement in order to execute the other side at a better price. This is a higher-risk method of establishing a spread position.
A term describing the greater percentage of profit or loss potential when a given amount of money controls a security with a much larger face value. For example, a call option enables the owner to assume the upside potential of 100 shares of stock by investing a much smaller amount than that required to buy the stock. If the stock increases by 10%, for example, the option might double in value. Conversely, a 10% stock price decline might result in the total loss of the purchase price of the option.
Ordem limite.
A trading order placed with a broker to buy or sell stock or options at a specific price.
Liquidity / Liquid market.
Trading environments characterized by high trading volume, a narrow spread between the bid and ask prices, and the ability to trade larger sized orders without significant price changes.
Listed option.
A put or call traded on a national options exchange. In contrast, over-the-counter options usually have non-standard or negotiated terms.
Long option position.
The position of an option purchaser (owner) which represents the right to either buy stock (in the case of a call) or to sell stock (in the case of a put) at a specified price (strike price) at or before some date in the future (the expiration date). This position results from an opening purchase transaction (long call or long put).
Long stock position.
A position in which an investor has purchased and owns stock.
Margin / Margin requirement.
The minimum equity required to support an investment position. To buy on margin refers to borrowing part of the purchase price of a security from a brokerage firm.
Mark-to-market.
An accounting process by which the price of securities held in an account are valued each day to reflect the closing price or closing market quotes. As a result, the equity in an account is updated daily to reflect current security prices properly.
Ordem de mercado.
A trading order placed with a broker to immediately buy or sell a stock or option at the best available price.
Market quote.
Quotations of the current best bid/ask prices for an option or stock in the marketplace (an exchange trading floor). The investor usually obtains this information from a brokerage firm. However, for listed options and stocks, these quotes are widely disseminated and available through various commercial quotation services.
Criador de mercado.
An exchange member on the trading floor who buys and sells options for their own account and who has the responsibility of making bids and offers and maintaining a fair and orderly market. See also Specialist / specialist group / specialist system.
Market maker system (competing)
A method of supplying liquidity in options markets by having market makers in competition with one another. As an alternative to a specialist system, they are also responsible for making fair and orderly markets in a given class of options.
Market-not-held order.
A type of market order that allows the investor to give discretion to the floor broker regarding the price and/or time of trade execution.
Market-on-close order (MOC)
A type of option order that requires that an order be executed at or near the close of trading on the day the order is entered.
Married put strategy.
The simultaneous purchase of stock and put options representing an equivalent number of shares. This is a limited risk strategy during the life of the puts because the stock can always be sold for at least the strike price of the purchased puts.
Miami Options Exchange.
A mathematical formula used to calculate the theoretical value of an option. See also Black-Scholes formula.
Multiple-listed / multiple-traded option.
Any option contract listed and traded on more than one national options exchange. See also Fungibility.
Naked or uncovered option.
A short option position that is not fully collateralized if notification of assignment is received. A short call position is uncovered if the writer does not have a long stock or deeper-in-the-money long call position. A short put position is uncovered if the writer is not short stock or long another deeper-in-the-money put.
A national securities exchange (Operated by Nasdaq OMX).
Net credit.
Money received in an account either from a deposit or a transaction that results in increasing the account's cash balance.
Money paid from an account either from a withdrawal or a transaction that results in decreasing the cash balance.
An adjective describing the belief that a stock or the market in general will neither rise nor decline significantly.
Neutral strategy.
An option strategy (Or stock and option position) expected to benefit from a neutral market outcome.
Ninety-ten (90/10) strategy.
A conservative option strategy in which an investor buys Treasury bills (or other liquid assets) with 90% of their funds, and buys call options (or put options or a mixture of both) with the balance. The proportions of this strategy are subject to change based on prevailing interest rates.
Non-equity option.
Any option that does not have common stock as the underlying asset. Non-equity options include options on futures, indexes, foreign currencies, Treasury security yields, etc.
Not-held order.
A type of order that releases normal obligations implied by the other terms of the order. For example, a limit order designated as not-held allows discretion to the floor broker in filling the order when the market trades at the limit price of the order. In this case, there is no obligation to provide the customer with an execution if the market trades through the limit price on the order. See also Discretion and Market-not-held order.
Nasdaq Options Market, LLC.
Nasdaq Options Market.
Nasdaq Options Market.
Nasdaq Options Market.
Nasdaq Options Market.
Please update the optionseducation site to reflect the new name changes on these pages:
From: Christine Stange.
Sent: Wednesday, March 08, 2017 3:08 PM.
Subject: RE: ISE exchanges name changes.
Obrigado pela informação! There were some emails floating around last week on ISE's name change. We'll have some development as well as content work to be done to accommodate the change.
With regards to NASDAQ vs. Nasdaq, the website uses both the exchange's legal name and trading facility names. The approved NASDAQ ones were originally provided to us by Legal back in 2018. We should reach out to Legal to have them revalidate the list. They had last reviewed and certified it in January 2017. I've attached the document that you were referring to in your email. I'm also attaching a spreadsheet where we (in conjunction with Product Development) track the exchange identifiers used on our various systems.
Trading Facility Name & Acronym.
Nasdaq GEMX, LLC.
Nasdaq BX Options.
Nasdaq PHLX LLC.
Nasdaq PHLX LLC.
The Nasdaq Stock Market LLC.
Please update the optionseducation site to reflect the new name changes on these pages:
From: Christine Stange.
Sent: Wednesday, March 08, 2017 3:08 PM.
Subject: RE: ISE exchanges name changes.
Obrigado pela informação! There were some emails floating around last week on ISE's name change. We'll have some development as well as content work to be done to accommodate the change.
With regards to NASDAQ vs. Nasdaq, the website uses both the exchange's legal name and trading facility names. The approved NASDAQ ones were originally provided to us by Legal back in 2018. We should reach out to Legal to have them revalidate the list. They had last reviewed and certified it in January 2017. I've attached the document that you were referring to in your email. I'm also attaching a spreadsheet where we (in conjunction with Product Development) track the exchange identifiers used on our various systems.
Trading Facility Name & Acronym.
Nasdaq GEMX, LLC.
Nasdaq BX Options.
Nasdaq PHLX LLC.
Nasdaq PHLX LLC.
The Nasdaq Stock Market LLC.
A national securities exchange (Operated by NYSE Euronext).
NYSE American Options.
Opções da NYSE Arca.
Offer / Offer price.
The price at which a seller is offering to sell an option or a stock. Also known as ask or ask price.
One-cancels-other order (OCO)
A type of option order that treats two or more option orders as a package, whereby the execution of any one of the orders causes all the orders to be reduced by the same amount. For example, the investor would enter an OCO order if they wished to buy 10 May 60 calls or 10 June 60 calls or any combination of the two which when summed equaled 10 contracts. An OCO order may be a day order or a good-‘til-cancel order.
Interesse aberto.
The total number of outstanding option contracts on a given series or for a given underlying stock.
Protício aberto.
The trading method by which competing market makers and floor brokers representing public orders make bids and offers on the trading floor.
Opening transaction.
An addition to, or creation of, a trading position. An opening purchase transaction adds long options to an investor's total position, and an opening sale transaction adds short options. An opening option transaction increases that option's open interest.
A contract that gives the owner the right, but not the obligation, to buy or sell a particular asset (the underlying stock) at a fixed price (the strike price) for a specific period of time (until expiration) . The contract also obligates the writer to meet the terms of delivery if the owner exercises the contract right.
Option period.
The time from when a buyer or writer of an option creates an option contract to the expiration date; sometimes referred to as an option's lifetime.
Option pricing curve.
A graphical representation of the estimated theoretical value of an option at one point in time, at various prices of the underlying stock.
Option pricing model.
The first widely used model for option pricing was the Black Scholes. This formula can be used to calculate a theoretical value for an option using current stock prices, expected dividends, the option's strike price, expected interest rates, time to expiration and expected stock volatility. While the Black-Scholes model does not perfectly describe real-world options markets, it is still often used in the valuation and trading of options.
Option writer.
The seller of an option contract who is obligated to meet the terms of delivery if the option owner exercises his or her right. This seller has made an opening sale transaction, and has not yet closed that position.
Optionable stock.
A stock on which listed options are traded.
Options Clearing Corporation (OCC)
OCC is the world's largest equity derivatives clearing organization. Founded in 1973, OCC operates under the jurisdiction of both the Securities and Exchange Commission (SEC) as a Registered Clearing Agency and the Commodity Futures Trading Commission (CFTC) as a Derivatives Clearing Organization. OCC provides central counterparty (CCP) clearing and settlement services to 16 exchanges and trading platforms for options, financial futures, security futures and securities lending transactions.
OTC option.
An over-the-counter option is traded in the over-the-counter market. OTC options are not listed on an options exchange and do not have standardized terms. These are to be distinguished from exchange-listed and traded equity options, which are standardized. See also Fungibility.
Out-of-the-money / Out-of-the-money option.
A term used to describe an option that has no intrinsic value. The option’s premium consists entirely of time value. For standard contracts, a call option is out-of-the-money if the stock price is below its strike price. A put option is out-of-the-money if the stock price is above its strike price. See also Intrinsic value and Time value.
Over-the-counter / Over-the-counter market.
A decentralized association of market participants, with many characteristics of an exchange, where trading takes place via an electronic network.
An option strategy involving the writing of call options (wholly or partially) against existing long stock positions. This is different from the buy-write strategy that involves the simultaneous purchase of stock and writing of a call. See also Ratio write.
Any person who has made an opening purchase transaction, call or put, and has that position in a brokerage account.
A term used to describe an option contract's total premium when that premium is the same amount as its intrinsic value. For example, an option is ‘worth parity’ when its theoretical value is equal to its intrinsic value. An option is said to be ‘trading for parity’ when an option is trading for only its intrinsic value. Parity may be measured against the stocks last sale, bid or offer.
Diagrama de pagamento.
A chart of the profits and losses for a particular options strategy prepared in advance of the execution of the strategy. The diagram is a plot of expected profits or losses against the price of the underlying security.
Nasdaq PHLX, LLC.
Physical delivery option.
An option whose underlying entity is a physical good or commodity, like a common stock or a foreign currency. When its owner exercises that option, there is delivery of that physical good or commodity from one brokerage or trading account to another.
The risk to an investor (option writer) that the stock price will exactly equal the strike price at expiration (that option will be exactly at-the-money). The investor will not know how many of their written(short) options will be assigned or whether a last second move in the underlying will leave any long options in - or out-of-the-money. The risk is that on the following Monday the option writer might have an unexpected long (in the case of a written put) or short (in the case of a written call) stock position, and thus be subject to the risk of an adverse price move.
The combined total of an investor's open option contracts (Calls and/or puts) and long or short stock.
Mercado de posição.
An investing strategy in which open positions are held for an extended period.
1. Total price of an option: intrinsic value plus time value.
2. Often (Erroneously) this word is used to mean the same as time value .
Primary market.
For securities traded in more than one market, the primary market is usually the exchange where trading volume in that security is highest.
Profit/loss graph.
A graphical presentation of the profit and loss possibilities of an investment strategy at one point in time (usually option expiration), at various stock prices.
Posicione a opção.
An option contract that gives the owner the right to sell the underlying stock at a specified price (its strike price) for a certain, fixed period (until its expiration). For the writer of a put option, the contract represents an obligation to buy the underlying stock from the option owner if the option is assigned.
No Q Options Glossary Items.
There are currently no glossary items for this letter.
Ratio spread.
A term most commonly used to describe the purchase of an option(s), call or put, and the writing of a greater number of the same type of options that are out-of-the-money with respect to those purchased. All options involved have the same expiration date. For example, buying 5 XYZ May 60 calls and writing 6 XYZ May 65 calls. See also Ratio write.
Ratio write.
An investment strategy in which stock is purchased and call options are written on a greater than one-for-one basis (more calls written than the equivalent number of shares purchased). For example, buying 500 shares of XYZ stock, and writing 6 XYZ May 60 calls. See also Ratio spread.
Ganhos e perdas realizados.
The net amount received or paid when a closing transaction is made and matched with an opening transaction.
Resistência.
A term used in technical analysis to describe a price area at which rising prices are expected to stop or meet increased selling activity. This analysis is based on historic price behavior of the stock.
Reversal / Reverse conversion.
An investment strategy used mostly by professional option traders in which a short put and long call with the same strike price and expiration combine with short stock to lock in a nearly riskless profit. For example, selling short 100 shares of XYZ stock, buying 1 XYZ May 60 call, and writing 1 XYZ May 60 put at favorable prices. The process of executing these three-sided trades is sometimes called reversal arbitrage. See also Conversion.
A measure of the expected change in an option's theoretical value for a 1% change in interest rates.
A trading action in which the trader simultaneously closes an open option position and creates a new option position at a different strike price, different expiration, or both. Variations of this include rolling up, rolling down, rolling out and diagonal rolling.
A Comissão de Valores Mobiliários. The SEC is an agency of the federal government that is in charge of monitoring and regulating the securities industry.
Secondary market.
A market where securities are bought and sold after their initial purchase by public investors.
Sector index.
An index that measures the performance of a narrow market segment, such as biotechnology or small capitalization stocks.
Secured put / Cash-secured put.
An option strategy in which a put option is written against a sufficient amount of cash (or Treasury bills) to pay for the stock purchase if the short option is assigned.
Series of options.
Option contracts on the same class having the same strike price and expiration month. For example, all XYZ May 60 calls constitute a series.
Assentamento.
The process by which the underlying stock is transferred from one brokerage account to another when equity option contracts are exercised by their owners and the inherent obligations assigned to option writers.
Settlement price.
The official price at the end of a trading session. OCC establishes this price and uses it to determine changes in account equity, margin requirements and for other purposes. See also Mark-to-market.
Short option position.
The position of an option writer that represents an obligation on the part of the option's writer to meet the terms of the option if its owner exercises it. The writer can terminate this obligation by buying back (cover or close) the position with a closing purchase transaction.
Short stock position.
A strategy that profits from a stock price decline. It is initiated by borrowing stock from a broker-dealer and selling it in the open market. This strategy is closed (covered) later by buying back the stock and returning it to the lending broker-dealer.
Specialist / Specialist group / Specialist system.
One or more exchange members whose function is to maintain a fair and orderly market in a given stock or a given class of options. This is accomplished by managing the limit order book and making bids and offers for their own account in the absence of opposite market side orders. See also Market maker and Market maker system (competing).
A stock dividend issued by one company in shares of another corporate entity, such as a subsidiary corporation of the company issuing the dividend.
Spread / Spread order.
A position consisting of two parts, each of which alone would profit from opposite directional price moves. As orders, these opposite parts are entered and executed simultaneously in the hope of (1) limiting risk, or (2) benefiting from a change of price relationship between the two parts.
Desvio padrão.
A statistical measure of price fluctuation. One use of the standard deviation is to measure how stock price movements are distributed about the mean. See also Volatility.
Standardization.
Interchangeability resulting from standardization. Options listed on national exchanges are fungible, while over-the-counter options generally are not. Classes of options listed and traded on more than one national exchange are referred to as multiple-listed / multiple-traded options.
Stock dividend.
A dividend paid in shares of stock rather than cash. See also Spin-off.
Stock split.
An increase in the number of outstanding shares by a corporation through the issuance of a set number of shares to a shareholder for a set number of shares that the shareholder already owns. For example, a corporation might declare a 2-for-1 stock split. This means that for every share of stock an investor owns, he/she will be given another, thus owning two shares instead of one. There will be a corresponding reduction in equity value per share. In this case, the new shares (post-split) will be worth one-half their previous value but the investor will own twice as many shares.
Parar ordem.
A type of contingency order, often erroneously known as a stop-loss order, placed with a broker. It becomes a market order when the stock trades, or is bid or offered, at or through a specified price. See also Stop-limit order.
Stop-limit order.
A type of contingency order placed with a broker that becomes a limit order when the stock trades, or is bid or offered, at or through a specific price.
A trading position involving puts and calls on a one-to-one basis in which the puts and calls have the same strike price, expiration and underlying stock. When both options are owned, the position is called a long straddle. When both options are written, it is a short straddle. Example: a long straddle might be buying 1 XYZ May 60 call and buying 1 XYZ May 60 put.
Strike / Strike price.
The price at which the owner of an option can purchase (call) or sell (put) the underlying stock. Used interchangeably with striking price or exercise price.
Strike price interval.
The normal price differential between option strike prices. Exchange rules for strike intervals have changed over the years, and many stocks are now listed in $1 increments or smaller. In general, strike intervals in equity options are listed in $2.50 increments for strikes under $50 and in $5 increments from $50 up to $200. Over $200, strikes are listed in $10 increments. As mentioned, many stocks are now exempt from standard listing procedures and strike increments will vary.
Aptidão.
A requirement that any investing strategy fall within the financial means and investment objectives of an investor or trader.
A term used in technical analysis to describe a price area at which falling prices are expected to stop or meet increased buying activity. This analysis is based on previous price behavior of the stock.
Synthetic long call.
A long stock position combined with a long put of the same series as that call.
Synthetic long put.
A short stock position combined with a long call of the same series as that put.
Synthetic long stock.
A long call position combined with a short put of the same series.
Synthetic position.
A strategy involving two or more instruments that have the same risk-reward profile as a strategy involving only one instrument.
Synthetic short call.
A short stock position combined with a short put of the same series as that call.
Synthetic short put.
A long stock position combined with a short call of the same series as that put.
Synthetic short stock.
A short call position combined with a long put of the same series.
Análise técnica.
A method of predicting future stock price movements based on the study of historical market data such as the prices themselves, trading volume, open interest, the relation of advancing issues to declining issues, short selling volume and others.
Theoretical option pricing model.
A formula that can be used to calculate a theoretical value for an option using current stock prices, expected dividends, the option's strike price, expected interest rates, time to expiration and expected stock volatility.
Theoretical value.
The estimated value of an option derived from a mathematical model. See also Model and Black-Scholes formula.
A measure of the rate of change in an option's theoretical value for a one-unit change in time to the option's expiration date. See also Time decay.
The minimum price increment for an option's bid or ask.
Decadência do tempo.
A term used to describe how the theoretical value of an option erodes or reduces with the passage of time. Time decay is specifically quantified by Theta.
Time spread.
An option strategy that generally involves the purchase of a farther-term option (call or put) and the writing of an equal number of nearer-term options of the same type and strike price. Example: buying 1 XYZ May 60 call (far-term portion of the spread) and writing 1 XYZ March 60 call (near-term portion of the spread). Also known as calendar spread or horizontal spread.
Valor do tempo.
The part of an option's total price that exceeds its intrinsic value. The premium of an out-of-the-money option consists entirely of time value.
1. Any investor who makes frequent purchases and sales.
2. A member of an exchange who conducts his or her buying and selling on the trading floor of the exchange.
Trading pit.
A specific location on the trading floor of an exchange designated for the trading of a specific option class or stock.
Custos de transação.
All of the charges associated with executing a trade and maintaining a position. These include brokerage commissions, fees for exercise and/or assignment, exchange fees, SEC fees and margin interest. In academic studies, the spread between bid and ask is taken into account as a transaction cost.
Tipo de opções.
The classification of an option contract as either a put or a call.
Uncovered call option writing.
A short call option position in which the writer does not own an equivalent position in the underlying security represented by his or her option contracts.
Uncovered put option writing.
A short put option position in which the writer does not have a corresponding short position in the underlying security or has not deposited, in a cash account, cash or cash equivalents equal to the exercise value of the put.
Segurança subjacente.
The security subject to being purchased or sold upon exercise of the option contract.
A measure of the rate of change in an option's theoretical value for a one-unit change in the volatility assumption. See also Kappa and Delta.
Vertical spread.
Most commonly used to describe the purchase of one option and writing of another where both are of the same type and of same expiration month, but have different strike prices. Example: buying 1 XYZ May 60 call and writing 1 XYZ May 65 call. See also Bull (or bullish) spread and Bear (or bearish) spread.
Volatilidade.
A measure of stock price fluctuation. Mathematically, volatility is the annualized standard deviation of a stock's daily price changes. See also Historic volatility, Individual volatility and Implied volatility.
Write / Writer.
To sell an option that is not owned through an opening sale transaction. While this position remains open, the writer is subject to fulfilling the obligations of that option contract; i. e., to sell stock (In the case of a call) or buy stock (In the case of a put) if that option is assigned. An investor who so sells an option is called the writer, regardless of whether the option is covered or uncovered.
XYZ / XYZ Corporation.
A fictitious company used as the underlying stock throughout the OIC website.
No Y Options Glossary Items.
There are currently no glossary items for this letter.
No Z Options Glossary Items.
There are currently no glossary items for this letter.
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Este site discute opções negociadas em bolsa emitidas pela The Options Clearing Corporation. Nenhuma declaração neste site deve ser interpretada como uma recomendação para comprar ou vender uma garantia, ou para fornecer conselhos de investimento. As opções envolvem riscos e não são adequadas para todos os investidores. Antes de comprar ou vender uma opção, uma pessoa deve receber uma cópia das Características e Riscos das Opções Padronizadas. Podem ser obtidas cópias deste documento do seu corretor, de qualquer troca sobre as opções negociadas ou contatando The Options Clearing Corporation, One North Wacker Dr., Suite 500 Chicago, IL 60606 (investorservices @ theocc).
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