正文 Chapter 17 Futures Markets(2 / 2)

Because of the versatility of options, there are many types and variations of options. Non-standard options are called exotic options, which either are variations on the payoff profiles of the plain vanilla options or are wholly different products with"optionality" embedded in them.

How to Read an Options Table

Column 1: Strike Price

This is the stated price per share for which an underlying stock may be purchased (for a call) or sold (for a put) upon the exercise of the option contract. Option strike prices typically move by increments of 2.50 or 5.00 (even though in the above example it moves in 2 increments).

Column 2: Expiry Date

This shows the termination date of an option contract. Remember that U.S.-listed options expire on the third Friday of the expiry month.

Column 3: Call or Put

This column refers to whether the option is a call (C) or put(P).

Column 4: Volume

This indicates the total number of options contracts traded for the day. The total volume of all contracts is listed at the bottom of each table.

Column 5: Bid

This indicates the price someone is willing to pay for the options contract.

Column 6: Ask

This indicates the price at which someone is willing to sell an options contract.

Column 7: Open Interest

Open interest is the number of options contracts that are open; these are contracts that have not expired nor been exercised.