A type of corporate action that occurs when one company purchases a majority stake in another company. Acquisitions can be paid for in cash, stock, or a combination of the two.
A Time in Force designation that is similar to Fill-or-Kill (FOC). The difference being that All-or-None (AON) designated orders do not require an immediate fill, but instead remain open until the market closes on the day they are entered. AON orders must be filled in their entirety, and can be cancelled at any point during the trading day.
A type of option contract that can be exercised at any time during its life. The majority of exchange-traded options in the United States are American-Style.
Simultaneously buying and selling similar assets with the intention of profiting from a market inefficiency.
The lowest available price to buy
Asset classes are groups of assets with similar financial characteristics that are subject to similar laws and regulations. The three main financial asset classes are equities (stocks), fixed income (bonds), and cash/cash equivalents (currency and money market instruments). Other asset classes include real estate, commodities, and fine art/collectibles.
Being forced to fulfill the obligation of an option contract.
At-the-money (ATM) means the strike price of an option is right at (or near) the market price of the underlying security.
Automatic performance of an option contract, due to the option expiring in-the-money
A term for a securities contract of any expiration month except the front month.
A spread in which more options are purchased than sold
A type of money market instrument, banker’s acceptances are short-term debt instruments used by companies that are guaranteed by a commercial bank.
The term “basis” has several common uses related to trading. One popular usage refers to the cost of a security as it relates to tax reporting. Basis is also commonly used in the futures market, representing the difference between the cash price and the futures price of a commodity.
The term basis point in finance refers to a unit of measurement. One basis point is equivalent to 0.01%, or .0001. Basis points are often used when percentage differences less than 1% are referenced.
A pessimistic outlook on the price of an asset. Traders who believe that an asset price will depreciate over time are said to be bearish.
Refers to an asset, or group of assets, in which prices are declining or expected to decline.
A spread that profits from a drop in the price of the underlying security
The difference between the bid and ask price of a security
A means for investors to put all of their positions into one standard unit to look at an entire portfolio and understand how it will change with certain market moves. Click here to learn more.
The strikes are widened close to 1 standard deviation out to take additional risk and can act as a potential substitute for selling strangles. Click here to learn more.
A butterfly strategy in which we select wider strikes to yield a higher probability of success during periods of high IV Rank. Click here to learn more.
A term often used synonymously with fixed income security. Traditionally bonds are differentiated from other fixed income securities if they have maturities of one year or more.
The point at which a position generates neither a profit nor a loss
A combination of a long call butterfly and a short OTM call vertical, or a long put butterfly and a short OTM put vertical, so one side is wider than the other. The short vertical finances the long butterfly, and increases the probability of profit of the strategy.
An optimistic outlook on the price of an asset. Traders who believe that an asset price will appreciate over time are said to be bullish.
Refers to an asset, or group of assets, in which prices are rising or expected to rise.
A spread that profits from a rise in the price of the underlying security
A 3-strike price spread that profits from the underlying expiring at a specific price
A contrarian trading approach that expresses a bullish (long) view when an asset price is declining.
The amount available for the purchase and short sale of securities. Includes cash and margin
The simultaneous purchase of stock and sale of a covered call
An option trade that benefits from the passage of time, also called a time spread
An option that gives the holder the right to buy stock at a specific price
A person who sells a call and receives a premium
A class of marketable securities, capital market securities include common stocks, corporate bonds, and government bonds.
Total costs associated with owning stock, options or futures, such as interest payments or dividends
In finance, cash (along with cash equivalents) is one of the principal asset classes. Cash (i.e. currency) includes foreign currency.
In finance, cash equivalents (along with cash itself) are one of the principal asset classes. Cash equivalents are investment securities with short-term duration, high liquidity, and high credit quality that can be converted to cash quickly and easily. Cash equivalents must have maturities of three months or less. Money market instruments (a type of marketable security) often qualify as cash equivalents because they are liquid, short-term, and not subject to material fluctuations in value.
Refers to financial instruments that settle as a credit or debit to a trading account instead of the underlying instrument/physical commodity at expiration. Click here to learn more.
The short strikes are closer to the ATM strike to collect more premium (45-50% the width of the strikes); this increases potential profit and ROC. Click here to learn more.
A combination of options positions that replicates owning the underlying stock
A type of money market instrument, commercial paper is an unsecured, short-term debt security issued by corporations with maturities of 270 days or less.
A type of equity, common stock is a class of ownership in a company. Common stock gives shareholders the right to elect the board of directors, to vote on company policies, and to share in company profits. In the event of liquidation, common stockholders have rights to a company’s assets after bondholders, prefered shareholders, and other debtholders have been paid in full.
The month in which a securities contract expires.
The week in which a securities contract expires.
Having a contrarian viewpoint means that you reject the opinion of the masses. This is where buying into strength, selling into weakness comes from - it is a contrarian way of thinking. Despite market trends, contrarians like to buy when the market is performing poorly and sell when the market is performing well.
An event or process initiated by a company that affects securities it has issued.
Original price paid for a stock, plus any commissions or fees
Limiting profitability on a trade to increase probability of success and reduce the cost of entering a trade.Click here to learn more.
A term referring to the periodic interest paid to investors of fixed income securities. Originated from early certificates of fixed income securities, which often came with detachable “coupons” that investors presented to issuers in order to receive interest payments. For this reason, fixed income securities that do not pay interest are often called zero-coupon bonds.
The annual rate of interest paid on a fixed income security. For example, an investor holding a $1,000 bond paying interest annually with a coupon rate of 5% would receive $50 per year through maturity ($1,000 x .05 = $50).
A combination of a long stock position with a short call
A spread trade that, when opened, results in a credit to your account
A Time in Force designation - Day Orders expire after the market closes on the day they are entered.
The number of days until an option or futures contract expires. Click here to learn more.
A trade that is opened and closed in the same trading session
Traditionally a person that attempts to profit on intraday movements in stocks through long and short positions. Day traders typically do not hold positions overnight.
A spread trade that, when opened, results in money being debited from your account
The expected change in price of an option for a $1 move in the underlying security
A position or portfolio with offsetting options so that the trader is neither long nor short.Click here to learn more.
A class of marketable securities, derivatives have a price that is dependent upon (or derived from) an underlying asset. Examples of derivatives include options, futures, and warrants.
A dividend is a payment made by a company to its shareholders, typically as a distribution of profits. Dividends are set by a company’s Board of Directors, and may be issued as cash, stock, or other property. A dividend is allocated as a fixed amount per share, with shareholders receiving a proportionate amount of their ownership in the company. Companies often pay dividends on a fixed schedule (quarterly, bi-annually, annually), but may declare a dividend at any time. Unscheduled dividends are often called Special Dividends. Click here to learn more.
The total annual dividend divided by the price of the stock
The underperformance of a fund that attempts to replicate the return of a certain underlying.Click here to learn more.
A variable which helps us determine trade setups and trade management.Click here to learn more.
Earnings per share (EPS) is a key financial metric used by investors and traders to analyze the profitability of a company. EPS is commonly defined as the portion of a company’s profit that is allocated to one share of common stock. Earnings per share is calculated by subtracting preferred dividends from net income, and then dividing that number by the total shares outstanding.
(Net Income - Preferred Dividends)/Shares Outstanding
In finance, equity is one of the principal asset classes. Equity securities (i.e. common stocks) represent ownership interest in a company.
An exchange-traded fund, a basket of stocks meant to track an index or sector
A type of option contract that can be exercised only on its expiration date, not before. (Note: It is important to confirm and understand all pertinent contract details prior to trading any non-American-Style option; other contract differences may exist).
the date when all shareholders are guaranteed a dividend, and the stock's price is adjusted downward
A type of option contract that is non-standard as compared to American-Style and European-Style options. Due to their complexity and customization, Exotic Options often trade over-the-counter (OTC).
The amount that a stock is predicted to increase or decrease from its current price, based on the current level of implied volatility for binary events.Click here to learn more.
The date at which an option stops trading, and all contracts are exercised or become worthless
Together, extrinsic value and intrinsic value make up the two parts of an option’s total value. Extrinsic value, also referred to as “time value” or “risk premium,” is everything that is not intrinsic value. Because the intrinsic value is always known, extrinsic value is equal to the total option premium less intrinsic value. The extrinsic value of an option therefore fluctuates based on supply and demand (i.e. the market price of volatility).
Total Option Value = Extrinsic Value + Intrinsic Value
The stated value of a financial instrument at the time it is issued. For stocks, the face value is the original value shown on the stock certificate. For bonds, it is the amount paid to the holder at maturity (often $1,000 or $100). Note, the face value of a stock or bond usually does not denote the actual market value, which is based on supply and demand.
A Time in Force designation that is similar to Immediate or Cancel (IOC). The difference being that Fill-or-Kill (FOK) designated orders cannot be partially filled. FOK orders are immediately filled in their entirety, otherwise they are automatically cancelled.
In finance, fixed income debt is one of the principal asset classes. Fixed income securities (i.e. bonds) are debt instruments that represent loans made by companies or governments to investors. Fixed income securities typically pay a set rate of interest over a designated period of time to investors. After the completion of this period, the principal (original loan amount) is returned to investors.
The term “flat” has several common uses related to trading. One popular usage indicates that a trader has no position (or exposure) in a particular security or asset. “Flat” can also be used to describe a position that has minimal directional exposure. Lastly, “flat” may be used to indicate that the price of a security or asset has been trading in a tight range (i.e. trading “flat”).
Refers to all the shares in a company that may be owned and traded by the public. Does not include restricted stock. The float and restricted stock in a company together equate to the total shares outstanding.
A term for a securities contract with monthly expiration that is closest to the current date.
A type of derivative, futures contracts require buyers and sellers to trade an asset at a specified price on a predetermined future date. The two participating parties agree to buy and sell an asset for a price agreed on today (forward price), with delivery and payment occurring on a specified future date (delivery date). Futures contracts are standardized for trading on futures exchanges, and typically involve physical commodities or financial instruments. Some futures call for physical delivery of the underlying asset, while others are cash settled. Click here to learn more.
Unlike stock options, futures are the underlying instrument off which the options are priced. Futures options expire into long/short futures contracts.Click here to learn more.
A measurement of the magnitude of daily movement in the price of an underlying over a future period of time. Unlike historical volatility, future volatility is unknown. However, many market participants attempt to forecast future volatility using mathematical models.
The expected change in delta for a $1 move in the underlying security
A synonym of initial public offering (IPO).
A Time in Force designation - Good-‘Til-Cancelled (GTC) orders remain active unless cancelled by the trader or completely executed. GTC designated orders automatically expire 120 calendar days after they are entered.
Analytic measurements of different types of risk
To own a position in an instrument that lessens the risk of a similar instrument.Click here to learn more.
A new function of the modern market where programmed trading platforms exploit inefficiencies in market pricing.Click here to learn more.
Trade setups we use during times of rich option prices. We like to collect credit/sell premium, and hope for a contraction in volatility.Click here to learn more.
A measurement of the magnitude of daily movement in the price of an underlying over a period of time (in history). Future volatility is unknown.
Someone who has bought an option or owns a security
A term that implies the target company of an acquisition is not a willing participant.
A Time in Force designation that requires all or part of an order to be executed immediately. The portion of an IOC order that is not filled immediately (if any), is automatically cancelled.
A term that refers to the current market price of volatility for a given option. While historical volatility is observable, future volatility is unknown. The current price of volatility (i.e. implied volatility) reflects the culmination of the market’s expectations for future volatility. Implied volatility is dynamic and fluctuates according to supply and demand in the market.
A class of marketable securities. Unlike direct investments, which investors own themselves, indirect investments are made in vehicles that pool investor money to buy and sell assets. Examples of indirect investments include hedge funds, mutual funds, and unit trusts.
The process by which a private company transforms into a public company. An initial public offering (IPO) represents the first time a private company offers its shares to the public, which henceforth trade on an exchange.
Together, intrinsic value and extrinsic value make up the two parts of an option’s total value. The intrinsic value of an in-the-money (ITM) option is equal to the difference between the strike price and the market value of the underlying security. For example, the $35 strike call with the underlying trading $40 has an intrinsic value of $5. Out-of-the-money (OTM) options do not have intrinsic value, only extrinsic value.
Total Option Value = Extrinsic Value + Intrinsic Value
Selling puts above calls, or calls below puts, when managing a short position.Click here to learn more.
In-the-money (ITM) means the the strike price of a call is below the market price of the underlying security, or that the strike price of a put is above the market price of the underlying security. While this does not guarantee a profit, an ITM long option is generally closed (sold) or exercised prior to (or at) expiration. ITM short options will generally be assigned prior to (or at) expiration.
A combination of two spreads that profits from the stock trading in a specific range at expiration
Implied volatility reverting to the mean.Click here to learn more.
A metric which tells us whether implied volatility is high or low in a specific underlying based on a given time frame of IV data.Click here to learn more.
Junk bonds are fixed income securities that carry low credit ratings. Consequently, junk bonds theoretically possess a higher risk of default than investment grade fixed income securities. The traditional delineation for qualification as a junk bond is a Standard & Poor’s credit rating of BB or lower, or a Moody’s Investors Service credit rating of Ba or lower.
Adding more positions to an existing position, keeping the same directional assumption
Options with an expiration month more than one year in the future
A term used when referring to the execution of positions with more than one component. For example, when trading a straddle, both the call and put must be bought or sold. In this case, the trade has “two legs,” which may be executed simultaneously or at two different points in time. If a trader misses one “leg” of the trade (i.e. due to an adverse price change), the trader is said to be “legged.”
A term used when referring to the execution of positions with more than one component. When trading one component of a position prior to the other(s), a trader is said to be “legging in” to any component of the trade that is executed thereafter. For example, when trading a straddle both the call and put must be bought or sold. If a trader first sells the call, he/she is then said to be “legging in” to the put component of the trade.
The use of a small amount of money to control a large number of securities
Underlyings that track different underlyings and attempt to amplify their move by a certain multiplier.Click here to learn more.
A conditional order type that indicates a security should be bought or sold at a specific price, or better. Limit orders require a Time in Force designation.
The risk that a position can't be closed when desired
Trade setups that benefit from increases in volatility as well as more directional strategies.Click here to learn more.
The amount being borrowed to purchase securities. Click here to learn more.
The average of the bid and ask price.
Marketable securities are equity or debt instruments listed on an exchange that can be bought and sold easily. Maturities of marketable debt securities must be one year or less. Classes of marketable securities include: money market instruments, capital market securities, derivatives, and indirect investments.
An order type for immediate execution at current market prices. If willing buyers or sellers exist to take the other side, market orders are filled. Market orders are generally used when certainty of execution takes priority over price. Market orders expire after the market closes on the day they are entered. (Note: market orders can affect the price of the security being traded, sometimes significantly, adding uncertainty to the ultimate execution price.)
A combination of a long stock position with a long put
A type of corporate action that occurs when two companies unite and establish a single, new company.
A class of marketable securities, money market instruments are short-term equity and debt securities with maturities of one year or less that trade in liquid markets. Examples of money market instruments include Treasury Bills, commercial paper, bankers’ acceptances, deposits, and certificates of deposit. Money market instruments with maturities of three months (or less) often qualify as cash equivalents.
A call or put that does not have an offsetting stock or option position
The number of outstanding option contracts of a certain issue
A long or short position in stocks or options
A type of derivative, an option is a contract that grants the right, but not the obligation, to buy or sell an underlying asset at a set price on (or sometimes before) a specific date.
Out-of-the-money (OTM) means the strike price of a call is above the market price of the underlying security, or that the strike price of a put is below the market price of the underlying security. OTM options have no intrinsic value, only extrinsic value.
Trades that are negotiated and executed directly between two parties, without the use of an exchange or other intermediary.
Trading a discrepancy in the correlation of two underlyings. Click here to learn more.
When an option trades with no additional time premium
A synonym of face value.
Defined by FINRA Rule 4210 as a stock trader who executes 4 (or more) round-trip day trades over the course of five business days in a margin account. However, if the number of day trades is less than or equal to 6% of the total trades made by the trader during that five-day period, the trader will not be considered a pattern day trader.
A type of equity, preferred stock is a class of ownership in a company. Preferred stock has a higher claim on earnings and assets than common stock, but does not come with voting rights. Preferred stock dividends must be paid in full before dividends may be paid to common stock shareholders. In the event of liquidation, preferred stockholders have rights to a company’s assets before common stockholders, but only after bondholders and other debtholders have been paid in full.
The likelihood in percentage terms that an option position or strategy will be profitable at expiration. For spreads like short verticals or iron condors, you can estimate the probability of success by taking the max loss of that position and divide it by the distance between the long and short strikes. So, if you sell a 100/105 call spread for 2.00 credit, the max potential loss is $300. If you take $300 divided by $500, you get a probability of success of 60%.
The likelihood in percentage terms that a stock or index will land above or below some price on the day of expiration. The probability of expiring doesn't care about what happens between now and expiration. It only considers the probability that the stock will be above some higher price or below some lower price at expiration.
The likelihood in percentage terms that a stock or index will reach some higher or lower price at any time between now and expiration. The probability of touching takes into account all the possible prices that might occur in between now and expiration. It is always higher than the probability of expiring
The total number of puts traded on a stock, divided by the total number of calls
An option that gives the holder the right to sell stock at a specific price
A spread in which more options are sold than purchased
A synonym of historical volatility.
Refers to all the shares held by a company’s officers and other insiders. Restricted stock must be traded in compliance with SEC regulations. The restricted stock and float in a company together equate to the total shares outstanding.
This is potential maximum return you could make on an option trade. It's calculated by taking the maximum potential profit and dividing it by the margin requirement of the position. For example, if you sell a 100/105 call vertical for 2.00 credit, the return on capital would be the max profit of $200 divided by the margin requirement of $300. That yields a max return on capital of 66%.Click here to learn more.
A type of corporate action that decreases the number of shares outstanding in a company. Reverse stock splits do not affect the total market capitalization of a company, only the number of shares outstanding. Therefore, the price per share is adjusted such that the market capitalization (price per share x number of shares) theoretically remains the same pre-split and post-split. For example, a company with 100 shares outstanding and trading for $50/share has a market capitalization of $5,000. If the company announces a 1-for-10 (1:10) stock split then the total number of shares drops to 10. Because the market capitalization remains $5,000, and there are now 10 shares outstanding, the price per share increases to $500 ($5,000/10). Reverse stock splits with ratios of 1:10, 1:5, and 1:4 are common, but any ratio is possible.
A type of corporate action in which a company offers shares to existing shareholders. Technically a rights issue is a type of dividend, but in this case it isn’t a payment, but rather a subscription right. Existing shareholders are given the right to purchase shares before they are offered to the public. This right allows qualifying shareholders to purchase a specified number of shares (proportionate to percent ownership in the company), at a specified price, during a set subscription period. Companies executing spinoffs often utilize rights issues.
A type of arbitrage in which a profit is theoretically guaranteed. May also be referred to as "Risk-Free Arbitrage."
To close an existing option and replace it with an option of a later date or different strike price. Click here to learn more.
Changing trade size and risk based on capital available in a trading account. Click here to learn more.
A trader who enters and exits a position quickly for a small profit or loss
Buying and selling an underlying multiple times in the same day for a small profit. Click here to learn more.
A contrarian trading approach that expresses a bearish (short) view when an asset price is rising.
Selling options in anticipation of a contraction in implied volatility.Click here to learn more.
A defined risk strategy that uses two varying vertical spread widths, thus creating a directional bias.Click here to learn more.
Refers to the total number of shares in a company that are held by shareholders, including restricted shares (those held by the company’s officers and insiders). Shares outstanding is the sum of a company’s float and restricted stock. This number (shares outstanding) is used when calculating important financial metrics such as earnings per share (EPS).
A position that is opened by selling borrowed stock, with the expectation the stock price will fall
The loss incurred from purchasing something at the ask price and selling at the bid price. Slippage costs are inversely related to liquidity, which is why we like to trade extremely liquid products
Like regular dividends, special dividends are payments made by a company to its shareholders. If a company has a recurring schedule of regular dividends, then any additional dividends that fall outside that fixed schedule are often referred to as special dividends.
A type of corporate action in which an existing publicly-traded company sells a segment of its assets, or distributes new shares, with the purpose of forming an independent company. Spinoffs are often executed using a rights issue, when new shares are first offered to existing shareholders. If shares in the new independent company remain unclaimed after the rights issue, the company may then choose to offer them to the public.
A position involving a long and short option of different strike prices or expirations, or both
A type of corporate action that increases the number of outstanding shares in a company. Stock splits do not affect the total market capitalization of a company, only the number of shares outstanding. Therefore, the price per share is adjusted such that the market capitalization (price per share x number of shares) theoretically remains the same pre-split and post-split. For example, a company with 100 shares outstanding and trading for $50/share has a market capitalization of $5,000. If the company announces a 2-for-1 (2:1) stock split then the total number of shares increases to 200. Because the market capitalization remains $5,000, and there are now 200 shares outstanding, the price per share is reduced to $25 ($5,000/200). Stock splits with ratios of 2:1, 3:1, and 3:2 are common, but any ratio is possible.
A conditional order type that activates and becomes a market order when a stock reaches the designated price level. Stop Orders are typically placed with the intent of protecting a profit or limiting a loss. Buy Stop Orders are placed above the current market price, and Sell Stop Orders are placed below the current market price. A Buy Stop Order becomes a Market Order when a trade occurs at or above the price designated on the order. A Sell Stop Order becomes a Market Order when a trade occurs at or below the price indicated on the order.
An option position involving the purchase of a call and put at the same strike prices and expirations
An option position involving the purchase of a call and put at different strike prices
The price at which stock is purchased or sold when an option is exercised
An original tastytrade strategy structured by buying an ATM call spread and financing the spread with the sale of a far OTM call option. Click here to learn more.
A position that emulates another, using calls, puts or stock. Click here to learn more.
Risk inherent to the marketplace that cannot be eliminated with diversification
A synonym of acquisition (see above).
The subject of an acquisition (or merger) attempt.
Calculations that use stock price movement and volume to identify predictive patterns
Estimated fair value of an option, derived from a mathematical model.
An estimate of the amount an option's value decreases with each passing day
Designations that dictate the length of time over which an order will keep working before it is cancelled. Examples include: Day Order, Good ‘Til Cancelled (GTC), Immediate or Cancel (IOC), and Fill or Kill (FOK).
A synonym of extrinsic value.
"Your trade size". example: if you normally trade 3 contract for a given strategy or underlying, 2 tranches would be 6 contracts.
Treasury Bills (T-Bills) are short-term debt securities backed by the US government with maturities of less than one year. Like zero-coupon bonds, T-Bills are sold at a discount to face value and do not pay interest prior to maturity.
Treasury Bonds (T-Bonds) are debt securities backed by the US government with maturities ranging from ten to thirty years. T-Bonds pay a coupon every six months (semiannual) and have denominations of $1,000.
Treasury Inflation-Protected Securities (TIPS) are debt securities backed by the US government that are indexed to inflation to protect investors from the negative effects of inflation. TIPS pay a coupon every six months (semiannual), are denominated in $100 increments, and are available with 5, 10, and 30-year maturities.
Treasury Notes (T-Notes) are debt securities backed by the US government with maturities ranging from one to ten years. T-Notes pay a coupon every six months (semiannual) and have denominations of $1,000.
"Tastytrade return on capital" which is Theta/Buying Power Reduction
Risk that is accompanied with naked options and when your possible max loss is unknown on order entry. Click here to learn more.
Company-specific risk that can, in theory, be reduced or eliminated through diversification
An estimate of the amount an option's value changes due to a 1% change in implied volatility
An option position that includes the purchase and sale of two separate options of the same expiration
An index that calculates the implied volatility of the S&P 500 index
A measure of the change in stock prices, either historical or predicted in the future
The underlyings in the volatility asset class used to gauge fear or uncertainty for various financial instruments and commodities.Click here to learn more.
The difference in implied volatility of each opposite, equidistant option. Click here to learn more.
A type of derivative, warrants entitle the holder to buy the underlying stock of an issuing company at a specified price during a set period of time. Unlike options, the party required to deliver the shares upon exercise of a warrant is the issuer of the securities.
A list of underlyings that we can keep track of in a trading platform to help us identify market conditions or trading opportunities. Click here to learn more.
A term for securities contracts with one-week expiration periods.
A colloquial expression that means “selling an option to open.” The “writer” of the option is the seller. Not used when closing a long position because opening sales represent a different risk exposure than closing sales.
Zero-coupon bonds are sold at a discount to face value and do not pay interest prior to maturity. Theoretically zero-coupon bonds produce a positive yield to maturity when they are ultimately redeemed for full face value.
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