{"id":215272,"date":"2024-11-19T10:26:03","date_gmt":"2024-11-19T15:26:03","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=215272"},"modified":"2024-11-19T10:26:36","modified_gmt":"2024-11-19T15:26:36","slug":"options-101-understanding-the-basics-of-financial-options","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/options-101-understanding-the-basics-of-financial-options\/","title":{"rendered":"Options 101: Understanding the Basics of Financial Options"},"content":{"rendered":"\n<p><em>The article \u201cOptions 101: Understanding the Basics of Financial Options\u201d first appeared on <a href=\"https:\/\/robotwealth.com\/options-101-understanding-the-basics-of-financial-options\/\">Robot Wealth<\/a> blog.<\/em><\/p>\n\n\n\n<p><em>In the&nbsp;<a href=\"https:\/\/robotwealth.com\/options-are-just-options-why-are-they-valuable\/\" target=\"_blank\" rel=\"noreferrer noopener\">previous article<\/a>, we discussed what makes an option valuable.<\/em>&nbsp;<em>At its core, an option is about choice\u2014the choice to buy or sell an asset at a specific price within a set timefram<\/em>e.&nbsp;<em>In this article, we\u2019ll explore exactly what this means.<\/em><\/p>\n\n\n\n<p><strong>An option gives the holder the right, but not the obligation, to trade a certain amount of the underlying asset at a specific price on or before a certain date.<\/strong><\/p>\n\n\n\n<p>Let\u2019s break down each of the terms.<\/p>\n\n\n\n<p><strong>An option gives the holder the right, but not the obligation,&nbsp;<\/strong>to trade\u2026<\/p>\n\n\n\n<p>What makes options useful is that they, err, give you&nbsp;<em>options<\/em>.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If you buy a&nbsp;<strong>call<\/strong>&nbsp;option, it gives you the option to&nbsp;<strong>buy<\/strong>&nbsp;the underlying asset.<\/li>\n\n\n\n<li>If you buy a&nbsp;<strong>put<\/strong>&nbsp;option, it gives you an option to&nbsp;<strong>sell<\/strong>&nbsp;the underlying asset.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-a-certain-amount-of\">\u2026a certain amount of\u2026<br><\/h4>\n\n\n\n<p>A single option gives the holder the option to trade a certain amount of the underlying asset.<\/p>\n\n\n\n<p>This is called the&nbsp;<em>contract unit<\/em>&nbsp;or the&nbsp;<em>contract multiplier<\/em>.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>For US stocks, a single option gives you the option to trade 100 shares (assuming they haven\u2019t split).<\/li>\n\n\n\n<li>For equity index options, the index value is usually 100 times that of the index value.<\/li>\n\n\n\n<li>For futures options, it is one futures contract.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-the-underlying-asset\">..the underlying asset\u2026<\/h4>\n\n\n\n<p>The underlying asset is the product (spot product) to which the option relates. Options are available on stocks, indices, and futures.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-at-a-specific-price\">\u2026at a specific price\u2026<br><\/h4>\n\n\n\n<p>The price the holder of the option can trade at is called the&nbsp;<em>strike price.<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The holder of a call option can buy at the strike price.<\/li>\n\n\n\n<li>The holder of a put option can sell at the strike price.<\/li>\n<\/ul>\n\n\n\n<p>\u2026on or before a certain date.<\/p>\n\n\n\n<p>This is the\u00a0<em>expiration date<\/em>\u00a0of the option, which is the last day the option contract exists.<\/p>\n\n\n\n<p>The holder of the option can&nbsp;<em>exercise<\/em>&nbsp;their right to buy or sell at the strike price on or before the&nbsp;<em>expiration date.<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A European option can only be exercised on the&nbsp;<em>expiration date<\/em>.<\/li>\n\n\n\n<li>An American option can be exercised anytime before or on the&nbsp;<em>expiration date<\/em>.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-an-example\">An Example<\/h2>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>$200 calls on TSLA, expiring on 17 July 2024.<\/li>\n\n\n\n<li>American option. Contract unit: 100.<\/li>\n<\/ul>\n\n\n\n<p>The owner of these calls has the option to buy 100 TSLA shares at $200 on or before 17 July 2024.<\/p>\n\n\n\n<p>At the time of writing TSLA is trading at $180.<\/p>\n\n\n\n<p>So you could buy TSLA shares cheaper in the market than you could by&nbsp;<em>exercising<\/em>&nbsp;this option. So, the&nbsp;<em>intrinsic value<\/em>&nbsp;of this call option is $0. It\u2019s not intrinsically valuable to us&nbsp;<em>right now<\/em>.<\/p>\n\n\n\n<p>If TSLA were trading at $210, then the option&nbsp;<em>is&nbsp;<\/em>intrinsically valuable. You could exercise the option, buying 100 shares of TSLA stock at $200, then immediately sell them on the stock market for a profit of $10 per share.<\/p>\n\n\n\n<p>If the option has some time left to expiry, then it\u2019s always going to have some value,&nbsp;<em>because the TSLA share price is volatile.<\/em>&nbsp;As long as there is a&nbsp;<em>chance<\/em>&nbsp;that the price will exceed $200 by 17 July 2024, the option will have some value.<\/p>\n\n\n\n<p><em>How much value? We\u2019ll get to that next<\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An option gives the holder the right, but not the obligation, to trade a certain amount of the underlying asset at a specific price on or before a certain date.<\/p>\n","protected":false},"author":271,"featured_media":192631,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[339,338,341,9563],"tags":[1006,1926],"contributors-categories":[13676],"class_list":{"0":"post-215272","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-data-science","8":"category-ibkr-quant-news","9":"category-quant-development","10":"category-options-quant","11":"tag-fintech","12":"tag-options","13":"contributors-categories-robot-wealth"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Options 101: Understanding the Basics of 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