Glossary

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Acquisition

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. 

After Hours Trading

After-hours trading refers to the extended trading session that takes place after the official closing of a stock exchange. After-hours trading sessions vary by exchange, but they typically extend for a few hours following the official market closing time.

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Asset Classes

The term “asset class” refers to the different categories of available investments, such as stocks, bonds or real estate. Within an asset class, the available products generally share common characteristics and behaviors, and are often governed by the same laws and regulations. 

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Assignment

Options assignment refers to the process in which the obligations of an options contract are fulfilled. This happens when the holder of an options contract decides to exercise their rights.

When an option holder decides to exercise, the Options Clearing Corporation (OCC) will randomly assign the exercise notice to one of the option writers.

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Automatic Exercise

A procedure whereby the Options Clearing Corporation (OCC) attempts to protect the holders of certain in-the-money expiring options by automatically exercising the options on behalf of the owner.
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Average True Range (ATR)

The Average True Range (ATR) is a technical analysis indicator developed by J. Welles Wilder in order to measure market volatility. The ATR captures the degree of price movement over a given period, providing key insights into market volatility.

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Backwardation

Backwardation is a term used to describe the structure of prices in the market across the time horizon, and is most often associated with commodities and futures markets.

In backwardation, the futures price is lower than the expected spot price of the underlying asset at the contract's expiration. That means the futures contract trades at a discount to the spot price.

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Basis (futures cash)

The term “basis” has several common uses related to trading.
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Basis Point

The term basis point in finance refers to a unit of measurement.
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Bear Call Spread

A bear call spread is a bearish options strategy constructed by selling a call option with a lower strike price (closer to at-the-money) and simultaneously buying a call option with a higher strike price. This spread is initiated for a net credit, as the premium received for selling the lower strike call will be greater than the premium paid for buying the higher strike call.

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Bear Market

A "bear market" is typically defined as a period of prolonged decline in stock prices, generally characterized by a downward trend of at least 20% from recent highs. During a bear market, investor sentiment is generally pessimistic, and there’s a prevailing atmosphere of fear, uncertainty, and selling pressure. Bear markets often coincide with worsening economic conditions, such as a slowdown in gross domestic product (GDP), declining corporate earnings, and/or geopolitical instability. These conditions often lead to reduced confidence in financial investments.

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Bear Put Spread

A bear put spread is a bearish options strategy constructed by buying a put option with a higher strike price (closer to at-the-money) and simultaneously selling a put option with a lower strike price. This spread is initiated for a net debit, as the premium paid for the higher strike put will be greater than the premium received for selling the lower strike put.

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Bearish

Bearish is a term used to describe a negative or pessimistic outlook on the direction of a particular asset, market, or the overall economy. When someone is bearish, they believe that prices or values are likely to decline, and they anticipate that market conditions will deteriorate.

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Bearish Candlestick Patterns

Bearish candlestick patterns are formations that suggest the price of a security may fall. As such, these patterns are commonly used to identify potential entry points for short positions or to signal the exit of long positions.

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Best Stocks for Options Trading

Beta Options

Beta measures a security's risk as compared to the market as a whole. For this reason, beta is often referred to as a "market risk" or "systemic risk" measurement.

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Beta Weight

Beta weighting is a means for investors to put all of their positions into one standard unit. It is a way to look at an entire portfolio and understand how it will change with a move in the market. It tells us about the size, diversity and general risk of our positions.
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Big Boy Iron Condor

A Big Boy Iron Condor is an Iron Condor in which the width of the spreads are very wide. This emulates a short strangle with defined risk.
Learn more about Big Boy Iron Condor

Big Dawg Butterfly

A Big Dawg Butterfly is a long butterfly spread with very wide spreads. The wider the long strikes are, the greater the max loss, but the higher potential reward in this defined risk spread.
Learn more about Big Dawg Butterfly

Bitcoin vs Ethereum vs Solana vs Polygon

Bitcoin is the largest crypto by market cap while Ethereum dominates Web3. Polygon is an Ethereum sidechain, while Solana is an Ethereum competitor.

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Bonds

A bond is basically a debt instrument issued by governments, municipalities, or corporations to raise capital. When an investor or trader purchases a bond, they are essentially lending money to the issuer for a predetermined period. In return, the issuer promises to pay back the original amount, known as the principal, along with periodic interest payments, usually at fixed intervals until the bond matures.

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Broken Wing Butterfly

A broken wing butterfly – or a skip strike butterfly, is a net credit, high probability trade that can make money even if your speculation is directionally wrong. Learn more in this guide.
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Building Market Assumptions

Bull Call Spread

A bull call spread is a bullish options strategy constructed by buying a call option with a lower strike price (closer to at-the-money) and simultaneously selling a call option with a higher strike price. This spread is initiated for a net debit, as the premium paid for the lower strike call will be greater than the premium received for selling the higher strike call. 

Learn more about Bull Call Spread

Bull Market

A "bull market" is typically defined as a period in which prices are rising. A bull market can develop for any asset class, or for a specific underlying asset, but the term is traditionally used to describe the overall stock market. Technically, a bull market occurs when prices rise by at least 20% from a recent low.

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Bull Put Spread

A bull put spread is a slightly bullish options strategy that is constructed by selling a put option with a higher strike price (closer to at-the-money) and simultaneously buying a put option with a lower strike price. This spread is initiated for a net credit, because the premium collected from the higher strike put is greater than the premium outlaid for the lower strike put.

Learn more about Bull Put Spread

Bullish

Bullish is a term used to describe a positive or optimistic outlook on the direction of a particular asset, market, or the overall economy. When someone is bullish, they believe that prices or values are likely to rise, or that the market will perform well in the near future.

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Bullish Candlestick Patterns

A candlestick pattern is a visual representation of price movement, displayed on a chart as a series of candlesticks. Originating from Japanese rice traders in the 18th century, candlestick patterns have become foundational tools for technical analysis in the financial markets. Investors and traders value candlestick patterns because of their ability to convey complex market data in a simple format, allowing market participants to see at a glance whether the market is bullish or bearish, as well as the relative strength of the associated price movement.

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Butterfly Spread

A 3-strike price spread that profits from the underlying expiring at a specific price.
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Calculating Expected Move

Expected move is 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.
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Calendar Spread

A calendar spread is a low-risk, directionally neutral strategy that profits from the passage of time and/or an increase in implied volatility.
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Call Options

Call options are typically utilized by traders who are bullish on a certain underlying asset, where they think the stock price will rise well above their call strike price by the contract’s expiration. Learn more about call options below.

Learn more about Call Options.

Cash Secured Put

A cash-secured put is an options trading strategy whereby the investor/trader sells a put option contract while simultaneously setting aside enough cash to cover the potential purchase of the underlying asset. This strategy is considered conservative because it involves setting aside a cash reserve to cover the potential purchase of the underlying asset. In that regard, the cash reserve acts as a safety net for leverage, as the trader is required to put up the same amount of capital as the entire risk of 100 shares of stock at the strike price.

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Cash Settled

Cash settled financial instruments simply settle to cash instead of the underlying instrument at expiration. There are a few notable differences that cash settled instruments have when compared to other instruments like ETF’s like the SPY.

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Chicken Iron Condor

A Chicken Iron Condor is a directionally neutral, defined risk strategy that profits from a stock trading in a range through the expiration of the options. It benefits from the passage of time and any decreases in implied volatility. Unlike a regular Iron Condor where we aim to collect ⅓ the width of the strikes in credit, we look to collect ½ the width of the strikes in credit, resulting in a higher payout if we’re correct and lower maximum loss if the move exceeds expectations.

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Collar Option

The collar options strategy is an advanced options strategy used by investors and traders to manage risk - often in concentrated stock positions. This strategy involves owning the underlying stock, buying a put option for downside protection, and selling a call option to offset the cost of the put. The simultaneous use of these options creates a protective "collar" around the long stock position, ensuring that losses do not exceed a certain level, and that gains, while limited, are still achievable up to a predefined limit.

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Commodities

Commodities, in the context of financial markets, refer to basic physical goods that are standardized and interchangeable with other goods of the same type. These include natural resources or agricultural products such as oil, gold, corn, wheat, natural gas, and copper. Commodities are a crucial part of the global economy as they serve as raw materials for the production of more complex goods and services. In the financial markets, commodities can be traded through futures contracts, stocks, ETFs, options, and other financial instruments.

Common Stock

A type of equity, common stock is a class of ownership in a company.
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Contango

Contango is a term used to describe the structure of prices in the market across the time horizon, and is most often associated with commodities and futures markets.

In a contango market, the futures price is higher than the expected spot price of the underlying asset at the contract's expiration. That means a futures contract will trade at a premium to the spot price.

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Corn Futures

Corn futures are a specific type of futures contract, traded on exchanges that facilitate futures trading, such as the Chicago Mercantile Exchange (CME) or the Intercontinental Exchange (ICE). Like other futures contracts, corn futures are standardized agreements to buy or sell a specific quantity of corn at a predetermined price on a designated future date.

Learn more about Corn Futures

Correlation

Correlation is the relationship between two or more variables with a range of negative (-1) to positive (+1). It is generally measured on a historical basis with a minimum of one month. Correlation measures the rate at which two stocks have historically tended to move in relation to their mean. If they are normally on opposite sides of the mean, they tend to move in opposite directions and have a negative correlation. If they are normally on the same side of the mean, they tend to move in the same direction and have a positive correlation. If there is no clear trend, they are said to have little to no correlation (0). Understanding correlation allows us to diversify our portfolio in non-correlated underlyings.
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Coupon Payment

A term referring to the periodic interest paid to investors of fixed income securities.
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Coupon Rate

The annual rate of interest paid on a fixed income security.
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Covered Call

A covered call is a common strategy that is used to enhance a long stock position. The position limits the profit potential of a long stock position by selling a call option against the shares. This adds no risk to the position and reduces the cost basis of the shares over time.

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Day Trading

Day trading is the opening and closing of your trading positions within a short period, typically the same day. Also known as intraday trading, the goal of using this trading style is usually to take small profits which eventually add up to bigger gains over time.

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Debit Spread

A term that indicates cash will be debited from your trading account when executing a spread.
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Debit Spreads

In the trading world, the term “debit spread” refers to any spread in which the trader/investor is required to outlay net premium in order to initiate the position.

That means the total premium of any purchased options will be greater than the total premium of any sold options, thus resulting in a net “debit” to the investor/trader’s account. 

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Defined Benefit Plan

A retirement plan that calculates employee benefits using a formula that accounts for length of service and salary history.
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Delta Neutral

Delta neutral refers to a trading approach/strategy wherein the delta exposure (directional bias) of an options position is reduced through an offsetting position in the underlying security.
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Derivative

A class of marketable securities, derivatives have a price that is dependent upon (or derived from) an underlying asset.
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Derivatives

In the context of financial markets, "derivatives" refer to financial contracts whose value is derived from an underlying asset, index, or a set of assets. Unlike equities or bonds, derivatives are not assets themselves but are financial instruments based on the value of other financial assets like stocks, bonds, commodities, currencies, interest rates, or market indices.

Derivatives are often used by investors and traders for the purposes of hedging, but may also be used for speculation and/or arbitrage. Some of the most common forms of derivatives include options, futures and swaps.

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Diagonal Spread

A diagonal spread is constructed by purchasing a call/put far out in time, and selling a near term put/call on a further OTM strike to reduce cost basis. The trade has only two legs, but it gives the effect of a long vertical spread in terms of directionality, and a calendar spread in terms of its positive vega.

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Different Types of Cryptocurrencies

The list of cryptocurrencies has grown rapidly over the years. Explore the most popular types of cryptos such as Bitcoin, as well as ether and other altcoins. 

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Dividend

Dividends are payments made by a corporation to its shareholders, and they are typically sourced from company profits. The decision to distribute dividends, and the amount to be distributed, are determined by the company’s board of directors. These payments can be issued in several forms—most commonly as cash or additional stock. The existence of a dividend can be indicative of a company’s strong financial position. However, not all companies opt to pay dividends, choosing instead to reinvest their earnings into the business in order to fuel growth and development.

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Drag

Drag refers to the underperformance of a fund that attempts to replicate the return of a certain underlying. This drag is a long-term result of the daily portfolio rebalance that takes place. An underlying that shows this drag is VXX.
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Duration (Time Decay)

Duration is the name of the game at tastylive. Since our primary strategy is to sell premium, we allow time decay to work in our favor. We generally enter trades that are between 25-50 days to expiration. This range gives us enough time to be right about our assumption and also offers us an acceptable amount of credit. We have found that in periods of low volatility, we can extend duration to increase our credit received. Additionally, we can use the nearest expiration for earnings plays to capitalize on the volatility contraction that ensues afterwards.
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ETF

An Exchange-traded fund (ETF) is a type of investment fund that trades on stock exchanges, much like individual stocks. An ETF holds assets such as stocks, bonds, commodities, or a mix of these, and typically is designed to replicate the performance of a specific index, sector, or commodity.

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Earnings

Earnings announcements are public announcements that display a company’s earnings, or lack thereof. These usually take place on a quarterly basis. This number is generally quantified as earnings per share. It’s important to understand how earnings can affect an underlying, as well as that underlying’s option market.
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Earnings Per Share

Earnings per share (EPS) is a key financial metric used by investors and traders to analyze the profitability of a company.
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Earnings volatility

Earnings volatility is different from standard volatility because it is inflated by a binary event. Earnings are announced either before the market open or after the market close and volatility is typically at its peak just before the announcement. This is due to the uncertainty of stock direction and the magnitude of the move after the earnings announcement.

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European-Style Option

A type of option contract that can be exercised only on its expiration date, not before.
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Ex-dividend Date

The date investors buying the stock will no longer receive the dividend.
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Exchange Traded Note (ETN)

Exchange-traded notes (ETNs) are unsecured, unsubordinated debt securities that are issued by an underwriting bank.
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Expected Move

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.

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Expected Returns

Trading options allows us to take advantage of leverage, which can greatly increase our expected returns on a trade. This leverage also increases our risk. Because of the risk we are taking on, we expect our returns to be greater than the risk-free rate of return (which are virtually non-existent in a low IV environment).

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Expiration

The date at which an option stops trading, and all contracts are exercised or become worthless.
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Extrinsic Value

In the options world, intrinsic and extrinsic value together represent the total value (aka premium) of an option. 

The intrinsic value of an in-the-money (ITM) option at expiration is the difference between strike price and stock price. For expiring out-of-the-money (OTM) options, this value is zero.

Extrinsic is the term used for the value of an option beyond its intrinsic value. Stated differently, extrinsic value is the part of the option premium that is not intrinsic value. 

Extrinsic value is sometimes referred to as “time value” because it reflects the possibility that an option may become ITM before expiration.

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Fundamental Analysis

Fundamental analysis is a method used to assess the intrinsic value of an asset, such as a stock, by examining related economic, financial, and other qualitative and quantitative factors.

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Futures

Futures are financial contracts that obligate the buyer to purchase an asset (or the seller to sell an asset), such as a physical commodity or a financial instrument, at a predetermined future date and price.

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Futures Definition

Contracts that require buyers to purchase and sellers to sell an asset (financial instrument or physical commodity) at a specified price at a specified future date. At tastylive, we use futures to scalp, hedge and give us an overall sense of market activity.

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Gamma

Gamma is the greek that gives us a better understanding of how delta will change when the underlying moves. It is literally the rate of change of an option’s delta, given a $1.00 move in the underlying. For example, if a long call option has a gamma of 0.10 and a delta of 0.50, and the underlying moves up $1.00, the option will then have a delta of 0.60, all else equal. There are a few important concepts when it comes to gamma: Long option benefits, short option risks, and expiration risk.
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Gap Trading

Gap trading, from the perspective of an investor or trader, is a strategy that capitalizes on price gaps which are identified on the price chart of financial instruments. These gaps occur when the opening price of an asset significantly differs from the previous day's closing price, creating a visible gap on the price chart. 

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Gold Futures

Gold futures are a specific type of futures contract, traded on exchanges that facilitate futures trading, such as the Chicago Mercantile Exchange (CME) or the Intercontinental Exchange (ICE). Like other futures contracts, gold futures are standardized agreements to buy or sell a specific quantity of gold at a predetermined price on a designated future date.

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Greeks

There are a lot of moving parts with options, but luckily, we have the greeks to help us parse the information the market is giving us. At tastylive, we mainly focus on five main greeks - beta, delta, gamma, theta and vega. Each have a different meaning and importance, but understanding them holistically helps us analyze our portfolio and position risk. Greek values in options trading are extremely important, as they allow us to have a mathematical understanding of our positions as well as gauge our true risk.

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Hedging

In the financial markets, the term “hedging” relates to risk management, and refers to a strategic attempt to offset or reduce risk in a position or portfolio. 

A hedge may be established using a wide range of financial instruments, including stocks, stock options, futures, futures options, and other securities. 

When successfully implemented, a hedge can help protect against losses. However, one must be aware that a hedge can also create losses, and potentially offset gains in the position/portfolio that it was intended to protect.

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High Frequency Trading

High frequency trading is a new function of the modern market where programmed trading platforms exploit inefficiencies in market pricing.
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High IV, Low IV

Implied Volatility refers to a one standard deviation move a stock may have within a year. If a stock is $100 with an IV of 50%, we can expect to see the stock price move between $50-150. The lower the IV is, the less we can expect to see the stock price fluctuate, and vice versa. These environments tend to be extremes, so we are very mindful of them and act fast when they arise.

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High Implied Volatility Strategies

High IV strategies are trades that we use most commonly in high volatility environments. When implied volatility is high, we like to collect credit/sell premium, and hope for a contraction in volatility.
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How Are Options Taxed

How to Short Sell a Stock

When share prices are expected to drop, all hope isn’t lost – there’s still an opportunity for you to benefit. Short selling a stock enables you to profit from a decline in a company’s share price. Learn how to short a stock.
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IV Crush

Implied volatility crush (aka volatility crush) refers to a significant decrease in the implied volatility of a particular option, or a group of options. Implied volatility (aka IV) is a measure of the market's expectation of future volatility, which is a critical component in the determination of options prices. 

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IV Rank

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.
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IV Rank and IV Percentile

Measuring implied volatility (IV) with a few metrics enables traders to put context around current and historic IV levels. At tastylive, we focus on two measurements - IV rank & IV percentile.
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IV expansion / contraction

IV expansion or contraction refers to implied volatility reverting to the mean.
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Implied Volatility

Implied volatility (IV) is an important metric when it comes to strategy selection because when there’s uncertainty there’s risk. It shows you what kind of volatility level to expect, whether you’re looking at a specific stock or market through ETFs. Learn more about IV in options trading using our guide.
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Implied Volatility Rank

IV rank is our favorite volatility measure at tastylive. IV rank simply tells us whether implied volatility is high or low in a specific underlying based on the past year of IV data.
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In The Money (ITM)

In-the-money (ITM) is a term used to describe an option that has an intrinsic value greater than zero. The amount by which an option is in-the-money is referred to as its intrinsic value.

In general, the term “moneyness” refers to the relationship between the current price of the underlying asset and the strike price of the option. Moneyness is typically categorized in three different ways, in-the-money (ITM), at-the-money (ATM) or out-of-the-money (OTM).

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Indirect Investments

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.
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Initial Public Offering (IPO)

In the financial markets, an initial public offering (IPO) describes the process by which a privately-held company offers its shares for sale to the general public for the first time. 

When a company “goes public,” it essentially transitions from being privately owned by a select group of investors (e.g. founders, venture capitalists, and private equity firms) to a publicly traded company with shares available for purchase on a stock exchange.

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Interest Rates

Interest rates are fundamental to financial markets, serving primarily as the cost of borrowing money. Central banks, such as the Federal Reserve in the United States, play a pivotal role in setting base interest rates, which influence the economy by affecting consumer and business spending, inflation, and currency values. For example, lower interest rates can stimulate economic growth by making loans cheaper, while higher rates might be used to curb inflation by making borrowing more expensive.
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Intrinsic Value

In the options world, intrinsic and extrinsic value represent the total value (aka price or premium) of an option. 

The intrinsic value of an in-the-money (ITM) option at expiration is the difference between the strike price and stock price. For expiring out-of-the-money (OTM) options, this value is zero.

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Inversion

Inversion refers to selling puts above calls, or calls below puts, when managing a short position.
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Iron Butterfly

An iron butterfly is an advanced options strategy that involves a combination of four different options contracts. Essentially, an iron butterfly combines two spread strategies—a bull put spread and a bear call spread.

An iron butterfly is a limited risk, limited reward strategy and is designed to have a high probability of earning a small limited profit when the underlying asset is believed to have low volatility.

Learn more about Iron Butterfly

Iron Condor

An iron condor is a directionally neutral, defined risk strategy that profits from the underlying trading in a range, through the expiration of the options contract. In this guide, you’ll learn what makes it valuable and why it’s considered a high probability trading strategy.

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Jade Lizard

A jade lizard is a slightly bullish strategy that combines a short put and a short call spread. The strategy is created to have no upside risk, which is done by collecting a total credit greater than the width of the short call spread.
Learn more about Jade Lizard

Junk Bond

Junk bonds are fixed income securities that carry low credit ratings.
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LEAPS Options

Long-term Equity Anticipation Securities (LEAPS) are a type of stock or index option with notably longer expiration dates as compared to standard options. While most traditional options expire within a year, LEAPS options can have expirations that extend up to two or three years from the time they're issued.

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Leg

A term used when referring to the execution of positions with more than one component.
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Legging Into and Out of Trades

Legging a trade refers to the opening or closing of each leg for a non-naked strategy in separate transactions.

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Leverage

The use of a small amount of money to control a large number of securities.
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Leverage in Options

Leverage is a financial tool that allows investors and traders to control a larger position with a relatively smaller amount of capital. In the broader financial markets, leverage is often achieved through borrowing, or using financial instruments that amplify potential returns (and risks) relative to the initial investment. In this regard, leverage enables market participants to gain greater exposure to an asset without having to fully fund the position themselves.

Leveraged Products

Leveraged products are underlyings that track different underlyings and attempt to amplify their move by a certain multiplier. A good example of a leveraged product is UVXY, which attempts to replicate twice the daily return of a modified VIX futures contract with an average maturity of 30 days. Not all leveraged products are positively correlated. Some products are negatively correlated and experience a loss when the replicated product experiences an increase.
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Limiting profitability

There is a direct relationship between profitability and probability of success. The higher the profitability, the lower the probability of success. At tastylive, we limit our profitability to increase our probability of success. We do this by reducing our cost basis and by selecting our strikes strategically, to give us a high probability of success. This is one of the hardest concepts to grasp as a new trader so we like to use a baseball analogy to explain the concept…

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Liquidity

Liquidity is how easily an investor can buy or sell an asset without losing much value. The more an asset is traded, the more liquid it becomes.

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Long Butterfly Spread

A long butterfly spread is a neutral position that’s used when a trader believes that the price of an underlying is going to stay within a relatively tight range.
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Low Implied Volatility Strategies

When implied volatility is low, we will utilize strategies that benefit from increases in volatility as well as more directional strategies.
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Managing Winners

The term managing winners refers to closing a trade prior to expiration and prior to max profit.
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Margin Trading

Margin is the amount of capital required to open a trade. 

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Market Awareness

Market awareness refers to our ability to assess the entire stock and option marketplace from a macro level. Having a better market awareness allows us to avoid poor decisions and optimize our good ones. We like to break market awareness down in three levels: Sector awareness, fear awareness & participant awareness.
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Market Efficiency

A theory focusing on the degree to which asset prices reflect all relevant and available information.
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Market Order

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.
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Mean Reversion (Contrarian)

Mean reversion is very important to what we do at tastylive. As mean reversion traders, we look to exploit price extremes and volatility because we believe they will revert to their mean over time. Volatility proves to be the one variable that is recognized as being ‘mean reverting’ in many option-pricing models.

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Momentum Trading

Momentum trading, often referred to as "momo" trading, is a strategy that capitalizes on the continuation of existing trends in asset prices. Momentum traders aim to identify securities that have exhibited strong price movements in a particular direction, whether upward or downward, and enter positions to profit from the momentum continuing in the same direction.

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Money Market Instruments

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.
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Moneyness

In the options universe, the term “moneyness” refers to the relationship between the current price of the underlying asset and the strike price of the option.

As a reminder, the strike price is the price at which the option holder can buy (for a call option) or sell (for a put option) the underlying asset.

Moneyness is typically categorized in three different ways, in-the-money (ITM), at-the-money (ATM) or out-of-the-money (OTM).

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Naked Options

Short naked options are calls or puts that are sold that have nothing to limit their risk (shares of stock, long options). It is a bullish strategy when selling a put option and a bearish strategy when selling a call option.

Natural Gas Futures

Natural gas futures are a specific type of futures contract, and are traded on exchanges that facilitate futures trading, such as the Chicago Mercantile Exchange (CME) or the Intercontinental Exchange (ICE). Like other futures contracts, natural gas futures are standardized agreements to buy or sell a specific quantity of natural gas at a predetermined price on a designated future date.

Learn more about Natural Gas Futures

Negative Correlation

In the financial markets, correlation is a statistical measure that indicates the extent to which the prices of different assets move together. A positive correlation means that the prices of two assets tend to move in the same direction, while a negative correlation means that the prices of two assets tend to move in opposite directions.

Learn more about negative correlation.

Notional Value

In the financial markets, notional value refers to the amount of money controlled by a given financial position. Notional value is commonly cited in derivatives markets, because these instruments allow for considerable leverage. 

An awareness of notional value allows investors and traders to easily differentiate between the cost to enter a given position and the total financial value that is controlled by that position. The cost to enter a position may be referred to as the market value, which is the price that a financial security (such as a derivative) can be bought and sold.

From that perspective, market value refers to the actual value of a securities position, whereas notional value refers to the total financial value controlled by that position. 

Learn more about Notional Value

Number of Occurrences

When it comes to probabilities, we have to understand that there are winners and losers. Even if we have a 99% probability of success on a trade, one percent of those trades will still be losers over a very large pool of occurrences. Let’s say that we reach our true probability over 1,000 occurrences. We could expect to see 990 winners and 10 losers. The question is - where will those 10 losers occur? Nobody knows, and that’s the importance of trading small.
Learn more about Number of Occurrences
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Oil Futures

Oil futures are a specific type of futures contract, traded on exchanges that facilitate futures trading, such as the Chicago Mercantile Exchange (CME) or the Intercontinental Exchange (ICE). Like other futures contracts, oil futures are standardized agreements to buy or sell a specific quantity of oil at a predetermined price on a designated future date.

Learn more about Oil Futures

Open Interest

Open interest refers to the total number of outstanding option contracts that are currently active and have not been settled or closed. As such, open interest provides insight into the liquidity and activity level of a particular option.

Learn more about Open Interest

Open a Brokerage Account

Allocating a minimum of $2,000 to a trading fund. 

Learn more about Open a Brokerage Account

Option Greeks

The “Greeks” refer to a group of parameters that measure risk in an options position. The Greeks are typically used to help investors and traders risk-manage individual options positions, as well as the overall portfolio.

Option Pricing

Options are priced using various mathematical models, with the most widely used being the Black-Scholes model. This model, and others like it, take into account key market data and/or assumptions to determine the price of an option. 

Learn more about Option Pricing

Option Value

Where an option gets its price can seem like smoke and mirrors when first learning about option trading, but it is actually pretty simple. Option value, also known as option premium, is really just made up of two contributing factors - intrinsic & extrinsic value. These values change based on three inputs: strike price in relation to the stock price, implied volatility, and time until expiration. That’s it! We won’t leave you there though - let’s dive a little deeper and start with intrinsic value.
Learn more about Option Value

Options

An option is a financial contract whose value is derived from an underlying asset, index, or a set of assets. The value of an option is based on the value of other financial assets like stocks, ETFs, bonds, commodities, currencies, interest rates, or futures. 

Learn more about Options

Options Clearing Corporation (OCC)

The Options Clearing Corporation (OCC) provides central counterparty clearing and settlement services to 15 exchanges.
Learn more about Options Clearing Corporation (OCC)

Options Delta

Delta is a theoretical concept that estimates an option's value in terms of how much it can change based on a 1$ move up or down in the underlying security.

Learn more about Options Delta

Options Expiration

The term "expiration" refers to the fact that certain trading instruments exist for a finite period of time. At expiration, an option contract will either be converted into 100 long or short shares of the underlying stock, or it will expire worthless.

Learn more about Options Expiration

Options on Futures

Options on futures are derivative instruments similar to the options you might buy on a single stock, but instead of the underlying asset being shares of a specific company, the underlying asset is a futures contract.

An option on a futures contract gives the holder the right, but not the obligation, to buy (in the case of a call option) or sell (in the case of a put option) a specific futures contract at a predetermined price (the strike price) on or before a certain date (the expiration date).

Learn more about Options on Futures

Out of the Money (OTM)

"Out-of-the-money" (OTM) is a term used to describe an option that has zero intrinsic value. As such, any and all value in an out-of-the-money (OTM) option is considered extrinsic value.

In general, the term “moneyness” refers to the relationship between the current price of the underlying asset and the strike price of the option. Moneyness is typically categorized in three different ways, in-the-money (ITM), at-the-money (ATM) or out-of-the-money (OTM).

Learn more about Out of the Money (OTM)
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Pairs Trading

Pairs trading refers to trading a discrepancy in the correlation of two underlyings.
Learn more about Pairs Trading

Pin Risk

The risk that a stock price settles exactly at the strike price when it expires.
Learn more about Pin Risk

Poor Man Covered Call

A poor man’s covered call is a long call diagonal debit spread that is used to replicate a covered call position. The strategy gets its name from the reduced risk and capital requirement relative to a standard covered call.
Learn more about Poor Man Covered Call

Poor Man Covered Put

A "poor man's covered put" is a trading strategy that mimics the payoff of a covered put but with a lower capital requirement. This strategy involves using a long-term put option (often a LEAPS option) as a substitute for shorting the underlying stock, and pairing it with a near-term short put option. The short put is intended to generate income from extrinsic value premium.

Learn more about Poor Man Covered Put

Positive Correlation

In the financial markets, correlation is a statistical measure that indicates the extent to which the prices of different assets move together. A positive correlation means that the prices of two assets tend to move in the same direction, while a negative correlation means that the prices of two assets tend to move in opposite directions.

Learn more about Positive Correlation.

Pot Odds

The term “pot odds” refers to the statistical relationship between expected return and expected risk. If we have good pot odds on a trade, we can expect to make more than what we’ve risked. For example, we would risk two to make three, but we would not risk four to make three in a random environment.

Learn more about Pot Odds

Pre Market Trading

Pre-market trading hours refer to the period before the official opening of a financial exchange when trading in certain securities, such as stocks, occurs. These hours typically take place in the early morning, before regular trading hours commence.

Learn more about Pre Market Trading

Preferred Stock

A type of equity, preferred stock is a class of ownership in a company.
Learn more about Preferred Stock

Primary Market

A term referring to the segment of the capital markets where new securities are issued, like an initial public offering (IPO).
Learn more about Primary Market

Probability of Profit

Probability of profit (POP) refers to the chance of making at least $0.01 on a trade. This is an interesting metric that is affected by a few different aspects of trading - whether we’re buying options, selling options, or if we’re reducing cost basis of stock we are long or short.

Learn more about Probability of Profit

Probability of Profit/Success

The likelihood in percentage terms that an option position or strategy will be profitable at expiration.
Learn more about Probability of Profit/Success

Put Options

Put options reflect a trader’s bearish assumption of the market or underlying – the trader thinks that a certain product’s price will fall well below their put strike price by the contract’s expiration.

Learn more about Put Options.

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Quadruple Witching

“Quadruple witching” is a unique phenomenon in financial markets where four types of derivative instruments expire simultaneously. These instruments include stock index futures, stock index options, stock options, and single-stock futures. Occurring on the third Friday of March, June, September, and December each year, this simultaneous expiration can lead to a significant increase in trading volume and heightened volatility as traders and investors close out expiring positions and open new ones.

The impact of quadruple witching is often felt most acutely in the final hour of trading, known as the "witching hour," when rapid price movements can occur. 

Learn more about Quadruple Witching

Quote

A term referring to the current bid/ask price of an asset in the marketplace.

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Ratio Spread

A front ratio spread is a neutral to slightly directional strategy placed so that there is either no upside or downside risk. A front ratio spread is created by purchasing a put or call debit spread with an additional short put or call at the short strike of the debit spread.
Learn more about Ratio Spread

Return on Capital

Return on Capital, also known as ROC, is calculated by taking the max potential profit (for a short position) and dividing it by the total amount of capital used.
Learn more about Return on Capital

Reverse Stock Split

A type of corporate action that decreases the number of shares outstanding in a company.
Learn more about Reverse Stock Split

Risk Management

Risk Management refers to the strategic risk that we take when trading options. This covers everything from our trade size, to our strike selection, product choice and type of strategy. We are able to control all of these factors in order to increase our probability of success and avoid large drawdowns in our account.

Learn more about Risk Management

Riskless Arbitrage

A type of arbitrage in which a profit is theoretically guaranteed. May also be referred to as "Risk-Free Arbitrage."

Learn more about Riskless Arbitrage

Rolling

Rolling a trade is one way to manage a winning or losing position.

Learn more about Rolling
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S&P 500 (SPY) ETF

The SPDR S&P 500 (SPY) is an Exchange Traded Fund (ETF) that tracks the performance of one of the most popular US indices, the Standard & Poor's 500 (S&P 500).

Scaling

Scaling refers to the adaptation of a growing or shrinking account, which ensures we are using our capital effectively and wisely. We may change our size and take on more risk when our account grows, and we will continue to primarily sell premium.
Learn more about Scaling

Scalp Trading

Scalp trading in the financial markets refers to a short-term trading strategy where investors/traders aim to profit from small price movements in assets, such as stocks, currencies, or cryptocurrencies. Scalp traders often make numerous quick trades throughout the day, holding positions for as little as a few seconds to a few minutes, or sometimes even longer. 

Learn more about Scalp Trading

Scalp/Scalper

Scalping refers to buying and selling an underlying multiple times in the same day for a small profit.
Learn more about Scalp/Scalper

Selling Option Premium

The term “selling premium” refers to selling options. There are many benefits to selling premium as opposed to buying premium, but there are environments where each strategy can flourish.

Learn more about Selling Option Premium

Selling Premium

Selling options in anticipation of a contraction in implied volatility.
Learn more about Selling Premium

Skewed Iron Condor

A skewed iron condor is a defined risk strategy that combines an iron condor and an embedded call spread. It takes what is a normally non-directional trade and makes it directional (although we can also make it directional through strike selection). With a normal iron condor we would sell the call spread and the put spread at the same width, but with a skewed iron condor we might sell a $1 wide put spread and a $2 wide call spread to create the skewed iron condor. We use this strategy in a high IV environment or when we have a directional bias (selling into strength or buying into weakness).
Learn more about Skewed Iron Condor

Spin-Off

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.
Learn more about Spin-Off

Standard Deviation

In statistics, standard deviation (SD) is a unit of measurement that quantifies certain outcomes relative to the average outcome.
Learn more about Standard Deviation

Staying Small

While traditional investing advocates for fewer occurrences and values the buy and hold strategy, we at tastylive take a statistical approach to trading. We believe in putting on many small high probability trades to increase our probability of success.

Learn more about Staying Small

Stock Market Index

The term "stock market" is a general term used to collectively refer to all markets and exchanges where the shares of publicly-traded companies are issued and traded. 

One could refer to the worldwide stock market, including all exchanges and markets on the planet, or to a stock market in a specific country, or region of the world. For example, the U.S. stock market, or the Southeast Asian stock market. 

Learn more about Stock Market Index

Stock Split

A stock split is a corporate action that involves dividing a company's existing shares into multiple new shares to increase the total number of shares outstanding. This is technically known as a "forward stock split." While the number of shares increases, the total value of the shares remains the same, meaning the market capitalization of the company is unchanged. For instance, in a 2-for-1 stock split, each existing share is split into two shares, and the price per share is halved. 

Learn more about Stock Split

Stock split

A type of corporate action that increases the number of outstanding shares in a company.
Learn more about Stock split

Stocks

A stock represents ownership in a company. When you own a stock, you hold a share or a portion of that company's ownership. Publicly traded stocks are bought and sold on stock exchanges, allowing investors to become shareholders and potentially benefit from a company's profits and growth.

Learn more about Stocks

Stop Order

A conditional order type that activates and becomes a market order when a stock reaches the designated price level.
Learn more about Stop Order

Straddle

A straddle is an options strategy that involves simultaneously purchasing or selling both a call option and a put option with the same strike price and expiration date for a particular underlying asset. If the call and put are both purchased, the associated trade structure is called a “long straddle.” But if the call and put are both purchased, the associated trade structure is called a “short straddle.”

Learn more about Straddle

Strangle

A strangle is an options trading strategy that involves selling an out-of-the-money (OTM) put and call (short strangle), or buying an OTM put and call (long strangle) in the same expiration cycle.
Learn more about Strangle

Strike Price

In options trading, the strike price, also known as the exercise price, is a predetermined price at which the holder of an option has the right, but not the obligation, to buy or sell the underlying asset. This asset could be a stock, commodity, index, or currency, depending on the type of option.

The strike price is a key element of an options contract because it serves as a reference point for exercising a given option. As such, the strike price may also be defined as the price at which an option can be exercised by its owner (aka holder).

Strike Price Interval

A term referring to the price differential between strikes in a given option series.
Learn more about Strike Price Interval

Sunny Side Up

The sunny side up trade is an original tastylive strategy. It’s structured by buying an ATM call spread and financing the spread with the sale of a far OTM call option. For example, buying a vertical call spread (purchasing a call 1 strike ITM and selling a call 1 strike OTM) and then selling a naked call at least 84% OTM to finance the purchase of the call spread. We typically look to use the sunny side up strategy for earnings announcements where we have a strong bullish assumption.
Learn more about Sunny Side Up

Synthetic

A term used to describe a position that is built to simulate another position, but utilizes different financial instruments.
Learn more about Synthetic

Synthetics

Synthetics are a way to artificially create a financial position with a different strategy. Derivatives allow investors to synthetically create various different positions without needing to use as much capital.

Learn more about Synthetics
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Technical Analysis

Technical analysis refers to the practice of using historical data to try and forecast future movement (i.e. price direction) in the price of a security. Using historical price and volume data, technical analysts seek to decipher patterns and trends which are then used to forecast future price movement.

Learn more about Technical Analysis

Theta

Theta is the daily decay of an option’s extrinsic value. This metric is the cloudiest of all, as it assumes implied volatility & price movement are held constant. For this reason, it’s better to think of theta decay from the bigger scheme of things.

Learn more about Theta

Time In Force

Designations that dictate the length of time over which an order will keep working before it is cancelled.
Learn more about Time In Force

Triple Witching

Triple witching refers to a specific event that occurs on the third Friday of certain months, typically March, June, September, and December. 

During triple witching events, three different types of financial derivatives contracts—stock options, stock index futures, and stock index options—all expire on the same day. This convergence of multiple expirations can lead to increased trading activity and volatility in the financial markets.

Learn more about Triple Witching

Twisted Sister

A twisted sister is a neutral, undefined risk strategy. This strategy is the opposite of a jade lizard. To construct this strategy we would sell an OTM call, and sell an OTM put spread at the same time. Maximum profit is achieved if the stock price ends up between the short strikes at expiration. We have found that twisted sisters underperform in the long run when compared to jade lizards because jade lizards take advantage of volatility skew.

Learn more about Twisted Sister
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Undefined Risk

Undefined Risk refers to the risk that is accompanied with naked options and when your possible max loss is unknown on order entry. This normally refers to a naked call as the underlying equity could possibly go up indefinitely. Naked puts also have undefined risk, however we know that an underlying can only go to zero so we can consider this our max loss.

Learn more about Undefined Risk
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VIX

The CBOE Volatility Index (VIX) is a key barometer that investors and traders use to gauge expected volatility in the stock market. The VIX is calculated using front-month options in the S&P 500 index, and therefore reflects the market's perception of risk based on the ever-changing demand for these 30-day options.

Learn more about VIX

VIX tells

The idea that the movement of the /VX give some type of prediction of future market activity. 

Learn more about VIX tells

VX

/VX is the ticker symbol for the CBOE VIX Index Futures. While the cash VIX index is derived from SPX option prices, VIX futures are priced by the marketplaces anticipation of the 30-day market volatility.
Learn more about VX

VXX Options

The VXX is an exchange traded note (ETN) that tracks the VIX short-term futures. Learn more about how to trade VXX options and when to use it from tastylive!

Learn more about VXX.

Vega

One of the Greeks, vega measures the rate of change in an option’s theoretical value given a 1% change in implied volatility.

Learn more about Vega.

Vertical Credit Spread

Vertical Debit Spread

A vertical debit spread is a defined risk, directional options trading strategy where we buy an option that we want to increase in value, while selling a similar option type against it to reduce the overall cost and risk of the trade.

“Vertical” in this case just means that the options are in the same expiration cycle.

“Debit” means we are paying for the spread, and we want the overall spread to increase in value. The long option is our asset in a debit spread, and the short option is our cost basis reduction component. 

“Spread” indicates that we have a long and short option component in the same trade, where one offsets the P/L of the other to a degree.

Learn more about Vertical Debit Spread

Vertical Spread

A vertical spread is a directional strategy made up of long and short puts/calls at different strikes in the same expiration. Vertical spreads allow us to trade directionally while clearly defining our maximum profit and maximum loss on entry (known as defined risk).
Learn more about Vertical Spread

Volatility

A measure of the fluctuation in the market price of a security or index. Also defined as the annualized standard deviation of returns. Volatility is frequently used as an input in models that calculate the theoretical value of options.
Learn more about Volatility

Volatility Products

In recent years, it has become increasingly common to consider volatility as its own asset class. With this progression, many different volatility products have been invented and are now available to trade. The most common of these products include the VIX, VIX options, VIX futures, VXX, UVXY, SVXY and VXST. The VIX index gauges 30-day implied volatility in SPX and the options on the VIX allow investors to trade their volatility assumptions, whether it is to speculate or hedge portfolio positions.

Learn more about Volatility Products

Volatility Skew

Volatility Skew refers to the difference in implied volatility of each opposite, equidistant option. The current volatility skew in the market results in puts trading richer than calls, because the IV in OTM puts is higher than the equivalent OTM calls. Velocity also attributes to the skew, since markets can fall much faster than they rise. Before the crash of 1987, this skew did not exist.

Learn more about Volatility Skew

Volatility Skew

Volatility skew refers to the uneven distribution of implied volatility across different strike prices and expiration dates of options contracts. Implied volatility reflects the market's expectation of future price movements for the underlying asset. The volatility skew therefore illustrates how this expectation varies depending on the option's strike price and time to expiration.

Learn more about Volatility Skew
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Watchlist

An options watchlist is simply a list of underlyings that we can keep track of in a trading platform. Building and maintaining a watchlist is an important aspect of everyday trading. From our watchlist we can see trends, spot price extremes, and get a general scope of the market conditions.
Learn more about Watchlist

Weeklys

Certain underlyings offer weekly expiration cycles, which allow traders to take their chance in short-term directional plays. At tastylive, we avoid weekly expiration cycles unless they are part of an earnings play.

Learn more about Weeklys

Writing an option

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.
Learn more about Writing an option
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ZEBRA

The ZEBRA (zero extrinsic value back ratio spread) is a near-100 delta stock replacement strategy with all of the upside profit potential with a fraction of the risk compared to owning 100 shares of stock. It is constructed by purchasing two ITM (in-the-money) options and selling one same-style ATM (at-the-money) option against it to eliminate all of the extrinsic value in the two long options you’re buying.
Learn more about ZEBRA

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