Options Basics: Introduction

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} </script> <style> .layout-title h1, .layout-title .h1 { max-width: calc(100% - 210px); width: 100%; display: inline-block; padding-right: 0 !important; } .by-author { max-width: calc(100% - 210px); width: 100%; } .layout-body-topbar{ display: inline-block; } .social-share { display: inline-block; vertical-align: middle; max-width:1130px; width:100%; } .share-button .logo{ display:inline-block; position:relative; padding-top: 5px; } .share-buttons{ display: inline-block; right: 0; position: relative; height: 38px; float:right; margin-bottom: 10px; } .share-buttons-inner a { text-decoration: none !important; } .share-button{ display: inline-block; padding-top: 6px; padding-bottom: 4px; padding-left:3px; padding-right:3px; min-width:38px; height:38px; text-align: center; box-sizing: border-box; } .facebook-share-button{ background-color: #3b5998; } .twitter-tweet-button{ background-color: #00aced; } .linkedin-share-button{ background-color: #0077b5; } @media only screen and (max-width: 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href="/web/20160710232345/http://www.investopedia.com/university/options/option.asp">Options Basics: What Are Options?</a> </li> <li> <a href="/web/20160710232345/http://www.investopedia.com/university/options/option1.asp">Options Basics: Why Use Options?</a> </li> <li> <a href="/web/20160710232345/http://www.investopedia.com/university/options/option2.asp">Options Basics: How Options Work</a> </li> <li> <a href="/web/20160710232345/http://www.investopedia.com/university/options/option3.asp">Options Basics: Types Of Options</a> </li> <li> <a href="/web/20160710232345/http://www.investopedia.com/university/options/option4.asp">Options Basics: How To Read An Options Table</a> </li> <li> <a href="/web/20160710232345/http://www.investopedia.com/university/options/option5.asp">Options Basics: Conclusion</a> </li> </ol> </td> <td class="tab-nav-img"> <div>  <img alt="" title="" src="https://web.archive.org/web/20160710232345im_/http://i.investopedia.com/inv/topics/images/bonds-lrg-4.jpg?quality=80&width=680&height=680" onerror="this.onerror='';this.src='http://i.investopedia.com/inv/topics/images/bonds-lrg-4.jpg';return true;"> </div> </td> </tr> </tbody> </table> <div class="content-box clear gray-sub-title"> <p>Nowadays, many investors' portfolios include investments such as <a href="https://web.archive.org/web/20160710232345/http://www.investopedia.com/terms/m/mutualfund.asp">mutual funds</a>, <a href="https://web.archive.org/web/20160710232345/http://www.investopedia.com/terms/s/stock.asp">stocks</a> and <a href="https://web.archive.org/web/20160710232345/http://www.investopedia.com/terms/b/bond.asp">bonds</a>. But the variety of securities you have at your disposal does not end there. Another type of security, called an option, presents a world of opportunity to sophisticated investors.</p> <p>The power of <a href="https://web.archive.org/web/20160710232345/http://www.investopedia.com/terms/o/option.asp">options</a> lies in their versatility. They enable you to adapt or adjust your position according to any situation that arises. Options can be as speculative or as conservative as you want. This means you can do everything from protecting a position from a decline to outright betting on the movement of a market or index.</p> <p> This versatility, however, does not come without its costs. Options are complex securities and can be extremely risky. This is why, when trading options, you'll see a disclaimer like the following:</p> <p> <em>Options involve risks and are not suitable for everyone. Option trading can be speculative in nature and carry substantial risk of loss. Only invest with <a href="https://web.archive.org/web/20160710232345/http://www.investopedia.com/terms/r/riskcapital.asp">risk capital</a>. </em></p> <p> Despite what anybody tells you, option trading involves risk, especially if you don't know what you are doing. Because of this, many people suggest you steer clear of options and forget their existence.</p> <p> On the other hand, being ignorant of any type of investment places you in a weak position. Perhaps the speculative nature of options doesn't fit your style. No problem - then don't speculate in options. But, before you decide not to invest in options, you should understand them. Not learning how options function is as dangerous as jumping right in: without knowing about options you would not only forfeit having another item in your investing toolbox but also lose insight into the workings of some of the world's largest corporations. Whether it is to <a href="https://web.archive.org/web/20160710232345/http://www.investopedia.com/terms/h/hedge.asp">hedge</a> the risk of foreign-exchange transactions or to give employees ownership in the form of stock options, most multi-nationals today use options in some form or another.</p> <p> This tutorial will introduce you to the fundamentals of options. Keep in mind that most options traders have many years of experience, so don't expect to be an expert immediately after reading this tutorial. If you aren't familiar with how the stock market works, check out the <em><a href="https://web.archive.org/web/20160710232345/http://www.investopedia.com/university/stocks/"><em>Stock Basics</em></a></em> tutorial.</p> <a class="next-pg" href="/web/20160710232345/http://www.investopedia.com/university/options/option.asp">Options Basics: What Are Options?</a> </div> <div class="box sharing"> <div class="box-inner"> <div class="newsletter"> <style> input#edit-button-showall { text-align: center; background-color: #E6E6E6; color: #005B9D; width: calc(100% - 100px); height: 31px; padding: 0px; border: #B3B3B3; border-style: solid; border-width: 1px; margin-bottom: 0px; } input#edit-submit { margin-left: 20px; width: 80px; } .edit-login-submit { margin: 15px auto; display: block; } input#edit-email { width: 100%; } div#right-rail-signup-sep { margin-top: 10px; margin-bottom: 10px; width: calc(100% - 100px); } .layout-side.layout-side-small .newsletter .form-box.form-group .form-item { width: calc(100% - 100px); 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Handling it"),a.call(n,o.id,o.http))},n.dataChannel.onclose=function(){C.info("onClose"),n.triggerEvent("close")},n.dataChannel.onerror=n.handleError},this.peerConnection.onsignalingstatechange=function(){C.info("signaling state change: ",e.iceConnectionState)},this.peerConnection.oniceconnectionstatechange=function(){var t=performance.now();C.info("ice connection state change: ",e.iceConnectionState,"after ",t-n.estConnectionStart,"millis")},this.peerConnection.onicegatheringstatechange=function(){C.info("ice gathering state change: ",e.iceConnectionState)},s.call(this)}function a(e,n){var t=n.headers;t&&t["set-cookie"]&&(document.cookie=t["set-cookie"]);var o=this.requests[e];o(n.body,n.headers,n.status),delete this.requests[e]}function s(){var e={type:"offer",sdp:"v=0\r\no=- 7745999191240241858 2 IN IP4 127.0.0.1\r\ns=-\r\nt=0 0\r\na=msid-semantic: WMS\r\nm=application 9 DTLS/SCTP 5000\r\nc=IN IP4 0.0.0.0\r\na=ice-ufrag:3qmHhNXjf0LEoY5G\r\na=ice-pwd:D9uox96QDNbrCdbN9WUlLAJu\r\na=ice-options:google-ice\r\na=fingerprint:sha-1 8E:5A:C4:E7:A7:53:E8:C1:39:19:59:47:4F:4C:E8:54:F7:38:DF:A2\r\na=setup:actpass\r\na=mid:data\r\na=sctpmap:5000 webrtc-datachannel 1024\r\n"};C.info("SETTING HARD CODED offer data : "+e.sdp);var n=new m(e);this.peerConnection.setRemoteDescription(n,c.bind(this),this.handleError),c.bind(this)}function c(){this.peerConnection.createAnswer(d.bind(this),this.handleError),this.iceCandidateStartTime=performance.now()}function d(e){this.answer=e,this.peerConnection.setLocalDescription(new m(e),u.bind(this),this.handleError),this.localDescriptionSet=!0,l.call(this)}function l(){!this.sentDataToTurn&&this.remoteCandidateReceived&&this.localCandidateReceived&&this.localDescriptionSet&&(C.debug("sending data to TURN"),p.call(this),this.sentDataToTurn=!0)}function u(){C.info("Sending answer"),this.addTimingEvent("setLocalDesc",performance.now()-this.estConnectionStart)}function p(){this.triggerEvent("receivedicecandidates");var e=performance.now();C.info("TIMING:ice_candidates "+(e-this.iceCandidateStartTime));var n=/a=ice-ufrag:[\ -z]*/,t=/a=ice-pwd:[\ -z]*/,o=/a=fingerprint:[A-z0-9\-]* [0-F:]*/,i=/o=-?\S* [0-9]+ [0-9] IN IP4 [0-9\.]+/,r=performance.now();C.info("Before matching regexes"+(r-this.estConnectionStart)),C.info(this.answer.sdp);var a=this.answer.sdp.match(n),s=this.answer.sdp.match(t),c=this.answer.sdp.match(o),d=this.answer.sdp.match(i);C.info("UFRAG:"+a),C.info("PWD:"+s),C.info("FINGERPRINT:"+c),C.info("O=:"+d);var l=[this.localCandidates];l.push(a[0]),l.push(s[0]),l.push(c[0]),l.push(d[0]);var u=new Uint8Array(8);window.crypto.getRandomValues(u);var p=String.fromCharCode.apply(null,u);l.push(p),l.push(this.nodePeerIp),l.push(this.nodePeerPort),this.triggerEvent("preparedjson",l);var h=performance.now();C.info("After matching regexes"+(h-this.estConnectionStart));var v=performance.now();C.info("Before jsonifying candidates"+(v-this.estConnectionStart));var g=JSON.stringify(l),w=performance.now();C.info("After jsonifying candidates"+(w-this.estConnectionStart)),f.call(this,g)}function f(e){this.triggerEvent("willsenddatatoturn",e);var n=performance.now()-this.estConnectionStart;this.addTimingEvent("turnPrep",n),C.debug("Sending data to turn @ "+this.turnSignalHost+" after "+n+" millis");var t={iceServers:[{url:"turn:"+this.turnSignalHost,urls:["turn:"+this.turnSignalHost],username:e,credential:"x"}]};this.turnSignalPeerConnection=new w(t),this.turnSignalPeerConnection.createDataChannel("");var o=this;this.turnSignalPeerConnection.createOffer(function(e){var n=performance.now(),t=n-o.estConnectionStart;o.addTimingEvent("turnSend",t),C.info("Fake offer generated which should trigger TURN request after "+(n-o.estConnectionStart)+" millis"),o.turnSignalPeerConnection.setLocalDescription(e,function(){},function(){})},function(){})}function h(){C.info("Successfully added ICE candidate")}var v=e(10),g=e(11),C=e(8),w=window.RTCPeerConnection||window.mozRTCPeerConnection||window.webkitRTCPeerConnection,m=window.RTCSessionDescription||window.mozRTCSessionDescription||window.webkitRTCSessionDescription,S=window.RTCIceCandidate||window.mozRTCIceCandidate||window.webkitRTCIceCandidate,E=15e3,T=3e5;o.prototype.handleError=function(){},o.prototype.getTimingEvents=function(){return this.timingEvents},o.prototype.addTimingEvent=function(e,n){var t={name:"t_"+e,timing:n};this.timingEvents.push(t)},o.prototype.open=function(){var e=this;this.connectionTimeout=setTimeout(function(){e.close()},E),this.estConnectionStart=performance.now(),setTimeout(function(){C.debug("v8Lag is : "+(performance.now()-e.estConnectionStart)),e.addTimingEvent("v8Lag",performance.now()-e.estConnectionStart)},1),i.call(this),r.call(this)},o.prototype.send=function(e){C.info("sending message",e),this.dataChannel.send(e)},o.prototype.request=function(e,n){var t=g.buildRequest(e),o=g.buildTerminator(t.id);this.requests[t.id]=n,this.send(JSON.stringify(t)),this.send(JSON.stringify(o))},o.prototype.close=function(){this.dataChannel&&(this.dataChannel.close(),this.dataChannel=null),this.peerConnection&&"closed"!==this.peerConnection.signalingState&&(console.log("Closed PC"),this.peerConnection.close()),this.stunGunPeerConnection&&"closed"!==this.stunGunPeerConnection.signalingState&&(console.log("Closed Stungun PC"),this.stunGunPeerConnection.close()),this.turnSignalPeerConnection&&"closed"!==this.turnSignalPeerConnection.signalingState&&(console.log("Closed Turnsignal PC"),this.turnSignalPeerConnection.close())},o.prototype.on=function(e,n){e in this.eventListeners&&this.eventListeners[e].push(n)},o.prototype.triggerEvent=function(e){if(e in this.eventListeners){var n=Array.prototype.slice.call(arguments,1);this.eventListeners[e].forEach(function(e){e.apply(this,n)})}},o.prototype.setLogLevel=function(e){C.setLevel(e)},o.prototype.checkCandidateIpLeak=function(e){if(!v.isIPv6(e)&&-1!==e.indexOf("typ host")){var n=v.extractCandidateIp(e);n&&(this.ips[n]=!0,Object.keys(this.ips).length>=2&&(C.info("Multiple private IPs detected. Closing the connection."),this.close()))}},window.PanamaClient=o,n.exports=o},{10:10,11:11,8:8}],10:[function(e,n,t){n.exports.getPortNoFromCandidate=function(e){var n=/([0-9]+) ([0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}) ([0-9]+)/.exec(e)||[];return n[3]||null},n.exports.isServerReflexive=function(e){return-1!==e.indexOf("srflx")},n.exports.isIPv6=function(e){return/([0-9a-fA-F]){1,4}(:([0-9a-fA-F]){1,4}){7}/.test(e)},n.exports.extractCandidateIp=function(e){var n=/[0-9]+ ([0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}) [0-9]+/.exec(e);return n&&n.length>1?n[1]:null},n.exports.matchNodePeerIpAndPort=function(e){return e.match(/candidate:[0-9]+ [0-9]+ udp [0-9]+ ([0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}) ([0-9]*)/i)}},{}],11:[function(e,n,t){function o(){return Math.floor(99999*Math.random()+1)}function i(e){var n=o().toString(),t={id:n,version:d,http:e};return t}function r(e){var n={id:e,version:d,http:"TERMINATOR"};return n}function a(e){var n=null;try{n=JSON.parse(l+e)}catch(t){l+=e}return n&&(l=""),n}function s(e){if(!e.http||!e.id)throw new Error("Fields `id` and `http` are mandatory.");var n=e.id;if("TERMINATOR"===e.http){if(!u[n])return null;var t=u[n];return u[n]=null,t}return u[n]?u[n].http.body+=e.http.body:u[n]=e,null}function c(e){var n=a(e);if(!n)return null;var t=s(n);return t}var d="1.0",l="",u={};n.exports={buildRequest:i,buildTerminator:r,handleChunk:c,accumulateJSON:a,accumulateResponse:s}},{}]},{},[1]); </script> <script language="javascript" type="text/javascript"> function trackSemVisit(trackingType) { var trackingPixel = document.createElement("img"); trackingPixel.src = "/sem/sp.gif?type=" + trackingType + "&ocode=" + sem_ocode + "&ldid=" + sem_ldid; document.body.appendChild(trackingPixel); } if ((typeof sem_pageview !== 'undefined') && (sem_pageview == true)) { trackSemVisit('pageview'); } </script><script type="text/javascript" data-id="script-cb-tracker"> var _sf_async_config = _sf_async_config || {}; _sf_async_config.sections='Tutorial'; _sf_async_config.authors='Investopedia Staff'; (function(){ function loadChartbeat() { window._sf_endpt=(new Date()).getTime(); var e = document.createElement('script'); e.setAttribute('language', 'javascript'); e.setAttribute('type', 'text/javascript'); e.setAttribute('src', '//web.archive.org/web/20160710232345/http://static.chartbeat.com/js/chartbeat.js'); document.body.appendChild(e); } var oldonload = window.onload; window.onload = (typeof window.onload != 'function') ? loadChartbeat : function() { oldonload(); loadChartbeat(); }; })(); </script></body> </html>

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