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Available in 17 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-17" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">17 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Al%C4%B1%C5%9F_%C3%BC%C3%A7%C3%BCn_opsion" title="Alış üçün opsion – Azerbaijani" lang="az" hreflang="az" data-title="Alış üçün opsion" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Kaufoption" title="Kaufoption – German" lang="de" hreflang="de" data-title="Kaufoption" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Opci%C3%B3n_de_compra" title="Opción de compra – Spanish" lang="es" hreflang="es" data-title="Opción de compra" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A7%D8%AE%D8%AA%DB%8C%D8%A7%D8%B1_%D8%AE%D8%B1%DB%8C%D8%AF" title="اختیار خرید – Persian" lang="fa" hreflang="fa" data-title="اختیار خرید" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Call" title="Call – French" lang="fr" hreflang="fr" data-title="Call" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%95%E0%A5%89%E0%A4%B2_%E0%A4%91%E0%A4%AA%E0%A5%8D%E0%A4%B6%E0%A4%A8" title="कॉल ऑप्शन – Hindi" lang="hi" hreflang="hi" data-title="कॉल ऑप्शन" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Call_opcija" title="Call opcija – Croatian" lang="hr" hreflang="hr" data-title="Call opcija" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Kaupr%C3%A9ttarsamningur" title="Kaupréttarsamningur – Icelandic" lang="is" hreflang="is" data-title="Kaupréttarsamningur" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Opzione_call" title="Opzione call – Italian" lang="it" hreflang="it" data-title="Opzione call" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Kj%C3%B8psopsjon" title="Kjøpsopsjon – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Kjøpsopsjon" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Opcja_kupna" title="Opcja kupna – Polish" lang="pl" hreflang="pl" data-title="Opcja kupna" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9A%D0%BE%D0%BB%D0%BB-%D0%BE%D0%BF%D1%86%D0%B8%D0%BE%D0%BD" title="Колл-опцион – Russian" lang="ru" hreflang="ru" data-title="Колл-опцион" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%9A%D1%83%D0%BF%D0%BE%D0%B2%D0%BD%D0%B0_%D0%BE%D0%BF%D1%86%D0%B8%D1%98%D0%B0" title="Куповна опција – Serbian" lang="sr" hreflang="sr" data-title="Куповна опција" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/K%C3%B6poption" title="Köpoption – Swedish" lang="sv" hreflang="sv" data-title="Köpoption" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Al%C4%B1m_opsiyonu" title="Alım opsiyonu – Turkish" lang="tr" hreflang="tr" data-title="Alım opsiyonu" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%9A%D0%BE%D0%BB-%D0%BE%D0%BF%D1%86%D1%96%D0%BE%D0%BD" title="Кол-опціон – Ukrainian" lang="uk" hreflang="uk" data-title="Кол-опціон" 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class="vector-appearance vector-pinnable-element"> <div class="vector-pinnable-header vector-appearance-pinnable-header vector-pinnable-header-pinned" data-feature-name="appearance-pinned" data-pinnable-element-id="vector-appearance" data-pinned-container-id="vector-appearance-pinned-container" data-unpinned-container-id="vector-appearance-unpinned-container" > <div class="vector-pinnable-header-label">Appearance</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-appearance.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-appearance.unpin">hide</button> </div> </div> </div> </nav> </div> </div> <div id="bodyContent" class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Contract giving a buyer the right to buy a security from the seller at a set price</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">This article is about financial options. For call options in general, see <a href="/wiki/Option_(law)" class="mw-redirect" title="Option (law)">Option (law)</a>.</div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-More_citations_needed plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This article <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Call_option" title="Special:EditPage/Call option">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Call+option%22">"Call option"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Call+option%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Call+option%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Call+option%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Call+option%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Call+option%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">October 2011</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Long_call_option.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ec/Long_call_option.svg/200px-Long_call_option.svg.png" decoding="async" width="200" height="131" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ec/Long_call_option.svg/300px-Long_call_option.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ec/Long_call_option.svg/400px-Long_call_option.svg.png 2x" data-file-width="375" data-file-height="245" /></a><figcaption>Profits from buying a call.</figcaption></figure> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Short_call_option.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5e/Short_call_option.svg/200px-Short_call_option.svg.png" decoding="async" width="200" height="131" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5e/Short_call_option.svg/300px-Short_call_option.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5e/Short_call_option.svg/400px-Short_call_option.svg.png 2x" data-file-width="375" data-file-height="245" /></a><figcaption>Profits from writing a call.</figcaption></figure> <p>In <a href="/wiki/Finance" title="Finance">finance</a>, a <b>call option</b>, often simply labeled a "<b>call</b>", is a <a href="/wiki/Contract" title="Contract">contract</a> between the buyer and the seller of the call <a href="/wiki/Option_(finance)" title="Option (finance)">option</a> to exchange a <a href="/wiki/Security_(finance)" title="Security (finance)">security</a> at a set <a href="/wiki/Price" title="Price">price</a>.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> The buyer of the call option has the right, but not the obligation, to buy an agreed quantity of a particular <a href="/wiki/Commodity" title="Commodity">commodity</a> or <a href="/wiki/Financial_instrument" title="Financial instrument">financial instrument</a> (the <a href="/wiki/Underlying" class="mw-redirect" title="Underlying">underlying</a>) from the seller of the option at or before a certain time (the <a href="/wiki/Expiration_(options)" title="Expiration (options)">expiration</a> date) for a certain price (the <a href="/wiki/Strike_price" title="Strike price">strike price</a>). This effectively gives the buyer a <a href="/wiki/Long_(finance)" title="Long (finance)"><i>long</i> position</a> in the given asset.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The seller (or "writer") is obliged to sell the commodity or financial instrument to the buyer if the buyer so decides. This effectively gives the seller a <a href="/wiki/Short_(finance)" title="Short (finance)"><i>short</i> position</a> in the given asset. The buyer pays a fee (called a <a href="/wiki/Insurance" title="Insurance">premium</a>) for this right. The term "call" comes from the fact that the owner has the right to "call the stock away" from the seller. </p> <div class="mw-heading mw-heading2"><h2 id="Price_of_options">Price of options</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Call_option&action=edit&section=1" title="Edit section: Price of options"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Option values vary with the value of the underlying instrument over time. The price of the call contract must act as a proxy response for the valuation of: </p> <ul><li>the <a href="/wiki/Expected_value" title="Expected value">expected intrinsic value</a> of the option, defined as the expected value of the difference between the strike price and the market value, i.e., max[S−X, 0].<sup id="cite_ref-:0_3-0" class="reference"><a href="#cite_note-:0-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup></li> <li>the <a href="/wiki/Risk_premium" title="Risk premium">risk premium</a> to compensate for the unpredictability of the value</li> <li>the <a href="/wiki/Time_value_of_money" title="Time value of money">time value of money</a> reflecting the delay to the payout time</li></ul> <p>The call contract price generally will be higher when the contract has more time to expire (except in cases when a significant <a href="/wiki/Dividend" title="Dividend">dividend</a> is present) and when the underlying financial instrument shows more <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatility</a> or other unpredictability. Determining this value is one of the central functions of <a href="/wiki/Financial_mathematics" class="mw-redirect" title="Financial mathematics">financial mathematics</a>. The most common method used is the <a href="/wiki/Black%E2%80%93Scholes_model" title="Black–Scholes model">Black–Scholes model</a>, which provides an estimate of the price of European-style options.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Call_option&action=edit&section=2" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Covered_call" class="mw-redirect" title="Covered call">Covered call</a></li> <li><a href="/wiki/Moneyness" title="Moneyness">Moneyness</a></li> <li><a href="/wiki/Naked_call" class="mw-redirect" title="Naked call">Naked call</a></li> <li><a href="/wiki/Naked_put" class="mw-redirect" title="Naked put">Naked put</a></li> <li><a href="/wiki/Option_time_value" title="Option time value">Option time value</a></li> <li><a href="/wiki/Pre-emption_right" title="Pre-emption right">Pre-emption right</a></li> <li><a href="/wiki/Put_option" title="Put option">Put option</a></li> <li><a href="/wiki/Put%E2%80%93call_parity" title="Put–call parity">Put–call parity</a></li> <li><a href="/wiki/Right_of_first_refusal" title="Right of first refusal">Right of first refusal</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Call_option&action=edit&section=3" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFO'SullivanSheffrin2003" class="citation book cs1"><a href="/wiki/Arthur_O%27Sullivan_(economist)" title="Arthur O'Sullivan (economist)">O'Sullivan, Arthur</a>; <a href="/wiki/Steven_M._Sheffrin" title="Steven M. Sheffrin">Sheffrin, Steven M.</a> (2003). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://archive.org/details/economicsprincip00osul"><i>Economics: Principles in Action</i></a></span>. Upper Saddle River, New Jersey 07458: <a href="/wiki/Pearson_Prentice_Hall" class="mw-redirect" title="Pearson Prentice Hall">Pearson Prentice Hall</a>. p. <a rel="nofollow" class="external text" href="https://archive.org/details/economicsprincip00osul/page/n304">288</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-13-063085-3" title="Special:BookSources/0-13-063085-3"><bdi>0-13-063085-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Economics%3A+Principles+in+Action&rft.place=Upper+Saddle+River%2C+New+Jersey+07458&rft.pages=288&rft.pub=Pearson+Prentice+Hall&rft.date=2003&rft.isbn=0-13-063085-3&rft.aulast=O%27Sullivan&rft.aufirst=Arthur&rft.au=Sheffrin%2C+Steven+M.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Feconomicsprincip00osul&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACall+option" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: location (<a href="/wiki/Category:CS1_maint:_location" title="Category:CS1 maint: location">link</a>)</span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNatenberg1994" class="citation book cs1">Natenberg, Sheldon (1994). <a rel="nofollow" class="external text" href="https://www.worldcat.org/oclc/44962925"><i>Option volatility and pricing strategies : advanced trading techniques for professionals</i></a> ([2nd ed., updated and exp.] ed.). New York: McGraw-Hill. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-585-13166-X" title="Special:BookSources/0-585-13166-X"><bdi>0-585-13166-X</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/44962925">44962925</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Option+volatility+and+pricing+strategies+%3A+advanced+trading+techniques+for+professionals&rft.place=New+York&rft.edition=%5B2nd+ed.%2C+updated+and+exp.%5D&rft.pub=McGraw-Hill&rft.date=1994&rft_id=info%3Aoclcnum%2F44962925&rft.isbn=0-585-13166-X&rft.aulast=Natenberg&rft.aufirst=Sheldon&rft_id=https%3A%2F%2Fwww.worldcat.org%2Foclc%2F44962925&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACall+option" class="Z3988"></span></span> </li> <li id="cite_note-:0-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-:0_3-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHull2017" class="citation book cs1">Hull, John (2017). <i>Options, Futures, and Other Derivatives 10th Edition</i>. Pearson. pp. <span class="nowrap">231–</span>246. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0134472089" title="Special:BookSources/978-0134472089"><bdi>978-0134472089</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Options%2C+Futures%2C+and+Other+Derivatives+10th+Edition&rft.pages=%3Cspan+class%3D%22nowrap%22%3E231-%3C%2Fspan%3E246&rft.pub=Pearson&rft.date=2017&rft.isbn=978-0134472089&rft.aulast=Hull&rft.aufirst=John&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACall+option" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFernandes2014" class="citation book cs1">Fernandes, Nuno (2014). <i>Finance for Executives: A Practical Guide for Managers</i>. NPV Publishing. p. 313. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-9899885400" title="Special:BookSources/978-9899885400"><bdi>978-9899885400</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Finance+for+Executives%3A+A+Practical+Guide+for+Managers&rft.pages=313&rft.pub=NPV+Publishing&rft.date=2014&rft.isbn=978-9899885400&rft.aulast=Fernandes&rft.aufirst=Nuno&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACall+option" class="Z3988"></span></span> </li> </ol></div></div> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline 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navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Derivatives_market" title="Template:Derivatives market"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Derivatives_market" title="Template talk:Derivatives market"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Derivatives_market" title="Special:EditPage/Template:Derivatives market"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Derivatives_market428" style="font-size:114%;margin:0 4em"><a href="/wiki/Derivatives_market" title="Derivatives market">Derivatives market</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div><a href="/wiki/Derivative_(finance)" title="Derivative (finance)">Derivative (finance)</a></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Option_(finance)" title="Option (finance)">Options</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Terms</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Delta_neutral" title="Delta neutral">Delta neutral</a></li> <li><a href="/wiki/Exercise_(options)" title="Exercise (options)">Exercise</a></li> <li><a href="/wiki/Expiration_(options)" title="Expiration (options)">Expiration</a></li> <li><a href="/wiki/Moneyness" title="Moneyness">Moneyness</a></li> <li><a href="/wiki/Open_interest" title="Open interest">Open interest</a></li> <li><a href="/wiki/Pin_risk" title="Pin risk">Pin risk</a></li> <li><a href="/wiki/Risk-free_interest_rate" class="mw-redirect" title="Risk-free interest rate">Risk-free interest rate</a></li> <li><a href="/wiki/Strike_price" title="Strike price">Strike price</a></li> <li><a href="/wiki/Synthetic_position" title="Synthetic position">Synthetic position</a></li> <li><a href="/wiki/Greeks_(finance)" title="Greeks (finance)">the Greeks</a></li> <li><a href="/wiki/Volatility_(finance)" title="Volatility (finance)">Volatility</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Vanilla_option" class="mw-redirect" title="Vanilla option">Vanillas</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/American_option" class="mw-redirect" title="American option">American</a></li> <li><a href="/wiki/Bond_option" title="Bond option">Bond option</a></li> <li><a class="mw-selflink selflink">Call</a></li> <li><a href="/wiki/Employee_stock_option" title="Employee stock option">Employee stock option</a></li> <li><a href="/wiki/European_option" class="mw-redirect" title="European option">European</a></li> <li><a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a></li> <li><a href="/wiki/Foreign_exchange_option" title="Foreign exchange option">FX</a></li> <li><a href="/wiki/Option_style" title="Option style">Option styles</a></li> <li><a href="/wiki/Put_option" title="Put option">Put</a></li> <li><a href="/wiki/Warrant_(finance)" title="Warrant (finance)">Warrants</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Exotic_option" title="Exotic option">Exotics</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Asian_option" title="Asian option">Asian</a></li> <li><a href="/wiki/Barrier_option" title="Barrier option">Barrier</a></li> <li><a href="/wiki/Basket_option" title="Basket option">Basket</a></li> <li><a href="/wiki/Binary_option" title="Binary option">Binary</a></li> <li><a href="/wiki/Callable_bull/bear_contract" title="Callable bull/bear contract">Callable bull/bear contract</a></li> <li><a href="/wiki/Chooser_option" title="Chooser option">Chooser</a></li> <li><a href="/wiki/Cliquet_option" title="Cliquet option">Cliquet</a></li> <li><a href="/wiki/Commodore_option" title="Commodore option">Commodore</a></li> <li><a href="/wiki/Compound_option" title="Compound option">Compound</a></li> <li><a href="/wiki/Forward_start_option" title="Forward start option">Forward start</a></li> <li><a href="/wiki/Interest_rate_option" title="Interest rate option">Interest rate</a></li> <li><a href="/wiki/Lookback_option" title="Lookback option">Lookback</a></li> <li>Mountain range</li> <li><a href="/wiki/Rainbow_option" title="Rainbow option">Rainbow</a></li> <li><a href="/wiki/Spread_option" title="Spread option">Spread</a></li> <li><a href="/wiki/Swaption" title="Swaption">Swaption</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Options_strategy" title="Options strategy">Strategies</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Backspread" title="Backspread">Backspread</a></li> <li><a href="/wiki/Box_spread_(options)" class="mw-redirect" title="Box spread (options)">Box spread</a></li> <li><a href="/wiki/Butterfly_(options)" title="Butterfly (options)">Butterfly</a></li> <li><a href="/wiki/Calendar_spread" title="Calendar spread">Calendar spread</a></li> <li><a href="/wiki/Collar_(finance)" title="Collar (finance)">Collar</a></li> <li><a href="/wiki/Condor_(options)" title="Condor (options)">Condor</a></li> <li><a href="/wiki/Covered_option" title="Covered option">Covered option</a></li> <li><a href="/wiki/Credit_spread_(options)" title="Credit spread (options)">Credit spread</a></li> <li><a href="/wiki/Debit_spread" title="Debit spread">Debit spread</a></li> <li><a href="/wiki/Diagonal_spread" title="Diagonal spread">Diagonal spread</a></li> <li><a href="/wiki/Fence_(finance)" title="Fence (finance)">Fence</a></li> <li><a href="/wiki/Intermarket_spread" title="Intermarket spread">Intermarket spread</a></li> <li><a href="/wiki/Iron_butterfly_(options_strategy)" title="Iron butterfly (options strategy)">Iron butterfly</a></li> <li><a href="/wiki/Iron_condor" title="Iron condor">Iron condor</a></li> <li><a href="/wiki/Jelly_roll_(options)" title="Jelly roll (options)">Jelly roll</a></li> <li><a href="/wiki/Ladder_(option_combination)" title="Ladder (option combination)">Ladder</a></li> <li><a href="/wiki/Naked_option" title="Naked option">Naked option</a></li> <li><a href="/wiki/Straddle" title="Straddle">Straddle</a></li> <li><a href="/wiki/Strangle_(options)" title="Strangle (options)">Strangle</a></li> <li><a href="/wiki/Protective_option" title="Protective option">Protective option</a></li> <li><a href="/wiki/Ratio_spread" title="Ratio spread">Ratio spread</a></li> <li><a href="/wiki/Risk_reversal" title="Risk reversal">Risk reversal</a></li> <li><a href="/wiki/Vertical_spread" title="Vertical spread">Vertical spread</a> (<a href="/wiki/Bear_spread" title="Bear spread">Bear</a>, <a href="/wiki/Bull_spread" title="Bull spread">Bull</a>)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Valuation_of_options" title="Valuation of options">Valuation</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bachelier_model" title="Bachelier model">Bachelier</a></li> <li><a href="/wiki/Binomial_options_pricing_model" title="Binomial options pricing model">Binomial</a></li> <li><a href="/wiki/Black_model" title="Black model">Black</a></li> <li><a href="/wiki/Black%E2%80%93Scholes_model" title="Black–Scholes model">Black–Scholes</a> (<a href="/wiki/Black%E2%80%93Scholes_equation" title="Black–Scholes equation">equation</a>)</li> <li><a href="/wiki/Finite_difference_methods_for_option_pricing" title="Finite difference methods for option pricing">Finite difference</a></li> <li><a href="/wiki/Foreign_exchange_option#Valuation:_the_Garman–Kohlhagen_model" title="Foreign exchange option">Garman–Kohlhagen</a></li> <li><a href="/wiki/Heston_model" title="Heston model">Heston</a></li> <li><a href="/wiki/Lattice_model_(finance)" title="Lattice model (finance)">Lattices</a></li> <li><a href="/wiki/Margrabe%27s_formula" title="Margrabe's formula">Margrabe</a></li> <li><a href="/wiki/Put%E2%80%93call_parity" title="Put–call parity">Put–call parity</a></li> <li><a href="/wiki/Monte_Carlo_methods_for_option_pricing" title="Monte Carlo methods for option pricing">MC Simulation</a></li> <li><a href="/wiki/Real_options_valuation" title="Real options valuation">Real options</a></li> <li><a href="/wiki/Trinomial_tree" title="Trinomial tree">Trinomial</a></li> <li><a href="/wiki/Vanna%E2%80%93Volga_pricing" title="Vanna–Volga pricing">Vanna–Volga</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swaps</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Amortising_swap" title="Amortising swap">Amortising</a></li> <li><a href="/wiki/Asset_swap" title="Asset swap">Asset</a></li> <li><a href="/wiki/Basis_swap" title="Basis swap">Basis</a></li> <li><a href="/wiki/Commodity_swap" title="Commodity swap">Commodity</a></li> <li><a href="/wiki/Conditional_variance_swap" title="Conditional variance swap">Conditional variance</a></li> <li><a href="/wiki/Constant_maturity_swap" title="Constant maturity swap">Constant maturity</a></li> <li><a href="/wiki/Correlation_swap" title="Correlation swap">Correlation</a></li> <li><a href="/wiki/Credit_default_swap" title="Credit default swap">Credit default</a></li> <li><a href="/wiki/Currency_swap" title="Currency swap">Currency</a></li> <li><a href="/wiki/Dividend_swap" title="Dividend swap">Dividend</a></li> <li><a href="/wiki/Equity_swap" title="Equity swap">Equity</a></li> <li><a href="/wiki/Foreign_exchange_swap" title="Foreign exchange swap">Forex</a></li> <li><a href="/wiki/Forward_rate_agreement" title="Forward rate agreement">Forward Rate Agreement</a></li> <li><a href="/wiki/Inflation_swap" title="Inflation swap">Inflation</a></li> <li><a href="/wiki/Interest_rate_swap" title="Interest rate swap">Interest rate</a></li> <li><a href="/wiki/Overnight_indexed_swap" title="Overnight indexed swap">Overnight indexed</a></li> <li><a href="/wiki/Total_return_swap" title="Total return swap">Total return</a></li> <li><a href="/wiki/Variance_swap" title="Variance swap">Variance</a></li> <li><a href="/wiki/Volatility_swap" title="Volatility swap">Volatility</a></li> <li><a href="/wiki/Year-on-year_inflation-indexed_swap" title="Year-on-year inflation-indexed swap">Year-on-year inflation-indexed</a></li> <li><a href="/wiki/Zero_coupon_swap" title="Zero coupon swap">Zero Coupon</a></li> <li><a href="/wiki/Zero-coupon_inflation_swap" title="Zero-coupon inflation swap">Zero-coupon inflation-indexed</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div class="hlist"><ul><li><a href="/wiki/Forward_contract" title="Forward contract">Forwards</a></li><li><a href="/wiki/Futures_contract" title="Futures contract">Futures</a></li></ul></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Contango" title="Contango">Contango</a></li> <li><a href="/w/index.php?title=Commodities_future&action=edit&redlink=1" class="new" title="Commodities future (page does not exist)">Commodities future</a></li> <li><a href="/wiki/Currency_future" title="Currency future">Currency future</a></li> <li><a href="/wiki/Dividend_future" title="Dividend future">Dividend future</a></li> <li><a href="/wiki/Forward_market" title="Forward market">Forward market</a></li> <li><a href="/wiki/Forward_price" title="Forward price">Forward price</a></li> <li><a href="/wiki/Forward_contract#Spot–forward_parity" title="Forward contract">Forwards pricing</a></li> <li><a href="/wiki/Forward_rate" title="Forward rate">Forward rate</a></li> <li><a href="/wiki/Futures_contract#Pricing" title="Futures contract">Futures pricing</a></li> <li><a href="/wiki/Interest_rate_future" title="Interest rate future">Interest rate future</a></li> <li><a href="/wiki/Margin_(finance)" title="Margin (finance)">Margin</a></li> <li><a href="/wiki/Normal_backwardation" title="Normal backwardation">Normal backwardation</a></li> <li><a href="/wiki/Perpetual_futures" title="Perpetual futures">Perpetual futures</a></li> <li><a href="/wiki/Single-stock_futures" title="Single-stock futures">Single-stock futures</a></li> <li><a href="/wiki/Slippage_(finance)" title="Slippage (finance)">Slippage</a></li> <li><a href="/wiki/Stock_market_index_future" title="Stock market index future">Stock market index future</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Exotic_derivative" title="Exotic derivative">Exotic derivatives</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Commodity_derivative" class="mw-redirect" title="Commodity derivative">Commodity derivative</a></li> <li><a href="/wiki/Energy_derivative" title="Energy derivative">Energy derivative</a></li> <li><a href="/wiki/Freight_derivative" class="mw-redirect" title="Freight derivative">Freight derivative</a></li> <li><a href="/wiki/Inflation_derivative" title="Inflation derivative">Inflation derivative</a></li> <li><a href="/wiki/Property_derivative" title="Property derivative">Property derivative</a></li> <li><a href="/wiki/Weather_derivative" title="Weather derivative">Weather derivative</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other derivatives</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">Collateralized debt obligation (CDO)</a></li> <li><a href="/wiki/Constant_proportion_portfolio_insurance" title="Constant proportion portfolio insurance">Constant proportion portfolio insurance</a></li> <li><a href="/wiki/Contract_for_difference" title="Contract for difference">Contract for difference</a></li> <li><a href="/wiki/Credit-linked_note" title="Credit-linked note">Credit-linked note (CLN)</a></li> <li><a href="/wiki/Credit_default_option" title="Credit default option">Credit default option</a></li> <li><a href="/wiki/Credit_derivative" title="Credit derivative">Credit derivative</a></li> <li><a href="/wiki/Equity-linked_note" title="Equity-linked note">Equity-linked note (ELN)</a></li> <li><a href="/wiki/Equity_derivative" title="Equity derivative">Equity derivative</a></li> <li><a href="/wiki/Foreign_exchange_derivative" title="Foreign exchange derivative">Foreign exchange derivative</a></li> <li><a href="/wiki/Fund_derivative" title="Fund derivative">Fund derivative</a></li> <li><a href="/wiki/Fund_of_funds" title="Fund of funds">Fund of funds</a></li> <li><a href="/wiki/Interest_rate_derivative" title="Interest rate derivative">Interest rate derivative</a></li> <li><a href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">Mortgage-backed security</a></li> <li><a href="/wiki/Power_reverse_dual-currency_note" title="Power reverse dual-currency note">Power reverse dual-currency note (PRDC)</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Market issues</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumer_debt" title="Consumer debt">Consumer debt</a></li> <li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate debt</a></li> <li><a href="/wiki/Government_debt" title="Government debt">Government debt</a></li> <li><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a></li> <li><a href="/wiki/Municipal_debt" class="mw-redirect" title="Municipal debt">Municipal debt</a></li> <li><a href="/wiki/Tax_policy" title="Tax policy">Tax policy</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" 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