Closing An Option Position - Series 4

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id="AdSlot_AF-Top-Textlink1"> <script type="text/javascript"> if(!noDfp) { googletag.cmd.push(function () { googletag.display('AdSlot_AF-Top-Textlink1'); }); } </script> </div> </div> </div> <div class="layout-page"> <div class="layout-content">  <div class="tabs"> </div> <div class="region region-content"> <div id="block-system-main" class="block block-system"> <div class="content"> <div class="layout-body layout-body-article box clear"> <div class="walkthrough_tab"> <div class="form-item form-type-select"> <select class="selectmenu disn"> <option>Chapter 1</option> <option>Chapter 2</option> <option>Chapter 3</option> <option>Chapter 4</option> <option selected="selected">Chapter 5</option> </select> </div> <div class="ui-tabset"> <ul class="clear"> <li><a href="javascript:;">Chapter 1</a></li> <li><a href="javascript:;">Chapter 2</a></li> <li><a href="javascript:;">Chapter 3</a></li> <li><a href="javascript:;">Chapter 4</a></li> <li class="selected"><a href="javascript:;">Chapter 5</a></li> </ul> </div> <div class="tab_panel tabcontent" style="display: none"> <table class="tab-nav"> <tbody> <tr> <td class="tab-menu menuleft"> <ol class="nostyle"> <li>1. Option Basics</li> </ol> </td> <td class="tab-menu menuright"> <ol class="leftline nostyle" style="display: none" data-selected="0"><li data-selected="0"><span class="a">1.1 Introduction</span><ol><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/introduction/option-classifications/">1.1 Option Classifications</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/introduction/bullish-vs-bearish/">1.2 Bullish Vs. Bearish</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/introduction/possible-outcomes-option/">1.3 Possible Outcomes For An Option</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/introduction/characteristics-all-options/">1.4 Characteristics Of All Options</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/introduction/managing-option-position/">1.5 Managing An Option Position</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/introduction/buying-calls/">1.6 Buying Calls</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/introduction/selling-calls/">1.7 Selling Calls</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/introduction/buying-puts/">1.8 Buying Puts</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/introduction/selling-puts/">1.9 Selling Puts</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/introduction/option-premiums/">1.10 Option Premiums</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/introduction/intrinsic-value-and-time-value/">1.11 Intrinsic Value And Time Value</a></li></ol></li></ol> </td> </tr> </tbody> </table> </div> <div class="tab_panel tabcontent" style="display: none"> <table class="tab-nav"> <tbody> <tr> <td class="tab-menu menuleft"> <ol class="nostyle"> <li>2. Option Strategies</li> </ol> </td> <td class="tab-menu menuright"> <ol class="leftline nostyle" style="display: none" data-selected="0"><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/option-strategies/introduction/">2.1 Introduction</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/option-strategies/using-options-hedge/">2.2 Using Options As A Hedge</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/option-strategies/long-stock-long-puts-married-puts/">2.3 Long Stock Long Puts / Married Puts</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/option-strategies/long-stock-short-calls-covered-calls/">2.4 Long Stock Short Calls / Covered Calls</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/option-strategies/short-stock-long-calls/">2.5 Short Stock Long Calls</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/option-strategies/short-stock-short-puts/">2.6 Short Stock Short Puts</a></li></ol> </td> </tr> </tbody> </table> </div> <div class="tab_panel tabcontent" style="display: none"> <table class="tab-nav"> <tbody> <tr> <td class="tab-menu menuleft"> <ol class="nostyle"> <li>3. Index, Interest Rate And Currency Options</li> </ol> </td> <td class="tab-menu menuright"> <ol class="leftline nostyle" style="display: none" data-selected="0"><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/index-interest-rate-and-currency-options/index-options/">3.1 Index Options</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/index-interest-rate-and-currency-options/index-option-settlement/">3.2 Index Option Settlement</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/index-interest-rate-and-currency-options/exercising-index-option/">3.3 Exercising An Index Option</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/index-interest-rate-and-currency-options/index-option-positions/">3.4 Index Option Positions</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/index-interest-rate-and-currency-options/capped-index-options/">3.5 Capped Index Options</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/index-interest-rate-and-currency-options/interest-rate-options/">3.6 Interest Rate Options</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/index-interest-rate-and-currency-options/price-based-options/">3.7 Price Based Options</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/index-interest-rate-and-currency-options/premiums-price-based-options-treasury-notes-and-bonds/">3.8 Premiums Price Based Options Treasury Notes And Bonds</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/index-interest-rate-and-currency-options/premiums-priced-based-options-treasury-bills/">3.9 Premiums Priced Based Options Treasury Bills</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/index-interest-rate-and-currency-options/rate-based-options/">3.10 Rate Based Options</a></li></ol> </td> </tr> </tbody> </table> </div> <div class="tab_panel tabcontent" style="display: none"> <table class="tab-nav"> <tbody> <tr> <td class="tab-menu menuleft"> <ol class="nostyle"> <li>4. The Options Market Place</li> </ol> </td> <td class="tab-menu menuright"> <ol class="leftline nostyle" style="display: none" data-selected="0"><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/options-market-place/introduction/">4.1 Introduction</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/options-market-place/option-clearing-corporation/">4.2 The Option Clearing Corporation</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/options-market-place/options-markets/">4.3 The Options Markets</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/options-market-place/chicago-board-option-exchange/">4.4 The Chicago Board Option Exchange</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/options-market-place/opening-and-closing-option-prices/">4.5 Opening And Closing Option Prices</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/options-market-place/fast-markets-and-trading-halts/">4.6 Fast Markets And Trading Halts</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/options-market-place/order-execution/">4.7 Order Execution</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/options-market-place/types-orders/">4.8 Types Of Orders</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/options-market-place/other-types-orders/">4.9 Other Types Of Orders</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/options-market-place/priority-option-orders/">4.10 Priority Of Option Orders</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/options-market-place/trade-reporting/">4.11 Trade Reporting</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/options-market-place/option-order-tickets/">4.12 Option Order Tickets</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/options-market-place/cabinet-trade-accommodation-trade/">4.13 Cabinet Trade / Accommodation Trade</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/options-market-place/expiration-and-exercise/">4.14 Expiration And Exercise</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/options-market-place/american-vs-european-exercise/">4.15 American Vs. European Exercise</a></li></ol> </td> </tr> </tbody> </table> </div> <div class="tab_panel tabcontent"> <table class="tab-nav"> <tbody> <tr> <td class="tab-menu menuleft"> <ol class="nostyle"> <li class="selected">5. Option Taxation And Margin Requirements</li> </ol> </td> <td class="tab-menu menuright"> <ol class="leftline nostyle" data-selected="1"><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/option-taxation-and-margin-requirements/taxation-options/">5.1 Taxation Of Options</a></li><li class="selected" data-selected="1"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/option-taxation-and-margin-requirements/closing-option-position/">5.2 Closing An Option Position</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/option-taxation-and-margin-requirements/exercising-call/">5.3 Exercising A Call</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/option-taxation-and-margin-requirements/exercising-put/">5.4 Exercising A Put</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/option-taxation-and-margin-requirements/protective-puts/">5.5 Protective Puts</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/option-taxation-and-margin-requirements/covered-calls/">5.6 Covered Calls</a></li><li data-selected="0"><a href="/web/20160725005453/http://www.investopedia.com/study-guide/series-4/option-taxation-and-margin-requirements/option-contract-margin-requirements/">5.7 Option Contract Margin Requirements</a></li></ol> </td> </tr> </tbody> </table> </div> </div> <br/> <div class="content-box clear"> <p>Executing an order to close an option position will result in a capital gain or capital loss if the closing price differs from the opening price.</p> <p><strong>Example:</strong></p> <p>An investor buys 5 TRY August 40 calls at 4. If TRY increases in price to 47 and the investor sells the calls at 9, the investor will have a $2,500 capital gain. The investor paid聽<span>4 for the calls and sold them at 9 resulting in a $5 per share profit on 500 shares. Alternatively, if TRY fell to 41 and the investor closes out the position by selling the聽</span><span>calls at 1, the investor would have a $1,500 capital loss. The investor would have lost $3 per share on 500 shares.</span></p> <p>An investor who sells 2 ABC July 60 puts at 7 and covers the position with a closing purchase by buying back the puts at 2 will have a $1,000 capital gain. The investor made聽<span>$5 per share on 200 shares. Alternatively, if ABC fell in price and the investor covered the short puts with a closing purchase by buying back the puts at 11, the investor would聽</span><span>have an $800 loss. The investor lost $4 per share on 200 shares.</span></p> <p><a href="https://web.archive.org/web/20160725005453/http://www.securitiesce.com/web/pages/series4/" target="_blank"><span>Series 4 Prep - Securities Institute </span></a></p> <div id="AdSlot_BC-TextNote" class="BC-Textnote"> <script type="text/javascript"> if (!noDfp || ecLayout) { // If content has the tag "partner-content-original" do not output a textnote ad unit on the page var articleTags = $("meta[property='article:tag']").attr("content"); if (articleTags == undefined) { articleTags = ''; } // If there's no "partner-content-original" tag output a textnote if (articleTags.indexOf('partner-content-original') == -1) { var bcTextNoteDynamicAd = new dynamicAd(); bcTextNoteDynamicAd.domName = "AdSlot_BC-TextNote"; bcTextNoteDynamicAd.slotSize = ""; bcTextNoteDynamicAd.taxSlotName = "BC-Textnote"; bcTextNoteDynamicAd.isFrameExtraction = false; bcTextNoteDynamicAd.targeting = targetingList; bcTextNoteDynamicAd.perCentLeadTime = 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console===s?!1:void 0!==console[e]?n(console,e):void 0!==console.log?n(console,"log"):a}function n(e,n){var t=e[n];if("function"==typeof t.bind)return t.bind(e);try{return Function.prototype.bind.call(t,e)}catch(o){return function(){return Function.prototype.apply.apply(t,[e,arguments])}}}function t(e,n,t){return function(){typeof console!==s&&(o.call(this,n,t),this[e].apply(this,arguments))}}function o(e,n){for(var t=0;t<c.length;t++){var o=c[t];this[o]=e>t?a:this.methodFactory(o,e,n)}}function i(n,o,i){return e(n)||t.apply(this,arguments)}function r(e,n,t){function r(e){var n=(c[e]||"silent").toUpperCase();try{return void(window.localStorage[u]=n)}catch(t){}try{window.document.cookie=encodeURIComponent(u)+"="+n+";"}catch(t){}}function a(){var e;try{e=window.localStorage[u]}catch(n){}if(typeof e===s)try{var t=window.document.cookie,o=t.indexOf(encodeURIComponent(u)+"=");o&&(e=/^([^;]+)/.exec(t.slice(o))[1])}catch(n){}return void 0===l.levels[e]&&(e=void 0),e}var d,l=this,u="loglevel";e&&(u+=":"+e),l.levels={TRACE:0,DEBUG:1,INFO:2,WARN:3,ERROR:4,SILENT:5},l.methodFactory=t||i,l.getLevel=function(){return d},l.setLevel=function(n,t){if("string"==typeof n&&void 0!==l.levels[n.toUpperCase()]&&(n=l.levels[n.toUpperCase()]),!("number"==typeof n&&n>=0&&n<=l.levels.SILENT))throw"log.setLevel() called with invalid level: "+n;return d=n,t!==!1&&r(n),o.call(l,n,e),typeof console===s&&n<l.levels.SILENT?"No console available for logging":void 0},l.setDefaultLevel=function(e){a()||l.setLevel(e,!1)},l.enableAll=function(e){l.setLevel(l.levels.TRACE,e)},l.disableAll=function(e){l.setLevel(l.levels.SILENT,e)};var p=a();null==p&&(p=null==n?"WARN":n),l.setLevel(p,!1)}var a=function(){},s="undefined",c=["trace","debug","info","warn","error"],d=new r,l={};d.getLogger=function(e){if("string"!=typeof e||""===e)throw new TypeError("You must supply a name when creating a logger.");var n=l[e];return n||(n=l[e]=new r(e,d.getLevel(),d.methodFactory)),n};var u=typeof window!==s?window.log:void 0;return d.noConflict=function(){return typeof window!==s&&window.log===d&&(window.log=u),d},d})},{}],9:[function(e,n,t){function o(e,n,t,o,i){this.realStunHost=n,this.turnSignalHost=t,this.stunGunHost=o,this.serverCandidate=e,this.nodePeerPort=null,this.nodePeerIp=null,this.localCandidates=[],this.sentDataToTurn=!1,this.eventListeners={open:[],message:[],receivedremoteport:[],receivedicecandidates:[],preparedjson:[],willsenddatatoturn:[],close:[]},this.ips={},this.requests={},this.isOpen=!1,i&&(this.handleError=i),this.timingEvents=[]}function i(){var e=this,n={iceServers:[{url:"stun:"+this.stunGunHost,urls:["stun:"+this.stunGunHost],username:"test",credential:"test"}]};C.info("Connecting to stungun server : "+this.stunGunHost);var t=this.stunGunPeerConnection=new w(n);t.createDataChannel(""),t.createOffer(function(n){t.setLocalDescription(n,function(){e.addTimingEvent("requestingServerIp",performance.now()-e.estConnectionStart)},function(){})},function(){}),t.onicecandidate=function(n){if(null!==n.candidate){var o=n.candidate.candidate;if(C.debug("onicecandidate: "+o),e.checkCandidateIpLeak(o),v.isServerReflexive(o)&&!v.isIPv6(o)){t.close();var i=v.matchNodePeerIpAndPort(o);if(null!==i){e.addTimingEvent("serverIpReceived",performance.now()-e.estConnectionStart),e.nodePeerIp=i[1],e.nodePeerPort=i[2],C.info("ip and port to connect on: "+e.nodePeerIp+":"+e.nodePeerPort);var r=e.serverCandidate.replace(/SERVER_PORT/g,e.nodePeerPort);r=r.replace(/SERVER_IP/g,e.nodePeerIp),C.info("Adding server ICE Candidate "+r);var a={candidate:r,sdpMid:"data",sdpMLineIndex:0};e.peerConnection.addIceCandidate(new S(a),h,e.handleError),e.triggerEvent("receivedremoteport"),e.remoteCandidateReceived=!0,l.call(e)}}}}}function r(){var e=this.peerConnection=new w({iceServers:[{url:"stun:"+this.realStunHost,urls:["stun:"+this.realStunHost]}]}),n=this;this.peerConnection.onicecandidate=function(e){if(null!==e.candidate){var t=e.candidate.candidate;C.info("RECEVIED LOCAL CANDIDATE "+t),n.checkCandidateIpLeak(t),v.isServerReflexive(t)&&!v.isIPv6(t)&&(n.addTimingEvent("iceCandidate",performance.now()-n.estConnectionStart),n.localCandidates.push(t),n.localCandidateReceived=!0,l.call(n))}},this.peerConnection.ondatachannel=function(e){n.dataChannel=e.channel,n.turnSignalPeerConnection.close(),C.info("ondatachannel",n.dataChannel.label,n.dataChannel.readyState),n.dataChannel.binaryType="arraybuffer",n.dataChannel.onopen=function(){n.isOpen=!0,C.info("onopen");var e=performance.now(),t=e-n.estConnectionStart;n.addTimingEvent("dataChannelOpen",t);var o={host:"test"};n.request(o,function(){var t=performance.now()-e;n.addTimingEvent("msgRoundTrip",t),clearTimeout(n.connectionTimeout),setTimeout(function(){n.close()},T)}),C.info("TIMING:total "+t),C.info("onopen"),n.triggerEvent("open"),n.messageSendStartTime=performance.now()};n.dataChannel.onmessage=function(e){var t=e.data;C.info("Received response chunk",t),n.triggerEvent("message",t);try{var o=g.handleChunk(t)}catch(i){return void C.error("Failed to process chunked response: ",i)}o&&(C.info("Received complete response. 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='Exam Prep'; _sf_async_config.authors='Investopedia'; (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/20160725005453/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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