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Mntl.fnUtilities.deepExtend({}, { pos: 'partnerlinks1', priority: 3 }) }); initialSlots.push({ config: { id: 'partnerlinks2', sizes: [[300, 55]], type: 'partnerlinks', rtb: false, timedRefresh: 0, waitForThirdParty: false }, targeting: Mntl.fnUtilities.deepExtend({}, { pos: 'partnerlinks2', priority: 3 }) }); initialSlots.push({ config: { id: 'partnerlinks3', sizes: [[300, 55]], type: 'partnerlinks', rtb: false, timedRefresh: 0, waitForThirdParty: false }, targeting: Mntl.fnUtilities.deepExtend({}, { pos: 'partnerlinks3', priority: 3 }) }); initialSlots.push({ config: { id: 'partnerlinks4', sizes: [[300, 55]], type: 'partnerlinks', rtb: false, timedRefresh: 0, waitForThirdParty: false }, targeting: Mntl.fnUtilities.deepExtend({}, { pos: 'partnerlinks4', priority: 3 }) }); initialSlots.push({ config: { id: 'textnote', sizes: [[1, 5]], type: 'textnote', rtb: false, timedRefresh: 0, waitForThirdParty: false }, targeting: Mntl.fnUtilities.deepExtend({}, { pos: 'textnote', priority: 4 }) }); const testIds = Mntl.GPT.getTestIds(); pageTargeting.ab = testIds; pageTargeting.bts = testIds; Mntl.utilities.onLoad(function() { Mntl.utilities.loadExternalJS({ src: '//securepubads.g.doubleclick.net/tag/js/gpt.js', async: false }); }); const options = { domain: 'www.investopedia.com', templateName: 'structuredcontent', isMobile: false, isTablet: false, isDesktop: true, dfpId: '3865', publisherProvidedId: '06c6931f-2855-4420-a9c1-6aaea0b3e52f', singleRequest: false, useLmdFormat: true, useOxygen: true, restrictLeaderboardFlex1HeightAndOverflow: false, prebidConfigApi: false, useInfiniteRightRail: true, loadAdsAboveViewport: false, waitForNextFramePaint: false, revenueGroupAllowList: '', lmdSiteCode: 'hlt', pageTargeting, baseSlotTargeting, adLazyOffset, geo: { isInEurope: false, isInUsa: false }, initialSlots, auctionFloors: {"billboard2":{"id":"2a1352bc553343e6b8a2d639113d40d4","floor":"15"},"billboard6":{"id":"3e7a1b23f01349f9afd345f0cf9353ec","floor":"5"},"billboard5":{"id":"2922e901e1a74eaaafe0531595a6c327","floor":"10"},"billboard4":{"id":"a11b45d7676a481ea34eb02446a1186a","floor":"10"},"billboard3":{"id":"38778c5ce3334e0d8c6a4dab47d0052e","floor":"15"},"billboard9":{"id":"d8ae71e96800492ca6089f4e6b4566b7","floor":"50"},"billboard8":{"id":"cca99dcf44f940ad93972282203f9420","floor":"75"},"billboard7":{"id":"e877df23cb2e4ff3b92ecb3a8c40ff13","floor":"5"},"billboardfooter":{"id":"3451f4ae37ea4baba04bfbc2f64dfdd3","floor":"75"},"leaderboardfooter2":{"id":"6d450f597b6043c1be4070c96365b05f","floor":"75"},"square-flex-2":{"id":"a38656a0afc248c79ca2cd27c82508ae","floor":"5"},"square-flex-1":{"id":"d8732c567117457ba33dce23e8c9c16f","floor":"5"},"adhesive":{"id":"fae0fae68547496893da176568958a7a","floor":"20"},"mob-square-fixed-4":{"id":"9ce0c55a81c744a4814ce862827ace1d","floor":"5"},"square-fixed-4":{"id":"ebec1d2cd72a4e7382d769808fab3419","floor":"5"},"mob-square-fixed-5":{"id":"8eed62f85cdc44028be4f28b1c03f920","floor":"5"},"square-fixed-3":{"id":"74c57285352149ad8b9952fe6a55bb15","floor":"5"},"mob-square-fixed-6":{"id":"027ad9425b2b49f8bb8ac8a87f537926","floor":"5"},"square-fixed-2":{"id":"74a7a43a63de4983bc0192525015dbc4","floor":"5"},"mob-square-fixed-7":{"id":"87a29447cf5f4a21acafa7503c207901","floor":"5"},"square-fixed-1":{"id":"e8a4265bb6ac4ab8b57ea95cf909b59b","floor":"5"},"square-fixed-8":{"id":"54753852280240598ba4491b5276cbca","floor":"5"},"mob-square-fixed-8":{"id":"58f835ff5850470c8da504eecac7b9aa","floor":"75"},"mob-square-flex-1":{"id":"df4b58bfb07642c5b150375b3254fd6a","floor":"5"},"mob-square-fixed-9":{"id":"4234079698164dc1a62beec65b7ae17b","floor":"5"},"square-fixed-7":{"id":"ed594b7f63d04e92bf33d316b1913249","floor":"5"},"square-fixed-6":{"id":"a69b652003fc4270b49ade6539ea0d86","floor":"5"},"square-fixed-5":{"id":"48e3fb8523844fbeba39a80660c20c66","floor":"5"},"billboard":{"id":"d0ed1ebf0bc941dcb02efb1b7943e427","floor":"20"},"mob-square-fixed-1":{"id":"98bc7c04edbf4a13a77617e934f7ac71","floor":"5"},"mob-square-fixed-2":{"id":"57db98021d9144f1a3d1c2c9ddf62031","floor":"5"},"mob-square-fixed-3":{"id":"29301253d820486b923b8ab199822caa","floor":"5"},"leaderboard":{"id":"c183392fef4f465180919608c237c5eb","floor":"270"},"square-fixed":{"id":"3de594ac1adc455cb6b1b16338fe4132","floor":"5"},"dynamic-inline":{"id":"dc3b82e2e1ea46c7a83f0aecd9514698","floor":"75"},"square-fixed-9":{"id":"fd10b455f4e54298918eb57030f68470","floor":"5"},"billboard10":{"id":"063a1849aea24bb08e34f58f26e091e7","floor":"50"},"billboard11":{"id":"60ddb5a5641f401ab68fda6d16f85725","floor":"50"},"primary":{"id":"21e94d371faa401089f643993290e7e3","floor":"5"},"other":{"id":"4f62ce02de7e4c018272d4cea5b9d9e5","floor":"50"},"billboardfooter2":{"id":"daaf994b65f448aa8bb6dc71ce843c6f","floor":"75"},"broadmatch":{"id":"c3c098f8f7424e6cbe4806848db7d35e","floor":"5"},"leaderboardac":{"id":"7e134adfa3b44b0b886efa93ce21a99f","floor":"5"},"leaderboard-fixed":{"id":"d370962cc333482f98542fe907d0050a","floor":"75"},"leaderboard-flex-1":{"id":"8c87aab9114342cdb5be074f27ec4fb6","floor":"5"},"leaderboard-flex-2":{"id":"a086080fb2fb4341b2ac0ebed19da297","floor":"5"},"leaderboard-fixed-1":{"id":"9aa8e77855ed4e6f8f27e80ea93d7496","floor":"5"},"leaderboard-fixed-2":{"id":"87c715294c0842378067d26c531adfc2","floor":"5"},"leaderboardfooter-flex-2":{"id":"2e32ddc857e042a088508af2628495d5","floor":"5"},"leaderboard-fixed-5":{"id":"09124c718ccc42f8a78f0cc8e9b43a25","floor":"75"},"leaderboardfooter-flex-1":{"id":"19767d9ad92346dd8d5d1327646c86c2","floor":"5"},"leaderboard-fixed-6":{"id":"5723044025a74985955286f4db25ebec","floor":"75"},"inline":{"id":"637269a761964419bdb190e09a8d2722","floor":"5"},"leaderboardfooter":{"id":"4393e5aeaecb4ad0817d7918435dfb9e","floor":"75"},"mob-adhesive-banner-fixed":{"id":"d45c9fb435b545d6a0e61c459076ea8c","floor":"5"}}, utils: { collapseAd: Finance.GPT.collapseAd, generateSlotId: Finance.GPT.generateSlotId, buildGptUrl: Finance.GPT.buildGptUrl }, displayOnScroll: false, displayOnConsent: true, adsToCollapse: ['leaderboard*','square*'], refreshConfig: { 'button4': { timedRefresh: 0, userClickRefreshSelector: "", timeoutRefreshOnceOnly: false, fiftyPercentAdRefresh: true, sizeOverrides: null }, 'button2': { timedRefresh: 0, userClickRefreshSelector: "", timeoutRefreshOnceOnly: false, fiftyPercentAdRefresh: true, sizeOverrides: null }, 'button3': { timedRefresh: 0, userClickRefreshSelector: "", timeoutRefreshOnceOnly: false, fiftyPercentAdRefresh: true, sizeOverrides: null }, 'defaultConfig': { timedRefresh: 30000, userClickRefreshSelector: "", timeoutRefreshOnceOnly: false, fiftyPercentAdRefresh: true, sizeOverrides: null }, 'button1': { timedRefresh: 28000, userClickRefreshSelector: "", timeoutRefreshOnceOnly: true, fiftyPercentAdRefresh: true, sizeOverrides: null } } }; if (Mntl.AdMetrics) { Mntl.AdMetrics.init("4227964", "n4ea3429199be48dc92a108d2a9d7f37110", initialSlots.map(slot => slot.config.id), Date.now()); } else { Mntl.AdMetrics = { pushMetrics: () => {} }; } Mntl.GPT.setMantleDependencies(mantleDependencies); Mntl.GPT.init(options); }());window.MMads = window.MMads || {}; MMads.adConfigAPI = MMads.adConfigAPI || {}; // prebidConfig window.MMads = window.MMads || {}; MMads.adConfigAPI = MMads.adConfigAPI || {}; // prebidConfig MMads.adConfigAPI.AdConfigs = MMads.adConfigAPI.AdConfigs || {}; MMads.adConfigAPI.AdConfigs.rawConfig = 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console.log('✅ Libra is loaded!'); window.addEventListener('readyForThirdPartyTracking', () => { // Set a delay for loading the script // Specify the delay duration in pushly.xml const delay = '8'; window.setTimeout(() => { Mntl.utilities.loadExternalJS({ src: 'https://cdn.p-n.io/pushly-sdk.min.js?domain_key=vpyGZqyitQiHrR9lezhxmEYqRqsavIpXvOBd', async: true }); window.PushlySDK = window.PushlySDK || []; // eslint-disable-next-line prefer-rest-params function pushly() { window.PushlySDK.push(arguments); } pushly('load', { domainKey: 'vpyGZqyitQiHrR9lezhxmEYqRqsavIpXvOBd', sw: '/pushly-sdk-worker.js' }); }, parseFloat(delay) * 1000); }); window.Mntl = window.Mntl || {}; Mntl.RTB = Mntl.RTB || {}; Mntl.RTB.setUseConsentManagement(false); Mntl.RTB.setIpAddress('8.222.208.146') Mntl.RTB.setUseLiveRamp(true); Mntl.RTB.setUseLiveIntentSignedInUser(true); Mntl.RTB.setUseGDPREnforcement(false); Mntl.RTB.setUseCommerceAndShoppingAPSTag(false); Mntl.RTB.setUseAmazonNcaHookTest(false); Mntl.RTB.setTaxonomyStampValues({"tax1":"inv_trading","tax2":"inv_options-and-derivatives-trading","tax0":"inv_root","tax3":"inv_options-trading-strategy-and-education"}); Mntl.RTB.setPrebidBidResponseTimeout(800); Mntl.RTB.setPrebidUserIdAuctionDelay(500); Mntl.RTB.setRtbLibraryLoadTimeout(750); Mntl.RTB.setAmazonTamBidResponseTimeout(1000); Mntl.RTB.Plugins.amazon.amazonConfigs = {"mapTaxValues":{"tax1":"inv_trading","tax2":"inv_options-and-derivatives-trading","si_section":"inv_options-and-derivatives-trading","tax0":"inv_root","tax3":"inv_options-trading-strategy-and-education"},"amazonSlotName":false,"mapFBValues":{"adunitid":"mapFBID"},"amazonSection":"Options Trading Strategy & Education"}; Mntl.RTB.Plugins.prebid.setPriceGranularity({"buckets":[{"max":"20","increment":"0.05"},{"max":"70","increment":"1"}]}); Mntl.RTB.initVideoBidders([{ type: 'amazon', id: '3222' }, { type: 'prebid', id: 'true' } ]); Mntl.RTB.initDisplayAndOutstreamBidders([{ type: "amazon", id: '3222'},{ type: 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class="mntl-author-tooltip__bio"> Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. </div> </div> <div class="mntl-author-tooltip__bottom"> <span class="mntl-author-tooltip__learn-more-text">Learn about our </span> <a href="/legal-4768893#editorial-policy" rel="nocaes" class="mntl-author-tooltip__learn-more-link" >editorial policies</a> </div> </div></div> </div> <div class="mntl-attribution__item-date">Updated September 26, 2022</div></div> <div id="mntl-bylines__group_2-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--finance_reviewer"><div id="mntl-bylines__item_2-0" class="comp mntl-bylines__item mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Reviewed by</span> <a href="https://www.investopedia.com/akhilesh-ganti-4590113" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="0" >Akhilesh Ganti</a> </div></div> <div id="mntl-bylines__group_3-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--fact_checker"><div id="mntl-bylines__item_3-0" class="comp mntl-bylines__item mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Fact checked by</span> <a href="https://www.investopedia.com/marcus-reeves-5078525" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="0" >Marcus Reeves</a> </div></div> </div></div></header> </div><div class="loc article-content"><div id="article__primary-video-container--jw_1-0" class="comp article__primary-video-container--jw mntl-block"></div> <div id="article__broad-video--jw_1-0" class="comp article__broad-video--jw mntl-jwplayer-broad mntl-block is-hidden" data-pixel-depth="100"><div id="mntl-jwplayer-broad__video_1-0" class="comp mntl-jwplayer-broad__video mntl-jwplayer mm-video lazyload" data-bgset data-sizes="auto"></div> <div id="mntl-jwplayer-broad__title_1-0" class="comp mntl-jwplayer-broad__title mntl-block"><div id="mntl-jwplayer-broad__title--text_1-0" class="comp mntl-jwplayer-broad__title--text mntl-text-block text-utility-100"></div> <button id="mntl-jwplayer-broad__title-icon--close_1-0" class="comp mntl-jwplayer-broad__title-icon--close mntl-block text-label-100" data-click-tracked="false"><span id="mntl-text-block_1-0" class="comp mntl-text-block">Close</span> <svg class="icon close-icon " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#close-icon" href="#close-icon"></use> </svg></button></div></div> <div id="article-body_1-0" class="comp article-body mntl-block" data-contain-tooltips="true"><div id="mntl-sc-page_1-0" class="comp mntl-sc-page mntl-block article-body-content" data-sc-sticky-offset="80" data-sc-ad-label-height="0" data-sc-ad-track-spacing="90" data-sc-min-track-height="250" data-sc-max-track-height="600" data-sc-breakpoint="50em" data-sc-load-immediate="1" data-sc-content-positions="[300, 1, 1, 1250, 1, 1, 1, 1]" data-bind-scroll-on-start="true"><p id="mntl-sc-block_1-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The <a href="https://www.investopedia.com/terms/s/strikeprice.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">strike price</a> of an option is the price at which the contract can be exercised. The strike price of a stock and an index option is fixed in the contract. Depending on the amount of premium you want to spend, you may want to set the strike price higher or lower. Generally, if you are buying call options, a higher strike price results in a cheaper option and vice versa for put options. Setting a strike price depends on the amount of risk you want to take and how much you are willing to spend on purchasing the options. </p> <div id="mntl-sc-block_2-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_3-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> If you buy or hold a call option, you have the right to purchase stock shares at the predetermined strike price. For example, suppose you want to purchase <a href="https://www.investopedia.com/terms/a/atthemoney.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">at the money</a> call options of stock ABC and the stock price is currently trading at $20. Since you want to purchase at the money call options, you would set a strike price of $20. This indicates that if the stock stays above $20 before the expiration date of your call options, you could exercise your options and buy shares of ABC for $20. </p> <div id="mntl-sc-block_4-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_5-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> On the other hand, if you buy or hold a put option, you have the right to sell stock shares at a predetermined strike price. For example, suppose you are bearish on company DEF and think that it will trade below $50 in three months. Company DEF's stock price is currently trading at $70. You could purchase put options and select a strike price between $50 to $70 depending on your <a href="https://www.investopedia.com/terms/r/risktolerance.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">risk tolerance</a>. </p></div> <div id="textnote-placeholder_1-0" class="comp textnote-placeholder mntl-block"></div> <div id="textnote_1-0" class="comp textnote mm-ads-gpt-adunit gpt textnote "> <div id="textnote" class="wrapper" data-timed-refresh="30000" ></div> </div></div> </div><div class="loc article-post-content"><div id="performance-marketing_1-0" class="comp performance-marketing mntl-block "><div id="gam-ad-table_1-0" class="comp gam-ad-table ad-table mntl-block"><div id="brokertable--v2_1-0" class="comp brokertable--v2 brokertable finance-ad-table mm-ads-ad-table mntl-block ad-table--v2" data-ad-table="brokertable2-"><div id="mm-ads-ad-table__heading_1-0" class="comp mm-ads-ad-table__heading mntl-text-block">Compare Accounts</div> <div id="mm-ads-ad-table__disclosure_1-0" class="comp mm-ads-ad-table__disclosure mntl-block" data-tracking-container="true"><button id="mm-ads-ad-table__disclosure-label_1-0" class="comp mm-ads-ad-table__disclosure-label mntl-button"> Advertiser Disclosure </button> <div id="mm-ads-ad-table__disclosure-description_1-0" class="comp mm-ads-ad-table__disclosure-description mntl-block"><div id="mm-ads-ad-table__disclosure-close_1-0" class="comp mm-ads-ad-table__disclosure-close mntl-text-block">×</div> <div id="mm-ads-ad-table__disclosure-content_1-0" class="comp mm-ads-ad-table__disclosure-content mntl-text-block">The offers that appear in this table are from partnerships from which Investopedia receives compensation. 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