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let's say a share of stock--at a specified price and specified date.
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There are two kinds; there's a put and a call.
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A put option is the right to sell.
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It's typically a hundred shares, so we'll say a hundred shares
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of a company; let's say it's Google.
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The option would have--if it was a put option and there was a price,
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then you would have the right up--let me see, there's the exercise price,
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also known as the strike, and there's the exercise date.
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I should also emphasize that there are two kinds of options.
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There are American, so called, and European, so called.
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It has nothing to with whether they are in America or Europe
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because in Europe they trade both American options and European options