Chapter 04 · Section 4.1

Order Format

There is no single, universally accepted format for orders. Each of the following is a valid version of the same order:

• BUY 10 ALCOA JAN 50 CALLS MARKET
• BUY 10 CALLS ALCOA JAN 50
• BUY 10 JAN 50 ALCOA CALLS
• BUY 10 JAN 50 ALCOA CALLS

What is the strike price of the option to be bought?

a) +50
b) -10
• c) 0/999999999
  No. It's one of the two numbers given in the order, either 10 or 50.

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