Chapter 04 · Section 4.1

Price Specifications

Buy 3 Calls CBOE S&P 100 Index March 225 or better. In this case, " ... or better" means:

• a) " ... or better not buy the option"
  No. "225" is the strike price. "Or better" by itself has no meaning.
  b) " ... or buy a better option"
  c) "you may pay $225 or a better price"
  d) It does not make sense.

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