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:
d) It does not make sense.
Yes. This order does not make sense. "225" is the exercise price of the option. The customer who wants to place a limit order must state the limit price in addition to the strike price.Continue
a) " ... or better not buy the option"
b) " ... or buy a better option"
c) "you may pay $225 or a better price"
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