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An option contract grants the holder (buyer) of the option the right to trade an asset at a certain price, on a certain date. The holder has the right to trade the asset at the agreed price, but they are not obligated to, hence the name “option”.

In order to speak the language of options, it’s useful to be aware of the basic terminology that is used to describe them. This article will cover the main parameters of options, which will unlock your understanding of the rest of our options content, and enable you to have a firm grasp of exactly what you’re trading.

There are two types of options, call options and put options.

The buyer of a call option is purchasing the right to buy the underlying asset, at the strike price, on the expiry date. On the other side of the trade, the seller of the call option has an obligation to sell the underlying asset to the option buyer, should the call option buyer choose to exercise their right. 

All other things being equal, a call option will increase in value when the underlying price increases.

For more information on calls, see this article on call options.

The buyer of a put option is purchasing the right to sell the underlying asset, at the strike price, on the expiry date. On the other side of the trade, the seller of the put option has an obligation to buy the underlying asset from the option buyer, should the put option buyer choose to exercise their right.

All other things being equal, a put option will increase in value when the underlying price decreases.

For more information on puts, see this article on put options.

Specifications of an options contract:

• Underlying asset: The underlying asset, the price of which is being speculated on, for example, Bitcoin, a single stock, or an ETF.

• Expiry date: The date the option will expire and be automatically exercised, after this date, the option no longer has any value.

• Strike price: The price at which the buyer has the right to buy (for calls) or sell (for puts) the underlying asset at expiry.

• Option type: Call or put

• Option price (premium): The price the option buyer pays to the option seller for the right to buy or sell the asset at the strike price on the expiry date.

Additionally, an option can be either:

• Physically settled: meaning that when the option contract is exercised, the asset is exchanged for the strike price given in the contract.

• Cash settled: meaning that when the option contract is exercised, it is only the difference between the strike price and the current price that is paid into the option buyer’s account. It is only the cash value of this difference that is paid, no shares (or other assets) are exchanged.

Whether an option is European or American style refers to when the option can be exercised. 

• American style options: can be exercised at any time before the option expires.

• European style options: are only exercised at the moment they expire. This process typically happens automatically.

With both European and American style options, the option can be bought and sold freely before expiration. This means traders of both European and American style options are able to close or adjust their positions before expiration.

As with all derivatives contracts, when trading options, it is very important to understand how many units of the underlying asset an option contract represents. This number is called the contract multiplier, or contract size.

This number is not the same across all assets. Equity (stocks/shares) options typically have a multiplier of 100, meaning a position size of “10” would represent a notional size of 1,000 shares. Bitcoin options typically have a multiplier of just 1, meaning a position size of “10” would represent a notional size of 10 BTC.

Always read the contract specifications for any instrument you plan to trade, so you understand the values for all of the parameters discussed in this article.

Product availability varies by jurisdiction. Fees apply. Options trading carries significant risk and may not be suitable for everyone. Leverage in futures trading can work for you or against you. The risk of loss using leverage can exceed your initial investment amount. Information is provided for informational purposes only and is not investment advice. This is not a recommendation to buy or sell a particular digital asset or to employ a particular investment strategy.