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Understanding Stock Options

A comprehensive guide to what stock options are, how they work, and the variables that impact them.

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What Are Stock Options?

Stock options are financial instruments that give the holder the right, but not the obligation, to buy or sell a stock at a predetermined price (strike price) within a specified period. They are commonly used for trading, investing, or as part of employee compensation plans.

Call Options

Call options give the holder the right to buy a stock at the strike price. Investors use them when they anticipate an increase in the stock's price.

Put Options

Put options give the holder the right to sell a stock at the strike price. These are useful for hedging against potential price declines.

Underlying Assets

Stock options derive their value from an underlying stock, and their price fluctuates based on the stock's price movements.

Key Variables in Options

1. Strike Price

The price at which the holder can buy or sell the underlying stock.

2. Expiration Date

The date by which the holder must exercise their option.

3. Premium

The cost of purchasing the option, determined by market forces.

4. Intrinsic Value

The difference between the stock price and the strike price (for in-the-money options).

5. Time Value

The portion of the premium based on the time remaining until expiration.

6. Volatility

Measures how much the stock price fluctuates, impacting the option's value.

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