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+32 Part I: Basic Properties ol Stock Options 
+contracts. Smaller stocks have position limits of 60,000, 31,000, 22,500, or 13,500 
+contracts. These limits can be expected to increase over time, if stocks' capital­
+izations continue to increase. The exchange on which the option is listed makes 
+available a list of the position limits on each of its optionable stocks. So, if one 
+were long the limit of XYZ call options, he cannot at the same time be short any 
+XYZ put options. Long calls and short puts are on the same side of the market; 
+that is, both are bullish positions. Similarly, long puts and short calls are both on 
+the bearish side of the market. While these position limits generally exceed by far 
+any position that an individual investor normally attains, the limits apply to "relat­
+ed" accounts. For instance, a money manager or investment advisor who is man­
+aging many accounts cannot exceed the limit when all the accounts' positions are 
+combined. 
+8. The numher of contracts that can be exercised in a particular period of time ( usu­
+ally 5 business days) is also limited to the same arrwunt as the position limit. This 
+exercise limit prevents an investor or group from "cornering" a stock by repeat­
+edly buying calls one day and exercising them the next, day after day. Option 
+exchanges set exact limits, which are subject to change. 
+ORDER ENTRY 
+Order Information 
+Of the various types of orders, each specifies: 
+1. whether the transaction is a buy or sell, 
+2. the option to be bought or sold, 
+3. whether the trade is opening or closing a position, 
+4. whether the transaction is a spread (discussed later), and 
+5. the desired price. 
+TYPES OF ORDERS 
+Many types of orders are acceptable for trading options, but not all are acceptable on 
+all exchanges that trade options. Since regulations change, information regarding 
+which order is valid for a given exchange is best supplied by the broker to the cus­
+tomer. The following orders are acceptable on all option exchanges: 
+Market Order. This is a simple order to buy or sell the option at the best pos­
+sible price as soon as the order gets to the exchange floor.