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+4 Part I: Basic Properties of Stodc Options 
+thus, each option has an expiration date. Throughout the book, the term "options" is 
+always understood to mean listed options, that is, options traded on national option 
+exchanges where a secondary market exists. Unless specifically mentioned, over-the­
+counter options are not included in any discussion. 
+DESCRIBING OPTIONS 
+Four specifications uniquely describe any option contract: 
+1. the type (put or call), 
+2. the underlying stock name, 
+3. the expiration date, and 
+4. the striking price. 
+As an example, an option referred to as an "XYZ July 50 call" is an option to buy (a 
+call) 100 shares (normally) of the underlying XYZ stock for $50 per share. The option 
+expires in July. The price of a listed option is quo!_ed on a per-share basis, regardless 
+of how many shares of stock can be bought with the option. Thus, if the price of the 
+XYZ July 50 call is quoted at $5, buying the option would ordinarily cost $500 ($5 x 
+100 shares), plus commissions. 
+THE VALUE OF OPTIONS 
+An option is a "wasting" asset; that is, it has only an initial value that declines (or 
+"wastes" away) as time passes. It may even expire worthless, or the holder may have 
+to exercise it in order to recover some value before expiration. Of course, the holder 
+may sell the option in the listed option market before expiration. 
+An option is also a security by itself, but it is a derivative security. The option is 
+irrevocably linked to the underlying stock; its price fluctuates as the price of the 
+underlying stock rises or falls. Splits and stock dividends in the underlying stock 
+affect the terms of listed options, although cash dividends do not. The holder of a call 
+does not receive any cash dividends paid by the underlying stock. 
+STANDARDIZATION 
+The listed option exchanges have standardized the terms of option contracts. The 
+terms of an option constitute the collective name that includes all of the four descrip­
+tive specifications. While the type (put or call) and the underlying stock are self-evi­
+dent and essentially standardized, the striking price and expiration date require more 
+explanation.