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+6 Part I: Basic Properties of Stock Options 
+consists of all contracts of the same class (IBM, for example) having the same expi­
+ration date and striking price. 
+Opening and Closing Transactions. An opening transaction is the ini­
+tial transaction, either a buy or a sell. For example, an opening buy transaction 
+creates or increases a long position in the customer's account. A closing trans­
+action reduces the customer's position. Opening buys are often followed by clos­
+ing sales; correspondingly, opening sells often precede closing buy trades. 
+Open Interest. The option exchanges keep track of the number of opening 
+and closing transactions in each option series. This is called the open interest. 
+Each opening transaction adds to the open interest and each closing transaction 
+decreases the open interest. The open interest is expressed in number of option 
+contracts, so that one order to buy 5 calls opening would increase the open 
+interest by 5. Note that the open interest does not differentiate between buyers 
+and sellers - there is no way to tell if there is a preponderance of either one. 
+While the magnitude of the open interest is not an extremely important piece of 
+data for the investor, it is useful in determining the liquidity of the option in 
+question. If there is a large open interest, then there should be little problem in 
+making fairly large trades. However, if the open interest is small - only a few 
+hundred contracts outstanding - then there might not be a reasonable second­
+ary market in that option series. 
+The Holder and Writer. Anyone who buys an option as the initial transac­
+tion - that is, buys opening - is called the holder. On the other hand, the 
+investor who sells an option as the initial transaction - an opening sale - is called 
+the writer of the option. Commonly, the writer ( or seller) of an option is referred 
+to as being short the option contract. The term "writer" dates back to the over­
+the-counter days, when a direct link existed between buyers and sellers of 
+options; at that time, the seller was the writer of a new contract to buy stock. In 
+the listed option market, however, the issuer of all options is the Options 
+Clearing Corporation, and contracts are standardized. This important difference 
+makes it possible to break the direct link between the buyer and seller, paving 
+the way for the formation of the secondary markets that now exist. 
+Exercise and Assignment. An option owner ( or holder) who invokes the 
+right to buy or sell is said to exercise the option. Call option holders exercise to 
+buy stock; put holders exercise to sell. The holder of most stock options may 
+exercise the option at any time after taking possession of it, up until 8:00 P.M. on