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Reading the pick ticket

Strike, expiration, cost, breakeven, and the most a position can gain and lose.

3 min · Beginner · Lesson 12 of 17

Step 1 of 4

Building a position

  1. Stock: the underlying the contracts are on.
  2. Strategy: one of the six positions, each with a short explainer.
  3. Expiration: only the dates the contest allows (from its start to about 90 days after it ends).
  4. Strike or strikes: spreads label which one you buy and which you sell, each with its mid-price.
  5. Contracts: each one covers 100 shares.

For entertainment and education, not investment advice.