Opções De Compra De Ações Canceladas

Acumulação - Quando os estoques começam a se mover lateralmente após uma queda significativa, à medida que os investidores começam a se acumular. Opções ajustadas - Opções de ações não-padronizadas com termos personalizados para o preço em grandes mudanças na estrutura de capital de ações subjacente. Leia o tutorial completo sobre Opções Ajustadas. Ordem All-or-None (AON) - Uma ordem que deve ser completamente preenchida ou caso contrário ela não será executada. Esta é uma ordem útil para os operadores de opções que executam estratégias de opções complexas que precisam ser preenchidas com precisão. Tipos de ordens de opções explicadas. Opção de estilo americano - Contrato de opção que pode ser exercido a qualquer momento entre a data de compra ea data de vencimento. A maioria das opções negociadas em bolsa são de estilo americano. Leia o Tutorial sobre opções de estilo americano. Arbitragem - A compra e venda simultânea de instrumentos financeiros, a fim de beneficiar de discrepâncias de preços. Os comerciantes de opções freqüentemente procuram discrepâncias de preço do mesmo contrato de opção entre diferentes trocas de opções, beneficiando assim de um livre comércio de risco. Leia mais sobre Opções Arbitrage. Pergunte preço - como usado na frase oferta e perguntou é o preço em que um potencial vendedor está disposto a vender. Outra maneira de dizer isso é o preço de venda do que alguém está vendendo. Você compra contratos de opções e ações em seu preço de compra. Leia mais sobre Opções Preços. Atribuir - para designar um escritor de opção para cumprimento de sua obrigação de vender ações (call option writer) ou comprar ações (put option writer). O escritor recebe um aviso de cessão da Clearing Corporation de Opções. Leia mais sobre a atribuição de opções. No dinheiro - quando um preço de exercício das opções é o mesmo que o preço de ação prevalecente. Leia mais sobre as opções de dinheiro. Exercício Automático - Um procedimento de proteção pelo qual a Corporação de Compensação de Opções tenta proteger o detentor de uma opção de expiração no dinheiro, exercendo automaticamente a opção em nome do detentor. Negociação automática - Um acordo de três vias para que o corretor de opções execute automaticamente o comércio recomendado pelo serviço de aconselhamento de opções. Leia mais sobre Auto-Trading. Backspread - veja Reverse Strategy. Leia mais sobre Backspreads. Opções de Barreira - Opções exóticas que vêm à existência ou desaparecem quando certos preços foram atingidos. Leia mais sobre opções de barreiras aqui Bearish - Uma opinião que espera um declínio no preço, seja pelo mercado geral ou por um estoque subjacente, ou ambos. Estratégias Bearish Opções - Diferentes maneiras de usar as opções, a fim de lucrar com um movimento para baixo no estoque subjacente. Leia o tutorial sobre estratégias de estratégias bearish. Bear Spread - uma estratégia de opção que faz o seu lucro máximo quando o estoque subjacente diminui e tem seu risco máximo se o estoque subir de preço. A estratégia pode ser implementada com puts ou chamadas. Em ambos os casos, uma opção com um preço mais alto é comprado e um com um preço mais baixo é vendido, ambas as opções geralmente têm a mesma data de vencimento. Veja também Bull Spread. Biblioteca de estratégia de opções. Armadilha do urso - qualquer movimento descendente tecnicamente não confirmado que incentiva os investidores a ser bearish. Costuma preceder os comícios fortes e muitas vezes pega os incautos. Beta - Uma figura que indica a propensão histórica de um preço das ações para se mover com o mercado de ações como um todo. Preço da Oferta - O preço ao qual um potencial comprador está disposto a comprar de você. Isso significa que você vende ao preço da oferta. Leia mais sobre Opções Preços. BidAsk Spread - A diferença entre o lance e o preço de venda prevalecentes. Geralmente, contratos de opção que são mais líquidos tendem a ter um apertado BidAsk Spread enquanto contratos de opção que são menos líquidos e são negociados finamente tendem a ter um maior spread BidAsk. Leia mais sobre Opções Preços. Opções binárias - Opções que você paga um retorno fixo quando ele acaba no dinheiro por vencimento ou nada em tudo. Leia mais sobre Opções Binárias. Modelo Black-Scholes - Uma fórmula matemática projetada para precificar uma opção em função de certas variáveis ​​- geralmente preço das ações, preço marcante, volatilidade, tempo de expiração, dividendos a serem pagos ea atual taxa de juros livre de risco. Leia mais sobre o modelo Black-Scholes. Box Spread - Uma estratégia complexa de negociação de opções de quatro pernas destinada a tirar vantagem das discrepâncias nos preços das opções para uma arbitragem sem risco. Saiba mais sobre o Box Spreads. Break - Even Point - o preço das ações (ou preços) em que uma determinada estratégia não faz nem perde dinheiro. Geralmente refere-se ao resultado na data de vencimento das opções envolvidas na estratégia. Um ponto de equilíbrio quotdynamicquot é aquele que muda com o passar do tempo. Breadth - O número líquido de ações avançando versus aqueles em declínio. Quando os avanços excedem declínios a amplitude do mercado está inclinando. Quando os declínios excedem avança o mercado está declinando. Breakout - O que ocorre quando um preço da ação ou média se move acima de um nível de resistência alto anterior ou abaixo de um nível de suporte anterior baixo. As probabilidades são de que a tendência vai continuar. Bullish - Uma opinião em que se espera um aumento no preço, quer pelo mercado geral ou por uma segurança individual. Estratégias Bullish das opções - maneiras diferentes de usar opções a fim lucra de um movimento ascendente no estoque subjacente. Leia o tutorial sobre estratégias de estratégias de alta. Bull Call Spread - Uma estratégia de opções de alta que visa reduzir o custo inicial de compra de opções de compra, a fim de lucrar com ações que se espera que aumentem moderadamente. Leia o Tutorial sobre Bull Call Spread. Bull Spread - uma estratégia de opções que atinge o seu potencial máximo se a subjacente segurança sobe suficientemente longe, e tem seu risco máximo se a segurança cai suficientemente longe. Uma opção com um preço mais baixo é comprado e um com um preço mais alto é vendido, ambos geralmente com a mesma data de vencimento. Ou coloca ou chamadas podem ser usadas para a estratégia. Biblioteca de estratégia de opções. Bull Trap - Qualquer movimento tecnicamente não confirmado para o lado positivo que incentiva os investidores a ser otimista. Geralmente precede declínios importantes e muitas vezes engana aqueles que não esperam confirmação de formulário por outros indicadores. Butterfly Spread - Uma estratégia de opção neutra que tem risco limitado e potencial de lucro limitado, construído pela combinação de um spread de touro e um spread de urso. Três preços de ataque estão envolvidos, com os dois inferiores sendo utilizados na propagação de touro e os dois maiores na propagação de urso. A estratégia pode ser estabelecida com puts ou chamadas há quatro maneiras diferentes de combinar opções para construir a mesma posição básica. Saiba tudo sobre a propagação da borboleta. Comprar para abrir - para estabelecer uma posição de opções, indo por muito tempo. Leia o tutorial Comprar para abrir. Chamada - consulte Opção de chamada. Chamada Broken Wing Butterfly Spread - uma borboleta Spread com um perfil de riskreward distorcido que não faz perdas ou mesmo um ligeiro crédito quando o estoque subjacente quebra a desvantagem. Isto é conseguido comprando a batida mais adicional fora das opções da chamada do dinheiro do que uma propagação regular da borboleta. Leia o tutorial sobre Call Broken Wing Butterfly Spread. Chamar Broken Wing Condor Spread - A Condor Spread com um perfil de riskreward distorcido que não faz perdas ou mesmo um ligeiro crédito quando o estoque subjacente quebra a desvantagem. Isto é conseguido comprando a greve adicional fora das opções da chamada do dinheiro do que uma propagação regular de Condor. Leia o tutorial sobre Call Broken Wing Condor Spread. Call Ratio Backspread - Uma estratégia de negociação de opções de crédito com lucro ilimitado para a alta e lucro limitado para a desvantagem através da compra de mais do dinheiro chamadas do que nas chamadas de dinheiro estão em curto. Leia o tutorial sobre Ratio de Chamadas Backspread. Call Ratio Spread - Uma estratégia de negociação de opções de crédito com a capacidade de lucrar quando um estoque sobe, para baixo ou de lado através de curto-circuito mais fora das chamadas de dinheiro do que nas chamadas de dinheiro são comprados. Leia o tutorial sobre Ratio de Chamadas Spread. Call Time Spread - Outro nome para Call Calendar Spread. Uma estratégia de negociação de opções onde as opções de compra de longo prazo são compradas e as opções de chamadas de curto prazo são escritas para lucrar com a deterioração do tempo. Leia o tutorial sobre Call Time Spread. Chamado Ausente - O processo no qual um escritor de opções de compra é obrigado a entregar o estoque subjacente ao comprador da opção por um preço igual ao preço de exercício da opção de compra. Leia o tutorial sobre Chamado afastado. Calendar Spread - Um tipo de estratégia de negociação de opções que usa uma combinação de opções com datas de expiração diferentes, a fim de lucrar principalmente com a deterioração do tempo. Leia tudo sobre Calendar Spreads. Calendário Straddle ou Combinação - Uma estratégia de opções neutras complexas envolvendo a compra de um straddle de longo prazo ea venda de um curto prazo straddle. Leia tudo sobre Calendário Straddle. Calendário Strangle - Uma estratégia de opções neutras complexas envolvendo a compra de um estrangulamento de longo prazo ea venda de um estrangulamento de curto prazo. Leia tudo sobre Calendário Strangle. Opções de Compra - Opções que dão ao detentor o direito de comprar o título subjacente a um preço especificado por um determinado período de tempo fixo. Leia Tudo sobre Opções de Chamadas. Capitalização - O montante total de títulos emitidos por uma corporação. Isso pode incluir: obrigações, debêntures, ações preferenciais, ações ordinárias e superávit. Cash Secured Put - Opções de venda de curto prazo que são totalmente cobertas por dinheiro necessário no caso de uma atribuição. Leia tudo sobre o Cash Secured Put. Liquidação em Caixa Caixa Entregue - Opções que, quando exercidas, proporcionam o lucro em dinheiro em vez de um ativo subjacente. Leia tudo sobre opções liquidadas. CBOE - The Chicago Board Options Troque a primeira bolsa nacional para negociar opções de ações listadas. CBOE VIX - Ver VIX. Cadeia - Uma lista de cotações de opções em vários preços de exercício. Leia mais sobre Cadeias de Opções. Classe de Opções - Contratos de opções do mesmo tipo e estilo que cobrem o mesmo ativo subjacente. Fechar - Período no final de um dia de negociação onde os preços finais do dia são calculados. Encerramento Ordem - A compra de volta ou venda de uma opção para que um operador de opção tem a posição oposta. Um operador de opção que escreve uma opção de compra executará uma ordem de fecho comprando para fechar essa opção de compra. Um trader de opções que comprou uma opção de compra executará uma ordem de fechamento vendendo para fechar essa opção de compra. Tipos de ordens de opções explicadas. Condor Spread - Uma estratégia de opção neutra complexa que lucros de uma negociação de ações dentro de um intervalo predeterminado. Read All About Condor Spreads Here Contango - Um termo que se origina do mercado de petróleo. Isto é quando a volatilidade implícita no mês mais distante é maior do que a volatilidade implícita no mês mais próximo. Isto é indicativo de uma condição de mercado normal. Ordem Contingente - Uma ordem de opções personalizável avançada que dispara dependente do cumprimento de critérios predeterminados. Leia mais sobre Contingent Orders. Correção - Quando um estoque cai de preço temporariamente antes de rebotes mais tarde. Tamanho do Contrato - O montante do ativo subjacente coberto pelo contrato de opção. Isso geralmente é 100. Se uma opção for cotada para 2.50, então um contrato custaria 2.50 x 100 250 e cobriria 100 partes. Contrato Neutral Hedging - Uma técnica de hedge estático envolvendo a compra de uma opção de venda ou venda de uma opção de compra para cada 1 ação detida. Leia mais sobre Contrato Neutro Hedging Aqui Contrário Opinião - A crença em frente que do público em geral ou Wall Street. É mais significativo nos principais pontos de viragem do mercado. Um consenso geral de opinião, seja alcista ou pessimista, geralmente marca um extremo. Um investidor que toma uma opinião contrária usufruirá geralmente a tempo. Conversão - A transformação de uma posição de estoque longo em uma posição que é curto o estoque usando opções, sem fechar a posição de estoque original longo, através do uso de posições sintéticas. Leia mais sobre Conversões. Consolidação - quando os estoques começam indo lateralmente após um aumento significativo enquanto os inversionistas começam vender algumas de suas explorações para fazer exame do lucro. Intervalo de contrato - O preço mais alto e mais baixo que um contrato de opções tem negociado em. Saiba mais sobre o intervalo de contratos. Cobertura - para comprar de volta como uma transação de fechamento uma opção que foi inicialmente escrita. Covered Call Write - uma estratégia na qual se escrevem opções de compra enquanto simultaneamente possuem um número igual de ações do estoque subjacente. Ler tudo sobre chamadas cobertas aqui coberto Put Write - uma estratégia em que um vende opções de venda e, simultaneamente, é curto um número igual de ações da segurança subjacente. Saiba tudo sobre o coberto Put. Covered Straddle Write - o termo usado para descrever a estratégia em que um investidor possui o título subjacente e também escreve um straddle sobre essa segurança. Esta não é realmente uma posição coberta. Warrant Coberto - o termo usado para warrants estruturados que funciona quase exatamente o mesmo que opções de compra e opções de venda. Leia sobre as opções de diferenças entre warrants. Crédito - Dinheiro recebido em uma conta. Uma transação de crédito é aquela em que o produto líquido da venda é maior do que o produto líquido da compra (custo), trazendo assim dinheiro para a conta. Existem muitas estratégias de opções de crédito. Leia tudo sobre débito e crédito espalha aqui Crédito Espalhar-Uma posição de propagação de crédito é um spread de opção em que o produto da venda líquida é maior do que o produto da compra líquida (custo), trazendo dinheiro para a conta. Leia mais sobre Credit Spreads. Ordem diária - Uma ordem que expira no final do dia de negociação se não for executada. Leia tudo sobre Opções Ordens Aqui Day trader Daytrader - Traders que abrem e fecham posições de opções ou posições de opções múltiplas, todas dentro do mesmo dia de negociação. Day trading Daytrading - Methodolody negociação que envolve fazer vários comércios que são abertos e fechados todos dentro do mesmo dia de negociação. Leia mais sobre Estilos de Negociação de Opções. Débito - Uma despesa, ou dinheiro pago de uma conta. Uma transação de débito é aquela em que o custo líquido é maior do que o produto da venda líquida. Débito Spread - opção espalha que você tem que pagar dinheiro para colocar. Leia mais sobre Debit Spreads. Decay - See Time Decay Deliverables - Os ativos financeiros que são entregues aos detentores de opções quando as opções são exercidas. Delta - o valor pelo qual o preço de uma opção será alterado para uma alteração correspondente no preço pela entidade subjacente. As opções de compra têm deltas positivos, enquanto as opções de venda têm deltas negativos. Tecnicamente, o delta é uma medida instantânea da mudança de preço da opção, de modo que o delta será alterado para até mesmo mudanças fracionárias pela entidade subjacente. Consequentemente, os termos quotup deltaquot e quotdown deltaquot podem ser aplicáveis. Eles descrevem a opção de mudança após uma mudança de 1 ponto no preço pelo valor subjacente - tanto para cima quanto para baixo. O quotup deltaquot pode ser maior do que o quotdown deltaquot para uma opção de chamada, enquanto o inverso é verdadeiro para put opções. Para uma explicação mais detalhada sobre o Delta e outros gregos de opção, vá para Opções Delta. Delta Neutral - Quando as opções delta positiva e as opções delta negativas se compensam entre si para produzir uma posição que não ganha nem diminui em valor à medida que a ação subjacente se move ligeiramente para cima ou para baixo. Tal posição irá retornar um lucro, não importa qual a forma como o estoque subjacente, eventualmente, move-se, desde que o movimento é significativo. Saiba como realizar Neutral Trading Delta. Delta Spread - Um spread de relação que é estabelecido como uma posição neutra, utilizando os deltas das opções envolvidas. A relação neutra é determinada pela divisão do delta da opção comprada pelo delta da opção escrita. Derivados - Instrumento financeiro cujo valor é derivado, em parte, do valor e características de outro instrumento financeiro. Exemplos de derivativos são opções, futuros e warrants. Diagonal Call Time Spread - Uma estratégia neutra de negociação de opções lucrando principalmente com o tempo decay, comprando a longo prazo no dinheiro opções de compra e curto prazo a curto prazo fora do dinheiro opções de compra contra eles. Leia o Diagonal Call Time Spread Tutorial. Diagonal Spread - Um spread de opções no mesmo subjacente, mesmo tipo mas mês de vencimento diferente e strike. Leia o Diagonal Spread Tutorial. Desconto - Uma opção está negociando com um desconto se ele está sendo negociado por menos do que o seu valor intrínseco. Um futuro está sendo negociado com desconto se estiver sendo negociado a um preço menor que o preço à vista de seu índice ou commodity subjacente. Veja também Valor Intrínseco e Paridade. Discount Broker - Uma corretora que oferece baixas taxas de comissão. Obtenha uma lista de corretores de opções aqui Dividendo - Quando uma empresa paga uma parcela do lucro para os acionistas existentes. Esta parte do lucro pode ser em dinheiro ou opções. Leia sobre os Efeitos de Dividendos em Opções de Ações. Proteção de Downside - Geralmente usado em conexão com a escrita de chamada coberta, esta é a almofada contra perda, em caso de uma queda de preço pelo valor subjacente, que é oferecida pela opção de compra por escrito. Em alternativa, pode ser expressa em termos da distância que o stock pode cair antes de a posição total se tornar uma perda (um montante igual ao prémio da opção) ou pode ser expressa em percentagem do preço actual das acções. Hedging Dinâmico - Uma técnica de hedging que requer reequilíbrio constante para manter a relação de hedge. Exercício Antecipado (cessão) - Exercício ou cessão de um contrato de opção antes da data de expiração. Opções de Compra de Ações - Opções de compra de ações concedidas aos empregados por suas empresas como meio de remuneração e incentivo. Leia mais sobre opções de ações para funcionários. Equity Option - Uma opção que tem ações ordinárias como seu título subjacente. ETF - Fundos Negociados em Bolsa. Os fundos abertos negociáveis ​​sobre uma troca apenas como um estoque. ETFs tornou possível para os investidores a investir em uma variedade de outros instrumentos como ouro e prata, assim como investir em ações. Exercício Europeu - Uma característica de uma opção que estipula que a opção só pode ser exercida no seu vencimento. Portanto, não pode haver atribuição antecipada com este tipo de opção. Leia o Tutorial sobre opções de estilo europeu. Exercício - Para invocar o direito concedido nos termos de um contrato de opções listadas. O titular é aquele que exerce. Os titulares de chamadas se exercitam para comprar o título subjacente, enquanto os detentores de ações exercem o direito de vender o título subjacente. Leia o tutorial sobre como Exercitar uma Opção. Limite de exercício - O limite do número de contratos que um titular pode exercer num período de tempo fixo. Definido pela troca de opção apropriada, é projetado para impedir que um investidor ou grupo de investidores de quotcorneringquot o mercado em uma ação. Preço de Exercício - O preço pelo qual o detentor da opção pode comprar ou vender o título subjacente, conforme definido nos termos de seu contrato de opção. É o preço a que o titular da chamada pode exercer para comprar o título subjacente ou o detentor da oferta pode exercer a venda do título subjacente. Para as opções listadas, o preço de exercício é o mesmo que o Preço de Exercício. Retorno Esperado - Uma análise matemática bastante complexa envolvendo distribuição estatística dos preços das ações, é o retorno que um investidor poderia esperar fazer em um investimento se ele fosse fazer exatamente o mesmo investimento muitas vezes ao longo da história. Data de Vencimento - O dia em que um contrato de opção se torna nulo. A data de vencimento das opções de ações listadas é o sábado após a terceira sexta-feira do mês de vencimento. Todos os detentores de opções devem indicar seu desejo de exercer, se desejarem fazê-lo, até essa data. Leia o tutorial completo sobre Expiração de opções. Expiration Time - A hora do dia em que todos os avisos de exercício devem ser recebidos na data de validade. Tecnicamente, o tempo de expiração é atualmente 5:00 PM na data de vencimento, mas os titulares públicos de contratos de opção devem indicar seu desejo de exercer o mais tardar 17:30 no dia útil anterior à data de validade. Os tempos são Eastern Time. Expirar sem valor - Quando fora das opções de dinheiro perder todo o seu valor e expirar no dia de validade. Leia o tutorial completo sobre Expire Worthless. Valor Extrínseco - Também conhecido como Valor Premium ou Valor de Tempo. É a diferença entre o preço das opções eo valor intrínseco. Leia o tutorial completo sobre Valor Extrínseco. Valor Justo - Um termo usado para descrever o valor de uma opção ou contrato de futuros, conforme determinado por um modelo matemático. Fiduciary Call - Uma estratégia de negociação de opções que compra opções de compra como um substituto para um protetor colocar ou casado colocar na mesma proporção. Leia mais sobre Fiduciary Calls Here Instrumento Financeiro - Um documento físico ou eletrônico que tem valor monetário intrínseco ou valor de transferências. Por exemplo, dinheiro, ações, futuros, opções e metais preciosos são instrumentos financeiros. Frontspreads - Estratégias de opções projetadas para lucrar com condições de mercado neutras onde os preços mudam muito pouco. Leia mais sobre Frontspreads. Análise Fundamental - Um método de analisar as perspectivas de uma segurança, observando as medidas contábeis aceitas, como ganhos, vendas, ativos e assim por diante. Gama - A taxa de variação de um delta de opções de ações para uma mudança de unidade no preço do estoque subjacente. Leia tudo sobre opções Gamma. Gamma Neutral - Uma posição que tem valor zero ou quase zero de gama, resultando no valor delta da posição ficar estagnado, não importa como a sua ação subjacente se move. Leia tudo sobre Gamma Neutral. Goldilock Economia - Uma economia que tem crescimento estável e inflação moderada que não é nem muito aquecido nem frio e permite que as políticas monetárias amigáveis ​​mercado de ações. Bom Até Cancelado (GTC) - Uma designação aplicada a alguns tipos de pedidos, o que significa que a ordem permanece em vigor até que seja preenchida ou cancelada. Leia Tudo Sobre Opções de Ordens Aqui Avançando - Analysts Jargon. Significado no futuro. 12 meses no futuro significa 12 meses no futuro. Grego - Um conjunto de critérios matemáticos envolvidos no cálculo dos preços das opções de ações. Por favor, leia mais sobre os gregos opcionais. Groening - Um período prolongado de 0 a 2 crescimento no PIB que vai se sentir como uma recessão. Hedge - Transações que protegerão contra perdas por meio de um movimento compensatório de preços. Leia tudo sobre Hedge Here Hedge Ratio - A quantidade matemática que é igual ao delta de uma opção. É útil na facilitação na medida em que um hedge teoricamente sem risco pode ser estabelecido tomando posições de compensação no estoque subjacente e suas opções de compra ou de venda. Read All About Hedge Ratio Here Volatilidade Histórica - Volatilidade do movimento de preços passados ​​do ativo subjacente. Também conhecida como Volatilidade Realizada. Horizontal Time Time Call - Uma estratégia de opção em que mais longo prazo no dinheiro opções de compra são comprados e de curto prazo no dinheiro opções de compra são escritas, a fim de lucrar quando o estoque subjacente permanece estagnado. Leia o tutorial sobre Horas horizontais. Horizontal Put Time Spread - Uma estratégia de opção em que a longo prazo no dinheiro colocar opções são comprados e curto prazo no dinheiro colocar opções são escritas, a fim de lucrar quando o estoque subjacente permanece estagnada. Leia o tutorial sobre Horário Ponha Time Spread. Horizontal Spread - Uma estratégia de opções em que as opções têm o mesmo preço de exercício, mas diferentes datas de vencimento. Volatilidade Implícita - Uma medida da volatilidade do estoque subjacente, é determinada usando os preços atualmente existentes no mercado na época, em vez de usar dados históricos sobre as variações de preço do estoque subjacente. Leia mais sobre Implied Volatility. Conceito Retorno Incremental - Uma estratégia de escrita de chamada coberta em que o investidor está se esforçando para ganhar um retorno adicional de opção escrita contra uma posição de ações que ele é direcionado para vender, possivelmente a preços substancialmente mais elevados. Índice - Uma compilação dos preços de várias entidades comuns em um único número. Opção de índice - Uma opção cujo ativo subjacente é um índice em vez de um ativo rígido, como ações. A maioria das opções de índice é baseada em caixa. Leia o tutorial completo sobre Opções de Índice. No Dinheiro - Um termo que descreve qualquer contrato de opção que tenha valor intrínseco. Uma opção de compra é in-the-money se o valor subjacente for superior ao preço de exercício da chamada. Uma opção de venda é in-the-money se a segurança estiver abaixo do preço de exercício. Leia ALL About In The Money Opções aqui. Valor intrínseco - O valor de uma opção se expirasse imediatamente com o estoque subjacente ao seu preço atual o valor pelo qual uma opção está no dinheiro. Para as opções de compra, esta é a diferença entre o preço da ação eo preço marcante, se essa diferença for um número positivo ou zero caso contrário. Para as opções de venda é a diferença entre o preço notável e o preço da ação, se essa diferença for positiva e zero caso contrário. Leia o tutorial completo sobre o Valor Intrínseco Último Dia de Negociação - A terceira sexta-feira do mês de vencimento. As opções cessam as negociações às 15h00, horário do Leste, no último dia de negociação. Leg - (Verb) Um método orientado para o risco de estabelecer uma posição de dois lados. Ao invés de entrar em uma transação simultânea para estabelecer a posição (uma propagação, por exemplo), o comerciante primeiro executa um lado da posição, na esperança de executar o outro lado em um momento posterior e um preço melhor. O risco se materializa pelo fato de que um preço melhor pode nunca estar disponível, e um preço pior deve eventualmente ser aceito. (Noun) Em uma estratégia de opção envolvendo muitos tipos de opções, cada tipo de opção é conhecido como uma perna. Leia o tutorial completo sobre Opções Leg Legging - Entrando cada perna de uma posição de negociação opções complexas separadamente e individualmente. Leia o tutorial completo sobre Legging LEAPS - Long Term Equity Anicipation Securities. Simplesmente dito, é contratos de opção que expira um ano ou mais no futuro. Às vezes contratos de opção que expira 6 meses a um ano depois também são conhecidos como LEAPS. Leia mais sobreLEAPs. Cotações de Nível II - Cotações em tempo real fornecidas pela NASDAQ descrevendo o lance específico de pedido de oferta fornecido por cada criador de mercado. Leia tudo sobre as citações do nível II aqui. Alavancagem - Em investimentos, a obtenção de maior percentual de lucro e potencial de risco. Um titular de chamada tem alavancagem em relação a um titular de ações - o primeiro terá maior percentual de lucros e perdas do que o último, para o mesmo movimento no estoque subjacente. Leia sobre como calcular opções de alavancagem. Limite - Consulte Limite de Negociação. Ordem de Limite - Uma ordem para comprar ou vender títulos a um preço especificado (o limite). Leia mais sobre Limit Order. Liquid Liquidity - A facilidade com que uma compra ou venda pode ser feita sem interromper os preços de mercado existentes. Leia sobre o que afeta a opção de compra de ações Opções aqui listadas - Uma opção de compra ou venda que é negociada em uma bolsa de opção nacional. As opções listadas têm preços fixos fixos e datas de vencimento. Longo - Ser longo é possuir algo. Leia mais sobre Long Options Positions. Opções LookBack - opções exóticas que permite ao titular olhar para trás na ação de preço do ativo subjacente durante a expiração para decidir o preço ótimo no qual exercer as opções Lookbacks. Leia mais sobre as opções LookBack aqui Margem (ações) - Para comprar uma segurança por empréstimos de fundos de uma corretora. A exigência de margem - a porcentagem máxima do investimento que pode ser emprestado pela corretora - é definida pelo Federal Reserve Board. Margem (opções) - Depósito em dinheiro necessário para ser realizada em conta ao escrever opções. Leia o tutorial completo sobre a margem de opções. Marked-To-Model - Um método de avaliação usando modelos financeiros para ativos de nível 2, que são ativos menos líquidos que são difíceis de avaliar devido à ausência de um mercado prontamente disponível. Criador de Mercado - Membro de troca cuja função é auxiliar na elaboração de um mercado, fazendo lances e ofertas para sua conta na ausência de ordens públicas de compra ou venda. Vários criadores de mercado são normalmente atribuídos a uma determinada segurança. O sistema de mercado engloba os criadores de mercado e os corretores. Leia Tudo Sobre Market Makers Here Market Order - Uma ordem para comprar ou vender títulos ao preço de mercado atual. A ordem será preenchida enquanto houver um mercado para a segurança. Leia Tudo Sobre Opções Market Order Market On Close (MOC) - Uma ordem de negociação de opções que preenche uma posição no mercado ou perto de fechar. Leia Tudo Sobre Opções Ordens Aqui Married Put e Stock - um put e estoque são considerados casados ​​se eles são comprados no mesmo dia, ea posição é designada nesse momento como uma cobertura. Leia mais sobre Married Puts Here Mini Opções de Índice - Opções de índice que são apenas um décimo do tamanho das opções de índice regulares. Leia mais sobre o Mini Opções de Índice Aqui Mini Opções - opções de ações que cobre apenas 10 ações em vez de 100 ações. Leia mais sobre as opções Mini Aqui Modelo - Uma fórmula matemática projetada para precificar uma opção em função de determinadas variáveis ​​- geralmente preço das ações, preço marcante, volatilidade, tempo de vencimento, dividendos a serem pagos ea atual taxa de juros livre de risco. O modelo Black-Scholes é um dos modelos mais amplamente utilizados. Moneyness - O preço de exercício de uma opção em relação ao preço prevalecente do activo subjacente. Leia mais sobre Moneyness aqui Compressão Múltipla - Onde o mercado global vender ao longo de um período de tempo, a fim de reduzir os índices PE em geral através do conselho, devido ao pessimismo sobre a economia macro. Expansão Múltipla - Onde o mercado global se recupera ao longo de um período de tempo, a fim de aumentar, em geral, os índices de PE em toda a diretoria devido ao otimismo sobre a macroeconomia. NASDAQ - Associação Nacional de Negociantes de Valores Automáticos Sistema de Cotação. É um mercado eletrônico nos EUA, onde os títulos são listados e negociados eletronicamente. Opção Naked - veja Opção Descoberta. Narrow Based - Geralmente referindo-se a um índice, indica que o índice é composto por apenas algumas ações, geralmente em um grupo específico da indústria. Índices de base estreita NÃO são sujeitos a tratamento favorável para escritores de opção nua. Near The Money Options - Opções com preços de exercício próximo ao preço à vista da ação subjacente. Leia o tutorial sobre Near The Money Options. Neutro - Descrevendo uma opinião que não é nem de baixa nem de alta. Estratégias de opção neutra são geralmente projetadas para executar melhor se houver pouca ou nenhuma mudança líquida no preço do estoque subjacente. Neutral Opções Estratégias - Diferentes maneiras de usar as opções, a fim de lucro um estoque permanece estagnada ou dentro de um intervalo de negociação apertado. Leia o tutorial sobre Neutral Options Strategies. Opção de Não Equidade - Uma opção cuja entidade subjacente não é uma ação ordinária normalmente se refere a opções sobre commodities físicas, mas também pode ser estendida para incluir opções de indexação. One Sided Market - Uma condição de mercado onde há significativamente mais vendedores do que compradores ou mais compradores do que vendedores. Neste caso, não há compradores suficientes colocando oferece para comprar de vendedores ou que não há vendedores suficientes colocando oferece para vender aos compradores. Juros Abertos - O total líquido de contratos pendentes em aberto em uma série de opções em particular. Uma transação de abertura aumenta o interesse aberto, enquanto qualquer transação de fechamento reduz o interesse aberto. Leia mais sobre volume e interesse aberto. Option - The right to buy or sell specific securities at a specified price within a specified time. A put gives the holder the right to sell the stock, a call the right to buy the stock. Options Chains - Tables presenting the various options that a stock offers over various strike price and expiration dates. Read the full tutorial on Options Chains . Options Contracts - Contingent claims contracts that allows its holder to buy or sell a specific asset when exercised. Read the full tutorial on Options Contracts . Options on Futures - Options that have futures contracts as their underlying asset. Read the full tutorial on Options on Futures . Optionable Stocks - Stocks with tradable options. Option Pain - Also known as Max Pain or Max Option Pain. It is the stock price which will result in the most number of options contracts expiring out of the money. Read More About Option Pain . Option Pricing Curve - A graphical representation of the projected price of an option at a fixed point in time. It reflects the amount of time value premium in the option for various stock prices, as well. The curve is generated by using a mathematical model. The delta (or hedge ratio) is the slope of a tangent line to the curve at a fixed stock price. Option Trader - Also known as Options Trader. It is anyone who buys and sells options in the capital market. Read more about Option Traders . Option Trading - Also known as Options Trading. É a compra e venda de ações e opções de índices no mercado de capitais, de modo a especular para lucros alavancados em todas as condições do mercado ou executar hedging para reduzir o risco da carteira. Read more about Option Trading . Options Clearing Corporation (OCC) - The issuer of all listed option contracts that are trading on the national option exchanges. Options Margin - See Margin (Options). Options Trading - The buying and selling of stock and index options in the capital market so as to speculate for leveraged profits in every market condition or perform hedging to reduce portfolio risk. Read more about Options Trading . Options Trader - Anyone who buys and sells options in the capital market. Read more about Option Trading . Options Strategist - An investment professional who specializes in research, analysis and execution of options strategies. Options Symbol - A string of alphabets that define specific options contracts. Can be referred to as the name of an options contract. Read more about Reading Options Symbols. Out of the Money - Describing an option that has no intrinsic value. A call option is out-of-the-money if the stock is below the strike price of the call, while a put option is out-of-the-money if the stock is higher than the strike price of the put. Read More About Out Of The Money Options . Over-the-Counter Option (OTC) - An option traded over-the-counter, as opposed to a listed stock option. The OTC option has a direct link between buyer and seller, has no secondary market, and has no standardization of striking prices and expiration dates. Overvalued - Describing a security trading at a higher price than it logically should. Normally associated with the results of option price predictions by mathematical models. If an option is trading in the market for a higher price than the model indicates, the option is said to be overvalued. Parity - Describing an in-the-money option trading for its intrinsic value: that is, an option trading at parity with the underlying stock. Also used as a point of reference-an option is sometimes said to be trading at a half-point over parity or at a quarter-point under parity, for example. An option trading under parity is a discount option. Physical Option - An option whose underlying security is a physical commodity that is not stock or futures. The physical commodity itself typically a currency or Treasury debt issue-underlies that option contract. Physically Settled Option - An option which the actual underlying asset exchange hands when exercised. Read more about Physically Settled Options. Portfolio - Holdings of securities by an individual or institution. A portfolio may contain options of different stocks or a combination of shares, options and other financial instruments. Position - Specific securities in an account or strategy. A covered call writing position might be long 1,000 XYZ and short 10 XYZ January 30 calls. It also refers to facilitate buy or sell a block of securities, thereby establishing a position. Position Trading - The use of options trading strategies in order to profit from the unique opportunities presented by stock options, such as time decay, volatility and even arbitrage to make safe, fixed, albeit lower profit. Read more about Options Trading Styles . Premium - The total price of an option contract is made up of the sum of the intrinsic value and the time value premium. Even though most people refer to the price of an option contract as the Premium, it is actually an inaccurate expression. The Premium of an option contract is the part of the price that is not intrinsic. Please read more about Options Premium. Premium Over Parity - See Extrinsic Value. Profit Range - The range within which a particular position makes a profit. Generally used in reference to strategies that have two break-even points-an upside break-even and a downside breakeven. The price range between the two break-even points would be the profit range. Profit Table - A table of results of a particular strategy at some point in time. This is usually a tabular compilation of the data drawn on a profit graph. Protected Strategy - A position that has limited risk. A protected short sale (short stock, long call) has limited risk, as does a protected straddle write (short straddle, long out-of-the-money combination). The Ride The Flow System is an example of a protected strategy. Protective Call - An option trading hedging strategy that protects profits made in a short stock position using call options. Read More About Protective call Here Protective Put - An option trading hedging strategy that hedges against a drop in stock price using put options. Read More About Protective Put Here Public Book (of orders) - The orders to buy or sell, entered by the public, that are away from the current market. The board broker or specialist keeps the public book. Market-makers on the CBOE can see the highest bid and lowest offer at any time. The specialist146s book is closed (only he knows at what price and in what quantity the nearest public orders are). Pull back - A temporary fall in price after a rally. The rally usually continues after a Pull Back. This is also known as a Correction. Put Broken Wing Butterfly Spread - A Butterfly Spread with a skewed riskreward profile which makes no losses or even a slight credit when the underlying stock breaks to upside. This is achieved by buying further strike out of the money put options than a regular butterfly spread. Read the tutorial on Put Broken Wing Butterfly Spread . Put Broken Wing Condor Spread - A Put Condor Spread with a skewed riskreward profile which makes no losses or even a slight credit when the underlying stock breaks to upside. This is achieved by buying further strike out of the money put options than a regular put condor spread. Read the tutorial on Put Broken Wing Condor Spread . Put - An option granting the holder the right to sell the underlying security at a certain price for a specified period of time. See also Call. Read About Put Options Here . Put Call Parity - Put Call Parity is an option pricing concept that requires the extrinsic values of call and put options to be in equilibrium so as to prevent arbitrage. Put Call Parity is also known as the Law Of One Price. Read About Put Call Parity Here . Put Call Ratio - The ratio of the number of open put options against the number of open call options. The higher the resulting number, the more put options are bought or shorted on the underlying asset. For daily total equity put call ratio, please visit Option Traders HQ. Read more about Put Call Ratio . Put Ratio Backspread - A credit options trading strategy with unlimited profit to downside and limited profit to upside through buying more out of the money puts than in the money puts are shorted. Read the tutorial on Call Ratio Backspread . Put Ratio Spread - A credit options trading strategy with the ability to profit when a stock goes up, down or sideways through shorting more out of the money puts than in the money puts are bought. Read the tutorial on Put Ratio Spread . Quadruple Witching - The third Friday of March, June, September and December when Index Futures, Index Options, Stock Futures and Stock Options expire. This is one of the most volatile trading days of the year, with exceptionally high trading volume. Read all about Quadruple Witching . Quarterlies Quarterly Options - Options with quarterly expiration cycle. Read more about Quarterly Options . Ratio Backspread - Credit volatile options trading strategy that opens up one leg for unlimited profit through selling a smaller amount of in the money options against the purchase of at the money or out of the money options of the same type. Read the Tutorial on Ratio Backspreads . Ratio Calendar Combination - A strategy consisting of a simultaneous position of a ratio calendar spread using calls and a similar position using puts, where the striking price of the calls is greater than the striking price of the puts. Ratio Calendar Spread - Selling more near-term options than longer-term ones purchased, all with the same strike either puts or calls. Ratio Spread - Constructed with either puts or calls, the strategy consists of buying a certain amount of options and then selling a larger quantity of out-of-the-money options. Ratio Strategy - A strategy in which one has an unequal number of long securities and short securities. Normally, it implies a preponderance of short options over either long options or long stock. Ratio Write - Buying stock and selling a preponderance of calls against the stock that is owned. Realize (a profit or loss) - The act of closing a position, incurring a profit or a loss. As long as a position is not closed, the profit or loss remains unrealized. Resistance - A term in technical analysis indicating a price area higher than the current stock price where an abundance of supply exists for the stock, and therefore the stock may have trouble rising through the price. Reward Risk Ratio - A gauge of how risky a position can be by dividing its maximum profit potential against the maximum loss potential. A ratio of above 1 means that the potential reward is higher than the potential loss. Read the full tutorial on Calculating Reward Risk Ratio . Return On Investment (ROI) - The percentage profit that one makes, or might make, on his investment. Return If Exercised - The return that a covered call writer would make if the underlying stock were called away. Return If Unchanged - The return that an investor would make on a particular position if the underlying stock were unchanged in price at the expiration of the options in the position. Reversal - The transformation of a short stock position into a position which is long the stock using options, without closing the original short stock position, through the use of synthetic positions. Read more about reversals and synthetic positions. Reverse Hedge - A strategy in which one sells the underlying stock short and buys calls on more shares than he has sold short. This is also called a synthetic straddle and is an outmoded strategy for stocks that have listed puts trading. Reverse Strategy - A general name that is given to strategies which are the opposite of better known strategies. For example, a ratio spread consists of buying calls at a lower strike and selling more calls at a higher strike. A reverse ratio spread also known as a backspread consists of selling the calls at the lower strike and buying more calls at the higher strike. The results are obviously directly opposite to each other. Risk Graph - A graphical representation of the riskreward profile of an option position. Learn All About Risk Graphs Now Risk Free Return - Profit on a risk free investment instrument such as the Treasury bills. It is a common standard of measuring the opportunity cost of having your money in anything other than Treasury bills. Roll Down - Close out options at one strike and simultaneously open other options at a lower strike. Read the tutorial about Roll Down . Roll Forward - Close out options at a near-term expiration date and open options at a longer-term expiration date. Read the tutorial about Roll Forward . Rolling - A follow up action in which the strategist closes options currently in the position and opens other options with different terms, on the same underlying stock. Roll Up - Close out options at a lower strike and open options at a higher strike. Read the tutorial about Roll Up . Rotation - A trading procedure on the option exchanges whereby bids and offers, but not necessarily trades, are made sequentially for each series of options on an underlying stock. Russell Sage - Renowned American Politician and Financier who introduced OTC call and put options in 1872. Read about the History of Options Trading Security Securities - (finance) A tradable financial instrument signifying ownership in financial assets issued by companies or governments. Such financial assets includes but are not restricted to stocks, bonds, futures and debts. Sell To Close - Closing a position by selling an option contract you own. Learn About Sell To Close Now Sell To Open - Opening a position by selling an option contract to a buyer. Learn About Sell To Open Now Selling Climax - Exceptionally heavy volume created when panic-stricken investors dump stocks. Often this marks the end of a bear market and is a spot to buy. Series - An option contracts on the same underlying stock having the same striking price, expiration date, and unit of trading. Settlement - The resolution of the terms of an options contract between the holder and the writer when the options contract is exercised. Read the full tutorial on Options Settlement. Short (to be short) - To Short means to Sell To Open. That means to write or sell an options contract to a buyer. This gives you the obligation to fulfill the exercise of the option should the buyer decides to do so. Read all about Short Options Positions Short Backspread - Volatile options strategies which are set up with a net credit and unlimited profit potential in one direction. Short Calendar Spread - Volatile options strategies that profit primarily through the difference in time decay of long term and short term options, achieved through writing longer term options and buying short term options. Read the full tutorial on Short Calendar Spreads . Short Horizontal Calendar Call Spread - Short Calendar Spread that uses only call options. Read the full tutorial on Short Horizontal Calendar Call Spreads . Short Covering - The process of buying back stock that has already been sold short. Spread - An options position consisting of more than one type of options on a single underlying asset. Read the full tutorial on Options Spreads. Spread Order - An order to simultaneously transact two or more option trades. Typically, one option would be bought while another would simultaneously be sold. Spread orders may be limit orders, not held orders, or orders with discretion. They cannot be stop orders, however. The spread order may be either a debit or credit. Spread Strategy - Any option position having both long options and short options of the same type on the same underlying security. Static Hedging - A hedging technique where a hedging trade is established and held without needing to rebalance. Stock Options - Options contracts with shares as the underlying asset. Read All About Stock Options. Stock Replacement Strategy - A trading strategy that seeks to reduce risk and volatility through owning deep in the money call options instead of the stock itself and using the remaining cash for hedging. Read All About Stock Replacement Strategy. Stock Repair Strategy - An options strategy that aims to recover lost value in a stock quickly through writing call options against it. Read All About Stock Repair Strategy. Stop Limit Order - Similar to a stop order, the stop-limit order becomes a limit order, rather than a market order, when the security trades at the price specified on the stop. Read All About Options Stop Loss Here Stop Order - A traditional stop loss method which closes a position when a predetermined price is hit. Read All About Options Orders Here Straddle - The purchase or sale of an equal number of puts and calls having the same terms. Strip Straddle - A Straddle with more put options than call options. Read the full tutorial on Strip Straddle. Strap Straddle - A Straddle with more call options than put options. Read the full tutorial on Strap Straddle. Strategy - With respect to option investments, a preconceived, logical plan of position selection and follow-up action. Strike Arbitrage - An options arbitrage strategy that locks in discrepancies in options pricing between strike prices for a risk-free arbitrage. Read More About Strike Arbitrage. Strike Price - The price at which the buyer of a call can purchase the stock during the life of the option or the price at which the buyer of a put can sell the stock during the life of the option. Read More About Strike Prices. Structured Warrants - An alternative to stock options which works almost exactly like stock options and traded in markets such as the Singapore market. See how Structured Warrants Are Traded In The Singapore Market. Support - A term in technical analysis indicating a price area lower than the current price of the stock, where demand is thought to exist. Thus a stock would stop declining when it reached a support area. See also Resistance. Swing Trading - A trading methodology that trades short term price swings for short term profits. Read more about Options Trading Styles. Synthetic Position - A combination of stocks andor options that return the same payoff characteristics of another stock or option position. Synthetic Put - A security which some brokerage firms offer to their customers. The broker sells stock short and buys a call, while the customer receives the synthetic put. This is not a listed security, but a secondary market is available as long as there is a secondary market in the calls. Synthetic Stock - An option strategy that is equivalent to the underlying stock. A long call and a short put is synthetic long stock. A long put and a short call is synthetic short stock. Synthetic Short Straddle - A combination of stocks and call options which produces the same payoff characteristics as a Short Straddle. Read More About Synthetic Short Straddle. Synthetic Straddle - A combination of stocks and call options which produces the same payoff characteristics as a Long Straddle. Read More About Synthetic Straddle. Systematic Risk Systemic Risk - Overall market risk that cannot be diversified away using a diversified portfolio based in the same market. Take Delivery - To fulfill the obligation of buying stocks when put options that you sold becomes exercised. Technical Analysis - The method of predicting future stock price movements based on observation of historical stock price movements. Thales of Miletus - The creator of options back in 332BC. Read about the History of Options Trading Theoretical Value - The price of an option, or a spread, as computed by a mathematical model. Theta - One of the 5 option greeks. Theta determines the rate of time decay of an option contracts premium. For more details on how Theta works and how it is calculated, please visit Option Greeks. Ticker Symbol - Symbol representing the shares and options of a companys shares traded in the stock market. MSFT is the ticker symbol for Micrsoft shares while MSQFB is the ticker symbol for Microsofts June29Call options. Time Decay - The reduction of a stock options extrinsic value as expiration date draws nearer. See Theta above. Read the full tutorial on Time Decay . Time Spread - see Calendar Spread. Read the full tutorial on Time Spreads. Time Value - Also known as Premium Value or Extrinsic Value. É a diferença entre o preço das opções eo valor intrínseco. Read more about how Stock Options Are Priced. Topping Out - A peak point where the sellers begin to outnumber the buyers. Total Return Concept - A covered call writing strategy in which one views the potential profit of the strategy as the sum of capital gains, dividends, and option premium income, rather than viewing each one of the three separately. Trading Limit - The exchange imposed maximum daily price change that a futures contract or futures option contract can undergo. Trend - The direction of a price movement. A trend in motion is assumed to remain intact until there is a clear change. Triple Witching - Prior to 2001. The third Friday of March, June, September, and December, when stock options, index futures and options on index futures expire. After 2001, the introduction of Single Stock Futures transformed Triple Witching into Quadruple Witching as single stock futures expire on the third Friday of every quarterly month as well. Type - The designation to distinguish between a put or call option. Uncovered Option - A written option is considered to be uncovered if the investor does not have a corresponding position in the underlying security. Underlying Asset - The security which one has the right to buy or sell via the terms of a listed option contract. An underlying asset can be any financial instrument on which option contracts can be written based on. Some examples are. Stocks, ETFs, Commodities, Forex, Index. Undervalued - Describing a security that is trading at a lower price than it logically should. Usually determined by the use of a mathematical model. Variable Ratio Write - An option strategy in which the investor owns 100 shares of the underlying security and writes two call options against it, each option having a different striking price. Vertical Spread - Any option spread strategy in which the options have different striking prices, but the same expiration date. Read the full tutorial on Vertical Spreads . Vertical Ratio Spread - Vertical spreads that buy and short an unequal number of options on each leg. Read the full tutorial on Vertical Ratio Spreads . VIX - An index measuring the level of implied volatility in US index options and is used as a measurement of volatility in the US stock market. Read More About VIX . VIX Options - Non-equity options based on the CBOE VIX. Read More About VIX Options . Volatile - A stock or market that is expected to move up or down unexpectedly or drastically is known as a volatile market or stock. Volatile Strategy - An option strategy that is constructed to profit no matter if the underlying stock moves up or down quickly. Read All About Volatile Option Strategies . Volatility - A measure of the amount by which an underlying security is expected to fluctuate in a given period of time. Generally measured by the annual standard deviation of the daily price changes in the security, volatility is not equal to the Beta of the stock. Read More About Volatility . Volatility Crunch - A sudden, dramatic, drop in implied volatility resulting in a sharp reduction in extrinsic value and hence the price of options. Read More About Volatility Crunch . Volatility Index - Also known as VXN, is an index by the CBOE that measures volatility in the market using implied volatility of SP500 stock index options. Volatility Skew - A graphical characteristic of the implied volatility of options of the same underlying asset across different strikes forming a right skewed curve. Read More About Volatiliy Skew . Volatility Smile - A graphical characteristic of the implied volatility of options of the same underlying asset across different strikes forming the concave shape of a smile. Read More About Volatiliy Smile . Volume - The number of transactions that took place in a trading day. Read More About Volume and Open Interest . Write - To short an option. This is the act of creating a new options contract and selling it in the exchange using the Sell To Open order. The person who writes an option is known as the Writer. Read the full tutorial on Options Writing . WALK LIMITreg Order - WALK LIMITreg is a registered U. S trademark of optionsXpress Holdings Inc. covering securities and commodities trading and investment services and software. One of the services offered under the WALK LIMITreg mark is a type of automated limit order that walks your order from the National Best Bid or Offer (NBBO) in prescribed time and price increments up to (or down to) the asking price (bid price) in order to save you time while attempting to get the best fill prices for the orders. Important Disclaimer . As opções envolvem risco e não são adequadas para todos os investidores. Data and information is provided for informational purposes only, and is not intended for trading purposes. Nem a optiontradingpedia, mastersoequity nem qualquer de seus dados ou provedores de conteúdo serão responsáveis ​​por quaisquer erros, omissões ou atrasos no conteúdo, ou por quaisquer ações tomadas com base nela. Os dados são considerados exatos, mas não são garantidos ou garantidos. optiontradinpedia and mastersoequity are not a registered broker-dealer and does not endorse or recommend the services of any brokerage company. A empresa de corretagem que você selecionar é a única responsável por seus serviços para você. By accessing, viewing, or using this site in any way, you agree to be bound by the above conditions and disclaimers found on this site. Copyright Warning . All contents and information presented here in optiontradingpedia are property of Optiontradingpedia and are not to be copied, redistributed or downloaded in any ways unless in accordance with our quoting policy. We have a comprehensive system to detect plagiarism and will take legal action against any individuals, websites or companies involved. We Take Our Copyright VERY Seriously OptionsXpress Holdings, Inc. is not affiliated with Masters O Equity Asset Management, and does not sponsor or endorse any of the content on this website. Dr. Marvin Wachman (1917-2007) was a great advocate for educating young people. In a distinguished academic career, he served as president of both Temple University and Lincoln University and led the Foreign Policy Research Institute as president from 1983 to 1989. Throughout his life, he remained a passionate believer that you never stop learning. Established in 1990, the Wachman Center is dedicated to improving international and civic literacy for high school teachers and high school students. The decision to go to war is the most momentous any leader, any nation, can make. For the United States, the process of declaring war, enshrined in the constitution, has always been a source of domestic political dispute as well as geopolitical interest, as every conflict raised anew the fundamental question of whether and hellip For information about FPRI, or to reach one of our scholars for an interview or comment, please contact: Taking Stock of U. S. Policy Options in Algeria, Morocco, and Tunisia Related program(s) The three countries that comprise the Maghreb region 8212 Algeria, Morocco, Tunisia 8212 are bound by important cultural, linguistic, and economic ties, and by a shared history of French occupation. Even after Africas official decolonization, the Maghreb has remained a close and intense sphere of European, and especially French, influence (and the Maghreb in turn exerts a measure of influence over France). As for the United States, engagement since decolonization has focused on building new economic, inter-cultural, military, and political ties, and collaborating on international diplomatic efforts of mutual interest. Whatever the ties among the three countries of the Maghreb, what is needed is a sensitive appraisal of each countrys own unique trajectory. Algeria, for its part, has remained a behemoth in regional mediation while its changing internal politics has received minimal attention. Morocco has remained a steadfast ally and has ramped up its counterterror cooperation while presenting some human rights conundrums to U. S. engagement. And Tunisias democratic progress has been marred by economic crisis and increased terror. While for years, the U. S. has engaged North Africa as a geostrategic location insofar as it has facilitated policy elsewherewhether in the Sahel, the Mediterranean, or the Middle Eastthe time is ripe to elevate the Maghrebs profile in the minds of American policymakers. Washingtons Treatment of the Region: Three Prisms Washingtons perceptions of the region also have followed their own specific trajectory. First, Washington viewed the region through the prism of the Cold War, which cast Morocco and Tunisia as allies while Algeria, as leader of the non-aligned movement, was viewed with suspicion. Second, after achieving independence from France, the Maghreb came to be viewed by Washington through the lens of the traditional Middle East1 (no longer falling under the purview of the State Departments Africa bureau, but rather the Near East bureau), and thereby in terms of support for the Middle East peace process. King Hassan IIs rejection of pan-Arabism (Arab nationalism ran counter to his interests as a monarch) and Moroccos generally favorable stance on Israel and the peace process cast it as a moderate ally. Tunisias Habib Bourguiba likewise rejected pan-Arabism not only as nave but as a pretext for Egypts Gamal Abdel Nassers expansionist fantasies. Meanwhile, Algerias policy toward Israel was not only much less amenable, but was also rather close to Muammar Qadhafis regime, with which it also shared links to Nasser and pan-Arabist sympathies. After September 11, the U. S.-led War on Terror became the third and current prism through which the U. S. dealt with the Maghreb states. Security cooperation became another axis through which Morocco and Tunisia expressed their eagerness to engage the U. S. but it also presented an opportunity for improved relations between the U. S. and Algeria. Undemocratic governance in all three regimes was overlooked in favor of stability and counter-terrorism (CT) efforts reform efforts and political liberalization have historically been and remain secondary to this. While stability and counterterror have continued to trump reform, democratization and human rights in the U. S. calculus in North Africa after the 2011 uprisings, the U. S. administration has nevertheless briefly rethought the nature of its support for democratization efforts given the gains that Islamistsunderstood at the time as potentially threatening to U. S. interestsmade in their wake, particularly toward Morocco and Tunisia.2 While Algeria appears unlikely to go down a similar road any time soon, its internal politics and regionalgeopolitical dynamics are nevertheless unpredictable, and it remains understudied by the U. S. foreign policy establishment. Perceived as implacable and unknowable, and flanked by two diplomatic darlings, Algeria is generally neglected and treated on a need-to-know basis. These differences have served as persistent challenges to crafting a holistic approach to the region and have led successive U. S. administrations to favor a country-based approach. Algeria: Prospects Despite Limited Leverage The relationship between the U. S. and Algeria has not been not hailed as often as those with Morocco and Tunisia. Nonetheless, U. S. relations with modern Algeria have had several high points. In 1959, then-presidential candidate John F. Kennedy expressed support for Algerian independence, winning a special place in Algerias independence narrative (and a major plaza name in Algiers). Algeria also supported major U. S. international diplomatic goals on occasion. Its mediation was invaluable in releasing the U. S. hostages from Iran in 1981. In Africa, Algeria has likewise mediated between Ethiopia and Eritrea between the Malian Government and its Touareg separatists, brokering the Algiers Accords in 2006 and plays a generally large role in the African Union (AU)a body to which the U. S. prefers to defer in conflict resolution on the continent. Moreover, Algeria has slowly risen in importance in terms of U. S. geostrategic and economic interests. Particularly with the rise of al-Qaeda in the Islamic Maghreb (AQIM), al-Murabitoun, the Movement for Oneness and Jihad in West Africa (MUJAO), Ansar ad-Din, Boko Haram, and various fringes pledging allegiance to ISIS throughout the Maghreb and the Sahel, the relationship with Algeria has renewed importance. The U. S. rightly pursues counter-terrorism efforts with both Morocco and Algeria in intelligence and military training, but balancing the two relationships has been challenging at times given the strained relations between the two countries. Generally, however, unlike with Morocco and Tunisia, relations between the U. S. and Algeria have been far from rosy. Some fundamental principles underlying Algerian foreign policy often put it at odds with that of the United States. Algerias foreign policy positionmarked by economic nationalism, non-alignment, national sovereignty, nonintervention, and support for liberation struggles in the global southis formed by its long, painful battle against the entrenched French occupation. Where Algeria is suspicious of American hegemonic interests in the region, the U. S. has perceived a hostility and intransigence on the part of the Algerian authorities. The U. S. has often viewed Algeria as being aloof, and its Russian arms purchases are a source of concern (even if Algeria has diversified its suppliers of late), especially where there is little doubt that Algeria has long wished to weaken U. S. and French domination in the region. For Algeria, playing both sides is defended as simply being in the spirit of non-alignment. Algeria remains guarded, again unlike Morocco and Tunisia, about the extent to which it welcomes U. S. development programs through USAID3 and other development organizations, although it allows some MEPI4 funds to be administered through the American embassy for initiatives that will benefit Algerian citizens, and promote democracy. The Algerian military and intelligence apparatusboth powerful and reportedly omnipresentis known to be less-than-enthusiastic than those of its neighbors regarding an American presence in its territory. Its reliance on oil rents bolsters this belief that it need not accommodate foreign interests to the extent of its oil-poor neighbors, whose domestic and foreign policies are often shaped by aid conditionality and a general reliance on favorable economic and political relations with Western powers. The Algerian regime is interested in keeping radical Islamism at bay, and in maintaining stability through a degree of continuity due in part to its own recent history of terrorism and violent internal conflict. These interests align with those of the U. S. While the U. S. foreign policy establishment has resolutely left behind the Cold War paradigm in exchange for a focus on terrorism, Algerias behavior still vacillates between active cooperation with the U. S. on counter-terror operations and Cold War-era aloofness. The former is evidenced by cooperation in the Trans-Sahara Counterterrorism Partnership (TSCTP) and the Flintlock joint military exercises,5 which sees Algerian participation in a regional military cooperation program organized by the U. S. The latter is demonstrated in Algiers hesitance to expand engagement with Western powers beyond military cooperation. Indeed, its misgivings about any Western presence within the Algerian territory are part of a mindset that goes beyond the state apparatus and affects the citizenry as well. Algeria enters a period of political uncertainty with the imminent passing of aging President Abdelaziz Bouteflika. (Source: Ricardo StuckertPR - Agncia Brasil) Nowadays, however, one can detect a thaw in attitudes toward the U. S. among Algerian officials, marked by a trend toward pragmatism. Seeing that its lack of economic diversification is unsustainable, the Algerian government is aware it must alter its course and its engagement with economic powers. Indeed, the history of close U. S. (and EU) relations with Morocco and Tunisia helps them support relatively more diversified economies that rely on foreign investment, tourism, and exports. Morocco especially enjoys a positive image in Washington due to its shrewd and pointed soft-diplomacy efforts. Even in the realm of cultural exchange, Algeria is slowly but surely coming around in August 2016, the U. S. Embassy inaugurated the long-awaited American International School in Algiers. Moreover, Algeria and the U. S. have enjoyed positive commerce and trade relations, with significant American investment in the oil and gas industry, and in the last few years, in pharmaceuticals, aviation, desalination, IT, telecommunications, biotechnology, financial servicesbanking, etc. In 2004, the Bush administration designated Algeria a beneficiary for duty-free treatment per the Generalized System of Preferences (GSP). Nevertheless, the U. S. has maintained pressure on Algeria to reform its prohibitive foreign investment laws something Algeria has been slow to do given its principles of economic nationalism. In spite of shared interests, Washingtons policy focus and priority in the Maghreb region suffers a knowledge gap in respect to North Africas largest country. Algeria has earned the reputation of the sleepy giant, if not because of any real inertia, then due to an opacity to American observers and a seemingly underwhelming amount of U. S. policy options. While Morocco is praised for its much-vaunted stability, moderate Islam, and attendant soft de-radicalization efforts, Tunisia is commended for the opposite: for flouting post-2011 norms by birthing a pluralist landscape with relative success. And whereas Morocco and Tunisias multi-level engagement (political, democratic, economic, developmental, and cultural) with the U. S. provides policy openings, the same is not true in Algeria. Protest movements and contentious politics around the region have received renewed attention in recent years, as the 2011 uprisings changed the landscape of political contestation across the Middle East and North Africa (MENA). However when Algerias contentious politics receives mention, the discussion begins and ends with the regions first Arab uprising over twenty years ago, referencing Algerias 1988 political opening which led to an Islamist victory, whose cancellation sent the country reeling into an unspeakably violent conflict through the 1990s, and left the citizenry traumatized to this day. This approach obscures Algerias last decade that has seen a rapid evolution in which political actors were (and are) contending with new challenges, and responding to political openings. The otherwise robust discussions on the changing nature of contemporary movements in the MENA region, changing civil society attitudes, and the implications for governance in the region and for U. S. foreign policy, often tend to omit Algeria, presumably because the uprisings passed it by. Understanding contemporary Algerian politics and society on its own termsnot solely through the lens of the rest of the Middle Eastremains critical. One key challenge in Algeria will continue to be deepening cooperation on trade, intelligence, pre-emptive counterterror operations, and corrective military action, while also contending with Algerias concerns about sovereignty. This is particularly true where the primacy of sovereignty in Algerias foreign and domestic policy remains the key reason it does not allow foreign military bases on its territory, limits cultural exchange, only allows military over-flight rights in special cases, maintains a hostile foreign investment climate in spite of economic inefficiencies, and has refused arms purchases that require end-use monitoring. Deeper, targeted, smarter partnerships with Algeria can leverage its constructive role in maintaining stability and brokering peace in the North AfricaSahel region. During his nomination for Commander of the U. S. Africa Command (AFRICOM), General David Rodriguez noted: Algerias military is the most capable of any country in North Africa. As such, I view Algeria as a regional leader, capable of coordinating the efforts of the Sahelian countries to address transnational security threats. Algeria shares our concerns with the situation in northern Mali. Their knowledge of conditions on the ground in northern Mali is invaluable to the U. S. To ensure continued Algerian cooperation on northern Mali, any military solution must be United Nations authorized, internationally supported, and use African forces I would continue to encourage Algerian regional leadership through regional exercise and conference participation, senior leadership engagement and high-level bilateral dialogues. (2013) He went on to hail Algerian military and intelligence prowess and its ability to severely degrade terrorist capabilities domestically and at its borders. A second challenge is in democracy promotion. Knowing its limits in a country averse to foreign intercession, U. S. administrations have tended to limit pressure on this topic in comparison with Morocco and post-2011 Tunisia. Understanding the societies and political cultures of countries with whom we work is crucial for formulating informed foreign policy. This is where U. S. foreign policy cannot afford the knowledge gap regarding the Algerian political landscape: the U. S. must consistently be apprised of, and reassess, how and whether to encourage reform and democratization. Morocco: The Traditional Ally The kingdom has been the more obvious ally in several respects since independence, and officials from both nations frequently reference Morocco as the first to recognize U. S. independence (though a treaty of friendship was signed with the Dey6 of Algiers in 1795 as well). After independence, Moroccos Hassan II (r. 1961-1999) fostered close relations with both the U. S. and with Europe in the interest of military protection and economic growth. He reveled in his position as a broker for pro-U. S. policies in the region he served as a silent mediator in the Middle East peace process and in U. S. tensions with Libyas Qadhafi. Yet to this day, the kingdom tends to play all diplomatic cards: though Hassan II leaned west, Morocco remained technically non-aligned its support for the Palestinian cause has not eroded its quietly good relations with Israel (an attempt to balance domestic politics with its foreign policy). Morocco has recently cozied up to China, an expression of this diplomatic opportunism (which some in U. S. policy circles have mistakenly interpreted as a pivot). The U. S.-Morocco relationship has also revolved around trade after signing a Free Trade Agreement in 2004. While this has boosted already-warm relations between the two countries, it is not without critics on the domestic scene, especially among labor interests who question the extent to which Moroccans are benefiting. Morocco has also determined to make itself indispensable in the U. S.-led war on terror. King Mohammed VI collaborates closely with U. S. intelligence in preventing attacks on the Strait of Gibraltar and on activity along Moroccos border and the Sahel. In 2004, Morocco was rewarded with designation as a Major Non-NATO Ally. More recently, Morocco has hoped to add value to U. S. CT efforts by employing softer de-radicalization approaches such as highly publicized imam-trainings, diplomatic initiatives and campaigns in U. S. and EU capitals to spread moderate Moroccan Islam through the Maghreb and Sahel, and the use of female guides or mourchidat to spread messages of moderation to youth and families. As I have argued before. the fruits of these efforts are yet to be reaped and have other motivations as well. Moreover, it is not clear the extent to which peddling this state-led religious discourse can take root and be popular in the most problematic parts of Morocco, in particular in the urban margins where foreign fighter recruitment tends to be high. Some of the hiccups in U. S.-Morocco relations have centered around the issue of the Western Sahara. While the U. S. does not recognize Moroccos claim to the disputed region, Washington does not actively contest it, it does not recognize the Western Sahara government. and it supports Moroccos autonomy plan for the region, which is implemented under a broader decentralization plan for the entire country. In 2013, then-U. S. ambassador to the UN Susan Rice called for a human rights monitoring clause to be added to the UN peacekeeping mission known as MINURSO. Morocco responded by making clear that under no circumstance would it allow monitors into the territory and cancelled the regular joint-military exercises, leading the U. S. to abandon the proposal. Morocco has behaved similarly toward the EU and its member states (like the U. S. the bloc takes an intentionally vague position on Westerns Saharas status), recalling ambassadors and launching diplomatic rows over perceptions of pro-Western Sahara policy. For both the U. S. and the EU, this policy ambiguity arises from the need to sustain Moroccan cooperation on counter-terror (and clandestine migration in the case of the EU) while not contravening stated values of human rights, democracy, and decolonization. Successive UN efforts to resolve the situation have floundered, with all proposals from partial autonomy to a temporary full autonomy leading to referendum, rejected by all sides7 (Morocco, the Polisario Front,8 and Algeria). The impasse over the Western Sahara continues to serve as one of the biggest obstacles to counterterror cooperation and improved economic relations among the Maghreb states . This issue remains a key challenge for U. S. policy toward Morocco. A second U. S. policy challenge lies in the conundrum of promoting democracy in Moroccos hybrid authoritarian system, which combines personalism, clientelism, and economic predation with nominally democratic institutions, like parliament. (Indeed, studies have shown that introduction of nominally democratic institutions can bolster authoritarian continuity, and in the North African context specifically, attendant methods of cooptation have, inter alia . permitted several regimes to weather the 2011 uprisings.) The U. S. has opted to promote civil society organizations in Morocco and to support Moroccos stated goals of gradual reform. Instability in other parts of the region make gradualism, as opposed to sudden regime change, appealing for the United States. Indeed in 2011, Morocco had its own protests. The pro-democracy movement, known as the February 20 Movement, or M20, called for more transfer of power from the king to parliament. Mohammed VI quickly averted further turmoil by announcing a referendum on constitutional reform, which brought direct election of the parliaments lower chamber and granted the prime ministership to the political party winning a plurality in parliament. The Justice and Development Party (PJD), Moroccos leading legal Islamist party, won and put forth the countrys first Islamist Prime Minister, Abdelilah Benkirane. These developments have done little to wrest the economy, military, judiciary, and even parliament from the kings grip. In fact, the expansion of nominally democratic institutions had the aforementioned effect of entrenching Mohammed VIs favor and providing him a scapegoatpolicy successes were attributed to royal vision and failures to a laggard parliament. Combined with the tightly managed media and imagery surrounding the king and keeping him above the fray, grievances of the Moroccan populace, which resemble those of citizens across the region, have not translated into contempt for the monarch. This was partly responsible for the fragmentation of the 2011 protest movements, whose mimicry of the down with the regime slogans throughout the region proved irrelevant to the Moroccan context. A third policy challenge involves Moroccos high volume of fighters to ISIS and other extremist groups in Iraq and Syria. Upwards of 3,000 Moroccans have joined ISIS since 2011, and Morocco now faces the added challenge of a closer ISIS hub, Libya. Like Algeria and Tunisia, Moroccan mosques are tightly monitored and administered by the Ministry of Religious Affairs, and religious education is controlled and is uniform nationwide. Nevertheless, identifying Moroccos drivers of participation in trans-border and transnational violent extremism has been a persistent challenge: some cite poverty, unemployment, and economic incentives some ideology and spiritual disenchantment some cite humiliation and hopelessness. But in spite of far-reaching research, causes remain as yet too variant and diverse, even contradictory, thus difficult to pin down and address. While the U. S. and Morocco are already vigorously collaborating on de-radicalization, too much time, resources, and effort are spent on the PR surrounding the initiatives. Instead, robust research on prison de-radicalization, successful models of extremist reintegration, and the specific conditions in Morocco producing this high number of ISIS recruits might be a better use of resources. This is especially true as Moroccos (and Tunisias) high recruitment numbers are yet unexplained, as identical drivers exist in Algeria whose ISIS numbers are in the low hundreds. Tunisia: A Fast-Moving Target In 1799, the United States concluded its first agreement of friendship and trade with Tunisia, and established the first American consulate in Tunis in 1800. The U. S.-Tunisia relationship has also enjoyed a consistency since Tunisias independence, even if security cooperation has been much more prioritized since 911 (much to the chagrin of some Tunisians). These generally good relations with Tunisia over the decades have had moments of strain. Tunisias erstwhile president, Habib Bourguiba, accused the U. S. of involvement in the 1985 Israeli special operations bombing of the PLO headquarters and in the 1988 assassination of the PLO chief deputy, both of which took place on its territory. Convinced Israel could not have carried out so precise a strike, he accused the U. S. of collusionwhich the U. S. deniedin what was perceived as Israeli aggression against Tunisia. Other differences such as former president Ben Alis wish to end Libyas diplomatic quarantine in the 1980s, while the U. S. wished to maintain pressure on Qadhafi, as well as Tunisias support for Iraq in the 1990-1991 Gulf War, and the increasing U. S. criticism of Ben Alis worsening authoritarianism, all served to drive intermittent wedges between the two allies. To be sure, at this time, the U. S. avoided public denunciations of the state of Tunisian human rights and restricted criticism to private and high-level discussions, avoiding any discussion of broader political reform. During the Ben Ali period, the U. S. wrestled with how to engage an increasingly sclerotic regime that had lost touch with (as well as legitimacy among) the Tunisian people in spite of a good record in economic development and a willingness to ally with the United States on key interests. This was particularly stark where the regime had been, on some level, a guarantor of socially liberal domestic policies (such as religious tolerance, and womens issues) and of success in public service provision and economic diversification. The regime would not tolerate counsel or critique, external or domestic, using the law enforcement apparatus to control society and crush dissent. Attention paid to Tunisia has thus surged since the uprisings, where its anti-government protests in December 2010 toppled this regime, and catalyzed regime change in the region. Middle East policy circles have watched Tunisias political evolution with bated breath, and political ties between Tunisia and the U. S. have morphed. From occasionally strained but friendly, stable, and primarily trade-focusedwith Tunisia doing the majority of its trading with the U. S.relations shifted to where the U. S. had to quickly contend with how to encourage Tunisias fledgling democracy in spite of a sure advancement of Islamists (namely, the Ennahda party), whose political-social values, on their surface, seemed to contradict those of the United States. Washingtons space to encourage democratic reform, human rights, and to shift from foreign military financing (FMF) to more innovative methods of securityintelligence engagement became easier after the revolution. Although to be sure, Ennahda has been reticent about reform initiatives. Like other Islamists in the region, concerns were primarily regarding foreign sponsorship, informed by perceptions that reforms were not domestically-conceived, but dictated by American strategic interests. Citing U. S. interventionism throughout the region and beyond, Ennahda was concerned that U. S.-led reform efforts in the realms of educational reform, lifestyle-related civil liberties, and womens issues would destroy the religious and familial fabric. Some in the U. S. foreign policy community called on the Obama administration to isolate Ennahda and support the secular contenders, seeing its victory as a hindrance to U. S. interests. Ultimately, however, the U. S. government recognized that this too-early-to-tell fearmongering could itself jeopardize American interests in Tunisia and in the region and isolate its citizens. Instead, the U. S. decided to back the transition and to work with any democratically elected party in Tunisia. Since 2011, the U. S. government has provided additional billions in direct aid and three rounds of loan guarantees to lessen the shock of the economic crisis and to support economic reform and smallmedium enterprises (SMEs). Security cooperation was further expanded after Tunisia suffered swelling extremist violence starting in 2012, when the U. S. ramped up security assistance intended to help Tunisia secure its borders and improve its counter-terror and intelligence gathering. The War on Terror has thus become somewhat of a two-way street in the relationship with Tunisia, with improved relations ironically hinging on increased bouts of terror in the new democracy. In November 2015, the U. S. announced the inauguration of the U. S.-Tunisia Joint Economic Commission, intended to build on the U. S.-Tunisian Strategic Dialogue, their Joint Military Commission, and the Trade and Investment Framework Agreementand in 2015, Tunisia joined Morocco as a Major Non-NATO Ally. The evolution of political Islam in Tunisia has provided analysts and policymakers new paradigms and policy options in thinking about Islamist forces. Debates have raged in U. S. policy circles on the extent of Ennahdas moderation (in conjunction with debates over how to define this moderation), and Ennahda itself has positioned itself as a moderate alternative to extremists and secular autocrats. And the partys recent abandonment of political Islam in favor of Muslim democracy has reinvigorated debates about Ennahda as just another pragmatic political actor glad to revise its ideology and mission in the interests of vote-maximization, or as an opportunistically moderate Islamist movement whose dreams of a caliphate are yet to be revealed. Most recently, the Tunisian government has been mired in political impasse and the growing pains of a fledging democracy with few resources to support it. Blamed for the laggard reforms set to ease popular tensions about the mounting economic crisis, lingering unemployment and security issues, Habib Essid was removed from the prime ministership following the parliaments no-confidence vote in August 2016. His removal and the search for a cabinet compounded delays in responding to public calls to improve service-provision, rectify regional inequality (southern economic disenfranchisement is a perennial problem in all three Maghreb countries), job creation, and improved security. And there is arguably little the U. S. can do about the conflicts of interest among members of the political class who have blocked potentially beneficial reforms (President Beji Caid Essebsi was close to the Ben Ali regime and has been reticent to allow reforms which could threaten the financial interests of his business contacts). However, the U. S. might consider improving aid to Tunisias parliament. Unlike American senators and congressmen, Tunisian MPs lack the staff and programmatic support required to allow them to focus on legislation. Moreover, because its democracy is so new, many MPs simply lack the training required to legislate, another potential area of support on the part of the U. S. As of 2016, Tunisia is important to the U. S. in several respects, and as future administrations consider engagement in Tunisia, several points are worth underscoring. First, Tunisian foreign fighters to Iraq and Syria constitute one of the largest contingents to the region today, numbering between 6,000 and 7,000. Like Morocco, identifying Tunisias drivers of extremism has been a persistent challenge. In addition to factors like poverty, unemployment, and economic incentives, some cite the increased latitude radical groups (like Ansar al-Sharia) have enjoyed after Ben Alis ouster, and containment of Libyan spillover has been a key strategy. Moreover, while Tunisian emigration to ISIS swells and thereby threatens U. S. interests, it is unclear the extent to which indigenous extremist groups (like the Okba Ibn Nafa battalion) are a direct threat to U. S. security. Second, in a conundrum many regimes facebalancing tight security with civil libertiesthe U. S. must determine the best way to cooperate with the police and security sector without relaxing their accountability. Indeed, Tunisians are yet awaiting justice regarding the polices heavy hand during the Ben Ali era, and the U. S. has leverage to insist on security sector reform, and possibly corrective measures that address grievances in transitional justice. U. S. administrations might consider making aid and counterterror assistance conditional on this, while taking stock of its democracy promotion efforts and its effects. Final Thoughts Algeria, Morocco and Tunisia each present similar challenges to U. S. interests, while their contextstherefore our approachesdiffer: Morocco has adhered to its strategy of being a stalwart ally Algerias alliance remains complicated by a hesitation to avail itself of external policy counsel and Tunisia has upended its once stable authoritarian bargain and remains a rapidly changing landscape. We are likely to continue our policy of rhetorical support for democracy and better governance and to adhere to assistance through MEPI and USAID programs, while giving the greatest support to those countries that back our counterterror efforts. We should be wary of casting Maghreb countries attempts to act in their own best interests as pivots from the U. S. A Russian arms purchase or a handshake with China is not a shirking of U. S. ties. Given that the relationships offer a specific exchange of spoils, there is no need to expect an all-or-nothing alliance. Moreover, this logic assumes that we are the only two axes through which the Maghreb engages globally, while the giant in Maghrebi foreign policy is the EU, owing to deep economic ties, migration policy, and the Maghrebi diaspora. Finally, while the major U. S. interests may be similar in the regioncounterterrorism, trade, and democracyhuman rights this uniformity has not allowed us to treat the region as a bloc. Because of the key differences outlined in this essay, the U. S. is right to take a careful country-by-country approach and begin raising the profile of the region in our strategic planning. 1 Interestingly, while the three Maghreb countries fall under the purview of the State Departments Near East Bureau. it is the Pentagons US Africa Command (AFRICOM) that liaises with the Maghreb while the remaining Middle East countries liaise with US Central Command (CENTCOM). 2 While Tunisia continues to transition, the opening following its uprisings were much more comprehensive than the partial political liberalization that took place in Morocco. 3 United States Agency for International Development 4 The U. S.-Middle East Partnership Initiative (MEPI) 5 Flintlock is a ground and air force exercise aimed at greater counterterrorism, and combat skills, planned by AFRICOM to build capacity and improve collaboration among African security forces in protecting civilians, stabilizing the region and limiting haven to violent extremist organizations (VEOs), and providing a context for enhanced engagement among TSCTP countries. 6 Dey is a title of the rulers of Algiers Regency, Tunis, and Tripoli during Ottoman rule from 1671 onwards. 7 Known as Baker plans I and II, named for James Baker, who was the Personal Envoy of the UN Secretary General for Western Sahara from 1997 to 2004. 8 The Polisario Front is the Saharawi rebel nationalist movement. See The EU, Morocco, and the Western Sahara: a chance for justice (June 2016) for more. The Foreign Policy Research Institute, founded in 1955, is a non-partisan, non-profit 501(c)(3) organization devoted to bringing the insights of scholarship to bear on the development of policies that advance U. S. national interests. In the tradition of our founder, Ambassador Robert Strausz-Hup, Philadelphia-based FPRI embraces history and geography to illuminate foreign policy challenges facing the United States. More about FPRI Foreign Policy Research Institute 1528 Walnut St. Ste. 610 Philadelphia, PA 19102 Tel: 1.215.732.3774 Fax: 1.215.732.4401 fpri. org Copyright 20002016. All Rights Reserved. Green Bay Packers Common Stock Green Bay Packers common stock is not available for purchase outside of an offering period. The Packers last stock sale was offered through February 28, 2012. EXCLUSIVE 2017 COLLECTIBLE DOCUMENT FOR PACKERS SHAREHOLDERS NOW AVAILABLE Following last years introduction of a validated, personalized document that confirms stock ownership for Packers Shareholders, a new edition has been released for 2017. The image featured on the new version of the collectible document is from a Wisconsin Air National Guard flyover prior to the Packers-Lions game on Sunday, Sept. 25. The photo is exclusive to the Shareholder collectible document and may not be purchased elsewhere. Shareholders and fans should note that this collectors item is not part of a new stock offering and there is no anticipated offering in the foreseeable future. Each year, a new edition of the collectible will be available, with a different image of a significant Packers moment. It has no value and does not double as a stock certificate, but it is official documentation that confirms stock ownership. These personalized, high-quality collectible documents, exclusive to Shareholders, are printed on heavyweight cover stock and will be redesigned each year. The collectible document is priced at 39.95, plus shipping and handling. Because the documents are validated and personalized, Shareholders are asked to allow at least one to two weeks for delivery. There is no limit on the amount of documents that a shareholder may purchase. The 2016 collectible remains available for purchase as well through March 31. The Green Bay Packers and Live Nation are proud to announce legendary musician Billy Joel will perform at Lambeau Field, the largest venue in the state of Wisconsin, on Saturday, June 17. In appreciation of the artist and his fans, the Green Bay Packers will honor Billy Joel by making him an official shareholder of the Green Bay Packers. Click here to read more. Please remember to contact us with any address or email changes. The updated information will be used on future mailings and email releases. Do you wish to receive Shareholder communication by email Your Green Bay Packers common stock updates are found on the packersowner site but we also send the same information by email. If you would like to receive Shareholder information by email, please contact Green Bay Packers Shareholder Services at (855) 846-7225 or shareholderservicespackers. If you wish to receive future annual meeting materials via email in lieu of paper copy via USPS, please sign up at the eMail link below. You will need your stock account number to complete the sign up request. If you do not know your stock account number, please contact Green Bay Packers Shareholder Services. If you are planning on replacing your lost or stolen stock, transfer your stock or the stock of the deceased person, or simply wish to update your name andor address, please choose from the applicable documents below: Please call 855-8GO-PACK (855-846-7225) or e-mail us at shareholderservicespackers to request to receive any of these documents by mail or e-mail. Please review the most common questions from our Shareholders or feel free to contact us for additional assistance. Q: History of Green Bay Packers Green Bay Packers, Inc. has been a publicly owned, nonprofit corporation since Aug. 18, 1923, when original articles of incorporation were filed with Wisconsinrsquos secretary of state. One of the more remarkable business stories in American history, the Green Bay Packers organization has been kept viable by its shareholders mdash its unselfish fans. Even more incredible, the Packers have survived and thrived during the current era, permeated by free agency and the NFL salary cap. Fans have supported the team financially through five stock sales: 1923, 1935, 1950, 1997 and 2011. Today 363,948 people (representing 5,020,523 shares) are owners of the iconic franchise. The organizations fifth stock offering, which ended Feb. 29, 2012, was a tremendous success with the organization adding more than 250,000 new shareholders becoming owners. For the first time in a Packers stock offering, international sales in Canada were issued for a short while and accounted for approximately 2,000 shares. More than 269,000 shares were sold during the offering that began Dec. 6, 2011. All proceeds from the offering are going toward the expansion of Lambeau Field, a 143 million project that includes approximately 6,700 seats, new HD video boards, a new sound system and two new gates. The new sound system was in place for the 2011 season, the new video boards and one gate were launched in 2012 and the new seats and second gate will debut for the 2013 season. Q: Ownership Questions Who is the Transfer Agent The Green Bay Packers Shareholder Services is the Transfer Agent. Our partner, Broadridge Corporate Issuer Solutions, Inc. (ldquoBroadridgerdquo), provides recordkeeping services for the shares of our common stock. Together with Broadridge, we manage all stock certificate requests for Shareholders, including changes of address, replacement of damaged, lost, or stolen certificates, and transfer of shares. How may I receive assistance with managing my stock We are happy to answer any questions you may have. To speak with Green Bay Packers Shareholder Services, please call 855-8GO-PACK (855-846-7225) or e-mail shareholderservicespackers. What is the mailing address for Green Bay Packers Shareholder Services Green Bay Packers Shareholder Services CO Broadridge Corporate Issuer Solutions, Inc. PO Box 1342 Brentwood, NY 11717 Green Bay Packers Shareholder Services 1265 Lombardi Avenue Green Bay, WI 54304 How do I change the address on my stock account The quickest and easiest way to change your address of record is to call us at 855-8GO-PACK (855-846-7225). Or, if you prefer, you may e-mail us at shareholderservicespackers. or download an Address Change Form at packersowner and mail your change of address to: Green Bay Packers Shareholder Services co Broadridge Corporate Issuer Solutions, Inc. PO Box 1342 Brentwood, NY 11717 What are the guidelines for transferring stock Stock may only be transferred to an immediate family member or any lineal descendant of a Shareholder. An immediate family member, in this regard, refers to children, spouse, parent, brother, sister, or lineal descendant of a Shareholder. Adopted children, for whom adoption statutes create the same rights of heirship as children of the body, are considered ldquolineal descendants. rdquo If my name has changed, how do I change the name on the stock certificate Changing the registered name on a stock certificate may be accomplished by submitting a Routine Transfer Affidavit and proof of name change documentation. All transfers, with the exception of those initiated by the death of the Shareholder, require: a completed, notarized Routine Transfer Affidavit. signed by all Shareholders named on the certificate the original stock certificate (If the original is lost, there is a 25 lost certificate fee) a transfer fee of 25.00 for each new certificate issued, made payable to Green Bay Packers, Inc. additional documentation per transfer reason: Marriage ndash photo copy of marriage certificate Divorce (name change) ndash photo copy of divorce decree specifying the name change Divorce (awarding of assets) ndash photo copy of divorce decree specifying ownership of shares Removal of Custodian ndash photocopy of minorrsquos birth certificate. How do I change the name on the stock certificate due to death Changing the registered name on a stock certificate due to death may be accomplished by submitting a Deceased Shareholder Affidavit . All transfers initiated by the death of the Shareholder require: a completed, notarized Deceased Shareholder Affidavit. signed by all surviving Shareholders named on the certificate or by the executor, if there isis not a survivor the original stock certificate (If the original is lost, there is a 25 lost certificate fee) a transfer fee of 25.00 for each new certificate issued, made payable to Green Bay Packers, Inc. a photocopy of the decedentrsquos death certificate. If there is no surviving Shareholder and the transfer request is made by an executor of the estate, a photocopy of the assignment as executor should be provided. If an assignment document is not available, please contact Green Bay Packers Shareholder Services at 855-8GO-PACK (855-846-7225) for other options. Can I get the old certificate back Yes, all cancelled certificates will automatically be returned. Why did I get the old certificate back Many of our Shareholders request the return of the cancelled certificate to keep as memorabilia. As a courtesy, we automatically return all cancelled certificates. What types of registrations are allowed We allow the following three types of account registrations: Joint Tenant with Spouse Custodial for Minors. How do I add beneficiaries to my account Beneficiaries cannot be added to stock accounts. Transfer on Death (TOD) is not an allowed registration type for the Green Bay Packers Common Stock. You can will your Green Bay Packers Common Stock to an immediate family member or a lineal descendant in accordance with the rules of the offering document. How do I replace a damaged, lost, missing, or stolen stock certificate Submit a completed, notarized Lost Certificate Affidavit signed by all Shareholders named on the certificate with a replacement fee of 25.00 for each new certificate issued, made payable to Green Bay Packers, Inc. Where can I get copies of the Affidavits You can download copies of the Affidavits online at packersowner, request copies by e-mail through shareholderservicespackers. or by phone at 855-8GO-PACK (855-846-7225). Where can I buy Green Bay Packers Common Stock Green Bay Packers Common Stock is not currently offered for purchase. What is the value of my Green Bay Packers Common Stock The Green Bay Packers Common Stock is not a tradable stock and therefore does not have a market value. No, Green Bay Packers Common Stock is not a saleable stock. Does Green Bay Packers Common Stock pay a dividend A Green Bay Packers Shareholder will not be able to make any profits, through dividends or otherwise, by virtue of owning Green Bay Packers Common Stock. Where can I buy Green Bay Shareholder merchandise Please visit the Green Bay Packers Pro Shop online at packersproshop and click on Shareholders to sign in and view the exclusive Shareholder collection.