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Options

Technique

Fingers are arched to form the letter "C."

Origin

"C" for call. CME version.

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Call Option (CME)

Functions Options Call Option (CME)
1 of 32
Functions Options Call Option (CME)
Fingers are arched to form the letter "C."
"C" for call. CME version.
Functions Options Call Option (LIFFE)
Thumb and index finger are extended to form the letter "C."
"C" for call. LIFFE version.
Functions Options Put Option
Thumb and index finger are formed into a circle with other fingers extended upward.
Hard forms upside-down "P." CME version.
Functions Options Put Option (CBOT, LIFFE)
Thumb is pointed downward.
Hand forms "P." CBOT and LIFFE version.
Functions Options Straddle
Thumb and pinky finger are extended upward from fist.
Fingers represent option strategy payout diagram. CME version.
Functions Options Straddle
Index and middle fingers are formed into a downward letter "V."
Fingers represent option strategy payout diagram. LIFFE version.
Functions Options Strangle
Hand holds throat between thumb and index finger.
Strangling throat. CME version.
Functions Options Stupid
Index finger and thumb are extended and held to side of head.
Shooting yourself in the head is stupid. CME version.
Functions Options Tunnel (aka Risk Reversal)
Hand is formed into the letter "O" and moved outward.
Tunnel. LIFFE version.
Functions Options Risk Reversal
Fist is extended, then moved backward.
Moving gearshift into reverse. SIMEX version.
Functions Options Calendar Spread
Hands are formed into two letters "C" that point in opposite directions.
Opposite facing letters represent spread. MATIF version.
Functions Options Butterfly
Hands are joined at thumbs and fingers are fluttered.
Butterfly wings. MATIF version.
Functions Options Butterfly (version 2)
Hand is held with palm downward while fingers move side-to-side and downward.
Hand flies like a butterfly. MATIF version.

Functions

Many different functional hand signals were developed to facilitate new contracts, the options markets and to be more specific in order execution. Generally, such functional signals were highly localized and their use confined to one exchange or even one pit.

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