expiration date and striking price.

                               buy or a sell. Opening buys are often followed by closing sales; Opening sells often

                               precede closing buy trades.

                               each option series. This is called the open interest. Each opening transaction adds to

                               the open interest and each closing transaction decreases the open interest. The open

                               interest is expressed in number of option contracts.

                               called the holder. The investor who sells an option as the initial transaction - an opening

                               sale - is called the writer of the option.

                               below the striking price of the option. A call option is said to be in-of-the-money if the

                               stock is selling above the striking price of the option.

                intrinsic value.

                                     an option is the third Friday in the expiration month. Although the option actually

                                     does not expire until the following day (Saturday). A public customer must invoke

                                     the right to buy or sell stock by notifying his broker by 5:30 P.M., New York time,

                                     on the last day of trading.