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Strategies & Market Trends : Options -- Ignore unavailable to you. Want to Upgrade?

To: ljbein who wrote (2139)	2/3/2000 9:32:00 AM
From: Jill	Read Replies (1) \| Respond to of 8096

Hi Lorinda, Ihate CBOE and use dreyfus (in our header) all the time, I find CBOE hard to read. But it looks to me like you are simply seeing calls on one side and puts on the other, and the bid and the ask. That's the buy and the sell. T here's always a difference, what they call a "spread." I.E. this is what people are supposedly willing to spend to buy for this option, and this is what people are supposedly willing to sell it for. Think of it as a negotiation btw. an imaginary buyer and seller. When you trade them, you most likely want to put a limit order in that is halfway between the bid and the ask, mostly for discipline's sake if you're trading small amounts, but for larger trades it actually makes a difference to profit. When you see a HUGE discrepancy then it is most likely what others on the thread have pointed out--some are references to earlier options that have split.

To: ljbein who wrote (2139)	2/3/2000 12:20:00 PM
From: Bridge Player	Read Replies (1) \| Respond to of 8096

ljbein, the second link that you gave in this post, the CBOE quote listings for Gemstar options, simply reflects the quotes for the 3 different option exchanges that trade these options. All have the same symbol; e.g. the Feb. 60 put is in each case GSTNL. The -E, -A, -P that follows shows the current quote on each exchange. Notice that the open interest is the same, in each case, for all 3 entries. That is because the open interest is a composite total, no matter where an individual trade took place. BP