See Uncovered Option.
Describing an opinion that is neither bearish nor bullish. Neutral option strategies are generally designed to perform best if there is little or no net change in the price of the underlying stock or index. For example Tunnels, Eachway Tunnels and Tunnel Accumulators.
An option whose underlying entity is not common stock; typically refers to options on futures, commodities and indices.
The time during which the buyer of a futures contract can be called upon to accept delivery. Typically, the 3 to 6 weeks preceding the expiration of the contract.