Double

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Double

The purchase of a call and a put on the same underlying asset with the same strike price and the same expiration date. A double enables one to profit from whatever price movement the underlying takes. That is, if the price goes up, the holder exercises the call, and if it goes down, he/she exercises the put. If one of the options is in the money, the other must be out of the money.
References in periodicals archive ?
Bootle JC A's Tom Bray picked up a hat-trick of wins against the club's first team, while reigning Liverpool ladies champion Cherith Graham earned a double scalp and newcomer Dave Evans lost only once in the 8-2 victory.
Victory completed a double scalp for the experienced Spaniard, who outclassed Williams younger sister, Serena, on her way to winning her 25th tour title.
After a fine display against City, Liverpool are desperate for an impressive double scalp, and the bustling Dutch striker savoured that prospect when he said: "Believe me, the lads are more than ready for the weekend.