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 ?
Scheming for funds to build a factory that will exploit local labor and ensure their failing fortunes, Regina and her sociopathic siblings double-cross the local banks, her husband (Horace), and one another with frightening regularity.
DOUBLE-CROSS came into use in about 1870, apparently as an English racing term describing the common practice of winning a race after promising to arrange a Cross to lose it.
He helps a gang of brutal outlaws escape from jail in return for their aid, little realising they're planning a double-cross.