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 classic literature ?
The 6th of July, about three o'clock in the afternoon, the Abraham Lincoln, at fifteen miles to the south, doubled the solitary island, this lost rock at the extremity of the American continent, to which some Dutch sailors gave the name of their native town, Cape Horn.
This depth was doubled in December, and trebled in January.
The Angels had a chance to win it, but Adam Kennedy's line drive was snagged by shortstop Cristian Guzman, who easily doubled off pinch-runner Alfredo Amezaga.
By contrast, shipments of rewritable CD-RW have doubled recently.
King suggests that even minor actors who doubled many roles usually had a scene off-stage in which to change costumes and any "actor who doubles in principal parts is off-stage for an interval of at least one full scene between roles" (29).
Wallace explained that the PowerClip's first feature set was a patented charge-on-demand power module that effectively doubled the talk time of the wireless phone.