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 ?
Her four babies were conceived 10 weeks apart and she is now enjoying a rare double pregnancy that has stunned medical experts.
He knew of only one other case of an undiagnosed double pregnancy, but in that case, the second birth had been brought about more rapidly when detected, and no lasting illness had resulted.