fence

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Fence

A position in which an investor is long (or short) on an out-of-the-money put, long (or short) on an opposite out-of-the-money call in addition to being long (or short) on the underlying asset. Both options have the same expiration date. A fence position sets a floor and ceiling for the underlying asset and limits potential losses for the investor. It is often used by traders in farm commodities.

fence

An investment position consisting of being long (or short) a stock or commodity, being long (or short) an out-of-the-money put, and being short (or long) an out-of-the-money call. Both options have the same expiration date.
References in periodicals archive ?
The elders said the land - LR Nandi/Kamoiywo/911 - has belonged to the Korir family for many years and was only recently fenced off forcefully.
They have fenced off an area around it while investigations are carried out."
The gate has now been padlocked and the area fenced off.
"They didn't want it killed or delayed." Unlike the rest of the FCS program, which is vulnerable to cutbacks, the NLOS cannon funds were "fenced off," said the source, in order to shield it from any future FCS reshuffling.
Dimitris Vounatsos, governor of Lesbos, said August 29 that female couples should be "fenced off" to avoid offending local residents.
In the lush green cityscape, formerly affluent German villas are now being fenced off and dressed up in red brick and chic watch-towers.
From August 2001 to March 2002, the section from Third to Seventh streets will be fenced off between the National Gallery of Art and the National Air and Space Museum.
An area near the playground of Uig School on the Isle of Lewis has been fenced off to protect them from the phosphorous.
The entrance to the enclosure, along the back of Tattersalls, had been fenced off and no other means of entry, for non-members, was available.
While it provides wonderful views of the city and harbor, the area has been fenced off for all but the Fourth of July, when the brambles are mowed and residents are charged $15 each to bring lawn chairs and watch the fireworks.
He fenced off 7 1/2 acres for a horse boarding and breeding facility, and built a 20-stall barn and paddocks.
Again Andrews' examples are instructive: "[c]ommedia dell'arte, carefully fenced off from approved culture .