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 ?
While the TVHA readily defended the fenceless design of the neighbourhood, it also worked to ensure that residents shared the norm of not entering another's property without permission.
Greenwich Council gave permission for a fenceless pond and the school were happy with the games provision.
In acknowledging premarital sex as a natural, if messy, reality, they burst open the "packaged environment," and a more complex Scotland emerges as surely as Aunt Josephine's chickens run freely across the fenceless boundaries of her garden (Shepherd 4).
So we run along the fenceless fence, thinking, "I'll just find some more beautiful sutras to study, some other teacher, some nice philosophy."
A great story, but it's more likely the original horse inhabitants were brought there, along with other farm animals, by settlers living on Chincoteague using the other island as a natural fenceless pasture, and over time, the horses returned to their natural wild instincts.
The steers, which were awaiting slaughter, were set free by the Fire Department onto the Adams' fenceless land.
The building inspector won't sign off on a fenceless pool, and you could risk delays in getting into the water.
Ike can sustain this fantasy for only a moment, however, before he condemns the idle, derelict household that Fonsiba's husband has created: [I]t all seemed to stand there about them, intact and complete and visible in the drafty, damp, heatless, negro-stale negro-rank sorry room--the empty fields without plow or seed to work them, fenceless against the stock which did not exist within or without the walled stable which likewise was not there.
Lesotho is a fenceless country, a whole 11,716 square miles of land surface that is unrestricted to discovery."
The question is not what constitutes the church; rather, as the Harare Assembly put it, the question is, "How do we live our faith in the context of globalization?" (2) What does "being church" mean in a fenceless society?
Prosecuting, Patrick Har rington told the jury that Jones took out his rage on Mr Ney after being turned away from Brannigans.He described the incident as ``a nasty, unprovoked and ulti mately fatal act of violence on a wholly innocent, de fenceless man''.