The simultaneous purchase and sale of one or more options contracts, futures, and/or cash positions.

an order in which two or more positions are entered simultaneously, usually within the same commodity

a position comprising two or more options on the same underlier

The simultaneous purchase and sale of a pair of calls (or puts) in the same metal but at different strike prices or different expiration dates, or both. The option equivalent of a carry (qv).

A position that results from the purchase of an option and the simultaneous sale (or "write") of a different option on the same instrument.