Walk into any options trading forum and you'll see a wall of abbreviations. Here's your decoder ring—organized by category so you can find what you need quickly.

Order Types

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| Abbreviation | Full Term | Meaning | BTOBuy to OpenOpen a new long position STOSell to OpenOpen a new short position BTCBuy to CloseClose an existing short position STCSell to CloseClose an existing long position GTCGood 'Til CancelledOrder stays active until filled or cancelled DAYDay OrderOrder expires at end of trading day IOCImmediate or CancelFill immediately or cancel unfilled portion AONAll or NoneFill entire order or nothing

Position Descriptions

AbbreviationFull TermMeaning ITMIn the MoneyOption has intrinsic value OTMOut of the MoneyOption has no intrinsic value ATMAt the MoneyStrike price equals stock price DITMDeep In the MoneyFar ITM, high delta DOTMDeep Out of the MoneyFar OTM, low delta NTMNear the MoneyClose to ATM

The Greeks

AbbreviationWhat It Measures Δ (Delta)Price sensitivity to stock movement ($1 move) Θ (Theta)Daily time decay (how much value lost per day) Γ (Gamma)Rate of change of delta V (Vega)Sensitivity to implied volatility changes ρ (Rho)Sensitivity to interest rate changes

Strategy Abbreviations

AbbreviationStrategy CCCovered Call CSPCash-Secured Put ICIron Condor IBIron Butterfly BPSBull Put Spread BCSBear Call Spread PMCCPoor Man's Covered Call (diagonal call spread) BWBBroken Wing Butterfly

Volatility Terms

AbbreviationFull TermMeaning IVImplied VolatilityMarket's expected price movement HVHistorical VolatilityActual past price movement IVRIV RankCurrent IV relative to past year's range IVPIV Percentile% of days IV was lower than current VIXCBOE Volatility IndexMarket's "fear gauge"

Time and Expiration

AbbreviationFull TermMeaning DTEDays to ExpirationTrading days until option expires 0DTEZero Days to ExpirationExpires today LEAPSLong-Term Equity Anticipation SecuritiesOptions expiring 1+ years out FDFar-Dated / "Financial Derivatives"Slang for risky short-dated OTM options EXPExpirationThe date the option contract ends OpExOptions ExpirationSame as above, common in market commentary

Account and Trading Terms

AbbreviationFull TermMeaning PDTPattern Day Trader4+ day trades in 5 days, requires $25K BPBuying PowerAvailable funds for new trades BPRBuying Power ReductionCapital reserved for a position ROCReturn on CapitalProfit divided by capital used POPProbability of ProfitLikelihood the trade is profitable P&LProfit and LossYour trade result R/RRisk/RewardRatio of potential loss to potential gain NBBONational Best Bid and OfferBest available prices across exchanges

Forum and Community Slang

TermMeaning WheelingRunning the wheel strategy (sell puts, get assigned, sell calls) BagholdingStuck holding a losing stock position Theta gangTraders who primarily sell options for time decay ScalpingTaking small, quick profits | YOLO | Putting a large portion of account in one trade |

How to Use This Glossary

Bookmark this page. When you encounter an unfamiliar abbreviation in your broker's interface, on Reddit, or in a trading community, come back here. OptionsPilot's interface uses standard abbreviations in its analysis—knowing these terms helps you read strike comparisons and return projections more efficiently.

Understanding the language is the first step to understanding the game.