Opsiyon

Opsiyon is a financial derivative that gives the holder the right, but not the obligation, to buy or sell a specified underlying asset at a predetermined price, known as the strike price, on or before a specified date. The holder pays a premium to the seller for this right. If the option is a call, the holder expects the underlying asset’s price to rise; if a put, the holder expects a price decline. In Turkish-language finance, the term opsiyon corresponds to this concept of an option.

Key terms include the underlying asset, strike price, expiration date, and premium. The option’s value consists of intrinsic value (the immediate exercise value) and time value (the potential for value before expiration). American options can be exercised any time before expiry; European options can be exercised only at expiry. Options can be traded on exchanges as standardized contracts or over-the-counter with customized terms. They are used for hedging, to protect against adverse price moves, or for speculative strategies, including income generation through writing options and complex combinations.

Pricing models such as Black-Scholes (for certain European-style options) and binomial models are used to estimate fair value, though actual prices reflect supply and demand, volatility, liquidity, and other factors. Risks include premium loss for buyers if the option expires worthless and potentially large losses for writers, requiring margin or collateral. Regulation varies by jurisdiction, with exchanges providing clearinghouses to reduce counterparty risk. Options markets are integral to modern finance for risk management and strategic investment.