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why are options created?
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at my soon to be legendary stock options cafe, i recently wrote an article "betting on apple at 9 to 2."  it described a trade in which a 35% move in a stock over a fixed time (2 years) would result in a 354% gain in one's bet. in this case, the options serve to create remarkable leverage for speculators. in general, option help provide liquidity and extend the nature of the risk/reward curve.  there are option trades that range from conservative (e.g. a 'covered call') to wildly speculative, as the one i described above.
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