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Naming the Call-or-Put Field in an Option Contract

Article Quant Q&A · Author: quant
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Summary

The document considers what to call the attribute that distinguishes a call option from a put option. Suggested terms include “CallPut,” “PutCall,” and “OptionType”; some systems also use “Right,” though one response cautions that this can be misleading because a short option position creates an obligation rather than a right. The discussion is about terminology and data-field naming, not option valuation or trading strategy.

It also lists common contract identifiers: underlying instrument, exchange or trading class, expiry, strike, and call-or-put designation. Exercise style, such as American or European, is usually implied by those details but may be stored explicitly as a separate property. One contributor uses “style” for call-versus-put, but the thread points out that this term more commonly refers to exercise timing. The exchange is brief and reflects differing usage, so consistent field definitions matter when designing option data systems.

Key ideas

  • CallPut, PutCall, and OptionType are clear field names for distinguishing calls from puts.
  • The term Right is used in some systems but can confuse long-option rights with short-position obligations.
  • An option is commonly identified by underlying, trading class, expiry, strike, and call-or-put designation.
  • American or European exercise style is a separate contract characteristic that can be represented explicitly.
  • Terminology varies, so option data fields should be defined consistently.

Tags

OptionsDerivatives pricing
Full text
# What noun is used to describe whether an option is call or put?


# What noun is used to describe whether an option is call or put?












I'm not sure if this should be asked elsewhere, but it seems like a good place as any.

Options have a strike price, they have an underlying instrument, and they have an expiry. They are also either call or put options, but what is the noun to describe that?

## Answer by user508 (score 2, accepted)

https://quant.stackexchange.com/a/11095

The "right" or (to make my post long enough) "CP" or "CallPutIndicator"

## Answer by Matt Wolf (score 1)

https://quant.stackexchange.com/a/11133

A specific option is generally defined as follows and in the following order:

- Underlying

- Exchange/ Trading Class

- Expiry

- Strike

- Call/Put

Whether an Option is European or American generally follows from the above but you can still include a field/property to explicitly mention it.

But for the purpose of this discussion you should not denote whether an option is a call or put by using "Right" because the option is turning out to be an obligation if you hold a short position in the option. I know that some brokers denote a call or put as "Right" but it is inaccurate and can cause confusion. I would recommend to use terminology such as "CallPut" or "PutCall" or "OptionType".

## Answer by crunch (score -1)

https://quant.stackexchange.com/a/11130

I would say "option style". From Wikipedia

> In finance, the style or family of an option is a general term denoting the class into which the option falls, usually defined by the dates on which the option may be exercised. The vast majority of options are either European or American (style) options.

Shown in full with attribution under the source's licence. Licence: CC BY-SA 4.0 (Stack Exchange)

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.