Real World Markets

Delayed last

Options · 20 min

Stock options, explained

Calls, puts, , and why a contract is not a cheaper share. Paper only.

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Classroom copy as of 8 September 2026.

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A contract, not a cheaper share

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Board 01

A contract, not a cheaper share

A stock option is a contract about a share, not a slice of the company. A is the right to buy 100 shares at a before expiry. A is the right to sell 100 shares at that strike. You pay a for that right. If you never use it, the premium can go to zero.

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A stock option is a contract about a share, not a slice of the company. A is the right to buy 100 shares at a before expiry. A is the right to sell 100 shares at that strike. You pay a for that right. If you never use it, the premium can go to zero.

People talk about options as ‘cheap AAPL.’ That is the trap. Paying $12 for a 230 is not the same as owning Apple at $12. The call can expire worthless even if Apple is still a large company. The share does not expire.

On this desk one contract multiplies by 100, like a live equity option. A $12 costs $1,200 in . We do not sell live contracts. There is no OCC account here.

See it on the board: Apple call 230

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LOOK DON'T BUY

Real World Markets is a classroom. We only teach — stocks, crypto, and how markets work. You can look at delayed last. You cannot buy here. We do not take orders or hold money. Not a broker. Not a CASP. Lessons are free.

Delayed public last when the feed is up — a number to look at, never a ticket. Paper results are hypothetical and have no cash value. Not a broker-dealer. Not a CASP or money transmitter. You cannot buy here.

Passing a quiz is not a qualification or a license. The Professor will not tell you what to buy. Company names and tickers belong to their owners. We draw letter marks, not official logos. Not affiliated with Apple, Nasdaq, S&P, Yahoo, CoinGecko, or CoinMarketCap.

This classroom does not give financial advice. We do not tell you what to buy, sell, or hold. A lesson, delayed last, a paper fill, a quiz, Professor Moon, and a quote on the tree are teaching — not a recommendation, not a personalized plan, and not a reason to place a live order. We only teach. Educational classroom only. Not a seller. Not a market we operate. Not investment advice, not legal advice, not an offer to buy or sell, not a broker-dealer, investment adviser, CTA, or CIRO/CSA registrant. Not a CASP, VASP, MSB, money transmitter, or gambling operator. We do not custody, exchange, or transmit crypto-assets. We do not file a license for you. Not registered with the U.S. SEC, FINRA, CFTC, NFA, FinCEN, Canada’s CSA/CIRO, or Mexico’s CNBV. Last may be a delayed public print when the feed is up, or a teaching path if it is not — never a reason to trade. Options premiums and NFT floors are teaching numbers. Paper results are hypothetical and have no cash value. World Circuit is a paper board game, not gambling and not a live market. Past or simulated performance is not indicative of future results. CFTC Rule 4.41. Third-party names stay with their owners. Letter marks, not official logos.

© 2026 Real World Markets™. Original classroom copy, software, World Circuit, and house marks are ours. ™ is our claim on the name — not a USPTO registration. See Marks.