美式期权 (American Option)An option that can be exercised anytime during its life. The majority of exchange-traded options are American. Since investors have the freedom to exercise their American options at any point during the life of the contract, they are more valuable than European options which can only be exercised at maturity.Consider this example: If you bought a Ford March Call option expiring in March of 2006 in March 2005, you would have the right to exercise the call option at anytime up until its expiration date. Had the Ford option been a European option, you could only exercise the option at the expiry date in March '06. During the year, the share price could have been most optimal for exercise in December of 2005, but you would have to wait to exercise your option until March 2006, where it could be out-of-the-money and virtually worthless.Note that the name of this option style has nothing to do with the geographic location.
裸期权（Naked Option）裸期权又称无保护期权、无掩护选择权，是指期权卖方本身并未持有期权标的资产的期权，如股票看涨期权卖方本身并没有持有期权相应的股票。 An option position where the buyer or seller has no underlying security position. Naked options are very risky. Profits are huge if the underlying asset moves in the direction desired by the investor. On the other hand, a writer of a naked option can lose big if the underlying asset moves in the opposite direction.
利率期权(interest-rate option)An investment tool whose payoff depends on the future level of interest rates. Interest rate options are both exchange traded and over-the-counter instruments. Interest rate options from exchanges in the United States are offered on Treasury bond futures, Treasury note futures and eurodollar futures. An investor taking a long position in interest rate call options believes that interest rates will rise, while an investor taking a position in interest rate put options believes that interest rates will fall.
奇异期权（Exotic Options） 比常规期权(标准的欧式或美式期权 )更复杂的衍生证券，这些产品通常是场外交易或嵌入结构债券。比如执行价格不是一个确定的数，而是一段时间内的平均资产价格的期权，或是在期权有效期内如果资产价格超过一定界限，期权就作废。 An option that differs from common American or European options in terms of the underlying asset or the calculation of how or when the investor receives a certain payoff. These options are more complex than options that trade on an exchange, and generally trade over the counter. For example, one type of exotic option is known as a chooser option. This instrument allows an investor to choose whether the options is a put or call at a certain point during the option's life. Because this type of option can change over the holding period, it is not be found on a regular exchange, which is why it is classified as an exotic option. Other types of exotic options include: barrier options, Asian options, digital options and compound options, among others.
嵌入式期权(Embedded option) 嵌入式期权是指在其他金融工具上“嵌入”一个选择权，而不一定是一个完整的期权工具。这种嵌有期权的创新金融工具有时也称“期权杂交”(option hybrid)，它是品种最多、最为常见且运用最为广泛的一类期权，代表着期权发展的一个方向。 An option that is an inseparable part of another instrument. Compare this to a normal (or bare) option, which trades separately from the underlying security. A common embedded option is the call provision in most corporate bonds.
任选期权又称选择人期权(Chooser Option)，指在—定期限内可由多头选择该期权为看涨期权还是看跌期权的期权。An option where the investor has the opportunity to choose whether the option is a put or call at a certain point in time during the life of the option. Also known as 'hermaphrodite option' or 'AC-DC option'.
现货期权（Physical Option） 现货期权是以现货为标的资产的期权，期货期权是以期货为标的资产的期权。在交易所交易的期权主要有商品期权与金融期权两大类，其中所有的商品期权都是以商品期货作为标的资产的，因此都是期货期权；金融期权有的是以现货作为标的资产的（比如股票期权、指数期权、利率期权与外汇期权），因此属于现货期权范畴，有的是以期货作为标的资产的（比如指数期货期权、利率期货期权、外汇期货期权），因此属于期货期权范畴。 An option that is based on a physical asset. Physical options give the owner the right to buy or sell physical assets at a predetermined price and date. They are called "physical" because they are based on assets such as currencies, Treasury debts and commodities, rather than stocks, futures and indexes. As with any other type of option, you can purchase a call or put. You have the right to "call in," or buy, a physical asset by owning a physical call option; you have the right to "put out," or sell, a physical asset by owning a physical put option. The Chicago Board Options Exchange (CBOE) trades physical options that represent underlying assets such as gold or electricity.
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