Securities, to simultaneously place a contract to buy and sell a commodity or stock anticipating a change in the price in order to realize a gain from volatile trading. See also a hedge.
Law Dictionary – Alternative Legal Definition
In stock-brokers parlance the term means the double privilege ‘Of a “put” and a “call,” and secures to the holder the right to demand of the seller at a certain price within a certain time a certain number of shares of specified stock, or to require him to take, at the same price within the same time, the same shares of stock.