Glossary
Every term in plain English. Named Saber concepts (the …) carry their canonical definition.
- assignmentLesson 1.3
- a seller being selected to fulfill the obligation they were paid for: buying 100 shares at the strike on a short put, or delivering 100 shares at the strike on a short call.
- assignment riskLesson 3.1
- the risk that a short option is assigned and you must buy (put) or sell (call) the shares, approximated by delta.
- at the money (ATM)Lesson 1.4
- a contract whose strike sits roughly at the current stock price.
- Attractiveness ScoreLesson 4.5
- the screener's legacy "Score" column, a 0–100 blend of yield, liquidity, and the probability of expiring out of the money.
- bid-ask spreadLesson 7.3
- the gap between the highest price buyers are bidding and the lowest price sellers are asking; the cost of crossing the market, paid on both entry and exit.
- blind spotLesson 7.1
- a real risk a trade carries that the Saber Score does not measure, because the score grades only the shape of one out-of-the-money income trade.
- blockLesson 8.2
- a single institutional-size options print negotiated and executed in one piece.
- callLesson 1.1
- an option that is the right to buy 100 shares of the underlying at the strike price.
- called awayLesson 2.2
- having your shares bought out from under you at the strike when a covered call you sold is assigned.
- cash-secured putLesson 2.1
- a short put backed by the full strike-times-100 in reserved cash, obligating you to buy 100 shares at the strike if assigned, in exchange for a premium collected up front.
- contractLesson 1.1
- a binding agreement between two parties about a future transaction at a price fixed today, valid only until expiration.
- contract multiplierLesson 1.1
- the fixed 100 shares that one standard US equity option controls, so a contract costs the quoted premium times 100.
- covered callLesson 2.2
- an agreement to sell someone the right to buy 100 shares you already own at a set strike before expiration, in exchange for a premium collected up front.
- credit spreadLesson 2.4
- selling one option and buying a cheaper same-type option at a further strike so a net credit comes in, with the bought leg bounding the loss.
- cycleLesson 4.1
- one complete sell-to-expiration round of a premium-selling trade; TYE annualizes by assuming the trade repeats floor(365 ÷ DTE) cycles a year.
- defined-riskLesson 2.4
- a position whose worst-case loss is known and bounded before the trade is placed.
- deltaLesson 3.1
- the standard option greek read two ways: textbook, roughly how much an option's price moves per $1 move in the stock; from the seller's chair, the market's rough odds the option finishes in the money — your implied assignment odds.
- drawdownLesson 7.6
- how far an account's value falls from a prior level.
- DTELesson 1.1
- days to expiration; the number of days left on an option contract's clock.
- early assignmentLesson 7.4
- assignment of a short American-style option on a day before expiration, most likely when the option is in the money and its remaining time value is small.
- earnings reportLesson 7.2
- a company's scheduled quarterly release of results, a binary event that can move the stock sharply overnight.
- effective basisLesson 2.4
- the real per-share cost of assigned stock after subtracting every premium you collected to get there; the strike minus the rent.
- ex-dividend dateLesson 7.4
- the cutoff date to own a stock and qualify for its upcoming dividend; owning after it does not earn the payout.
- exerciseLesson 1.3
- a buyer invoking the right their option grants, forcing the trade at the strike: buying 100 shares on a call, selling 100 shares on a put.
- expirationLesson 1.1
- the date an option contract expires, after which the right is either used or worthless.
- gammaLesson 3.3
- how fast an option's delta (and therefore its assignment odds) changes when the underlying moves; largest near the strike and growing as expiration approaches.
- gamma fragilityLesson 5.3
- the tendency of a short option's decay to reverse fastest when gamma is high and expiration is near, so a calm position can turn into a loss in a single move.
- gapLesson 7.2
- an overnight jump in a stock's price that opens well above or below the prior close, potentially straight through a strike.
- implied volatility (IV)Lesson 3.4
- the market's priced forecast of how much a stock is expected to move, backed out of the option premium itself; higher IV means a fatter premium for the same strike and DTE.
- in the money (ITM)Lesson 1.4
- a contract that exercising would profit right now: a put with the stock below its strike, a call with the stock above it.
- in-app RemoraAILesson 6.7
- Remora's built-in chat assistant, reached by the floating "Hey RemoraAI" button; it screens, checks IV and earnings, reads your portfolio and flow, and pulls quotes and technicals, but carries no Saber tools on any tier.
- intrinsic valueLesson 1.4
- what exercising a contract is worth this instant, the strike-to-stock gap in your favor times 100, and zero for any OTM contract.
- IV percentileLesson 3.5
- the share of the past year's trading days that closed with implied volatility below today's.
- IV rankLesson 3.5
- where today's implied volatility sits between its own 52-week low and high, scaled 0 at the low to 100 at the high.
- Live TapeLesson 8.1
- Remora's in-app tab (marketing name "Live Flow") showing real tick-level options prints as they cross, gated to the Ultimate bracket plus the active trial.
- max lossLesson 2.4
- for a credit spread, the distance between the two strikes less the credit collected; the capital the trade actually secures.
- MCP compact suffixLesson 6.2
- the comma-separated `| Saber: …` string the MCP server appends to a screener or spread row, listing Saber, TYE, τ, κ, ψ, and σ with its capitalized label.
- moneynessLesson 1.4
- where the stock price sits relative to the strike, the relationship that decides whether exercising a contract is worth anything right now.
- NBBOLesson 8.2
- the National Best Bid and Offer: the best publicly posted price to buy (the ask/offer) and to sell (the bid) an option at a given instant.
- Net FlowLesson 8.1
- call premium minus put premium across a name; positive and green means more premium traded in calls than puts, negative and red the reverse.
- obligationLesson 1.2
- the binding duty an option seller accepts in exchange for the premium; unlike the buyer's right, it carries no choice to walk away.
- open interestLesson 7.3
- the number of a given option contract currently outstanding (held open) in the market.
- optionLesson 1.1
- a contract giving its buyer the right to buy or sell a stock at a fixed price for a fixed time, in exchange for a premium paid to the seller.
- option seller (writer)Lesson 1.2
- a trader who sells (writes) an option, collecting the premium up front and taking on the obligation the contract carries.
- Options Flow (aggregate feed)Lesson 8.1
- a per-ticker tally of options premium that traded across the market, shown on the Market tab as call and put premium totals and their net; available to every paid tier and the active trial.
- out of the money (OTM)Lesson 1.4
- a contract that exercising would waste right now: a put with the stock above its strike, a call with the stock below it; its premium is all time value.
- oversizingLesson 2.5
- selling more of a position, or more correlated positions on one underlying, than your total secured capital can safely absorb, so a single move hits every copy at once.
- printLesson 8.1
- a single executed options trade that crosses the tape, contributing Volume × Price × 100 of premium to the aggregate feed.
- putLesson 1.1
- an option that is the right to sell 100 shares of the underlying at the strike price.
- Saber ScoreLesson 0.1
- a single 0–100 rank for an out-of-the-money income trade, blending its efficiency, stability, volatility quality, and yield into one number.
- secured capitalLesson 7.6
- the cash you reserve to buy the shares if a short put is assigned (strike × 100), the true denominator for sizing a position.
- secured cashLesson 2.1
- the strike price times 100 set aside to back a cash-secured put, held as collateral until the put expires or you are assigned.
- short vegaLesson 3.4
- the position of an option seller, who gains on paper when implied volatility falls and loses on paper when it rises, even if the stock does not move.
- strike priceLesson 1.1
- the fixed price at which the option's future buy or sell transaction happens, regardless of where the stock trades.
- sweepLesson 8.2
- one order split across multiple exchanges in a fraction of a second, all on the same side, executed for speed.
- T-bill / cash-carryLesson 5.6
- a short-term U.S. government bill, the market's baseline cash yield; the risk-free interest the collateral securing a put earns underneath the option premium.
- the Durability TestLesson 4.2
- prefer theta that survives the next move; reject premium that lives or dies on gamma and short-dated time.
- the Entry-Score TrapLesson 6.5
- a portfolio Saber Score is frozen at entry with σ pinned to Fair and never re-checks moneyness, so an ITM position still shows its entry shape.
- the five surfacesLesson 6.2
- the five places Remora renders a trade's Saber numbers, each showing a different subset of fields: the screener/spreads columns, the Trade Finder card, the wheel pill, the morning briefing line, and the MCP compact suffix.
- the greeksLesson 0.1
- the standard option risk inputs (delta, theta, gamma, vega) plus IV context that every broker displays; raw measurements, not decisions.
- the Honest DenominatorLesson 2.1
- Always divide income by the full capital you actually secured — the strike-secured cash — never a smaller number that flatters the yield.
- the Inventory PrincipleLesson 2.3
- Assignment is inventory you agreed to buy at a price you chose, not a failure to avoid.
- the MCP serverLesson 6.7
- the external connector installed as the `heyremora` package that lets AI clients like Claude Desktop or Cursor call Remora's 40+ tools directly, including the Saber tools (screen_by_saber, get_saber, the Saber section of get_option_quote); requires a Professional+ API key, and returns Saber numbers only on an Ultimate/Founding key.
- the No-Trade VetoLesson 6.3
- the standing right to place nothing; a valid checklist output — often the best one — invoked whenever any single risk check fails.
- the Pre-Trade ChecklistLesson 6.3
- the fixed go/no-go ritual run before every order, turning the Doctrine into a decision.
- the Quality-Vol RuleLesson 5.4
- only sell implied volatility the market is overpaying for — Rich or Fair, never Thin.
- the Real-Risk RuleLesson 4.3
- every dollar of premium must be paid for the assignment (delta) risk it actually carries.
- the Roll/Assign Decision TreeLesson 6.5
- the fixed procedure for a tested position — roll for a credit, close, or take assignment as inventory.
- the Saber DoctrineLesson 0.2
- Saber's four commitments — sell quality vol, get paid for real risk, prize durability over drama, let the number decide.
- the Saber OathLesson 0.3
- The short creed a reader earns the right to speak, marking the shift from picking by gut to trading by the stat line.
- the Saber SortLesson 6.1
- the ritual that replaces the nonexistent preset: run a screen and sort by the Saber column, or ask MCP's screen_by_saber.
- the Secured-Capital Sizing RuleLesson 6.3
- size every position against the full cash a trade secures, never against the premium it pays.
- the Three ChairsLesson 0.3
- The three readers seated in every lesson — the beginner, the premium seller, and the risk-off allocator.
- the Two ScoresLesson 4.5
- the legacy Score column and the Saber Score are unrelated 0–100 numbers; never read one as the other.
- the Two-Rate RuleLesson 5.6
- App surfaces compute τ with a fixed 3.5% cash-carry while the /saber calculator uses the live T-bill; never mix the two bases in one example.
- the Weekly ReviewLesson 6.6
- the recurring ritual of auditing every open position and the briefing's Saber spotlight to decide what to roll, close, or leave.
- the wheelLesson 2.3
- the repeating income loop that sells a cash-secured put, takes assignment into 100 shares, sells covered calls against them, and returns to cash when called away, collecting premium at every station.
- thetaLesson 3.2
- the daily erosion of an option's time value; the amount of premium the contract loses to the passage of one day with everything else held still — the buyer's daily bill and the seller's daily paycheck.
- Theta Efficiency (κ)Lesson 5.2
- income earned per unit of assignment (delta) risk; higher means better paid for the risk taken.
- Theta Stability (ψ)Lesson 5.3
- how durable a trade's income is against gamma fragility, penalized near expiration.
- time valueLesson 1.4
- the part of a premium above intrinsic value: the price of the time and probability left in the contract, and the entire premium of an OTM contract.
- Total Secured Yield (τ)Lesson 5.6
- TYE plus the cash-carry (risk-free) yield the strike-secured cash already earns; a plain percentage-point addition, not part of the Saber Score composite and not a screener column.
- TYELesson 0.1
- Theta Yield Equivalent; the option premium annualized as a percentage of the strike-secured cash the trade reserves, a gross rental yield on that capital.
- underlyingLesson 1.1
- the stock an option is written on; the shares that would change hands if the option is used.
- vegaLesson 3.4
- the option greek measuring how much an option's price changes when implied volatility changes; not one of Saber's inputs.
- Volatility Sale Quality (σ)Lesson 5.4
- a 0–100 score, labeled Rich/Fair/Thin, for how rich the implied volatility you're selling is; built from IV rank and IV percentile.
- volumeLesson 7.3
- the number of contracts of a given option traded during the session.