ApexVol Terminal
Options analytics, live.
Chains, IV rank, expected move and dealer positioning for 5,500+ US stocks and ETFs.
Free on AAPL, no account. Trial: no charge if you cancel before it ends.
On this page
What is Conversion?
Conversion An arbitrage strategy combining long stock, long put, and short call at the same strike and expiration. Creates a risk-free position that locks in a profit if the options are mispriced relative to put-call parity. Conversions are primarily used by market makers and institutional traders to exploit pricing inefficiencies.
Complete definition
An arbitrage strategy combining long stock, long put, and short call at the same strike and expiration. Creates a risk-free position that locks in a profit if the options are mispriced relative to put-call parity. Conversions are primarily used by market makers and institutional traders to exploit pricing inefficiencies.
Related terms
Taught in Volcademy
A free course in order, with questions you answer on the live market. See every module
ApexVol Terminal
Options analytics, live.
Chains, IV rank, expected move and dealer positioning for 5,500+ US stocks and ETFs.
- Live chains and Greeks
- IV rank and percentile
- Expected move and GEX
- Screener and strategy P&L
Free on AAPL, no account. Trial: no charge if you cancel before it ends.
Try this with real market data. 5,500+ stocks, live options chains, IV analytics and P&L. 7-day free trial.
Keep reading
Where this term
actually shows up.
Know the term.
Now see it priced.
Every definition here is something the Terminal shows you live on a real chain — the Greeks, the surface, the flow. Run it on AAPL without an account.
Real market data, not a sandbox. See it live on AAPL.