Options Writer Explained

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Key Options Terms

(AKA Definitely-not-boring-definitions)

Don’t worry if some of these meanings aren’t crystal clear at first. That’s normal. Just keep forging ahead, and everything will become more apparent over time.

Long — This term can be pretty confusing. On this site, it usually doesn’t refer to time. As in, “Ally Invest never leaves me on hold for long.” Or distance, as in, “I went for a long jog.”

When you’re talking about options and stocks, “long” implies a position of ownership. After you have purchased an option or a stock, you are considered “long” that security in your account.

Short — Short is another one of those words you have to be careful about. It doesn’t refer to your hair after a buzz cut, or that time at camp when you short-sheeted your counselor’s bed.

If you’ve sold an option or a stock without actually owning it, you are then considered to be “short” that security in your account. That’s one of the interesting things about options. You can sell something you don’t actually own. But when you do, you may be obligated to do something at a later date. Read on to get a clearer picture of what that something might be for specific strategies.

Strike Price — The pre-agreed price per share at which stock may be bought or sold under the terms of an option contract. Some people refer to the strike price as the “exercise price”.

In-The-Money (ITM) — For call options, this means the stock price is above the strike price. So if a call has a strike price of $50 and the stock is trading at $55, that option is in-the-money.

For put options, it means the stock price is below the strike price. So if a put has a strike price of $50 and the stock is trading at $45, that option is in-the-money.

This term might also remind you of a great song from the 1930s that you can tap dance to whenever your option strategies go according to plan.

Out-of-The-Money (OTM) — For call options, this means the stock price is below the strike price. For put options, this means the stock price is above the strike price. The price of out-of-the-money options consists entirely of “time value.”

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At-The-Money (ATM) — An option is “at-the-money” when the stock price is equal to the strike price. (Since the two values are rarely exactly equal, when purchasing options the strike price closest to the stock price is typically called the “ATM strike.”)

Intrinsic Value — The amount an option is in-the-money. Obviously, only in-the-money options have intrinsic value.

Time Value — The part of an option price that is based on its time to expiration. If you subtract the amount of intrinsic value from an option price, you’re left with the time value. If an option has no intrinsic value (i.e., it’s out-of-the-money) its entire worth is based on time value.

Let us also take this opportunity to say while you’re reading this site, you’re spending your time valuably.

Exercise — This occurs when the owner of an option invokes the right embedded in the option contract. In layman’s terms, it means the option owner buys or sells the underlying stock at the strike price, and requires the option seller to take the other side of the trade.

Interestingly, options are a lot like most people, in that exercise is a fairly infrequent event. (See Cashing Out Your Options.)

Assignment — When an option owner exercises the option, an option seller (or “writer”) is assigned and must make good on his or her obligation. That means he or she is required to buy or sell the underlying stock at the strike price.

Index Options vs. Equity Options — There are quite a few differences between options based on an index versus those based on equities, or stocks. First, index options typically can’t be exercised prior to expiration, whereas equity options typically can.

Second, the last day to trade most index options is the Thursday before the third Friday of the expiration month. (That’s not always the third Thursday of the month. It might actually be the second Thursday if the month started on a Friday.) But the last day to trade equity options is the third Friday of the expiration month.

Third, index options are cash-settled, but equity options result in stock changing hands.

NOTE: There are several exceptions to these general guidelines about index options. If you’re going to trade an index, you must take the time to understand its characteristics. See What is an Index Option? or ask an Ally Invest broker.

Stop-Loss Order – An order to sell a stock or option when it reaches a certain price (the stop price). The order is designed to help limit an investor’s exposure to the markets on an existing position.

Here’s how a stop-loss order works: first you select a stop price, usually below the current market price for an existing long position. By choosing a price below the current market, you’re basically saying, “This is the downside point where I would like to get out of my position.”

Past this price, you no longer want the cheese; you just want out of the trap. When your position trades at or through your stop price, your stop order will get activated as a market order, seeking the best available market price at that time the order is triggered to close out your position.

Any discussion of stop orders isn’t complete without mentioning this caveat: they do not provide much protection if the market is closed or trading is halted during the day. In those situations, stocks are likely to gap — that is, the next trade price after the trading halt might be significantly different from the prices before the halt. If the stock gaps, your downside “protective” order will most likely trigger, but it’s anybody’s guess as to what the next available price will be.

Standard Deviation — This site is about options, not statistics. But since we’re be using this term a lot, let’s clarify its meaning a little.

If we assume stocks have a simple normal price distribution, we can calculate what a one-standard-deviation move for the stock will be. On an annualized basis the stock will stay within plus or minus one standard deviation roughly 68% of the time. This comes in handy when figuring out the potential range of movement for a particular stock.

For simplicity’s sake, here we assume a normal distribution. Most pricing models assume a log normal distribution. Just in case you’re a statistician or something.

Writing Call Options | Payoff | Example | Strategies

What is Writing Call Options

Options are one of the derivative instruments used in the world of finance in order to transfer risk from one entity to another and also can be used for hedging or arbitrage or speculation. By definition, Call options are a financial instrument which gives its holder (buyer) the right but not the obligation to buy the underlying asset at a predetermined price during the period of the contract.

In this article, we discuss about writing call options in detail –

Writing Call Options

Writing call options also called as selling the call options.

As we know that call option gives a holder the right but not the obligation to buy the shares at a predetermined price. Whereas, in writing a call option, a person sells the call option to the holder (buyer) and obliged to sell the shares at the strike price if exercised by the holder. The seller in return receives a premium which is paid by the buyer.

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Writing Call Options Example

Suppose two investors, Mr. A and Mr. B have done their research on the shares of TV Inc. Mr. A has 100 shares of TV Inc in his portfolio and currently TV Inc is trading at a price of $1000/-. Mr. A is pessimistic about the shares and feels that in one month’s time, TV Inc is going to trade at the same level or it will drop from its current level and therefore wants to sell a call option. However, he wants to retain TV Inc’s shares in his portfolio for a long term. Hence, he places a sell of a call option on TV Inc for a strike price of $1200/-, at a premium of $400/-($4/per share) and a maturity of next one month. Lot size of one contract we assume here as 100 shares.

On the other side, Mr. B feels that TV Inc’s share is going to rise from $1000/- to $1200/-. And therefore, he wants to buy a call option. However, he does not wish to increase his portfolio as of now. Hence, he put his order to buy a call option on TV Inc for the strike price of $1200/-, at a premium of $400/- and maturity period of next one month.

Mr. A found that someone has quoted a buy on call option with a bid price of $400/- for the strike price of $1200/-. He accepted the order and call option contract between the two got finalized.

During the maturity period, the price of TV Inc’s shares soars to $1300/- and hence Mr. B has exercised his call option (since the call option is in the money). Now, as per the contract Mr. A has to sell 100 shares of TV Inc at a price of $1200/- to Mr. B, which would in turn profitable for Mr. B as he can sell the shares at $1300/- in the spot market.

Here, Mr. B purchased the shares of TV Inc at a price of $1200/- which was worth $1300/- in the spot market. Whereas, Mr. A has earned $400/- as premium while writing the call option but had to sell the shares at $1200/- which was worth $1300/-.

In our example, an obvious question comes to our mind that if Mr. A feels that the shares of TV Inc are going to drop from its current level then he could have bought put option instead of selling a call option. In the case of buying put option instead of writing a call option, he (as a holder) had to pay the premium and would have lost the opportunity to earn the premium by way of selling a call option.

With the above example, we can conclude that while writing call option, the writer (seller) leaves his right and obliged to sell the underlying at the strike price, if exercised by the buyer.

Payoff for writing call options

A call option gives the holder of the option the right to buy an asset by a certain date at a certain price. Hence, whenever a call option is written by the seller or writer it gives payoff of either zero since the call is not exercised by the holder of the option or the difference between strike price and stock price, whichever is minimum. Hence,

Payoff of short call option = min(X – ST, 0) or – max(ST – X, 0)

We can calculate the payoff of Mr. A with the available details assumed in the above example.

Had the share price of TV Inc been moved to $1100/- and end up out of the money, the pay-off for Mr. A would have been as follows

Strategies involved in writing call options

In the above example we have observed that Mr. A (writer of the call option) owns 100 shares of TV Inc. So when the option contract was exercised by Mr. B (buyer of the call option), Mr. A had to sell the shares to Mr. B and closed the contract. But there would be a scenario wherein the underlying is not owned by the seller or he is simply trading on the basis of his speculation. This argument gives space for Option Trading strategies involved in writing call options.

The strategy of writing call options can be done in two ways:

  1. writing covered call
  2. writing naked call or Naked short call

Let’s now discuss these two strategies involved in writing call options in details.

#1 – Writing Covered Call

In writing covered call strategy, the investor writes those call options for which s/he owns the underlying. This is a very popular strategy in writing option. This strategy is adopted by the investors if they feel that stock is going to fall or to be constant in near term or short term but want to hold the shares in their portfolio.

As the share prices fall, they end up with earning as premium. On the other hand, if the stock price rises, they sell the underlying to the buyer of call options.

In the above example, we have seen that Mr. A has written a call option on TV Inc shares which he is holding and later sold the same to the buyer Mr. B since the share prices were not moved as per his expectation and call option ended in the money. Here, Mr. A has covered his position by holding the underlying (shares of TV Inc). But had the share prices been moved as per his expectations and fallen down, he would have earned a net pay-off of $400/- as premium. However, incase of a buyer, if share prices move up as per his expectation he can earn unlimited profit theoretically.

In this way, the writer limits his losses by the difference between strike price at which the underlying is sold and premium earned by shorting or selling the call option.

Writing Covered Call Example

An investor has written the covered call option and at the time of expiry, the stock price rose to $1600/-.

Payoff for the seller is as below:

  • Pay-off = min(X – ST, 0)
  • = max(1500 – 1600, 0)
  • = -$100/-
  • Net Payoff of writer = 400 – 100 = $300/-

#2 – Writing Naked Call or Naked short Call

Writing naked call is in contrast to a covered call strategy as the seller of the call options does not own the underlying securities. In other words, we can say that when the option is not combined with offsetting position in the underlying stock.

In order to understand this, let’s think other side of the transaction in call options where a person has written a call option and leaves the right to buy (or obliged to sell) a certain amount of share at a certain price but does not own the underlying securities. This strategy is basically adopted by the investor when they are very speculative or think that share prices are not going to move upward.

In this type of strategy, the seller earns through premium paid by the buyer. However, the losses would be unlimited theoretically, if share prices move upward and exercised by the buyer. Therefore, there is limited profit with a huge potential of upside risk.

Further, the payoff for writing naked call options would be as similar as writing covered call. The only difference is at the time of exercise by the buyer, the seller has to purchase the underlying from the market or alternatively has to borrow the shares from the broker and sell it to the buyer at the strike price.

Writing Naked Call Example

Let’s assume shares of ABC is currently trading at $800/- and the call option for a strike price of $1000/- with a maturity of one month and premium of $50/-. Here, I can sell a naked call (suppose I am not owing shares of ABC) and earn an amount of $50/- through premium. By doing so, I am deliberately speculating that share price of ABC shall not move beyond $850/- ($800 + Premium of $50) till the expiration of the contract. In this strategy, I shall start incurring losses once ABC stock start moving from the level of $850/- and it can be theoretically unlimited. Hence, there is a huge potential of making a loss through upside risk and limited potential of making a profit.

Let’s consider another example:

Suppose an investor sells a naked call option of XYZ stock for a strike price of $500/- at a premium of $10/- (since it is a short naked call option, he obviously doesn’t hold the shares of XYZ) with a maturity of one month.

Suppose, after one month, the share price of XYZ moves to $800/- on expiry date. Since the option is in the money leading the same to be exercised by the buyer, the investor has to buy the shares of XYZ from the market at a price of $800/- and sell it to the buyer at $500/-. Here, the investor makes a loss of $300/-. Had the share price of XYZ been moved to $400/-, it would have earned the premium as in this scenario options expires out of the money and will not be exercised by the buyer. The pay-offs are summarized below.

Использование EXPLAIN. Улучшение запросов

Когда вы выполняете какой-нибудь запрос, оптимизатор запросов MySQL пытается придумать оптимальный план выполнения этого запроса. Вы можете посмотреть этот самый план используя запрос с ключевым словом EXPLAIN. EXPLAIN – это один из самых мощных инструментов, предоставленных в ваше распоряжение для понимания MySQL-запросов и их оптимизации, но печальным фактом является то, что многие разработчики редко его используют. В данной статье вы узнаете о том, какие данные предлагает EXPLAIN на выходе и ознакомитесь с примером того, как использовать его для оптимизации запросов.

Что предлагает EXPLAIN?

Использовать оператор EXPLAIN просто. Его необходимо добавлять в запросы перед оператором SELECT. Давайте проанализируем вывод, чтобы познакомиться с информацией, возвращаемой командой.

Вывод может не выглядеть точь-в-точь так, тем не менее, в нем будут содержаться те же 10 столбцов. Что же это за возвращаемые столбцы?

  • id – порядковый номер для каждого SELECT’а внутри запроса (когда имеется несколько подзапросов)
  • select_type – тип запроса SELECT.
  • SIMPLE — Простой запрос SELECT без подзапросов или UNION’ов
  • PRIMARY – данный SELECT – самый внешний запрос в JOIN’е
  • DERIVED – данный SELECT является частью подзапроса внутри FROM
  • SUBQUERY – первый SELECT в подзапросе
  • DEPENDENT SUBQUERY – подзапрос, который зависит от внешнего запроса
  • UNCACHABLE SUBQUERY – не кешируемый подзапрос (существуют определенные условия для того, чтобы запрос кешировался)
  • UNION – второй или последующий SELECT в UNION’е
  • DEPENDENT UNION – второй или последующий SELECT в UNION’е, зависимый от внешнего запроса
  • UNION RESULT – результат UNION’а

  • Table – таблица, к которой относится выводимая строка
  • Type — указывает на то, как MySQL связывает используемые таблицы. Это одно из наиболее полезных полей в выводе потому, что может сообщать об отсутствующих индексах или почему написанный запрос должен быть пересмотрен и переписан.
    Возможные значения:

    • System – таблица имеет только одну строку
    • Const – таблица имеет только одну соответствующую строку, которая проиндексирована. Это наиболее быстрый тип соединения потому, что таблица читается только один раз и значение строки может восприниматься при дальнейших соединениях как константа.
    • Eq_ref – все части индекса используются для связывания. Используемые индексы: PRIMARY KEY или UNIQUE NOT NULL. Это еще один наилучший возможный тип связывания.
    • Ref – все соответствующие строки индексного столбца считываются для каждой комбинации строк из предыдущей таблицы. Этот тип соединения для индексированных столбцов выглядит как использование операторов = или
    • Fulltext – соединение использует полнотекстовый индекс таблицы
    • Ref_or_null – то же самое, что и ref, но также содержит строки со значением null для столбца
    • Index_merge – соединение использует список индексов для получения результирующего набора. Столбец key вывода команды EXPLAIN будет содержать список использованных индексов.
    • Unique_subquery – подзапрос IN возвращает только один результат из таблицы и использует первичный ключ.
    • Index_subquery – тоже, что и предыдущий, но возвращает более одного результата.
    • Range – индекс, использованный для нахождения соответствующей строки в определенном диапазоне, обычно, когда ключевой столбец сравнивается с константой, используя операторы вроде: BETWEEN, IN, >, >=, etc.
    • Index – сканируется все дерево индексов для нахождения соответствующих строк.
    • All – Для нахождения соответствующих строк используются сканирование всей таблицы. Это наихудший тип соединения и обычно указывает на отсутствие подходящих индексов в таблице.

  • Possible_keys – показывает индексы, которые могут быть использованы для нахождения строк в таблице. На практике они могут использоваться, а могут и не использоваться. Фактически, этот столбец может сослужить добрую службу в деле оптимизации запросов, т.к значение NULL указывает на то, что не найдено ни одного подходящего индекса .
  • Key– указывает на использованный индекс. Этот столбец может содержать индекс, не указанный в столбце possible_keys. В процессе соединения таблиц оптимизатор ищет наилучшие варианты и может найти ключи, которые не отображены в possible_keys, но являются более оптимальными для использования.
  • Key_len – длина индекса, которую оптимизатор MySQL выбрал для использования. Например, значение key_len, равное 4, означает, что памяти требуется для хранения 4 знаков. На эту тему вот cсылка
  • Ref – указываются столбцы или константы, которые сравниваются с индексом, указанным в поле key. MySQL выберет либо значение константы для сравнения, либо само поле, основываясь на плане выполнения запроса.
  • Rows – отображает число записей, обработанных для получения выходных данных. Это еще одно очень важное поле, которое дает повод оптимизировать запросы, особенно те, которые используют JOIN’ы и подзапросы.
  • Extra – содержит дополнительную информацию, относящуюся к плану выполнения запроса. Такие значения как “Using temporary”, “Using filesort” и т.д могут быть индикатором проблемного запроса. С полным списком возможных значений вы можете ознакомиться здесь
  • После EXPLAIN в запросе вы можете использовать ключевое слово EXTENDED и MySQL покажет вам дополнительную информацию о том, как выполняется запрос. Чтобы увидеть эту информацию, вам нужно сразу после запроса с EXTENDED выполнить запрос SHOW WARNINGS. Наиболее полезно смотреть эту информацию о запросе, который выполнялся после каких-либо изменений сделанных оптимизатором запросов.

    Поиск и устранение проблем с производительностью с помощью EXPLAIN.

    Теперь давайте посмотрим на то, как мы может оптимизировать не очень шустрый запрос, анализируя вывод команды EXPLAIN. Несомненно, что в действующих рабочих приложениях существует ряд таблиц со многими связями между ними, но иногда сложно предвидеть наиболее оптимальный способ написания запроса.

    Я создал тестовую базу данных для приложения электронной торговли, которая не имеет никаких индексов или первичных ключей, и продемонстрирую влияние такого не очень хорошего способа создания таблиц при помощи “страшных” запросов. Дамп это таблицы вы можете скачать здесь — github.com/phpmasterdotcom/UsingExplainToWriteBetterMySQLQueries

    Если вы посмотрите на результат (на него вам придется посмотреть только в примере ниже, по ссылке выше лежит дамп с уже добавленными ключами), то увидите все симптомы плохого запроса.

    UPDATE. Здесь лежит исправленный дамп без индексов. В оригинальном авторском дампе индексы почему-то изначально добавлены.

    Но даже если я напишу запрос получше, результат будет тем же самым, пока я не добавлю индексов. Указанный тип соединения ALL (худший), что означает, что MySQL не смог определить ни одного ключа, который бы мог использоваться при соединении. Отсюда следует и то, что possible_keys и key имеют значение NULL. Самым важным является то, что поле rows показывает, что MySQL сканирует все записи каждой таблицы для запроса. Это означает, что она просканирует 7 × 110 × 122 × 326 × 2996 = 91,750,822,240 записей, чтобы найти подходящие четыре (уберите из запроса EXPLAIN, проверьте сами). Это очень нехорошо и количество этих записей будет экспоненциально увеличиваться по мере роста базы данных.

    Теперь давайте добавим очевидные индексы, такие, как первичный ключ для каждой таблицы, и выполним запрос еще раз. Взяв это за основное правило, в качестве кандидатов для добавления ключей вы можете использовать те столбцы которые используются в JOIN’ах, т.к. MySQL всегда сканирует их для нахождения соответствующих записей.

    Давайте выполним наш прежний запрос после добавления индексов. Вы увидите это:

    После добавления индексов, число считанных записей упало до 1 × 1 × 4 × 1 × 1 = 4 Для каждой записи order_number = 10101 в таблице orderdetails – это значит, что MySQL смогла найти соответствующие записи во всех других таблицах с использованием индексов и не стала прибегать к полному сканированию таблицы.

    В первом выводе вы можете что использован тип соединения – “const”, который является самым быстрым типом соединения для таблиц с более, чем одной записью. MySQL смогла использовать PRIMARY KEY как индекс. В поле “ref” отображается “const”, что есть ни что иное, как значение 10101, указанное в запросе после ключевого слова WHERE.

    Смотрим на еще один запрос. В нем мы выбираем объединение двух таблиц, products и productvariants, каждая объединена с productline. productvariants, которая состоит из разных вариантов продуктов с полем productCode – ссылкой на их цены.

    Вы можете заметить ряд проблем в этом запросе. Он сканирует все записи в products и productvarians. Т.к. в этих таблицах нет индексов для столбцов productLine и buyPrice, в полях possible_keys и key отображаются значения NULL. Статус таблиц products и productlines проверяется после UNION’а, поэтому перемещение их внутри UNION’а уменьшит число записей. Добавим индексы.

    Choosing options for Writer


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    1. If the Options dialog box is not already open, click Tools > Options.
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    General options for Writer

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    2. Keep in mind the following considerations when selecting options on this page.

    Update links when loading

    Depending on your work patterns, you may not want links to be updated when you load a document. For example, if your file links to other files on a network, you won’t want those links to update when you are not connected to the network.

    Update fields and charts automatically

    You may not want fields or charts to update automatically when you are working, because that slows down performance.

    Settings – Tab stops

    The Tab stops setting is also used for the indent distance applied by the Increase Indent and Decrease Indent buttons on the Formatting Bar.

    View options for Writer

    Two pages of options set the defaults for viewing Writer documents: View and Formatting Aids.

    Choose OpenOffice.org Writer > View on the Options dialog box.

    If the items on this page are not self-explanatory, you can easily test their effects in a blank document.

    This is a good page to check if, for example, you cannot see graphics on the screen or you see field codes instead of the text or numbers you are expecting.

    Formatting Aids options

    The display of symbols such as paragraph ends and tabs help you when writing, editing, and doing page layout. For example, you might want to know if any blank paragraphs or tabs are included or if any tables or graphics are too wide and intrude into the margins of the page.

    On the OpenOffice.org Writer – Formatting Aids page, select the required checkboxes.

    Direct cursor lets you enter text, images, tables, frames, and other objects in any blank area in your document. OOo inserts blank paragraphs and tabs to position the text or objects. This feature is incompatible with rigorous use of styles and can lead to many formatting oddities, so it should be avoided by professional writers.
    The AutoCorrect tool automatically removes empty paragraphs, tabs, and spaces that are inserted by the direct cursor. If you want to use the direct cursor, then disable the AutoCorrect tool.

    Grid options for Writer

    Specifying “snap to grid” can be very helpful when you are trying to align several objects such as graphics or tables. If the grid intervals (subdivisions) are too large, you may find that you do not have enough control in placing the objects.

    On the OpenOffice.org Writer – Grid page, you can choose whether to enable this feature and what grid intervals to use.

    Default fonts for Writer

    The default fonts specified on the OpenOffice.org Writer – Basic Fonts (Western) page apply to both Writer documents and HTML (Web) documents.

    If you want to change the defaults, do so on the OpenOffice.org Writer – Basic Fonts (Western) page. You can, of course, choose other fonts for use in specific documents, either by applying direct formatting or by defining and applying styles in those documents.

    When choosing fonts on this page, you are not limited to single fonts or to the ones shown in the drop-down list. You can specify a “font family”as a set of fonts that includes those suitable for Windows, Macintosh, Linux, and other operating systems. These choices are particularly important in HTML documents.

    If the document is viewed on a system that does not have the first font specified, it will use one of the other fonts if that one is available. Otherwise, it will substitute a font that is available on the system.

    Type the list of fonts, separated by commas, in the boxes. If you want these defaults to apply to the current document only, select that checkbox. The Default button resets the values on this page to the defaults installed with OpenOffice.org.

    On the OpenOffice.org Writer – Print page (shown below), you can choose which items are printed with the document by default. These options are in addition to those on the OpenOffice.org – Print page.

    • When you are working on drafts and you want to save printer ink or toner, you might want to deselect some of the items in the Contents section.
    • The Print black selection causes color text (but not graphics) to print as black on a color printer; on a black-and-white printer, this option causes color text to print as solid black instead of shades of gray (dithered).
    • Contrast Print black with Convert colors to grayscale on the Options – OpenOffice.org – Print page (Figure 5), which prints all graphics as grayscale on color printers. (On black-and-white printers, color in graphics normally prints as grayscale.)
    • If you are printing double-sided on a non-duplexing printer, you might choose to print only left or right pages, then turn the stack over and print the other pages.
    • Depending on how your printer ejects pages (face up or face down), you might need to print the pages in reverse order so they stack in the correct order as they are printed.
    You can override any of these defaults when printing a document. Click File > Print, then click the Options button on the Print dialog box. The Printer Options dialog box that appears is similar to the one shown below.

    Default table options for Writer

    On the OpenOffice.org Writer – Table page, you can specify the default table behavior.

    • If most of your tables will require borders or headings, select those checkboxes. If most of your tables are used for page layout, deselect borders and headings.
    • Number recognition can be very useful if most of your tables contain numerical data; Writer will recognize dates or currency, for example, and format the numbers appropriately. However, if you want the numbers to remain as ordinary text, this feature can be quite irritating, so you will want to deselect it.
    • The Keyboard handling section specifies the distances that cells move when you use keyboard shortcuts to move them and the size of rows and columns inserted using keyboard shortcuts.
    • The choices in the Behavior of rows/columns section determine the effects that changes to rows or columns have on adjacent rows or columns and the entire table. You might need to test these selections to fully understand the effects.

    Change tracking options

    If you plan to use the change-tracking feature of Writer, use the OpenOffice.org Writer – Changes page to choose the way inserted and deleted material is marked, whether and how attribute changes are marked, and whether and how change bars are marked in the margins.

    Compatibility options for Writer

    Do you need to import Microsoft Word documents into OOo Writer? If so, you might want to select some or all of the settings on the OpenOffice.org Writer – Compatibility page. If you are not sure about the effects of these settings, leave them as the defaults provided by OOo. For information about the settings not described below, see the Help.

    Use printer metrics for document formatting

    If this checkbox is selected, the printer specified for the document determines how the document is formatted for viewing on screen. The line breaks and paragraph breaks you see on screen match those that apply when the document is printed on that printer.

    This setting can be useful when several people are reviewing a document that will eventually be printed on a specific printer or when the document is exported to PDF (a process that uses “Adobe PDF” as the printer).

    If this checkbox is not selected, a printer-independent layout will be used for screen display and printing.

    Add spacing between paragraphs and tables (in current document)

    In OpenOffice.org Writer, paragraph spacing is defined differently than it is in MS Word documents. If you have defined spacing between two paragraphs or tables, spacing is also added in the corresponding MS Word documents.

    If this checkbox is selected, MS Word-compatible spacing is added between paragraphs and tables in OpenOffice.org Writer documents.

    Add paragraph and table spacing at tops of pages (in current document)

    You can define paragraphs to have space appear before (above) them. If this checkbox is selected, any space above a paragraph will also appear if the paragraph is at the beginning of a page or column, if the paragraph is positioned on the first page of the document, or after a manual page break.

    If you import an MS Word document, the spaces are automatically added during the conversion.

    Add paragraph and table spacing at bottom of table cells

    Specifies that the bottom spacing is added to a paragraph, even when it is the last paragraph in a table cell.

    Use as Default button

    Click this button to use the current settings on this page as the default in OpenOffice.org.

    AutoCaption options

    Do you want OOo to automatically insert captions for tables, pictures, frames, and OLE objects that have been inserted in a Writer document?

    You may not always want captions for every table, for example, if you use tables for layout as well as for tables of data. You can always add captions to individual tables, graphics, or other objects (right-click > Caption).

    If you do want automatic captions on one or more object types:

    1. Choose OpenOffice.org Writer > AutoCaption on the Options dialog box.
    2. On the OpenOffice.org Writer – AutoCaption page, select the checkbox next to an object you want to be automatically captioned (Picture in the example shown).
    3. With the item highlighted, specify the characteristics of the caption. The supplied categories for captions are Drawing, Illustration, Table, and Text. However, you are not limited to the supplied categories. If you want to use another name (for example, Figure) for the caption label, type the required term in the box. In the example shown, I have added the category “Figure” to the list.

    For more information about numbering captions by chapter, character styles, frame styles, and other items on the AutoCaption page, see other chapters in the Writer Guide.

    Mail Merge E-mail options

    You can produce form letters using Writer and then use the mail merge function to personalize those letters and send them to a number of addresses taken from a data source, such as an address book. Mail merged documents can be printed and mailed, or you can send them by e-mail.

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