From ThomsettOptions.com ---
Anyone who has taken a look at options knows the jargon can be discouraging. Below are several terms you may not have heard before, and definitions you definitely have not ever seen.
Butterfly spread - a ranch or farm owned by a butterfly, moth or other winged insect.
Contango - a dance competition in which contestants are incarcerated.
Hedge ratio - the portion of a yard taken up by hedges compared to the total lawn area.
Currency swap - a transaction in which one's wallet is removed during a robbery.
Margin - substitute for the butterfly spread, also called oleo.
Time decay - the fashion season as defined by designed Donna Karan.
CME - abbreviation used by supervising brokers when they need to speak with subordinates.
Call away - a sign placed on a broker's desk while on a break.
Double witching - condition of a divorced man contending with an ex-wife and ex-mother-in-law.
Short call condor - a condor whose plan does not allow rollover minutes.
Exercise limit - the maximum daily treadmill time a broker is able to withstand.
Present value - the amount a loved one spends on a birthday gift.
Floor broker - the bottom level, or most broke a trader can be from losing on options trades.
Short selling - activity in the undergarments department of Sears.
Forced liquidation - see water boarding.
Fungibility - one's tolerance for the taste of mushrooms.
Return if unchanged - instructions from a dermatologist if prescription does not cure a rash.