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You asked: why are strikes 50 points apart

Strikes, and why the ladder is spaced the way it is

The strike is the fixed price written into the contract, and the exchange lists a whole ladder of them around the current level so that a trader can pick how far from the money they want to be.

Mayawhat these words mean

Maya reads the desk’s written explainers and the glossary. She holds no market data at all, so she can say what a thing is and cannot say what it is doing today.