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Implied Volatility
A measure of the volatility of the underlying asset, it is determined by using option prices currently existing in the market at the time rather than using historical data on the price changes of the underlying stock.  See also Volatility.

Index Option
A binary option whose underlying entity is an index, e.g. S&P500 binaries. Most index options are cash-based.

In-the-money
A binary call option is in-the-money if the underlying asset price is higher than the strike price of the binary call. A binary put option is in-the-money if the underlying asset is below the binary put strike price.  See also out-of-the-money.