Sell To Close
A phrase used by many brokerages on the street to represent the closing of a long position in option transactions.
Investopedia Commentary
An investor can sell to close either (or a combination of) puts or calls and thus will be relinquishing ownership of the option(s). The distinguishing factor of a sell to close is that the option position must have been held long in the account during the transaction.
Related Links
Options Basics Tutorial
The Importance of Time Value
See also: Buy, Buy to Close, Buy to Open, Call, Long, Open Interest, Option, Put, Sell to Open, Short