Non-Linear Stock Payoff This term can be used to describe the amplified or diminishing return characteristics for an options trade as the price of the underlying security goes up or down, or if implied volatility or another Greek influence goes up or down. When buying or selling a security directly, the returns are linear when the underlying moves in either direction (1:1). Related articles Physical or Cash Settlement Options Liquidity Providers Premium Harvesting Put Open Interest What does each axis on the HIRO Chart represent?