Replace and Overwrite

verb

• Substitute a person or thing for (another that is broken or inefficient or lost or no longer working or yielding what is expected. )
  • usage: "He replaced the old razor blade"; "We need to replace the secretary that left a month ago"; "the insurance will replace the lost income"; "This antique vase can never be replaced"
• Take the place or move into the position of.
  • usage: "Smith replaced Miller as CEO after Miller left"; "the computer has supplanted the slide rule"; "Mary replaced Susan as the team's captain and the highest-ranked player in the school"
  • synonyms: supplant, supersede, supervene upon, supercede
• Put something back where it belongs.
  • usage: "replace the book on the shelf after you have finished reading it"; "please put the clean dishes back in the cabinet when you have washed them"
  • synonyms: put back
• Put in the place of another; switch seemingly equivalent items.
  • usage: "the con artist replaced the original with a fake Rembrandt"; "substitute regular milk with fat-free milk"; "synonyms can be interchanged without a changing the context's meaning"
  • synonyms: substitute, interchange, exchange

• (v.t.) To put in a new or different place.
• (v.t.) To place again; to restore to a former place, position, condition or the like.
• (v.t.) To take the place of; to supply the want of; to fulfull the end or office of.
• (v.t.) To supply or substitute an equivalent for; as, to replace a lost document.
• (v.t.) To refund; to repay; to restore; as, to replace a sum of money borrowed.

verb

• Write new data on top of existing data and thus erase the previously existing data.
  • usage: "overwrite that file"

OVERWRITE is the writing of more options than one expects to have exercised. Call options are overwritten because the writer considers the underlying overvalued. Put options are overwritten because the underlying is considered undervalued.