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Option

The   term option refers to a financial instrument that is based on   the value of underlying securities such as stocks. An options contract offers   the buyer the opportunity to buy or sell—depending on the type of contract   they hold—the underlying asset. Unlike futures, the holder is not required   to buy or sell the asset if they decide against it.

Each options contract will have a specific expiration   date by which the holder must exercise their option. The stated price on an   option is known as the strike price. Options are typically bought and sold   through online or retail brokers.