Every thinker puts some new portion of an apparently stable world in peril.
̶̶ Thomas Dewey, Characters and Events, 1929
Every option is characterized by four specific attributes, collectively called the terms of the option (also called standardized terms). These are strike price, expiration date, type of option (call or put), and the underlying stock. They cannot be exchanged or replaced but remain fixed until the option is closed, expired, or exercised.
These are the four essential pieces you need to see the whole picture, and to distinguish every option from every other option. In evaluating risk and potential gain, and even to discuss an option, every ...