This will give the individual who bought the put option the right to sell that option at and agreed price (strike price) on or before a specific date (expiration date).
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Options Options are one of the oldest trading vehicles man has ever used.
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He may for example buy (call) the right to purchase a particular piece of land at $100,000 on or before sixty days beginning on the day he takes the option.
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He also has the knowledge that he can buy that piece of property at any time in the next sixty days at the price he has already agreed upon.
They may decide that the Euro will appreciate against the US Dollar and take what is called a long position in Euro.