Exercise date: some options can only be exercised on a particular date and they are commonly know as European options.
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If Xyz Company is trading at $50 per share on or before the expiration date your option is in effect worth $10.
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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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Similar to futures, options can give the holder protection against adverse price moves.
For every book that there is on making money trading there is probably an opposite book explaining why it can’t be done.