Option can be divided into call(buy) option and put (sell) option, it is the right not obligation to buy or sell in specified period which depends on European Option or American option.

European Option, you can be exercised only on its expiration date, while American option can be exercise the option at any time between the date of writing and the expiration or maturity date.

While Future is a kind of agreement with the exchange, it means you have the obligation to sell or buy them.

[此贴子已经被作者于2006-4-23 2:04:05编辑过]