Meaning

• One of a set of choices that can be made.

• The freedom or right to choose.

• A contract giving the holder the right to buy or sell an asset at a set strike price; can apply to financial market transactions, or to ordinary transactions for tangible assets such as a residence or automobile.

Meaning

• To purchase an option on something.

  "The new novel was optioned by the film studio, but they'll probably never decide to make a movie from it."

• To configure, by setting an option.