Options Definition

Options is a derivative of the stocks. So the options market is a derivative of the stock market. So some people refer to options as "derivative options"(it sounds to me like calling one's own father "papa dad").

Not all stocks have options.

Put and Call Options
Calls and puts are two basic option types.

In stock trading buying is long and selling is short.
So you buy puts if you are bearish on a stock and buy calls if you are bullish.

Buying put options gives you the right to sell the stock later on at the strike price(strike price --- more on this later)
Buying call options gives you the right to buy that stock at the strike price even the stock price moves over the current market price or the strike price.

The World's Options market
There are two different option types, in plain English, shall we call them european options and american options.

You can only exercise European options on the expiration date, you can not exercise the option prior to the expiration date. (exercise an option --- more on this later)

American options can be bought and sold freely as long as the options have market value.

The following countries trade amrecian options (including but not limited to): India, Hong Kong, Singapore, Australia, New Zealand, Canada, U.S.

Needless to say, U.S. has the most liquid options market.