Put Option

A put option is an option that gives the buyer the right but not the obligation to sell an underlying asset (equity, bond, index, ETF, currency, commodity, cryptocurrency) at a specific price (strike) at any time before expiry (in the case of an American option) or at expiry (in the case of a European option). If the price of the underlying is lower than the strike price, the put option will have intrinsic value and the buyer will exercise.