Trader Resources : Options Markets Basics : Basics of Options Trading
All aspects of an option are fixed with the exception of the option premium. The premium is negotiated in the pits in the same manner as price in futures contracts: Open outcry.

Option holders can offset their positions only by selling an option on same contract with the same strike price. Similarly, Option writers can offset their positions only by buying an option on same contract with the same strike price. Additionally, only option holders have the opportunity to exercise an option. This process will be detailed further in the next section.

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