Vanilla Option

See: Put Option. See: Call Option.

A basic option. Nothing fancy. It has a simple, underlying security like KO or DIS or GE. It has a strike price like $50 or $120 or $15. And it has an end date or expiration date. Investors can buy or sell 'em at will, assuming they qualify as being enough of an expert so that, when they lose their money trading in these things, they don't cry (openly).