noun

• (finance, law) 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.
  "There's a book out on us and there's gonna be a movie based on the book. ABC has bought the option for a movie to be made specially for T.V."
• (law, uncountable) The acquiring or retention of a nationality through personal choice as a right, bypassing selective legal mechanisms for naturalization, especially in cases where a territory is transferred or passed on from one state to another.
  "At that time every emigrant who was made aware of such a notification submitted his application for option to the British Consuls within the period prescribed."

verb

• (computing, dated) To configure, by setting an option.
  "The device that is to echo the characters should be optioned for echoplexing."