noun One of a set of choices that can be made. .mw-parser-output .defdate{font-size:smaller}
noun The freedom or right to choose.
noun 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.
noun 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.
verb To purchase an option on something.
The new novel was optioned by the film studio, but they'll probably never decide to make a movie from it.