Chapter 02 · Section 2.1
The exercise price - Q1
The exercise price is the price at which:
a) the call writer may buy the underlying asset or the call writer may sell the underlying asset.
b) the call holder may buy the underlying asset or the put holder may sell the underlying asset.
c) the call writer may buy the underlying asset or the put holder may sell the underlying asset.
The writer has the obligation to fulfill, the holder has the right to choose.