Chapter 04 · Section 4.1
Price Specifications
Buy 3 Calls CBOE S&P 100 Index March 225 or better. In this case, " ... or better" means:
a) " ... or better not buy the option"
b) " ... or buy a better option"
c) "you may pay $225 or a better price"
d) It does not make sense.
Remember that it is necessary to state the exercise price if you buy or sell an option. Furthermore, if you place a limit order, you have to state the limit price in addition to the strike price.