# Options An option gives the holder the right to buy or sell a particular token at a specified price (the [strike price](https://www.investopedia.com/terms/s/strikeprice.asp)) for a certain period of time. There are two kinds of options, calls and puts. [Calls](/financial-concepts/convertible-bonds/call-options.md) allow the holder to lock in a price at which to buy the token. Puts allow the holder to lock in the selling price. Options don’t last forever, though, they have an [expiration date](https://www.investopedia.com/terms/e/expiration-date.asp). After this date, the holder can no longer buy or sell the token at the strike price and the option is worthless. Put options aren't used in the protocol so we will only cover call options. {% hint style="info" %} Much of this content was pulled from [Lyra protocol's documentation](https://docs.lyra.finance) and [Investopedia](https://www.investopedia.com) and modified to better serve Arbor users. We thank [Lyra](https://www.lyra.finance) and [Investopedia](https://www.investopedia.com) for providing these educational materials and highly recommend you check them out! {% endhint %} --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.arbor.finance/financial-concepts/convertible-bonds.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.