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Here we attempt to explain basic difference between Future and Option Contracts
Premium
While you pay a fee called the "premium" when buying stock options, there are no premiums to be paid in a futures contract. The initial amount of money (known as "Initial Margin") paid when you buy a futures contract is a fraction of the price paid for the underlying stock. While writing options you receive premium.
Obligations
Buyers of stock options are not obligated to exercise the rights to buy the underlying stock at all while buyers of futures contracts or option writers are obligated settle difference with cash market and pay mark to mark daily.
Liability
Buyers of futures contracts and option writers are exposed to unlimited liability should prices move against them while buyers of stock options lose only the amount of money used to purchase those stock options.
Expiration
Buyers of futures contracts can carry forward their position by selling current month contract and buying next month or vice versa. Options expire worthless if the options are out of the money.
Versatility