An option contract in which the option holder may choose at some point during the life whether the option is a call or a put. This allows the option holder the greatest possible leeway depending on price movements in the underlying asset. A chooser option sets the expiration date and the strike at the time it is entered. See also: Exotic option.
An option that permits the owner to choose whether to use the security as a put or a call after the option is purchased. The exercise price and expiration date are specified at the time of purchase.