General term for a choice or alternative among several possibilities.
Please choose from several options.
optional extra; add-on
Refers to an item or feature that can be added to a base product or service, often at extra cost.
A sunroof is available as an optional extra on this car.
separate item; standalone service
Used when a service or item is provided individually rather than as part of a package.
You can order each item separately from this menu.
Financial derivative giving the right to buy or sell an asset at a set price.
He bought a call option, betting on a rise in the stock price.
You can add a navigation system as an option to this car.
I chose one out of three options.
The insurance company offers this service as a separate optional item.
There is an extra fee for choosing a specific seat.
futures option