Types of Calls and Puts
Options can be either American Style or European Style.
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American style options allow the option buyer to exercise the option at any time before the expiration date
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European style options do NOT allow the option buyer to exercise the option before the expiration date.
Most traded options are American style and all US equity options are American style.
American style options are slightly more valuable than European style options because of their added flexibility.
Now we need to look at the words "at a fixed price":