Chooser option

(1) The results obtained are similar to those of a straddle, but the premium is lower because the holder is required to make a choice and therefore must give up either the call option or the put option. (2) There are two types of chooser options: the simple chooser option or standard chooser option, for which the same exercise price and the same maturity apply both to the call option and the put option, and the complex chooser option, for which the exercise price and/or the maturity differ for the call option and the put option.