Generally, for each underlying, there are a number of options available: For this reason, we have the terms class and series. An option class refers to all options of the same type (call or put) and style (American or European) that also have the same underlying. eg: All Nifty call options are referred to as one class. An option series refers to all options that are identical: They are the same type, have the same underlying, the same expiration date and the same exercise price.
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