Futures and Options are derivative segments of the stock market. Only few and high volume stocks are traded in the derivative segments. Futures & options contract expiry dates are listed for 3 months. In futures, both buyer and seller has the right and obligation to execute on the expiry date. In options, buyer has the right but no obligation to exercise the contract. Seller of options contract gets only the premium for selling the option.
Buyer buys call options expecting the price to go up, while he/she buys put options when he anticipates prices to go down.