Spot Market is the place where settlement takes place on the same day. In futures buyer and the seller both has the rights to buy and sell. In options only the buyer has the right to buy and sell.In futures buyer and seller both have obligations but in option buyer does not have any obligation.In futures refundable caution deposit will be collected from both buyer and seller but in options premium is collected from buyer only. In a option contract where the Buyer gets the Rights to Buy without any obligations is called CALL Option. In a option contract where the Buyer gets the Rights to SELL without any obligations is called PUT Option.
Premium is calculated based on the current market price and time.Strike price – Market price. Ledger balance will be neutralised on day to day basis i.e.MTM Mark to Market