An option is a possibility or choice. In football, a quarterback with three wide receivers has (at least) three throwing options.
An option is something that can be chosen — it's a possibility. Even something crazy — like jumping off a cliff — is always an option, just not a good one. There are lots of technical uses of option in business and legal writing. If you have the option on a house, you have the right to buy it. In sports, a free agent has the option of joining another team. No matter what you do, it's nice to have options. When we have no options, we feel trapped.