Long

Long Options positions refer to buying of either put or call Options. Going long by purchasing a Call Option means the Option Buyer is Bullish (optimistic) about the Underlying stock or commodity. Going long by purchasing a Put Option means the Option Buyer is Bearish (pessimistic) about the prospects for the asset. It is possible to go long of an option and be either Bullish or Bearish. Long Options have defined risk since the buyer pays no more than the cost of the option and has the right, but not the obligation to Exercise it. Contrast with going Short.