The holder is the buyer of the option contract, who has the right, but not the obligation, to buy or sell the underlying asset at the strike price. The holder is also referred to as the option buyer or the long position.

As the holder, they have the following rights:

- Call option holder: The right to buy the underlying asset at the strike price.

- Put option holder: The right to sell the underlying asset at the strike price.

The holder pays the premium to the seller (writer) of the option and has control over the option contract until it expires or is exercised. The holder's goal is to profit from the option contract by exercising it when the market price is favorable or selling it at a profit before expiration.