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In this tutorial, Jake discusses buying to close and selling to close options. Whether you are buying calls or puts, or selling calls or puts, it is important to understand if you are bearish or bullish on a stock. Buying involves purchasing an asset at one price and selling it at a higher price for a profit. Selling can be confusing as you are essentially selling something you don't have. When opening a contract, you either buy to open or sell to open. Each contract must be opened, closed, or allowed to expire. It is crucial to pair up with someone on an option chain to navigate this process successfully.