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Yes - the option contract itself is a marketable instrument and you can buy or sell the option ticker at any time. In fact, most option positions are sold prior to contract expiration, rather than being executed to purchase the underlying stock.

If you trade an option, you will see the symbol for that particular option in your account details and it will reflect the up and down movements of the option price.

Because options are much more thinly traded than their underlying stocks, there are often days where no trades occur but the bid/ask spread changes. In such cases, your brokerage may indicate a theoretical gain/loss for the day based on that movement (maybe with an asterisk or some other indication of this).

You may have already seen this, but if not - here's a link to a great introduction to options written by Jim Gillies (TMFCanuck):

Required reading!

Foolish best,
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