Once you have purchased an option, it will not be up for sale immediately. You will simply hold it. You can, however, place it for sale by setting an ‘ask’ for the option. If another participant agrees to your ask and purchases that open option, you will no longer own that option nor the right it gives you. However, you will receive the buyer's premium price — so you can buy and sell options just like any other asset and earn profits from buying at one price and selling at another. Option Writers can also buy back their open obligations assuming they have found an initial buyer — however, again, they must find someone willing to write that option. When you buy back your obligation, you will pay the new writer the premium they demand, taking on the option writer's liability.