Options can provide more experienced self-directed investors with tremendous flexibility as they can be used to hedge and speculate. In all cases, option trading carries a substantial risk of loss, so it's critical to understand what an option is and the underlying mechanics of how they work before you begin trading in options.
The Chicago Board of Options Exchange (CBOE), the largest North American options market, offers a robust suite of free online courses, tours and tools through their Options Institute’s Education Centre. If you are interested in learning more about options and how you could start using them in your portfolio, you may want to check out their educational material, available here.