What are the advantages to using Puts & Calls to some extent than selling short or buying long?

What are the advantages to using Puts & Calls to some extent than selling short or buying long?

I know one assistance is Leverage, are here any others, perchance loss restriction is another. Please be descriptive surrounded by your answers, extra points for examples

Answers:
PUTs and CALLs offer you control over 100 shares stock eqauling 1 contract puchased at a lower price or sold to recieve a premium. 100 shares of Apple for instance at open market price (at time of composition) would cost me somewhere around $12,134.00 but by purchasing a CALL for a SEP 7 120 CALL for $10.30 a share I can hold the right to exersise that contract and next own the stock, hold it and get rid of when it hits $135.00 again or superior formerly the expiration date 9/21/07.
1. fixed risk = adjectives you can lose is the premium
2. it's easier to play short, lately buy puts


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