hey shanky,
if you really have no idea what to do with ur spare money then put it in FD atleast you wont have the risk to losing it all
....and if u still think option is a place where u can mint money then go ahead with rite strategies.
expiry date is if on or before that date you dont exercise your option then it will become worthless.
Regarding your doubt abt 'lower prices being shown' are you talking abt the Premium?
see there are 3 kind of strike prices..'in the money', 'at the money' and 'out of the money'.
For example you want to buy a nifty call option and lets assume the spot price of nifty is 5100...If your strike price is same as the spot price its called 'at the money'.
IF your strike price is below this spot price say for e.g 4900 then its called 'In The money' call.....for this you pay a higher premium becoz you can exercise the option at that instant and make a profit of Rs 200 (5100-4900)...So the option seller charges u with a higher premium.
But if you go for an 'out of the money' call ie if nifty is at 5100 and your strike price is higher than 5100 say for eg 5200 then you get at a cheaper price BECOZ u have no chance to exercise ur option on the seller (as the strike price is above spot price N obviously u r not a fool to ask ur seller to sale u at 5200 when market is at 5100)...
BTW exactly the opposite happens with put.
SO if you r buying a call or put then its btr 2 go for 'in the money' call or put.
Hope it helps or else plz be lil more specific abt ur doubt.
Cheerz
Ritu.