As derivative securities, options are innovations in risk management and are used by both individual investors and portfolio managers. Which of the following is not true regarding options?

Group of answer choices

The call writer expects the stock to move up.

Stock options give the holder the right to buy or sell shares of stock at a stated price any time before a specified expiration date.

A writer may be assigned to take action in the form of making or taking delivery of the stock.

A writer of a put or call can buy the exact same option and cancel the position at any time, except in the case of assignment.