MXCOD: The Unsung Hero, page-4

In reply to your questions:

1) You can buy oppies on the ASX. The ticker is MXCOD.
2) You can sell them at any point. They are tradable just like a share is (see MXCOD) up to the point of maturity, at which time you let them lapse or exercise them for 6.5c each.
3) Leveraged up means that you can own more options than shares for the same amount of $ invested, but be exposed to the share movements all the same. For example:
1 share = 10c
1 option = 2c
You can buy 5 oppies for every 1 share. Thus, leverage.
Generally the options move in-line with (or close to) the share movements to maintain a gap between the strike price and the option price. This does not account for other variables though, which include time to maturity, the FA of the company, etc. You are also exposed to the downside movements of the shares to a greater extent also due the leverage factor.

Hope that answers your Q's.