1. For call options, if bulls want to buy, bears must sell.

If the price rises (compared with the price locked in the option), the bulls will exercise the purchase right stipulated in the option price, and the bears must sell. Bulls make money as soon as they sell in the market;

If the price falls and the stock price in the market is lower than the price locked by the option, the bulls will not exercise the option right, and the bears will not have to sell to the bulls at the option price (if the bulls have to buy from the bears at this time, the bears will be happy to give the money to the bears for nothing), and the bears will earn money from the option contract.

2. For put options, bulls must sell and bears must buy.

If the price falls, bulls can buy cheaper stocks from the market, exercise options, sell them to bears and make money.

If the price rises, the bulls will not be foolish enough to buy high-priced stocks in the market and sell them to the bears, so the bulls will not exercise the options, and the bears will earn money from the option contracts.