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I've been trying to figure out options. I listen to that show "option action" sometimes in the afternoon on Fridays on CNBC and they might as well be speaking another language but it's still interesting. Not really interested in having a second job as a "trader" but it's fascinating to me.

I think I get the overall basics of what you want and don't want to happen when you make each type of option trade, but the details still elude me. Is the 6.40 price based on buyer demand of the same option, some formula, or like a brokerage is setting "odds" using whatever methods they individually use. For example, could you shop around and get different contract prices?

Not really. You can pull up the CBOE site or app and the bid/ask pricing is going to be the same as what's on most broker platforms. If you get into thinly traded or illiquid securities, things might get a little weird. But I wouldn't mess with that stuff.

Let me recommend a really good site and podcast for you here and then maybe I'll start another thread that deals with options since this isn't Boeing specific (we used to have one, but it's been awhile).
The site is Option Alpha. The app is in the Apple App store and Google Play. There are several others, like Tasty Trade, etc. But I think this site's owner, Kirk Du Plessis, does a great job of teaching people the basics, plus his site has LOADS of free information and tutorials... and Kirk does what I do: primarily sell premium. I generally only buy options to form the protective wings on credit spreads if it's not a naked position. I'm familiar with Options Action. Like most things on CNBC (and all the rest), it's entertaining, but not all that informative or useful, IMO. I promise you, you'll get a lot more out of Option Alpha.

It is fascinating investment area. And if you stick with it, it can be VERY profitable. With stocks, I have to be directional. With options, I don't. Good luck.