Stop loss and take profit levels are key components of risk management in options trading:

1. **Stop Loss**: As discussed in Module 5, a stop loss order is a defensive mechanism that can be used to help protect against further losses. It automatically closes your position when the option price reaches a predetermined level.

2. **Take Profit**: A take profit order is set to close the trade once the market moves to a more favorable position and reaches the level that will give you the predetermined profit.

Remember, the main purpose of these orders is to lock in profits and prevent losses beyond a certain level.

– Reference: [Investopedia: How to Use a Stop-Loss and a Take-Profit in Forex Trading](https://www.investopedia.com/ask/answers/stoploss-takeprofit-forex-trading/)