Hi Hive account@kenmwangi,
IQOPTION is a platform for binary trading (CALL or PUT) of market instruments such as : STOCKS/CURRENCIES/CRYPTO .
Binary means - two , here it is either CALL or PUT
Its like betting. You can see many contracts from 5 min to year and can choose any.
Let us take an example in the given screenshot currency - AUD/USD
CALL option - if you think the currency AUD/USD goes up in the next 5 min
(current price @ 0.7960)and you click on the 5 min CALL option contract . so at the end of the last min if the price is atleast 1 point above the price (ex : @0.7961) you entered then you will win the contract and you will be credited with 75or 85 % payout as per the contract you have chosen.
If the price ends at the same point you wont gain or lose any
If the price is below the entry point price (ex: @0.7959) you will lose 100% option price you have chosen.

And its VICE VERSA for the PUT-Option.
i.e you have entered the contract with 10$ principle @ 0.7960 of 5 min option and at the end of the last minute if its below you will gain 75 or 85 % payout.
If it ends at same price you wont lose any.
If its end above the price you will lose 10$ contract chosen.

Hope its clear, reply me you still have any doubts.