Noob question????

What is an option select??? I keep hearing this but some FGC terminology escapes me.

It’s when you input 2+ things at once so either thing will come out.
I don’t play SFV, but I can answer this like this…
In Third Strike, with Akuma; f, neutral, hp~throw - is his SGGK option select. If they attack, you get parry into standing fierce, which you can see and confirm into super or hurricane kick. If they throw, you throw tech. If they do nothing, you throw them.
Example with Oro:

noob question = newbie dojo

check out the glossary

Preciate the help

Easiest example:
Ryu’s cr.MK xx Fireball

You just input the whole sequence.
If the cr.MK connects, you get a fireball afterwards, if it whiffs you get nothing.

You basically use, buffer and priority systems to your advantage in order to cover more bases with your attacks.

Yeah, as others have already said, multi-press/simple commands that can cover your ass for multiple actions.
Street Fighter 4 had the most basic most newbies will understand, via protection from throw attempts.

Someone approaches you and you’re crouching? Keep crouching and hit throw command (lp+lk). Opponent doesn’t attempt a throw, you’ll (usually) jab em, but if they did, you’ll tech it instead.
Did I get that right?

Not quite. In SF4 you would get a crouching light kick, because kicks have priority over punches in SF4.

Ok. Yeah it’s been a while since I’ve touched SF4.

Thanks for all the help mates.