V$OPTION displays Oracle Database options and features. Typically, although not always, options must be separately licensed, whereas features come with the product and are enabled based on the product that is running (Standard Edition, Enterprise Edition, and so on).

Column Datatype Description
PARAMETER VARCHAR2(64) Name of the option (or feature)
VALUE VARCHAR2(64) Indicates whether the option (or feature) is installed (TRUE) or not (FALSE)