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Use the function update_option to update a named option/value pair to the options database table. The option_name value is escaped with $wpdb->escape before the INSERT statement.
This function may be used in place of add_option, although it is not as flexible. update_option will check to see if the option already exists. If it does not, it will be added with add_option('option_name', 'option_value'). Unless you need to specify the optional arguments of add_option, update_option() is a useful catch-all for both adding and updating options.
Note: This function cannot be used to change whether an option is to be loaded (or not loaded) by wp_load_alloptions. In that case, a delete_option should be followed by use of the update_option function.
<?php update_option( $option_name, $newvalue ); ?>
View the Option_Reference section.
The source code from the backend: http://phpxref.com/xref/wordpress/wp-admin/options.php.source.html
Update the option name myhack_extraction_length with the value 255. If the option does not exist then use add_option and set autoload to no.
<?php
$option_name = 'myhack_extraction_length' ;
$newvalue = '255' ;
if ( get_option($option_name) ) {
update_option($option_name, $newvalue);
} else {
$deprecated=' ';
$autoload='no';
add_option($option_name, $newvalue, $deprecated, $autoload);
}
?>
get_option, add_option, update_option, delete_option