WordPress at a glance
action is not described

add_option action-hook . WP 2.9.0

Fires before an option is added.

Usage

add_action( 'add_option', 'action_function_name_5673', 10, 2 );
function action_function_name_5673( $option, $value ){
	// action...
}
$option(string)
Name of the option to add.
$value(mixed)
Value of the option.

Where the hook is called

add_option()
wp-includes/option.php 474
do_action( 'add_option', $option, $value );

Where the hook is used (in WP core)

Does not used.