Many of us sometimes find the folder options missing in windows explorer due to some virus or trojan effect.
Here's the solution-->
 
Open Run and then type "gpedit.msc".
Now goto User Configuration > Administrative templates > Windows Component > Windows Explorer.
Click on Windows Explorer you will find the 3rd option on the right side of screen "Removes the Folder Option menu item from the Tools menu"
Just check it, if it is not configured then change it to enable by double clicking on it and after applying again set it to not configured.

I hopes that you will find the option after restarting windows..

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