Understanding Futures Options Quotes
Futures options quotes provide traders with two primary viewing methods:
- Latest Options: Uses current intraday prices
- Daily Options: Utilizes end-of-day prices
Important Note: All options prices experience a minimum 15-minute delay per exchange regulations, with trade times displayed in Central Time (CT).
Types of Futures Options Explained
American vs. European Style Options
| Option Type | Exercise Flexibility | Value Consideration |
|---|---|---|
| American Options | Can be exercised anytime during contract life | Typically higher value due to exercise flexibility |
| European-Style Options | Only exercisable at maturity date | Often trade at discount to comparable American options |
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Specialized Option Categories
Short Dated New Crop Options
- Feature shorter windows before expiration
- Same underlying futures contract as traditional options
- Example: July short-dated option expires late June while underlying remains December futures
Calendar Spread Options
- Combine long/short positions on same asset with different delivery months
- Also known as interdelivery or time spreads
Weekly Options Variants
- Standard Weekly Options: Expire Fridays (weekly cycles 1-5)
- European Weeklys: Same expiration but exercise only at maturity
- Monday/Wednesday Weeklys: Alternate expiration weekday options
Advanced Option Strategies
Average Price Options
- Payoff based on strike vs. underlying asset's average price
- Considered exotic options due to unique pricing mechanism
Energy Market Options
- Crack Spreads: Hedge risk by pairing oil options with gasoline/heating oil positions
- Crack Spread APOs: Utilize average price calculations
MidCurve Options
- Short-dated American options on long-dated Eurodollar futures
- Timeframes: 3 months to 1 year expiration
Customizing Your Options View
Traders can personalize their display through:
- Strike Selection (5-50 strikes or All)
- Layout Preference (Stacked or Side-by-Side)
- Pricing Type (Intraday or EOD)
- Sorting Options (Ascending/descending strike order)
Pro Tip: Barchart members can save preferred views as defaults for future sessions.
Key Data Points in Options Trading
Stacked View Components
- Strike price with Put/Call identifier
- Daily price metrics (Open, High, Low)
- Volume and open interest figures
- Premium calculations
- Last trade timestamp
Side-by-Side View Elements
- Call/Put comparison columns
- Strike price reference points
- Volume and OI metrics
- Premium valuations
Market Analytics and Ratios
Total calculations incorporate all calls/puts (not just near-the-money):
| Metric | Description | Importance |
|---|---|---|
| Premium Totals | Aggregate put/call premium values | Market sentiment indicator |
| OI Ratios | Put/Call open interest comparisons | Liquidity measurement |
| Premium Ratios | Put/Call premium proportion | Volatility gauge |
Frequently Asked Questions
What's the difference between American and European options?
American options offer greater flexibility with anytime exercise, while European options can only be exercised at maturity. This makes American options typically more valuable.
How do weekly options work?
Weekly options function like standard options but expire on specific weekdays (Friday normally, but also Monday/Wednesday variants exist). They follow monthly week-numbered expiration cycles.
What are calendar spread options?
These involve simultaneously holding long and short positions on the same asset with different delivery months, creating a time-based spread strategy.
Why are average price options considered exotic?
Their payoff depends on the average price of the underlying asset over time rather than spot price at exercise, making their valuation more complex than standard options.
How can I customize my options trading view?
Most platforms allow customization of strike ranges, layout preferences, and default pricing views. Barchart members can save these preferences for future sessions.
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