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Chapter 17Futures OptionsOptions, Futures, and Other Derivatives, 8th Edition, Copyright ? John C. Hull 2012Options on FuturesOptions, Futures, and Other Derivatives, 8th Edition, Copyright ? John C. Hull 2012Referred to by the maturity month of the underlying futures The option is American and usually expires on or a few days before the earliest delivery date of the underlying futures contractMechanics of Call Futures OptionsWhen a call futures option is exercised the holder acquires A long position in the futures A cash amount equal to the excess of the futures price at the time of the most recent settlement over the strike price Options, Futures, and Other Derivatives, 8th Edition, Copyright ? John C. Hull 2012Mechanics of Put Futures OptionOptions, Futures, and Other Derivatives, 8th Edition, Copyright ? John C. Hull 2012When a put futures option is exercised the holder acquires A short position in the futures A cash amount equal to the excess of the strike price over the futures price at the time of the most recent settlementExample 1 (page 361)Options, Futures, and Other Derivatives, 8th Edition, Copyright ? John C. Hull 2012Dec. call option contract on copper futures has a strike of 240 cents per pound. It is exercised when futures price is 251 cents and most recent settlement is 250. One contract is on 250,000 poundsTrader receivesLong Dec. futures contract on copper$2,500 in cashExample 2 (page 362)Options, Futures, and Other Derivatives, 8th Edition, Copyright ? John C. Hull 2012Dec put option contract on corn futures has a strike price of 400 cents per bushel. It is exercised when the futures price is 380 cents per bushel and the most recent settlement price is 379 cents per bushel. One contract is on 5000 bushelsTrader receives Short Dec futures contract on corn$1,050 in cashThe PayoffsOptions, Futures, and Other Derivatives, 8th Edition, Copyright ? John C. Hull 2012 If the futures position is closed out immediately: Payoff from call