Futures Options Explained

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How can you explain options and futures trading with a simplified example?

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You have many options, here are the most relevant in my opinion:

1) Work with freelancer platforms to help you pick the right CFO for your startup on demand. I suggest Toptal , th.

With all due respect to the other responders, let me try my ‘simple’ –

Say you are shopping for a new used car. You see a car you like at the Dealer’s used-car lot. It’s nice – but you’d like to check out the Dealer across town, too. Trouble is, if you go there, and decide you still like the first car, it might be gone by the time you come back. What to do? You Aks the first dealer to hold the car for you for a a few days, and keep to the price you agree to today. He would agree – but that means that until/if you come back, he can’t sell the car to anyone, and if you end up NO.

Futures Options Trading – Pros and Cons

A few years ago, I switched almost entirely to the market of futures options. I used to trade a lot with stock options and ETF options, but today I rarely do that. Let’s see why!

But before explaining why I like futures options, it is worth clarifying what futures trading means, as this topic is totally obscure even for many advanced traders.

To sum it up: futures options trading is the most lucrative type of options trading that you can find in the universe of finance today. But you have to be prepared to reap the rewards of this game. If you are only a beginner, you need to take your baby steps first and start with stock or ETF options trading which has lower leverage and lower risks.

Futures options trading
Where to trade futures options?

I personally trade at Interactive Brokers. No matter where you trade you have to take the counterparty risk into consideration. I have been trading at IB since 2020. I have never had any problems in terms of execution or settlement. They are pretty reliable and low cost firm. They sometimes call themselves discount brokerage. The only downside I can think of is their customer service chat. Sometimes you bump into people who have no idea what they are talking about, but at least they kindly try to help you. I would choose a brokerage firm with many years already in the business, high protection for customer accounts and of course with valid license in a regulated country and market. I would never wire my money to offshore brokerage firms or unregulated entities.

I think the best market for futures options trading is the US market and you can find many reliable and big names there to choose from as your brokerage partner.

Also, you need a partner where futures options are allowed. Not all of them allow trading futures options. There are many firms for example where futures option selling is not allowed. If you are considering nondirectional trading with futures options, you need to have them enabled. Here is a list of firms where you can trade futures options:

Interactive Brokers

Interactive Brokers
Summary Interactive Brokers is a US discount broker. IB is listed on stock exchange and regulated by several authorities, like the top-tier FCA and SEC.
Overall score 4.8
Minimum deposit $0
Fees score 4.0
Futures options fees $1.7 / one contract buy and sell

62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Tastyworks

Tastyworks
Summary Tastyworks is a young US options and stockbroker. It is regulated by FINRA, the top-tier US regulator.
Overall score 4.5
Minimum deposit $0
Fees score 4.0
Futures options fees $2.5 / one contract buy and sell

Tradestation

Tradestation
Summary TradeStation is a US stockbroker regulated by FINRA, the top-tier US regulator.
Overall score 4.4
Minimum deposit $500
Fees score 4.0
Futures options fees $3.0 / one contract buy and sell

Other great brokers for trading with futures:

  • TD Ameritrade,
  • Options House,
  • OptionsXpress,

This article was written by one of our guest blogger, Gery Nagy. He is a professional options trader who has been trading (futures) options since 2005. You can read more about his thoughts and idea on his website at www.optionsrules.com.

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Futures options trading
Futures options trading explained

A futures transaction is a transaction that is not fulfilled immediately but on a future date. A multitude of companies open futures contracts every day when they sell their products at a predetermined price and date or they buy something. The most common example is when a car manufacturer undertakes to deliver 100 cars in a month at a specified price. This is a futures transaction as well. The stock exchange futures are the same, but they are connected to financial products.

We distinguish exchange traded and OTC futures markets. Exchange traded futures are called futures, and OTC transactions are called forwards. In the following, I will talk about futures, as I trade with their options. They are called futures options or you can read about them as options on futures.

The basic unit of futures is a contract, which can be up to 1,000 barrels of oil or one ton of wheat. As the fulfillment will be in the future, you do not have to pay the total counter value immediately, it is enough to have a fraction of it. This is called initial margin. If the price moves against me in the meantime, a maintenance margin is charged for the transaction in addition to the initial margin. In case of counter-directional movement, the margin requirement continues to grow, which may lead to liquidation in case of a badly chosen position size. Therefore, it is important to be thoroughly familiar with the particular product, its margin requirements and other features and of course to choose the right position size relative to the account.

Due to the leverage, these transactions have high potential risk, but also high yield.

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Futures options trading
Two advantages of trading futures options

One main advantage of trading futures is the high leverage, by which the rate of return on capital can be significantly increased.

Obviously, it is associated with a higher risk, so absolute beginners are recommended to trade these products only after serious practicing and testing.

Since the option is a leveraged product itself, the combination of the two can achieve a very nice return on investment within the given market conditions.

What I mean by testing is to have a demo account and test your ideas before you commit your hard earned money to the live market. You need to be familiar with the specific margin requirements and leverage before you can trade them live. I am not a big fan of trading on a demo for too long because it doesn’t have the same psychology as the real one, but for being familiar with the particular product, it is necessary.

The other reason is that it is open nonstop (with a few exceptions) just like the Forex market, so an option position can be converted any time. Obviously, it is best when the US market is open, because the market can become rather illiquid in closed periods (wide bid/ask spread).

Futures options trading
SPY vs. /ES, a non-directional option trading example

SPY is the ETF of S&P500 index and /ES is its futures contract. Both trade the same underlying but with different product specifications. In the example below I compare two scenarios where I would like to trade in a nondirectional fashion.

Nondirectional trading means that you don’t have an idea where the underlying might go, but you try to trade the probability of a channel for certain days. This is accomplished by options selling.

I examine a 30-day channel with a 90% probability for both products. It means that I establish a positions which are profitable when the underlying stays in a 90% probability range or channel. 90% is a pretty wide channel / range.

SPY (ETF options): 1 contract S&P 500 ETF option pays $40 at expiration, if it stays in the range; for $3,500 initial deposit. This is 1.1% return.

The chart below shows you a range with 90% probability for SPY if you sell the 30 days options. The two strikes are 226 and 251.

/ES (futures options): 1 contract E-mini S&P 500 Futures option pays $190 at maturity if it stays in the range, for $4,200 initial deposit. This is 4.5% return.

Below is the same chart for /ES. The strikes are 2250 and 2500.

I think, you can see the difference between the two options at first glance. This is what I call a credit/margin ratio: the rate of premium received compared to the initial margin. If you watch closely you can also see that the channel is skewed to the downside. This is because Put options have much higher premium than Call options, that is why the channel is not symmetric.

Please stop for a moment and think about it. In the example above I had the same trading bias, but I traded with different products. The return is much higher in the case of futures options. The risk is also higher because of higher notional value and leverage. But if you know how to trade them futures options is much better to trade with than stock of ETF options!

That’s the main reason I prefer to trade futures options lately.

Futures options trading
Is futures options trading for you?

As I stated earlier futures options trading is not for beginners. Mostly because you have to trade with higher margins, nominal values and leverage. If you are not a seasoned trader, margin and leverage can hurt you very badly.

However, if you are already experienced, switching to futures options is the way to go. You can have much better return on your allocated capital, you can have more control over the underlying since it moves all day long during weekdays, etc.

By the way who is options trading for?

Maybe we need to clarify first who is not suitable for options trading

  • Daytraders are better off avoiding this market, options are not daytrading instruments,
  • If you are not sufficiently committed to continuous learning and development, I also do not recommend this market, because it is the most difficult of all the exchange traded products (but one of the most profitable instruments).

Now, let’s see who is options market for:

  • If you have only 1-2 hours per day for trading, it is ideal for you, as options can be best used for swing strategies.
  • If you do not have tens of thousands of dollars to buy stocks, it is also ideal for you, because the suggested minimum capital to get started is $ 5,000.
  • If you are fed up with having to predict where the market will go – because options strategies make it possible to earn money without direction (trading strong levels).
  • If you are fed up with the fact that you never place the stop to the right level – namely because we do not use stop in options trading, yet we manage risk much better and control is totally in our hands.
  • The most important of all, is that the risk can be pre-defined without stop orders and you do not have to sit in front of the charts all day. It is enough if you analyse the market after work and you can make money in max. two hours per day. Obviously, you need more time at the learning stage, but if you get some routine in the world of options, 1-2 hours a day will be enough for it …

Futures options trading
What is the difference between futures, ETFs or stocks?

The biggest differences are: position size, margin requirements and leverage.

Let’s compare a simple stock or ETF purchase to a futures contract.

Leverage and margin requirement

If you buy 100 shares of Apple at $145 you have the nominal value of 100×145 which is $14,500. Since most brokerage firms provide 1 to 2 leverage you only have to put up half of this amount as overnight margin requirement. It means only $7,250 of your buying power will be allocated to this trade. If you are trading Apple with CFD, you can have much higher leverage than that but this depends on the brokerage firm you choose to trade with. I don’t like CFDs because they are not as regulated as stocks and they are not the stock itself. If you want to invest in a stock, I would do it directly buying the stock not the CFD. Holding onto a stock for long term doesn’t have any significant additional cost. Holding onto a CFD might have higher costs because of higher leverage and interest you have to pay on the margin.

What happens if AAPL moves up 10%? You will gain $1,450 based on your $7,250 initial allocated capital. This is a 20% return on allocated capital.

Let’s look at an example for the current leverage of oil (one of my favorite products). At present, the price of crude oil (/CLQ7) for August 2020 is 43.26, its margin requirement at Interactive Brokers is approx. $5,000. As one contract means 1,000 barrels, the nominal value of the actual physical product is $43,260. However, its margin requirement is only $5,000. This means that there’s almost 12x leverage at the current price level. Such leverage cannot be achieved with simple stock trading, not even with ETFs. You do not need to pay that $43,260 to trade with oil. You only need to put up around $5,000 in margin.

What if /CL rises 10%? You will have a profit of $4,326 which is almost as much as your initial $5,000 margin requirement. Do you see the difference?

With stock or ETF trading you could gain 20% by a 10% move in the stock however in case of futures trading you can almost make 100%.

This is obviously a double edge sword because leverage can be very good if the market goes in your direction but could decimate a trading account if it goes against you.

It all comes back to position sizing and management. If you know what you are doing, futures options are a much more lucrative business to be in.

Position sizing

Let’s talk about the positions sizes. When you trade ETF’s or stocks, you can buy as small as 1 share of AAPL which is $145 right now. So you can trade really small.

However if you try to buy 1 contract of /CL you have to put up around $5,000. This is a huge difference! So futures trading are absolutely not for beginners with small trading accounts.

Warrior Trading Blog

  • Pat Crawley
  • Options
  • Blog Posts

Options and futures contracts are both derivatives, created mostly for hedging purposes. In practice, their applications are quite different though. The key difference between them is that futures obligate each party to buy or sell, while options give the holder the right (not the obligation) to buy or sell.

Options Example

Jim thinks he might want to buy Tim’s house for $100k at some point in the future, but he is unsure. So Jim and Tim come to an option agreement, which gives Jim the right to buy Tim’s house for $100,000 at any time in the next year.

Jim has no obligation to buy the house. In exchange for extending Jim this right, Tim gets paid a premium of $5,000. Tim is obligated to sell his house for $100,000 if Jim chooses to exercise the option in the next 12 months.

Futures Example

Starbucks wants to hedge out any market risk associated with the production of coffee, so they come to a futures contract agreement with a coffee bean producer. They both lock in today’s market price.

Let’s say the contract’s delivery date is December 3rd, on that date, Starbucks has to buy the specified quantity for the specified price, and the coffee producer has to sell the coffee to them.

Futures Explained

Futures are a contractual agreement between a buyer and a seller. The buyer agrees to buy an asset at a specified price at a specified date. Unlike options, both parties are obligated to buy or sell.

The beginning of futures trading in the modern world started with Japan and their Dojima Rice Exchange. Rice was the hottest commodity in Japan and people needed methods by which to exchange rice for cash simply, and rice exchanges allowed them to do so.

Nowadays, the main purpose of futures markets is still for hedging and so producers can receive cash for future production. Producers of commodities like oil, corn, and gold all utilize the futures markets.

An oil producer might only be able to profitably drill for oil when the price of crude oil is above $50 a barrel, so it would make sense for these producers to sell futures contracts around these prices to lock-in profitable production. If they’re wrong and the price of crude oil goes up, then they miss out on profits, but at least they don’t have to report production losses to their shareholders.

The most actively traded futures contracts are stock index futures. They carry liquidity, leverage and tax advantages over trading index ETFs. These are highly active because of how much money is managed in the stock market. Portfolio managers routinely use futures to hedge their exposure.

Options Explained

Options were also created out of the necessity to hedge. They have a history dating back to Ancient Greece, but their regulation began as late as the 1970s.

In an options agreement, there is a writer, the person who is selling the right, and a holder, the person is buying the right. The holder is buying the right to buy or sell an asset at a specified price, on or before a specified date. The holder has no obligation to exercise this contract, but the writer has an obligation to the holder.

During the Tulip Bulb Mania, options were not only used by producers and vendors to hedge against price volatility, but this is one of the first times in recorded history when options contracts became a tool for speculators, as they are today.

Initially, options were a shady business, used by institutions like bucket shops, with no guarantee of either party being able to hold up their end of the contract. The instrument was brought to legitimacy in 1973 when the Chicago Board Options Exchange (CBOE) was founded.

In the stock market, options are primarily used by portfolio managers to hedge against future uncertainty. If a PM wants to continue holding a stock but anticipates short-term downside, either because they think it’s a good long-term investment, or to defer capital gains taxes, options are a great way to offset any downside in the shares.

One of the simplest ways to use options for hedging is covered calls. This is a basic strategy that everyday investors can easily learn to use. Suppose you own 100 shares of XYZ and anticipate short-term downside, but you still desire to hold your shares. You can simply sell a call option against your share position. The buyer of this option will pay you a premium, which will provide income for your portfolio if shares decline in price.

Options are also used as a speculation tool. Suppose an activist short seller releases a scathing report against a company. After reading the report, you decide to bet against the stock in some fashion. Perhaps one way of expressing this view is through buying long-dated put options on the stock.

Options as a derivative have become a sort of asset class themselves, with their volume growing every year.

While options have never been known for their liquidity, certain contracts like those on index ETFs and futures have become quite liquid in recent years.

Pros of Options vs Futures

As a buyer of options, you have no obligation to act

If you buy an option, you have leeway. While you won’t get your premium back unless you sell the options contract to someone else, if your original market analysis was incorrect, you can always decide not to exercise the option and cut your losses.

Cheaper to speculate

Due to the overwhelming amount of choices that the options market affords you, there are some very cheap out-of-the-money options. While unlikely to expire in the money, they offer a very inexpensive way to make a cheap bet with an asymmetric risk-to-reward.

Less Efficient

Options on smaller issues are much less competitive than futures markets. Many large arbitrage-focused funds don’t focus much on these smaller issues due to their low level of liquidity.

Defined Risk

Most market participants can’t buy options on leverage. That means whatever price you buy your options for is the maximum loss you can experience. So long as you keep your options position sizing in check, it’s difficult to allow anyone options trade greatly affect your P&L.

Exercising happens on a predetermined date

Unlike an option, you cannot execute a futures contract before the delivery date. A vendor might delivery of a commodity early at the price in their agreement, but it doesn’t happen until the specified date. This is in contrast to options contracts, which gives the holder the right to exercise the contract at any time until expiration.

Pros of Futures vs Options

Liquidity

Futures markets are some of the most liquid markets in the world, making executing trades seamless and virtually instant without slippage. On the other hand, even the most liquid options markets generally still carry a wider bid-ask spread and are difficult to unload large positions quickly without significant market impact.

No Advance Payment

In a futures contract, you don’t pay your counterparty until the settlement date. This is in contrast to the options market, where the option buyer forfeits the premium upfront.

Your broker will typically have margin requirements that affect your buying power, but this money isn’t going to your counterparty.

No Time Decay

Futures contracts aren’t negatively affected by time decay because all futures contracts are executed at the contract price at settlement. So it doesn’t matter if you buy or sell a month or a day before the settlement date.

This is in contrast to options, which have to meet certain criteria to be profitably exercised, and as the date gets closer to expiration, they become less valuable because the market has less time to move.

Tax Treatment

Futures trading carries some inherent tax advantages over both options and stock trading due to section 1256 of the IRS code. This essentially means that every futures trade, regardless of trade duration, is taxed at 60% long-term capital gains rate and 40% short-term capital gains rate.

In the stock market, short-term stock and options traders are normally taxed at the short-term capital rate of 35%, which severely cuts into profits, especially compared to the much more favorable rate of 23% for futures trading.

Final Thoughts – Options vs Futures

While it’s easy to rag on Wall Street for the amount of “financial engineering” they do, the derivatives they create are normally due to demand from clients. Futures and options are two of the oldest derivatives around, both with histories going back as far as Ancient Greece.

Both derivatives have several applications for trading, arbitrage, hedging, etc. but for simplicity’s sake, I like to view it this way: options are like portfolio insurance. You write options against your stock positions that you have uncertainty about, and perhaps you buy put options on the stock index to hedge against market downturns.

The main purpose of futures is to allow producers, vendors, and consumers to hedge their production and inventory by “locking in” the current futures market price if it is profitable for them to do so.

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Available research data suggests that most day traders are NOT profitable.

In a research paper published in 2020 titled “Do Day Traders Rationally Learn About Their Ability?”, professors from the University of California studied 3.7 billion trades from the Taiwan Stock Exchange between 1992-2006 and found that only 9.81% of day trading volume was generated by predictably profitable traders and that these predictably profitable traders constitute less than 3% of all day traders on an average day.

In a 2005 article published in the Journal of Applied Finance titled “The Profitability of Active Stock Traders” professors at the University of Oxford and the University College Dublin found that out of 1,146 brokerage accounts day trading the U.S. markets between March 8, 2000 and June 13, 2000, only 50% were profitable with an average net profit of $16,619.

In a 2003 article published in the Financial Analysts Journal titled “The Profitability of Day Traders”, professors at the University of Texas found that out of 334 brokerage accounts day trading the U.S. markets between February 1998 and October 1999, only 35% were profitable and only 14% generated profits in excess of than $10,000.

The range of results in these three studies exemplify the challenge of determining a definitive success rate for day traders. At a minimum, these studies indicate at least 50% of aspiring day traders will not be profitable. This reiterates that consistently making money trading stocks is not easy. Day Trading is a high risk activity and can result in the loss of your entire investment. Any trade or investment is at your own risk.

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Citations for Disclaimer

Barber, Brad & Lee, Yong-Ill & Liu, Yu-Jane & Odean, Terrance. (2020). Do Day Traders Rationally Learn About Their Ability?. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2535636

Garvey, Ryan and Murphy, Anthony, The Profitability of Active Stock Traders. Journal of Applied Finance , Vol. 15, No. 2, Fall/Winter 2005. Available at SSRN: https://ssrn.com/abstract=908615

Douglas J. Jordan & J. David Diltz (2003) The Profitability of Day Traders, Financial Analysts Journal, 59:6, 85-94, DOI: https://www.tandfonline.com/doi/abs/10.2469/faj.v59.n6.2578

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