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+Chapter 34: Futures and Futures Options 663 
+one tick in the money. You can give instructions to not have a futures option auto­
+matically exercised if you wish. 
+SERIAL OPTIONS 
+Serial options are futures options whose expiration month is not the same as the expi­
+ration month of their corresponding underlying futures. 
+Example: Gold futures expire in February, April, June, August, October, and 
+December. There are options that expire in those months as well. Notice that these 
+expirations are spaced two months apart. Thus, when one gold contract expires, there 
+are two months remaining until the next one expires. 
+Most option traders recognize that the heaviest activity in an option series is in 
+the nearest-term option. If the nearest-term option has two months remaining until 
+expiration, it will not draw the trading interest that a shorter-term option would. 
+Recognizing this fact, the exchange has decided that in addition to the regular 
+expiration, there will be an option contract that expires in the nearest non-cycle 
+rrwnth, that is, in the nearest month that does not have an actual gold future expir­
+ing. So, if it were currently January 1, there might be gold options expiring in 
+February, March, April, etc. 
+Thus, the March option would be a serial option. There is no actual March gold 
+future. Rather, the March options would be exercisable into Arpl futures. 
+Serial options are exercisable into the nearest actual futures contract that exists 
+after the options' expiration date. The number of serial option expirations depends 
+on the underlying commodity. For example, gold will always have at least one serial 
+option trading, per the definition highlighted in the example above. Certain futures 
+whose expirations are three months apart (S&P 500 and all currency options) have 
+serial options for the nearest two months that are not represented by an actual 
+futures contract. Sugar, on the other hand, has only one serial option expiration per 
+year - in December - to span the gap that exists between the normal October and 
+March sugar futures expirations. 
+Strategists trading in options that may have serial expirations should be careful 
+in how they evaluate their strategies. For example, June S&P 500 futures options 
+strategies can be planned with respect to where the underlying S&P 500 Index of 
+stocks will be at expiration, for the June options are exercisable into the June futures, 
+which settle at the same price as the Index itself on the last day of trading. However, 
+if one is trading April S&P 500 options, he must plan his strategy on where the June 
+futures contract is going to be trading at April expiration. The April options are exer-